CHARLOTTESVILLE, Va., Feb. 2, 2023
/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 and full year ended December 31, 2022.
For the fourth quarter of 2022, the Company reported net income
from continuing operations of $6.3
million, or $0.33 earnings per
diluted common share, compared to $2.7
million, or $0.15 earnings per
diluted common share, for the third quarter of 2022, and
$12.8 million, or $0.68 earnings per diluted common share, for the
fourth quarter of 2021.
For the year ended December 31,
2022, the Company reported net income from continuing
operations of $27.6 million, or
$1.47 earnings per diluted common
share, compared to $52.6 million, or
$2.95 earnings per diluted common
share, for 2021.
"Our team had both a productive and challenging year," said
Brian K. Plum, President and Chief
Executive Officer of the Company. "We saw meaningful success and
growth in our commercial banking efforts, and at the same time we
appreciate the need to improve our fintech division operations,
practices, and procedures to conform to the formal written
agreement entered into with the Office of the Comptroller of the
Currency. We are committed to doing the things necessary to rise to
this challenge and lay the groundwork for future success."
"We announced in early January that Kirsten Muetzel has been named President of Blue
Ridge Bank's Fintech Division," Plum
continued. "Kirsten's background as a banking regulator, fintech
executive, and bank consultant is perfectly suited for her new
responsibilities overseeing our fintech division, managing a
portfolio of partners, strengthening regulatory compliance, and
working to advance our fintech strategy."
Plum added, "As we look ahead to 2023, we are preparing for a
macroeconomic environment with credit pressure and increasing
funding costs. We are emphasizing credit discipline and have
calibrated incentive plans to further reward noninterest deposit
growth. We continue driving efforts to increase noninterest
income to supplement net interest margin compression from the
industry's expected rising funding costs."
Key highlights for the fourth quarter:
- Update on formal written agreement; Regulatory remediation
costs decline
-
- As previously disclosed, Blue Ridge Bank entered into a formal
written agreement (the "Agreement") with the Office of the
Comptroller of the Currency ("OCC") on August 29, 2022. 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.
- Remediation costs related to regulatory matters were
$2.9 million for the fourth quarter
of 2022, compared to $4.0 million for
the third quarter of 2022, and $0 for
the fourth quarter of 2021.
- Balance sheet growth and net interest margin expansion drive
higher net interest income
-
- Net interest income was $34.0
million for the fourth quarter of 2022, an increase of
$5.3 million, or 18.4%, from the
third quarter of 2022, and $13.1
million, or 62.6%, from the fourth quarter of 2021.
-
- Purchase accounting adjustments ("PAA"), attributable primarily
to the Company's 2021 merger with Bay Banks of Virginia, Inc., added $2.9 million to net interest income for the
fourth quarter of 2022, compared to $1.1
million for the third quarter of 2022, and $1.5 million for the fourth quarter of
2021. The beneficial effect of PAA is likely to decline in
2023 from 2022 levels.
- Loans held for investment, excluding Paycheck Protection
Program ("PPP") loans, were $2.40
billion at December 31, 2022,
an increase of $240.8 million, or
11.2%, from September 30, 2022, and
$621.9 million, or 35.0%, from
December 31, 2021. Loan growth as
compared with the prior quarter and year-ago periods was mostly
driven equally between the Company's investment in its government
guaranteed, middle market, and specialized lending teams and its
traditional core banking markets.
- Deposits were $2.50 billion at
December 31, 2022, an increase of
$93.0 million, or 3.9%, from
September 30, 2022, and $204.7 million, or 8.9%, from December 31, 2021. Deposit growth on a linked
quarter basis was primarily driven by interest-bearing demand and
money market deposits, partially offset by lower
noninterest-bearing demand deposit balances. Deposit growth on
a year-over-year basis was driven almost entirely by
interest-bearing demand and money market deposits, partially offset
by lower time deposit and noninterest-bearing demand deposit
balances.
-
- Deposits related to fintech relationships were approximately
$690 million as of December 31, 2022, an increase of $161 million, or 30.0%, from September 30, 2022, and $501 million, or 265.1%, from December 31, 2021. Deposits related to
fintech relationships represented 27.6% of total deposits at
December 31, 2022, compared to 22.0%
at September 30, 2022, and 8.2% at
December 31, 2021. During the
2022 periods, there was a notable shift in the mix of fintech
deposits (to interest-bearing from noninterest-bearing), as certain
of the Company's fintech partners sought to optimize profitability
amidst a more challenging operating environment.
- Net interest margin was 4.83% for the fourth quarter of 2022,
compared to 4.27% for the third quarter of 2022, and 3.39% for the
fourth quarter of 2021. Net interest margin expansion during the
fourth quarter of 2022, relative to both prior periods, reflected
strong loan growth, higher loan and other interest-earning asset
yields, a positive shift in the mix of interest-earning assets, and
favorable PAA, partially offset by higher funding costs.
-
- PAA added 41 basis points, 17 basis points, and 24 basis points
to net interest margin for the fourth quarter of 2022, third
quarter of 2022, and fourth quarter of 2021,
respectively.
- Credit and capital stability provide stable foundation;
Value creation through strong growth in tangible book value per
share
-
- Nonperforming loans, which include nonaccrual loans and loans
90 days or more past due and accruing interest1, totaled
$18.6 million, representing 0.59% of
total assets, at December 31, 2022,
compared to $10.1 million,
representing 0.35% of total assets, at September 30, 2022, and $16.1 million, representing 0.60% of total assets
at December 31, 2021.
