CHARLOTTESVILLE, Va., Oct. 27,
2022 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (the
"Company") (NYSE American: BRBS), the holding company of Blue Ridge
Bank, National Association ("Blue Ridge Bank" or the "Bank") and
BRB Financial Group, Inc. ("BRB Financial Group"), announced today
financial results for the quarter ended September 30, 2022. For the third quarter of
2022, the Company reported net income from continuing operations of
$2.7 million, or $0.15 earnings per diluted common share, compared
to $1.1 million, or $0.06 earnings per diluted common share, for the
second quarter of 2022, and $6.9
million, or $0.36 earnings per
diluted common share, for the third quarter of 2021.
"Our third quarter results reflect several positive operating
trends, including strong loan growth, stability in low-cost deposit
balances amidst cyclical headwinds, and significant net interest
margin expansion, which drove notable growth in net interest
income, as compared to the prior quarter and year-ago periods,"
said Brian K. Plum, President and
Chief Executive Officer of the Company. "Moreover, the
foundation of our company remains strong, with measures of asset
quality generally ranging from stable to modestly improved from
recent periods."
Plum continued, "At the same time, we remain mindful of emerging
cyclical and macroeconomic challenges, which during the third
quarter impacted our mortgage business and fee-based revenue
growth, while other developments, notably the previously disclosed
entry of Blue Ridge Bank into a formal written agreement with the
Office of the Comptroller of the Currency (the "OCC"), the Bank's
primary regulator, contributed to an increase in our expense base,
impacting our earnings for the quarter."
Key highlights for the third quarter:
- As previously disclosed, Blue Ridge Bank entered into a
formal written agreement during the third quarter
-
- On August 29, 2022, Blue Ridge
Bank entered into a formal written agreement (the "Agreement") with
the OCC. The Agreement principally concerns the Bank's fintech
line of business and requires the Bank to continue enhancing its
controls for assessing and managing the third-party, BSA/AML, and
IT risks stemming from its fintech partnerships. A complete
copy of the Agreement was furnished in a Form 8-K filed with the
Securities and Exchange Commission ("SEC") on September 1, 2022 and can be accessed on the
SEC's website (www.sec.gov) and the Company's website
(www.mybrb.com). The Company is actively working to bring the
Bank's fintech policies, procedures, and operations into conformity
with OCC directives and believes its work to date has been
delivered on schedule.
- Loan growth and net interest margin expansion drove robust
growth in net interest income
-
- Net interest income was $28.7
million for the third quarter of 2022, an increase of
$4.6 million, or 19.1%, from the
second quarter of 2022, and $7.6
million, or 35.8%, from the third quarter of 2021.
- Loans held for investment, excluding Paycheck Protection Plan
("PPP") loans, were $2.16 billion at
September 30, 2022, an increase of
$110.0 million, or 5.4%, from
June 30, 2022, and $433.5 million, or 25.1%, from September 30, 2021. Loan growth as compared
to the prior quarter and year-ago periods was partially driven by
the Company's middle market and specialized lending teams.
- Total deposit balances were $2.41
billion at September 30, 2022,
an increase of $73.8 million, or
3.2%, from June 30, 2022, and
$209.3 million, or 9.5%, from
September 30, 2021.
-
- Noninterest-bearing deposits were $787.5
million at September 30, 2022,
an increase of $1.8 million, or 0.2%,
from June 30, 2022, and $102.7 million, or 15.0%, from September 30, 2021. Growth in
noninterest-bearing deposits from the year-ago period was primarily
attributable to the Company's fintech partnerships. At
September 30, 2022,
noninterest-bearing deposits represented 32.7% of total deposits,
as compared to 33.6% at June 30,
2022, and 31.1% at September
30, 2021.
- Deposits related to fintech relationships were approximately
$529 million as of September 30, 2022, an increase of $134 million, or 33.9% from June 30, 2022, and $452
million, or 587.0%, from September
30, 2021. Deposits related to fintech relationships
represented 22.0% of total deposits at September 30, 2022, as compared to 16.9% at
June 30, 2022, and 3.5% at
September 30, 2021.
- Net interest margin was 4.27% for the third quarter of 2022, as
compared to 3.89% for the second quarter of 2022, and 3.32% for the
third quarter of 2021. Purchase accounting adjustments had a 17,
29, and 15 basis point effect on net interest margin for the third
and second quarters of 2022 and the third quarter of 2021,
respectively. Net interest margin expansion during the third
quarter of 2022, relative to both prior periods, reflected strong
loan growth, higher loan yields primarily due to the beneficial
impact of higher market interest rates, and a positive shift in the
mix of earning assets, partially offset by higher funding
costs.
-
- Cost of funds was 0.69% for the third quarter of 2022, as
compared to 0.36% for the second quarter of 2022, and 0.43% for the
third quarter of 2021. The increase in cost of funds relative to
the second quarter of 2022 primarily reflected the impact of higher
market interest rates, higher balances of borrowings, and a shift
in the mix of deposits, as growth in interest-bearing deposit
balances significantly outpaced the increase in noninterest-bearing
deposits.
- Measures of foundational strength remained intact
-
- Nonperforming loans totaled $10.1
million, representing 0.35% of total assets, at September 30, 2022, as compared to $12.2 million, representing 0.44% of total
assets, at June 30, 2022, and
$15.2 million, representing 0.56% of
total assets at September 30,
2021.
- The Company recorded a provision for loan losses of
$3.9 million in the third quarter of
2022 compared to $7.5 million in the
second quarter of 2022 and no provision in the third quarter of
2021. Provision for loan losses in the 2022 periods was
primarily attributable to reserves for loan growth, qualitative
factor adjustments due to changes in economic conditions, and
higher specific reserves for impaired loans.
- The Company's allowance for loan losses was $20.5 million at September
30, 2022, or 0.95% of gross loans held for investment,
excluding PPP loans, compared to 0.84% at June 30, 2022, and 0.73% at September 30, 2021.
- The ratio of tangible stockholders' equity to tangible total
assets was 7.7%1 at September 30,
2022, as compared to 8.3%1 at June 30, 2022, and 8.9%1 at
September 30, 2021. Tangible
book value per common share was $11.511 at September 30, 2022, compared to $12.211 at June
30, 2022, and $12.691 at September 30, 2021.
- Remediation costs related to regulatory matters drove
expense growth
-
- Noninterest expense was $29.2
million for the third quarter of 2022, an increase of
$3.9 million, or 15.4%, from the
second quarter of 2022 and $3.9
million, or 15.4%, from the third quarter of 2021.
- The increase relative to both prior periods primarily reflected
expenses incurred in the remediation of regulatory matters, which
totaled $4.0 million, $0.5 million, and $0 for the third and second quarters of 2022, and
third quarter of 2021, respectively.
- Excluding costs related to remediation of regulatory matters,
noninterest expense during the third quarter of 2022 increased by
$0.4 million, due primarily to the
addition of commercial lenders and personnel to support the fintech
business, partially offset by lower salaries and employee benefits
expenses in the mortgage division.
- Fee income lower on cyclical mortgage decline
-
- Noninterest income was $8.0
million for the third quarter of 2022, a decline of
$2.2 million, or 21.8%, from the
second quarter of 2022, and $5.3
million, or 40.1%, from the third quarter of 2021.
- The decline in noninterest income relative to both prior
periods was primarily attributable to lower income from residential
mortgage banking and mortgage servicing rights. Lower
residential mortgage banking income primarily reflects the sharp
increase in market interest rates in the current year.
Net income from continuing operations before income taxes and
provision for loan losses was $7.4
million for the third quarter of 2022 compared to
$9.0 million for the second quarter
of 2022. In the third and second quarters of 2022, net income from
continuing operations before income taxes included $4.0 million and $0.5
million, respectively, of costs incurred for professional
services related to regulatory remediation efforts.
For the nine months ended September 30,
2022, net income from continuing operations of $21.3 million, or $1.13 earnings per diluted common share, compared
to $39.8 million, or $2.27 earnings per diluted common share, for the
same period of 2021. Net income in the 2021 period included a
$24.3 million pre-tax net gain on the
sale of PPP loans, and $11.7 million,
pre-tax, of merger-related expenses, while net income in the 2022
period included $4.6 million,
pre-tax, of merger-related expenses and costs incurred related to
regulatory remediation efforts.
Total assets were $2.88 billion as
of September 30, 2022, an increase of
$216.3 million, from $2.67 billion as of December 31, 2021. Reported loans held for
investment, excluding PPP loans, grew $381.2
million year-to-date 2022, an annualized growth rate of
28.6%.
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 September 30,
2021 included the earnings of Bay Banks from the effective
date of the merger.
Fintech Business
The Company's fintech partnerships include Unit, Flexible
Finance, Increase, Upgrade, Kashable, Jaris, Grow Credit,
MentorWorks, and Marlette. Deposits related to fintech
relationships were approximately $529
million as of September 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 $15.1 million and $24.1
million as of September 30,
2022 and December 31, 2021,
respectively. Interest and fee income related to fintech
partnerships represented approximately $2.9
million and $1.8 million of
revenue for the Company for the third and second quarters of 2022,
respectively. Included in deposits related to fintech relationships
were assets managed by BRB Financial Group's trust division of
$54.1 million as of September 30, 2022.
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 a net loss of
$1.0 million for the third quarter of
2022 compared to net income of $0.4
million for the second quarter of 2022. Residential mortgage
banking income decreased to $2.6
million in the third quarter of 2022 from $4.4 million in the second quarter of 2022.
Income attributable to mortgage servicing rights was $0.5 million and $1.6
million for the third and second quarters of 2022,
respectively. Mortgage servicing rights income in the third and
second quarters of 2022 was attributable to fair value adjustments
of $(0.1) million and $(0.2) million, respectively, and new servicing
rights retained of $0.7 million and
$1.8 million, respectively. Quarterly
mortgage volumes declined to $83.0 million for the third quarter of 2022
from $117.8 million for the second
quarter of 2022. Noninterest expenses reported for the Company's
mortgage division were $4.5 million
and $5.7 million for the third and
second quarters of 2022, respectively.
Income Statement
Net Interest Income
Net interest income was $28.7
million for the third quarter of 2022 compared to
$24.1 million for the second quarter
of 2022 and $21.1 million for the
third quarter of 2021, while accretion of acquired loan discounts
included in interest income was $0.8
million, $1.3 million, and
$0.1 million for the same respective
periods. Amortization of purchase accounting adjustments on assumed
time deposits and borrowings, which reduced interest expense, was
$0.4 million, $0.5 million, and $0.9
million for the same respective periods. Interest income in
the third quarter of 2022 increased $6.9
million from the second quarter of 2022, while interest
expense increased $2.3 million over
the same comparative period. Interest income in the third quarter
of 2022 benefited from higher average balances of and yields and
fees on loans held for investment, while funding costs increased
primarily due to repricing of select interest-bearing deposit
accounts and higher average balances and cost on Federal Home Loan
Bank of Atlanta advances.
