XML 25 R19.htm IDEA: XBRL DOCUMENT
v3.24.3

Business Segments | 9 Months Ended
--- | ---
Sep. 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 September 30, 2024 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 38,803 |  |  | $ | 422 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,225 |
Interest expense |  |  | 19,385 |  |  |  | 174 |  |  |  | 565 |  |  |  | — |  |  |  | 20,124 |
Net interest income |  |  | 19,418 |  |  |  | 248 |  |  |  | (565 | ) |  |  | — |  |  |  | 19,101 |
Recovery of credit losses |  |  | (6,200 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,200 | )
Net interest income after recovery of credit losses |  |  | 25,618 |  |  |  | 248 |  |  |  | (565 | ) |  |  | — |  |  |  | 25,301 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments of other equity investments |  |  | — |  |  |  | — |  |  |  | 160 |  |  |  | — |  |  |  | 160 |
Residential mortgage banking income |  |  | — |  |  |  | 2,939 |  |  |  | — |  |  |  | — |  |  |  | 2,939 |
Mortgage servicing rights |  |  | — |  |  |  | (2,915 | ) |  |  | — |  |  |  | — |  |  |  | (2,915 | )
Loss on sale of mortgage servicing rights |  |  | — |  |  |  | (1,011 | ) |  |  | — |  |  |  | — |  |  |  | (1,011 | )
Other income |  |  | 3,660 |  |  |  | — |  |  |  | 2 |  |  |  | (96 | ) |  |  | 3,566 |
Total noninterest income |  |  | 3,660 |  |  |  | (987 | ) |  |  | 162 |  |  |  | (96 | ) |  |  | 2,739 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 12,554 |  |  |  | 1,365 |  |  |  | 19 |  |  |  | — |  |  |  | 13,938 |
Regulatory remediation |  |  | 357 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 357 |
Other expenses |  |  | 10,737 |  |  |  | 1,140 |  |  |  | 419 |  |  |  | (96 | ) |  |  | 12,200 |
Total noninterest expense |  |  | 23,648 |  |  |  | 2,505 |  |  |  | 438 |  |  |  | (96 | ) |  |  | 26,495 |
Income (loss) before income tax expense |  |  | 5,630 |  |  |  | (3,244 | ) |  |  | (841 | ) |  |  | — |  |  |  | 1,545 |
Income tax expense (benefit) |  |  | 1,523 |  |  |  | (751 | ) |  |  | (173 | ) |  |  | — |  |  |  | 599 |
Net income (loss) |  | $ | 4,107 |  |  | $ | (2,493 | ) |  | $ | (668 | ) |  | $ | — |  |  | $ | 946 |
Total assets as of September 30, 2024 |  | $ | 2,900,927 |  |  | $ | 33,519 |  |  | $ | 377,806 |  |  | $ | (367,561 | ) |  | $ | 2,944,691 |
|  | As of and for the three months ended September 30, 2023 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 41,699 |  |  | $ | 777 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 42,485 |
Interest expense |  |  | 18,766 |  |  |  | 408 |  |  |  | 1,119 |  |  |  | — |  |  |  | 20,293 |
Net interest income |  |  | 22,933 |  |  |  | 369 |  |  |  | (1,110 | ) |  |  | — |  |  |  | 22,192 |
Provision for credit losses |  |  | 11,050 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,050 |
Net interest income after provision for credit losses |  |  | 11,883 |  |  |  | 369 |  |  |  | (1,110 | ) |  |  | — |  |  |  | 11,142 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments of other equity investments |  |  | — |  |  |  | — |  |  |  | 55 |  |  |  | — |  |  |  | 55 |
Residential mortgage banking income |  |  | — |  |  |  | 2,917 |  |  |  | — |  |  |  | — |  |  |  | 2,917 |
Mortgage servicing rights |  |  | — |  |  |  | 894 |  |  |  | — |  |  |  | — |  |  |  | 894 |
Other income |  |  | 3,523 |  |  |  | — |  |  |  | 125 |  |  |  | (99 | ) |  |  | 3,549 |
Total noninterest income |  |  | 3,523 |  |  |  | 3,811 |  |  |  | 180 |  |  |  | (99 | ) |  |  | 7,415 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 10,136 |  |  |  | 4,504 |  |  |  | — |  |  |  | — |  |  |  | 14,640 |
Regulatory remediation |  |  | 3,782 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,782 |
Goodwill impairment |  |  | 26,826 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,826 |
ESOP litigation |  |  | — |  |  |  | — |  |  |  | 6,000 |  |  |  | — |  |  |  | 6,000 |
Other expenses |  |  | 9,047 |  |  |  | 2,834 |  |  |  | 1,591 |  |  |  | (99 | ) |  |  | 13,373 |
Total noninterest expense |  |  | 49,791 |  |  |  | 7,338 |  |  |  | 7,591 |  |  |  | (99 | ) |  |  | 64,621 |
Loss before income tax expense |  |  | (34,385 | ) |  |  | (3,158 | ) |  |  | (8,521 | ) |  |  | — |  |  |  | (46,064 | )
Income tax benefit |  |  | (2,446 | ) |  |  | (446 | ) |  |  | (1,801 | ) |  |  | — |  |  |  | (4,693 | )
Net loss |  | $ | (31,939 | ) |  | $ | (2,712 | ) |  | $ | (6,720 | ) |  | $ | — |  |  | $ | (41,371 | )
Total assets as of September 30, 2023 |  | $ | 3,183,121 |  |  | $ | 46,959 |  |  | $ | 230,999 |  |  | $ | (198,366 | ) |  | $ | 3,262,713 |