- The Company recorded a provision for loan losses of
$4.0 million for the fourth quarter
of 2022, compared to $3.9 million for
the third quarter of 2022, and $0.1
million for the fourth quarter of 2021. Provision for the
fourth quarter of 2022 was primarily attributable to loan growth
and specific reserves for impaired loans.
- The Company's allowance for loan losses represented
0.96%2 of gross loans held for investment
(excluding PPP loans) at December 31,
2022, compared to 0.95%2 at September 30, 2022, and 0.68%2 at
December 31, 2021. The increase in
this ratio from December 31, 2021 to
December 31, 2022, was primarily
attributable to additional allowance for loan growth during 2022
and greater qualitative factor adjustments, mainly due to less
favorable economic conditions. Remaining acquired loan discounts
related to loans acquired in the Company's completed mergers were
$7.9 million as of December 31, 2022, $10.4
million as of September 30,
2022, and $16.2 million as of
December 31, 2021.
- The ratio of tangible stockholders' equity to tangible total
assets was 7.3%3 at December
31, 2022, compared to 7.7%3 at September 30, 2022, and 9.3%3 at
December 31, 2021. Tangible book
value per common share was $12.003 at December 31, 2022, compared to $11.513 at September 30, 2022, and $13.013 at December 31, 2021. The after-tax effect of the
unrealized loss in the Company's available for sale investment
portfolio was $45.1 million at
December 31, 2022, compared to
$49.4 million at September 30, 2022, and $3.6 million at December
31, 2021. The effect of the after-tax unrealized loss on
tangible book value per common share was $2.38, $2.60, and
$0.19, as of each of these respective
period ends.
- Lower expenses reflect decline in regulatory remediation and
personnel costs
-
- Noninterest expense was $27.6
million for the fourth quarter of 2022, a decline of
$1.7 million, or 5.7%, from the third
quarter of 2022, and an increase of $2.4
million, or 9.6%, from the fourth quarter of 2021.
- The decline relative to the prior quarter primarily reflects
lower remediation costs related to the Agreement and lower salaries
and employee benefit costs, primarily due to downward adjustments
of incentive expense. The increase relative to the fourth quarter
of the prior year primarily reflects higher regulatory remediation
costs and legal, issuer, and regulatory filing costs, partially
offset by lower salaries and employee benefit costs, primarily due
to lower headcount in the Company's mortgage division.
- Cyclical challenges continue to pressure fee-based
revenues
-
- Noninterest income was $5.8
million for the fourth quarter of 2022, a decline of
$2.1 million from the third quarter
of 2022, and $16.1 million from the
fourth quarter of 2021.
- The decline in noninterest income on a linked quarter basis
primarily reflects negative fair value adjustments to mortgage
servicing rights, and lower gain on sale of government-guaranteed
loans, due to the timing of sales of these loans. The decline
relative to the fourth quarter of the prior year also reflects
lower mortgage-related income, lower fair value adjustments of
other equity investments, and a gain on the termination of interest
rate swaps that occurred during the fourth quarter of
2021.
- Mortgage sale volumes were $52.4
million and $83.0 million for
the fourth and third quarters of 2022, respectively, compared to
$234.5 million for the fourth quarter
of 2021.
Income Statement
Net Interest Income
Net interest income was $34.0
million for the fourth quarter of 2022, compared to
$28.7 million for the third quarter
of 2022 and $20.9 million for the
fourth quarter of 2021. Accretion of PAA related to acquired loans
included in interest income was $2.6
million, $0.8 million, and
$0.8 million for the same respective
periods. Amortization of PAA on assumed time deposits and
borrowings, which reduced interest expense, was $0.3 million, $0.4
million, and $0.7 million for
the same respective periods.
Interest income for the fourth quarter of 2022 increased
$9.1 million from the third quarter
of 2022, while interest expense increased $3.9 million in the same comparative period.
Interest income in the fourth 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 (primarily
from fintech relationships) and higher average balances and cost on
Federal Home Loan Bank of Atlanta
advances.
Average balances of interest-earning assets increased
$126.5 million in the fourth quarter
of 2022 from the third quarter of 2022, primarily due to higher
average balances of loans held for investment (excluding PPP
loans), which increased $176.0
million over the same period. Yields on average loans held
for investment (excluding PPP loans) increased to 6.74% for the
fourth quarter of 2022 from 5.67% for the third quarter of 2022,
primarily due to recent loan growth, the re-pricing of
variable-rate loans in the higher rate environment, and higher fee
income.
Cost of funds was 1.22% and 0.69% for the fourth and third
quarters of 2022, and 0.42% for the fourth quarter of 2021, while
cost of deposits was 0.85%, 0.50%, and 0.29%, for the same
respective periods. The targeted federal funds rate increased from
0.00% to 0.25% in the fourth quarter of 2021 to 4.25% to 4.50% in
the fourth quarter of 2022.
Net interest margin for the fourth and third quarters of 2022
and the fourth quarter of 2021 was 4.83%, 4.27%, and 3.39%,
respectively. Accretion and amortization of PAA had a 41 basis
point, 17 basis point, and 24 basis point positive effect on net
interest margin for the same respective periods.
Net interest income was $110.4
million and $92.5 million for
the years ended December 31, 2022 and
2021, respectively, while net interest margin was 4.22% and 3.51%
for the same respective periods. Accretion and amortization of PAA
and contributions from PPP loans, including the corresponding
funding, had a 34 basis point and 39 basis point positive effect on
net interest margin for the years ended December 31, 2022 and 2021, respectively.
