蓝岭银行股公司2025年季度报告

BLUE RIDGE BANKSHARES, INC. (Exact name of registrant as specified in its charter) Virginia(State or other jurisdiction ofincorporation or organization)1801 Bayberry Court, Suite 101Richmond,Virginia Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and 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.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).As of May 1, 2025, the registrant had91,177,849shares of common stock, no par value per share, outstanding. Item PART IFINANCIAL INFORMATION Item 1.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)Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2025 and2024 (unaudited) 5Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2025 and2024 (unaudited)6 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 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(“GAAP”) and general practices within the banking industry. All significant intercompany balances and transactions have been 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 Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to currentyear presentations. The reclassifications had no effect on net income, net income per share, total assets, total liabilities, or Sale of Mortgage Division On 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 and This transaction did not meet the criteria for classification as a discontinued operation under Accounting StandardsCodification ("ASC") 205-20, Presentation of Financial Statements – Discontinued Operations, and is therefore reported within Private Placements 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 ofincorporation authorizing the issuance of additional shares of common stock, thus enabling the conversion of the preferred sharesissued in the Private Placements into shares of the Company’s common stock. On June 28, 2024 and November 7, 2024, all The Private Placements also included the issuance of warrants to purchase common stock and the preferred stock. Warrants for The table below presents information pertaining to warrants to purchase the Company’s common stock as of and for the periodstated. 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