蓝岭银行股公司2025年季度报告

For the quarterly period endedMarch 31,2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF BLUE RIDGE BANKSHARES, INC.(Exact name of registrant as specified in its charter) 1801 Bayberry Court, Suite 101Richmond,Virginia(Address of principal executive offices) Registrant’s telephone number, including area code: (888)331-6521 company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Non-accelerated filer☐Smaller reporting company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Table of Contents Financial Statements Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited) Quantitative and Qualitative Disclosures about Market Risk OTHER INFORMATION Legal ProceedingsRisk Factors Unregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresOther Information Non-cash investing and financing activities:Unrealized gains (losses) on securities available for sale See accompanying notes to unaudited consolidated financial statements. 7 Note 1 – Organization and Basis of Presentation Blue Ridge Bankshares, Inc. (the “Company”) conducts its business activities primarily through its wholly-owned subsidiarybank, 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 accompanying unaudited consolidated financial statements of the Company include the accounts of the Bank and theFinancial Group and were prepared in accordance with accounting principles generally accepted in the United States of America eliminated in consolidation. These interim consolidated financial statements should be read in conjunction with the auditedconsolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).The Company's significant accounting policies are disclosed in Note 2 of the audited financial statements for the year endedDecember 31, 2024 included in the 2024 Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2024.Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current stockholders’ equity as previously reported. Sale of Mortgage DivisionOn March 19, 2025 the Company announced the sale of its mortgage division operating as Monarch Mortgage to an unrelatedthird-party mortgage company. The sale, whichwas completed on March 27, 2025, included the transfer of certain assets andleases, resulted in a $0.2million loss, reported in other noninterest income. In the second quarter of 2024, the Company closed private placements in which it issued and sold shares of its common andpreferred stock for gross proceeds of $161.6million (collectively, the "Private Placements"). At a special meeting of shareholdersheld June 20, 2024, the Company’s shareholders approved the Private Placements and an amendment to the Company's articles of Regulatory Matters The Bank entered into a consent order with the Office of the Comptroller of the Currency (the "OCC") on January 24, 2024(the "Consent Order"), which generally incorporates the provisions of the formal written agreement (the "Written Agreement")entered into between the Bank and the OCC on August 29, 2022, as well as adding new provisions. The Written Agreementprincipally concerned the Bank’s fintech operations and required the Bank to continue enhancing its controls for assessing andmanaging the third-party, Bank Secrecy Act/Anti-Money Laundering, and information technology risks stemming from its fintechpartnerships. The Consent Order adds time frames by which certain of the directives are required, requires the Bank to submit astrategic plan and a capital plan, and places further restrictions on the Company’s fintech operations. The Consent Order alsorequires the Bank to maintain a leverage ratio of10.0% and a total capital ratio of13.0%, referred to as minimum capital ratios. As Improvements to Income Tax Disclosures. In December 2023, the Financial Accounting Standards Board issued AccountingStandards Update ("ASU") No. 2023-09–Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categorie