Provision for Loan Losses
The Company recorded a provision for loan losses of $4.0 million for the fourth quarter of 2022,
compared to $3.9 million for the
third quarter of 2022, and $0.1
million for the fourth quarter of 2021. Provision for loan
losses for the years ended December 31,
2022 and 2021 was $17.9
million and $0.1 million,
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 fourth and third quarters of 2022 was
$5.8 million and $8.0 million, respectively, compared to
$21.9 million for the fourth quarter
of 2021. Lower noninterest income in the fourth quarter of 2022
compared to both comparative periods was primarily attributable to
lower income from the Company's mortgage division, including
mortgage servicing rights, and lower gain on sale of government
guaranteed loans due to the variability in the timing of loan
sales. Additionally, the fourth quarter of 2021 had higher reported
fair value adjustments on other equity investments and a gain on
the termination of interest rate swaps, totaling $13.5 million.
Noninterest income for the years ended December 31, 2022 and 2021 was $48.1 million and $87.0
million, respectively. Of the decline of $39.0 million over these comparative periods,
$24.3 million was due to the gain on
the sale of PPP loans and $6.2
million was due to a gain on termination of interest rate
swaps. The remainder of the decline was primarily due to lower
income from the Company's mortgage division of $16.4 million, partially offset by higher gain on
sale of government guaranteed loans of $2.7
million.
Noninterest Expense
Noninterest expense for the fourth and third quarters of 2022
was $27.6 million and $29.2 million, respectively, compared to
$25.1 million for the fourth quarter
of 2021. Excluding expenses incurred in the remediation of
regulatory matters, noninterest expense decreased $0.5 million in the fourth quarter of 2022 from
the third quarter of 2022. Lower salaries and employee benefit
cost, primarily due to the reduction in incentive expense, was
partially offset by higher legal, issuer, and regulatory filing and
contractual services expenses. The Company's efficiency ratio for
the fourth and third quarters of 2022 was 69.2% and 79.7%,
respectively. Excluding regulatory remediation expenses, the
efficiency ratio for the same respective periods was
62.0%3 and 68.7%3.
Noninterest expense for the years ended December 31, 2022 and 2021 was $104.8 million and $111.0
million, respectively. Excluding regulatory remediation
expenses in the 2022 period and merger-related expenses in both the
2022 and 2021 periods, noninterest expense was $97.3 million and $99.1
million for the same respective periods.
Balance Sheet
Loans
Loans held for investment, excluding PPP loans, were
$2.40 billion at December 31, 2022, an increase of $240.8 million, or 11.2%, from the prior
quarter-end, and $621.9 million, or
35.0%, from the year-ago period-end. The Company experienced
some degree of softening in the loan pipeline over the course of
the fourth quarter of 2022, reflecting a combination of increased
selectivity and macroeconomic factors.
Deposits
Deposits were $2.50 billion at
December 31, 2022, an increase of
$93.0 million, or 3.9%, from the
prior quarter-end, and $204.7
million, or 8.9%, from the year-ago
period-end. Noninterest-bearing deposits comprised 25.6% of
total deposits as of December 31,
2022, compared to 32.7% as of the prior quarter-end, and
29.8% as of the year-ago period-end.
The total loan-to-deposit ratio was 99.1% at December 31, 2022, compared to 91.2% at the prior
quarter-end, and 84.1% at the year-ago period-end. The
held-for-investment loan-to-deposit ratio was 96.3%, compared to
90.1% at the prior quarter-end, and 78.7% at the year-ago
period-end.
Capital
The Company previously announced that on January 10, 2023, its board of directors declared
a $0.1225 per common share quarterly
dividend, which was paid on January 31,
2023, to shareholders of record as of January 20, 2023.
Blue Ridge Bank's regulatory
capital ratios as of December 31,
2022 were 11.15%, 10.25%, 10.25%, and 9.25% for total
risk-based capital, tier 1 risk-based capital, common equity tier 1
risk-based capital, and tier 1 leverage, respectively, compared to
13.11%, 12.49%, 12.49%, and 10.05% for the same respective capital
ratios as of December 31, 2021.
Fintech Business
Interest and fee income related to fintech partnerships
represented approximately $3.1
million and $2.9 million of
total revenue for the Company for the fourth and third quarters of
2022, respectively. Included in deposits related to fintech
relationships were assets managed by BRB Financial Group's trust
division of $49.5 million as of
December 31, 2022.
Other Matters
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 year ended
December 31, 2021 included the
earnings of Bay Banks from the effective date of the merger.