Average balances of interest-earning assets increased
$202.9 million in the third quarter
of 2022 from the second quarter of 2022, primarily due to higher
average balances of loans held for investment, which increased
$231.5 million over the same period.
Yields on average loans held for investment increased to 5.67% for
the third quarter of 2022 from 4.97% for the second quarter of
2022, primarily due to recent loan growth and the re-pricing of
variable-rate loans in the higher rate environment and higher fee
income.
Cost of funds was 0.69% and 0.36% for the third and second
quarters of 2022 and 0.43% for the third quarter of 2021, while
cost of deposits was 0.50%, 0.26%, and 0.29% for the same
respective periods.
Net interest margin for the third and second quarters of 2022
and the third quarter of 2021 was 4.27%, 3.89%, and 3.32%,
respectively. Accretion and amortization of purchase accounting
adjustments had a 17, 29, and 15 basis point positive effect on net
interest margin for the same respective periods.
Net interest income was $76.4
million and $71.6 million for
the year-to-date September 30, 2022
and 2021 periods, respectively, while net interest margin was 4.02%
and 3.55% for the same respective periods. Accretion and
amortization of purchase accounting adjustments and the
contributions from PPP loans, including the corresponding funding,
had a 31 and 41 basis point positive effect on net interest margin
for the nine months ended September 30,
2022 and 2021, respectively.
Provision for Loan Losses
The Company recorded a provision for loan losses of $3.9 million in the third quarter of 2022
compared to $7.5 million in the
second quarter of 2022 and no provision in the third quarter of
2021. Provision for loan losses for the nine months ended
September 30, 2022 and 2021 was
$13.9 million and $0, respectively. Provision for loan losses in
the 2022 periods was primarily attributable to reserves for loan
growth, qualitative factor adjustments due to changes in economic
conditions, and higher specific reserves for impaired loans.
Noninterest Income
Noninterest income for the third and second quarters of 2022 was
$8.0 million and $10.2 million, respectively, compared to
$13.3 million for the third quarter
of 2021. The decline in noninterest income in the third quarter of
2022 was primarily attributable to lower income from residential
mortgage banking and mortgage servicing rights income.
Noninterest income for the nine months ended September 30, 2022 and 2021 was $42.3 million and $65.0
million, respectively. Excluding the fair value gain for the
Company's equity investments recognized in the first quarter of
2022 and the net gain on the sale of the PPP loans in the second
quarter of 2021, noninterest income for the nine months ended
September 30, 2022 and 2021 was
$33.0 million and $40.7 million. This comparative period decline
was primarily attributable to lower residential mortgage banking
and mortgage servicing rights income, partially offset by higher
gains on sales of government guaranteed loans, higher fee income
related to 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 third and second quarter of 2022 was
$29.2 million and $25.3 million, respectively, compared to
$25.3 million for the third quarter
of 2021. Excluding expenses incurred in the remediation of
regulatory matters, noninterest expense increased $0.4 million in the third quarter of 2022 from
the second quarter of 2022. Lower salaries and employee benefit
expenses in the mortgage division were partially offset by costs
incurred in the addition of commercial lenders and support
personnel and personnel to support the fintech business. The
efficiency ratio for the third and second quarters of 2022 was
79.7% and 73.9%, respectively. Excluding regulatory remediation
expenses, the efficiency ratio for the same respective periods was
68.7%1 and 72.4%1.
Noninterest expense for the nine months ended September 30, 2022 and 2021 was $77.5 million and $85.8
million, respectively. Excluding regulatory remediation
expenses in the 2022 period and merger-related expenses in both the
2022 and 2021 periods, noninterest expense was $72.6 million and $74.1
million for the same respective periods.
Balance Sheet
Loans held for investment, excluding PPP loans, increased
$381.2 million to $2.16 billion as of September 30, 2022, from $1.78 billion as of December 31, 2021. The Company's middle market
and specialized lending teams, which began building in the first
quarter of 2022, contributed to this loan growth.
Loans held for sale, which was comprised primarily of
residential mortgages, decreased to $25.8
million at September 30, 2022,
from $121.9 million at December 31, 2021, primarily attributable to
lower mortgage activity.
Total deposits at September 30,
2022, were $2.41 billion, an
increase of $111.7 million from
December 31, 2021.
Noninterest-bearing demand deposit growth was $101.7 million in the nine months ended
September 30, 2022, primarily due to
the Company's fintech partnerships. Noninterest-bearing demand
deposit accounts represented 32.7% and 29.8% of total deposits as
of September 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 interest2, totaled
$10.1 million at September 30, 2022 and $16.1 million at December 31, 2021. The ratio of nonperforming
loans to total assets was 0.35% and 0.60% at September 30, 2022, and December 31, 2021, respectively. The Company's
allowance for loan losses was $20.5
million at September 30, 2022,
or 0.95% of gross loans held for investment, excluding PPP
loans3, compared to 0.68% at December 31, 2021. The increase in this ratio
from December 31, 2021 to
September 30, 2022, was primarily
attributable to additional allowance for loan growth in the first
three quarters 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 $10.4 million as of September 30, 2022, and $16.2 million as of December 31, 2021.
Capital
The Company previously announced that on October 11, 2022, its board of directors declared
a $0.1225 per common share quarterly
dividend, payable October 31, 2022,
to shareholders of record as of October 24,
2022. Tangible book value per share was $11.511 and $13.011 as of September 30, 2022 and December 31, 2021, respectively, while book value
per share was $13.22 and $14.76 as of the same respective periods.
