XML 41 R28.htm IDEA: XBRL DOCUMENT
v3.23.3

Parent Company Only Financial Statements | 12 Months Ended
--- | ---
Dec. 31, 2022
Statement of Financial Position [Abstract] |
Parent Company Only Financial Statements | Note 19. Parent Company Only Financial Statement s (Restated) This note has been restated to reflect the changes described in the Explanatory Note and Note 23 to the Consolidated Financial Statements included in this Form 10-K/A. The following tables present the condensed financial statements of Blue Ridge Bankshares, Inc. (parent company only) as of the dates and for the periods presented. PARENT COMPANY ONLY CONDENSED BALANCE SHEETS
|  | As of December 31, |
|  | 2022 |  |  | 2021 |
(Dollars in thousands) |  | (Restated) |  |  |  |
ASSETS |  |  |  |  |  |
Cash and due from banks |  | $ | 2,432 |  |  | $ | 3,156 |
Investment in subsidiaries |  |  | 256,543 |  |  |  | 291,525 |
Securities available for sale, at fair value |  |  | — |  |  |  | 2,073 |
Other equity investments |  |  | 23,590 |  |  |  | 14,184 |
Other investments |  |  | 7,161 |  |  |  | 4,532 |
Accrued interest receivable |  |  | — |  |  |  | 24 |
Income tax receivable |  |  | 2,747 |  |  |  | 906 |
Other assets |  |  | 583 |  |  |  | 2,221 |
Total assets |  | $ | 293,056 |  |  | $ | 318,621 |
LIABILITIES & STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Accrued expenses |  | $ | 3,971 |  |  | $ | 1,126 |
Accrued interest payable |  |  | 372 |  |  |  | 370 |
Subordinated notes, net |  |  | 39,920 |  |  |  | 39,986 |
Total liabilities |  |  | 44,263 |  |  |  | 41,482 |
Stockholders’ equity |  |  | 248,793 |  |  |  | 277,139 |
Total liabilities and stockholders’ equity |  | $ | 293,056 |  |  | $ | 318,621 |
PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME
|  | For the years ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
(Dollars in thousands) |  | (Restated) |  |  |  |  |  |  |
INCOME |  |  |  |  |  |  |  |  |
Dividends from Bank subsidiary |  | $ | 10,000 |  |  | $ | 10,000 |  |  | $ | 800 |
Interest income |  |  | 439 |  |  |  | 140 |  |  |  | 126 |
Fair value adjustments of other equity investments |  |  | 9,306 |  |  |  | 7,316 |  |  |  | — |
Other |  |  | 147 |  |  |  | 250 |  |  |  | — |
Total income |  |  | 19,892 |  |  |  | 17,706 |  |  |  | 926 |
EXPENSES |  |  |  |  |  |  |  |  |
Interest on subordinated notes |  |  | 2,215 |  |  |  | 2,627 |  |  |  | 1,265 |
Professional fees |  |  | 1,371 |  |  |  | 890 |  |  |  | 455 |
Merger-related |  |  | 50 |  |  |  | 2,642 |  |  |  | 1,732 |
Other |  |  | 821 |  |  |  | 189 |  |  |  | 165 |
Total expenses |  |  | 4,457 |  |  |  | 6,348 |  |  |  | 3,617 |
Income before income tax expense and equity in undistributed earnings of subsidiary |  |  | 15,435 |  |  |  | 11,358 |  |  |  | (2,691 | )
Income tax expense (benefit) |  |  | 1,207 |  |  |  | 509 |  |  |  | (699 | )
Equity in undistributed earnings of subsidiaries |  |  | 3,106 |  |  |  | 41,628 |  |  |  | 19,688 |
Net income |  | $ | 17,334 |  |  | $ | 52,477 |  |  | $ | 17,696 |
PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS
|  | For the years ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
(Dollars in thousands) |  | (Restated) |  |  |  |  |  |  |
Cash Flows From Operating Activities |  |  |  |  |  |  |  |  |
Net income |  | $ | 17,334 |  |  | $ | 52,477 |  |  | $ | 17,696 |
Equity in undistributed earnings of subsidiaries |  |  | (3,106 | ) |  |  | (41,628 | ) |  |  | (19,688 | )
Deferred income tax benefit |  |  | (698 | ) |  |  | (1,208 | ) |  |  | (62 | )
Amortization of subordinated note issuance costs |  |  | 35 |  |  |  | 206 |  |  |  | 54 |
Fair value adjustments of other equity investments |  |  | (9,306 | ) |  |  | (7,316 | ) |  |  | — |
Increase in other assets |  |  | (180 | ) |  |  | (2,677 | ) |  |  | (140 | )
Increase in accrued expenses |  |  | 4,247 |  |  |  | 646 |  |  |  | 528 |
Net cash provided by operating activities |  |  | 8,326 |  |  |  | 500 |  |  |  | (1,612 | )
Cash Flows From Investing Activities |  |  |  |  |  |  |  |  |
Net change in securities available for sale |  |  | 2,073 |  |  |  | (2,073 | ) |  |  | — |
Net change in other equity investments |  |  | (9,406 | ) |  |  | (6,900 | ) |  |  | — |
Net change in other investments |  |  | (2,629 | ) |  |  | (3,230 | ) |  |  | (7,363 | )
Net cash acquired in Bay Banks Merger |  |  | — |  |  |  | 23,214 |  |  |  | — |
Cash received from (contributed to) Bank subsidiary |  |  | 10,000 |  |  |  | 10,000 |  |  |  | (2,000 | )
Net cash provided by investing activities |  |  | 38 |  |  |  | 21,011 |  |  |  | (9,363 | )
Cash Flows From Financing Activities |  |  |  |  |  |  |  |  |
Dividends paid on common stock |  |  | (9,175 | ) |  |  | (7,183 | ) |  |  | (2,436 | )
Stock option exercises and dividend reinvestment plan issuances |  |  | 87 |  |  |  | 804 |  |  |  | — |
Redemption of subordinated notes |  |  | — |  |  |  | (14,150 | ) |  |  | — |
Issuance of subordinated notes |  |  | — |  |  |  | — |  |  |  | 15,000 |
Payment of subordinated notes issuance costs |  |  | — |  |  |  | — |  |  |  | (349 | )
Net cash used in financing activities |  |  | (9,088 | ) |  |  | (20,529 | ) |  |  | 12,215 |
Net (decrease) increase in cash and due from banks |  |  | (724 | ) |  |  | 982 |  |  |  | 1,240 |
Cash and due from banks at beginning of period |  |  | 3,156 |  |  |  | 2,174 |  |  |  | 934 |
Cash and due from banks at end of period |  | $ | 2,432 |  |  | $ | 3,156 |  |  | $ | 2,174 |
Supplemental Schedule of Cash Flow Information |  |  |  |  |  |  |  |  |
Cash paid for: |  |  |  |  |  |  |  |  |
Interest |  | $ | 2,213 |  |  | $ | 2,388 |  |  | $ | 1,190 |
Income taxes |  | $ | 1,475 |  |  | $ | 10,000 |  |  | $ | 2,000 |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |  |
Unrealized gain on securities available for sale |  | $ | — |  |  | $ | 300 |  |  | $ | — |
Issuance of restricted stock awards, net of forfeitures |  | $ | 1,564 |  |  | $ | 1,331 |  |  | $ | 567 |

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StatementOfFinancialPositionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration