Blue Ridge Bankshares, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Blue Ridge Bankshares, Inc. filed its quarterly report (10-Q) on May 8, 2024, detailing financial performance for the period ending March 31, 2024.</b>

AI Summary

BLUE RIDGE BANKSHARES, INC. (BRBS) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. The filing is a 10-Q report for Blue Ridge Bankshares, Inc. for the period ending March 31, 2024. The company's Central Index Key (CIK) is 0000842717. The Standard Industrial Classification (SIC) code is 6022 (State Commercial Banks). The filing was submitted on May 8, 2024. The company is incorporated in Virginia (VA) with a fiscal year end of December 31.

Why It Matters

For investors and stakeholders tracking BLUE RIDGE BANKSHARES, INC., this filing contains several important signals. This 10-Q filing provides crucial insights into the financial health and operational performance of Blue Ridge Bankshares, Inc. during the first quarter of 2024, enabling investors and analysts to assess trends and make informed decisions. The detailed breakdown of loan portfolios, risk grades, and fair value measurements within this report is essential for understanding the bank's asset quality and potential risks.

Risk Assessment

Risk Level: medium — BLUE RIDGE BANKSHARES, INC. shows moderate risk based on this filing. The filing contains numerous references to specific loan types, risk grades, and past-due statuses, indicating a complex loan portfolio that requires careful monitoring for potential credit deterioration.

Analyst Insight

Investors should closely examine the details of the loan portfolio, particularly non-accrual loans and those with higher risk grades, to assess potential credit risks and their impact on future earnings.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of date)
• 0000842717 — Central Index Key (Company Identifier)
• 6022 — Standard Industrial Classification (Industry Code for State Commercial Banks)
• VA — State of Incorporation (Company's incorporation state)
• 1231 — Fiscal Year End (Company's fiscal year end month and day)

Key Players & Entities

• BLUE RIDGE BANKSHARES, INC. (company) — Filer name
• 0000842717 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• VA (company) — State of Incorporation
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-08 (date) — Filed as of date
• 10-Q (document) — Form Type
• RICHMOND (location) — Business Address City

FAQ

Risk Factors

• Fair Value Measurements [medium — financial]: The filing details fair value measurements, including recurring and non-recurring measurements, and the inputs used, such as cost to sell and appraised value techniques.
• Loan Portfolio Risk [medium — financial]: Specific loan categories like Commercial and Industrial, Real Estate Loans (Commercial Mortgage, Farmland Mortgage, Residential Mortgages), and Consumer Loans are detailed with risk grades and past-due statuses.
• Non-Accrual Loans [medium — financial]: Information on non-accrual loans, including those with an allowance, is provided for specific loan types, indicating potential credit quality concerns.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.

Filing Documents

• brbs-20240331.htm (10-Q) — 5008KB
• brbs-ex31_1.htm (EX-31.1) — 14KB
• brbs-ex31_2.htm (EX-31.2) — 14KB
• brbs-ex32_1.htm (EX-32.1) — 6KB
• 0000950170-24-055532.txt (&nbsp;) — 23014KB
• brbs-20240331.xsd (EX-101.SCH) — 2237KB
• brbs-20240331_htm.xml (XML) — 6434KB

Financial Statements

Financial Statements 3 Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 47 PART II OTHER INFORMATION 48 Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 50 Item 6. Exhibits 50

FINAN CIAL INFORMATION

PART I. FINAN CIAL INFORMATION

Financi al Statements

Item 1. Financi al Statements Blue Ridge Bankshares, Inc. Consolidated B alance Sheets (unaudited) (Dollars in thousands except share data) March 31, 2024 December 31, 2023 (1) ASSETS Cash and due from banks $ 117,464 $ 110,491 Restricted cash 10,734 10,660 Federal funds sold 6,849 4,451 Securities available for sale, at fair value 314,394 321,081 Restricted equity investments 22,071 18,621 Other equity investments 12,863 12,905 Other investments 26,586 29,467 Loans held for sale 34,902 46,337 Loans held for investment, net of deferred fees and costs 2,394,089 2,430,947 Less: allowance for credit losses ( 35,025 ) ( 35,893 ) Loans held for investment, net 2,359,064 2,395,054 Accrued interest receivable 14,696 14,967 Premises and equipment, net 21,968 22,348 Right-of-use asset 8,067 8,738 Bank owned life insurance 48,790 48,453 Other intangible assets 5,009 5,382 Mortgage servicing rights, net 27,843 27,114 Deferred tax asset, net 21,928 21,556 Other assets 22,959 19,929 Total assets $ 3,076,187 $ 3,117,554 LIABILITIES & STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing demand $ 496,375 $ 506,248 Interest-bearing demand and money market 898,870 1,049,536 Savings 114,281 117,923 Time 956,250 892,325 Total deposits 2,465,776 2,566,032 FHLB borrowings 280,000 210,000 FRB borrowings 65,000 65,000 Subordinated notes, net 39,838 39,855 Lease liabilities 8,870 9,619 Other liabilities 35,797 41,059 Total liabilities 2,895,281 2,931,565 Commitments and contingencies (Note 8) Stockholders' Equity: Common stock, no par value; 50,000,000 shares authorized at March 31, 2024 and December 31, 2023; 19,584,040 and 19,198,379 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 198,004 197,636 Additional paid-in capital 25

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) Note 1 – Organization and Basis of Presentation Blue Ridge Bankshares, Inc. (the "Company") conducts its business activities primarily through its wholly-owned subsidiary bank, Blue Ridge Bank, National Association (the "Bank") and its wealth and trust management subsidiary, BRB Financial Group, Inc. (the "Financial Group"). The Company exists primarily for the purposes of holding the stock of its subsidiaries, the Bank and the Financial Group. The accompanying unaudited consolidated financial statements of the Company include the accounts of the Bank and the Financial Group and were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and general practices within the banking industry. All significant intercompany balances and transactions have been eliminated in consolidation. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as amended (the "2023 Form 10-K"). The Company's significant accounting policies are disclosed in Note 2 of the audited financial statements and notes for the year ended December 31, 2023 and are contained in the 2023 Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2023. Restatement On October 31, 2023, the Company and the Audit Committee of its board of directors, after consultation with the Company's independent registered public accounting firm and the Office of the Comptroller of the Currency ("OCC"), the Bank's primary federal banking regulator, determined that certain specialty finance loans that, as previously disclosed, were placed on nonaccrual, reserved for, or charged off in the interim periods ended March 31, 2023 and June 30, 2023 should have been rep

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