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Business Segments
 3 Months Ended
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