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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME        
Interest and fees on loans $ 34,839 $ 23,787 $ 74,133 $ 47,686
Interest on securities, deposit accounts, and federal funds sold 4,134 2,456 7,893 4,359
Total interest income 38,973 26,243 82,026 52,045
INTEREST EXPENSE        
Interest on deposits 14,624 1,541 25,955 3,097
Interest on subordinated notes 547 545 1,100 1,098
Interest on FHLB and FRB borrowings 3,399 67 7,209 92
Total interest expense 18,570 2,153 34,264 4,287
Net interest income 20,403 24,090 47,762 47,758
Provision for loan losses 21,100 7,494 25,200 9,994
Provision for credit losses - unfunded commitments (600) 0 (1,000) 0
Total provision for credit losses 20,500 7,494 24,200 9,994
Net interest (loss) income after provision for credit losses (97) 16,596 23,562 37,764
NONINTEREST INCOME        
Fair value adjustments of other equity investments (281) (86) (332) 9,278
Residential mortgage banking income, including MSRs 4,295 5,960 5,598 15,519
Gain on sale of guaranteed government loans 2,384 1,538 4,793 2,965
Wealth and trust management 462 414 894 805
Service charges on deposit accounts 349 327 692 642
Increase in cash surrender value of bank owned life insurance 292 276 574 548
Bank and purchase card, net 560 599 900 1,021
Other 1,675 1,162 3,900 3,506
Total noninterest income 9,736 10,190 17,019 34,284
NONINTEREST EXPENSE        
Salaries and employee benefits 14,518 15,873 29,807 29,969
Occupancy and equipment 1,913 1,500 3,482 2,985
Data processing 1,131 874 2,477 1,820
Legal, issuer, and regulatory filing 2,753 618 3,987 1,000
Advertising and marketing 337 412 623 840
Communications 1,171 1,030 2,302 1,829
Audit and accounting fees 503 379 649 520
FDIC insurance 1,246 106 1,975 337
Intangible amortization 335 386 690 783
Other contractual services 3,218 999 4,157 1,533
Other taxes and assessments 803 671 1,605 1,241
Regulatory remediation 2,388 0 3,522 0
Merger-related 0 0 0 50
Other 3,736 2,478 7,623 5,108
Total noninterest expense 34,052 25,326 62,899 48,015
(Loss) income from continuing operations before income tax expense (24,413) 1,460 (22,318) 24,033
Income tax (benefit) expense (4,949) 342 (4,458) 5,495
Net (loss) income from continuing operations (19,464) 1,118 (17,860) 18,538
Income from discontinued operations before income taxes 0 0 0 426
Income tax expense 0 0 0 89
Net income from discontinued operations 0 0 0 337
Net (loss) income (19,464) 1,118 (17,860) 18,875
Net Income from discontinued operations attributable to noncontrolling interest 0 0 0 (1)
Net (loss) income attributable to Blue Ridge Bankshares, Inc (19,464) 1,118 (17,860) 18,874
Net (loss) income available to common stockholders $ (19,464) $ 1,118 $ (17,860) $ 18,874
Basic (loss) earnings per share from continuing operations $ (1.03) $ 0.06 $ (0.95) $ 0.99
Diluted (loss) earnings per share from continuing operations (1.03) 0.06 (0.95) 0.99
Basic earnings per share from discontinued operations 0 0 0 0.02
Diluted earnings per share from discontinued operations 0 0 0 0.02
Basic and diluted (loss) earnings per share attributable to Blue Ridge Bankshares, Inc. $ (1.03) $ 0.06 $ (0.95) $ 1.01