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 it conducts operations;
(ii) changes in the level of the Company's nonperforming assets and
charge-offs; (iii) management of risks inherent in the Company's
real estate loan portfolio, and the risk of a prolonged downturn in
the real estate market, which could impair the value of collateral
and the ability to sell collateral upon any foreclosure; (iv) the
effects of, and changes in, trade, monetary, and fiscal policies
and laws, including interest rate policies of the Federal Reserve,
inflation, interest rate, market, and monetary fluctuations; (v)
changes in consumer spending and savings habits; (vi) the Company's
ability to identify, attract, and retain experienced management,
relationship managers, and support personnel, particularly in a
competitive labor environment; (vii) technological and social media
changes impacting the Company, the Bank, and the financial services
industry in general; (viii) changing bank regulatory conditions,
laws, regulations, policies, or programs, whether arising as new
legislation or regulatory initiatives, that could lead to
restrictions on activities of banks generally, or the Bank in
particular, more restrictive regulatory capital requirements,
increased costs, including deposit insurance premiums, increased
regulations, prohibition of certain income producing activities, or
changes in the secondary market for loans and other products; (ix)
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; (x) the Company's involvement, from
time to time, in legal proceedings and examination and remedial
actions by regulators; (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 impact of the COVID-19 pandemic, including the adverse
impact on our business and operations and on the Company's
customers which may result, among other things, in increased
delinquencies, defaults, foreclosures and losses on loans; (xv) the
occurrence of significant natural disasters, including severe
weather conditions, floods, health related issues, and other
catastrophic events; (xvi) geopolitical conditions, including acts
or threats of terrorism and/or military conflicts, or actions taken
by the U.S. or other governments in response to acts or threats of
terrorism and/or military conflicts, which could impact business
and economic conditions in the U.S. and abroad; (xvii) the timely
development of competitive new products and services and the
acceptance of these products and services by new and existing
customers; (xviii) the willingness of users to substitute
competitors' products and services for the Company's products and
services; (xix) the Company's inability to successfully manage
growth or implement its growth strategy; (xx) reputational risk and
potential adverse reactions of the Company's customers, suppliers,
employees or other business partners; (xxi) the effect of
acquisitions the Company may make, including, without limitation,
disruption of employee or customer relationships, and the failure
to achieve the expected revenue growth and/or expense savings from
such acquisitions; (xxii) the Company's participation in the PPP
established by the U.S. government and its administration of the
loans and processing fees earned under the program; (xxiii) the
Company's involvement, from time to time, in legal proceedings, and
examination and remedial actions by regulators; (xxiv) the
Company's potential exposure to fraud, negligence, computer theft,
and cyber-crime; (xxv) the Bank's ability to effectively manage its
fintech partnerships, and the abilities of those fintech companies
to perform as expected; (xxvi) the Bank's ability to pay dividends;
and (xxvii) other risks and factors identified in the "Risk
Factors" sections and elsewhere in documents the Company files from
time to time with the SEC.
1 Excludes purchased credit-impaired loans.
2 The Company holds no allowance for loan losses on
PPP loans as they are fully guaranteed by the U.S. government.
3 Non-GAAP financial measures are defined below.
Further information can be found at the end of this press
release.
Blue Ridge
Bankshares, Inc.
|
|
|
|
|
|
|
Consolidated
Statements of Income (unaudited)
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
(Dollars in
thousands, except per common share data)
|
|
December 31,
2022
|
|
September 30,
2022
|
|
December 31,
2021
|
Interest
income:
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
38,934
|
|
$
30,206
|
|
$
21,685
|
Interest on taxable
securities
|
|
2,508
|
|
2,337
|
|
1,612
|
Interest on nontaxable
securities
|
|
89
|
|
81
|
|
62
|
Interest on deposit
accounts and federal funds sold
|
|
754
|
|
522
|
|
45
|
Total interest
income
|
|
42,285
|
|
33,146
|
|
23,404
|
Interest
expense:
|
|
|
|
|
|
|
Interest on
deposits
|
|
5,131
|
|
3,032
|
|
1,593
|
Interest on
subordinated notes
|
|
547
|
|
570
|
|
485
|
Interest on FHLB and
FRB borrowings
|
|
2,651
|
|
867
|
|
448
|
Total interest
expense
|
|
8,329
|
|
4,469
|
|
2,526
|
Net interest
income
|
|
33,956
|
|
28,677
|
|
20,878
|
Provision for loan
losses
|
|
3,992
|
|
3,900
|
|
117
|
Net interest income
after provision for loan losses
|
|
29,964
|
|
24,777
|
|
20,761
|
Noninterest
income:
|
|
|
|
|
|
|
Fair value adjustments
of other equity investments
|
|
78
|
|
(50)
|
|
7,316
|
Residential mortgage
banking income, net
|
|
2,832
|
|
2,570
|
|
4,365
|
Mortgage servicing
rights
|
|
(871)
|
|
597
|
|
1,493
|
Gain on sale of
government guaranteed loans
|
|
204
|
|
1,565
|
|
680
|
Gain on termination of
interest rate swaps
|
|
—
|
|
—
|
|
6,221
|
Wealth and trust
management
|
|
451
|
|
513
|
|
439
|
Service charges on
deposit accounts
|
|
293
|
|
354
|
|
391
|
Increase in cash
surrender value of bank owned life insurance
|
|
402
|
|
398
|
|
253
|
Bank and purchase card,
net
|
|
866
|
|
353
|
|
709
|
Other
|
|
1,585
|
|
1,668
|
|
75
|
Total noninterest
income
|
|
5,840
|
|
7,968
|
|
21,942
|
Noninterest
expense:
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
11,863
|
|
14,174
|
|
15,362
|
Occupancy and
equipment
|
|
1,509
|
|
1,422
|
|
1,520
|
Data
processing
|
|
1,441
|
|
1,332
|
|
1,107
|
Legal, issuer, and
regulatory filing
|
|
1,300
|
|
804
|
|
299
|
Advertising and
marketing
|
|
318
|
|
302
|
|
405
|
Communications
|
|
1,064
|
|
932
|
|
1,011
|
Audit and accounting
fees
|
|
476
|
|
308
|
|
227
|
FDIC
insurance
|
|
543
|
|
460
|
|
175
|
Intangible
amortization
|
|
365
|
|
377
|
|
412
|
Other contractual
services
|
|
1,334
|
|
703
|
|
631
|
Other taxes and
assessments
|
|
716
|
|
711
|
|
638
|
Regulatory
remediation
|
|
2,884
|
|
4,025
|
|
—
|
Merger-related
|
|
—
|
|
—
|
|
171
|
Other
|
|
3,739
|
|
3,658
|
|
3,185
|
Total noninterest
expense
|
|
27,552
|
|
29,208
|
|
25,143
|
Income from
continuing operations before income tax
|
|
8,252
|
|
3,537
|
|
17,560
|
Income tax
expense
|
|
1,948
|
|
801
|
|
4,733
|
Net income from
continuing operations
|
|
6,304
|
|
2,736
|
|
12,827
|
Discontinued
operations:
|
|
|
|
|
|
|
Loss from discontinued
operations before income taxes
|
|
—
|
|
—
|
|
(41)
|
Income tax
benefit
|
|
—
|
|
—
|
|
(9)
|
Net loss from
discontinued operations
|
|
—
|
|
—
|
|
(32)
|
Net
income
|
|
$
6,304
|
|
$
2,736
|
|
$
12,795
|
Net loss from
discontinued operations attributable to noncontrolling
interest
|
|
—
|
|
—
|
|
(2)
|
Net income
attributable to Blue Ridge Bankshares, Inc.
|
|
$
6,304
|
|
$
2,736
|
|
$
12,793
|
Net income available
to common stockholders
|
|
$
6,304
|
|
$
2,736
|
|
$
12,793
|
Basic and diluted
EPS from continuing operations
|
|
$
0.33
|
|
$
0.15
|
|
$
0.68
|
|
|
|
|
|
|
|
Blue Ridge
Bankshares, Inc.
|
|
|
|
|
|
Consolidated
Statements of Income (unaudited)
|
|
|
|
|
|
|
|
For the Twelve
Months Ended
|
(Dollars in
thousands, except per common share data)
|
|
December 31,
2022
|
|
December 31,
2021
|
|
Interest
income:
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
116,826
|
|
$
97,933
|
|
Interest on taxable
securities
|
|
8,744
|
|
5,192
|
|
Interest on nontaxable
securities
|
|
334
|
|
239
|
|
Interest on deposit
accounts and federal funds sold
|
|
1,572
|
|
182
|
|
Total interest
income
|
|
127,476
|
|
103,546
|
|
Interest
expense:
|
|
|
|
|
|
Interest on
deposits
|
|
11,260
|
|
6,437
|
|
Interest on
subordinated notes
|
|
2,215
|
|
2,627
|
|
Interest on FHLB and
FRB borrowings
|
|
3,610
|
|
2,001
|
|
Total interest
expense
|
|
17,085
|
|
11,065
|
|
Net interest
income
|
|
110,391
|
|
92,481
|
|
Provision for loan
losses
|
|
17,886
|
|
117
|
|
Net interest income
after provision for loan losses
|
|
92,505
|
|
92,364
|
|
Noninterest
income:
|
|
|
|
|
|
Fair value adjustments
of other equity investments
|
|
9,306
|
|
7,316
|
|
Gain on sale of PPP
loans
|
|
—
|
|
24,315
|
|
Residential mortgage
banking income, net
|
|
12,609
|
|
28,624
|
|
Mortgage servicing
rights
|
|
8,038
|
|
8,398
|
|
Gain on sale of
government guaranteed loans
|
|
4,734
|
|
2,005
|
|
Gain on termination of
interest rate swaps
|
|
—
|
|
6,221
|
|
Wealth and trust
management
|
|
1,769
|
|
2,373
|
|
Service charges on
deposit accounts
|
|
1,289
|
|
1,464
|
|
Increase in cash
surrender value of bank owned life insurance
|
|
1,348
|
|
932
|
|
Bank and purchase card,
net
|
|
2,240
|
|
1,805
|
|
Other
|
|
6,759
|
|
3,535
|
|
Total noninterest
income
|
|
48,092
|
|
86,988
|
|
Noninterest
expense:
|
|
|
|
|
|
Salaries and employee
benefits
|
|
56,006
|
|
61,481
|
|
Occupancy and
equipment
|
|
5,916
|
|
6,413
|
|
Data
processing
|
|
4,593
|
|
4,233
|
|
Legal, issuer, and
regulatory filing
|
|
3,004
|
|
1,736
|
|
Advertising and
marketing
|
|
1,460
|
|
1,364
|
|
Communications
|
|
3,825
|
|
2,810
|
|
Audit and accounting
fees
|
|
1,304
|
|
902
|
|
FDIC
insurance
|
|
1,340
|
|
1,014
|
|
Intangible
amortization
|
|
1,525
|
|
1,671
|
|
Other contractual
services
|
|
3,137
|
|
2,783
|
|
Other taxes and
assessments
|
|
2,668
|
|
2,607
|
|
Regulatory
remediation
|
|
7,442
|
|
—
|
|
Merger-related
|
|
50
|
|
11,868
|
|
Other
|
|
12,506
|
|
12,106
|
|
Total noninterest
expense
|
|
104,776
|
|
110,988
|
|
Income from
continuing operations before income tax
|
|
35,821
|
|
68,364
|
|
Income tax
expense
|
|
8,244
|
|
15,740
|
|
Net income from
continuing operations
|
|
27,577
|
|
52,624
|
|
Discontinued
operations:
|
|
|
|
|
|
Income (loss) from
discontinued operations before income taxes (including gain on
disposal of $471 thousand for the twelve months ended December 31,
2022)
|
|
426
|
|
(183)
|
|
Income tax expense
(benefit)
|
|
89
|
|
(39)
|
|
Net income (loss)
from discontinued operations
|
|
337
|
|
(144)
|
|
Net
income
|
|
$
27,914
|
|
$
52,480
|
|
Net income from
discontinued operations attributable to noncontrolling
interest
|
|
(1)
|
|
(3)
|
|
Net income
attributable to Blue Ridge Bankshares, Inc.
|
|
$
27,913
|
|
$
52,477
|
|
Net income available
to common stockholders
|
|
$
27,913
|
|
$
52,477
|
|
Basic and diluted
EPS from continuing operations
|
|
$
1.47
|
|
$
2.95
|
|
|
|
|
|
|
|
Blue Ridge
Bankshares, Inc.
|
|
|
|
|
Consolidated Balance
Sheets
|
|
|
|
|
(Dollars in
thousands, except share data)
|
|
(unaudited)
December 31, 2022
|
|
December 31, 2021
(1)
|
Assets
|
|
|
|
|
Cash and due from
banks
|
|
$
77,274
|
|
$
130,548
|
Federal funds
sold
|
|
1,426
|
|
43,903
|
Securities available
for sale, at fair value
|
|
354,341
|
|
373,532
|
Restricted equity
investments
|
|
21,257
|
|
8,334
|
Other equity
investments
|
|
23,776
|
|
14,184
|
Other
investments
|
|
24,672
|
|
12,681
|
Loans held for
sale
|
|
69,534
|
|
121,943
|
Paycheck Protection
Program loans, net of deferred fees and costs
|
|
11,967
|
|
30,406
|
Loans held for
investment, net of deferred fees and costs
|
|
2,399,092
|
|
1,777,172
|
Less: allowance for
loan losses
|
|
(22,939)
|
|
(12,121)
|
Loans held for
investment, net
|
|
2,376,153
|
|
1,765,051
|
Accrued interest
receivable
|
|
12,393
|
|
9,573
|
Other real estate
owned
|
|
195
|
|
157
|
Premises and equipment,
net
|
|
23,152
|
|
26,624
|
Right-of-use
asset
|
|
6,903
|
|
6,317
|
Bank owned life
insurance
|
|
47,245
|
|
46,545
|
Goodwill
|
|
26,826
|
|
26,826
|
Other intangible
assets
|
|
6,583
|
|
7,594
|
Mortgage derivative
asset
|
|
112
|
|
1,876
|
Mortgage servicing
rights, net
|
|
28,991
|
|
16,469
|
Mortgage brokerage
receivable
|
|
176
|
|
4,064
|
Deferred tax asset,
net
|
|
9,182
|
|
150
|
Other assets
|
|
18,887
|
|
17,061
|
Assets of discontinued
operations
|
|
—
|
|
1,301
|
Total assets
|
|
$
3,141,045
|
|
$
2,665,139
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Deposits:
|
|
|
|
|
Noninterest-bearing
demand
|
|
$
640,101
|
|
$
685,801
|
Interest-bearing demand
and money market deposits
|
|
1,318,799
|
|
962,092
|
Savings
|
|
151,646
|
|
150,376
|
Time
deposits
|
|
391,961
|
|
499,502
|
Total
deposits
|
|
2,502,507
|
|
2,297,771
|
FHLB
borrowings
|
|
311,700
|
|
10,111
|
FRB
borrowings
|
|
51
|
|
17,901
|
Subordinated notes,
net
|
|
39,920
|
|
39,986
|
Lease
liability
|
|
7,860
|
|
7,651
|
Other
liabilities
|
|
19,634
|
|
14,543
|
Liabilities of
discontinued operations
|
|
—
|
|
37
|
Total
liabilities
|
|
2,881,672
|
|
2,388,000
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
Common stock, no par
value; 50,000,000 and 25,000,000 shares
authorized at December 31, 2022 and December 31, 2021,
respectively; 18,950,329 and 18,774,082 shares issued and
outstanding
at December 31, 2022 and December 31, 2021, respectively
|
|
195,960
|
|
194,309
|
Additional paid-in
capital
|
|
252
|
|
252
|
Retained
earnings
|
|
108,262
|
|
85,982
|
Accumulated other
comprehensive loss
|
|
(45,101)
|
|
(3,632)
|
Total Blue Ridge
Bankshares, Inc. stockholders' equity
|
|
259,373
|
|
276,911
|
Noncontrolling interest
of discontinued operations
|
|
—
|
|
228
|
Total stockholders'
equity
|
|
259,373
|
|
277,139
|
Total liabilities and
stockholders' equity
|
|
$
3,141,045
|
|
$
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 per common share
data)
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
Income Statement
Data:
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
Interest
income
|
|
$
42,285
|
|
$
33,146
|
|
$
26,243
|
|
$
25,802
|
|
$
23,404
|
Interest
expense
|
|
8,329
|
|
4,469
|
|
2,153
|
|
2,134
|
|
2,526
|
Net interest
income
|
|
33,956
|
|
28,677
|
|
24,090
|
|
23,668
|
|
20,878
|
Provision for loan
losses
|
|
3,992
|
|
3,900
|
|
7,494
|
|
2,500
|
|
117
|
Net interest income
after provision for loan losses
|
|
29,964
|
|
24,777
|
|
16,596
|
|
21,168
|
|
20,761
|
Noninterest
income
|
|
5,840
|
|
7,968
|
|
10,190
|
|
24,094
|
|
21,942
|
Noninterest
expenses
|
|
27,552
|
|
29,208
|
|
25,326
|
|
22,689
|
|
25,143
|
Income before income
taxes
|
|
8,252
|
|
3,537
|
|
1,460
|
|
22,573
|
|
17,560
|
Income tax
expense
|
|
1,948
|
|
801
|
|
342
|
|
5,153
|
|
4,733
|
Net income from
continuing operations
|
|
6,304
|
|
2,736
|
|
1,118
|
|
17,420
|
|
12,827
|
Net income (loss) from
discontinued operations
|
|
—
|
|
—
|
|
—
|
|
337
|
|
(32)
|
Net income
|
|
6,304
|
|
2,736
|
|
1,118
|
|
17,757
|
|
12,795
|
Net (income) loss from
discontinued operations attributable to
noncontrolling interest
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(2)
|
Net income attributable
to Blue Ridge Bankshares, Inc.
