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v3.23.2

Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Summary of Segment Reporting Information by Segment | 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 June 30, 2023 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 38,553 |  |  | $ | 415 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 38,973 |
Interest expense |  |  | 17,853 |  |  |  | 170 |  |  |  | 547 |  |  |  | — |  |  |  | 18,570 |
Net interest income |  |  | 20,700 |  |  |  | 245 |  |  |  | (542 | ) |  |  | — |  |  |  | 20,403 |
Provision for credit losses |  |  | 20,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,500 |
Net interest income after provision for credit losses |  |  | 200 |  |  |  | 245 |  |  |  | (542 | ) |  |  | — |  |  |  | (97 | )
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage banking income, including MSRs |  |  | 712 |  |  |  | 3,583 |  |  |  | — |  |  |  | — |  |  |  | 4,295 |
Gain on sale of guaranteed government loans |  |  | 2,384 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,384 |
Service charges on deposit accounts |  |  | 349 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 349 |
Increase in cash surrender value of bank owned life insurance |  |  | 292 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 292 |
Other income |  |  | 2,797 |  |  |  | — |  |  |  | (282 | ) |  |  | (99 | ) |  |  | 2,416 |
Total noninterest income |  |  | 6,534 |  |  |  | 3,583 |  |  |  | (282 | ) |  |  | (99 | ) |  |  | 9,736 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 12,233 |  |  |  | 2,285 |  |  |  | — |  |  |  | — |  |  |  | 14,518 |
Other operating expenses |  |  | 15,917 |  |  |  | 1,392 |  |  |  | 2,324 |  |  |  | (99 | ) |  |  | 19,534 |
Total noninterest expense |  |  | 28,150 |  |  |  | 3,677 |  |  |  | 2,324 |  |  |  | (99 | ) |  |  | 34,052 |
(Loss) income from continuing operations before income tax expense |  |  | (21,416 | ) |  |  | 151 |  |  |  | (3,148 | ) |  |  | — |  |  |  | (24,413 | )
Income tax (benefit) expense |  |  | (4,322 | ) |  |  | 34 |  |  |  | (661 | ) |  |  | — |  |  |  | (4,949 | )
Net (loss) income |  | $ | (17,094 | ) |  | $ | 117 |  |  | $ | (2,487 | ) |  | $ | — |  |  | $ | (19,464 | )
Total assets as of June 30, 2023 |  | $ | 3,141,817 |  |  | $ | 41,124 |  |  | $ | 273,280 |  |  | $ | (241,797 | ) |  | $ | 3,214,424 |
|  | As of and for the three months ended June 30, 2022 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 25,725 |  |  | $ | 337 |  |  | $ | 181 |  |  | $ | — |  |  | $ | 26,243 |
Interest expense |  |  | 1,402 |  |  |  | 93 |  |  |  | 658 |  |  |  | — |  |  |  | 2,153 |
Net interest income |  |  | 24,323 |  |  |  | 244 |  |  |  | (477 | ) |  |  | — |  |  |  | 24,090 |
Provision for credit losses |  |  | 7,494 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,494 |
Net interest income after provision for credit losses |  |  | 16,829 |  |  |  | 244 |  |  |  | (477 | ) |  |  | — |  |  |  | 16,596 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage banking income, including MSRs |  |  | (25 | ) |  |  | 5,985 |  |  |  | — |  |  |  | — |  |  |  | 5,960 |
Gain on sale of guaranteed government loans |  |  | 1,538 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 1,538 |
Service charges on deposit accounts |  |  | 327 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 327 |
Increase in cash surrender value of bank owned life insurance |  |  | 276 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 276 |
Other income |  |  | 2,457 |  |  |  | — |  |  |  | (173 | ) |  |  | (195 | ) |  |  | 2,089 |
Total noninterest income |  |  | 4,573 |  |  |  | 5,985 |  |  |  | (173 | ) |  |  | (195 | ) |  |  | 10,190 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 10,916 |  |  |  | 4,957 |  |  |  | — |  |  |  | — |  |  |  | 15,873 |
Other operating expenses |  |  | 8,506 |  |  |  | 761 |  |  |  | 381 |  |  |  | (195 | ) |  |  | 9,453 |
Total noninterest expense |  |  | 19,422 |  |  |  | 5,718 |  |  |  | 381 |  |  |  | (195 | ) |  |  | 25,326 |
Income (loss) from continuing operations before income tax expense |  |  | 1,980 |  |  |  | 511 |  |  |  | (1,031 | ) |  |  | — |  |  |  | 1,460 |
Income tax expense (benefit) |  |  | 389 |  |  |  | 108 |  |  |  | (155 | ) |  |  | — |  |  |  | 342 |
Net income (loss) from continuing operations |  | $ | 1,591 |  |  | $ | 403 |  |  | $ | (876 | ) |  | $ | — |  |  | $ | 1,118 |
Total assets as of June 30, 2022 |  | $ | 2,712,209 |  |  | $ | 55,335 |  |  | $ | 316,891 |  |  | $ | (284,792 | ) |  | $ | 2,799,643 |
|  | As of and for the six months ended June 30, 2023 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 81,295 |  |  | $ | 720 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 82,026 |
Interest expense |  |  | 32,855 |  |  |  | 309 |  |  |  | 1,100 |  |  |  | — |  |  |  | 34,264 |