Primarily as a result of the increase in market interest rates
in 2022, the fair value of the Company's portfolio of securities
available for sale declined approximately $57.9 million from December 31, 2021, resulting in an after-tax
decline in stockholders' equity of $45.7
million for the nine months ended September 30, 2022. The accumulated other
comprehensive loss ("AOCL") attributable to this securities
portfolio as of September 30, 2022,
was $49.4 million, or $2.60 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.
1 Non-GAAP financial measures are defined below.
Further information can be found at the end of this press
release.
2 Excludes purchased credit-impaired loans.
3 The Company holds no allowance for loan losses on
PPP loans as they are fully guaranteed by the U.S. government.
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, and
the ability to comply with, the terms of the formal written
agreement between the Bank and the OCC; (xii) the impact of changes
in laws, regulations and policies affecting the real estate
industry; (xiii) the effect of changes in accounting policies and
practices, as may be adopted from time to time by bank regulatory
agencies, the SEC, the Public Company Accounting Oversight Board,
the Financial Accounting Standards Board or other accounting
standards setting bodies; (xiv) the timely development of
competitive new products and services and the acceptance of these
products and services by new and existing customers; (xv) the
willingness of users to substitute competitors' products and
services for the Company's products and services; (xvi) the outcome
of any legal proceedings that may be instituted against the
Company; (xvii) reputational risk and potential adverse reactions
of the Company's customers, suppliers, employees or other business
partners; (xviii) 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; (xix) changes in the level of the Company's
nonperforming assets and charge-offs; (xx) the Company's
involvement, from time to time, in legal proceedings and
examination and remedial actions by regulators; (xxi) potential
exposure to fraud, negligence, computer theft and cyber-crime;
(xxii) the Company's ability to pay dividends; (xxiii) the
Company's involvement as a participating lender in the PPP as
administered through the U.S. Small Business Administration; and
(xiv) 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.
|
|
|
|
|
|
|
Consolidated
Statements of Income (unaudited)
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
(Dollars in
thousands except per share data)
|
|
September 30,
2022
|
|
June 30,
2022
|
|
September 30,
2021
|
Interest
income:
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
30,206
|
|
$
23,787
|
|
$
22,294
|
Interest on taxable
securities
|
|
2,337
|
|
2,129
|
|
1,317
|
Interest on nontaxable
securities
|
|
81
|
|
89
|
|
61
|
Interest on deposit
accounts and federal funds sold
|
|
522
|
|
238
|
|
82
|
Total interest
income
|
|
33,146
|
|
26,243
|
|
23,754
|
Interest
expense:
|
|
|
|
|
|
|
Interest on
deposits
|
|
3,032
|
|
1,541
|
|
1,622
|
Interest on
subordinated notes
|
|
570
|
|
545
|
|
644
|
Interest on FHLB and
FRB borrowings
|
|
867
|
|
67
|
|
364
|
Total interest
expense
|
|
4,469
|
|
2,153
|
|
2,630
|
Net interest
income
|
|
28,677
|
|
24,090
|
|
21,124
|
Provision for loan
losses
|
|
3,900
|
|
7,494
|
|
—
|
Net interest income
after provision for loan losses
|
|
24,777
|
|
16,596
|
|
21,124
|
Noninterest
income:
|
|
|
|
|
|
|
Fair value adjustments
of other equity investments
|
|
(50)
|
|
(86)
|
|
—
|
Mortgage servicing
rights
|
|
597
|
|
1,574
|
|
1,827
|
Residential mortgage
banking income, net
|
|
2,570
|
|
4,386
|
|
7,704
|
Gain on sale of
government guaranteed loans
|
|
1,565
|
|
1,538
|
|
108
|
Bank and purchase card,
net
|
|
353
|
|
599
|
|
497
|
Wealth and trust
management
|
|
513
|
|
414
|
|
499
|
Service charges on
deposit accounts
|
|
354
|
|
327
|
|
376
|
Increase in cash
surrender value of bank owned life insurance
|
398
|
|
276
|
|
278
|
Other
|
|
1,668
|
|
1,162
|
|
2,006
|
Total noninterest
income
|
|
7,968
|
|
10,190
|
|
13,295
|
Noninterest
expense:
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
14,174
|
|
15,873
|
|
14,677
|
Occupancy and
equipment
|
|
1,422
|
|
1,500
|
|
1,716
|
Data
processing
|
|
1,332
|
|
874
|
|
837
|
Legal, issuer, and
regulatory filing
|
|
804
|
|
598
|
|
372
|
Advertising and
marketing
|
|
302
|
|
412
|
|
442
|
Communications
|
|
932
|
|
1,030
|
|
760
|
Audit and accounting
fees
|
|
308
|
|
379
|
|
195
|
FDIC
insurance
|
|
460
|
|
106
|
|
487
|
Intangible
amortization
|
|
377
|
|
386
|
|
451
|
Other contractual
services
|
|
703
|
|
509
|
|
633
|
Other taxes and
assessments
|
|
711
|
|
671
|
|
546
|
OCC
remediation
|
|
4,025
|
|
510
|
|
—
|
Merger-related
|
|
—
|
|
—
|
|
1,441
|
Other
|
|
3,658
|
|
2,478
|
|
2,787
|
Total noninterest
expense
|
|
29,208
|
|
25,326
|
|
25,344
|
Income from
continuing operations before income tax
|
|
3,537
|
|
1,460
|
|
9,075
|
Income tax
expense
|
|
801
|
|
342
|
|
2,214
|
Net income from
continuing operations
|
|
2,736
|
|
1,118
|
|
6,861
|
Discontinued
operations:
|
|
|
|
|
|
|
Loss from discontinued
operations before income taxes
|
|
—
|
|
—
|
|
(70)
|
Income tax
benefit
|
|
—
|
|
—
|
|
(15)
|
Net loss from
discontinued operations
|
|
—
|
|
—
|
|
(55)
|
Net
income
|
|
$
2,736
|
|
$
1,118
|
|
$
6,806
|
Net loss from
discontinued operations attributable to noncontrolling
interest
|
|
—
|
|
—
|
|
4
|
Net income
attributable to Blue Ridge Bankshares, Inc.
