Business Segments

9 Months Ended

Sep. 30, 2022

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 and wholesale 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 the dates and for the periods stated.


	As of and for the three months ended September 30, 2022
(Dollars in thousands)	Commercial Banking		Mortgage Banking			Parent Only			Eliminations			Blue Ridge Bankshares, Inc. Consolidated
NET INTEREST INCOME
Interest income	$	32,752	$	217		$	177		$	—		$	33,146
Interest expense		3,612		126			731			—			4,469
Net interest income		29,140		91			(554	)		—			28,677
Provision for loan losses		3,900		—			—			—			3,900
Net interest income after provision for loan losses		25,240		91			(554	)		—			24,777
NONINTEREST INCOME
Residential mortgage banking income, net		—		2,570			—			—			2,570
Mortgage servicing rights		27		570			—			—			597
Gain on sale of guaranteed government loans		1,565		—			—			—			1,565
Service charges on deposit accounts		354		—			—			—			354
Increase in cash surrender value of bank owned life insurance		398		—			—			—			398
Other income		2,844		—			(169	)		(191	)		2,484
Total noninterest income		5,188		3,140			(169	)		(191	)		7,968
NONINTEREST EXPENSE
Salaries and employee benefits		10,647		3,527			—			—			14,174
Other operating expenses		13,861		1,002			362			(191	)		15,034
Total noninterest expense		24,508		4,529			362			(191	)		29,208
Income (loss) from continuing operations before income tax expense		5,920		(1,298	)		(1,085	)		—			3,537
Income tax expense (benefit)		1,267		(246	)		(220	)		—			801
Net income (loss) from continuing operations	$	4,653	$	(1,052	)	$	(865	)	$	—		$	2,736
Discontinued Operations
Income from discontinued operations before income taxes		—		—			—			—			—
Income tax expense		—		—			—			—			—
Net income from discontinued operations		—		—			—			—			—
Net income (loss)	$	4,653	$	(1,052	)	$	(865	)	$	—		$	2,736
Net income from discontinued operations attributable to noncontrolling interest		—		—			—			—			—
Net income (loss) attributable to Blue Ridge Bankshares, Inc.	$	4,653	$	(1,052	)	$	(865	)	$	—		$	2,736
Total assets as of September 30, 2022	$	2,796,033	$	50,354		$	305,029		$	(271,844	)	$	2,879,572


	As of and for the three months ended September 30, 2021
(Dollars in thousands)	Commercial Banking			Mortgage Banking		Parent Only			Eliminations			Blue Ridge Bankshares, Inc. Consolidated
NET INTEREST INCOME
Interest income	$	23,019		$	706	$	29		$	—		$	23,754
Interest expense		1,913			73		644			—			2,630
Net interest income		21,106			633		(615	)		—			21,124
Provision for loan losses		—			—		—			—			—
Net interest income after provision for loan losses		21,106			633		(615	)		—			21,124
NONINTEREST INCOME
Residential mortgage banking income, net		—			7,704		—			—			7,704
Mortgage servicing rights		—			1,827		—			—			1,827
Gain on sale of guaranteed government loans		108			—		—			—			108
Service charges on deposit accounts		376			—		—			—			376
Increase in cash surrender value of bank owned life insurance		278			—		—			—			278
Other income		1,975			—		1,075			(48	)		3,002
Total noninterest income		2,737			9,531		1,075			(48	)		13,295
NONINTEREST EXPENSE
Salaries and employee benefits		7,320			7,357		—			—			14,677
Other operating expenses		8,583			693		1,439			(48	)		10,667
Total noninterest expense		15,903			8,050		1,439			(48	)		25,344
Income (loss) from continuing operations before income tax expense		7,940			2,114		(979	)		—			9,075
Income tax expense (benefit)		1,958			421		(165	)		—			2,214
Net income (loss) from continuing operations	$	5,982		$	1,693	$	(814	)	$	—		$	6,861
Discontinued Operations												$	—
Loss from discontinued operations before income taxes		(70	)		—		—			—			(70	)
Income tax benefit		(15	)		—		—			—			(15	)
Net loss from discontinued operations		(55	)		—		—			—			(55	)
Net income (loss)	$	5,927		$	1,693	$	(814	)	$	—		$	6,806
Net loss from discontinued operations attributable to noncontrolling interest		4			—		—			—			4
Net income (loss) attributable to Blue Ridge Bankshares, Inc.	$	5,931		$	1,693	$	(814	)	$	—		$	6,810
Total assets as of September 30, 2021	$	2,511,801		$	171,103	$	312,921		$	(296,523	)	$	2,699,302