Net interest income |  |  | 48,440 |  |  |  | 411 |  |  |  | (1,089 | ) |  |  | — |  |  |  | 47,762 |
Provision for credit losses |  |  | 24,200 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,200 |
Net interest income after provision for credit losses |  |  | 24,240 |  |  |  | 411 |  |  |  | (1,089 | ) |  |  | — |  |  |  | 23,562 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage banking income, including MSRs |  |  | 642 |  |  |  | 4,956 |  |  |  | — |  |  |  | — |  |  |  | 5,598 |
Gain on sale of guaranteed government loans |  |  | 4,793 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,793 |
Service charges on deposit accounts |  |  | 692 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 692 |
Increase in cash surrender value of bank owned life insurance |  |  | 574 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 574 |
Other income |  |  | 5,885 |  |  |  | — |  |  |  | (325 | ) |  |  | (198 | ) |  |  | 5,362 |
Total noninterest income |  |  | 12,586 |  |  |  | 4,956 |  |  |  | (325 | ) |  |  | (198 | ) |  |  | 17,019 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 24,861 |  |  |  | 4,946 |  |  |  | — |  |  |  | — |  |  |  | 29,807 |
Other operating expenses |  |  | 27,127 |  |  |  | 2,877 |  |  |  | 3,286 |  |  |  | (198 | ) |  |  | 33,092 |
Total noninterest expense |  |  | 51,988 |  |  |  | 7,823 |  |  |  | 3,286 |  |  |  | (198 | ) |  |  | 62,899 |
Loss from continuing operations before income tax expense |  |  | (15,162 | ) |  |  | (2,456 | ) |  |  | (4,700 | ) |  |  | — |  |  |  | (22,318 | )
Income tax benefit |  |  | (2,922 | ) |  |  | (549 | ) |  |  | (987 | ) |  |  | — |  |  |  | (4,458 | )
Net loss |  | $ | (12,240 | ) |  | $ | (1,907 | ) |  | $ | (3,713 | ) |  | $ | — |  |  | $ | (17,860 | )
Total assets as of June 30, 2023 |  | $ | 3,141,817 |  |  | $ | 41,124 |  |  | $ | 273,280 |  |  | $ | (241,797 | ) |  | $ | 3,214,424 |
|  | As of and for the six months ended June 30, 2022 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 50,908 |  |  | $ | 928 |  |  | $ | 209 |  |  | $ | — |  |  | $ | 52,045 |
Interest expense |  |  | 2,948 |  |  |  | 128 |  |  |  | 1,211 |  |  |  | — |  |  |  | 4,287 |
Net interest income |  |  | 47,960 |  |  |  | 800 |  |  |  | (1,002 | ) |  |  | — |  |  |  | 47,758 |
Provision for credit losses |  |  | 9,994 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,994 |
Net interest income after provision for credit losses |  |  | 37,966 |  |  |  | 800 |  |  |  | (1,002 | ) |  |  | — |  |  |  | 37,764 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage banking income, including MSRs |  |  | 176 |  |  |  | 15,343 |  |  |  | — |  |  |  | — |  |  |  | 15,519 |
Gain on sale of guaranteed government loans |  |  | 2,965 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,965 |
Service charges on deposit accounts |  |  | 642 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 642 |
Increase in cash surrender value of bank owned life insurance |  |  | 548 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 548 |
Other income |  |  | 5,634 |  |  |  | — |  |  |  | 9,253 |  |  |  | (277 | ) |  |  | 14,610 |
Total noninterest income |  |  | 9,965 |  |  |  | 15,343 |  |  |  | 9,253 |  |  |  | (277 | ) |  |  | 34,284 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 20,005 |  |  |  | 9,964 |  |  |  | — |  |  |  |  |  |  | 29,969 |
Other operating expenses |  |  | 15,087 |  |  |  | 2,697 |  |  |  | 539 |  |  |  | (277 | ) |  |  | 18,046 |
Total noninterest expense |  |  | 35,092 |  |  |  | 12,661 |  |  |  | 539 |  |  |  | (277 | ) |  |  | 48,015 |
Income from continuing operations before income tax expense |  |  | 12,839 |  |  |  | 3,482 |  |  |  | 7,712 |  |  |  | — |  |  |  | 24,033 |
Income tax expense |  |  | 3,295 |  |  |  | 732 |  |  |  | 1,468 |  |  |  | — |  |  |  | 5,495 |
Net income from continuing operations |  | $ | 9,544 |  |  | $ | 2,750 |  |  | $ | 6,244 |  |  | $ | — |  |  | $ | 18,538 |
Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from discontinued operations before income taxes |  |  | 426 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 426 |
Income tax expense |  |  | 89 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 89 |
Net income from discontinued operations |  |  | 337 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 337 |
Net income |  | $ | 9,881 |  |  | $ | 2,750 |  |  | $ | 6,244 |  |  | $ | — |  |  | $ | 18,875 |
Net income from discontinued operations attributable to noncontrolling interest |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Net income attributable to Blue Ridge Bankshares, Inc. |  | $ | 9,880 |  |  | $ | 2,750 |  |  | $ | 6,244 |  |  | $ | — |  |  | $ | 18,874 |
Total assets as of June 30, 2022 |  | $ | 2,712,209 |  |  | $ | 55,335 |  |  | $ | 316,891 |  |  | $ | (284,792 | ) |  | $ | 2,799,643 |

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