|
|
$
2,736
|
|
$
1,118
|
|
$
6,810
|
Net income available
to common stockholders
|
|
$
2,736
|
|
$
1,118
|
|
$
6,810
|
Basic EPS from
continuing operations
|
|
$
0.15
|
|
$
0.06
|
|
$
0.37
|
Diluted EPS from
continuing operations
|
|
$
0.15
|
|
$
0.06
|
|
$
0.36
|
Blue Ridge
Bankshares, Inc.
|
|
|
|
|
|
Consolidated
Statements of Income (unaudited)
|
|
|
|
|
|
|
|
For the Nine Months
Ended
|
(Dollars in
thousands except per share data)
|
|
September 30,
2022
|
|
September 30,
2021
|
|
Interest
income:
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
77,892
|
|
$
76,248
|
|
Interest on taxable
securities
|
|
6,236
|
|
3,580
|
|
Interest on nontaxable
securities
|
|
245
|
|
177
|
|
Interest on deposit
accounts and federal funds sold
|
|
818
|
|
137
|
|
Total interest
income
|
|
85,191
|
|
80,142
|
|
Interest
expense:
|
|
|
|
|
|
Interest on
deposits
|
|
6,129
|
|
4,844
|
|
Interest on
subordinated notes
|
|
1,668
|
|
2,142
|
|
Interest on FHLB and
FRB borrowings
|
|
959
|
|
1,553
|
|
Total interest
expense
|
|
8,756
|
|
8,539
|
|
Net interest
income
|
|
76,435
|
|
71,603
|
|
Provision for loan
losses
|
|
13,894
|
|
—
|
|
Net interest income
after provision for loan losses
|
|
62,541
|
|
71,603
|
|
Noninterest
income:
|
|
|
|
|
|
Fair value adjustments
of other equity investments
|
|
9,228
|
|
—
|
|
Mortgage servicing
rights
|
|
8,909
|
|
6,905
|
|
Residential mortgage
banking income, net
|
|
9,777
|
|
24,259
|
|
Gain on sale of
government guaranteed loans
|
|
4,530
|
|
1,325
|
|
Bank and purchase card,
net
|
|
1,374
|
|
1,096
|
|
Wealth and trust
management
|
|
1,318
|
|
1,934
|
|
Service charges on
deposit accounts
|
|
996
|
|
1,073
|
|
Increase in cash
surrender value of bank owned life insurance
|
|
946
|
|
679
|
|
Gain on sale of PPP
loans
|
|
—
|
|
24,315
|
|
Other
|
|
5,174
|
|
3,460
|
|
Total noninterest
income
|
|
42,252
|
|
65,046
|
|
Noninterest
expense:
|
|
|
|
|
|
Salaries and employee
benefits
|
|
44,143
|
|
46,119
|
|
Occupancy and
equipment
|
|
4,407
|
|
4,893
|
|
Data
processing
|
|
3,152
|
|
3,126
|
|
Legal, issuer, and
regulatory filing
|
|
1,704
|
|
1,437
|
|
Advertising and
marketing
|
|
1,142
|
|
959
|
|
Communications
|
|
2,761
|
|
1,799
|
|
Audit and accounting
fees
|
|
828
|
|
675
|
|
FDIC
insurance
|
|
797
|
|
839
|
|
Intangible
amortization
|
|
1,160
|
|
1,259
|
|
Other contractual
services
|
|
1,803
|
|
2,152
|
|
Other taxes and
assessments
|
|
1,952
|
|
1,969
|
|
OCC
remediation
|
|
4,558
|
|
—
|
|
Merger-related
|
|
50
|
|
11,697
|
|
Other
|
|
8,767
|
|
8,921
|
|
Total noninterest
expense
|
|
77,224
|
|
85,845
|
|
Income from
continuing operations before income tax
|
|
27,569
|
|
50,804
|
|
Income tax
expense
|
|
6,296
|
|
11,007
|
|
Net income from
continuing operations
|
|
21,273
|
|
39,797
|
|
Discontinued
operations:
|
|
|
|
|
|
Income (loss) from
discontinued operations before income taxes (including
gain on disposal of $471 thousand for the nine months ended
September 30,
2022)
|
|
426
|
|
(142)
|
|
Income tax expense
(benefit)
|
|
89
|
|
(30)
|
|
Net income (loss)
from discontinued operations
|
|
337
|
|
(112)
|
|
Net
income
|
|
$
21,610
|
|
$
39,685
|
|
Net income from
discontinued operations attributable to noncontrolling
interest
|
|
(1)
|
|
(1)
|
|
Net income
attributable to Blue Ridge Bankshares, Inc.
|
|
$
21,609
|
|
$
39,684
|
|
Net income available
to common stockholders
|
|
$
21,609
|
|
$
39,684
|
|
Basic and diluted
EPS from continuing operations
|
|
$
1.13
|
|
$
2.27
|
|
Blue Ridge
Bankshares, Inc.
|
|
|
|
|
Consolidated Balance
Sheets
|
|
|
|
|
(Dollars in
thousands except share data)
|
|
(unaudited)
September 30,
2022
|
|
December 31,
2021 (1)
|
Assets
|
|
|
|
|
Cash and due from
banks
|
|
$
98,305
|
|
$
130,548
|
Federal funds
sold
|
|
10,581
|
|
43,903
|
Securities available
for sale, at fair value
|
|
359,516
|
|
373,532
|
Restricted equity
investments
|
|
13,639
|
|
8,334
|
Other equity
investments
|
|
23,570
|
|
14,184
|
Other
investments
|
|
17,468
|
|
12,681
|
Loans held for
sale
|
|
25,800
|
|
121,943
|
Paycheck Protection
Program loans, net of deferred fees and costs
|
|
13,148
|
|
30,406
|
Loans held for
investment, net of deferred fees and costs
|
|
2,158,342
|
|
1,777,172
|
Less allowance for loan
losses
|
|
(20,534)
|
|
(12,121)
|
Loans held for
investment, net
|
|
2,137,808
|
|
1,765,051
|
Accrued interest
receivable
|
|
9,577
|
|
9,573
|
Other real estate
owned
|
|
195
|
|
157
|
Premises and equipment,
net
|
|
23,838
|
|
26,624
|
Right-of-use
asset
|
|
6,323
|
|
6,317
|
Bank owned life
insurance
|
|
47,095
|
|
46,545
|
Goodwill
|
|
26,826
|
|
26,826
|
Other intangible
assets
|
|
7,016
|
|
7,594
|
Mortgage derivative
asset
|
|
1,045
|
|
1,876
|
Mortgage servicing
rights, net
|
|
29,861
|
|
16,469
|
Mortgage brokerage
receivable
|
|
—
|
|
4,064
|
Other assets
|
|
29,840
|
|
17,211
|
Assets of discontinued
operations
|
|
—
|
|
1,301
|
Total assets
|
|
$
2,881,451
|
|
$
2,665,139
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Deposits:
|
|
|
|
|
Noninterest-bearing
demand
|
|
$
787,514
|
|
$
685,801
|
Interest-bearing demand
and money market deposits
|
|
1,097,585
|
|
962,092
|
Savings
|
|
152,225
|
|
150,376
|
Time
deposits
|
|
372,162
|
|
499,502
|
Total
deposits
|
|
2,409,486
|
|
2,297,771
|
FHLB
borrowings
|
|
150,100
|
|
10,111
|
FRB
borrowings
|
|
55
|
|
17,901
|
Subordinated notes,
net
|
|
39,937
|
|
39,986
|
Lease
liability
|
|
7,344
|
|
7,651
|
Other
liabilities
|
|
24,027
|
|
14,543
|
Liabilities of
discontinued operations
|
|
—
|
|
37
|
Total
liabilities
|
|
2,630,949
|
|
2,388,000
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
Common stock, no par
value; 50,000,000 and 25,000,000 shares
authorized at September 30, 2022 and December 31, 2021,
respectively; 18,946,268 and 18,774,082 shares issued and
outstanding at September 30, 2022 and December 31, 2021,
respectively
|
|
195,351
|
|
194,309
|
Additional paid-in
capital
|
|
252
|
|
252
|
Retained
earnings
|
|
104,279
|
|
85,982
|
Accumulated other
comprehensive loss
|
|
(49,380)
|
|
(3,632)
|
Total Blue Ridge
Bankshares, Inc. stockholders' equity
|
|
250,502
|
|
276,911
|
Noncontrolling interest
of discontinued operations
|
|
—
|
|
228
|
Total stockholders'
equity
|
|
250,502
|
|
277,139
|
Total liabilities and
stockholders' equity
|
|
$
2,881,451
|
|
$
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)
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
Income Statement
Data:
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
Interest
income
|
|
$
33,146
|
|
$
26,243
|
|
$
25,802
|
|
$
23,404
|
|
$
23,754
|
Interest
expense
|
|
4,469
|
|
2,153
|
|
2,134
|
|
2,526
|
|
2,630
|
Net interest
income
|
|
28,677
|
|
24,090
|
|
23,668
|
|
20,878
|
|
21,124
|
Provision for loan
losses
|
|
3,900
|
|
7,494
|
|
2,500
|
|
117
|
|
—
|
Net interest income
after provision for loan losses
|
|
24,777
|
|
16,596
|
|
21,168
|
|
20,761
|
|
21,124
|
Noninterest
income
|
|
7,968
|
|
10,190
|
|
24,094
|
|
21,942
|
|
13,295
|
Noninterest
expenses
|
|
29,208
|
|
25,326
|
|
22,689
|
|
25,143
|
|
25,344
|
Income before income
taxes
|
|
3,537
|
|
1,460
|
|
22,573
|
|
17,560
|
|
9,075
|
Income tax
expense
|
|
801
|
|
342
|
|
5,153
|
|
4,733
|
|
2,214
|
Net income from
continuing operations
|
|
2,736
|
|
1,118
|
|
17,420
|
|
12,827
|
|
6,861
|
Net income (loss) from
discontinued operations
|
|
—
|
|
—
|
|
337
|
|
(32)
|
|
(55)
|
Net income
|
|
2,736
|
|
1,118
|
|
17,757
|
|
12,795
|
|
6,806
|
Net (income) loss from
discontinued operations attributable to
noncontrolling interest
|
|
—
|
|
—
|
|
(1)
|
|
(2)
|
|
4
|
Net income attributable
to Blue Ridge Bankshares, Inc.
|
|
$
2,736
|
|
$
1,118
|
|
$
17,756
|
|
$
12,793
|
|
$
6,810
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
|
|
|
Basic EPS from
continuing operations
|
|
$
0.15
|
|
$
0.06
|
|
$
0.93
|
|
$
0.68
|
|
$
0.37
|
Basic EPS from
discontinued operations
|
|
—
|
|
—
|
|
0.02
|
|
—
|
|
—
|
Basic EPS attributable
to Blue Ridge Bankshares, Inc.
