Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 07, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BLUE RIDGE BANKSHARES, INC. | ||
Entity Central Index Key | 0000842717 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-39165 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1470908 | ||
Entity Address, Address Line One | 1807 Seminole Trail | ||
Entity Address, City or Town | Charlottesville | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 22901 | ||
City Area Code | 540 | ||
Local Phone Number | 743-6521 | ||
Trading Symbol | BRBS | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Common stock, no par value | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 18,769,882 | ||
Entity Public Float | $ 292,341,611 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 149 | ||
Auditor Name | Elliott Davis, LLC | ||
Auditor Location | Raleigh, NC, U.S.A. | ||
Documents Incorporated by Reference | The information required by Part III of this Form 10-K will be included in the registrant’s definitive proxy statement for the 2022 annual meeting of shareholders and incorporated herein by reference or in an amendment to this Form 10-K filed within 120 days after the end of the fiscal year covered by this Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | ||||
Cash and due from banks | $ 130,643 | $ 117,945 | $ 60,026 | |
Federal funds sold | 43,903 | 775 | ||
Securities available for sale, at fair value | 373,532 | 109,475 | ||
Restricted and other equity investments | 22,518 | 11,173 | ||
Other investments | 13,643 | 6,565 | ||
Loans held for sale | 121,943 | 152,931 | ||
Paycheck Protection Program loans, net of fees | 30,406 | 288,533 | ||
Loans held for investment, net of deferred fees and costs | 1,777,172 | 728,161 | ||
Less allowance for loan losses | (12,121) | (13,827) | (4,572) | |
Loans held for investment, net | 1,765,051 | 714,334 | ||
Accrued interest receivable | 9,573 | 5,428 | ||
Other real estate owned | 157 | |||
Premises and equipment, net | 26,661 | 14,831 | ||
Right-of-use asset | 6,317 | 5,328 | ||
Bank owned life insurance | 46,545 | 15,724 | ||
Goodwill | 26,826 | 19,620 | ||
Other intangible assets | 7,742 | 2,581 | ||
Mortgage derivative asset | 1,876 | 5,293 | ||
Mortgage servicing rights, net | 16,469 | 7,084 | ||
Mortgage brokerage receivable | 4,064 | 8,516 | ||
Interest rate swap asset | 199 | 1,716 | ||
Other assets | 17,071 | 10,406 | ||
Total assets | 2,665,139 | 1,498,258 | ||
Deposits: | ||||
Noninterest-bearing demand | 706,088 | 333,051 | ||
Interest-bearing demand and money market deposits | 941,805 | 282,263 | ||
Savings | 150,376 | 78,352 | ||
Time deposits | 499,502 | 251,443 | ||
Total deposits | 2,297,771 | 945,109 | ||
FHLB borrowings | 10,111 | 115,000 | ||
FRB borrowings | 17,901 | 281,650 | ||
Subordinated notes, net | 39,986 | 24,506 | ||
Lease liability | 7,651 | 5,506 | ||
Interest rate swap liability | 199 | 2,735 | ||
Other liabilities | 14,381 | 15,552 | ||
Total liabilities | 2,388,000 | 1,390,058 | ||
Commitments and contingencies (Note 23) | ||||
Stockholders’ Equity: | ||||
Common stock, no par value; 25,000,000 shares authorized; 18,774,082 and 8,577,932 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | [1] | 194,309 | 66,771 | |
Additional paid-in capital | 252 | 252 | ||
Retained earnings | 85,982 | 40,688 | ||
Accumulated other comprehensive (loss) income, net of tax | (3,632) | 264 | ||
Total Blue Ridge Bankshares, Inc. stockholders' equity | 276,911 | 107,975 | ||
Noncontrolling interest | 228 | 225 | ||
Total stockholders’ equity | 277,139 | 108,200 | $ 92,337 | |
Total liabilities and stockholders’ equity | $ 2,665,139 | $ 1,498,258 | ||
[1] | Common stock as of the periods presented is reflective of the Company's 3-for-2 stock split effective April 30, 2021. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 1 Months Ended | ||
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Financial Position [Abstract] | |||
Common stock, no par value | $ 0 | $ 0 | |
Common stock, shares authorized | 25,000,000 | 25,000,000 | |
Common stock, shares, issued | 18,774,082 | 8,577,932 | |
Common stock, shares, outstanding | 18,774,082 | 8,577,932 | |
Stockholders equity reverse stock split | 3-for-2 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
INTEREST INCOME | |||
Interest and fees on loans | $ 97,933 | $ 51,559 | |
Interest on securities, deposit accounts, and federal funds sold | 5,613 | 2,901 | |
Total interest income | 103,546 | 54,460 | |
INTEREST EXPENSE | |||
Interest on deposits | 6,437 | 6,246 | |
Interest on subordinated notes | 2,627 | 1,265 | |
Interest on FHLB and FRB borrowings | 2,001 | 2,439 | |
Total interest expense | 11,065 | 9,950 | |
Net interest income | 92,481 | 44,510 | |
Provision for loan losses | 117 | 10,450 | |
Net interest income after provision for loan losses | 92,364 | 34,060 | |
NONINTEREST INCOME | |||
Gain on sale of Paycheck Protection Program loans | 24,315 | ||
Residential mortgage banking income, net | 28,624 | 44,460 | |
Mortgage servicing rights | 8,398 | 7,084 | |
Gain on termination of interest rate swaps | 6,221 | ||
Gain on sale of guaranteed government loans | 2,005 | 880 | |
Wealth and trust management | 2,373 | 0 | |
Service charges on deposit accounts | 1,464 | 905 | |
Increase in cash surrender value of bank owned life insurance | 932 | 390 | |
Payroll processing | 941 | 974 | |
Bank and purchase card, net | 1,805 | 1,297 | |
Fair value adjustments of other equity investments | 7,316 | ||
Other | 3,561 | 834 | |
Total noninterest income | 87,955 | 56,824 | |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 61,891 | 45,418 | |
Occupancy and equipment | 6,508 | 3,551 | |
Data processing | 4,441 | 2,683 | |
Legal, issuer, and regulatory filing | 1,736 | 2,687 | |
Advertising and marketing | 1,403 | 776 | |
Communications | 2,814 | 721 | |
Audit and accounting fees | 902 | 436 | |
FDIC insurance | 1,014 | 749 | |
Intangible amortization | 1,867 | 825 | |
Other contractual services | 2,783 | 1,408 | |
Other taxes and assessments | 2,613 | 1,013 | |
Merger-related | 11,868 | 2,372 | |
Other | 12,302 | 5,748 | |
Total noninterest expenses | 112,142 | 68,387 | |
Income (loss) before income taxes | 68,177 | 22,497 | |
Income tax expense | 15,697 | 4,800 | |
Net income | 52,480 | 17,697 | |
Net income attributable to noncontrolling interest | (3) | (1) | |
Net Income attributable to Blue Ridge Bankshares, Inc. | 52,477 | 17,696 | |
Net Income available to common stockholders | $ 52,477 | $ 17,696 | |
Basic and diluted earnings per common share | [1] | $ 2.94 | $ 2.07 |
[1] | (1) EPS has been adjusted for all periods presented to reflect the Company's 3-for-2 stock split effective April 30, 2021. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 52,480 | $ 17,697 |
Other comprehensive income: | ||
Gross unrealized (losses) gains on securities available for sale arising during the period | (6,093) | 491 |
Deferred income tax benefit (expense) | 1,279 | (103) |
Reclassification of net loss (gain) on securities available for sale included in net income | 144 | (211) |
Income tax (benefit) expense | (30) | 44 |
Unrealized (losses) gains on securities available for sale arising during the period, net of tax | (4,700) | 221 |
Transfer of securities held to maturity to available for sale | 538 | |
Deferred income tax expense | (113) | |
Unrealized gains on transfer of held-to-maturity securities to available for sale, net of tax | 425 | |
Gross unrealized gains (losses) on interest rate swaps | 7,240 | (774) |
Deferred income tax (expense) benefit | (1,521) | 163 |
Reclassification of net gains on interest rate swaps included in net income | (6,221) | |
Income tax expense | 1,307 | 44 |
Unrealized gains (losses) on interest rate swaps, net of tax | 805 | (611) |
Gross unrealized losses on pension and post-retirement benefit plans | (2) | |
Deferred income tax benefit | 1 | |
Unrealized losses on pension and post-retirement benefit plans, Total | (1) | |
Other comprehensive (loss) income, net of tax | (3,896) | 35 |
Comprehensive income | 48,584 | 17,732 |
Comprehensive income attributable to noncontrolling interest | (3) | (1) |
Comprehensive income attributable to Blue Ridge Bankshares, Inc. | $ 48,581 | $ 17,731 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | ||
Beginning Balance at Dec. 31, 2019 | $ 92,337 | $ 66,204 | $ 252 | $ 25,428 | $ 229 | $ 224 | ||
Beginning Balance, Shares at Dec. 31, 2019 | [1] | 8,487,878 | ||||||
Net income | 17,697 | 17,696 | 1 | |||||
Other comprehensive (loss) income, net of tax | 35 | 35 | ||||||
Dividends on common stock | (2,436) | 2,436 | ||||||
Restricted stock awards, net of forfeitures | 567 | $ 567 | ||||||
Restricted stock awards, net of forfeitures, Shares | [1] | 90,054 | ||||||
Ending Balance at Dec. 31, 2020 | 108,200 | $ 66,771 | 252 | 40,688 | 264 | 225 | ||
Ending Balance, Shares at Dec. 31, 2020 | [1] | 8,577,932 | ||||||
Net income | 52,480 | 52,477 | 3 | |||||
Other comprehensive (loss) income, net of tax | (3,896) | (3,896) | ||||||
Dividends on common stock | (7,183) | 7,183 | ||||||
Issuance of common stock and other consideration paid in business combination | 125,403 | $ 125,403 | ||||||
Issuance of common stock and other consideration paid in business combination, Shares | [1] | 9,951,743 | ||||||
Stock option exercises | $ 804 | $ 804 | ||||||
Stock option exercises, shares | 89,786 | 89,786 | [1] | |||||
Restricted stock awards, net of forfeitures | $ 1,331 | $ 1,331 | ||||||
Restricted stock awards, net of forfeitures, Shares | [1] | 154,621 | ||||||
Ending Balance at Dec. 31, 2021 | $ 277,139 | $ 194,309 | $ 252 | $ 85,982 | $ (3,632) | $ 228 | ||
Ending Balance, Shares at Dec. 31, 2021 | [1] | 18,774,082 | ||||||
[1] | Common stock outstanding as of and for the periods presented is reflective of the Company's 3-for-2 stock split effective April 30, 2021. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | 1 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Dec. 31, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||
Stockholders Equity Note Stock Split | 3-for-2 stock split | In March 2021, the Company’s board of directors approved a three-for-two stock split (“Stock Split”) effected in the form of a 50% stock dividend on the Company’s common stock outstanding paid on April 30, 2021 to shareholders of record as of April 20, 2021 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 52,480 | $ 17,697 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2,168 | 951 |
Deferred income tax benefit | 1,923 | (1,680) |
Provision for loan losses | 117 | 10,450 |
Accretion of fair value adjustments (discounts) on acquired loans | (2,006) | 1,030 |
Amortization of fair value adjustments (premiums) on assumed time deposits | (3,225) | 23 |
Amortization of fair value adjustments (premiums) on assumed subordinated notes | (176) | |
Fair value adjustments on other real estate owned | 75 | |
Fair value adjustments of other equity investments | (7,316) | |
Proceeds from sale of loans held for sale | 1,228,021 | 1,099,378 |
