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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

Note 9 – Segment Reporting

The CODM evaluates each of the Company's segments based on net income (loss), using segment financial information compiled utilizing the accounting policies listed in Note 2 of the 2024 Form 10-K. The profitability of the segment helps the CODM evaluate staffing levels, assess available cash for allocation to projects and resources, and make informed decisions on whether the segment's activities should be modified to align with the Company’s overall near- and long-term strategies.

Until March 2025, the Company operated through 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 financial services to its customers. The mortgage banking segment, which operated as Monarch Mortgage and focused on residential mortgage origination and sales activities, was sold in March 2025; however, it is presented as a reportable segment for all periods

stated for comparative purposes. Activities at the holding company or parent level are primarily associated with investments, borrowings, and certain noninterest expenses.

Information about reportable segments, and reconciliation of such information to the consolidated financial statements follows, as of the dates and periods stated.

 

 

As of and for the three months ended March 31, 2025

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge
Bankshares,
Inc.
Consolidated

 

NET INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

35,224

 

 

$

126

 

 

$

—

 

 

$

—

 

 

$

35,350

 

Interest expense

 

 

15,584

 

 

 

40

 

 

 

736

 

 

 

—

 

 

 

16,360

 

   Net interest income

 

 

19,640

 

 

 

86

 

 

 

(736

)

 

 

—

 

 

 

18,990

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments of other equity investments

 

 

—

 

 

 

—

 

 

 

(73

)

 

 

—

 

 

 

(73

)

Residential mortgage banking income

 

 

306

 

 

 

650

 

 

 

—

 

 

 

—

 

 

 

956

 

Mortgage servicing rights

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Other

 

 

2,283

 

 

 

—

 

 

 

—

 

 

 

(96

)

 

 

2,187

 

   Total noninterest income

 

 

2,589

 

 

 

652

 

 

 

(73

)

 

 

(96

)

 

 

3,072

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

11,542

 

 

 

1,068

 

 

 

—

 

 

 

—

 

 

 

12,610

 

Occupancy and equipment

 

 

1,330

 

 

 

51

 

 

 

—

 

 

 

—

 

 

 

1,381

 

Technology and communication

 

 

2,364

 

 

 

420

 

 

 

—

 

 

 

—

 

 

 

2,784

 

Other

 

 

5,638

 

 

 

336

 

 

 

298

 

 

 

(96

)

 

 

6,176

 

   Total noninterest expense

 

 

20,874

 

 

 

1,875

 

 

 

298

 

 

 

(96

)

 

 

22,951

 

Income (loss) before income tax expense

 

 

1,355

 

 

 

(1,137

)

 

 

(1,107

)

 

 

—

 

 

 

(889

)

Income tax expense (benefit)

 

 

30

 

 

 

(253

)

 

 

(232

)

 

 

—

 

 

 

(455

)

Net income (loss)

 

$

1,325

 

 

$

(884

)

 

$

(875

)

 

$

—

 

 

$

(434

)

Total assets

 

$

2,642,160

 

 

$

26,528

 

 

$

379,167

 

 

$

(362,771

)

 

$

2,685,084

 

 

 

 

As of and for the three months ended March 31, 2024

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge
Bankshares,
Inc.
Consolidated

 

NET INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

42,199

 

 

$

332

 

 

$

—

 

 

$

—

 

 

$

42,531

 

Interest expense

 

 

21,476

 

 

 

146

 

 

 

560

 

 

 

—

 

 

 

22,182

 

   Net interest income

 

 

20,723

 

 

 

186

 

 

 

(560

)

 

 

—

 

 

 

20,349

 

Recovery of credit losses

 

 

(1,000

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,000

)

   Net interest income after recovery for credit losses

 

 

21,723

 

 

 

186

 

 

 

(560

)

 

 

—

 

 

 

21,349

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments of other equity investments

 

 

—

 

 

 

—

 

 

 

(7

)

 

 

—

 

 

 

(7

)

Residential mortgage banking income

 

 

—

 

 

 

2,664

 

 

 

—

 

 

 

—

 

 

 

2,664

 

Mortgage servicing rights

 

 

—

 

 

 

729

 

 

 

—

 

 

 

—

 

 

 

729

 

Other

 

 

4,484

 

 

 

—

 

 

 

17

 

 

 

(99

)

 

 

4,402

 

   Total noninterest income

 

 

4,484

 

 

 

3,393

 

 

 

10

 

 

 

(99

)

 

 

7,788

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

14,201

 

 

 

1,844

 

 

 

—

 

 

 

—

 

 

 

16,045

 

Occupancy and equipment

 

 

1,389

 

 

 

135

 

 

 

—

 

 

 

—

 

 

 

1,524

 

Technology and communication

 

 

1,960

 

 

 

319

 

 

 

—

 

 

 

—

 

 

 

2,279

 

Regulatory remediation

 

 

2,644

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,644

 

Other

 

 

9,017

 

 

 

758

 

 

 

269

 

 

 

(99

)

 

 

9,945

 

   Total noninterest expense

 

 

29,211

 

 

 

3,056

 

 

 

269

 

 

 

(99

)

 

 

32,437

 

(Loss) income before income tax expense

 

 

(3,004

)

 

 

523

 

 

 

(819

)

 

 

—

 

 

 

(3,300

)

Income tax (benefit) expense

 

 

(321

)

 

 

86

 

 

 

(172

)

 

 

—

 

 

 

(407

)

Net (loss) income

 

$

(2,683

)

 

$

437

 

 

$

(647

)

 

$

—

 

 

$

(2,893

)

Total assets

 

$

3,024,935

 

 

$

36,343

 

 

$

228,544

 

 

$

(213,635

)

 

$

3,076,187

 

Included in other expenses are costs for legal and regulatory filings, audit fees, other contractual services, and other miscellaneous expenses.

The Company had no transactions with a single customer that in the aggregate resulted in revenues exceeding 10% of consolidated total revenues for the three months ended March 31, 2025 and 2024.