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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-39165
BLUE RIDGE BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
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Virginia |
54-1838100 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
1807 Seminole Trail Charlottesville, Virginia |
22901 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (540) 743-6521
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, no par value |
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BRBS |
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NYSE American |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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☐ |
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Accelerated filer |
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☒ |
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Non-accelerated filer |
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☐ |
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Smaller reporting company |
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☐ |
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Emerging growth company |
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☒ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 3, 2023, the registrant had 19,192,471 shares of common stock, no par value per share, outstanding.
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Blue Ridge Bankshares, Inc.
Consolidated Balance Sheets
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(unaudited) |
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(Dollars in thousands except share data) |
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September 30, 2023 |
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December 31, 2022 (1) |
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ASSETS |
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Cash and due from banks |
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$ |
238,573 |
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$ |
77,274 |
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Federal funds sold |
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2,584 |
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1,426 |
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Securities available for sale, at fair value |
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313,930 |
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354,341 |
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Restricted equity investments |
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16,006 |
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21,257 |
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Other equity investments |
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22,061 |
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23,776 |
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Other investments |
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28,453 |
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24,672 |
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Loans held for sale |
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69,640 |
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69,534 |
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Paycheck Protection Program loans, net of deferred fees and costs |
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6,414 |
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11,967 |
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Loans held for investment, net of deferred fees and costs |
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2,439,956 |
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2,399,092 |
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Less: allowance for credit losses |
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(49,631 |
) |
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(30,740 |
) |
Loans held for investment, net |
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2,390,325 |
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2,368,352 |
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Accrued interest receivable |
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16,387 |
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11,569 |
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Other real estate owned |
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— |
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195 |
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Premises and equipment, net |
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22,506 |
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23,152 |
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Right-of-use assets |
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9,100 |
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6,903 |
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Bank owned life insurance |
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48,136 |
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47,245 |
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Goodwill |
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— |
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26,826 |
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Other intangible assets |
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5,520 |
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6,583 |
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Mortgage servicing rights, net |
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29,139 |
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28,991 |
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Deferred tax asset, net |
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13,237 |
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12,227 |
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Other assets |
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30,702 |
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14,175 |
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Total assets |
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$ |
3,262,713 |
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$ |
3,130,465 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Deposits: |
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Noninterest-bearing demand |
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$ |
572,969 |
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$ |
640,101 |
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Interest-bearing demand and money market deposits |
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1,350,601 |
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1,318,799 |
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Savings |
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124,321 |
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151,646 |
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Time deposits |
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728,260 |
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391,961 |
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Total deposits |
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2,776,151 |
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2,502,507 |
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FHLB borrowings |
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150,000 |
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311,700 |
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FRB borrowings |
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65,000 |
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51 |
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Subordinated notes, net |
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39,871 |
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39,920 |
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Lease liabilities |
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10,015 |
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7,860 |
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Other liabilities |
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38,839 |
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19,634 |
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Total liabilities |
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3,079,876 |
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2,881,672 |
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Commitments and contingencies (Note 12) |
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Stockholders’ Equity: |
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Common stock, no par value; 50,000,000 shares authorized at September 30, 2023 and December 31, 2022; 19,192,471 and 18,950,329 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
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197,445 |
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195,960 |
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Additional paid-in capital |
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252 |
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252 |
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Retained earnings |
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38,916 |
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97,682 |
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Accumulated other comprehensive loss, net of tax |
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(53,776 |
) |
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(45,101 |
) |
Total stockholders’ equity |
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182,837 |
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248,793 |
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Total liabilities and stockholders’ equity |
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$ |
3,262,713 |
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$ |
3,130,465 |
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(1)Derived from audited December 31, 2022 Consolidated Financial Statements.
See accompanying notes to unaudited consolidated financial statements.
3
Blue Ridge Bankshares, Inc.