Loans held for sale, originated | (1,171,787) | (1,180,190) |
Gain on sale of loans held for sale, originated | (21,432) | 42,140 |
Gain on sale of Paycheck Protection Program loans | (24,315) | |
Realized losses (gains) on sale of available for sale securities | 144 | (211) |
Loss on disposal of premises and equipment | 110 | (160) |
Investment amortization expense, net | 1,865 | (1,138) |
Amortization of subordinated debt issuance costs | 206 | 55 |
Intangible amortization | 1,867 | 825 |
Increase in cash surrender value of bank owned life insurance | (932) | (390) |
Decrease (increase) in other assets | 12,442 | (26,332) |
(Decrease) increase in other liabilities | (10,921) | 13,002 |
Net cash provided by (used in) operating activities | 59,308 | (108,340) |
Cash flows used in investing activities: | ||
Net increase in federal funds sold | (41,396) | (295) |
Purchases of securities available for sale | (264,929) | (44,164) |
Proceeds from calls, maturities, sales, paydowns and maturities of securities available for sale | 71,804 | 53,595 |
Proceeds from calls, maturities, sales, paydowns and maturities of securities held to maturity | 1,212 | |
Proceeds from sale of other real estate owned | 341 | |
Net change in restricted equity and other investments | (205) | |
Proceeds from sale of Paycheck Protection Program loans | 705,930 | 0 |
Net change in Paycheck Protection Program loans | (382,830) | 292,068 |
Net increase in loans held for investment | (59,053) | 53,320 |
Purchases of premises and equipment | (1,256) | (3,010) |
Proceeds from sale of premises and equipment | 547 | 719 |
Purchases of bank owned life insurance | (9,600) | |
Capital calls of other investments | (11,582) | (609) |
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. | (44,066) | |
Distributions from other investments | 647 | 94 |
Net cash provided by (used in) investing activities | 52,484 | (340,885) |
Cash flows from financing activities: | ||
Net increase in demand, savings and other interest-bearing deposits | 452,173 | 232,591 |
Net decrease in time deposits | (127,174) | (9,512) |
Dividends paid on common stock | (7,183) | (2,436) |
Federal Home Loan Bank advances | 721,000 | 676,900 |
Federal Home Loan Bank repayments | (836,000) | (686,700) |
Federal Reserve Bank advances | 434,336 | 363,682 |
Federal Reserve Bank repayments | (722,900) | 82,032 |
Stock option exercised | 804 | |
Payment of subordinated debt issuance costs | (349) | |
Issuance of subordinated notes | 15,000 | |
Redemption of subordinated debt | (14,150) | |
Net cash (used in) provided by financing activities | (99,094) | 507,144 |
Net increase in cash and due from banks | 12,698 | 57,919 |
Cash and due from banks at beginning of period | 117,945 | 60,026 |
Cash and due from banks at end of period | 130,643 | 117,945 |
Supplemental Schedule of Cash Flow Information | ||
Interest | 11,583 | 10,030 |
Income taxes | 10,131 | 2,000 |
Non-cash investing and financing activities: | ||
Unrealized gain on securities available for sale | (6,024) | 1,029 |
Transfer of securities from held to maturity to available for sale | 10,980 | |
Issuance of restricted stock awards, net of forfeitures | 1,331 | 567 |
Assets acquired in acquisition | 1,224,583 | |
Liabilities assumed in acquisition | 1,107,036 | |
Effective settlement of subordinated notes in business combination | 650 | |
Change in goodwill | $ 7,206 | $ 23 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Note 1. Organization and Basis of Presentation Blue Ridge Bankshares, Inc. (the "Company"), a Virginia corporation, was formed in 1988 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Company is headquartered in Charlottesville, Virginia and conducts its business activities primarily through its wholly-owned subsidiary bank, Blue Ridge Bank, National Association (the "Bank") and its wealth and trust management subsidiary, BRB Financial Group, Inc. (the “Financial Group”). The Company exists primarily for the purposes of holding the stock of its subsidiaries, the Bank and the Financial Group. The Bank operates under a national charter and is subject to regulation by the Office of the Comptroller of the Currency (the “OCC”). Consequently, it undergoes periodic examinations by this regulatory authority. As a bank holding company, the Company is subject to supervision and regulation by the Board of Governors of the Federal Reserve System and the Bureau of Financial Institutions of the Virginia State Corporation Commission , which also periodically conduct examinations of the holding company's activities. As of December 31, 2021, the Bank operated twenty-six full-service banking offices across its footprint, which stretches from the Shenandoah Valley across the Piedmont region through Richmond and into the coastal peninsulas and Hampton Roads region of Virginia and north-central North Carolina. The Company, through the Financial Group, offers management services for personal and corporate trusts, including estate planning, estate settlement and trust administration, insurance products, and investment and wealth management. The Bank’s mortgage banking activities include a retail mortgage business operating as Monarch Mortgage and wholesale mortgage business operating as LenderSelect Mortgage Group ("LenderSelect"). LenderSelect offers wholesale and third-party residential mortgage origination services to other financial institutions and credit unions. The Company, through its minority investment in Hammond Insurance Agency, Inc. (“Hammond Insurance”) offers property and casualty insurance to individuals and businesses. Payroll processing services are offered through the Bank’s majority-owned subsidiary, MoneyWise Payroll Solutions, Inc. ("MoneyWise Payroll"). and employment benefit services are offered under the trade name BluePoint Benefits ("BluePoint Benefits"). On January 31, 2021, the Company completed a merger with Bay Banks of Virginia, Inc. (“Bay Banks”), a bank holding company conducting substantially all its operations through its bank subsidiary, Virginia Commonwealth Bank, and the Financial Group (formerly VCB Financial Group, Inc.). Immediately following the Company’s merger with Bay Banks, Bay Banks’ subsidiary bank was merged with and into the Bank, while the Financial Group became a subsidiary of the Company (collectively, the “Bay Banks Merger”). In March 2021, the Company’s board of directors approved a three-for-two stock split (“Stock Split”) effected in the form of a 50 % stock dividend on the Company’s common stock outstanding paid on April 30, 2021 to shareholders of record as of April 20, 2021 . Cash was paid in lieu of fractional shares based on the closing price of common stock on the record date. References made to outstanding shares or per share amounts in the accompanying consolidated financial statements and disclosures have been adjusted to reflect the Stock Split for all periods presented, unless otherwise noted. On July 14, 2021, the Company and FVCBankcorp, Inc. (“FVCB”) jointly announced they had entered into a definitive agreement pursuant to which FVCB would merge with and into the Company in an all-stock merger of equals. On January 20, 2022, the Company and FVCB jointly announced a mutual agreement to terminate their merger agreement. Both the Company and FVCB agreed that each company will bear its own costs and expenses in connection with the terminated transaction, and that neither party will pay any termination fee as a result of the mutual decision to terminate the merger agreement. The accompanying consolidated financial statements of the Company include the accounts of the Bank, the Financial Group, and MoneyWise Payroll (net of noncontrolling interest) and were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and to general practices within the banking industry. All significant intercompany balances and transactions have been eliminated in consolidation. Information contained herein as of December 31, 2021 includes the balances of Bay Banks; information contained herein as of and for the year ended December 31, 2020 does not include the balances of Bay Banks. Information for the year ended December 31, 2021 includes the operations of Bay Banks for the period immediately following the effective date of the Bay Banks Merger (January 31, 2021) through December 31, 2021. Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current year presentations, including the following instances. The reclassifications had no effect on net income, net income per share, or shareholders’ equity, as previously reported. Correction of Immaterial Classification Errors During the fourth quarter of 2021, the Company determined that the classification of certain consumer loan balances that had originated through its programs with financial technology (fintech) companies, which had been reported on its consolidated balance sheets as loans held for investment, should have been reported as loans held for sale. The Company has changed the classification of these loans on its December 31, 2020 consolidated balance sheet, which resulted in a $ 4.7 million decrease from what was previously reported in the Company's 2020 Form 10-K in loans held for investment, with a corresponding increase of $ 4.7 million in loans held for sale. The change in classification did not affect the Company's reported total assets or earnings as of and for the year ended December 31, 2020 on its consolidated balance sheets and statements of operations, respectively. During the third quarter of 2021, the Company determined that its 35 % investment in Hammond Insurance, which had been reported on its consolidated balance sheets in goodwill and other intangible assets, should have been reported as other assets. Also during the third quarter of 2021, the Company determined that its acquisition of BluePoint Benefits, which had been reported on its consolidated balance sheets in other assets, should have been reported as goodwill. The Company has changed the classification of both investments on its December 31, 2020 consolidated balance sheets. The change in the classification for the investment in Hammond Insurance resulted in a $ 613 thousand and $ 341 thousand decrease from what was previously reported in the Company's 2020 Form 10-K in goodwill and other intangible assets, respectively, with a corresponding increase of $ 954 thousand in other investments as of December 31, 2020. The change in the classification for the investment in BluePoint Benefits resulted in a $ 340 thousand decrease from what was previously reported in the 2020 Form 10-K in other assets with a corresponding increase of the same amount in goodwill as of December 31, 2020. Neither change in classification for the Company's investment in Hammond Insurance and BluePoint Benefits affected the Company's reported total assets or earnings as of and for the year ended December 31, 2020 on its consolidated balance sheet and statement of operations, respectively. During the first quarter of 2021, the Company determined a loan arrangement with a third-party financial institution for the purpose of residential mortgage loan originations, which had been reported on its consolidated balance sheets as loans held for sale, should have been reported as loans held for investment. The Company has changed the classification of this loan on its December 31, 2020 consolidated balance sheet, which resulted in a $ 30.4 million decrease from what was previously reported in the Company’s 2020 Form 10-K in loans held for sale with a corresponding increase of the same amount in loans held for investment as of December 31, 2020. There were no outstanding loans under this arrangement as of December 31, 2021. The change in classification did not affect the Company’s reported earnings for 2020, the Company does not believe any material allowance for loan losses would have been necessary for this loan as of December 31, 2020, and the Company believes its allowance for loan losses was adequate as of December 31, 2020. This reclassification did not change total loans or total assets on the Company’s consolidated balance sheets. The Company evaluated the effect of the previously noted incorrect presentations, both qualitatively and quantitatively, and concluded that its previously issued financial statements were not materially misstated due to the changes in classification. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies The accounting and reporting policies of the Company are in accordance with GAAP. (a) Use of Estimates In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and contingent liabilities, as of the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to accounting for business combinations, accounting for acquired loans, the allowance for loan losses, the valuation of deferred tax assets, mortgage servicing rights, and the valuation of derivative and hedging instruments. (b) Accounting for Business Combinations Business combinations are accounted for under the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") 805. ASC 805 requires that the assets acquired and liabilities assumed in a business combination be recorded based on their estimated fair values at the date of acquisition. The excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed, including identifiable intangibles, is recorded as goodwill. The determination of fair values requires management to make estimates about future expected cash flows, market conditions, and other future events that are highly subjective in nature and subject to actual results that may differ materially from the estimates made. (c) Cash and due from banks and federal funds sold For purposes of the consolidated statements of cash flows and balance sheets, cash and due from banks include cash on hand and amounts due from banks, including short-term investments with original maturities of less than 90 days. Federal funds sold represents excess bank reserves lent (generally on an overnight basis) to other financial institutions in the federal funds market. Federal funds sold are separately disclosed within the consolidated balance sheets. (d) Investment Securities Management determines the appropriate classification of securities at the time of purchase. If management has the intent and the Company has the ability at the time of purchase to hold securities until maturity, they are classified as held to maturity and carried at amortized historical cost. Securities not intended to be held to maturity are classified as available for sale and carried at fair value. Securities available for sale are intended to be used as part of the Company’s asset and liability management strategy and may be sold in response to liquidity needs, changes in interest rates, prepayment risk, or other similar factors. Securities reclassified from one category to another are transferred at fair value. Amortization of premiums and accretion of discounts on securities are reported as adjustments to interest income using the effective interest method. Realized gains and losses on dispositions are based on the net proceeds and the adjusted book value of the securities sold using the specific identification method. Unrealized gains and losses on investment securities available for sale are based on the difference between book value and fair value of each security. These gains and losses are credited or charged to shareholders’ equity, whereas realized gains and losses flow through the Company’s current earnings. Investment securities for which the fair value of the security is less than its amortized cost are evaluated on a quarterly basis for credit related other-than-temporary impairment ("OTTI"). For debt securities, impairment is considered other-than-temporary and recognized in its entirety in the consolidated statements of income if either the Company intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If, however, the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery, management must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost basis of the security exceeds the present value of the cash flows expected to be collected from the security. If there is credit loss, the loss is recognized in the consolidated statements of income, and the remaining portion of the impairment is recognized in other comprehensive income (loss). Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. The Company has made investments in several fintech companies, which are being accounted for as equity securities under ASC 321, Investments - Equity Investments. None of the Company's fintech investments have readily-determinable fair values and most are reported at cost, less impairment, if any. However, several of the fintech entities had observable market transactions in 2021 that, in the opinion of management, were similar to the Company's existing investments. Accordingly, the Company recorded fair market value adjustments (unrealized gains) on its existing investments totaling $ 7.3 million for the year ended December 31, 2021, which is reported in noninterest income as fair value adjustments on other equity investments on the Company's consolidated statements of operations. These investments, inclusive of the fair value adjustments, totaled $ 14.2 million and $ 3.0 million as of December 31, 2021 and 2020, respectively, and are included in restricted and other equity investments on the Company's consolidated balance sheets. (e) Loans Held for Sale Mortgage loans originated or purchased and intended for sale in the secondary market are carried at estimated fair value in the aggregate. Changes in fair value are recognized in residential mortgage banking income on the consolidated statements of income. The Company participates in a mandatory delivery program for its government guaranteed and conventional mortgage loans. Under the mandatory delivery program, loans with interest rate locks are paired with the sale of a to-be-announced (“TBA”) mortgage-backed security bearing similar attributes in the aggregate. Under the mandatory delivery program, the Bank commits to deliver loans to an investor at an agreed upon price after the close of such loans. This differs from a best efforts delivery, which sets the sale price with the investor on a loan-by-loan basis when each loan is locked. Certain consumer loans originated by the Company and sourced by fintech partners are classified on the Company's consolidated balance sheets as held for sale. These loans are originated by the Bank and either sold directly to the applicable fintech partner or another investor at par, generally up to 10 days from origination. These loans are carried at cost. As of December 31, 2021 and 2020, fintech loans held for sale totaled $ 5.8 million and $ 4.7 million, respectively, and are included in loans held for sale on the Company's consolidated balance sheets. (f) Loans Held for Investment and Allowance for Loan Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until loan maturity or pay-off are reported at their outstanding principal balance adjusted for any charge-offs, and net of any deferred fees and origination costs. Loan origination fees and certain direct origination costs are deferred and amortized as an adjustment of the yield using the payment terms required by the loan contract. As a result of the Bay Banks Merger and the Company's acquisition of Virginia Community Bankshares, Inc. in 2019, the Company's loan portfolio is segregated between loans initially accounted for under the amortized cost method (referred to as "originated" loans) and loans acquired (referred to as "acquired" loans). The loans segregated to the acquired loan portfolio were initially measured at fair value and subsequently accounted for under either ASC 310-30 L oans and Debt Securities Acquired with Deteriorated Credit Quality or ASC 310-20 Nonrefundable Fees and Other Costs. Purchased credit-impaired (“PCI”) loans, which were the non-performing loans acquired in the Company's acquisitions, were acquired at a discount that is due, in part, to credit quality and are accounted for under ASC 310-30. These loans are initially recorded at fair value (as determined by the present value of expected future cash flows) with no allowance for loan losses. The Company accounts for interest income on all loans acquired at a discount (that is due, in part, to credit quality) based on the acquired loans' expected cash flows. The acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flow. The difference between the cash flows expected at acquisition and the investment in the loans, or the "accretable yield," is recognized as interest income utilizing the level-yield method over the life of each pool. Increases in expected cash flows subsequent to the acquisition are recognized prospectively through adjustment to any previously recognized allowance for loan loss for that pool of loans and then through an increase in the yield on the pool over its remaining life, while decreases in expected cash flows are recognized as impairment through a loss provision and an increase in the allowance for loan losses. Therefore, the allowance for loan losses on these impaired pools reflects only losses incurred after the acquisition (representing the present value of all cash flows that were expected at acquisition but currently are not expected to be received). The Company periodically evaluates the remaining contractual required payments due and estimates of cash flows expected to be collected for PCI loans. These evaluations, performed no less than semi-annually, require the continued use of key assumptions and estimates, similar to the initial estimate of fair value. Changes in the contractual required payments due and estimated cash flows expected to be collected may result in changes in the accretable yield and non-accretable difference or reclassifications between accretable yield and the non-accretable difference. On an aggregate basis, if the acquired pools of PCI loans perform better than originally expected, the Company would expect to receive more future cash flows than originally modeled at the acquisition date. For the pools with better than expected cash flows, the