Blue Ridge Bankshares, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Blue Ridge Bankshares, Inc. has submitted its comprehensive 2023 annual report (10-K) detailing its financial performance and asset classifications.</b>

AI Summary

BLUE RIDGE BANKSHARES, INC. (BRBS) filed a Annual Report (10-K) with the SEC on March 15, 2024. Blue Ridge Bankshares, Inc. filed its 2023 10-K report on March 15, 2024. The filing covers the fiscal year ending December 31, 2023. Key financial instruments and loan categories are detailed, including Commercial Mortgages, Consumer Loans, and Residential Mortgages. Specific loan classifications such as 'Substandard', 'Performing', and 'Nonaccrual' are mentioned. The report references various financial assets and liabilities, including 'Mortgage Servicing Rights Assets' and 'Federal Home Loan Bank Advances'.

Why It Matters

For investors and stakeholders tracking BLUE RIDGE BANKSHARES, INC., this filing contains several important signals. This 10-K filing provides a detailed overview of the company's financial health and operational status for the fiscal year 2023, crucial for investors assessing its stability and future prospects. The specific breakdown of loan types and their performance (e.g., substandard, nonaccrual) offers insight into the company's risk management and credit quality, important for understanding potential loan loss exposures.

Risk Assessment

Risk Level: medium — BLUE RIDGE BANKSHARES, INC. shows moderate risk based on this filing. The company's loan portfolio includes 'Substandard' and 'Nonaccrual' classifications, indicating potential credit risks that could impact financial performance.

Analyst Insight

Investors should review the detailed loan portfolio classifications and risk assessments within the 10-K to understand potential credit exposures and their impact on Blue Ridge Bankshares' financial stability.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-15 — Filing Date (Filed as of date)
• 147 — Public Document Count (Number of documents in the filing)
• 001-39165 — SEC File Number (SEC file number for the company)

Key Players & Entities

• BLUE RIDGE BANKSHARES, INC. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-03-15 (date) — Filing date
• 0000842717 (company) — Central Index Key
• 6022 (industry) — Standard Industrial Classification
• 541838100 (company) — IRS Number
• 17 WEST MAIN STREET (address) — Business address
• LURAY (location) — City

FAQ

Risk Factors

• Loan Portfolio Classifications [medium — financial]: The company categorizes its loans into various risk grades, including 'Substandard' and 'Nonaccrual', which are critical indicators of credit risk.
• Asset Pledging [medium — financial]: Certain assets, such as 'Commercial and Residential Mortgages', are pledged as collateral for 'Federal Home Loan Bank Advances', indicating potential liquidity constraints.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-15: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

Substandard

A loan classification indicating a borrower's financial condition has deteriorated, posing a significant risk of loss. (Highlights potential credit risk within the loan portfolio.)

Key Financial Figures

• $3.12 b — mpany had total assets of approximately $3.12 billion, total gross loans of approximate
• $2.48 b — ion, total gross loans of approximately $2.48 billion, total deposits of approximately
• $2.57 b — illion, total deposits of approximately $2.57 billion, and stockholders' equity of appr
• $186.0 million — d stockholders' equity of approximately $186.0 million. On December 21, 2023, the Company en
• $2.50 — y's common stock at a purchase price of $2.50 per share and (ii) warrants to purchase
• $150 million — vate Placement"), for gross proceeds of $150 million. The Company will issue the warrants to
• $1.22 billion — ks Merger"). The Bay Banks Merger added $1.22 billion in assets and $1.03 billion in deposits
• $1.03 billion — erger added $1.22 billion in assets and $1.03 billion in deposits and expanded the Bank's ope
• $242.5 million — acquired total assets of approximately $242.5 million and assumed total liabilities of approx
• $219.2 million — umed total liabilities of approximately $219.2 million. The Company, through the Financial G
• $1.235 b — is lost sooner if gross revenues exceed $1.235 billion, if it issues more than $1.0 bill
• $1.0 billion — $1.235 billion, if it issues more than $1.0 billion in non-convertible debt in a three-year
• $700 million — on stock held by non-affiliates exceeds $700 million as of any June 30 before that time, in
• $310 thousand — 23, the Company committed approximately $310 thousand of financial donations to community and

Filing Documents

• brbs-20231231.htm (10-K) — 7737KB
• brbs-ex10_17.htm (EX-10.17) — 44KB
• brbs-ex10_18.htm (EX-10.18) — 34KB
• brbs-ex10_19.htm (EX-10.19) — 33KB
• brbs-ex23_1.htm (EX-23.1) — 5KB
• brbs-ex31_1.htm (EX-31.1) — 13KB
• brbs-ex31_2.htm (EX-31.2) — 13KB
• brbs-ex32_1.htm (EX-32.1) — 9KB
• brbs-ex97_1.htm (EX-97.1) — 51KB
• img62342277_0.jpg (GRAPHIC) — 36KB
• img87279978_0.jpg (GRAPHIC) — 167KB
• img87279978_1.jpg (GRAPHIC) — 12KB
• 0000950170-24-032267.txt (&nbsp;) — 35099KB
• brbs-20231231.xsd (EX-101.SCH) — 3751KB
• brbs-20231231_htm.xml (XML) — 9075KB

Business

Business 1 Item 1A:

Risk Factors

Risk Factors 14 Item 1B: Unresolved Staff Comments 28 Item 1C: Cybersecurity 28 Item 2:

Properties

Properties 29 Item 3:

Legal Proceedings

Legal Proceedings 29 Item 4: Mine Safety Disclosures 30 PART II Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6: [Reserved] 32 Item 7:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8:

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 108 Item 9A:

Controls and Procedures

Controls and Procedures 109 Item 9B: Other Information 110 Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 110 PART III Item 10: Directors, Executive Officers and Corporate Governance 111 Item 11:

Executive Compensation

Executive Compensation 111 Item 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 111 Item 13: Certain Relationships and Related Transactions, and Director Independence 112 Item 14: Principal Accountant Fees and Services 112 PART IV Item 15: Exhibits and Financial Statement Schedules 113 Item 16: Form 10-K Summary 115 PA RT I

: B USINESS

ITEM 1: B USINESS General Blue Ridge Bankshares, Inc. (the "Company") is a bank holding company headquartered in Charlottesville, Virginia. It provides commercial and consumer banking and financial services through its wholly-owned bank subsidiary, Blue Ridge Bank, National Association (the "Bank"), and its wealth and trust management subsidiary, BRB Financial Group, Inc. (the "Financial Group"). The Company was incorporated under the laws of the Commonwealth of Virginia in July 1988. The Bank is a federally chartered national bank with its Main Office in Martinsville, Virginia that traces its roots to Page Valley Bank of Virginia, which opened for business in 1893. At December 31, 2023, the Bank operated twenty-seven full-service banking offices across its footprint, which stretches from the Shenandoah Valley across the Piedmont region through Richmond and into the coastal peninsulas and Hampton Roads region of Virginia and into central North Carolina. The Bank serves businesses, professionals, consumers, nonprofits, and municipalities with a wide variety of financial services, including retail and commercial banking, mortgage banking, government guaranteed lending, and employee benefit plan services. Banking products include checking accounts, savings accounts, money market accounts, cash management accounts, certificates of deposit, individual retirement accounts, commercial and industrial loans, residential mortgages, commercial mortgages, home equity loans, consumer installment loans, credit cards, online banking, telephone banking, and mobile banking. Deposits of the Bank are insured by the Deposit Insurance Fund (the "DIF") of the Federal Deposit Insurance Corporation ("FDIC") to the full extent of the limits of the DIF. As of December 31, 2023, the Company had total assets of approximately $3.12 billion, total gross loans of approximately $2.48 billion, total deposits of approximately $2.57 billion, and stockholders' equity of approximately $186.0

View Full Filing

View this 10-K filing on SEC EDGAR