| Segment Reporting |
Note 16. 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 this 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. Information about reportable segments, and reconciliation of such information to the consolidated financial statements follows, as of the dates and periods stated:
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For the year ended December 31, 2024 |
|
(Dollars in thousands) |
|
Commercial Banking |
|
|
Mortgage Banking |
|
|
Parent Only |
|
|
Eliminations |
|
|
Blue Ridge
Bankshares,
Inc.
Consolidated |
|
NET INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
158,855 |
|
|
$ |
1,465 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
160,320 |
|
Interest expense |
|
|
78,577 |
|
|
|
668 |
|
|
|
2,414 |
|
|
|
— |
|
|
|
81,659 |
|
Net interest income |
|
|
80,278 |
|
|
|
797 |
|
|
|
(2,414 |
) |
|
|
— |
|
|
|
78,661 |
|
Recovery of credit losses |
|
|
(5,100 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,100 |
) |
Net interest income after recovery for credit losses |
|
|
85,378 |
|
|
|
797 |
|
|
|
(2,414 |
) |
|
|
— |
|
|
|
83,761 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustments of other equity investments |
|
|
— |
|
|
|
— |
|
|
|
(8,152 |
) |
|
|
— |
|
|
|
(8,152 |
) |
Residential mortgage banking income |
|
|
— |
|
|
|
10,391 |
|
|
|
— |
|
|
|
— |
|
|
|
10,391 |
|
Mortgage servicing rights |
|
|
— |
|
|
|
629 |
|
|
|
— |
|
|
|
— |
|
|
|
629 |
|
Loss on sale of mortgage servicing rights |
|
|
— |
|
|
|
(3,607 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,607 |
) |
Other |
|
|
14,874 |
|
|
|
— |
|
|
|
(178 |
) |
|
|
(384 |
) |
|
|
14,312 |
|
Total noninterest income |
|
|
14,874 |
|
|
|
7,413 |
|
|
|
(8,330 |
) |
|
|
(384 |
) |
|
|
13,573 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Salaries and employee benefits |
|
|
52,421 |
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|
|
5,740 |
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|
|
— |
|
|
|
— |
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|
|
58,161 |
|
Occupancy |
|
|
5,137 |
|
|
|
440 |
|
|
|
— |
|
|
|
— |
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|
|
5,577 |
|
Technology and communication |
|
|
8,670 |
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|
1,354 |
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|
|
— |
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|
|
— |
|
|
|
10,024 |
|
Regulatory remediation |
|
|
4,671 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,671 |
|
Other |
|
|
31,913 |
|
|
|
2,494 |
|
|
|
1,385 |
|
|
|
(384 |
) |
|
|
35,408 |
|
Total noninterest expense |
|
|
102,812 |
|
|
|
10,028 |
|
|
|
1,385 |
|
|
|
(384 |
) |
|
|
113,841 |
|
Loss before income tax expense |
|
|
(2,560 |
) |
|
|
(1,818 |
) |
|
|
(12,129 |
) |
|
|
— |
|
|
|
(16,507 |
) |
Income tax expense (benefit) |
|
|
2,118 |
|
|
|
(554 |
) |
|
|
(2,686 |
) |
|
|
— |
|
|
|
(1,122 |
) |
Net loss |
|
$ |
(4,678 |
) |
|
$ |
(1,264 |
) |
|
$ |
(9,443 |
) |
|
$ |
— |
|
|
$ |
(15,385 |
) |
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Total assets |
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$ |
2,704,917 |
|
|
$ |
27,756 |
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|
$ |
363,296 |
|
|
$ |
(358,709 |
) |
|
$ |
2,737,260 |
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For the year ended December 31, 2023 |
|
(Dollars in thousands) |
|
Commercial Banking |
|
|
Mortgage Banking |
|
|
Parent Only |
|
|
Eliminations |
|
|
Blue Ridge
Bankshares,
Inc.
Consolidated |
|
NET INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
167,340 |
|
|
$ |
1,641 |
|
|
$ |
14 |
|
|
$ |
— |
|
|
$ |
168,995 |
|
Interest expense |
|
|
72,952 |
|
|
|
793 |
|
|
|
2,209 |
|
|
|
— |
|
|
|
75,954 |
|
Net interest income |
|
|
94,388 |
|
|
|
848 |
|
|
|
(2,195 |
) |
|
|
— |
|
|
|
93,041 |
|
Provision for credit losses |
|
|
22,323 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,323 |
|
Net interest income after provision for credit losses |
|
|
72,065 |
|
|
|
848 |
|
|
|
(2,195 |
) |
|
|
— |
|
|
|
70,718 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustments of other equity investments |
|
|
— |
|
|
|
— |
|
|
|
(110 |
) |
|
|
— |
|
|
|
(110 |
) |
Residential mortgage banking income |
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|
— |
|
|
|
11,878 |
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|
|
— |
|
|
|
— |
|
|
|
11,878 |
|
Mortgage servicing rights |
|
|
— |
|
|
|
(1,878 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,878 |
) |
Other |
|
|
20,466 |
|
|
|
— |
|
|
|
(1,585 |
) |
|
|
(396 |
) |
|
|
18,485 |
|
Total noninterest income |
|
|
20,466 |
|
|
|
10,000 |
|
|
|
(1,695 |
) |
|
|
(396 |
) |
|
|
28,375 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
49,860 |
|
|
|
8,298 |
|
|
|
— |
|
|
|
— |
|
|
|
58,158 |
|
Occupancy |
|
|
5,497 |
|
|
|
1,009 |
|
|
|
— |
|
|
|
— |
|
|
|
6,506 |
|
Technology and communication |
|
|
8,722 |
|
|
|
1,374 |
|
|
|
— |
|
|
|
— |
|
|
|
10,096 |
|
Regulatory remediation |
|
|
10,459 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,459 |
|
Goodwill impairment |
|
|
26,826 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26,826 |
|
ESOP litigation |
|
|
— |
|
|
|
— |
|
|
|
6,000 |
|
|
|
— |
|
|
|
6,000 |
|
Other |
|
|
34,013 |
|
|
|
2,842 |
|
|
|
3,433 |
|
|
|
(396 |
) |
|
|
39,892 |
|
Total noninterest expense |
|
|
135,377 |
|
|
|
13,523 |
|
|
|
9,433 |
|
|
|
(396 |
) |
|
|
157,937 |
|
Loss before income tax expense |
|
|
(42,846 |
) |
|
|
(2,675 |
) |
|
|
(13,323 |
) |
|
|
— |
|
|
|
(58,844 |
) |
Income tax benefit |
|
|
(3,571 |
) |
|
|
(877 |
) |
|
|
(2,623 |
) |
|
|
— |
|
|
|
(7,071 |
) |
Net loss |
|
$ |
(39,275 |
) |
|
$ |
(1,798 |
) |
|
$ |
(10,700 |
) |
|
$ |
— |
|
|
$ |
(51,773 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,053,453 |
|
|
$ |
39,010 |
|
|
$ |
233,506 |
|
|
$ |
(208,415 |
) |
|
$ |
3,117,554 |
|
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 years ended December 31, 2024 and 2023.
|