Business Segments

6 Months Ended

Jun. 30, 2020

Note 12 – Business Segments

The Company utilizes its subsidiaries and divisions to provide multiple business segments including retail banking, mortgage banking, and payroll processing services. Revenues from retail banking operations consist primarily of interest earned on loans and investment securities and service charges on deposit accounts. Mortgage banking operating revenues consist principally of gains on sales of loans in the secondary market, loan origination fee income and interest earned on mortgage loans held for sale. Revenues from payroll services consist of fees charged to customers for payroll services.

The following tables present revenues and expenses by segment for the three and six months ended June 30, 2020 and June 30, 2019.

	Three Months Ended June 30, 2020
(in thousands)	Blue Ridge Bank		Blue Ridge Bank Mortgage Division		MoneyWise Payroll Solutions, Inc.			Parent Only			Eliminations			Blue Ridge Bankshares, Inc. Consolidated
Revenues:
Interest income	$	12,433	$	733	$	—		$	1		$	—		$	13,167
Service charges on deposit accounts		183		—		—			—			—			183
Mortgage banking income, net		—		15,304		—			—			—			15,304
Payroll processing revenue		—		—		212			—			—			212
Other operating income		832		—		—			—			(6	)		826
Total income		13,448		16,037		212			1			(6	)		29,692
Expenses:
Interest expense		2,187		69		—			266			—			2,522
Provision for loan losses		3,500		—		—			—			—			3,500
Salary and benefits		2,955		7,858		107			—			—			10,920
Other operating expenses		3,088		1,676		130			—			(6	)		4,888
Total expense		11,730		9,603		237			266			(6	)		21,830
Income (loss) before income taxes		1,718		6,434		(25	)		(265	)		—			7,862
Income tax expense (benefit)		516		1,352		(6	)		(218	)		—			1,644
Net income (loss)	$	1,202	$	5,082	$	(19	)	$	(47	)	$	—		$	6,218
Net (income) loss attributable to noncontrolling interest	$	—	$	—	$	4		$	—		$	—		$	4
Net income (loss) attributable to Blue Ridge Bankshares	$	1,202	$	5,082	$	(15	)	$	(47	)	$	—		$	6,222

Note 12 – Business Segments, continued

	Six Months Ended June 30, 2020
(in thousands)	Blue Ridge Bank		Blue Ridge Bank Mortgage Division		MoneyWise Payroll Solutions, Inc.			Parent Only			Eliminations			Blue Ridge Bankshares, Inc. Consolidated
Revenues:
Interest income	$	22,490	$	1,095	$	—		$	5		$	—		$	23,590
Service charges on deposit accounts		454		—		—			—			—			454
Mortgage banking income, net		—		19,165		—			—			—			19,165
Payroll processing revenue		—		—		515			—			—			515
Other operating income		1,400		—		—			—			(12	)		1,388
Total income		24,344		20,260		515			5			(12	)		45,112
Expenses:
Interest expense		4,308		171		—			443			—			4,922
Provision for loan losses		4,075		—		—			—			—			4,075
Salary and benefits		6,275		11,766		220			—			—			18,261
Other operating expenses		5,399		2,781		260			455			(12	)		8,883
Total expense		20,057		14,718		480			898			(12	)		36,141
Income (loss) before income taxes		4,287		5,542		35			(893	)		—			8,971
Income tax expense (benefit)		916		1,164		7			(175	)		—			1,912
Net income (loss)	$	3,371	$	4,378	$	28		$	(718	)	$	—		$	7,059
Net (income) loss attributable to noncontrolling interest	$	—	$	—	$	(5	)	$	—		$	—		$	(5	)
Net income (loss) attributable to Blue Ridge Bankshares, Inc.	$	3,371	$	4,378	$	23		$	(718	)	$	—		$	7,054

Note 12 – Business Segments, continued

	Three Months Ended June 30, 2019
(in thousands)	Blue Ridge Bank		Blue Ridge Bank Mortgage Division		MoneyWise Payroll Solutions, Inc.			Parent Only			Eliminations			Blue Ridge Bankshares, Inc. Consolidated
Revenues:
Interest income	$	7,333	$	307	$	—		$	1		$	—		$	7,641
Service charges on deposit accounts		153		—		—			—			—			153
Mortgage banking income, net		—		3,932		—			—			—			3,932
Payroll processing revenue		—		—		231			—			—			231
Other operating income		1,049		—		—			24			(6	)		1,067
Total income		8,535		4,239		231			25			(6	)		13,024
Expenses:
Interest expense		2,081		180		—			177			—			2,438
Provision for loan losses		600		—		—			—			—			600
Salary and benefits		2,024		2,710		90			—			—			4,824
Other operating expenses		1,575		1,090		115			565			(6	)		3,339
Total expense		6,280		3,980		205			742			(6	)		11,201
Income (loss) before income taxes		2,255		259		26			(717	)		—			1,823
Income tax expense		306		54		5			(77	)		—			288
Net income (loss)	$	1,949	$	205	$	21		$	(640	)	$	—		$	1,535
Net (income) loss attributable to noncontrolling interest	$	—	$	—	$	(5	)	$	—		$	—		$	(5	)
Net income (loss) attributable to Blue Ridge Bankshares	$	1,949	$	205	$	16		$	(640	)	$	—		$	1,530

	Six Months Ended June 30, 2019
(in thousands)	Blue Ridge Bank		Blue Ridge Bank Mortgage Division		MoneyWise Payroll Solutions, Inc.			Parent Only			Eliminations			Blue Ridge Bankshares, Inc. Consolidated
Revenues:
Interest income	$	13,825	$	485	$	—		$	2		$	—		$	14,312
Service charges on deposit accounts		288		—		—			—			—			288
Mortgage banking income, net		—		7,024		—			—			—			7,024
Payroll processing revenue		—		—		511			—			—			511
Other operating income		1,446		—		—			25			(12	)		1,459
Total income		15,559		7,509		511			27			(12	)		23,594
Expenses:
Interest expense		3,632		275		—			354			—			4,261
Provision for loan losses		895		—		—			—			—			895
Salary and benefits		4,041		4,853		176			—			—			9,070
Other operating expenses		3,410		1,742		225			576			(12	)		5,941
Total expense		11,978		6,870		401			930			(12	)		20,167
Income (loss) before income taxes		3,581		639		110			(903	)		—			3,427
Income tax expense (benefit)		588		113		23			(114	)		—			610
Net income (loss)	$	2,993	$	526	$	87		$	(789	)	$	—		$	2,817
Net (income) loss attributable to noncontrolling interest	$	—	$	—	$	(18	)	$	—		$	—		$	(18	)
Net income (loss) attributable to Blue Ridge Bankshares, Inc.	$	2,993	$	526	$	69		$	(789	)	$	—		$	2,799

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details