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Business Segments

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Business Segments

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 nine months ended September 30, 2020 and September 30, 2019.

	Three Months Ended September 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	$	13,495			$	917			$	—			$	32			$	—			$	14,444
Service charges on deposit accounts		215				—				—				—				—				215
Mortgage banking income, net		—				16,044				—				—				—				16,044
Payroll processing revenue		—				—				221				—				—				221
Other operating income		1,275				—				—				—				(6	)			1,269
Total income		14,985				16,961				221				32				(6	)			32,193
Expenses:
Interest expense		2,132				72				—				411				—				2,615
Provision for loan losses		4,000				—				—				—				—				4,000
Salary and benefits		3,311				8,455				114				—				—				11,880
Other operating expenses		3,370				2,133				133				1,302				(6	)			6,932
Total expense		12,813				10,660				247				1,713				(6	)			25,427
Income (loss) before income taxes		2,172				6,301				(26	)			(1,681	)			—				6,766
Income tax expense (benefit)		528				1,276				(5	)			(92	)			—				1,707
Net income (loss)	$	1,644			$	5,025			$	(21	)		$	(1,589	)		$	—			$	5,059
Net (income) loss attributable to noncontrolling    interest	$	—			$	—			$	4			$	—			$	—			$	4
Net income (loss) attributable to Blue Ridge    Bankshares	$	1,644			$	5,025			$	(17	)		$	(1,589	)		$	—			$	5,063

Note 12 – Business Segments, continued

	Nine Months Ended September 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	$	35,985			$	2,012			$	—			$	37			$	—			$	38,034
Service charges on deposit accounts		669				—				—				—				—				669
Mortgage banking income, net		—				35,210				—				—				—				35,210
Payroll processing revenue		—				—				736				—				—				736
Other operating income		2,673				—				—				—				(18	)			2,655
Total income		39,327				37,222				736				37				(18	)			77,304
Expenses:
Interest expense		6,440				243				—				854				—				7,537
Provision for loan losses		8,075				—				—				—				—				8,075
Salary and benefits		9,586				20,221				334				—				—				30,141
Other operating expenses		8,771				4,914				393				1,757				(18	)			15,817
Total expense		32,872				25,378				727				2,611				(18	)			61,570
Income (loss) before income taxes		6,455				11,844				9				(2,574	)			—				15,734
Income tax expense (benefit)		1,443				2,440				2				(267	)			—				3,618
Net income (loss)	$	5,012			$	9,404			$	7			$	(2,307	)		$	—			$	12,116
Net (income) loss attributable to noncontrolling    interest	$	—			$	—			$	(1	)		$	—			$	—			$	(1	)
Net income (loss) attributable to Blue Ridge    Bankshares, Inc.	$	5,012			$	9,404			$	6			$	(2,307	)		$	—			$	12,115

Note 12 – Business Segments, continued

	Three Months Ended September 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	$	7,757			$	359			$	—			$	2			$	—			$	8,118
Service charges on deposit accounts		171				—				—				—				—				171
Mortgage banking income, net		—				3,943				—				—				—				3,943
Payroll processing revenue		—				—				232				—				—				232
Other operating income		610				—				—				23				(6	)			627
Total income		8,538				4,302				232				25				(6	)			13,091
Expenses:
Interest expense		2,289				215				—				178				—				2,682
Provision for loan losses		570				—				—				—				—				570
Salary and benefits		2,126				2,858				95				—				—				5,079
Other operating expenses		1,785				955				119				275				(6	)			3,128
Total expense		6,770				4,028				214				453				(6	)			11,459
Income (loss) before income taxes		1,768				274				18				(428	)			—				1,632
Income tax expense		344				80				(1	)			(44	)			—				379
Net income (loss)	$	1,424			$	194			$	19			$	(384	)		$	—			$	1,253
Net (income) loss attributable to noncontrolling    interest	$	—			$	—			$	(3	)		$	—			$	—			$	(3	)
Net income (loss) attributable to Blue Ridge    Bankshares	$	1,424			$	194			$	16			$	(384	)		$	—			$	1,250

	Nine Months Ended September 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	$	21,581			$	845			$	—			$	4			$	—			$	22,430
Service charges on deposit accounts		459				—				—				—				—				459
Mortgage banking income, net		—				10,966				—				—				—				10,966
Payroll processing revenue		—				—				743				—				—				743
Other operating income		2,057				—				—				48				(18	)			2,087
Total income		24,097				11,811				743				52				(18	)			36,685
Expenses:
Interest expense		5,921				490				—				532				—				6,943
Provision for loan losses		1,465				—				—				—				—				1,465
Salary and benefits		6,167				7,711				271				—				—				14,149
Other operating expenses		5,194				2,697				344				851				(18	)			9,068
Total expense		18,747				10,898				615				1,383				(18	)			31,625
Income (loss) before income taxes		5,350				913				128				(1,331	)			—				5,060
Income tax expense (benefit)		932				193				22				(158	)			—				989
Net income (loss)	$	4,418			$	720			$	106			$	(1,173	)		$	—			$	4,071
Net (income) loss attributable to noncontrolling    interest	$	—			$	—			$	(21	)		$	—			$	—			$	(21	)
Net income (loss) attributable to Blue Ridge    Bankshares, Inc.	$	4,418			$	720			$	85			$	(1,173	)		$	—			$	4,050

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- 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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