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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