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Business Segments
3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Business Segments

Note 14 – 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 March 31, 2023

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge
Bankshares,
Inc.
Consolidated

 

NET INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

42,742

 

 

$

305

 

 

$

6

 

 

$

 

 

$

43,053

 

Interest expense

 

 

15,002

 

 

 

139

 

 

 

553

 

 

 

 

 

 

15,694

 

   Net interest income

 

 

27,740

 

 

 

166

 

 

 

(547

)

 

 

 

 

 

27,359

 

Provision for credit losses

 

 

3,700

 

 

 

 

 

 

 

 

 

 

 

 

3,700

 

   Net interest income after provision for credit losses

 

 

24,040

 

 

 

166

 

 

 

(547

)

 

 

 

 

 

23,659

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage banking income, including MSRs

 

 

 

 

 

1,303

 

 

 

 

 

 

 

 

 

1,303

 

Gain on sale of guaranteed government loans

 

 

2,409

 

 

 

 

 

 

 

 

 

 

 

 

2,409

 

Service charges on deposit accounts

 

 

343

 

 

 

 

 

 

 

 

 

 

 

 

343

 

Increase in cash surrender value of bank owned life insurance

 

 

282

 

 

 

 

 

 

 

 

 

 

 

 

282

 

Other income

 

 

3,088

 

 

 

 

 

 

(43

)

 

 

(99

)

 

 

2,946

 

   Total noninterest income

 

 

6,122

 

 

 

1,303

 

 

 

(43

)

 

 

(99

)

 

 

7,283

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

12,628

 

 

 

2,661

 

 

 

 

 

 

 

 

 

15,289

 

Other operating expenses

 

 

11,210

 

 

 

1,485

 

 

 

962

 

 

 

(99

)

 

 

13,558

 

   Total noninterest expense

 

 

23,838

 

 

 

4,146

 

 

 

962

 

 

 

(99

)

 

 

28,847

 

Income (loss) from continuing operations before income tax expense

 

 

6,324

 

 

 

(2,677

)

 

 

(1,552

)

 

 

 

 

 

2,095

 

Income tax expense (benefit)

 

 

1,400

 

 

 

(583

)

 

 

(326

)

 

 

 

 

 

491

 

Net income (loss)

 

$

4,924

 

 

$

(2,094

)

 

$

(1,226

)

 

$

 

 

$

1,604

 

Total assets as of March 31, 2023

 

$

3,270,452

 

 

$

34,083

 

 

$

299,450

 

 

$

(269,074

)

 

$

3,334,911

 

 

 

 

As of and for the three months ended March 31, 2022

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge
Bankshares,
Inc.
Consolidated

 

NET INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

25,183

 

 

$

591

 

 

$

28

 

 

$

 

 

$

25,802

 

Interest expense

 

 

1,546

 

 

 

35

 

 

 

553

 

 

 

 

 

 

2,134

 

   Net interest income

 

 

23,637

 

 

 

556

 

 

 

(525

)

 

 

 

 

 

23,668

 

Provision for credit losses

 

 

2,500

 

 

 

 

 

 

 

 

 

 

 

 

2,500

 

   Net interest income after provision for credit losses

 

 

21,137

 

 

 

556

 

 

 

(525

)

 

 

 

 

 

21,168

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage banking income, including MSRs

 

 

 

 

 

9,559

 

 

 

 

 

 

 

 

 

9,559

 

Gain on sale of guaranteed government loans

 

 

1,427

 

 

 

 

 

 

 

 

 

 

 

 

1,427

 

Service charges on deposit accounts

 

 

315

 

 

 

 

 

 

 

 

 

 

 

 

315

 

Increase in cash surrender value of bank owned life insurance

 

 

272

 

 

 

 

 

 

 

 

 

 

 

 

272

 

Other income

 

 

3,177

 

 

 

 

 

 

9,426

 

 

 

(82

)

 

 

12,521

 

   Total noninterest income

 

 

5,191

 

 

 

9,559

 

 

 

9,426

 

 

 

(82

)

 

 

24,094

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,089

 

 

 

5,007

 

 

 

 

 

 

 

 

 

14,096

 

Other operating expenses

 

 

6,581

 

 

 

1,936

 

 

 

158

 

 

 

(82

)

 

 

8,593

 

   Total noninterest expense

 

 

15,670

 

 

 

6,943

 

 

 

158

 

 

 

(82

)

 

 

22,689

 

Income from continuing operations before income tax expense

 

 

10,658

 

 

 

3,172

 

 

 

8,743

 

 

 

 

 

 

22,573

 

Income tax expense

 

 

2,906

 

 

 

624

 

 

 

1,623

 

 

 

 

 

 

5,153

 

Net income from continuing operations

 

$

7,752

 

 

$

2,548

 

 

$

7,120

 

 

$

 

 

$

17,420

 

Discontinued Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations before income taxes

 

 

426

 

 

 

 

 

 

 

 

 

 

 

 

426

 

Income tax expense

 

 

89

 

 

 

 

 

 

 

 

 

 

 

 

89

 

Net income from discontinued operations

 

 

337

 

 

 

 

 

 

 

 

 

 

 

 

337

 

Net income

 

$

8,089

 

 

$

2,548

 

 

$

7,120

 

 

$

 

 

$

17,757

 

Net income from discontinued operations attributable to noncontrolling interest

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(1

)

Net income attributable to Blue Ridge Bankshares, Inc.

 

$

8,088

 

 

$

2,548

 

 

$

7,120

 

 

$

 

 

$

17,756

 

Total assets as of March 31, 2022

 

$

2,628,323

 

 

$

64,419

 

 

$

334,424

 

 

$

(302,582

)

 

$

2,724,584