| Segment Reporting |
Note 10 – Segment Reporting The Chief Operating Decision Maker (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. The Company has closed, funded, and sold the loans that were in process at the time of the sale; it is therefore 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 June 30, 2025 |
|
(Dollars in thousands) |
|
Commercial Banking |
|
|
Mortgage Banking |
|
|
Parent Only |
|
|
Eliminations |
|
|
Blue Ridge
Bankshares,
Inc.
Consolidated |
|
NET INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
34,681 |
|
|
$ |
55 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
34,736 |
|
Interest expense |
|
|
14,249 |
|
|
|
— |
|
|
|
646 |
|
|
|
— |
|
|
|
14,895 |
|
Net interest income |
|
|
20,432 |
|
|
|
55 |
|
|
|
(646 |
) |
|
|
— |
|
|
|
19,841 |
|
Recovery of credit losses |
|
|
(700 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(700 |
) |
Net interest income after recovery of credit losses |
|
|
21,132 |
|
|
|
55 |
|
|
|
(646 |
) |
|
|
— |
|
|
|
20,541 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustments of other equity investments |
|
|
— |
|
|
|
— |
|
|
|
(82 |
) |
|
|
— |
|
|
|
(82 |
) |
Residential mortgage banking income |
|
|
92 |
|
|
|
220 |
|
|
|
— |
|
|
|
— |
|
|
|
312 |
|
Mortgage servicing rights |
|
|
— |
|
|
|
(139 |
) |
|
|
— |
|
|
|
— |
|
|
|
(139 |
) |
Other |
|
|
3,255 |
|
|
|
— |
|
|
|
— |
|
|
|
(102 |
) |
|
|
3,153 |
|
Total noninterest income |
|
|
3,347 |
|
|
|
81 |
|
|
|
(82 |
) |
|
|
(102 |
) |
|
|
3,244 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
12,228 |
|
|
|
772 |
|
|
|
— |
|
|
|
— |
|
|
|
13,000 |
|
Occupancy and equipment |
|
|
1,116 |
|
|
|
13 |
|
|
|
— |
|
|
|
— |
|
|
|
1,129 |
|
Technology and communication |
|
|
2,175 |
|
|
|
390 |
|
|
|
— |
|
|
|
— |
|
|
|
2,565 |
|
Other |
|
|
4,812 |
|
|
|
219 |
|
|
|
386 |
|
|
|
(102 |
) |
|
|
5,315 |
|
Total noninterest expense |
|
|
20,331 |
|
|
|
1,394 |
|
|
|
386 |
|
|
|
(102 |
) |
|
|
22,009 |
|
Income (loss) before income tax expense |
|
|
4,148 |
|
|
|
(1,258 |
) |
|
|
(1,114 |
) |
|
|
— |
|
|
|
1,776 |
|
Income tax expense (benefit) |
|
|
944 |
|
|
|
(230 |
) |
|
|
(234 |
) |
|
|
— |
|
|
|
480 |
|
Net income (loss) |
|
$ |
3,204 |
|
|
$ |
(1,028 |
) |
|
$ |
(880 |
) |
|
$ |
— |
|
|
$ |
1,296 |
|
Total assets |
|
$ |
2,517,642 |
|
|
$ |
18,445 |
|
|
$ |
370,393 |
|
|
$ |
(351,041 |
) |
|
$ |
2,555,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the three months ended June 30, 2024 |
|
(Dollars in thousands) |
|
Commercial Banking |
|
|
Mortgage Banking |
|
|
Parent Only |
|
|
Eliminations |
|
|
Blue Ridge
Bankshares,
Inc.
