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Business Segments | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Business Segments | Note 10 – 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 June 30, 2024 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 40,179 |  |  | $ | 452 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,631 |
Interest expense |  |  | 19,775 |  |  |  | 219 |  |  |  | 552 |  |  |  | — |  |  |  | 20,546 |
Net interest income |  |  | 20,404 |  |  |  | 233 |  |  |  | (552 | ) |  |  | — |  |  |  | 20,085 |
Provision for credit losses |  |  | 3,100 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,100 |
Net interest income after provision for credit losses |  |  | 17,304 |  |  |  | 233 |  |  |  | (552 | ) |  |  | — |  |  |  | 16,985 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments of other equity investments |  |  | — |  |  |  | — |  |  |  | (8,537 | ) |  |  | — |  |  |  | (8,537 | )
Residential mortgage banking income |  |  | — |  |  |  | 3,090 |  |  |  | — |  |  |  | — |  |  |  | 3,090 |
Mortgage servicing rights |  |  | — |  |  |  | 2,019 |  |  |  | — |  |  |  | — |  |  |  | 2,019 |
Gain on sale of guaranteed government loans |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11 |
Other income |  |  | 3,818 |  |  |  | — |  |  |  | — |  |  |  | (93 | ) |  |  | 3,725 |
Total noninterest income |  |  | 3,829 |  |  |  | 5,109 |  |  |  | (8,537 | ) |  |  | (93 | ) |  |  | 308 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 13,582 |  |  |  | 1,339 |  |  |  | 11 |  |  |  | — |  |  |  | 14,932 |
Regulatory remediation |  |  | 1,397 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,397 |
Other expenses |  |  | 11,733 |  |  |  | 1,182 |  |  |  | 193 |  |  |  | (93 | ) |  |  | 13,015 |
Total noninterest expense |  |  | 26,712 |  |  |  | 2,521 |  |  |  | 204 |  |  |  | (93 | ) |  |  | 29,344 |
(Loss) income before income tax expense |  |  | (5,579 | ) |  |  | 2,821 |  |  |  | (9,293 | ) |  |  | — |  |  |  | (12,051 | )
Income tax (benefit) expense |  |  | 758 |  |  |  | 575 |  |  |  | (1,949 | ) |  |  | — |  |  |  | (616 | )
Net (loss) income |  | $ | (6,337 | ) |  | $ | 2,246 |  |  | $ | (7,344 | ) |  | $ | — |  |  | $ | (11,435 | )
Total assets as of June 30, 2024 |  | $ | 2,883,732 |  |  | $ | 41,433 |  |  | $ | 372,515 |  |  | $ | (364,608 | ) |  | $ | 2,933,072 |
|  | 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 |  | $ | 42,040 |  |  | $ | 415 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 42,460 |
Interest expense |  |  | 17,853 |  |  |  | 170 |  |  |  | 547 |  |  |  | — |  |  |  | 18,570 |
Net interest income |  |  | 24,187 |  |  |  | 245 |  |  |  | (542 | ) |  |  | — |  |  |  | 23,890 |
Provision for credit losses |  |  | 10,013 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,013 |
Net interest income after provision for credit losses |  |  | 14,174 |  |  |  | 245 |  |  |  | (542 | ) |  |  | — |  |  |  | 13,877 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments of other equity investments |  |  | — |  |  |  | — |  |  |  | (281 | ) |  |  | — |  |  |  | (281 | )
Residential mortgage banking income |  |  | — |  |  |  | 3,145 |  |  |  | — |  |  |  | — |  |  |  | 3,145 |
Mortgage servicing rights |  |  | — |  |  |  | 1,150 |  |  |  | — |  |  |  | — |  |  |  | 1,150 |
Gain on sale of guaranteed government loans |  |  | 2,384 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,384 |
Other income |  |  | 3,438 |  |  |  | — |  |  |  | (1 | ) |  |  | (99 | ) |  |  | 3,338 |
Total noninterest income |  |  | 5,822 |  |  |  | 4,295 |  |  |  | (282 | ) |  |  | (99 | ) |  |  | 9,736 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 12,233 |  |  |  | 2,285 |  |  |  | — |  |  |  | — |  |  |  | 14,518 |
Regulatory remediation |  |  | 2,388 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,388 |
Other expenses |  |  | 13,529 |  |  |  | 1,392 |  |  |  | 2,324 |  |  |  | (99 | ) |  |  | 17,146 |
Total noninterest expense |  |  | 28,150 |  |  |  | 3,677 |  |  |  | 2,324 |  |  |  | (99 | ) |  |  | 34,052 |
(Loss) income before income tax expense |  |  | (8,154 | ) |  |  | 863 |  |  |  | (3,148 | ) |  |  | — |  |  |  | (10,439 | )
Income tax (benefit) expense |  |  | (1,199 | ) |  |  | 34 |  |  |  | (661 | ) |  |  | — |  |  |  | (1,826 | )
Net (loss) income |  | $ | (6,955 | ) |  | $ | 829 |  |  | $ | (2,487 | ) |  | $ | — |  |  | $ | (8,613 | )