|
|
$
0.15
|
|
$
0.06
|
|
$
0.95
|
|
$
0.68
|
|
$
0.37
|
Diluted EPS from
continuing operations
|
|
$
0.15
|
|
$
0.06
|
|
$
0.93
|
|
$
0.68
|
|
$
0.36
|
Diluted EPS from
discontinued operations
|
|
—
|
|
—
|
|
0.02
|
|
—
|
|
—
|
Diluted EPS
attributable to Blue Ridge Bankshares, Inc.
|
|
$
0.15
|
|
$
0.06
|
|
$
0.95
|
|
$
0.68
|
|
$
0.36
|
Dividends declared -
post-stock split basis
|
|
$
0.1255
|
|
$
0.1255
|
|
$
0.1225
|
|
$
—
|
|
$
0.2400
|
Book value per common
share
|
|
13.22
|
|
13.95
|
|
14.84
|
|
14.76
|
|
14.48
|
Tangible book value per
common share - Non-GAAP
|
|
11.51
|
|
12.21
|
|
13.09
|
|
13.01
|
|
12.69
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
2,881,451
|
|
$
2,799,643
|
|
$
2,724,584
|
|
$
2,665,139
|
|
$
2,699,302
|
Loans held for
investment (including PPP loans)
|
|
2,171,490
|
|
2,064,037
|
|
1,866,197
|
|
1,807,578
|
|
1,771,531
|
Loans held for
investment (excluding PPP loans)
|
|
2,158,342
|
|
2,048,383
|
|
1,843,344
|
|
1,777,172
|
|
1,724,883
|
Allowance for loan
losses
|
|
20,534
|
|
17,242
|
|
12,013
|
|
12,121
|
|
12,614
|
Purchase accounting
adjustments (discounts) on acquired loans
|
|
10,373
|
|
12,192
|
|
13,514
|
|
16,203
|
|
16,985
|
Loans held for
sale
|
|
25,800
|
|
32,759
|
|
41,004
|
|
121,943
|
|
171,681
|
Securities available
for sale, at fair value
|
|
359,516
|
|
381,536
|
|
375,484
|
|
373,532
|
|
379,441
|
Deposits
|
|
2,409,486
|
|
2,335,707
|
|
2,354,081
|
|
2,297,771
|
|
2,200,204
|
Subordinated notes,
net
|
|
39,937
|
|
39,953
|
|
39,970
|
|
39,986
|
|
40,503
|
FHLB and FRB
advances
|
|
150,155
|
|
135,060
|
|
25,319
|
|
28,012
|
|
158,972
|
Total stockholders'
equity
|
|
250,502
|
|
261,660
|
|
278,482
|
|
277,139
|
|
269,720
|
Weighted average common
shares outstanding - basic
|
|
18,849
|
|
18,767
|
|
18,772
|
|
18,774
|
|
18,776
|
Weighted average common
shares outstanding - diluted
|
|
18,860
|
|
18,778
|
|
18,789
|
|
18,795
|
|
18,799
|
Financial
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1)
|
|
0.38 %
|
|
0.17 %
|
|
2.68 %
|
|
1.90 %
|
|
0.95 %
|
Operating return on
average assets (1) - Non-GAAP
|
|
0.81 %
|
|
0.23 %
|
|
2.68 %
|
|
1.92 %
|
|
1.16 %
|
Return on average
equity (1)
|
|
4.10 %
|
|
1.57 %
|
|
25.84 %
|
|
18.90 %
|
|
11.58 %
|
Operating return on
average equity (1) - Non-GAAP
|
|
8.86 %
|
|
2.14 %
|
|
25.92 %
|
|
19.10 %
|
|
11.87 %
|
Total loan to deposit
ratio
|
|
91.2 %
|
|
89.8 %
|
|
81.0 %
|
|
84.1 %
|
|
88.3 %
|
Held for investment
loan to deposit ratio
|
|
90.1 %
|
|
88.4 %
|
|
79.3 %
|
|
78.7 %
|
|
80.5 %
|
Net interest margin
(1)
|
|
4.27 %
|
|
3.89 %
|
|
3.88 %
|
|
3.39 %
|
|
3.32 %
|
Cost of deposits
(1)
|
|
0.50 %
|
|
0.26 %
|
|
0.27 %
|
|
0.29 %
|
|
0.29 %
|
Cost of funds
(1)
|
|
0.69 %
|
|
0.36 %
|
|
0.36 %
|
|
0.42 %
|
|
0.43 %
|
Efficiency
ratio
|
|
79.7 %
|
|
73.9 %
|
|
47.5 %
|
|
59.1 %
|
|
74.0 %
|
Operating efficiency
ratio - Non-GAAP
|
|
68.7 %
|
|
72.4 %
|
|
47.4 %
|
|
58.7 %
|
|
69.8 %
|
OCC remediation
expenses
|
|
4,025
|
|
510
|
|
23
|
|
—
|
|
—
|
Merger-related expenses
(MRE)
|
|
—
|
|
—
|
|
50
|
|
171
|
|
1,441
|
Capital and Asset
Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity to average assets
|
|
9.2 %
|
|
10.8 %
|
|
10.4 %
|
|
10.1 %
|
|
9.7 %
|
Allowance for loan
losses to loans held for investment, excluding PPP
loans
|
|
0.95 %
|
|
0.84 %
|
|
0.65 %
|
|
0.68 %
|
|
0.73 %
|
Nonperforming loans to
total assets
|
|
0.35 %
|
|
0.44 %
|
|
0.53 %
|
|
0.60 %
|
|
0.56 %
|
Nonperforming assets to
total assets
|
|
0.36 %
|
|
0.44 %
|
|
0.53 %
|
|
0.61 %
|
|
0.57 %
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Financial Measures (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity:
