Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2024

Statement of Financial Position [Abstract]

Parent Company Only Financial Statements

Note 17. Parent Company Only Financial Statements

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,
(Dollars in thousands)	2024		2023
ASSETS
Cash and due from banks	$	40,241	$	7,025
Investment in subsidiaries		308,055		201,403
Other equity investments		4,588		12,740
Other investments		10,359		8,706
Income tax receivable		5,226		3,160
Other assets		730		1,432
Total assets	$	369,199	$	234,466
LIABILITIES & STOCKHOLDERS’ EQUITY
Accrued expenses	$	866	$	7,294
Accrued interest payable		93		368
Deferred tax liability		663		960
Subordinated notes, net		39,789		39,855
Total liabilities		41,411		48,477
Stockholders’ equity		327,788		185,989
Total liabilities and stockholders’ equity	$	369,199	$	234,466

PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME


	For the years ended December 31,
(Dollars in thousands)	2024			2023
INCOME
Dividends from Bank subsidiary	$	—		$	6,000
Interest income		—			14
Fair value adjustments of other equity investments		(8,152	)		(110	)
Loss on sale of other equity investments		—			(1,636	)
Loss on sale of other investments		(197	)		—
Other		89			50
Total (loss) income		(8,260	)		4,318
EXPENSES
Interest on subordinated notes		2,414			2,209
Legal and regulatory filing		1,087			3,161
ESOP litigation		—			6,000
Other		368			270
Total expenses		3,869			11,640
Loss before income taxes and equity in undistributed earnings of subsidiary		(12,129	)		(7,322	)
Income tax benefit		(2,686	)		(2,623	)
Equity in undistributed loss of subsidiaries		(5,942	)		(47,074	)
Net loss	$	(15,385	)	$	(51,773	)

PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS


	For the years ended December 31,
(Dollars in thousands)	2024			2023
Cash Flows From Operating Activities
Net loss	$	(15,385	)	$	(51,773	)
Equity in undistributed loss of subsidiaries		5,942			47,074
Deferred income tax benefit		(297	)		(3,830	)
Amortization of subordinated note issuance costs		35			35
Loss on sale of other equity securities		—			1,636
Loss on sale of other investments		197			—
Fair value adjustments of other equity investments		8,152			110
Decrease (increase) in other assets		1,364			(302	)
(Decrease) increase in accrued expenses		(8,352	)		2,486
Net cash used in operating activities		(8,344	)		(4,564	)
Cash Flows From Investing Activities
Proceeds from sale of other equity investments and other investments		89			7,754
Net change in other equity investments		—			1,486
Net change in other investments		(1,939	)		(1,545	)
Capital contribution to Bank subsidiary		(110,000	)		—
Dividends received from Bank subsidiary		—			6,000
Net cash (used in) provided by investing activities		(111,850	)		13,695
Cash Flows From Financing Activities
Proceeds from Private Placements, net of issuance costs		152,140			—
Warrant exercises		1,270			—
Dividends paid on common stock		—			(4,641	)
Stock option exercises and dividend reinvestment plan issuances		—			103
Net cash provided by (used in) financing activities		153,410			(4,538	)
Net increase in cash and due from banks		33,216			4,593
Cash and due from banks at beginning of period		7,025			2,432
Cash and due from banks at end of period	$	40,241		$	7,025

Supplemental Schedule of Cash Flow Information
Cash paid for:
Interest	$	2,689		$	2,213
Income taxes	$	—		$	6,600
Non-cash financing activities:
Restricted stock awards, net of forfeitures	$	1,180		$	1,573