BLUE RIDGE BANKSHARES, INC. Leases Disclosure
Note 10. Leases
The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease terms and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would affect the payment of dividends or require incurring additional financial obligations.
The following tables present information about the Company’s leases as of the dates and for the periods stated.
|
|
December 31, |
|
|||||
(Dollars in thousands) |
|
2025 |
|
|
2024 |
|
||
|
$ |
7,233 |
|
|
$ |
8,613 |
|
|
Right-of-use asset |
|
|
6,637 |
|
|
|
7,962 |
|
Weighted average remaining lease term (years) |
|
|
6.42 |
|
|
|
6.98 |
|
Weighted average discount rate |
|
|
3.54 |
% |
|
|
3.46 |
% |
|
|
December 31, |
|
|||||
(Dollars in thousands) |
|
2025 |
|
|
2024 |
|
||
Operating lease cost |
|
$ |
1,555 |
|
|
$ |
1,759 |
|
Cash paid for amounts included in the measurement of lease liabilities |
|
|
1,528 |
|
|
|
1,691 |
|
The following table presents a maturity analysis of and reconciliation of the undiscounted cash flows to the total of operating lease liabilities for periods following the date stated.
(Dollars in thousands) |
|
December 31, 2025 |
|
|
2026 |
|
$ |
1,486 |
|
2027 |
|
|
1,399 |
|
2028 |
|
|
1,178 |
|
2029 |
|
|
969 |
|
2030 |
|
|
916 |
|
Thereafter |
|
|
2,232 |
|
Total undiscounted cash flows |
|
|
8,180 |
|
Discount |
|
|
(947 |
) |
Lease liabilities |
|
$ |
7,233 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 10, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 10, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 29, 2021 | |
| 2019 | Apr 14, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.