UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On July 28, 2022, Blue Ridge Bankshares, Inc. (the “Company”) issued a press release reporting its financial results for the period ended June 30, 2022. A copy of the press release is being furnished as Exhibit 99.1 to this report and is incorporated by reference into this Item 2.02.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is being furnished pursuant to Item 2.02 above.
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Exhibit No. |
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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BLUE RIDGE BANKSHARES, INC. |
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Date: |
July 28, 2022 |
By: |
/s/ Judy C. Gavant |
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Judy C. Gavant |
Exhibit 99.1
Blue Ridge Bankshares, Inc. Announces Second Quarter and First Half 2022 Results
Charlottesville, VA, July 28, 2022 – Blue Ridge Bankshares, Inc. (the “Company”) (NYSE American: BRBS), the holding company of Blue Ridge Bank, National Association (“Blue Ridge Bank”) and BRB Financial Group, Inc. (“BRB Financial Group”), announced today financial results for the quarter and year-to-date periods ended June 30, 2022. For the second quarter of 2022, the Company reported net income from continuing operations of $1.1 million, or $0.06 earnings per diluted common share, compared to $17.4 million, or $0.93 earnings per diluted common share, for the first quarter of 2022, and $28.7 million, or $1.54 earnings per diluted common share, for the second quarter of 2021. For the six months ended June 30, 2022, the Company reported net income from continuing operations of $18.5 million, or $0.99 earnings per diluted common share, compared to $32.9 million, or $1.95 earnings per diluted common share, for the same period of 2021. Net income in the second quarter of 2021 included an after-tax gain of $19.2 million resulting from the sale of Paycheck Protection Program (“PPP”) loans.
Net income from continuing operations before income taxes and provision for loan losses was $9.0 million for the second quarter of 2022 compared to $25.1 million for the first quarter of 2022. The decrease in these amounts for the consecutive quarter periods was primarily due to $9.4 million of fair value adjustments related to the Company’s equity investments in certain fintech companies recorded in the first quarter of 2022 and the decline in income from the Company’s mortgage division, which was $3.6 million less in the second quarter period.
The Company reported total assets of $2.80 billion as of June 30, 2022, an increase from $2.67 billion as of December 31, 2021, while reported loans held for investment, excluding PPP loans, grew $271.2 million in the first half of 2022, an annualized growth rate of 30.5%. Of this loan growth, $205.0 million occurred in the second quarter.
In the first quarter of 2022, the Company sold its majority interest in MoneyWise Payroll Solutions, Inc. (“MoneyWise”) to the holder of the minority interest in MoneyWise. Asset and liability balances and income statement amounts related to MoneyWise are reported as discontinued operations for all periods presented.
The Company completed the merger of Bay Banks of Virginia, Inc. (“Bay Banks”), the holding company of Virginia Commonwealth Bank, into the Company on January 31, 2021. Immediately following the completion of the merger, Virginia Commonwealth Bank was merged into Blue Ridge Bank. Earnings for the first quarter and year-to-date periods ended June 30, 2021, included the earnings of Bay Banks from the effective date of the merger.
“The Company continues to experience strong loan demand, as evidenced by the year-to-date growth in the held-for-investment loan portfolio of 15%”, said Brian K. Plum, President and Chief Executive Officer of the Company. “Over half of 2022 second quarter loan growth occurred in the last two weeks in the quarter, so the Company recorded additional provision funding without experiencing the full related interest income lift in the quarter. This impact, combined with expenses associated with building our middle market team and adding to our fintech operational, risk, and compliance teams, had a negative impact on this quarter’s earnings.”
“We remain mindful of macroeconomic headwinds and the impacts of a potential slowdown,” Plum continued. “Our team is working hard to generate quality relationships with loan and deposit pricing that incorporates rate increases and the current yield curve environment.”
Fintech Business
The Company’s fintech partnerships include Unit, Flexible Finance, Increase, Upgrade, Kashable, Jaris, Grow Credit, MentorWorks, Aeldra, and Marlette. Deposits related to fintech relationships were approximately $395 million as of June 30, 2022, up from approximately $189 million as of December 31, 2021. Loans held for sale and loans held for investment related to fintech relationships totaled $25.6 million and $24.1 million as of June 30, 2022 and December 31, 2021, respectively. Interest and fee income related to fintech partnerships represented approximately $1.8 million and $1.3 million of revenue for the Company for the second and first quarters of 2022, respectively. The Company’s fintech relationships also generated assets under management of $55.9 million in BRB Financial Group’s Trust Division as of June 30, 2022. The Company continues to grow its infrastructure to support the expansion of its fintech partners.
Mortgage Division
The Company’s mortgage division, which consists of a retail division operating as Monarch Mortgage and a wholesale division operating as LenderSelect Mortgage Group, reported net income of $406 thousand and $2.3 million for the second and first quarters of 2022, respectively. Income attributable to mortgage servicing rights was $1.6 million for the second quarter of 2022 compared to $6.7 million for the first quarter of 2022. Higher income from mortgage servicing rights in the first quarter of 2022 was primarily due to the impact of greater longer-term interest rate increases in this period. Mortgage servicing rights income in the second and first quarters of 2022 was attributable to fair value adjustments of $(229) thousand and $3.8 million, respectively, and new servicing rights retained of $1.8 million and $2.9 million, respectively. Residential mortgage banking income increased by $1.6 million in the second quarter of 2022 when compared to the first quarter of 2022, primarily due to the impact of hedging activities as production slowed in the first quarter of 2022. Quarterly mortgage volumes declined to $117.8 million for the second quarter of 2022 compared to $151.4 million for the first quarter of 2022, primarily attributable to declining demand in the increasing interest rate environment. Noninterest expenses reported for the Company’s mortgage division were $5.7 million and $6.9 million for the second and first quarters of 2022, respectively. The Company reduced mortgage personnel beginning in the fourth quarter of 2021 and throughout the first half of 2022, resulting in total annualized noninterest expense savings of approximately $2.0 million, the full benefit of which is expected to begin in the second half of 2022.
Income Statement
Net Interest Income
Net interest income was $24.1 million for the second quarter of 2022 compared to $23.7 million for the first quarter of 2021 and $30.5 million for the second quarter of 2021, while accretion of acquired loan discounts included in interest income was $1.3 million, $2.7 million, and $865 thousand for the same respective periods. Amortization of purchase accounting adjustments on assumed time deposits and borrowings, which reduced interest expense, was $499 thousand, $502 thousand, and $1.0 million for the
same respective periods. Interest income in the second quarter of 2022, excluding accretion, benefited from higher yields on loans held for investment, while deposit costs decreased slightly compared to the first quarter of 2022.
Included in interest income for the second and first quarters of 2022 and the second quarter of 2021 were $64 thousand, $393 thousand, and $11.7 million, respectively, of PPP loan interest income and fees, net of costs. PPP loans were partially funded through the PPP Liquidity Facility (“PPPLF”), offered by the Federal Reserve Banks to fund PPP loans, and interest expense incurred for the PPPLF was $100 thousand, $14 thousand, and $382 thousand for the second and first quarters of 2022 and the second quarter of 2021, respectively. Cost of funds was 0.36% for both the second and first quarters of 2022 and 0.43% for the second quarter of 2021, while cost of deposits was 0.26%, 0.27%, and 0.29% for the same respective periods.
Net interest margin for the second and first quarters of 2022 was 3.89% and 3.88%, respectively, compared to 3.82% for second quarter of 2021. Accretion and amortization of purchase accounting adjustments had a 29, 53, and 22 basis point positive effect on net interest margin for the same respective periods. In addition, interest and fee income from PPP loans, including the corresponding funding, had a 4, 2, and 55 basis point positive effect on net interest margin for the second and first quarters of 2022 and the second quarter of 2021, respectively.
Net interest income was $47.8 million and $50.5 million for the first halves of 2022 and 2021, respectively, while net interest margin was 3.88% and 3.66% for the same respective periods. Accretion and amortization of purchase accounting adjustments and the contributions from PPP loans, including the corresponding funding, had a cumulative 40 and 56 basis point positive effect on net interest margin for the six months ended June 30, 2022 and 2021, respectively.
Provision for Loan Losses
The Company recorded a provision for loan losses of $7.5 million in the second quarter of 2022 compared to $2.5 million first quarter of 2022 and no provision in the second quarter of 2021. Provision for loan losses for the first halves of 2022 and 2021 was $10.0 million and $0, respectively. Provision for loan losses in the 2022 periods was primarily attributable to reserves for significant loan growth, greater qualitative factor adjustments due to changes in economic conditions, and higher specific reserves for impaired loans.
Noninterest Income
Noninterest income for the second and first quarters of 2022 was $10.2 million and $24.1 million, respectively, compared to $36.2 million for the second quarter of 2021. Noninterest income for the first quarter of 2022 included $9.4 million of fair value adjustments for the Company’s equity investments, primarily in certain fintech companies, while noninterest income in the second quarter of 2021 included a $24.3 million net gain on the sale of PPP loans. Mortgage banking income, including mortgage servicing rights, contributed $6.0 million, $9.6 million, and $9.0 million of noninterest income in the second and first quarters of 2022 and the second quarter of 2021, respectively.
Noninterest income for the first halves of 2022 and 2021 was $34.3 million and $51.8 million, respectively. Excluding the fair value adjustments for the Company’s equity investments in the first half
of 2022 and the net gain on the sale of the PPP loans in the first half of 2021, noninterest income for the respective periods was $25.0 million and $27.4 million, a decline of $2.4 million. This decline was primarily attributable to lower mortgage banking income, including mortgage servicing rights, of $6.1 million, partially offset by a higher gain on sales of government guaranteed loans, higher fee income related to the Company’s fintech partnerships, and a net gain on the sale of a former branch location in the first quarter of 2022.
Noninterest Expense
Noninterest expense for the second and first quarters of 2022 was $25.3 million and $22.7 million, respectively, compared to $30.3 million for the second quarter of 2021. Salaries and employee benefit expenses increased $1.8 million in the second quarter of 2022 from the first quarter of 2022, primarily due to the addition of commercial lenders and personnel to support the fintech business, partially offset by lower expenses attributable to the mortgage division. Noninterest expenses in the second quarter of 2021 included greater incentive expense attributable to the PPP loan program and merger-related expenses of $1.2 million compared to $0 and $50 thousand for the second and first quarters of 2022, respectively.
Noninterest expense for the first halves of 2022 and 2021 was $48.0 million and $60.6 million, respectively. Excluding merger-related expenses, noninterest expense was $48.0 million and $50.3 million for the same respective periods.
Balance Sheet
Loans held for investment, excluding PPP loans, increased $271.2 million to $2.05 billion at June 30, 2022, from $1.78 billion at December 31, 2021, an annualized growth rate of 30.5%. Of this first half 2022 growth, $205.0 million occurred in the second quarter. The Company’s middle market and specialized lending teams, which began building in the first quarter of 2022, contributed to this second quarter loan growth.
Loans held for sale, which was comprised primarily of residential mortgages, decreased $89.2 million to $32.8 million at June 30, 2022, from $121.9 million at December 31, 2021, primarily attributable to lower mortgage activity, due to the reasons noted previously.
Total deposits at June 30, 2022, were $2.34 billion, an increase of $37.9 million from December 31, 2021. Noninterest-bearing demand deposit growth was $80.0 million in the first half of 2022, primarily due to the Company’s fintech partnerships. Noninterest-bearing demand deposit accounts represented 33.6% and 30.7% of total deposits as of June 30, 2022 and December 31, 2021, respectively.
