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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

☒

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

☐

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)

 

 

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:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, no par value

 

BRBS

 

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.

 

Large accelerated filer

☐

Accelerated filer

☒

 

 

 

 

Non-accelerated filer

☐

Smaller reporting company

☐

 

 

 

 

 

 

 

Emerging growth company

 

☒

 

 

 

 

 

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.

 

 

 

 

Blue Ridge Bankshares, Inc.

Table of Contents

 

Item

 

 

 

Page

 

 

 

 

 

PART I

 

FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements

 

3

 

 

 

 

 

 

Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022

 

3

 

 

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022 (unaudited)

 

4

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022 (unaudited)

 

5

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)

 

6

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited)

 

8

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

10

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

41

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

 

59

 

 

 

 

 

Item 4.

Controls and Procedures

 

59

 

 

 

 

 

PART II

OTHER INFORMATION

 

60

 

 

 

 

 

Item 1.

Legal Proceedings

 

60

 

 

 

 

 

Item 1A.

Risk Factors

 

60

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

 

64

 

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

64

 

 

 

 

 

Item 4.

Mine Safety Disclosures

 

64

 

 

 

 

 

Item 5.

Other Information

 

64

 

 

 

 

 

Item 6.

Exhibits

 

64

 

 

 

 

 

Signatures

 

 

66

 

2

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Blue Ridge Bankshares, Inc.

Consolidated Balance Sheets

 

 

(unaudited)

 

 

 

 

(Dollars in thousands except share data)

 

September 30, 2023

 

 

December 31, 2022 (1)

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

238,573

 

 

$

77,274

 

Federal funds sold

 

 

2,584

 

 

 

1,426

 

Securities available for sale, at fair value

 

 

313,930

 

 

 

354,341

 

Restricted equity investments

 

 

16,006

 

 

 

21,257

 

Other equity investments

 

 

22,061

 

 

 

23,776

 

Other investments

 

 

28,453

 

 

 

24,672

 

Loans held for sale

 

 

69,640

 

 

 

69,534

 

Paycheck Protection Program loans, net of deferred fees and costs

 

 

6,414

 

 

 

11,967

 

Loans held for investment, net of deferred fees and costs

 

 

2,439,956

 

 

 

2,399,092

 

Less: allowance for credit losses

 

 

(49,631

)

 

 

(30,740

)

Loans held for investment, net

 

 

2,390,325

 

 

 

2,368,352

 

Accrued interest receivable

 

 

16,387

 

 

 

11,569

 

Other real estate owned

 

 

—

 

 

 

195

 

Premises and equipment, net

 

 

22,506

 

 

 

23,152

 

Right-of-use assets

 

 

9,100

 

 

 

6,903

 

Bank owned life insurance

 

 

48,136

 

 

 

47,245

 

Goodwill

 

 

—

 

 

 

26,826

 

Other intangible assets

 

 

5,520

 

 

 

6,583

 

Mortgage servicing rights, net

 

 

29,139

 

 

 

28,991

 

Deferred tax asset, net

 

 

13,237

 

 

 

12,227

 

Other assets

 

 

30,702

 

 

 

14,175

 

Total assets

 

$

3,262,713

 

 

$

3,130,465

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand

 

$

572,969

 

 

$

640,101

 

Interest-bearing demand and money market deposits

 

 

1,350,601

 

 

 

1,318,799

 

Savings

 

 

124,321

 

 

 

151,646

 

Time deposits

 

 

728,260

 

 

 

391,961

 

Total deposits

 

 

2,776,151

 

 

 

2,502,507

 

FHLB borrowings

 

 

150,000

 

 

 

311,700

 

FRB borrowings

 

 

65,000

 

 

 

51

 

Subordinated notes, net

 

 

39,871

 

 

 

39,920

 

Lease liabilities

 

 

10,015

 

 

 

7,860

 

Other liabilities

 

 

38,839

 

 

 

19,634

 

Total liabilities

 

 

3,079,876

 

 

 

2,881,672

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

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

 

 

197,445

 

 

 

195,960

 

Additional paid-in capital

 

 

252

 

 

 

252

 

Retained earnings

 

 

38,916

 

 

 

97,682

 

Accumulated other comprehensive loss, net of tax

 

 

(53,776

)

 

 

(45,101

)

Total stockholders’ equity

 

 

182,837

 

 

 

248,793

 

Total liabilities and stockholders’ equity

 

$

3,262,713

 

 

$

3,130,465

 
(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)

 

 

For the three months ended

 

 

For the nine months ended

 

(Dollars in thousands, except per share data)

 

September 30, 2023

 

 

September 30, 2022

 

 

September 30, 2023

 

 

September 30, 2022

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

38,551

 

 

$

30,206

 

 

$

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

)

 

$