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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Note 11. Stock-Based Compensation The Company has granted restricted stock awards (“time-based RSAs”) to employees and directors, and performance-based restricted stock awards (“PSAs”) to employees, under the Blue Ridge Bankshares, Inc. Equity Incentive Plan, the Company’s prior equity incentive plan that terminated in June 2023, and the Blue Ridge Bankshares, Inc. 2023 Stock Incentive Plan, which was approved by shareholders on June 14, 2023. 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. PSAs vest at the end of a three-year period contingent on the Company's achievement of financial goals and are 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 2023, the Company granted time-based RSAs and PSAs relating to 318,233 shares of the Company's common stock to employees and directors, of which 89,869 shares were PSAs. 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 $1.7 million, $1.7 million, and $1.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. Unrecognized compensation expense related to the restricted stock awards as of December 31, 2023 totaled $2.7 million. The following table presents time-based RSA and PSA activity as of the dates and for the periods stated.
|  | Time-based RSAs |  |  | PSAs |
|  | Shares |  |  | Weighted Average Fair Value |  |  | Shares |  |  | Weighted Average Fair Value |
Shares unvested and outstanding, December 31, 2021 |  |  | 218,184 |  |  | $ | 15.31 |  |  |  | — |  |  | $ | — |
Granted |  |  | 115,886 |  |  |  | 15.06 |  |  |  | 94,783 |  |  |  | 14.91 |
Vested |  |  | (87,677 | ) |  |  | 15.40 |  |  |  | — |  |  |  | — |
Forfeited |  |  | (27,737 | ) |  |  | 14.25 |  |  |  | (2,478 | ) |  |  | 14.91 |
Shares unvested and outstanding, December 31, 2022 |  |  | 218,656 |  |  | $ | 15.27 |  |  |  | 92,305 |  |  | $ | 14.91 |
Granted |  |  | 228,364 |  |  |  | 8.52 |  |  |  | 89,869 |  |  |  | 8.85 |
Vested |  |  | (115,122 | ) |  |  | 14.73 |  |  |  | — |  |  |  | — |
Forfeited |  |  | (39,880 | ) |  |  | 14.51 |  |  |  | (29,294 | ) |  |  | 13.39 |
Shares unvested and outstanding, December 31, 2023 |  |  | 292,018 |  |  | $ | 10.31 |  |  |  | 152,880 |  |  | $ | 11.64 |
The following table presents stock option activity as of the dates and for the periods presented.
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value (1) |
Options outstanding and exercisable, December 31, 2021 |  |  | 57,607 |  |  | $ | 11.75 |  |  |  | 6.18 |  |  | $ | 354,269 |
Exercised |  |  | (1,183 | ) |  |  | 11.88 |  |  |  |  |  |  |
Expired |  |  | (3,750 | ) |  |  | 12.30 |  |  |  |  |  |  |
Options outstanding and exercisable, December 31, 2022 |  |  | 52,674 |  |  | $ | 11.71 |  |  |  | 5.13 |  |  | $ | 66,754 |
Forfeited |  |  | (3,375 | ) |  |  | 12.05 |  |  |  |  |  |  |
Exercised |  |  | (3,750 | ) |  |  | 7.00 |  |  |  |  |  |  |
Expired |  |  | (15,058 | ) |  |  | 12.44 |  |  |  |  |  |  |
Options outstanding and exercisable, December 31, 2023 |  |  | 30,491 |  |  | $ | 11.89 |  |  |  | 4.50 |  |  | $ | — |
(1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options as of the respective years ended. This amount changes based on the market value of the Company’s common stock. All of the options outstanding as of December 31, 2023 were assumed in the Bay Banks Merger.

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