Asset Quality
Nonperforming loans, which include nonaccrual loans and loans 90 days or more past due and accruing interest1, totaled $12.2 million at June 30, 2022 and $16.1 million at December 31, 2021. The ratio of nonperforming loans to total assets was 0.44% and 0.60% at June 30, 2022, and December 31, 2021, respectively. The Company’s allowance for loan losses was $17.2 million at June 30, 2022, or 0.84% as a percentage of gross loans held for investment, excluding PPP loans2, compared to 0.68% at December 31, 2021, and 0.76% at June 30, 2021. The increase in this ratio from December 31, 2021 to June 30, 2022, was primarily attributable to additional allowance for loan growth in the first half of 2022 and greater
qualitative factor adjustments, as noted previously. Remaining acquired loan discounts related to loans acquired in the Company’s completed mergers were $12.2 million as of June 30, 2022, and $16.2 million as of December 31, 2021.
1Excludes purchased credit-impaired loans.
2The Company holds no allowance for loan losses on PPP loans as they are fully guaranteed by the U.S. government.
Capital
The Company previously announced that on July 7, 2022, its board of directors declared a $0.1225 per common share quarterly dividend, payable July 29, 2022, to shareholders of record as of July 18, 2022. Tangible book value per share, a non-GAAP (defined below) measure, was $12.21 and $13.01 as of June 30, 2022 and December 31, 2021, respectively, while book value per share was $13.95 and $14.76 as of the same respective periods.
Primarily as a result of an increase in market interest rates in the first half of 2022, the fair value of the Company’s portfolio of securities available for sale declined approximately $42.8 million, resulting in an after-tax decline in stockholders’ equity of $33.8 million for the six months ended June 30, 2022. The accumulated other comprehensive loss (“AOCL”) attributable to this securities portfolio as of June 30, 2022, was $37.5 million, or $2.00 in book value per share, compared to a $3.6 million AOCL, or $0.19 in book value per share, as of December 31, 2021.
Non-GAAP Financial Measures
The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. However, management uses certain non-GAAP measures to supplement the evaluation of the Company’s performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.
Forward-Looking Statements
This release of the Company contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to
change based on factors which are, in many instances, beyond the Company’s control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.
The following factors, among others, could cause the Company’s financial performance to differ materially from that expressed in such forward-looking statements: (i) the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; (ii) geopolitical conditions, including acts or threats of terrorism and/or military conflicts, or actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (iii) the effects of the COVID-19 pandemic, including the adverse impact on the Company’s business and operations and on the Company’s customers which may result, among other things, in increased delinquencies, defaults, foreclosures and losses on loans; (iv) the occurrence of significant natural disasters, including severe weather conditions, floods, health related issues, and other catastrophic events; (v) the Company’s management of risks inherent in its real estate loan portfolio, and the risk of a prolonged downturn in the real estate market, which could impair the value of the Company’s collateral and its ability to sell collateral upon any foreclosure; (vi) changes in consumer spending and savings habits; (vii) technological and social media changes; (viii) the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rate, market and monetary fluctuations; (ix) changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or the Company’s subsidiary bank in particular, more restrictive regulatory capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products; (x) the impact of changes in financial services policies, laws and regulations, including laws, regulations and policies concerning taxes, banking, securities and insurance, and the application thereof by regulatory bodies; (xi) the impact of changes in laws, regulations and policies affecting the real estate industry; (xii) the effect of changes in accounting policies and practices, as may be adopted from time to time by bank regulatory agencies, the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setting bodies; (xiii) the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; (xiv) the willingness of users to substitute competitors’ products and services for the Company’s products and services; (xv) the outcome of any legal proceedings that may be instituted against the Company; (xvi) reputational risk and potential adverse reactions of the Company’s customers, suppliers, employees or other business partners; (xvii) the effects of acquisitions the Company may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such transactions; (xviii) changes in the level of the Company’s nonperforming assets and charge-offs; (xix) the Company’s involvement, from time to time, in legal proceedings and examination and remedial actions by regulators; (xx) potential exposure to fraud, negligence, computer theft and cyber-crime; (xxi) the Company’s ability to pay dividends; (xxii) the Company’s involvement as a participating lender in the PPP as administered through the U.S. Small Business Administration; and (xiii) other risks and factors identified in the “Risk Factors” sections and elsewhere in documents the Company files from time to time with the SEC.
Blue Ridge Bankshares, Inc. |
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Consolidated Statements of Income (unaudited) |
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For the Three Months Ended |
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(Dollars in thousands except per share data) |
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June 30, 2022 |
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March 31, 2022 |
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June 30, 2021 |
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Interest income: |
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Interest and fees on loans |
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$ |
23,787 |
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$ |
23,899 |
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$ |
32,591 |
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Interest on taxable securities |
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2,129 |
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1,770 |
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1,133 |
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Interest on nontaxable securities |
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89 |
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75 |
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64 |
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Interest on deposit accounts and federal funds sold |
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238 |
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58 |
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24 |
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Total interest income |
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26,243 |
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25,802 |
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33,812 |
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Interest expense: |
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Interest on deposits |
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1,541 |
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1,556 |
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1,682 |
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Interest on subordinated notes |
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545 |
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553 |
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868 |
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Interest on FHLB and FRB borrowings |
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67 |
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25 |
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800 |
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Total interest expense |
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2,153 |
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2,134 |
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3,350 |
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Net interest income |
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24,090 |
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23,668 |
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30,462 |
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Provision for loan losses |
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7,494 |
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2,500 |
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— |
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Net interest income after provision for loan losses |
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16,596 |
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21,168 |
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30,462 |
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Noninterest income: |
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Fair value adjustments of other equity investments |
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(86 |
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9,364 |
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— |
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Mortgage servicing rights |
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1,574 |
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6,738 |
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1,707 |
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Residential mortgage banking income, net |
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4,386 |
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2,821 |
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7,254 |
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Gain on sale of government guaranteed loans |
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1,538 |
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1,427 |
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143 |
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Bank and purchase card, net |
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599 |
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422 |
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299 |
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Wealth and trust management |
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414 |
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391 |
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833 |
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Service charges on deposit accounts |
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327 |
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315 |
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370 |
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Increase in cash surrender value of bank owned life insurance |
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276 |
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272 |
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237 |
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Gain on sale of PPP loans |
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— |
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— |
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24,315 |
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Other |
