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Business Segments
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Business Segments

Note 20. Business Segments

 

The Company offers products and services through 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 processing services consist of fees charged to customers for payroll services.

 

 

 

Year Ended December 31, 2020

 

(Dollars in thousands)

 

Blue Ridge

Bank, N.A.

 

 

Blue Ridge

Bank

Mortgage

Division

 

 

Parent

Only

 

 

Eliminations

 

 

Blue Ridge

Bankshares,

Inc.

Consolidated

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

51,020

 

 

$

3,314

 

 

$

126

 

 

$

—

 

 

$

54,460

 

Service charges on deposit accounts

 

 

905

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

905

 

Residential mortgage banking income, net

 

 

—

 

 

 

44,460

 

 

 

—

 

 

 

—

 

 

 

44,460

 

Mortgage servicing rights

 

 

—

 

 

 

7,084

 

 

 

—

 

 

 

—

 

 

 

7,084

 

Gain on sale of guaranteed USDA loans

 

 

880

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

880

 

Income from investment in life insurance contracts

 

 

390

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

390

 

Payroll processing revenue

 

 

974

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

974

 

Other income

 

 

2,165

 

 

 

—

 

 

 

—

 

 

 

(34

)

 

 

2,131

 

Total income

 

 

56,334

 

 

 

54,858

 

 

 

126

 

 

 

(34

)

 

 

111,284

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

8,331

 

 

 

354

 

 

 

1,265

 

 

 

—

 

 

 

9,950

 

Provision for loan losses

 

 

10,450

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,450

 

Salary and benefits

 

 

14,217

 

 

 

31,201

 

 

 

—

 

 

 

—

 

 

 

45,418

 

Other operating expenses

 

 

12,574

 

 

 

8,075

 

 

 

2,354

 

 

 

(34

)

 

 

22,969

 

Total expense

 

 

45,572

 

 

 

39,630

 

 

 

3,619

 

 

 

(34

)

 

 

88,787

 

Income (loss) before income taxes

 

 

10,762

 

 

 

15,228

 

 

 

(3,493

)

 

 

—

 

 

 

22,497

 

Income tax expense

 

 

2,162

 

 

 

3,337

 

 

 

(699

)

 

 

—

 

 

 

4,800

 

Net income (loss)

 

$

8,600

 

 

$

11,891

 

 

$

(2,794

)

 

$

—

 

 

$

17,697

 

Net (income) loss attributable to

   noncontrolling interest

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(1

)

Net income (loss) attributable to

   Blue Ridge Bankshares, Inc.

 

$

8,599

 

 

$

11,891

 

 

$

(2,794

)

 

$

—

 

 

$

17,696

 

 

 

 

Year Ended December 31, 2019

 

(Dollars in thousands)

 

Blue Ridge

Bank

 

 

Blue Ridge

Bank

Mortgage

Division

 

 

Parent

Only

 

 

Eliminations

 

 

Blue Ridge

Bankshares,

Inc.

Consolidated

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

29,640

 

 

$

1,243

 

 

$

5

 

 

$

—

 

 

$

30,888

 

Service charges on deposit accounts

 

 

651

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

651

 

Residential mortgage banking income, net

 

 

—

 

 

 

14,433

 

 

 

—

 

 

 

—

 

 

 

14,433

 

Gain on sale of guaranteed USDA loans

 

 

298

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

298

 

Income from investment in life insurance contracts

 

 

936

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

936

 

Payroll processing revenue

 

 

980

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

980

 

Other income

 

 

1,416

 

 

 

—

 

 

 

110

 

 

 

(28

)

 

 

1,498

 

Total income

 

 

33,921

 

 

 

15,676

 

 

 

115

 

 

 

(28

)

 

 

49,684

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

8,132

 

 

 

679

 

 

 

709

 

 

 

—

 

 

 

9,520

 

Provision for loan losses

 

 

1,742

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,742

 

Salary and benefits

 

 

13,890

 

 

 

5,438

 

 

 

—

 

 

 

—

 

 

 

19,328

 

Other operating expenses

 

 

3,016

 

 

 

8,959

 

 

 

1,570

 

 

 

(28

)

 

 

13,517

 

Total expense

 

 

26,780

 

 

 

15,076

 

 

 

2,279

 

 

 

(28

)

 

 

44,107

 

Income (loss) before income taxes

 

 

7,141

 

 

 

600

 

 

 

(2,164

)

 

 

—

 

 

 

5,577

 

Income tax expense

 

 

1,183

 

 

 

162

 

 

 

(372

)

 

 

—

 

 

 

973

 

Net income (loss)

 

$

5,958

 

 

$

438

 

 

$

(1,792

)

 

$

—

 

 

$

4,604

 

Net (income) loss attributable to

   noncontrolling interest

 

$

(24

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(24

)

Net income (loss) attributable to

   Blue Ridge Bankshares, Inc.

 

$

5,934

 

 

$

438

 

 

$

(1,792

)

 

$

—

 

 

$

4,580