Consolidated |
|
NET INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
40,179 |
|
|
$ |
452 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
40,631 |
|
Interest expense |
|
|
19,775 |
|
|
|
219 |
|
|
|
552 |
|
|
|
— |
|
|
|
20,546 |
|
Net interest income |
|
|
20,404 |
|
|
|
233 |
|
|
|
(552 |
) |
|
|
— |
|
|
|
20,085 |
|
Provision for credit losses |
|
|
3,100 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,100 |
|
Net interest income after provisiom for credit losses |
|
|
17,304 |
|
|
|
233 |
|
|
|
(552 |
) |
|
|
— |
|
|
|
16,985 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustments of other equity investments |
|
|
— |
|
|
|
— |
|
|
|
(8,537 |
) |
|
|
— |
|
|
|
(8,537 |
) |
Residential mortgage banking income |
|
|
— |
|
|
|
3,090 |
|
|
|
— |
|
|
|
— |
|
|
|
3,090 |
|
Mortgage servicing rights |
|
|
— |
|
|
|
2,019 |
|
|
|
— |
|
|
|
— |
|
|
|
2,019 |
|
Other |
|
|
3,793 |
|
|
|
— |
|
|
|
— |
|
|
|
(93 |
) |
|
|
3,700 |
|
Total noninterest income |
|
|
3,793 |
|
|
|
5,109 |
|
|
|
(8,537 |
) |
|
|
(93 |
) |
|
|
272 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
13,582 |
|
|
|
1,339 |
|
|
|
11 |
|
|
|
— |
|
|
|
14,932 |
|
Occupancy and equipment |
|
|
1,195 |
|
|
|
108 |
|
|
|
— |
|
|
|
— |
|
|
|
1,303 |
|
Technology and communication |
|
|
2,008 |
|
|
|
324 |
|
|
|
— |
|
|
|
— |
|
|
|
2,332 |
|
Regulatory remediation |
|
|
1,397 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,397 |
|
Other |
|
|
8,494 |
|
|
|
750 |
|
|
|
193 |
|
|
|
(93 |
) |
|
|
9,344 |
|
Total noninterest expense |
|
|
26,676 |
|
|
|
2,521 |
|
|
|
204 |
|
|
|
(93 |
) |
|
|
29,308 |
|
(Loss) income before income tax expense |
|
|
(5,579 |
) |
|
|
2,821 |
|
|
|
(9,293 |
) |
|
|
— |
|
|
|
(12,051 |
) |
Income tax (benefit) expense |
|
|
758 |
|
|
|
575 |
|
|
|
(1,949 |
) |
|
|
— |
|
|
|
(616 |
) |
Net (loss) income |
|
$ |
(6,337 |
) |
|
$ |
2,246 |
|
|
$ |
(7,344 |
) |
|
$ |
— |
|
|
$ |
(11,435 |
) |
Total assets |
|
$ |
2,883,732 |
|
|
$ |
41,433 |
|
|
$ |
372,515 |
|
|
$ |
(364,608 |
) |
|
$ |
2,933,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the six months ended June 30, 2025 |
|
(Dollars in thousands) |
|
Commercial Banking |
|
|
Mortgage Banking |
|
|
Parent Only |
|
|
Eliminations |
|
|
Blue Ridge
Bankshares,
Inc.
Consolidated |
|
NET INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
69,905 |
|
|
$ |
181 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
70,086 |
|
Interest expense |
|
|
29,833 |
|
|
|
40 |
|
|
|
1,382 |
|
|
|
— |
|
|
|
31,255 |
|
Net interest income |
|
|
40,072 |
|
|
|
141 |
|
|
|
(1,382 |
) |
|
|
— |
|
|
|
38,831 |
|
Recovery of credit losses |
|
|
(700 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(700 |
) |
Net interest income after recovery of credit losses |
|
|
40,772 |
|
|
|
141 |
|
|
|
(1,382 |
) |
|
|
— |
|
|
|
39,531 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustments of other equity investments |
|
|
— |
|
|
|
— |
|
|
|
(155 |
) |
|
|
— |
|
|
|
(155 |
) |
Residential mortgage banking income |
|
|
398 |
|
|
|
870 |
|
|
|
— |
|
|
|
— |
|
|
|
1,268 |
|
Mortgage servicing rights |
|
|
— |
|
|
|
(137 |
) |
|
|
— |
|
|
|
— |
|
|
|
(137 |
) |
Other |
|
|
5,538 |
|
|
|
— |
|
|
|
— |
|
|
|
(198 |
) |
|
|
5,340 |
|
Total noninterest income |
|
|
5,936 |
|
|
|
733 |
|
|
|
(155 |
) |
|
|
(198 |
) |
|
|
6,316 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
23,770 |
|
|
|
1,840 |
|
|
|
— |
|
|
|
— |
|
|
|
25,610 |
|
Occupancy and equipment |
|
|
2,446 |
|
|
|
64 |
|
|
|
— |
|
|
|
— |
|
|
|
2,510 |
|
Technology and communication |
|
|
4,539 |
|
|
|
810 |
|
|
|
— |
|
|
|
— |
|
|
|
5,349 |
|
Other |
|
|
10,450 |
|
|
|
555 |
|
|
|
684 |
|
|
|
(198 |
) |
|
|
11,491 |
|
Total noninterest expense |
|
|
41,205 |
|
|
|
3,269 |
|
|
|
684 |
|
|
|
(198 |
) |
|
|
44,960 |
|
Income (loss) before income tax expense |
|
|
5,503 |
|
|
|
(2,395 |
) |
|
|
(2,221 |
) |
|
|
— |
|
|
|
887 |
|
Income tax expense (benefit) |
|
|
974 |
|
|
|
(483 |
) |
|
|
(466 |
) |
|
|
— |
|
|
|
25 |
|
Net income (loss) |
|
$ |
4,529 |
|
|
$ |
(1,912 |
) |
|
$ |
(1,755 |
) |
|
$ |
— |
|
|
$ |
862 |
|
Total assets |
|
$ |
2,517,642 |
|
|
$ |
18,445 |
|
|
$ |
370,393 |
|
|
$ |
(351,041 |
) |
|
$ |
2,555,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the six months ended June 30, 2024 |
|
(Dollars in thousands) |
|
Commercial Banking |
|
|
Mortgage Banking |
|
|
Parent Only |
|
|
Eliminations |
|
|
Blue Ridge
Bankshares,
Inc.
Consolidated |
|
NET INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
82,378 |
|
|
$ |
784 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
83,162 |
|
Interest expense |
|
|
41,251 |
|
|
|
365 |
|
|
|
1,112 |
|
|
|
— |
|
|
|
42,728 |
|
Net interest income |
|
|
41,127 |
|
|
|
419 |
|
|
|
(1,112 |
) |
|
|
— |
|
|
|
40,434 |
|
Provision for credit losses |
|
|
2,100 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,100 |
|
Net interest income after provision for credit losses |
|
|
39,027 |
|
|
|
419 |
|
|
|
(1,112 |
) |
|
|
— |
|
|
|
38,334 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustments of other equity investments |
|
|
— |
|
|
|
— |
|
|
|
(8,544 |
) |
|
|
— |
|
|
|
(8,544 |
) |
Residential mortgage banking income |
|
|
— |
|
|
|
5,754 |
|
|
|
— |
|
|
|
— |
|
|
|
5,754 |
|
Mortgage servicing rights |
|
|
— |
|
|
|
2,748 |
|
|
|
— |
|
|
|
— |
|
|
|
2,748 |
|
Other |
|
|
8,277 |
|
|
|
— |
|
|
|
17 |
|
|
|
(192 |
) |
|
|
8,102 |
|
Total noninterest income |
|
|
8,277 |
|
|
|
8,502 |
|
|
|
(8,527 |
) |
|
|
(192 |
) |
|
|
8,060 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
27,750 |
|
|
|
3,183 |
|
|
|
44 |
|
|
|
— |
|
|
|
30,977 |
|
Occupancy and equipment |
|
|
2,585 |
|
|
|
242 |
|
|
|
— |
|
|
|
— |
|
|
|
2,827 |
|
Technology and communication |
|
|
3,969 |
|
|
|
642 |
|
|
|
— |
|
|
|
— |
|
|
|
4,611 |
|
Regulatory remediation |
|
|
4,041 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,041 |
|
Other |
|
|
17,509 |
|
|
|
1,510 |
|
|
|
462 |
|
|
|
(192 |
) |
|
|
19,289 |
|
Total noninterest expense |
|
|
55,854 |
|
|
|
5,577 |
|
|
|
506 |
|
|
|
(192 |
) |
|
|
61,745 |
|
(Loss) income before income tax expense |
|
|
(8,550 |
) |
|
|
3,344 |
|
|
|
(10,145 |
) |
|
|
— |
|
|
|
(15,351 |
) |
Income tax expense (benefit) |
|
|
437 |
|
|
|
661 |
|
|
|
(2,121 |
) |
|
|
— |
|
|
|
(1,023 |
) |
Net (loss) income |
|
$ |
(8,987 |
) |
|
$ |
2,683 |
|
|
$ |
(8,024 |
) |
|
$ |
— |
|
|
$ |
(14,328 |
) |
Total assets |
|
$ |
2,883,732 |
|
|
$ |
41,433 |
|
|
$ |
372,515 |
|
|
$ |
(364,608 |
) |
|
$ |
2,933,072 |
|
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 and six months ended June 30, 2025 and 2024.
|