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
$
250,502
|
|
$
261,660
|
|
$
278,482
|
|
$
277,139
|
|
$
269,720
|
Less: Goodwill and
other intangibles, net of deferred tax liability (2)
|
|
(32,369)
|
|
(32,632)
|
|
(32,716)
|
|
(32,942)
|
|
(33,224)
|
Tangible common equity
(Non-GAAP)
|
|
$
218,133
|
|
$
229,028
|
|
$
245,766
|
|
$
244,197
|
|
$
236,496
|
Total shares
outstanding
|
|
18,946
|
|
18,762
|
|
18,771
|
|
18,774
|
|
18,776
|
Book value per
share
|
|
$
13.22
|
|
$
13.95
|
|
$
14.84
|
|
$
14.76
|
|
$
14.48
|
Tangible book value per
share (Non-GAAP)
|
|
11.51
|
|
12.21
|
|
13.09
|
|
13.01
|
|
12.69
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
stockholders' equity to tangible total assets
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
2,881,451
|
|
$
2,799,643
|
|
$
2,724,584
|
|
$
2,665,139
|
|
$
2,699,302
|
Less: Goodwill and
other intangibles, net of deferred tax liability (2)
|
|
(32,369)
|
|
(32,632)
|
|
(32,716)
|
|
(32,942)
|
|
(33,224)
|
Tangible total assets
(Non-GAAP)
|
|
$
2,849,082
|
|
$
2,767,011
|
|
$
2,691,868
|
|
$
2,632,197
|
|
$
2,666,078
|
Tangible common equity
(Non-GAAP)
|
|
$
218,133
|
|
$
229,028
|
|
$
245,766
|
|
$
244,197
|
|
$
236,496
|
Tangible stockholders'
equity to tangible total assets (Non-GAAP)
|
|
7.7 %
|
|
8.3 %
|
|
9.1 %
|
|
9.3 %
|
|
8.9 %
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average assets (annualized)
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
2,736
|
|
$
1,118
|
|
$
17,755
|
|
$
12,795
|
|
$
6,806
|
Add: MRE, after-tax
basis (ATB) (3)
|
|
—
|
|
—
|
|
40
|
|
135
|
|
1,138
|
Add: OCC remediation
expenses, ATB (3)
|
|
3,180
|
|
403
|
|
18
|
|
—
|
|
—
|
Operating net income
(Non-GAAP)
|
|
$
5,916
|
|
$
1,521
|
|
$
17,813
|
|
$
12,930
|
|
$
7,944
|
Average
assets
|
|
$
2,903,447
|
|
$
2,646,874
|
|
$
2,653,987
|
|
$
2,687,204
|
|
$
2,749,909
|
Operating return on
average assets (annualized) (Non-GAAP)
|
|
0.81 %
|
|
0.23 %
|
|
2.68 %
|
|
1.92 %
|
|
1.16 %
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average equity (annualized)
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
2,736
|
|
$
1,118
|
|
$
17,755
|
|
$
12,795
|
|
$
6,806
|
Add: MRE, ATB
(3)
|
|
—
|
|
—
|
|
40
|
|
135
|
|
1,138
|
Add: OCC remediation
expenses, ATB (3)
|
|
3,180
|
|
403
|
|
18
|
|
—
|
|
—
|
Operating net income
(Non-GAAP)
|
|
$
5,916
|
|
$
1,521
|
|
$
17,813
|
|
$
12,930
|
|
$
7,944
|
Average stockholders'
equity
|
|
$
267,057
|
|
$
284,913
|
|
$
274,887
|
|
$
270,730
|
|
$
267,670
|
Operating return on
average equity (annualized) (Non-GAAP)
|
|
8.86 %
|
|
2.14 %
|
|
25.92 %
|
|
19.10 %
|
|
11.87 %
|
|
|
|
|
|
|
|
|
|
|
|
Operating efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
29,208
|
|
$
25,326
|
|
$
22,691
|
|
$
25,445
|
|
$
25,637
|
Less: MRE
|
|
—
|
|
—
|
|
50
|
|
171
|
|
1,441
|
Less: OCC remediation
expenses
|
|
4,025
|
|
510
|
|
23
|
|
—
|
|
—
|
Noninterest expense,
adjusted (Non-GAAP)
|
|
$
25,183
|
|
$
24,816
|
|
$
22,618
|
|
$
25,274
|
|
$
24,196
|
Net interest
income
|
|
28,677
|
|
24,090
|
|
23,668
|
|
20,878
|
|
21,124
|
Noninterest
income
|
|
7,968
|
|
10,190
|
|
24,094
|
|
22,203
|
|
13,518
|
Total of net interest
income and noninterest income
|
|
$
36,645
|
|
$
34,280
|
|
$
47,762
|
|
$
43,081
|
|
$
34,642
|
Operating efficiency
ratio (Non-GAAP)
|
|
68.7 %
|
|
72.4 %
|
|
47.4 %
|
|
58.7 %
|
|
69.8 %
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Annualized.
|
|
|
|
|
|
|
|
|
|
|
(2) Excludes mortgage
servicing rights.
|
|
|
|
|
|
|
|
|
|
|
(3) Assumes an income
tax rate of 21% and full deductibility.
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Blue Ridge Bankshares, Inc.