XML 35 R25.htm IDEA: XBRL DOCUMENT v3.21.2
Business Segments
 6 Months Ended
Jun. 30, 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 June 30, 2021

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge

Bankshares,

Inc.

Consolidated

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

32,775

 

 

$

1,010

 

 

$

27

 

 

$

—

 

 

$

33,812

 

Gain on sale of Paycheck Protection Program loans

 

 

24,315

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,315

 

Residential mortgage banking income, net

 

 

—

 

 

 

7,254

 

 

 

—

 

 

 

—

 

 

 

7,254

 

Mortgage servicing rights

 

 

—

 

 

 

1,707

 

 

 

—

 

 

 

—

 

 

 

1,707

 

Gain on sale of guaranteed government loans

 

 

143

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

143

 

Wealth and trust management

 

 

833

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

833

 

Service charges on deposit accounts

 

 

370

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

370

 

Increase in cash surrender value of bank owned life insurance

 

 

237

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

237

 

Payroll processing revenue

 

 

213

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

213

 

Bank and purchase card, net

 

 

299

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

299

 

Other income

 

 

465

 

 

 

—

 

 

 

651

 

 

 

(62

)

 

 

1,054

 

Total income

 

 

59,650

 

 

 

9,971

 

 

 

678

 

 

 

(62

)

 

 

70,237

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

2,425

 

 

 

57

 

 

 

868

 

 

 

0

 

 

 

3,350

 

Provision for loan losses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Salaries and employee benefits

 

 

10,960

 

 

 

6,682

 

 

 

0

 

 

 

—

 

 

 

17,642

 

Merger-related

 

 

997

 

 

 

—

 

 

 

240

 

 

 

—

 

 

 

1,237

 

Other

 

 

9,060

 

 

 

2,256

 

 

 

415

 

 

 

(62

)

 

 

11,669

 

Total expense

 

 

23,442

 

 

 

8,995

 

 

 

1,523

 

 

 

(62

)

 

 

33,898

 

Income (loss) before income taxes

 

 

36,208

 

 

 

976

 

 

 

(845

)

 

 

—

 

 

 

36,339

 

Income tax expense (benefit)

 

 

7,644

 

 

 

212

 

 

 

(159

)

 

 

—

 

 

 

7,697

 

Net income (loss)

 

$

28,564

 

 

$

764

 

 

$

(686

)

 

$

—

 

 

$

28,642

 

Net loss attributable to

   noncontrolling interest

 

 

4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

Net income (loss) attributable to

   Blue Ridge Bankshares, Inc.

 

$

28,568

 

 

$

764

 

 

$

(686

)

 

$

—

 

 

$

28,646

 

 

 

 

 

For the three months ended June 30, 2020

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge

Bankshares,

Inc.

Consolidated

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

12,433

 

 

$

733

 

 

$

1

 

 

$

—

 

 

$

13,167

 

Residential mortgage banking income, net

 

 

—

 

 

 

13,708

 

 

 

—

 

 

 

—

 

 

 

13,708

 

Mortgage servicing rights

 

 

—

 

 

 

1,596

 

 

 

 

 

 

 

 

 

 

 

1,596

 

Gain on sale of guaranteed government loans

 

 

243

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

243

 

Service charges on deposit accounts

 

 

183

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

183

 

Increase in cash surrender value of bank owned life insurance

 

 

92

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

92

 

Payroll processing

 

 

212

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

212

 

Bank and purchase card, net

 

 

139

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

139

 

Other

 

 

186

 

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

180

 

Total income

 

 

13,488

 

 

 

16,037

 

 

 

1

 

 

 

(6

)

 

 

29,520

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

2,187

 

 

 

69

 

 

 

266

 

 

 

—

 

 

 

2,522

 

Provision for loan losses

 

 

3,500

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,500

 

Salaries and employee benefits

 

 

2,988

 

 

 

7,858

 

 

 

—

 

 

 

—

 

 

 

10,846

 

Merger-related

 

 

177

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

177

 

Other

 

 

2,943

 

 

 

1,676

 

 

 

—

 

 

 

(6

)

 

 

4,613

 

Total expense

 

 

11,795

 

 

 

9,603

 

 

 

266

 

 

 

(6

)

 

 

21,658

 

Income (loss) before income taxes

 

 

1,693

 

 

 

6,434

 

 

 

(265

)

 

 

—

 

 

 

7,862

 

Income tax expense (benefit)

 

 

510

 

 

 

1,352

 

 

 

(218

)

 

 

—

 

 

 

1,644

 

Net income (loss)

 

$

1,183

 

 

$

5,082

 

 

$

(47

)

 

$

—

 

 

$

6,218

 

Net loss attributable to

   noncontrolling interest

 

 

4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

Net income (loss) attributable to

   Blue Ridge Bankshares, Inc.

 

$

1,187

 

 

$

5,082

 

 

$

(47

)

 

$

—

 

 

$

6,222

 

 

 

 

 

For the six months ended June 30, 2021

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge

Bankshares,

Inc.

Consolidated

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

54,482

 

 

$

1,830

 

 

$

76

 

 

$

—

 

 

$

56,388

 

Gain on sale of Paycheck Protection Program loans

 

 

24,315

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,315

 

Residential mortgage banking income, net

 

 

—

 

 

 

16,555

 

 

 

—

 

 

 

—

 

 

 

16,555

 

Mortgage servicing rights

 

 

—

 

 

 

5,078

 

 

 

—

 

 

 

—

 

 

 

5,078

 

Gain on sale of guaranteed government loans

 

 

1,217

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,217

 

Wealth and trust management

 

 

1,435

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,435

 

Service charges on deposit accounts

 

 

697

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

697

 

Increase in cash surrender value of bank owned life insurance

 

 

401

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

401

 

Payroll processing

 

 

483

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

483

 

Bank and purchase card, net

 

 

599

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

599

 

Other

 

 

838

 

 

 

—

 

 

 

703

 

 

 

(87

)

 

 

1,454

 

Total income

 

 

84,467

 

 

 

23,463

 

 

 

779

 

 

 

(87

)

 

 

108,622

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

4,296

 

 

 

115

 

 

 

1,498

 

 

 

—

 

 

 

5,909

 

Provision for loan losses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Salaries and employee benefits

 

 

16,701

 

 

 

14,950

 

 

 

—

 

 

 

—

 

 

 

31,651

 

Merger-related

 

 

9,134

 

 

 

—

 

 

 

1,122

 

 

 

—

 

 

 

10,256

 

Other

 

 

14,230

 

 

 

4,437

 

 

 

573

 

 

 

(87

)

 

 

19,153

 

Total expense

 

 

44,361

 

 

 

19,502

 

 

 

3,193

 

 

 

(87

)

 

 

66,969

 

Income (loss) before income taxes

 

 

40,106

 

 

 

3,961

 

 

 

(2,414

)

 

 

—

 

 

 

41,653

 

Income tax expense (benefit)

 

 

8,407

 

 

 

817

 

 

 

(450

)

 

 

—

 

 

 

8,774

 

Net income (loss)

 

$

31,699

 

 

$

3,144

 

 

$

(1,964

)

 

$

—

 

 

$

32,879

 

Net income attributable to

   noncontrolling interest

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5

)

Net income (loss) attributable to

   Blue Ridge Bankshares, Inc.

 

$

31,694

 

 

$

3,144

 

 

$

(1,964

)

 

$

—

 

 

$

32,874

 

 

 

 

 

For the six months ended June 30, 2020

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge

Bankshares,

Inc.

Consolidated

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

22,490

 

 

$

1,095

 

 

$

5

 

 

$

—

 

 

$

23,590

 

Residential mortgage banking income, net

 

 

—

 

 

 

17,569

 

 

 

—

 

 

 

—

 

 

 

17,569

 

Mortgage servicing rights

 

 

—

 

 

 

1,596

 

 

 

—

 

 

 

—

 

 

 

1,596

 

Gain on sale of guaranteed government loans

 

 

263

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

263

 

Service charges on deposit accounts

 

 

454

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

454

 

Increase in cash surrender value of bank owned life insurance

 

 

185

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

185

 

Payroll processing

 

 

515

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

515

 

Bank and purchase card, net

 

 

271

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

271

 

Other

 

 

353

 

 

 

—

 

 

 

—

 

 

 

(12

)

 

 

341

 

Total income

 

 

24,531

 

 

 

20,260

 

 

 

5

 

 

 

(12

)

 

 

44,784

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

4,308

 

 

 

171

 

 

 

443

 

 

 

—

 

 

 

4,922

 

Provision for loan losses

 

 

4,075

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,075

 

Salaries and employee benefits

 

 

6,240

 

 

 

11,766

 

 

 

—

 

 

 

—

 

 

 

18,006

 

Merger-related

 

 

—

 

 

 

—

 

 

 

446

 

 

 

—

 

 

 

446

 

Other

 

 

5,586

 

 

 

2,781

 

 

 

9

 

 

 

(12

)

 

 

8,364

 

Total expense

 

 

20,209

 

 

 

14,718

 

 

 

898

 

 

 

(12

)

 

 

35,813

 

Income (loss) before income taxes

 

 

4,322

 

 

 

5,542

 

 

 

(893

)

 

 

—

 

 

 

8,971

 

Income tax expense (benefit)

 

 

923

 

 

 

1,164

 

 

 

(175

)

 

 

—

 

 

 

1,912

 

Net income (loss)

 

$

3,399

 

 

$

4,378

 

 

$

(718

)

 

$

—

 

 

$

7,059

 

Net income attributable to

   noncontrolling interest

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5

)

Net income (loss) attributable to

   Blue Ridge Bankshares, Inc.

 

$

3,394

 

 

$

4,378

 

 

$

(718

)

 

$

—

 

 

$

7,054