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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2022
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Note 8 – Stock-Based Compensation The Company has granted restricted stock awards ("RSAs") to employees and directors under the Blue Ridge Bankshares, Inc. Equity Incentive Plan. RSAs are considered fixed awards as the number of shares and fair value is known at the date of grant, and the fair value of the award at the grant date is amortized over the requisite service period, which is generally three years. Compensation expense recognized in the consolidated statements of operations related to RSAs, net of forfeitures, was $374 thousand and $729 thousand for the three and six months ended June 30, 2022, respectively, and was $170 thousand and $337 thousand for the three and six months ended June 30, 2021, respectively. Unrecognized compensation expense related to the restricted stock awards as of June 30, 2022 totaled $1.6 million. During the first and second quarters of 2022, 1,183 and 0 stock options were exercised resulting in 56,424 options outstanding as of June 30, 2022. These options were assumed by the Company in connection with the Bay Banks Merger.

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