forecasted increase would be recorded as an additional accretable yield that is recognized as a prospective increase to the Company's interest income on loans. Loans are generally placed into nonaccrual status when they are past-due 90 days or more as to either principal or interest or when, in the opinion of management, the collection of principal and/or interest is in doubt. A loan remains in nonaccrual status until the loan is current as to payment of both principal and interest or past-due less than 90 days and the borrower demonstrates the ability to pay and remain current. When cash payments are received, they are applied to principal first, then to accrued interest. It is the Company's policy not to record interest income on nonaccrual loans until principal has become current. In certain instances, accruing loans that are past due 90 days or more as to principal or interest may not go on nonaccrual status if the Company determines that the loans are well secured and are in the process of collection. Loans are charged-off in whole or in part when a loan or a portion thereof is considered uncollectible. Non-performing assets include nonaccrual loans, loans past due 90 days or more, and other real estate owned (“OREO”). The Company maintains an allowance for loan losses at a level that represents management's best estimate of known and inherent losses in the loan portfolio. Both the amount of the provision expense and the level of the allowance for loan losses are impacted by many factors, including general and industry-specific economic conditions, actual and expected credit losses, historical trends, and specific conditions of the individual borrowers. As a part of the analysis, the Company uses comparative peer group data and qualitative factors such as levels of and trends in delinquencies, nonaccrual loans, charged-off loans, changes in volume and terms of loans, effects of changes in lending policy, experience and ability and depth of management, national and local economic trends, and conditions and concentrations of credit, competition, and loan review results to support estimates. The allowance for loan losses is increased or decreased by provision losses or reversals to earnings, increased by recoveries of previously charged-off loans, and decreased by loan charge-offs. The Company also maintains an allowance for loan losses for acquired loans: (i) accounted for under ASC 310-30, when there is deterioration in credit quality subsequent to acquisition, and (ii) accounted for under ASC 310-20, when the inherent losses in the loans exceed the remaining discount recorded at the time of acquisition. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are determined to be impaired and, therefore, individually evaluated for impairment. The Company considers a loan to be impaired when 1) the risk grade of the loan is special mention or worse and the balance of the loan exceeds $ 500,000 , or 2) the loan is a troubled debt restructuring ("TDR"), regardless of balance. The Company determines and recognizes impairment of certain loans when, based on current information and events, it is probable that it will be unable to collect all amounts due according to the loan agreement. A loan is not considered impaired during a period of delay in payment if the Company expects to collect all amounts due, including past-due interest. The Company evaluates the impairment of certain loans on a loan-by-loan basis for those loans that are adversely risk rated. Measurement of impairment is based on the expected future cash flows of an impaired loan, discounted at the loan's effective interest rate, or measured on an observable market value, if one exists, or the fair value of the collateral underlying the loan, discounted to consider estimated costs to sell the collateral for collateral-dependent loans. If the net collateral value is less than the loan balance (including accrued interest and any unamortized premium or discount associated with the loan) an impairment is recognized and a specific reserve is established for the impaired loan. Loans classified as loss loans are fully reserved or charg ed-off. The general component of the allowance for loan losses covers those loans not classified as impaired and those loans classified as impaired that are not individually evaluated for impairment. Loans in the general component population are segmented into homogenous groups that share similar characteristics and receive a loss factor that is based on historical loss experience and adjusted for other internal or external influences on credit quality that are not fully reflected in the historical data. Internal and external factors include, but are not limited to, internal underwriting standards, loan portfolio composition and concentrations, and local and national economic conditions. Loans considered to be TDRs are loans that have their terms restructured (e.g., interest rates, loan maturity date, payment and amortization period, etc.) in circumstances that provide payment relief to a borrower experiencing financial difficulty. All restructured loans are considered impaired loans and may either be in accruing status or nonaccruing status. Nonaccruing restructured loans may return to accruing status provided doubt has been removed concerning the collectability of principal and interest as evidenced by a sufficient period of payment performance in accordance with the restructured terms. Loans may be removed from the restructured category in the year subsequent to the restructuring, if their revised loan terms are considered to be consistent with terms that can be obtained in the credit market for loans with comparable risk and if they meet certain performance criteria. Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), banks had the option to temporarily suspend certain requirements of GAAP related to TDRs for a limited period of time if the following conditions were met: the borrower's loan modification was related to the COVID-19 pandemic; the loan modified was not more than 30 days past due as of December 31, 2019, and the loan modification occurred between March 1, 2020 and the earlier of January 1, 2022 or the date that is 60 days after the COVID-19 national emergency declared under the National Emergencies Act is terminated by the President of the United States. All loan modifications made by the Company that met the requirements for modifications under the CARES Act were made on a good faith basis to borrowers and accordingly were not designated as TDRs as of and for the years ended December 31, 2021 and 2020. (g) Premises and Equipment Land is carried at cost. Premises and equipment, other than land, are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Estimated useful lives ranges from 39 to 40 years for buildings and from 3 to 15 years for furniture, fixtures, and equipment. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the useful life of the improvements or the lease term . Purchased computer software, which is capitalized, is amortized over estimated useful lives of one to three year s . (h) Leases In accordance with the requirements of ASC 842, Leases, the Company evaluates new real estate and equipment leases to determine whether the contractual arrangements constitute a lease, or contain an embedded lease, which would be in scope under ASC 842 and whether such leases would meet the requirements of an operating or financing lease under the standard. For operating leases, right-of-use assets (“ROU assets”) and lease liabilities are recognized at the commencement date of the lease. ROU assets represent the Company’s right to use leased assets over the term of the lease. Lease liabilities represent the Company’s contractual obligation to make lease payments over the lease term and are measured as the present value of the lease payments over the lease term. ROU assets are measured as the amount of the lease liability adjusted for certain items such as prepaid lease payments, unamortized lease incentives, and unamortized direct costs. ROU assets are amortized on a straight-line basis less the periodic interest expense adjustment of the lease liability and the amortization is included in occupancy expense in the Company’s consolidated statements of operations. The discount rate used for the present value calculations for lease liabilities was the rate implicit in the lease if determinable, and when the rate was not determinable, the Company used its incremental, collateralized borrowing rate with the FHLB for the period that most closely coincided with the respective lease term as of the commencement date of the lease. Most of the Company’s leases include renewal options, with renewal terms extending the lease obligation up to as much as five years. Lease terms may include renewal or extension options to the extent they are reasonably certain to be exercised as assessed at lease commencement. As of and for the years ended December 31, 2021 and 2020, the Company did no t have any leases that met the standard definition of a finance lease nor did it engage in any sale-leaseback transactions or have any sublease income. In accordance with the ASU, the Company elects not to recognize an ROU asset and lease obligation for contracts with an initial term of twelve months or less. The expense associated with these short-term leases is included in noninterest expense in the consolidated statements of operations. To the extent that a lease arrangement includes both lease and non-lease components, the Company has elected not to account for these separately. Rent expense on operating leases is recorded using the straight-line method over the appropriate lease term. (i) Goodwill and Other Intangible Assets Goodwill, which represents the excess of purchase price over fair value of net assets acquired, is not amortized but is evaluated at least annually for impairment by comparing its fair value with its carrying amount. Impairment is indicated when the carrying amount of a reporting unit exceeds its estimated fair value. Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. The Company performs the impairment test annually during the fourth quarter. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. Intangible assets with definite useful lives are amortized over their estimated useful lives and tested for impairment if events and circumstances exist that might indicate impairment may have occurred. No impairment was recorded for goodwill and other intangible assets in 2021 and 2020. (j) Mortgage Servicing Rights (“MSR”) Assets MSR assets represent the economic value associated with servicing a borrower during the life of the mortgage. The assets are separate from the underlying mortgage and may be retained or sold by the Company when the related mortgage is sold. Per ASC 860-50, Transfers and Servicing, MSR assets are initially recognized at fair value and subsequently accounted for using either the amortization method or the fair value measurement method. The Company elected to account for MSR assets using the amortization method, which requires that the servicing asset be amortized in proportion to and over the period of estimated net servicing income. ASC 860-50 also requires that MSR assets accounted for using the amortization method be evaluated for impairment each reporting period and reported at the lower of amortized cost or fair market value. MSR assets and income servicing, net of amortization and impairment, if any, are reported on the Company’s consolidated balance sheets and consolidated statements of income, respectively. (k) Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and reported as OREO. At the time of acquisition these properties are recorded at estimated fair value less estimated selling costs, with any write down charged to the allowance for loan losses and any gain on foreclosure recorded in the allowance up to the amount previously changed off, establishing a new cost basis. Subsequent to foreclosure, valuations of the assets are periodically performed by management, and these assets are subsequently accounted for at the lower of cost or fair value, less estimated selling costs. Adjustments are made for subsequent declines in the fair value of the assets, less selling costs. Revenue and expenses from operations and valuation changes are charged to operating income in the period of the transaction. (l) Cash Surrender Value of Life Insurance The Company has purchased life insurance policies on certain key employees. The cash surrender value of life insurance is recorded at the gross amount that can be realized under the insurance contract at the balance date, which is the cash surrender value. The increase in the cash surrender value over time is recorded as other noninterest income. The Company monitors the financial strength and condition of the counterparty. (m) Income Taxes Income taxes are accounted for using the balance sheet method in accordance with ASC 740, Accounting for Income Taxes. Per ASC 740, the objective is to recognize (a) the amount of taxes payable or refundable for the current year, and (b) defer tax liabilities and assets for the future tax consequences of events that have been recognized in the financial statements or federal income tax returns. Deferred tax assets and liabilities are determined based on the tax effects of the temporary differences between the book (i.e., financial statement) and tax bases of the various balance sheet assets and liabilities and give current recognition to changes in tax rates and laws. Temporary differences are reversed in the period in which an amount or amounts become taxable or deductible. When the Company’s federal tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would ultimately be sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely to be realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties, if any, associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. (n) Earnings Per Share Accounting guidance specifies the computation, presentation, and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities, or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The Company had 9,898 and zero dilutive weighted average common shares outstanding for the years ended December 31, 2021 and 2020, respectively, which were attributable to exercisable stock options. (o) Derivatives Derivatives are recognized as assets and liabilities on the Company’s consolidated balance sheets and measured at fair value. The Company’s derivatives consist of forward sales of to-be-announced mortgage-backed securities and interest rate lock commitments. The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk or to hedge specified assets and liabilities. All derivatives are recorded at fair value on the consolidated balance sheets. The Company may be required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. If derivative instruments are designated as hedges of fair values, both the change in the fair value of the hedge and the hedged item are included in current earnings. During the normal course of business, the Company enters into commitments to originate mortgage loans, whereby the interest rate on the loan is determined prior to funding (“rate lock commitments”). For commitments issued in connection with potential loans intended for sale, the Bank enters into positions of forward month mortgage-backed securities (“MBS”) to be announced (“TBA”) contracts on a mandatory basis or on a one-to-one forward sales contract on a best efforts basis. The Company enters into TBA contracts in order to control interest rate risk during the period between the rate lock commitment and mandatory sale of the mortgage loan. Both the rate lock commitment and the TBA contract are considered derivatives. A mortgage loan sold on a best efforts basis is locked into a forward sales contract with a counterparty on the same day as the rate lock commitment to control interest rate risk during the period between the commitment and the sale of the mortgage loan. Both the rate lock commitment and the forward sales contract are considered derivatives. The market values of rate lock commitments and best efforts forward delivery commitments is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments, delivery contracts, and forward sales contracts of MBS by measuring the change in the value of the underlying asset, while taking into consideration the probability that the rate lock commitments will close or will be funded. Certain risks arise from the forward delivery contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. Additional risks inherent in mandatory delivery programs include the risk that, if the Company does not close the loans subject to rate lock commitments, it will still be obligated to deliver MBS to the counterparty under the forward sales agreement. The Company enters into interest rate swap agreements to accommodate the needs of its banking customers. The Company mitigates the interest rate risk entering into these swap agreements by entering into equal and offsetting swap agreements with a highly-rated third-party financial institutions. These back-to-back swap agreements are a free-standing derivatives and are recorded at fair value in the Company’s consolidated balance sheets. The Company entered into various interest rate swaps in 2020 and 2019 that qualified as cash flow hedges as defined by ASC 815, Derivatives and Hedging. The objective of these interest rate swaps was to hedge against the risk of variability in its cash flows attributable to changes in the 3-month LIBOR benchmark rate component of forecasted three-month fixed rate funding advances from the FHLB. The hedging objective was to reduce the interest rate risk associated with the Company’s fixed rate advances from the designation date and going through the maturity date. These cash flow hedges are recorded at fair value in the Company’s consolidated balance sheets. The Company terminated these cash flow hedges during the fourth quarter of 2021. (p) Pension and Post-retirement Benefit Plans As part of the Bay Banks Merger, the Company assumed a noncontributory cash balance benefit pension plan, which was frozen in 2012. The plan covers employees who had become vested in the plan as of the date it was frozen. The Company also assumed a post-retirement benefit plan as a result of the Bay Banker Merger that covers eligible retirees’ medical a |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | Note 3. Busines s Combinations On January 31, 2021, the Company completed the Bay Banks Merger, which was accounted for as a business combination. At the effective date of the merger, Bay Banks’ shareholders received 0.5000 shares of the Company’s common stock in exchange for each share of Bay Banks common stock held (“Exchange Ratio”), plus cash in lieu of any fractional shares, resulting in the Company issuing 6,634,495 shares ( 9,951,743 shares on a post Stock Split basis) with an aggregate fair market value of $ 124.9 million based on the closing price of the Company’s common stock at January 29, 2021, the last trading day prior to the effective date of the merger, and paying $ 3.4 thousand in lieu of fractional shares. In addition, options to purchase 198,362 shares of Bay Banks common stock, whether vested or unvested, were converted to options to acquire 99,176 shares of the Company’s common stock ( 148,764 shares on a post Stock Split basis) at an estimated fair value of $ 472 thousand as of the merger date. Finally, Bay Banks had previously acquired $ 1.75 million of the Company’s subordinated notes, while the Bank had previously acquired $ 1.10 million of Bay Banks’ subordinated notes. In the merger, an effective settlement of the notes occurred in the amount of $ 650 thousand, which reduced the consideration paid. The Bay Banks Merger combined two banks with complementary capabilities and geographical focus, thus provided the opportunity for the organization to leverage its existing infrastructure, including people, processes, and systems, across a larger asset base. The Company has accounted for the Bay Banks Merger under the acquisition method of accounting, whereby the acquired assets and assumed liabilities are recorded by the Company at their estimated fair values as of the effective date of the merger. Fair value estimates were based on management’s assessment of the best information available at the time of determination and are highly subjective. The following table presents the consideration paid in the merger and the summary balance sheet of Bay Banks as of the date of the merger inclusive of estimated fair value adjustments and the allocation of consideration paid in the merger to the acquired assets and assumed liabilities. Goodwill resulting from the Bay Banks Merger was $ 7.2 million. (Dollars in thousands, except per share data) Consideration paid: Reference: Company's common shares issued 9,951,743 A Purchase price per share $ 12.55 A, B Value of common stock issued $ 124,928 Estimated fair value of stock options 472 Cash in lieu of fractional shares 3 Total consideration paid $ 125,403 Effective settlement of subordinated notes ( 650 ) Total consideration paid less effective settlement of subordinated notes $ 124,753 Fair value of assets acquired: Cash and due from banks $ 44,066 Federal funds sold 1,732 Certificates of deposit 1,018 Securities available for sale 79,505 Restricted securities 4,385 Loans held for investment 1,030,433 C Loans held for sale 3,814 Premises and equipment 15,532 D Right-of-use asset 1,864 Other real estate owned 598 Bank owned life insurance 20,259 Mortgage servicing rights 987 Core deposit intangible 6,850 E Deferred tax asset, net 2,685 F Other assets 10,855 G Total assets $ 1,224,583 Fair value of liabilities assumed: Deposits $ 1,030,888 H FHLB borrowings 10,124 I FRB borrowings 24,815 Subordinated notes 31,850 J Other liabilities 9,359 Total liabilities $ 1,107,036 Net identifiable assets acquired at fair value $ 117,547 Goodwill $ 7,206 Reference: Explanation of reference: A Common shares issued and purchase price per share are presented on a post Stock Split basis . B The value of the shares of the Company's common stock exchanged for shares of Bay Banks common stock was based upon the closing price of the Company's common stock at January 29, 2021, the last trading day prior to the date of completion of the merger. C Reflective of a $ 17.9 million (or 1.70 %) fair value adjustment (discount) to the amortized cost of the loan portfolio acquired. D Reflective of a $ 4.4 million fair value adjustment (premium) over the net book value of premises and equipment acquired. E Core deposit intangible asset recorded to reflect the fair value of nonmaturity deposits, except for time deposits over $ 100,000 , assumed by the Company. F Reflective of a $ 2.1 million net deferred tax asset recorded on all fair value adjustments, excluding goodwill, at the statutory federal income tax rate of 21 %. G Reflective of a $ 203 thousand fair vale adjustment (premium) on other assets acquired. H Reflective of a $ 5.8 million fair value adjustment (premium) over the book value of time deposits assumed. I Reflective of a $ 124 thousand fair value adjustment (premium) on the $ 10 million Federal Home Loan Bank of Atlanta ("FHLB") advance assumed. J Reflective of a $ 950 thousand fair value adjustment (premium) over the book value of subordinated notes assumed. Cash and cash equivalents. The carrying amounts of cash, due from banks, federal funds sold, and certificates of deposit was deemed to be a reasonable estimate of fair value. Securities available for sale. The estimated fair value of investment securities acquired was based on quoted market and third-party broker provided prices as of the merger date. Restricted securities. The carrying amount of restricted equity securities was used as a reasonable estimate of fair value. These investments are carried at cost as no active trading market exists. Loans. The acquired loan portfolio was segregated into two categories for valuation purposes: PCI and purchased performing loans. PCI loans were identified as those loans that were nonaccrual prior to the business combination and those loans that were identified as potentially impaired. Potentially impaired loans were those loans that were identified during the credit review process where there was an indication that the borrower did not have sufficient cash flows to service the loan in accordance with its terms. Specifically, loans with a risk rating of special mention or worse, loans that had been previously restructured as a TDR, or loans that had a history of delinquent payments were deemed PCI. Performing loans were those loans that were currently performing in accordance with the loan contract and did not exhibit any significant deterioration in credit quality since origination. For loans that were identified as performing, the fair values were determined using a discounted cash flow analysis (the "income approach"). Performing loans were segmented into pools based on loan type including commercial mortgages, multifamily, commercial and industrial, construction and land development, consumer residential, and consumer nonresidential, and further segmented based on payment structure (fully amortizing, non-fully amortizing balloon, or interest only), rate type (fixed versus variable), and remaining maturity. The estimated cash flows expected to be collected for each loan were determined using a valuation model that included the following key assumptions: prepayment speeds, expected credit loss rates, and discount rates. Prepayment speeds were influenced by many factors including, but not limited to, current yields, historic rate trends, payment types, interest rate type, and the duration of the individual loan. Expected credit loss rates were based on recent and historical default and loss rates observed for loans with similar characteristics, and further influenced by a third-party loan review on a selection of loans within the acquired portfolio. The discount rates used were based on rates market participants may require for cash flows with similar risk characteristics at the acquisition date. For loans that were identified as PCI, either the above income approach or the asset approach was used. The income approach was used for PCI loans where there was an expectation that the borrower would more likely than not continue to pay based on the current terms of the loan contract. Management used the asset approach for all nonaccrual loans to reflect market participant assumptions. Under the asset approach, the fair value of each loan was determined based on the estimated fair values of the underlying collateral, less estimated costs to sell. The methods used to estimate the fair values of loans are sensitive to the assumptions and estimates used. While management attempted to use assumptions and estimates that best reflected the acquired loan portfolios and current market conditions, a greater degree of subjectivity is inherent in these values than in those determined in active markets. Premises and equipment. Land and buildings (collectively, “premises”) acquired were recorded at estimated fair value as determined by third-party appraisals at or near the merger date. Equipment, including office furniture, computers, and similar assets, were recorded at the their net book values as of the merger date, which approximated fair value. Bank owned life insurance. The carrying value of bank owned life insurance was deemed to reasonably approximate fair value. These policies are recorded at their cash surrender value, using information provided by the insurance carriers. The following table presents the purchased performing and PCI loans receivable at the date of the Bay Banks Merger and the fair value adjustments (discounts) recorded immediately following the merger: As of January 31, 2021 (Dollars in thousands) Purchased Performing PCI Total Principal payments receivable $ 936,523 $ 111,766 $ 1,048,289 Fair value adjustment - credit and interest ( 2,784 ) ( 15,072 ) ( 17,856 ) Fair value of acquired loans $ 933,739 $ 96,694 $ 1,030,433 Core deposit intangible. Core deposit intangible ("CDI") is the measure of the value of noninterest-bearing checking, savings, interest-bearing checking, money market, and certain certificates of deposits assumed in a business combination. Certificates of deposit with balances over $100,000 and brokered deposits are excluded from evaluation, as the Company determined customer related intangible assets are non-existent for these accounts. The estimated fair value of CDI was based on the present value of the expected cost savings attributable to the core deposit funding relative to an alternative funding source. The CDI is being amortized over an estimated useful life of 10 years, which approximates the existing deposit relationships acquired. Deposits. The fair values of deposit liabilities with no stated maturity (noninterest-bearing checking, savings, interest-bearing checking, and money market deposits) are equal to the carrying amounts payable on demand. The estimated fair value of the certificates of deposit represents contractual cash flows, discounted to present value using interest rates currently offered by market participants on deposits with similar characteristics and remaining maturities. FHLB borrowings. The fair value of the FHLB borrowings was estimated by discounting the future cash flows using current interest rates offered for similar advances as of the acquisition date. FRB borrowings. The fair value of Federal Reserve Bank of Richmond (“FRB”) borrowings was deemed to approximate its carrying value. These borrowings are pursuant to the FRB’s Paycheck Protection Program Liquidity Facility (“PPPLF”) and there is no comparable borrowing to advances under this facility. Subordinated notes. The fair value of the subordinated notes was estimated by utilizing recent issuance interest rates for subordinated debt offerings of similar issuer size near the merger date and adjusted for time to redemption or maturity. The fair value estimates are subject to change for up to one year after the effective date of the merger, if additional information relative to effective date fair values becomes available. No adjustments have been made to the fair value estimates through December 31, 2021. Impact of Certain Fair Value Adjustments The net effect of the amortization and accretion of premiums and discounts associated with the fair value adjustments to assets acquired and liabilities assumed in the Bay Banks Merger had the following effect on the consolidated statement of operations for the period stated. (Dollars in thousands) For the year ended December 31, 2021 Loans (1) $ 1,593 Time deposits (2) 3,146 FHLB borrowings (3) 12 Subordinated notes (4) 171 CDI (5) ( 1,194 ) Net effect to income before income taxes $ 3,728 (1) Loan discount accretion and premium (amortization) is included in interest and fees in the consolidated statements of operations. (2) Time deposit premium amortization is included in interest on deposits in the consolidated statements of operations. (3) FHLB borrowings premium amortization is included in interest on FHLB and FRB borrowings in the consolidated statements of operations. (4) Subordinated notes premium amortization is included in the interest on subordinated notes in the consolidated statements of operations. (5) CDI amortization is included in the intangible amortization in the consolidated statements of operations. Pro Forma Financial Information The following table presents the effect of the Bay Banks Merger on the Company on a pro forma basis, as if the merger had occurred at the beginning of 2020. Merger-related expenses of $ 11.9 million and $ 2.4 million for the years ended December 31, 2021 and 2020, respectively, which are included in the Company’s consolidated statements of operations , are not included in the pro forma information below. Merger-related expenses incurred by Bay Banks prior to the completion of the Bay Banks Merger are not included in the Company’s consolidated statements of operations and are also not included in the pro forma information below. Net income includes pro forma adjustments for the accretion and amortization of estimated fair value adjustments on acquired loans and assumed time deposits and borrowings, as well as amortization of estimated CDI. A federal income tax rate of 21 % was used in determining pro forma net income. For years ended December 31, (Dollars in thousands, except per share data) 2021 2020 Revenue (net interest income plus noninterest income) $ 183,226 $ 152,473 Net income 60,956 26,107 Earnings per common share 3.32 1.42 |
Investment Securities and Other
Investment Securities and Other Investments | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Investments [Abstract] | |
