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Business Segments
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Business Segments

Note 16 – Business Segments

The Company has identified two primary business segments which are commercial banking and mortgage banking. Revenues from commercial 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.

The following tables present revenues and expenses by segment for the periods stated.

 

 

For the three months ended March 31, 2021

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge

Bankshares,

Inc.

Consolidated

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

21,707

 

 

$

820

 

 

$

49

 

 

$

—

 

 

$

22,576

 

Service charges on deposit accounts

 

 

327

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

327

 

Residential mortgage banking income, net

 

 

—

 

 

 

9,301

 

 

 

—

 

 

 

—

 

 

 

9,301

 

Mortgage servicing rights

 

 

—

 

 

 

3,371

 

 

 

—

 

 

 

—

 

 

 

3,371

 

Gain on sale of guaranteed USDA loans

 

 

1,074

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,074

 

Wealth and trust management

 

 

602

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

602

 

Increase in cash surrender value of bank owned life insurance

 

 

164

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

164

 

Payroll processing revenue

 

 

270

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

270

 

Bank and purchase card, net

 

 

300

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

300

 

Other income

 

 

373

 

 

 

—

 

 

 

52

 

 

 

(25

)

 

 

400

 

Total income

 

 

24,817

 

 

 

13,492

 

 

 

101

 

 

 

(25

)

 

 

38,385

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

1,871

 

 

 

58

 

 

 

630

 

 

 

—

 

 

 

2,559

 

Provision for loan losses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Salaries and employee benefits

 

 

5,741

 

 

 

8,268

 

 

 

—

 

 

 

—

 

 

 

14,009

 

Merger-related expenses

 

 

8,137

 

 

 

—

 

 

 

882

 

 

 

—

 

 

 

9,019

 

Other operating expenses

 

 

5,170

 

 

 

2,181

 

 

 

158

 

 

 

(25

)

 

 

7,484

 

Total expense

 

 

20,919

 

 

 

10,507

 

 

 

1,670

 

 

 

(25

)

 

 

33,071

 

Income (loss) before income taxes

 

 

3,898

 

 

 

2,985

 

 

 

(1,569

)

 

 

—

 

 

 

5,314

 

Income tax expense

 

 

763

 

 

 

605

 

 

 

(291

)

 

 

—

 

 

 

1,077

 

Net income (loss)

 

$

3,135

 

 

$

2,380

 

 

$

(1,278

)

 

$

—

 

 

$

4,237

 

Net (income) loss attributable to

   noncontrolling interest

 

$

(9

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(9

)

Net income (loss) attributable to

   Blue Ridge Bankshares, Inc.

 

$

3,126

 

 

$

2,380

 

 

$

(1,278

)

 

$

—

 

 

$

4,228

 

 

 

 

For the three months ended March 31, 2020

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge

Bankshares,

Inc.

Consolidated

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

10,057

 

 

$

362

 

 

$

4

 

 

$

—

 

 

$

10,423

 

Service charges on deposit accounts

 

 

272

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

272

 

Residential mortgage banking income, net

 

 

—

 

 

 

3,861

 

 

 

—

 

 

 

—

 

 

 

3,861

 

Gain on sale of guaranteed USDA loans

 

 

20

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20

 

Increase in cash surrender value of bank owned life insurance

 

 

93

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93

 

Payroll processing revenue

 

 

303

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

303

 

Bank and purchase card, net

 

 

129

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

129

 

Other income

 

 

168

 

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

162

 

Total income

 

 

11,042

 

 

 

4,223

 

 

 

4

 

 

 

(6

)

 

 

15,263

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

2,121

 

 

 

102

 

 

 

177

 

 

 

—

 

 

 

2,400

 

Provision for loan losses

 

 

575

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

575

 

Salaries and employee benefits

 

 

3,433

 

 

 

3,908

 

 

 

—

 

 

 

—

 

 

 

7,341

 

Merger-related expenses

 

 

265

 

 

 

—

 

 

 

4

 

 

 

 

 

 

 

269

 

Other operating expenses

 

 

2,266

 

 

 

1,105

 

 

 

205

 

 

 

(6

)

 

 

3,570

 

Total expense

 

 

8,660

 

 

 

5,115

 

 

 

386

 

 

 

(6

)

 

 

14,155

 

Income (loss) before income taxes

 

 

2,382

 

 

 

(892

)

 

 

(382

)

 

 

—

 

 

 

1,108

 

Income tax expense

 

 

498

 

 

 

(188

)

 

 

(43

)

 

 

—

 

 

 

267

 

Net income (loss)

 

$

1,884

 

 

$

(704

)

 

$

(339

)

 

$

—

 

 

$

841

 

Net (income) loss attributable to

   noncontrolling interest

 

$

(9

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(9

)

Net income (loss) attributable to

   Blue Ridge Bankshares, Inc.

 

$

1,875

 

 

$

(704

)

 

$

(339

)

 

$

—

 

 

$

832