|
|
$
6,304
|
|
$
2,736
|
|
$
1,118
|
|
$
17,756
|
|
$
12,793
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
|
|
|
Basic EPS from
continuing operations
|
|
$
0.33
|
|
$
0.15
|
|
$
0.06
|
|
$
0.93
|
|
$
0.68
|
Basic EPS from
discontinued operations
|
|
—
|
|
—
|
|
—
|
|
0.02
|
|
—
|
Basic EPS attributable
to Blue Ridge Bankshares, Inc.
|
|
$
0.33
|
|
$
0.15
|
|
$
0.06
|
|
$
0.95
|
|
$
0.68
|
Diluted EPS from
continuing operations
|
|
$
0.33
|
|
$
0.15
|
|
$
0.06
|
|
$
0.93
|
|
$
0.68
|
Diluted EPS from
discontinued operations
|
|
—
|
|
—
|
|
—
|
|
0.02
|
|
—
|
Diluted EPS
attributable to Blue Ridge Bankshares, Inc.
|
|
$
0.33
|
|
$
0.15
|
|
$
0.06
|
|
$
0.95
|
|
$
0.68
|
Dividends declared per
common share
|
|
$
0.1255
|
|
$
0.1255
|
|
$
0.1255
|
|
$
0.1225
|
|
$
—
|
Book value per common
share
|
|
13.69
|
|
13.22
|
|
13.95
|
|
14.84
|
|
14.76
|
Tangible book value per
common share - Non-GAAP
|
|
12.00
|
|
11.51
|
|
12.21
|
|
13.09
|
|
13.01
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
3,141,045
|
|
$
2,881,451
|
|
$
2,799,643
|
|
$
2,724,584
|
|
$
2,665,139
|
Loans held for
investment (including PPP loans)
|
|
2,411,059
|
|
2,171,490
|
|
2,064,037
|
|
1,866,197
|
|
1,807,578
|
Loans held for
investment (excluding PPP loans)
|
|
2,399,092
|
|
2,158,342
|
|
2,048,383
|
|
1,843,344
|
|
1,777,172
|
Allowance for loan
losses
|
|
22,939
|
|
20,534
|
|
17,242
|
|
12,013
|
|
12,121
|
Purchase accounting
adjustments (discounts) on acquired loans
|
|
7,872
|
|
10,373
|
|
12,192
|
|
13,514
|
|
16,203
|
Loans held for
sale
|
|
69,534
|
|
25,800
|
|
32,759
|
|
41,004
|
|
121,943
|
Securities available
for sale, at fair value
|
|
354,341
|
|
359,516
|
|
381,536
|
|
375,484
|
|
373,532
|
Noninterest-bearing
demand deposits
|
|
640,101
|
|
787,514
|
|
785,743
|
|
766,506
|
|
685,801
|
Total
deposits
|
|
2,502,507
|
|
2,409,486
|
|
2,335,707
|
|
2,354,081
|
|
2,297,771
|
Subordinated notes,
net
|
|
39,920
|
|
39,937
|
|
39,953
|
|
39,970
|
|
39,986
|
FHLB and FRB
advances
|
|
311,751
|
|
150,155
|
|
135,060
|
|
25,319
|
|
28,012
|
Total stockholders'
equity
|
|
259,373
|
|
250,502
|
|
261,660
|
|
278,482
|
|
277,139
|
Weighted average common
shares outstanding - basic
|
|
18,857
|
|
18,849
|
|
18,767
|
|
18,772
|
|
18,774
|
Weighted average common
shares outstanding - diluted
|
|
18,863
|
|
18,860
|
|
18,778
|
|
18,789
|
|
18,795
|
Financial
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1)
|
|
0.83 %
|
|
0.38 %
|
|
0.17 %
|
|
2.68 %
|
|
1.90 %
|
Operating return on
average assets (1) - Non-GAAP
|
|
1.14 %
|
|
0.81 %
|
|
0.23 %
|
|
2.68 %
|
|
1.92 %
|
Return on average
equity (1)
|
|
9.56 %
|
|
4.10 %
|
|
1.57 %
|
|
25.84 %
|
|
18.90 %
|
Operating return on
average equity (1) - Non-GAAP
|
|
13.01 %
|
|
8.86 %
|
|
2.14 %
|
|
25.92 %
|
|
19.10 %
|
Total loan to deposit
ratio
|
|
99.1 %
|
|
91.2 %
|
|
89.8 %
|
|
81.0 %
|
|
84.1 %
|
Held for investment
loan to deposit ratio
|
|
96.3 %
|
|
90.1 %
|
|
88.4 %
|
|
79.3 %
|
|
78.7 %
|
Net interest margin
(1)
|
|
4.83 %
|
|
4.27 %
|
|
3.89 %
|
|
3.88 %
|
|
3.39 %
|
Cost of deposits
(1)
|
|
0.85 %
|
|
0.50 %
|
|
0.26 %
|
|
0.27 %
|
|
0.29 %
|
Cost of funds
(1)
|
|
1.22 %
|
|
0.69 %
|
|
0.36 %
|
|
0.36 %
|
|
0.42 %
|
Efficiency
ratio
|
|
69.2 %
|
|
79.7 %
|
|
73.9 %
|
|
47.5 %
|
|
59.1 %
|
Operating efficiency
ratio - Non-GAAP
|
|
62.0 %
|
|
68.7 %
|
|
72.4 %
|
|
47.4 %
|
|
58.7 %
|
Regulatory remediation
expenses
|
|
2,884
|
|
4,025
|
|
510
|
|
23
|
|
—
|
Merger-related expenses
(MRE)
|
|
—
|
|
—
|
|
—
|
|
50
|
|
171
|
Capital and Asset
Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity to average assets
|
|
8.7 %
|
|
9.2 %
|
|
10.8 %
|
|
10.4 %
|
|
10.1 %
|
Allowance for loan
losses to loans held for investment, excluding
PPP loans
|
|
0.96 %
|
|
0.95 %
|
|
0.84 %
|
|
0.65 %
|
|