Consolidated Statements of Operations
(unaudited)
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For the three months ended |
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For the nine months ended |
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(Dollars in thousands, except per share data) |
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September 30, 2023 |
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September 30, 2022 |
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September 30, 2023 |
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September 30, 2022 |
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INTEREST INCOME |
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Interest and fees on loans |
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$ |
38,551 |
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$ |
30,206 |
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$ |
114,009 |
|
|
$ |
77,892 |
|
Interest on securities, deposit accounts, and federal funds sold |
|
|
3,934 |
|
|
|
2,940 |
|
|
|
11,826 |
|
|
|
7,299 |
|
Total interest income |
|
|
42,485 |
|
|
|
33,146 |
|
|
|
125,835 |
|
|
|
85,191 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
16,115 |
|
|
|
3,032 |
|
|
|
42,070 |
|
|
|
6,129 |
|
Interest on subordinated notes |
|
|
566 |
|
|
|
570 |
|
|
|
1,666 |
|
|
|
1,668 |
|
Interest on FHLB and FRB borrowings |
|
|
3,612 |
|
|
|
867 |
|
|
|
10,821 |
|
|
|
959 |
|
Total interest expense |
|
|
20,293 |
|
|
|
4,469 |
|
|
|
54,557 |
|
|
|
8,756 |
|
Net interest income |
|
|
22,192 |
|
|
|
28,677 |
|
|
|
71,278 |
|
|
|
76,435 |
|
Provision for credit losses - loans |
|
|
11,600 |
|
|
|
3,900 |
|
|
|
21,103 |
|
|
|
13,894 |
|
Provision (benefit) for credit losses - unfunded commitments |
|
|
(550 |
) |
|
|
— |
|
|
|
(1,550 |
) |
|
|
— |
|
Total provision for credit losses |
|
|
11,050 |
|
|
|
3,900 |
|
|
|
19,553 |
|
|
|
13,894 |
|
Net interest income after provision for credit losses |
|
|
11,142 |
|
|
|
24,777 |
|
|
|
51,725 |
|
|
|
62,541 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustments of other equity investments |
|
|
55 |
|
|
|
(50 |
) |
|
|
(277 |
) |
|
|
9,228 |
|
Residential mortgage banking income, including MSRs |
|
|
3,811 |
|
|
|
3,167 |
|
|
|
9,409 |
|
|
|
18,686 |
|
Gain on sale of guaranteed government loans |
|
|
6 |
|
|
|
1,565 |
|
|
|
4,799 |
|
|
|
4,530 |
|
Wealth and trust management |
|
|
462 |
|
|
|
513 |
|
|
|
1,356 |
|
|
|
1,318 |
|
Service charges on deposit accounts |
|
|
365 |
|
|
|
354 |
|
|
|
1,057 |
|
|
|
996 |
|
Increase in cash surrender value of bank owned life insurance |
|
|
311 |
|
|
|
398 |
|
|
|
885 |
|
|
|
946 |
|
Bank and purchase card, net |
|
|
357 |
|
|
|
353 |
|
|
|
1,257 |
|
|
|
1,374 |
|
Loss on sale of securities available for sale |
|
|
(649 |
) |
|
|
— |
|
|
|
(649 |
) |
|
|
— |
|
Other |
|
|
2,697 |
|
|
|
1,668 |
|
|
|
6,597 |
|
|
|
5,174 |
|
Total noninterest income |
|
|
7,415 |
|
|
|
7,968 |
|
|
|
24,434 |
|
|
|
42,252 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
14,640 |
|
|
|
14,174 |
|
|
|
44,447 |
|
|
|
44,143 |
|
Occupancy and equipment |
|
|
1,475 |
|
|
|
1,422 |
|
|
|
4,957 |
|
|
|
4,407 |
|
Data processing |
|
|
1,710 |
|
|
|
1,332 |
|
|
|
4,187 |
|
|
|
3,152 |
|
Legal, issuer, and regulatory filing |
|
|
912 |
|
|
|
804 |
|
|
|
4,899 |
|
|
|
1,704 |
|
Advertising and marketing |
|
|
350 |
|
|
|
302 |
|
|
|
973 |
|
|
|
1,142 |
|
Communications |
|
|
1,181 |
|
|
|
932 |
|
|
|
3,483 |
|
|
|
2,761 |
|
Audit and accounting fees |
|
|
791 |
|
|
|
308 |
|
|
|
1,440 |
|
|
|
828 |
|
FDIC insurance |
|
|
1,322 |
|
|
|
460 |
|
|
|
3,297 |
|
|
|
797 |
|
Intangible amortization |
|
|
308 |
|
|
|
377 |
|
|
|
998 |
|
|
|
1,160 |
|
Other contractual services |
|
|
1,492 |
|
|
|
703 |
|
|
|
5,649 |
|
|
|
1,803 |
|
Other taxes and assessments |
|
|
802 |
|
|
|
711 |
|
|
|
2,407 |
|
|
|
1,952 |
|
Regulatory remediation |
|
|
3,782 |
|
|
|
4,025 |
|
|
|
7,304 |
|
|
|
4,558 |
|
Merger-related |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
Goodwill impairment |
|
|
26,826 |
|
|
|
— |
|
|
|
26,826 |
|
|
|
— |
|
ESOP litigation |
|
|
6,000 |
|
|
|
— |
|
|
|
6,000 |
|
|
|
— |
|
Other |
|
|
3,030 |
|
|
|
3,658 |
|
|
|
10,653 |
|
|
|
8,767 |
|
Total noninterest expense |
|
|
64,621 |
|
|
|
29,208 |
|
|
|
127,520 |
|
|
|
77,224 |
|
(Loss) income from continuing operations before income tax expense |
|
|
(46,064 |
) |
|
|
3,537 |
|
|
|
(51,361 |
) |
|
|
27,569 |
|
Income tax (benefit) expense |
|
|
(4,693 |
) |
|
|
801 |
|
|
|
(5,347 |
) |
|
|
6,296 |
|
Net (loss) income from continuing operations |
|
$ |
(41,371 |
) |
|
$ |
2,736 |
|
|
$ |
(46,014 |
) |
|
$ |
21,273 |
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations before income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
426 |
|
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
89 |
|
Net income from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
337 |
|
Net (loss) income |
|
$ |
(41,371 |
) |
|
$ |
2,736 |
|
|
$ |
(46,014 |
) |
|
$ |
21,610 |
|
Net income from discontinued operations attributable to noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Net (loss) income attributable to Blue Ridge Bankshares, Inc. |
|
$ |
(41,371 |
) |
|
$ |
2,736 |
|
|
$ |
(46,014 |
) |
|
$ |
21,609 |
|
Net (loss) income available to common stockholders |
|
$ |
(41,371 |
) |
|
$ |
2,736 |
|
|
$ |
(46,014 |
) |
|
$ |
|