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v3.22.1

Business Segments | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Business Segments | Note 14 – Business Segments The Company has three reportable business segments: commercial banking, mortgage banking, and holding company activities. The commercial banking business segment makes loans to and generates deposits from individuals and businesses, while offering a wide array of general banking activities to its customers. It is distinct from the Company's mortgage banking division, which concentrates on individual, wholesale, and participated mortgage lending, and sales activities. Activities at the holding company or parent level are primarily associated with investments, borrowings, and certain noninterest expenses. The following tables present statement of operations items and assets by segment as of and for the periods stated.
|  | For the three months ended March 31, 2022 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 25,183 |  |  | $ | 591 |  |  | $ | 28 |  |  | $ | — |  |  | $ | 25,802 |
Interest expense |  |  | 1,546 |  |  |  | 35 |  |  |  | 553 |  |  |  | — |  |  |  | 2,134 |
Net interest income |  |  | 23,637 |  |  |  | 556 |  |  |  | (525 | ) |  |  | — |  |  |  | 23,668 |
Provision for loan losses |  |  | 2,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,500 |
Net interest income after provision for loan losses |  |  | 21,137 |  |  |  | 556 |  |  |  | (525 | ) |  |  | — |  |  |  | 21,168 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage banking income, net |  |  | — |  |  |  | 2,821 |  |  |  | — |  |  |  | — |  |  |  | 2,821 |
Mortgage servicing rights |  |  | 201 |  |  |  | 6,537 |  |  |  | — |  |  |  | — |  |  |  | 6,738 |
Gain on sale of guaranteed government loans |  |  | 1,427 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,427 |
Service charges on deposit accounts |  |  | 315 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 315 |
Increase in cash surrender value of bank owned life insurance |  |  | 272 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 272 |
Other income |  |  | 3,177 |  |  |  | — |  |  |  | 9,426 |  |  |  | (82 | ) |  |  | 12,521 |
Total noninterest income |  |  | 5,392 |  |  |  | 9,358 |  |  |  | 9,426 |  |  |  | (82 | ) |  |  | 24,094 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 9,089 |  |  |  | 5,007 |  |  |  | — |  |  |  | — |  |  |  | 14,096 |
Other operating expenses |  |  | 6,581 |  |  |  | 1,936 |  |  |  | 158 |  |  |  | (82 | ) |  |  | 8,593 |
Total noninterest expense |  |  | 15,670 |  |  |  | 6,943 |  |  |  | 158 |  |  |  | (82 | ) |  |  | 22,689 |
Income from continuing operations before income tax expense |  |  | 10,859 |  |  |  | 2,971 |  |  |  | 8,743 |  |  |  | — |  |  |  | 22,573 |
Income tax expense |  |  | 2,906 |  |  |  | 624 |  |  |  | 1,623 |  |  |  | — |  |  |  | 5,153 |
Net income from continuing operations |  | $ | 7,953 |  |  | $ | 2,347 |  |  | $ | 7,120 |  |  | $ | — |  |  | $ | 17,420 |
Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from discontinued operations before income taxes (including gain on disposal of $471 thousand) |  |  | 426 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 426 |
Income tax expense |  |  | 89 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 89 |
Net income from discontinued operations |  |  | 337 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 337 |
Net income |  | $ | 8,290 |  |  | $ | 2,347 |  |  | $ | 7,120 |  |  | $ | — |  |  | $ | 17,757 |
Net income from discontinued operations attributable to noncontrolling interest |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Net income attributable to Blue Ridge Bankshares, Inc. |  | $ | 8,289 |  |  | $ | 2,347 |  |  | $ | 7,120 |  |  | $ | — |  |  | $ | 17,756 |
Total assets as of March 31, 2022 |  | $ | 2,628,323 |  |  | $ | 64,419 |  |  | $ | 334,424 |  |  | $ | (302,582 | ) |  | $ | 2,724,584 |
|  | For the three months ended March 31, 2021 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 21,707 |  |  | $ | 820 |  |  | $ | 49 |  |  | $ | — |  |  | $ | 22,576 |
Interest expense |  |  | 1,871 |  |  |  | 58 |  |  |  | 630 |  |  |  | — |  |  |  | 2,559 |
Net interest income |  |  | 19,836 |  |  |  | 762 |  |  |  | (581 | ) |  |  | — |  |  |  | 20,017 |
Provision for loan losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net interest income after provision for loan losses |  |  | 19,836 |  |  |  | 762 |  |  |  | (581 | ) |  |  | — |  |  |  | 20,017 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage banking income, net |  |  | — |  |  |  | 9,301 |  |  |  | — |  |  |  | — |  |  |  | 9,301 |
Mortgage servicing rights |  |  | — |  |  |  | 3,371 |  |  |  | — |  |  |  | — |  |  |  | 3,371 |
Gain on sale of guaranteed government loans |  |  | 1,074 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,074 |
Service charges on deposit accounts |  |  | 327 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 327 |
Increase in cash surrender value of bank owned life insurance |  |  | 164 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 164 |
Other income |  |  | 1,275 |  |  |  | — |  |  |  | 52 |  |  |  | (25 | ) |  |  | 1,302 |
Total noninterest income |  |  | 2,840 |  |  |  | 12,672 |  |  |  | 52 |  |  |  | (25 | ) |  |  | 15,539 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 5,635 |  |  |  | 8,268 |  |  |  | — |  |  |  | — |  |  |  | 13,903 |
Other operating expenses |  |  | 13,136 |  |  |  | 2,181 |  |  |  | 1,040 |  |  |  | (25 | ) |  |  | 16,332 |
Total noninterest expense |  |  | 18,771 |  |  |  | 10,449 |  |  |  | 1,040 |  |  |  | (25 | ) |  |  | 30,235 |
Income (loss) from continuing operations before income tax expense (benefit) |  |  | 3,905 |  |  |  | 2,985 |  |  |  | (1,569 | ) |  |  | — |  |  |  | 5,321 |
Income tax expense (benefit) |  |  | 764 |  |  |  | 605 |  |  |  | (291 | ) |  |  | — |  |  |  | 1,078 |
Net income (loss) |  | $ | 3,141 |  |  | $ | 2,380 |  |  | $ | (1,278 | ) |  | $ | — |  |  | $ | 4,243 |
Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations before income taxes |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7 | )
Income tax benefit |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Net loss from discontinued operations |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6 | )
Net income (loss) |  | $ | 3,135 |  |  | $ | 2,380 |  |  | $ | (1,278 | ) |  | $ | — |  |  | $ | 4,237 |
Net income from discontinued operations attributable to noncontrolling interest |  |  | (9 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9 | )
Net income (loss) attributable to Blue Ridge Bankshares, Inc. |  | $ | 3,126 |  |  | $ | 2,380 |  |  | $ | (1,278 | ) |  | $ | — |  |  | $ | 4,228 |
Total assets as of March 31, 2021 |  | $ | 3,015,771 |  |  | $ | 143,568 |  |  | $ | 298,848 |  |  | $ | (290,813 | ) |  | $ | 1,498,258 |

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