Blue Ridge Bankshares Q2 2024 10-Q Filing

TL;DR

**BRBS Q2 10-Q OUT: Financials and loan portfolio details released.**

AI Summary

Blue Ridge Bankshares, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial metrics and loan portfolio details are presented, reflecting the company's ongoing business activities and market position.

Why It Matters

This filing provides investors and analysts with a detailed look into the financial health and operational performance of Blue Ridge Bankshares, Inc. during the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a financial institution, Blue Ridge Bankshares is subject to inherent risks related to market fluctuations, credit quality, and regulatory changes.

Key Numbers

• 10-Q — Form Type (Quarterly Report)
• 1231 — Fiscal Year End (Indicates the end of the company's fiscal year)

Key Players & Entities

• BLUE RIDGE BANKSHARES, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date
• 540-743-6521 (phone_number) — Business Phone

FAQ

Filing Documents

• brbs-20240630.htm (10-Q) — 6372KB
• brbs-ex31_1.htm (EX-31.1) — 14KB
• brbs-ex31_2.htm (EX-31.2) — 14KB
• brbs-ex32_1.htm (EX-32.1) — 6KB
• 0000950170-24-091820.txt ( ) — 26752KB
• brbs-20240630.xsd (EX-101.SCH) — 2269KB
• brbs-20240630_htm.xml (XML) — 7627KB

Financial Statements

Financial Statements 3 Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 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 35 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 53 Item 4.

Controls and Procedures

Controls and Procedures 53 PART II OTHER INFORMATION 54 Item 1.

Legal Proceedings

Legal Proceedings 54 Item 1A.

Risk Factors

Risk Factors 54 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3. Defaults Upon Senior Securities 55 Item 4. Mine Safety Disclosures 55 Item 5. Other Information 55 Item 6. Exhibits 56

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) June 30, 2024 December 31, 2023 (1) ASSETS Cash and due from banks $ 124,607 $ 110,491 Restricted cash 5,924 10,660 Federal funds sold 5,219 4,451 Securities available for sale, at fair value 307,427 321,081 Restricted equity investments 18,236 18,621 Other equity investments 4,354 12,905 Other investments 21,099 29,467 Loans held for sale 54,377 46,337 Loans held for investment, net of deferred fees and costs 2,259,279 2,430,947 Less: allowance for credit losses ( 28,036 ) ( 35,893 ) Loans held for investment, net 2,231,243 2,395,054 Accrued interest receivable 14,172 14,967 Premises and equipment, net 21,746 22,348 Right-of-use asset 8,208 8,738 Bank owned life insurance 42,446 48,453 Other intangible assets 4,548 5,382 Mortgage servicing rights, net 29,862 27,114 Deferred tax asset, net 21,051 21,556 Other assets 18,553 19,929 Total assets $ 2,933,072 $ 3,117,554 LIABILITIES & STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing demand $ 470,128 $ 506,248 Interest-bearing demand and money market 769,870 1,049,536 Savings 106,619 117,923 Time 979,222 892,325 Total deposits 2,325,839 2,566,032 FHLB borrowings 202,900 210,000 FRB borrowings — 65,000 Subordinated notes, net 39,822 39,855 Lease liabilities 8,947 9,619 Other liabilities 29,950 41,059 Total liabilities 2,607,458 2,931,565 Commitments and contingencies (Note 8) Stockholders' Equity: Common stock, no par value; 150,000,000 and 50,000,000 shares authorized at June 30, 2024 and December 31, 2023, respectively; 73,503,647 and 19,198,379 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 300,976 197,636 Series C pr

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. Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current year presentations. The reclassifications had no effect on net income (loss), net earnings (loss) per share, total assets, total liabilities, or stockholders' equity as previously reported. 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 a

View Full Filing

View this 10-Q filing on SEC EDGAR