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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INTEREST INCOME        
Interest and fees on loans $ 30,206 $ 22,294 $ 77,892 $ 76,248
Interest on securities, deposit accounts, and federal funds sold 2,940 1,460 7,299 3,894
Total interest income 33,146 23,754 85,191 80,142
INTEREST EXPENSE        
Interest on deposits 3,032 1,622 6,129 4,844
Interest on subordinated notes 570 644 1,668 2,142
Interest on FHLB and FRB borrowings 867 364 959 1,553
Total interest expense 4,469 2,630 8,756 8,539
Net interest income 28,677 21,124 76,435 71,603
Provision for loan losses 3,900 0 13,894 0
Net interest income after provision for loan losses 24,777 21,124 62,541 71,603
NONINTEREST INCOME        
Fair value adjustments of other equity investments (50) 0 9,228 0
Gain on sale of Paycheck Protection Program loans 0 0 0 24,315
Residential mortgage banking income, net 2,570 7,704 9,777 24,259
Mortgage servicing rights 597 1,827 8,909 6,905
Gain on sale of guaranteed government loans 1,565 108 4,530 1,325
Wealth and trust management 513 499 1,318 1,934
Service charges on deposit accounts 354 376 996 1,073
Increase in cash surrender value of bank owned life insurance 398 278 946 679
Bank and purchase card, net 353 497 1,374 1,096
Other 1,668 2,006 5,174 3,460
Total noninterest income 7,968 13,295 42,252 65,046
NONINTEREST EXPENSE        
Salaries and employee benefits 14,174 14,677 44,143 46,119
Occupancy and equipment 1,422 1,716 4,407 4,893
Data processing 1,332 837 3,152 3,126
Legal, issuer, and regulatory filing 804 372 1,704 1,437
Advertising and marketing 302 442 1,142 959
Communications 932 760 2,761 1,799
Audit and accounting fees 308 195 828 675
FDIC insurance 460 487 797 839
Intangible amortization 377 451 1,160 1,259
Other contractual services 703 633 1,803 2,152
Other taxes and assessments 711 546 1,952 1,969
Regulatory remediation 4,025 0 4,558 0
Merger-related 0 1,441 50 11,697
Other 3,658 2,787 8,767 8,921
Total noninterest expenses 29,208 25,344 77,224 85,845
Income from continuing operations before income tax expense 3,537 9,075 27,569 50,804
Income tax expense 801 2,214 6,296 11,007
Net income (loss) from continuing operations 2,736 6,861 21,273 39,797
(Loss) income from discontinued operations before income taxes (including gain on disposal of $471 thousand for the nine months ended September 30, 2022) 0 (70) 426 (142)
Income tax expense (benefit) 0 (15) 89 (30)
Net (loss) income from discontinued operations 0 (55) 337 (112)
Net income (loss) 2,736 6,806 21,610 39,685
Net (Income) loss from discontinued operations attributable to noncontrolling interest 0 4 (1) (1)
Net income (loss) attributable to Blue Ridge Bankshares, Inc. 2,736 6,810 21,609 39,684
Net income available to common stockholders $ 2,736 $ 6,810 $ 21,609 $ 39,684
Basic EPS from continuing operations $ 0.15 $ 0.37 $ 1.13 $ 2.27
Diluted EPS from continuing operations $ 0.15 $ 0.36 $ 1.13 $ 2.27