	As of and for the nine months ended September 30, 2022
(Dollars in thousands)	Commercial Banking			Mortgage Banking		Parent Only			Eliminations			Blue Ridge Bankshares, Inc. Consolidated
NET INTEREST INCOME
Interest income	$	83,660		$	1,145	$	386		$	—		$	85,191
Interest expense		6,560			254		1,942			—			8,756
Net interest income		77,100			891		(1,556	)		—			76,435
Provision for loan losses		13,894			—		—			—			13,894
Net interest income after provision for loan losses		63,206			891		(1,556	)		—			62,541
NONINTEREST INCOME
Residential mortgage banking income, net		—			9,777		—			—			9,777
Mortgage servicing rights		203			8,706		—			—			8,909
Gain on sale of guaranteed government loans		4,530			—		—			—			4,530
Service charges on deposit accounts		996			—		—			—			996
Increase in cash surrender value of bank owned life insurance		946			—		—			—			946
Other income		8,478			—		9,084			(468	)		17,094
Total noninterest income		15,153			18,483		9,084			(468	)		42,252
NONINTEREST EXPENSE
Salaries and employee benefits		30,652			13,491		—			—			44,143
Other operating expenses		28,949			3,699		901			(468	)		33,081
Total noninterest expense		59,601			17,190		901			(468	)		77,224
Income from continuing operations before income tax expense		18,758			2,184		6,627			—			27,569
Income tax expense		4,562			486		1,248			—			6,296
Net income from continuing operations	$	14,196		$	1,698	$	5,379		$	—		$	21,273
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	$	14,533		$	1,698	$	5,379		$	—		$	21,610
Net income from discontinued operations attributable to noncontrolling interest		(1	)		—		—			—			(1	)
Net income attributable to Blue Ridge Bankshares, Inc.	$	14,532		$	1,698	$	5,379		$	—		$	21,609
Total assets as of September 30, 2022	$	2,796,033		$	50,354	$	305,029		$	(271,844	)	$	2,879,572


	As of and for the nine months ended September 30, 2021
(Dollars in thousands)	Commercial Banking			Mortgage Banking		Parent Only			Eliminations			Blue Ridge Bankshares, Inc. Consolidated
NET INTEREST INCOME
Interest income	$	77,501		$	2,536	$	105		$	—		$	80,142
Interest expense		6,209			188		2,142			—			8,539
Net interest income		71,292			2,348		(2,037	)		—			71,603
Provision for loan losses		—			—		—			—			—
Net interest income after provision for loan losses		71,292			2,348		(2,037	)		—			71,603
NONINTEREST INCOME
Residential mortgage banking income, net		—			24,259		—			—			24,259
Mortgage servicing rights		—			6,905		—			—			6,905
Gain on sale of guaranteed government loans		1,325			—		—			—			1,325
Service charges on deposit accounts		1,073			—		—			—			1,073
Increase in cash surrender value of bank owned life insurance		679			—		—			—			679
Other income		29,162			—		1,778			(135	)		30,805
Total noninterest income		32,239			31,164		1,778			(135	)		65,046
NONINTEREST EXPENSE
Salaries and employee benefits		23,812			22,307		—						46,119
Other operating expenses		31,597			5,130		3,134			(135	)		39,726
Total noninterest expense		55,409			27,437		3,134			(135	)		85,845
Income (loss) from continuing operations before income tax expense		48,122			6,075		(3,393	)		—			50,804
Income tax expense (benefit)		10,384			1,238		(615	)		—			11,007
Net income (loss) from continuing operations	$	37,738		$	4,837	$	(2,778	)	$	—		$	39,797
Discontinued Operations												$	—
Loss from discontinued operations before income taxes		(142	)		—		—			—			(142	)
Income tax benefit		(30	)		—		—			—			(30	)
Net loss from discontinued operations		(112	)		—		—			—			(112	)
Net income (loss)	$	37,626		$	4,837	$	(2,778	)	$	—		$	39,685
Net income from discontinued operations attributable to noncontrolling interest		(1	)		—		—			—			(1	)
Net income (loss) attributable to Blue Ridge Bankshares, Inc.	$	37,625		$	4,837	$	(2,778	)	$	—		$	39,684
Total assets as of September 30, 2021	$	2,511,801		$	171,103	$	312,921		$	(296,523	)	$	2,699,302

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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+ Details