XML 14 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
INTEREST INCOME        
Interest and fees on loans $ 22,294 $ 13,780 $ 76,248 $ 35,766
Interest on securities, deposit accounts, and federal funds sold 1,460 664 3,894 2,268
Total interest income 23,754 14,444 80,142 38,034
INTEREST EXPENSE        
Interest on deposits 1,622 1,515 4,844 4,889
Interest on subordinated notes 644 411 2,142 854
Interest on FHLB and FRB borrowings 364 689 1,553 1,794
Total interest expense 2,630 2,615 8,539 7,537
Net interest income 21,124 11,829 71,603 30,497
Provision for loan losses   4,000   8,075
Net interest income after provision for loan losses 21,124 7,829 71,603 22,422
NONINTEREST INCOME        
Gain on sale of Paycheck Protection Program loans     24,315  
Residential mortgage banking income, net 7,704 14,400 24,259 31,969
Mortgage servicing rights 1,827 1,645 6,905 3,241
Gain on sale of guaranteed government loans 108 516 1,325 779
Wealth and trust management 499   1,934  
Service charges on deposit accounts 376 215 1,073 669
Increase in cash surrender value of bank owned life insurance 278 94 679 278
Payroll processing 223 221 706 736
Bank and purchase card, net 497 211 1,096 483
Other 2,006 311 3,460 651
Total noninterest income 13,518 17,613 65,752 38,806
NONINTEREST EXPENSE        
Salaries and employee benefits 14,774 11,880 46,425 29,886
Occupancy and equipment 1,743 922 4,968 2,653
Data processing 893 656 3,272 1,649
Legal, issuer, and regulatory filing 372 291 1,437 781
Advertising and marketing 452 165 989 518
Communications 761 214 1,802 536
Audit and accounting fees 195 98 675 278
FDIC insurance 487 187 839 568
Intangible amortization 500 232 1,406 608
Other contractual services 633 516 2,152 870
Other taxes and assessments 547 280 1,973 748
Merger-related 1,441 1,264 11,697 1,710
Other 2,839 1,971 9,062 4,688
Total noninterest expenses 25,637 18,676 86,697 45,493
Income before income tax 9,005 6,766 50,658 15,735
Income tax expense 2,199 1,707 10,973 3,618
Net income 6,806 5,059 39,685 12,117
Net loss (income) attributable to noncontrolling interest 4 4 (1) (1)
Net income (loss) attributable to Blue Ridge Bankshares, Inc. 6,810 5,063 39,684 12,116
Net income available to common stockholders $ 6,810 $ 5,063 $ 39,684 $ 12,116
Basic and diluted earnings per common share (EPS) [1] $ 0.36 $ 0.59 $ 2.26 $ 1.42
[1] EPS has been adjusted for all periods presented to reflect the Company’s 3-for-2 stock split effective April 30, 2021.