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1,162 |
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2,344 |
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1,054 |
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Total noninterest income |
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10,190 |
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24,094 |
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36,212 |
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Noninterest expense: |
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Salaries and employee benefits |
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15,873 |
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14,096 |
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17,539 |
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Occupancy and equipment |
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1,500 |
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1,485 |
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1,846 |
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Data processing |
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874 |
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946 |
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1,484 |
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Legal, issuer, and regulatory filing |
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618 |
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382 |
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489 |
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Advertising and marketing |
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412 |
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428 |
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238 |
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Communications |
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1,030 |
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799 |
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672 |
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Audit and accounting fees |
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379 |
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141 |
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291 |
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FDIC insurance |
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106 |
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231 |
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9 |
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Intangible amortization |
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386 |
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397 |
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457 |
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Other contractual services |
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999 |
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534 |
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666 |
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Other taxes and assessments |
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671 |
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570 |
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1,076 |
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Merger-related |
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— |
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50 |
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1,237 |
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Other |
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2,478 |
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2,630 |
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4,262 |
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Total noninterest expense |
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25,326 |
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22,689 |
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30,266 |
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Income from continuing operations before income tax |
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1,460 |
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22,573 |
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36,408 |
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Income tax expense |
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342 |
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5,153 |
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7,715 |
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Net income from continuing operations |
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1,118 |
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17,420 |
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28,693 |
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Discontinued operations: |
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Income (loss) from discontinued operations before income taxes (including gain on disposal of $471 thousand for the three months ended June 30, 2022) |
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— |
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426 |
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(65 |
) |
Income tax expense (benefit) |
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— |
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89 |
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(14 |
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Net income (loss) from discontinued operations |
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— |
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337 |
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(51 |
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Net income |
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$ |
1,118 |
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$ |
17,757 |
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$ |
28,642 |
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Net (income) loss from discontinued operations attributable to noncontrolling interest |
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— |
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(1 |
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4 |