0.68 %
|
Nonperforming loans to
total assets
|
|
0.59 %
|
|
0.35 %
|
|
0.44 %
|
|
0.53 %
|
|
0.60 %
|
Nonperforming assets to
total assets
|
|
0.60 %
|
|
0.36 %
|
|
0.44 %
|
|
0.53 %
|
|
0.61 %
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Financial Measures (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity:
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
$
259,373
|
|
$
250,502
|
|
$
261,660
|
|
$
278,482
|
|
$
277,139
|
Less: Goodwill and
other intangibles, net of deferred tax liability (2)
|
|
(32,027)
|
|
(32,369)
|
|
(32,632)
|
|
(32,716)
|
|
(32,942)
|
Tangible common equity
(Non-GAAP)
|
|
$
227,346
|
|
$
218,133
|
|
$
229,028
|
|
$
245,766
|
|
$
244,197
|
Total shares
outstanding
|
|
18,950
|
|
18,946
|
|
18,762
|
|
18,771
|
|
18,774
|
Book value per common
share
|
|
$
13.69
|
|
$
13.22
|
|
$
13.95
|
|
$
14.84
|
|
$
14.76
|
Tangible book value per
common share (Non-GAAP)
|
|
12.00
|
|
11.51
|
|
12.21
|
|
13.09
|
|
13.01
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
stockholders' equity to tangible total assets
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
3,141,045
|
|
$
2,881,451
|
|
$
2,799,643
|
|
$
2,724,584
|
|
$
2,665,139
|
Less: Goodwill and
other intangibles, net of deferred tax liability (2)
|
|
(32,027)
|
|
(32,369)
|
|
(32,632)
|
|
(32,716)
|
|
(32,942)
|
Tangible total assets
(Non-GAAP)
|
|
$
3,109,018
|
|
$
2,849,082
|
|
$
2,767,011
|
|
$
2,691,868
|
|
$
2,632,197
|
Tangible common equity
(Non-GAAP)
|
|
$
227,346
|
|
$
218,133
|
|
$
229,028
|
|
$
245,766
|
|
$
244,197
|
Tangible stockholders'
equity to tangible total assets (Non-GAAP)
|
|
7.3 %
|
|
7.7 %
|
|
8.3 %
|
|
9.1 %
|
|
9.3 %
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average assets (annualized)
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
6,304
|
|
$
2,736
|
|
$
1,118
|
|
$
17,755
|
|
$
12,795
|
Add: MRE, after-tax
basis (ATB) (3)
|
|
—
|
|
—
|
|
—
|
|
40
|
|
135
|
Add: Regulatory
remediation expenses, ATB (3)
|
|
2,278
|
|
3,180
|
|
403
|
|
18
|
|
—
|
Operating net income
(Non-GAAP)
|
|
$
8,582
|
|
$
5,916
|
|
$
1,521
|
|
$
17,813
|
|
$
12,930
|
Average
assets
|
|
$
3,020,371
|
|
$
2,903,447
|
|
$
2,646,874
|
|
$
2,653,987
|
|
$
2,687,204
|
Operating return on
average assets (annualized) (Non-GAAP)
|
|
1.14 %
|
|
0.81 %
|
|
0.23 %
|
|
2.68 %
|
|
1.92 %
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average equity (annualized)
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
6,304
|
|
$
2,736
|
|
$
1,118
|
|
$
17,755
|
|
$
12,795
|
Add: MRE, ATB
(3)
|
|
—
|
|
—
|
|
—
|
|
40
|
|
135
|
Add: Regulatory
remediation expenses, ATB (3)
|
|
2,278
|
|
3,180
|
|
403
|
|
18
|
|
—
|
Operating net income
(Non-GAAP)
|
|
$
8,582
|
|
$
5,916
|
|
$
1,521
|
|
$
17,813
|
|
$
12,930
|
Average stockholders'
equity
|
|
$
263,826
|
|
$
267,057
|
|
$
284,913
|
|
$
274,887
|
|
$
270,730
|
Operating return on
average equity (annualized) (Non-GAAP)
|
|
13.01 %
|
|
8.86 %
|
|
2.14 %
|
|
25.92 %
|
|
19.10 %
|
|
|
|
|
|
|
|
|
|
|
|
Operating efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
27,552
|
|
$
29,208
|
|
$
25,326
|
|
$
22,691
|
|
$
25,445
|
Less: MRE
|
|
—
|
|
—
|
|
—
|
|
50
|
|
171
|
Less: Regulatory
remediation expenses
|
|
2,884
|
|
4,025
|
|
510
|
|
23
|
|
—
|
Noninterest expense,
adjusted (Non-GAAP)
|
|
$
24,668
|
|
$
25,183
|
|
$
24,816
|
|
$
22,618
|
|
$
25,274
|
Net interest
income
|
|
33,956
|
|
28,677
|
|
24,090
|
|
23,668
|
|
20,878
|
Noninterest
income
|
|
5,840
|
|
7,968
|
|
10,190
|
|
24,094
|
|
22,203
|
Total of net interest
income and noninterest income
|
|
$
39,796
|
|
$
36,645
|
|
$
34,280
|
|
$
47,762
|
|
$
43,081
|
Operating efficiency
ratio (Non-GAAP)
|
|
62.0 %
|
|
68.7 %
|
|
72.4 %
|
|
47.4 %
|
|
58.7 %
|
|
|
|
|
|
|
|
|
|
|
|
(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.