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Business Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segments

Note 18. Business Segments

The Company's three reportable business segments consist of commercial banking, mortgage banking, and holding company activities.

The following tables present statement of operations items and assets by segment as of the dates and periods stated.

 

 

 

For the year ended December 31, 2023

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge
Bankshares,
Inc.
Consolidated

 

NET INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

167,340

 

 

$

1,641

 

 

$

14

 

 

$

—

 

 

$

168,995

 

Interest expense

 

 

72,952

 

 

 

793

 

 

 

2,209

 

 

 

—

 

 

 

75,954

 

   Net interest income

 

 

94,388

 

 

 

848

 

 

 

(2,195

)

 

 

—

 

 

 

93,041

 

Provision for credit losses

 

 

22,323

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22,323

 

   Net interest income after provision for credit losses

 

 

72,065

 

 

 

848

 

 

 

(2,195

)

 

 

—

 

 

 

70,718

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage banking income, including MSRs

 

 

993

 

 

 

9,007

 

 

 

—

 

 

 

—

 

 

 

10,000

 

Gain on sale of guaranteed government loans

 

 

5,704

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,704

 

Service charges on deposit accounts

 

 

1,423

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,423

 

Increase in cash surrender value of bank owned life insurance

 

 

1,195

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,195

 

Other income

 

 

12,310

 

 

 

—

 

 

 

(1,695

)

 

 

(396

)

 

 

10,219

 

   Total noninterest income

 

 

21,625

 

 

 

9,007

 

 

 

(1,695

)

 

 

(396

)

 

 

28,541

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

49,860

 

 

 

8,298

 

 

 

—

 

 

 

—

 

 

 

58,158

 

Regulatory remediation

 

 

10,459

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,459

 

Goodwill impairment

 

 

26,826

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

26,826

 

ESOP litigation

 

 

—

 

 

 

—

 

 

 

6,000

 

 

 

—

 

 

 

6,000

 

Other expenses

 

 

48,398

 

 

 

5,225

 

 

 

3,433

 

 

 

(396

)

 

 

56,660

 

   Total noninterest expense

 

 

135,543

 

 

 

13,523

 

 

 

9,433

 

 

 

(396

)

 

 

158,103

 

Loss from continuing operations before income tax

 

 

(41,853

)

 

 

(3,668

)

 

 

(13,323

)

 

 

—

 

 

 

(58,844

)

Income tax benefit

 

 

(3,571

)

 

 

(877

)

 

 

(2,623

)

 

 

—

 

 

 

(7,071

)

Net loss

 

$

(38,282

)

 

$

(2,791

)

 

$

(10,700

)

 

$

—

 

 

$

(51,773

)

Total assets as of December 31, 2023

 

$

3,053,453

 

 

$

39,010

 

 

$

233,506

 

 

$

(208,415

)

 

$

3,117,554

 

 

 

 

For the year ended December 31, 2022

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge
Bankshares,
Inc.
Consolidated

 

NET INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

119,758

 

 

$

1,455

 

 

$

439

 

 

$

—

 

 

$

121,652

 

Interest expense

 

 

14,122

 

 

 

419

 

 

 

2,544

 

 

 

—

 

 

 

17,085

 

   Net interest income

 

 

105,636

 

 

 

1,036

 

 

 

(2,105

)

 

 

—

 

 

 

104,567

 

Provision for credit losses

 

 

25,687

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

25,687

 

   Net interest income after provision for credit losses

 

 

79,949

 

 

 

1,036

 

 

 

(2,105

)

 

 

—

 

 

 

78,880

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage banking income, including MSRs

 

 

147

 

 

 

20,500

 

 

 

—

 

 

 

—

 

 

 

20,647

 

Gain on sale of guaranteed government loans

 

 

4,734

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,734

 

Service charges on deposit accounts

 

 

1,289

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,289

 

Increase in cash surrender value of bank owned life insurance

 

 

1,348

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,348

 

Other income

 

 

11,193

 

 

 

17

 

 

 

9,453

 

 

 

(589

)

 

 

20,074

 

   Total noninterest income

 

 

18,711

 

 

 

20,517

 

 

 

9,453

 

 

 

(589

)

 

 

48,092

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

40,012

 

 

 

15,994

 

 

 

—

 

 

 

—

 

 

 

56,006

 

Regulatory remediation

 

 

7,442

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,442

 

Merger-related

 

 

—

 

 

 

—

 

 

 

50

 

 

 

—

 

 

 

50

 

Other expenses

 

 

35,129

 

 

 

4,875

 

 

 

1,863

 

 

 

(589

)

 

 

41,278

 

   Total noninterest expense

 

 

82,583

 

 

 

20,869

 

 

 

1,913

 

 

 

(589

)

 

 

104,776

 

Income from continuing operations before income tax expense

 

 

16,077

 

 

 

684

 

 

 

5,435

 

 

 

—

 

 

 

22,196

 

Income tax expense

 

 

3,840

 

 

 

152

 

 

 

1,207

 

 

 

—

 

 

 

5,199

 

Net income from continuing operations

 

$

12,237

 

 

$

532

 

 

$

4,228

 

 

$

—

 

 

$

16,997

 

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

 

$

12,574

 

 

$

532

 

 

$

4,228

 

 

$

—

 

 

$

17,334

 

Net income from discontinued operations attributable to noncontrolling interest

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1

)

Net income attributable to Blue Ridge Bankshares, Inc.

 

$

12,573

 

 

$

532

 

 

$

4,228

 

 

$

—

 

 

$

17,333

 

Total assets as of December 31, 2022

 

$

3,059,282

 

 

$

40,840

 

 

$

289,860

 

 

$

(259,517

)

 

$

3,130,465

 

 

 

 

For the year ended December 31, 2021

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge
Bankshares,
Inc.
Consolidated

 

NET INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

99,810

 

 

$

3,596

 

 

$

140

 

 

$

—

 

 

$

103,546

 

Interest expense

 

 

8,181

 

 

 

257

 

 

 

2,627

 

 

 

—

 

 

 

11,065

 

   Net interest income

 

 

91,629

 

 

 

3,339

 

 

 

(2,487

)

 

 

—

 

 

 

92,481

 

Provision for credit losses

 

 

117

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

117

 

   Net interest income after provision for credit losses

 

 

91,512

 

 

 

3,339

 

 

 

(2,487

)

 

 

—

 

 

 

92,364

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of Paycheck Protection Program loans

 

 

24,315

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,315

 

Residential mortgage banking income, including MSRs

 

 

—

 

 

 

37,022

 

 

 

—

 

 

 

—

 

 

 

37,022

 

Gain on sale of guaranteed government loans

 

 

2,005

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,005

 

Service charges on deposit accounts

 

 

1,464

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,464

 

Increase in cash surrender value of bank owned life insurance

 

 

932

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

932

 

Other income

 

 

13,733

 

 

 

194

 

 

 

7,505

 

 

 

(182

)

 

 

21,250

 

   Total noninterest income

 

 

42,449

 

 

 

37,216

 

 

 

7,505

 

 

 

(182

)

 

 

86,988

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

35,320

 

 

 

26,161

 

 

 

—

 

 

 

—

 

 

 

61,481

 

Merger-related

 

 

9,226

 

 

 

—

 

 

 

2,642

 

 

 

—

 

 

 

11,868

 

Other expenses

 

 

28,375

 

 

 

8,428

 

 

 

1,018

 

 

 

(182

)

 

 

37,639

 

   Total noninterest expense

 

 

72,921

 

 

 

34,589

 

 

 

3,660

 

 

 

(182

)

 

 

110,988

 

Income from continuing operations before income tax expense

 

 

61,040

 

 

 

5,966

 

 

 

1,358

 

 

 

—

 

 

 

68,364

 

Income tax expense

 

 

13,978

 

 

 

1,253

 

 

 

509

 

 

 

—

 

 

 

15,740

 

Net income from continuing operations

 

$

47,062

 

 

$

4,713

 

 

$

849

 

 

$

—

 

 

$

52,624

 

Discontinued Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations before income taxes

 

 

(183

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(183

)

Income tax benefit

 

 

(39

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(39

)

Net loss from discontinued operations

 

 

(144

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(144

)

Net income

 

$

46,918

 

 

$

4,713

 

 

$

849

 

 

$

—

 

 

$

52,480

 

Net income from discontinued operations attributable to noncontrolling interest

 

 

(3

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3

)

Net income attributable to Blue Ridge Bankshares, Inc.

 

$

46,915

 

 

$

4,713

 

 

$

849

 

 

$

—

 

 

$

52,477

 

Total assets as of December 31, 2021

 

$

2,498,916

 

 

$

142,537

 

 

$

319,685

 

 

$

(295,999

)

 

$

2,665,139