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Net income attributable to Blue Ridge Bankshares, Inc. |
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$ |
1,118 |
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$ |
17,756 |
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$ |
28,646 |
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Net income available to common stockholders |
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$ |
1,118 |
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$ |
17,756 |
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$ |
28,646 |
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Basic and diluted EPS from continuing operations |
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$ |
0.06 |
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$ |
0.93 |
|
|
$ |
1.54 |
|
Basic and diluted EPS from discontinued operations |
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
Basic and diluted EPS attributable to Blue Ridge Bankshares, Inc. |
|
$ |
0.06 |
|
|
$ |
0.95 |
|
|
$ |
1.54 |
|
Blue Ridge Bankshares, Inc. |
|
|
|
|
|
|
||
Consolidated Statements of Income (unaudited) |
|
|
|
|
|
|
||
|
|
For the Six Months Ended |
|
|||||
(Dollars in thousands except per share data) |
|
June 30, 2022 |
|
|
June 30, 2021 |
|
||
Interest income: |
|
|
|
|
|
|
||
Interest and fees on loans |
|
$ |
47,686 |
|
|
$ |
53,954 |
|
Interest on taxable securities |
|
|
3,899 |
|
|
|
2,263 |
|
Interest on nontaxable securities |
|
|
164 |
|
|
|
116 |
|
Interest on deposit accounts and federal funds sold |
|
|
296 |
|
|
|
55 |
|
Total interest income |
|
|
52,045 |
|
|
|
56,388 |
|
Interest expense: |
|
|
|
|
|
|
||
Interest on deposits |
|
|
3,097 |
|
|
|
3,222 |
|
Interest on subordinated notes |
|
|
1,098 |
|
|
|
1,498 |
|
Interest on FHLB and FRB borrowings |
|
|
92 |
|
|
|
1,189 |
|
Total interest expense |
|
|
4,287 |
|
|
|
5,909 |
|
Net interest income |
|
|
47,758 |
|
|
|
50,479 |
|
Provision for loan losses |
|
|
9,994 |
|
|
|
— |
|
Net interest income after provision for loan losses |
|
|
37,764 |
|
|
|
50,479 |
|
Noninterest income: |
|
|
|
|
|
|
||
Fair value adjustments of other equity investments |
|
|
9,278 |
|
|
|
— |
|
Mortgage servicing rights |
|
|
8,312 |
|
|
|
5,078 |
|
Residential mortgage banking income, net |
|
|
7,207 |
|
|
|
16,555 |
|
Gain on sale of government guaranteed loans |
|
|
2,965 |
|
|
|
1,217 |
|
Bank and purchase card, net |
|
|
1,021 |
|
|
|
599 |
|
Wealth and trust management |
|
|
805 |
|
|
|
1,435 |
|
Service charges on deposit accounts |
|
|
642 |
|
|
|
697 |
|
Increase in cash surrender value of bank owned life insurance |
|
|
548 |
|
|
|
401 |
|
Gain on sale of PPP loans |
|
|
— |
|
|
|
24,315 |
|
Other |
|
|
3,506 |
|
|
|
1,454 |
|
Total noninterest income |
|
|
34,284 |
|
|
|
51,751 |
|
Noninterest expense: |
|
|
|
|
|
|
||
Salaries and employee benefits |
|
|
29,969 |
|
|
|
31,442 |
|
Occupancy and equipment |
|
|
2,985 |
|
|
|
3,177 |
|
Data processing |
|
|
1,820 |
|
|
|
2,289 |
|
Legal, issuer, and regulatory filing |
|
|
1,000 |
|
|
|
1,065 |
|
Advertising and marketing |
|
|
840 |
|
|
|
517 |
|
Communications |
|
|
1,829 |
|
|
|
1,039 |
|
Audit and accounting fees |
|
|
520 |
|
|
|
480 |
|
FDIC insurance |
|
|
337 |
|
|
|
352 |
|
Intangible amortization |
|
|
783 |
|
|
|
906 |
|
Other contractual services |
|
|
1,533 |
|
|
|
1,519 |
|
Other taxes and assessments |
|
|
1,241 |
|
|
|
1,423 |
|
Merger-related |
|
|
50 |
|
|
|
10,256 |
|
Other |
|
|
5,108 |
|
|
|
6,134 |
|
Total noninterest expense |
|
|
48,015 |
|
|
|
60,599 |
|
Income from continuing operations before income tax |
|
|
24,033 |
|
|
|
41,653 |
|
Income tax expense |
|
|
5,495 |
|
|
|
8,717 |
|
Net income from continuing operations |
|
|
18,538 |
|
|
|
32,936 |
|
Discontinued operations: |
|
|
|
|
|
|
||
Income (loss) from discontinued operations before income taxes (including gain on disposal of $471 thousand for the six months ended June 30, 2022) |
|
|
426 |
|
|
|
(72 |
) |
Income tax expense (benefit) |
|
|
89 |
|
|
|
(15 |
) |
Net income (loss) from discontinued operations |
|
|
337 |
|
|
|
(57 |
) |
Net income |
|
$ |
18,875 |
|
|
$ |
32,879 |
|
Net income from discontinued operations attributable to noncontrolling interest |
|
|
(1 |
) |
|
|
(5 |
) |
Net income attributable to Blue Ridge Bankshares, Inc. |
|
$ |
18,874 |
|
|
$ |
32,874 |
|
Net income available to common stockholders |
|
$ |
18,874 |
|
|
$ |
32,874 |
|
Basic and diluted EPS from continuing operations |
|
$ |
0.99 |
|
|
$ |
1.95 |
|
Basic and diluted EPS from discontinued operations |
|
|
0.02 |
|
|
|
— |
|
Basic and diluted EPS attributable to Blue Ridge Bankshares, Inc. |
|
$ |
1.01 |
|
|
$ |
1.95 |
|
Blue Ridge Bankshares, Inc. |
|
|
|
|
|
|
||
Consolidated Balance Sheets |
|
|
|
|
|
|
||
(Dollars in thousands except share data) |
|
(unaudited) |
|
|
December 31, 2021 (1) |
|
||
Assets |
|
|
|
|
|
|
||
Cash and due from banks |
|
$ |
75,192 |
|
|
$ |
130,548 |
|
Federal funds sold |
|
|
35,493 |
|
|
|
43,903 |
|
Securities available for sale, at fair value |
|
|
381,536 |
|
|
|
373,532 |
|
Restricted equity investments |
|
|
13,072 |
|
|
|
8,334 |
|
Other equity investments |
|
|
23,773 |
|
|
|
14,184 |
|
Other investments |
|
|
17,110 |
|
|
|
12,681 |
|
Loans held for sale |
|
|
32,759 |
|
|
|
121,943 |
|
Paycheck Protection Program loans, net of deferred fees and costs |
|
|
15,654 |
|
|
|
30,406 |
|
Loans held for investment, net of deferred fees and costs |
|
|
2,048,383 |
|
|
|
1,777,172 |
|
Less allowance for loan losses |
|
|
(17,242 |
) |
|
|
(12,121 |
) |
Loans held for investment, net |
|
|
2,031,141 |
|
|
|
1,765,051 |
|
Accrued interest receivable |
|
|
8,908 |
|
|
|
9,573 |
|
Other real estate owned |
|
|
74 |
|
|
|
157 |
|
Premises and equipment, net |
|
|
24,273 |
|
|
|
26,624 |
|
Right-of-use asset |
|
|
6,332 |
|
|
|
6,317 |
|
Bank owned life insurance |
|
|
47,100 |
|
|
|
46,545 |
|
Goodwill |
|
|
26,826 |
|
|
|
26,826 |
|
Other intangible assets |
|
|
7,349 |
|
|
|
7,594 |
|
Mortgage derivative asset |
|
|
937 |
|
|
|
1,876 |
|
Mortgage servicing rights, net |
|
|
29,265 |
|
|
|
16,469 |
|
Mortgage brokerage receivable |
|
|
733 |
|
|
|
4,064 |
|
Other assets |
|
|
22,116 |
|
|
|
17,211 |
|
Assets of discontinued operations |
|
|
— |
|
|
|
1,301 |
|
Total assets |
|
$ |
2,799,643 |
|
|
$ |
2,665,139 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
Deposits: |
|
|
|
|
|
|
||
Noninterest-bearing demand |
|
$ |
785,743 |
|
|
$ |
706,088 |
|