|  | As of and for the nine months ended September 30, 2024 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 121,181 |  |  | $ | 1,206 |  |  | $ | — |  |  | $ | — |  |  | $ | 122,387 |
Interest expense |  |  | 60,635 |  |  |  | 539 |  |  |  | 1,677 |  |  |  | — |  |  |  | 62,851 |
Net interest income |  |  | 60,546 |  |  |  | 667 |  |  |  | (1,677 | ) |  |  | — |  |  |  | 59,536 |
Recovery of credit losses |  |  | (4,100 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,100 | )
Net interest income after recovery of credit losses |  |  | 64,646 |  |  |  | 667 |  |  |  | (1,677 | ) |  |  | — |  |  |  | 63,636 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments of other equity investments |  |  | — |  |  |  | — |  |  |  | (8,384 | ) |  |  | — |  |  |  | (8,384 | )
Residential mortgage banking income |  |  | — |  |  |  | 8,693 |  |  |  | — |  |  |  | — |  |  |  | 8,693 |
Mortgage servicing rights |  |  | — |  |  |  | (166 | ) |  |  | — |  |  |  | — |  |  |  | (166 | )
Loss on sale of mortgage servicing rights |  |  | — |  |  |  | (1,011 | ) |  |  | — |  |  |  | — |  |  |  | (1,011 | )
Other income |  |  | 12,009 |  |  |  | — |  |  |  | 19 |  |  |  | (288 | ) |  |  | 11,740 |
Total noninterest income |  |  | 12,009 |  |  |  | 7,516 |  |  |  | (8,365 | ) |  |  | (288 | ) |  |  | 10,872 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 40,307 |  |  |  | 4,548 |  |  |  | 63 |  |  |  | — |  |  |  | 44,918 |
Regulatory remediation |  |  | 4,398 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,398 |
Other expenses |  |  | 34,870 |  |  |  | 3,535 |  |  |  | 881 |  |  |  | (288 | ) |  |  | 38,998 |
Total noninterest expense |  |  | 79,575 |  |  |  | 8,083 |  |  |  | 944 |  |  |  | (288 | ) |  |  | 88,314 |
(Loss) income before income tax expense |  |  | (2,920 | ) |  |  | 100 |  |  |  | (10,986 | ) |  |  | — |  |  |  | (13,806 | )
Income tax expense (benefit) |  |  | 1,960 |  |  |  | (90 | ) |  |  | (2,294 | ) |  |  | — |  |  |  | (424 | )
Net (loss) income |  | $ | (4,880 | ) |  | $ | 190 |  |  | $ | (8,692 | ) |  | $ | — |  |  | $ | (13,382 | )
Total assets as of September 30, 2024 |  | $ | 2,900,927 |  |  | $ | 33,519 |  |  | $ | 377,806 |  |  | $ | (367,561 | ) |  | $ | 2,944,691 |
|  | As of and for the nine months ended September 30, 2023 |
(Dollars in thousands) |  | Commercial Banking |  |  | Mortgage Banking |  |  | Parent Only |  |  | Eliminations |  |  | Blue Ridge Bankshares, Inc. Consolidated |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 124,629 |  |  | $ | 1,192 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 125,835 |
Interest expense |  |  | 52,313 |  |  |  | 578 |  |  |  | 1,666 |  |  |  | — |  |  |  | 54,557 |
Net interest income |  |  | 72,316 |  |  |  | 614 |  |  |  | (1,652 | ) |  |  | — |  |  |  | 71,278 |
Provision for credit losses |  |  | 19,553 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,553 |
Net interest income after provision for credit losses |  |  | 52,763 |  |  |  | 614 |  |  |  | (1,652 | ) |  |  | — |  |  |  | 51,725 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments of other equity investments |  |  | — |  |  |  | — |  |  |  | (277 | ) |  |  | — |  |  |  | (277 | )
Residential mortgage banking income |  |  | — |  |  |  | 9,261 |  |  |  | — |  |  |  | — |  |  |  | 9,261 |
Mortgage servicing rights |  |  | — |  |  |  | 148 |  |  |  | — |  |  |  | — |  |  |  | 148 |
Other income |  |  | 15,380 |  |  |  | — |  |  |  | 120 |  |  |  | (198 | ) |  |  | 15,302 |
Total noninterest income |  |  | 15,380 |  |  |  | 9,409 |  |  |  | (157 | ) |  |  | (198 | ) |  |  | 24,434 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 37,658 |  |  |  | 6,789 |  |  |  | — |  |  |  | — |  |  |  | 44,447 |
Regulatory remediation |  |  | 7,304 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,304 |
Goodwill impairment |  |  | 26,826 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,826 |
ESOP litigation |  |  | — |  |  |  | — |  |  |  | 6,000 |  |  |  | — |  |  |  | 6,000 |
Other expenses |  |  | 35,000 |  |  |  | 4,226 |  |  |  | 3,915 |  |  |  | (198 | ) |  |  | 42,943 |
Total noninterest expense |  |  | 106,788 |  |  |  | 11,015 |  |  |  | 9,915 |  |  |  | (198 | ) |  |  | 127,520 |
Loss before income tax expense |  |  | (38,645 | ) |  |  | (992 | ) |  |  | (11,724 | ) |  |  | — |  |  |  | (51,361 | )
Income tax benefit |  |  | (2,473 | ) |  |  | (412 | ) |  |  | (2,462 | ) |  |  | — |  |  |  | (5,347 | )
Net loss |  | $ | (36,172 | ) |  | $ | (580 | ) |  | $ | (9,262 | ) |  | $ | — |  |  | $ | (46,014 | )
Total assets as of September 30, 2023 |  | $ | 3,183,121 |  |  | $ | 46,959 |  |  | $ | 230,999 |  |  | $ | (198,366 | ) |  | $ | 3,262,713 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration