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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 13 – Subsequent Events

On April 3, 2024, the Company closed and funded the Private Placement for $150.0 million of gross proceeds; therefore, the Bank's capital and capital ratios as of March 31, 2024 do not reflect the effect of the Private Placement.

The following table presents the capital and capital ratios of the Bank on a pro forma basis as of March 31, 2024, assuming the Private Placement had closed, funded, and the Company had immediately contributed $100.0 million as tier 1 regulatory capital to the Bank on the same date. The pro forma capital ratios below exceed the minimum capital ratios set forth in the Consent Order. See also Note 7 - Minimum Regulatory Capital Requirements.

		March 31, 2024
		As Reported								Pro Forma (A)								Minimum Capital Ratios
(Dollars in thousands)		Amount				Ratio				Amount				Ratio				Amount				Ratio
Total risk based capital
(To risk-weighted assets)
Blue Ridge Bank, N.A.		$	268,988				10.51	%		$	368,988				14.42	%		$	332,722				13.00	%
Tier 1 capital
(To risk-weighted assets)
Blue Ridge Bank, N.A.		$	237,584				9.28	%		$	337,584				13.19	%		n/a				n/a
Common equity tier 1 capital
(To risk-weighted assets)
Blue Ridge Bank, N.A.		$	237,584				9.28	%		$	337,584				13.19	%		n/a				n/a
Tier 1 leverage
(To average assets)
Blue Ridge Bank, N.A.		$	237,584				7.44	%		$	337,584				10.57	%		$	319,239				10.00	%
(A) Assumes $100.0 million received by the Company from the Private Placement is contributed as tier 1 capital to the Bank as of the date presented.

Subsequent to March 31, 2024, the Company received cash loan payments totaling $1.5 million from a specialty finance borrower. These cash payments were applied to the book principal balance of the loan, which was $29.8 million as of March 31, 2024.

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- References

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- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//855/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483399/855-10-50-2

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