Interest-bearing demand and money market deposits |
|
|
1,007,420 |
|
|
|
941,805 |
|
Savings |
|
|
150,030 |
|
|
|
150,376 |
|
Time deposits |
|
|
392,514 |
|
|
|
499,502 |
|
Total deposits |
|
|
2,335,707 |
|
|
|
2,297,771 |
|
FHLB borrowings |
|
|
135,000 |
|
|
|
10,111 |
|
FRB borrowings |
|
|
60 |
|
|
|
17,901 |
|
Subordinated notes, net |
|
|
39,953 |
|
|
|
39,986 |
|
Lease liability |
|
|
7,537 |
|
|
|
7,651 |
|
Other liabilities |
|
|
19,726 |
|
|
|
14,543 |
|
Liabilities of discontinued operations |
|
|
— |
|
|
|
37 |
|
Total liabilities |
|
|
2,537,983 |
|
|
|
2,388,000 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders’ Equity: |
|
|
|
|
|
|
||
Common stock, no par value; 50,000,000 and 25,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively; 18,761,848 and 18,774,082 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively |
|
|
195,053 |
|
|
|
194,309 |
|
Additional paid-in capital |
|
|
252 |
|
|
|
252 |
|
Retained earnings |
|
|
103,846 |
|
|
|
85,982 |
|
Accumulated other comprehensive loss |
|
|
(37,491 |
) |
|
|
(3,632 |
) |
Total Blue Ridge Bankshares, Inc. stockholders’ equity |
|
|
261,660 |
|
|
|
276,911 |
|
Noncontrolling interest of discontinued operations |
|
|
— |
|
|
|
228 |
|
Total stockholders’ equity |
|
|
261,660 |
|
|
|
277,139 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,799,643 |
|
|
$ |
2,665,139 |
|
|
|
|
|
|
|
|
||
(1) Derived from audited December 31, 2021 Consolidated Financial Statements. |
|
|
|
|
|
|
||
Blue Ridge Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Quarter Summary of Selected Financial Data (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
As of and for the Three Months Ended |
|||||||||||||||||||
(Dollars and shares in thousands, except share data) |
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
|||||
Income Statement Data: |
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
|||||
Interest income |
|
$ |
26,243 |
|
|
$ |
25,802 |
|
|
$ |
23,404 |
|
|
$ |
23,754 |
|
|
$ |
33,812 |
|
|
Interest expense |
|
|
2,153 |
|
|
|
2,134 |
|
|
|
2,526 |
|
|
|
2,630 |
|
|
|
3,350 |
|
|
Net interest income |
|
|
24,090 |
|
|
|
23,668 |
|
|
|
20,878 |
|
|
|
21,124 |
|
|
|
30,462 |
|
|
Provision for loan losses |
|
|
7,494 |
|
|
|
2,500 |
|
|
|
117 |
|
|
|
— |
|
|
|
— |
|
|
Net interest income after provision for loan losses |
|
|
16,596 |
|
|
|
21,168 |
|
|
|
20,761 |
|
|
|
21,124 |
|
|
|
30,462 |
|
|
Noninterest income |
|
|
10,190 |
|
|
|
24,094 |
|
|
|
21,942 |
|
|
|
13,295 |
|
|
|
36,212 |
|
|
Noninterest expenses |
|
|
25,326 |
|
|
|
22,689 |
|
|
|
25,143 |
|
|
|
25,344 |
|
|
|
30,266 |
|
|
Income before income taxes |
|
|
1,460 |
|
|
|
22,573 |
|
|
|
17,560 |
|
|
|
9,075 |
|
|
|
36,408 |
|
|
Income tax expense |
|
|
342 |
|
|
|
5,153 |
|
|
|
4,733 |
|
|
|
2,214 |
|
|
|
7,711 |
|
|
Net income from continuing operations |
|
|
1,118 |
|
|
|
17,420 |
|
|
|
12,827 |
|
|
|
6,861 |
|
|
|
28,697 |
|
|
Net income (loss) from discontinued operations |
|
|
— |
|
|
|
337 |
|
|
|
(32 |
) |
|
|
(55 |
) |
|
|
(55 |
) |
|
Net income |
|
|
1,118 |
|
|
|
17,757 |
|
|
|
12,795 |
|
|
|
6,806 |
|
|
|
28,642 |
|
|
Net (income) loss from discontinued operations attributable to noncontrolling interest |
|
|
— |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
4 |
|
|
|
4 |
|
|
Net income attributable to Blue Ridge Bankshares, Inc. |
|
$ |
1,118 |
|
|
$ |
17,756 |
|
|
$ |
12,793 |
|
|
$ |
6,810 |
|
|
$ |
28,646 |
|
|
Per Common Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic and diluted EPS from continuing operations |
|
$ |
0.06 |
|
|
$ |
0.93 |
|
|
$ |
0.68 |
|
|
$ |
0.36 |
|
|
$ |
1.54 |
|
|
Basic and diluted EPS from discontinued operations |
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Basic and diluted EPS attributable to Blue Ridge Bankshares, Inc. |
|
$ |
0.06 |
|
|
$ |
0.95 |
|
|
|
0.68 |
|
|
|
0.36 |
|
|
$ |
1.54 |
|
|
Dividends declared - post-stock split basis |
|
$ |
0.1255 |
|
|
$ |
0.1225 |
|
|
$ |
— |
|
|
$ |
0.2400 |
|
|
$ |
— |
|
|
Book value per common share |
|
|
13.95 |
|
|
|
14.84 |
|
|
|
14.76 |
|
|
|
14.48 |
|
|
|
14.32 |
|
|
Tangible book value per common share - Non-GAAP |
|
|
12.21 |
|
|
|
13.09 |
|
|
|
13.01 |
|
|
|
12.69 |
|
|
|
12.49 |
|
|
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets |
|
$ |
2,799,643 |
|
|
$ |
2,724,584 |
|
|
$ |
2,665,139 |
|
|
$ |
2,699,302 |
|
|
$ |
2,764,730 |
|
|
Loans held for investment (including PPP loans) |
|
|
2,064,037 |
|
|
|
1,866,197 |
|
|
|
1,807,578 |
|
|
|
1,771,531 |
|
|
|
1,832,847 |
|
|
Loans held for investment (excluding PPP loans) |
|
|
2,048,383 |
|
|
|
1,843,344 |
|
|
|
1,777,172 |
|
|
|
1,724,883 |
|
|
|
1,702,654 |
|
|
Allowance for loan losses |
|
|
17,242 |
|
|
|
12,013 |
|
|
|
12,121 |
|
|
|
12,614 |
|
|
|
13,007 |
|
|
Purchase accounting adjustments (discounts) on acquired loans |
|
|
12,192 |
|
|
|
13,514 |
|
|
|
16,203 |
|
|
|
16,985 |
|
|
|
16,987 |
|
|
Loans held for sale |
|
|
32,759 |
|
|
|
41,004 |
|
|
|
121,943 |
|
|
|
171,681 |
|
|
|
174,008 |
|
|
Securities available for sale, at fair value |
|
|
381,536 |
|
|
|
375,484 |
|
|
|
373,532 |
|
|
|
379,441 |
|
|
|
276,619 |
|
|
Deposits |
|
|
2,335,707 |
|
|
|
2,354,081 |
|
|
|
2,297,771 |
|
|
|
2,200,204 |
|
|
|
2,190,571 |
|
|
Subordinated notes, net |
|
|
39,953 |
|
|
|
39,970 |
|
|
|
39,986 |
|
|
|
40,503 |
|
|
|
46,149 |
|
|
FHLB and FRB advances |
|
|
135,060 |
|
|
|
25,319 |
|
|
|
28,012 |
|
|
|
158,972 |
|
|
|
222,502 |
|
|
Total stockholders' equity |
|
|
261,660 |
|
|
|
278,482 |
|
|
|
277,139 |
|
|
|
269,720 |
|
|
|
266,826 |
|
|
Weighted average common shares outstanding - basic |
|
|
18,767 |
|
|
|
18,772 |
|
|
|
18,774 |
|
|
|
18,776 |
|
|
|
18,625 |
|
|
Weighted average common shares outstanding - diluted |
|
|
18,778 |
|
|
|
18,789 |
|
|
|
18,795 |
|
|
|
18,799 |
|
|
|
18,646 |
|
|
Financial Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on average assets (1) |
|
|
0.17 |
% |
|
|
2.68 |
% |
|
|
1.90 |
% |
|
|
0.95 |
% |
|
|
3.39 |
% |
|
Operating return on average assets (1) - Non-GAAP |
|
|
0.17 |
% |
|
|
2.68 |
% |
|
|
1.92 |
% |
|
|
1.16 |
% |
|
|
3.50 |
% |
|
Return on average equity (1) |
|
|
1.57 |
% |
|
|
25.84 |
% |
|
|
18.90 |
% |
|
|
11.58 |
% |
|
|
47.39 |
% |
|
Operating return on average equity (1) - Non-GAAP |
|
|
1.57 |
% |
|
|
25.89 |
% |
|
|
19.10 |
% |
|
|
11.87 |
% |
|
|
49.01 |
% |
|
Total loan to deposit ratio |
|
|
89.8 |
% |
|
|
81.0 |
% |
|
|
84.1 |
% |
|
|
88.3 |
% |
|
|
91.6 |
% |
|
Held for investment loan to deposit ratio |
