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Stock-Based Compensation | 9 Months Ended
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Sep. 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. Time-based 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. In July 2022, the Company granted RSAs relating to 209,888 shares of the Company's common stock to employees and directors. Included in this grant were 94,783 shares of performance-based RSAs ("PSAs") that were issued pursuant to the Company's long-term incentive plan, which covers certain officers and employees of the Company. PSAs vest at the end of a three-year period contingent on the Company's achievement of financial goals and are being expensed on a straight-line basis over the same period with adjustments periodically based on projected achievement of the performance target, which may change the number of PSA shares that will ultimately vest. In general, time-based RSAs carry voting and dividend rights, while PSAs carry voting rights but are subject to deferred dividend payout restrictions. Compensation expense recognized in the consolidated statements of operations related to time-based RSAs and PSAs, net of forfeitures, was $415 thousand and $1.1 million f or the three and nine months ended September 30, 2022, respectively, and was $511 thousand and $848 thousand for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022, time-based RSAs and PSAs relating to 279,403 shares of the Company's common stock were outstanding and unrecognized compensation expense related to these awards totaled $3.6 million. During the nine months ended September 30, 2022, stock options relating to 1,183 shares were exercised resulting in stock options relating to 56,424 shares remaining outstanding as of September 30, 2022. These options were assumed by the Company in connection with the Bay Banks Merger.

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