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, 2024 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 82,378 |  |  | $ | 784 |  |  | $ | — |  |  | $ | — |  |  | $ | 83,162 |
Interest expense |  |  | 41,251 |  |  |  | 365 |  |  |  | 1,112 |  |  |  | — |  |  |  | 42,728 |
Net interest income |  |  | 41,127 |  |  |  | 419 |  |  |  | (1,112 | ) |  |  | — |  |  |  | 40,434 |
Provision for credit losses |  |  | 2,100 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,100 |
Net interest income after provision for loan losses |  |  | 39,027 |  |  |  | 419 |  |  |  | (1,112 | ) |  |  | — |  |  |  | 38,334 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments of other equity investments |  |  | — |  |  |  | — |  |  |  | (8,544 | ) |  |  | — |  |  |  | (8,544 | )
Residential mortgage banking income |  |  | — |  |  |  | 5,754 |  |  |  | — |  |  |  | — |  |  |  | 5,754 |
Mortgage servicing rights |  |  | — |  |  |  | 2,748 |  |  |  | — |  |  |  | — |  |  |  | 2,748 |
Gain on sale of guaranteed government loans |  |  | 121 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 121 |
Other income |  |  | 8,229 |  |  |  | — |  |  |  | 17 |  |  |  | (192 | ) |  |  | 8,054 |
Total noninterest income |  |  | 8,350 |  |  |  | 8,502 |  |  |  | (8,527 | ) |  |  | (192 | ) |  |  | 8,133 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 27,750 |  |  |  | 3,183 |  |  |  | 44 |  |  |  | — |  |  |  | 30,977 |
Regulatory remediation |  |  | 4,041 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,041 |
Other expenses |  |  | 24,136 |  |  |  | 2,394 |  |  |  | 462 |  |  |  | (192 | ) |  |  | 26,800 |
Total noninterest expense |  |  | 55,927 |  |  |  | 5,577 |  |  |  | 506 |  |  |  | (192 | ) |  |  | 61,818 |
(Loss) income before income tax expense |  |  | (8,550 | ) |  |  | 3,344 |  |  |  | (10,145 | ) |  |  | — |  |  |  | (15,351 | )
Income tax expense (benefit) |  |  | 437 |  |  |  | 661 |  |  |  | (2,121 | ) |  |  | — |  |  |  | (1,023 | )
Net (loss) income |  | $ | (8,987 | ) |  | $ | 2,683 |  |  | $ | (8,024 | ) |  | $ | — |  |  | $ | (14,328 | )
Total assets as of June 30, 2024 |  | $ | 2,883,732 |  |  | $ | 41,433 |  |  | $ | 372,515 |  |  | $ | (364,608 | ) |  | $ | 2,933,072 |
|  | 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 |  | $ | 82,619 |  |  | $ | 720 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 83,350 |
Interest expense |  |  | 32,855 |  |  |  | 309 |  |  |  | 1,100 |  |  |  | — |  |  |  | 34,264 |
Net interest income |  |  | 49,764 |  |  |  | 411 |  |  |  | (1,089 | ) |  |  | — |  |  |  | 49,086 |
Provision for credit losses |  |  | 8,503 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,503 |
Net interest income after provision for credit losses |  |  | 41,261 |  |  |  | 411 |  |  |  | (1,089 | ) |  |  | — |  |  |  | 40,583 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments of other equity investments |  |  | — |  |  |  | — |  |  |  | (332 | ) |  |  | — |  |  |  | (332 | )
Residential mortgage banking income |  |  | — |  |  |  | 6,344 |  |  |  | — |  |  |  | — |  |  |  | 6,344 |
Mortgage servicing rights |  |  | — |  |  |  | (746 | ) |  |  | — |  |  |  | — |  |  |  | (746 | )
Gain on sale of guaranteed government loans |  |  | 4,793 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,793 |
Other income |  |  | 7,151 |  |  |  | — |  |  |  | 7 |  |  |  | (198 | ) |  |  | 6,960 |
Total noninterest income |  |  | 11,944 |  |  |  | 5,598 |  |  |  | (325 | ) |  |  | (198 | ) |  |  | 17,019 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 24,861 |  |  |  | 4,946 |  |  |  | — |  |  |  | — |  |  |  | 29,807 |
Regulatory remediation |  |  | 3,522 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,522 |
Other expenses |  |  | 23,605 |  |  |  | 2,877 |  |  |  | 3,286 |  |  |  | (198 | ) |  |  | 29,570 |
Total noninterest expense |  |  | 51,988 |  |  |  | 7,823 |  |  |  | 3,286 |  |  |  | (198 | ) |  |  | 62,899 |
Income (loss) before income tax expense |  |  | 1,217 |  |  |  | (1,814 | ) |  |  | (4,700 | ) |  |  | — |  |  |  | (5,297 | )
Income tax expense (benefit) |  |  | 882 |  |  |  | (549 | ) |  |  | (987 | ) |  |  | — |  |  |  | (654 | )
Net income (loss) |  | $ | 335 |  |  | $ | (1,265 | ) |  | $ | (3,713 | ) |  | $ | — |  |  | $ | (4,643 | )
Total assets as of June 30, 2023 |  | $ | 3,141,817 |  |  | $ | 41,124 |  |  | $ | 273,280 |  |  | $ | (241,797 | ) |  | $ | 3,214,424 |

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