|
|
88.4 |
% |
|
|
79.3 |
% |
|
|
78.7 |
% |
|
|
80.5 |
% |
|
|
83.7 |
% |
|
Net interest margin (1) |
|
|
3.89 |
% |
|
|
3.88 |
% |
|
|
3.39 |
% |
|
|
3.32 |
% |
|
|
3.82 |
% |
|
Cost of deposits (1) |
|
|
0.26 |
% |
|
|
0.27 |
% |
|
|
0.29 |
% |
|
|
0.29 |
% |
|
|
0.29 |
% |
|
Cost of funds (1) |
|
|
0.36 |
% |
|
|
0.36 |
% |
|
|
0.42 |
% |
|
|
0.43 |
% |
|
|
0.43 |
% |
|
Efficiency ratio |
|
|
73.9 |
% |
|
|
47.5 |
% |
|
|
59.1 |
% |
|
|
74.0 |
% |
|
|
45.7 |
% |
|
Operating efficiency ratio - Non-GAAP |
|
|
73.9 |
% |
|
|
47.4 |
% |
|
|
58.7 |
% |
|
|
69.8 |
% |
|
|
43.8 |
% |
|
Merger-related expenses (MRE) |
|
|
— |
|
|
|
50 |
|
|
|
171 |
|
|
|
1,441 |
|
|
|
1,237 |
|
|
Capital and Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average stockholders' equity to average assets |
|
|
10.8 |
% |
|
|
10.4 |
% |
|
|
10.1 |
% |
|
|
9.7 |
% |
|
|
7.1 |
% |
|
Allowance for loan losses to loans held for investment, excluding PPP loans |
|
|
0.84 |
% |
|
|
0.65 |
% |
|
|
0.68 |
% |
|
|
0.73 |
% |
|
|
0.76 |
% |
|
Nonperforming loans to total assets |
|
|
0.44 |
% |
|
|
0.53 |
% |
|
|
0.60 |
% |
|
|
0.56 |
% |
|
|
0.43 |
% |
|
Nonperforming assets to total assets |
|
|
0.44 |
% |
|
|
0.53 |
% |
|
|
0.61 |
% |
|
|
0.57 |
% |
|
|
0.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of Non-GAAP Financial Measures (unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tangible Common Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total stockholders' equity |
|
$ |
261,660 |
|
|
$ |
278,482 |
|
|
$ |
277,139 |
|
|
$ |
269,720 |
|
|
$ |
266,826 |
|
|
Less: Goodwill and other intangibles, net of deferred tax liability (2) |
|
|
(32,632 |
) |
|
|
(32,716 |
) |
|
|
(32,942 |
) |
|
|
(33,224 |
) |
|
|
(34,153 |
) |
|
Tangible common equity (Non-GAAP) |
|
$ |
229,028 |
|
|
$ |
245,766 |
|
|
$ |
244,197 |
|
|
$ |
236,496 |
|
|
$ |
232,673 |
|
|
Total shares outstanding |
|
|
18,762 |
|
|
|
18,771 |
|
|
|
18,774 |
|
|
|
18,776 |
|
|
|
18,631 |
|
|
Book value per share |
|
$ |
13.95 |
|
|
$ |
14.84 |
|
|
$ |
14.76 |
|
|
$ |
14.48 |
|
|
$ |
14.32 |
|
|
Tangible book value per share (Non-GAAP) |
|
|
12.21 |
|
|
|
13.09 |
|
|
|
13.01 |
|
|
|
12.69 |
|
|
|
12.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tangible stockholders' equity to tangible total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets |
|
$ |
2,799,643 |
|
|
$ |
2,724,584 |
|
|
$ |
2,665,139 |
|
|
$ |
2,699,302 |
|
|
$ |
2,764,730 |
|
|
Less: Goodwill and other intangibles, net of deferred tax liability (2) |
|
|
(32,632 |
) |
|
|
(32,716 |
) |
|
|
(32,942 |
) |
|
|
(33,224 |
) |
|
|
(34,153 |
) |
|
Tangible total assets (Non-GAAP) |
|
$ |
2,767,011 |
|
|
$ |
2,691,868 |
|
|
$ |
2,632,197 |
|
|
$ |
2,666,078 |
|
|
$ |
2,730,577 |
|
|
Tangible common equity (Non-GAAP) |
|
$ |
229,028 |
|
|
$ |
245,766 |
|
|
$ |
244,197 |
|
|
$ |
236,496 |
|
|
$ |
232,673 |
|
|
Tangible stockholders' equity to tangible total assets (Non-GAAP) |
|
|
8.3 |
% |
|
|
9.1 |
% |
|
|
9.3 |
% |
|
|
8.9 |
% |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating return on average assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income |
|
$ |
1,118 |
|
|
$ |
17,755 |
|
|
$ |
12,795 |
|
|
$ |
6,806 |
|
|
$ |
28,642 |
|
|
Add: MRE, after-tax basis (ATB) (3) |
|
|
— |
|
|
|
40 |
|
|
|
135 |
|
|
|
1,138 |
|
|
|
977 |
|
|
Operating net income (Non-GAAP) |
|
$ |
1,118 |
|
|
$ |
17,795 |
|
|
$ |
12,930 |
|
|
$ |
7,944 |
|
|
$ |
29,619 |
|
|
Average assets |
|
$ |
2,646,874 |
|
|
$ |
2,653,987 |
|
|
$ |
2,687,204 |
|
|
$ |
2,749,909 |
|
|
$ |
3,383,015 |
|
|
Operating return on average assets (annualized) (Non-GAAP) |
|
|
0.17 |
% |
|
|
2.68 |
% |
|
|
1.92 |
% |
|
|
1.16 |
% |
|
|
3.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating return on average equity (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income |
|
$ |
1,118 |
|
|
$ |
17,755 |
|
|
$ |
12,795 |
|
|
$ |
6,806 |
|
|
$ |
28,642 |
|
|
Add: MRE, ATB (3) |
|
|
— |
|
|
|
40 |
|
|
|
135 |
|
|
|
1,138 |
|
|
|
977 |
|
|
Operating net income (Non-GAAP) |
|
$ |
1,118 |
|
|
$ |
17,795 |
|
|
$ |
12,930 |
|
|
$ |
7,944 |
|
|
$ |
29,619 |
|
|
Average stockholders' equity |
|
$ |
284,913 |
|
|
$ |
274,887 |
|
|
$ |
270,730 |
|
|
$ |
267,670 |
|
|
$ |
241,731 |
|
|
Operating return on average equity (annualized) (Non-GAAP) |
|
|
1.57 |
% |
|
|
25.89 |
% |
|
|
19.10 |
% |
|
|
11.87 |
% |
|
|
49.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total noninterest expense |
|
$ |
25,326 |
|
|
$ |
22,691 |
|
|
$ |
25,445 |
|
|
$ |
25,637 |
|
|
$ |
30,548 |
|
|
Less: MRE |
|
|
— |
|
|
|
50 |
|
|
|
171 |
|
|
|
1,441 |
|
|
|
1,237 |
|
|
Noninterest expense excluding MRE (Non-GAAP) |
|
$ |
25,326 |
|
|
$ |
22,641 |
|
|
$ |
25,274 |
|
|
$ |
24,196 |
|
|
$ |
29,311 |
|
|
Net interest income |
|
|
24,090 |
|
|
|
23,668 |
|
|
|
20,878 |
|
|
|
21,124 |
|
|
|
30,462 |
|
|
Noninterest income |
|
|
10,190 |
|
|
|
24,094 |
|
|
|
22,203 |
|
|
|
13,518 |
|
|
|
36,425 |
|
|
Total of net interest income and noninterest income |
|
$ |
34,280 |
|
|
$ |
47,762 |
|
|
$ |
43,081 |
|
|
$ |
34,642 |
|
|
$ |
66,887 |
|
|
Operating efficiency ratio (Non-GAAP) |
|
|
73.9 |
% |
|
|
47.4 |
% |
|
|
58.7 |
% |
|
|
69.8 |
% |
|
|
43.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(2) Excludes mortgage servicing rights. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(3) Assumes an income tax rate of 21% and full deductibility. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Document And Entity Information |
Jul. 28, 2022 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Jul. 28, 2022 |
| Entity Registrant Name | BLUE RIDGE BANKSHARES, INC. |
| Entity Central Index Key | 0000842717 |
| Entity Emerging Growth Company | true |
| Entity File Number | 001-39165 |
| Entity Incorporation, State or Country Code | VA |
| Entity Tax Identification Number | 54-1470908 |
| Entity Address, Address Line One | 1807 Seminole Trail |
| Entity Address, City or Town | Charlottesville |
| Entity Address, State or Province | VA |
| Entity Address, Postal Zip Code | 22901 |
| City Area Code | (540) |
| Local Phone Number | 743-6521 |
| Entity Information, Former Legal or Registered Name | Not Applicable |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Ex Transition Period | false |
| Title of 12(b) Security | Common Stock, no par value |
| Trading Symbol | BRBS |
| Security Exchange Name | NYSEAMER |
JDG;;ZJJ^36OSPISWFQ-U>1U___:FX,"
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