Investment Securities and Other Investments | Note 4. Investment Securities and Other Investments Investment securities available for sale are carried on the Company's consolidated balance sheets at fair value. The following table presents amortized cost, fair values, and gross unrealized gains and losses of investment securities at the dates stated. December 31, 2021 (Dollars in thousands) Amortized Gross Gross Fair Available for sale State and municipal $ 51,341 $ 302 $ ( 530 ) $ 51,113 U.S. Treasury and agencies 65,680 — ( 1,614 ) 64,066 Mortgage backed securities 222,968 403 ( 4,261 ) 219,110 Corporate bonds 38,752 808 ( 317 ) 39,243 Total investment securities $ 378,741 $ 1,513 $ ( 6,722 ) $ 373,532 December 31, 2020 (Dollars in thousands) Amortized Gross Gross Fair Available for sale State and municipal $ 14,069 $ 258 $ ( 68 ) $ 14,259 U.S. Treasury and agencies 2,500 — ( 91 ) 2,409 Mortgage backed securities 72,337 696 ( 398 ) 72,635 Corporate bonds 19,755 469 ( 52 ) 20,172 Total investment securities $ 108,661 $ 1,423 $ ( 609 ) $ 109,475 At December 31, 2021 and 2020, securities with fair values of $ 8.7 million and $ 12.5 million, respectively, were pledged to secure public deposits with the Treasury Board of the Commonwealth of Virginia. At December 31, 2021 and 2020, securities with fair values of $ 23.1 million and $ 29.4 million, respectively, were pledged to secure the Bank’s line of credit with the FHLB. The following tables present fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. December 31, 2021 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Unrealized Fair Unrealized Fair Unrealized State and municipal 38 $ 27,905 $ ( 530 ) $ — $ — $ 27,905 $ ( 530 ) U.S. Treasury and agencies 22 64,067 ( 1,614 ) — — 64,067 ( 1,614 ) Mortgage backed securities 54 186,924 ( 4,257 ) 543 ( 4 ) 187,467 ( 4,261 ) Corporate bonds 11 6,770 ( 313 ) 996 ( 4 ) 7,766 ( 317 ) Total 125 $ 285,666 $ ( 6,714 ) $ 1,539 $ ( 8 ) $ 287,205 $ ( 6,722 ) December 31, 2020 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Unrealized Fair Unrealized Fair Unrealized State and municipal 6 $ 3,111 $ ( 68 ) $ — $ — $ 3,111 $ ( 68 ) U.S. Treasury and agencies 1 2,410 ( 91 ) — — 2,410 ( 91 ) Mortgage backed securities 22 20,545 ( 65 ) 8,592 ( 333 ) 29,137 ( 398 ) Corporate bonds 7 3,242 ( 7 ) 1,955 ( 45 ) 5,197 ( 52 ) Total 36 $ 29,308 $ ( 231 ) $ 10,547 $ ( 378 ) $ 39,855 $ ( 609 ) The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the dates stated. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2021 (Dollars in thousands) Amortized Fair Due in one year or less $ 953 $ 954 Due after one year through five years 25,492 25,316 Due after five years through ten years 120,439 119,942 Due after ten years 231,857 227,320 Total $ 378,741 $ 373,532 Restricted equity investments consisted of stock in the FHLB (carrying basis $ 1.7 million and $ 5.8 million at December 31, 2021 and 2020, respectively), FRB stock (carrying basis of $ 6.1 million and $ 2.2 million at December 31, 2021 and 2020, respectively), and stock in the Company’s correspondent bank (carrying basis of $ 468 thousand and $ 248 thousand at December 31, 2021 and 2020, respectively). Restricted equity investments are carried at cost. The Company holds various other equity investments, including shares in other financial institutions and fintech companies, totaling $ 14.2 million and $ 3.0 million as o f December 31, 2021 and 2020, respectively, which are carried at fair value with gain or loss, if any, reported in the consolidated statements of operations each reporting period. The Company also holds investments in early-stage focused investment funds, small business investment company ("SBIC") funds, and low income housing partnerships, which are reported in other investments on the consolidated balance sheets. Early-stage focused investment funds primarily hold investments in fintech companies or early-stage technology companies that focus on bank offerings. Management evaluates securities for OTTI on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. No declines in fair value relative to amortized cost were deemed to be OTTI as of and for the years ended December 31, 2021 and 2020. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 5. Loans and Allowance for Loan Losses The following table presents loans held for investment, including Paycheck Protection Program ("PPP") loans, as of the dates stated. December 31, (Dollars in thousands) 2021 2020 Commercial and industrial $ 320,827 $ 123,675 Paycheck Protection Program 30,742 292,068 Real estate – construction, commercial 146,523 54,702 Real estate – construction, residential 58,857 18,040 Real estate – mortgage, commercial 701,503 273,499 Real estate – mortgage, residential 493,982 213,404 Real estate – mortgage, farmland 6,173 3,615 Consumer loans 49,877 41,962 Gross loans 1,808,484 1,020,965 Less: deferred loan fees, net of costs ( 906 ) ( 4,271 ) Total $ 1,807,578 $ 1,016,694 In 2020, the Company participated in the PPP under the CARES Act (“PPP 1”). Through the PPP 1, the federal government partnered with banks, including the Bank, to provide over $ 650 billion to small businesses to support payrolls and other operating expenses. PPP 1 loans have a two year term if originated prior to June 5, 2020, or a five-year term if originated on or subsequent to June 5, 2020, and earn an annual interest rate of 1 %. Banks originating PPP 1 loans earned a processing fee of 1 %, 3 %, or 5 % of the loan amount, depending on the size of the loan. The Company originated approximately $ 363.4 million in PPP 1 loans in 2020, and as of December 31, 2021, $ 18.0 million of PPP 1 loans were outstanding, including those acquired in the Bay Banks Merger. In 2021 the Company participated in the PPP pursuant to the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, passed into law on December 27, 2020 (“PPP 2”). The PPP 2 was for loan applications received by May 31, 2021. The Company funded over 20,000 PPP 2 loans for approximately $ 730 million. PPP 2 loans have a contractual term of five years and earn an annual interest rate of 1 %. Banks originating PPP 2 loans earned processing fees that were tiered depending on the size of the loan. Specifically, processing fees for loans of not more than $ 50,000 equaled 50 % of the loan balance or $ 2,500 , whichever was less; processing fees for loans more than $ 50,000 and not more than $ 350,000 equaled 5 % of the loan balance, and processing fees for loans above $ 350,000 equaled 3 % of the loan balance. Of the PPP 2 loans originated in 2021, approximately 19,500 with principal balances of $ 712.6 million were sold on June 28, 2021. Gross proceeds from the sale were $ 705.9 million and the Company recorded a pre-tax gain in noninterest income of $ 24.3 million on the sale after giving effect to $ 30.9 million of unamortized fees, net of deferred costs, and the sale discount. As of December 31, 2021, the Company held PPP 2 loans with aggregate principal balances and unamortized fees, net of deferred costs, of $ 12.7 million and $ 348 thousand, respectively. The Company believes that the majority of PPP 1 and PPP 2 loans will be forgiven, in accordance with the terms of the program, and will be paid in full pursuant to the U.S. government guarantee. The Company is accounting for the PPP processing fees in accordance with ASC 310-20, Receivables Nonrefundable Fees and Other Costs, which requires fees, net of costs, to be deferred and amortized as a component of loan yield over the expected life of the loans, which the Company believes is one to three years for PPP 2 loans, depending on the individual loan balance. Of the $ 11.5 million of processing fees received in 2020 for PPP 1 loans, $ 4.8 million were recognized as a component of interest income for the year ended December 31, 2021. No unamortized PPP 1 fees remain as of December 31, 2021. PPP 2 processing fees, net of costs, totaled $ 43.4 million in 2021, of which $ 12.5 million were recognized as interest income for the year ended December 31, 2021, and $ 30.9 million were recognized as part of the gain on sale in the second quarter of 2021. From the onset of the global COVID-19 pandemic, the Company proactively addressed the needs of its commercial and individual borrowers by modifying loans allowing for the short-term deferral of principal payments or of principal and interest payments. In response to the COVID-19 pandemic, during 2020, the Company approved over 550 loan deferrals for a total of $ 110.6 million. In addition, Bay Banks approved nearly 400 loan deferrals for approximately $ 160.0 million. Most of these loans are now past the deferment period and are back on normal payment schedules, and as of December 31, 2021, 15 loans were in deferment for a total of approximately $ 5.2 million. These loans were not designated as TDRs. The Company has pledged certain commercial and residential mortgages as collateral for borrowings with the FHLB. Loans totaling $ 478.3 million and $ 213.3 million were pledged as of December 31, 2021 and 2020, respectively. Additionally, PPP loans were pledged as collateral for PPPLF advances in the amount of $ 17.9 million and $ 281.6 million as of December 31, 2021 and 2020, respectively. As a result of the Bay Banks Merger and the 2019 acquisition of Virginia Community Bankshares, Inc., the acquired loan portfolios were initially measured at fair value as of the respective acquisition dates and subsequently accounted for as either purchased performing loans or PCI loans. The following table presents the outstanding principal balance and related recorded investment of these acquired loans included in the consolidated balance sheets as of the dates stated. December 31, (Dollars in thousands) 2021 2020 PCI loans Outstanding principal balance $ 97,418 $ 1,278 Carrying amount 84,029 1,085 Purchased performing loans Outstanding principal balance 706,147 97,301 Carrying amount 703,333 96,317 Total acquired loans Outstanding principal balance 803,565 98,579 Carrying amount 787,362 97,402 The following table presents the changes in the accretable yield for PCI loans for the periods stated. (Dollars in thousands) 2021 2020 Balance, beginning of period $ 123 $ 188 Additions 10,030 — Accretion ( 5,381 ) ( 56 ) Other changes, net 12,077 ( 9 ) Balance, end of period $ 16,849 $ 123 The following tables present the aging of the recorded investment of loans held for investment as of the dates stated. December 31, 2021 (Dollars in thousands) 30-59 60-89 Greater Nonaccrual Total Past Nonaccrual PCI Current Total Commercial and industrial $ 2,338 $ — $ 30 $ 6,066 $ 8,434 $ 8,903 $ 303,490 $ 320,827 Paycheck Protection Program — — — — — — 30,742 30,742 Real estate – construction, commercial 271 — — 88 359 14,754 131,410 146,523 Real estate – construction, residential 651 98 279 413 1,441 — 57,416 58,857 Real estate – mortgage, commercial 53 — — 3,024 3,077 51,872 646,554 701,503 Real estate – mortgage, residential 13,950 1,587 359 5,190 21,086 7,621 465,275 493,982 Real estate – mortgage, farmland — — — — — — 6,173 6,173 Consumer 902 583 249 396 2,130 879 46,868 49,877 Less: deferred fees, net of costs — — — — — — ( 906 ) ( 906 ) Total $ 18,165 $ 2,268 $ 917 $ 15,177 $ 36,527 $ 84,029 $ 1,687,022 $ 1,807,578 December 31, 2020 (Dollars in thousands) 30-59 60-89 Greater Nonaccrual Total Past Nonaccrual PCI Current Total Commercial and industrial $ 1,117 $ — $ — $ 1,310 $ 2,427 $ — $ 121,248 $ 123,675 Paycheck Protection Program — — — — — — 292,068 292,068 Real estate – construction, commercial — — — — — 35 54,667 54,702 Real estate – construction, residential 262 — — — 262 — 17,778 18,040 Real estate – mortgage, commercial 771 211 — 3,643 4,625 808 268,066 273,499 Real estate – mortgage, residential 1,062 — 46 881 1,989 242 211,173 213,404 Real estate – mortgage, farmland — — — — — — 3,615 3,615 Consumer 935 334 — 714 1,983 — 39,979 41,962 Less: deferred loan fees, net of costs — — — — — — ( 4,271 ) ( 4,271 ) Total $ 4,147 $ 545 $ 46 $ 6,548 $ 11,286 $ 1,085 $ 1,004,323 $ 1,016,694 The following tables present the aging of the recorded investment of PCI loans as of the dates stated. December 31, 2021 (Dollars in thousands) 30-89 Greater than Current Total Commercial and industrial $ — $ — $ 8,903 $ 8,903 Real estate – construction, commercial — — 14,754 14,754 Real estate – mortgage, commercial — — 51,872 51,872 Real estate – mortgage, residential 147 — 7,474 7,621 Consumer — 4 875 879 Total PCI loans $ 147 $ 4 $ 83,878 $ 84,029 December 31, 2020 (Dollars in thousands) 30-89 Greater than Current Total Real estate – construction, commercial $ — $ — $ 35 $ 35 Real estate – mortgage, commercial 224 — 584 808 Real estate – mortgage, residential 35 — 207 242 Total PCI loans $ 259 $ — $ 826 $ 1,085 The following tables present the allowance for loan losses and the amount of loans evaluated for impairment, individually and collectively, by loan type as of the dates stated. December 31, 2021 (Dollars in thousands) Individually Collectively Total Loan Balances Related Allowance for Loan Losses PCI loans: Commercial and industrial $ — $ 8,903 $ 8,903 $ — Real estate – construction, commercial — 14,754 14,754 — Real estate – mortgage, commercial — 51,872 51,872 — Real estate – mortgage, residential — 7,621 7,621 117 Consumer — 879 879 — Total PCI loans — 84,029 84,029 117 Originated and purchased performing loans: Commercial and industrial 4,612 307,312 311,924 2,859 Real estate – construction, commercial 527 131,242 131,769 895 Real estate – construction, residential — 58,857 58,857 21 Real estate – mortgage, commercial 3,194 646,437 649,631 4,294 Real estate – mortgage, residential 1,400 484,961 486,361 1,376 Real estate – mortgage, farmland — 6,173 6,173 18 Consumer — 48,998 48,998 2,541 Total originated and purchased performing loans 9,733 1,683,980 1,693,713 12,004 Gross loans 9,733 1,768,009 1,777,742 12,121 Less: deferred loan fees, net of costs — ( 570 ) ( 570 ) — Total $ 9,733 $ 1,767,439 $ 1,777,172 $ 12,121 December 31, 2020 (Dollars in thousands) Individually Collectively Total Loan Balances Related Allowance for Loan Losses PCI loans: Real estate – construction, commercial $ — $ 35 $ 35 $ — Real estate – mortgage, commercial — 808 808 — Real estate – mortgage, residential — 242 242 — Total PCI loans — 1,085 1,085 — Originated and purchased performing loans: Commercial and industrial 234 123,441 123,675 3,762 Real estate – construction, commercial — 54,667 54,667 960 Real estate – construction, residential — 18,040 18,040 150 Real estate – mortgage, commercial 1,645 271,046 272,691 4,215 Real estate – mortgage, residential 452 212,710 213,162 1,481 Real estate – mortgage, farmland — 3,615 3,615 18 Consumer — 41,962 41,962 3,241 Total originated and purchased performing loans 2,331 725,481 727,812 13,827 Gross loans 2,331 726,566 728,897 13,827 Less: deferred loan fees, net of costs — ( 736 ) ( 736 ) — Total $ 2,331 $ 725,830 $ 728,161 $ 13,827 The tables above exclude PPP loans of $ 30.7 million and $ 292.1 million as of December 31, 2021 and 2020, respectively. PPP loans are fully guaranteed by the U.S. government; therefore, the Company recorded no allowance for loan losses for these loans as of December 31, 2021 and 2020. The following tables present information related to impaired loans by loan type as of and for the periods presented. December 31, 2021 (Dollars in thousands) Recorded Unpaid Related Average Interest With no specific allowance recorded: Real estate – construction, commercial $ 527 $ 527 $ — $ 535 $ 37 With an allowance recorded: Commercial and industrial 4,612 4,612 836 4,369 260 Real estate – mortgage, commercial 3,194 3,849 1 3,636 70 Real estate – mortgage, residential 1,400 1,400 42 700 23 Total $ 9,733 $ 10,388 $ 879 $ 9,240 $ 390 December 31, 2020 (Dollars in thousands) Recorded Unpaid Related Average Interest With no specific allowance recorded: Real estate – mortgage, residential $ 1,645 $ 2,030 $ — $ 2,091 $ 4 Real estate – mortgage, commercial 452 571 — 538 2 With an allowance recorded: Commercial and industrial 234 234 144 362 — Total $ 2,331 $ 2,835 $ 144 $ 2,991 $ 6 Impaired loans also include TDRs. There were eight TDRs totaling $ 1.0 million as of December 31, 2021 compared to two TDRs totaling $ 142 thousand as of December 31, 2020. The following table presents an analysis of the change in the allowance for loans losses by loan type as of and for the periods stated. December 31, (Dollars in thousands) 2021 2020 Allowance for loan losses, beginning of period $ 13,827 $ 4,572 Charge-offs: Commercial and industrial $ ( 1,098 ) $ ( 6 ) Real estate – construction ( 195 ) — Real estate – mortgage ( 125 ) ( 505 ) Consumer loans ( 1,123 ) ( 994 ) Total charge-offs ( 2,541 ) ( 1,505 ) Recoveries: Commercial and industrial 196 41 Real estate – mortgage 98 8 Consumer loans 424 261 Total recoveries 718 310 Net charge-offs ( 1,823 ) ( 1,195 ) Provision for loan losses 117 10,450 Allowance for loan losses, end of period $ 12,121 $ 13,827 The Company categorizes loans into risk categories based on relevant information about the expected ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis typically includes larger, non-homogeneous loans such as commercial real estate and commercial and industrial loans. This analysis is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings: Risk Grade 1 – Strong: This grade is reserved for loans to the strongest of borrowers. These loans are to individuals or corporations that are well known to the Bank and are always secured with an almost guaranteed source of repayment such as a lien on a bank deposit account. Character, credit history, and ability of individuals or company principals are excellent and unquestioned. Source of income and industry of borrower appears stable. High liquidity, minimum risk, good ratios, and low handling cost are present. Risk Grade 2 – Minimal: This grade is reserved for loans to borrowers who are deemed exceptionally strong. These loans are within guidelines and where the borrowers have documented significant overall financial strength. These loans have excellent sources of repayment, significant balance sheet liquidity, no significant identifiable risk of collection, and conform in all respects to policy, guidelines, underwriting standards, and federal and state regulations (no exceptions of any kind). Risk Grade 3 – Acceptable: This grade is reserved for loans to borrowers who are deemed strong. These loans have adequate sources of repayment, with little identifiable risk of collection. Generally, loans assigned this risk grade will demonstrate the following characteristics: (1) conformity in all respects with policy, guidelines, underwriting standards, and federal and state regulations (no exceptions of any kind), (2) documented historical cash flow that meets or exceeds required minimum guidelines, or that can be supplemented with verifiable cash flow from other sources, and (3) adequate secondary sources to liquidate the debt. Risk Grade 4 – Satisfactory: This grade is given to satisfactory loans containing more risk than Risk Grade 3 loans. These loans have adequate sources of repayment, with little identifiable risk of collection. Loans assigned this risk grade will demonstrate the following characteristics: (1) general conformity to the Bank's underwriting requirements, with limited exceptions to policy, product, or underwriting guidelines. All exceptions noted have documented mitigating factors that offset any additional risk associated with the exceptions noted, (2) documented historical cash flow that meets or exceeds required minimum guidelines, or that can be supplemented with verifiable cash flow from other sources, and (3) adequate secondary sources to liquidate the debt, including combinations of liquidity, liquidation of collateral, or liquidation value to the net worth of the borrower or guarantor. Risk Grade 5 – Watch: This grade is for satisfactory loans containing acceptable but elevated risk. These loans are characterized by borrowers who have a marginal cash flow, marginal profitability, or have experienced an unprofitable year and declining financial condition. The borrower's management may be deemed to be satisfactory, the collateral securing the loan may create a loan-to-value ratio in excess of 90 %, the debt service coverage ratio and global debt service coverage are unstable but mostly positive, and/or guarantor support, if any, is inadequate. Loans classified as Watch warrant additional monitoring by management. Risk Grade 6 – Special Mention: This grade is for loans that have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the Bank's credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Special mention credits typically exhibit underwriting guideline tolerances and/or exceptions with no mitigating factors, or emerging weaknesses that may or may not be cured as time passes. Risk Grade 7 – Substandard: A substandard loan is inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; they are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Loans consistently not meeting the repayment schedule should be downgraded further to substandard. Loans in this category are characterized by deterioration in quality exhibited by any number of well-defined weaknesses requiring corrective action. The weaknesses may include, but are not limited to: (1) high debt to worth ratios, (2) declining or negative earnings trends, (3) declining or inadequate liquidity, (4) improper loan structure, (5) questionable repayment sources, (6) lack of well-defined secondary repayment source, and (7) unfavorable competitive comparisons. Such loans are no longer considered to be adequately protected due to the borrower's declining net worth, lack of earnings capacity, declining collateral margins, and/or unperfected collateral positions. A possibility of loss of a portion of the loan balance cannot be ruled out. The repayment ability of the borrower is marginal or weak and the loan may have exhibited excessive overdue status or extensions and/or renewals. Risk Grade 8 – Doubtful: Loans classified doubtful have all the weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the Bank's position, which can include, but not limited to (1) an injection of capital, (2) alternative financing, and (3) liquidation of assets or the pledging of additional collateral. Doubtful is a temporary grade where a loss is expected, but is presently not quantified with any degree of accuracy. Once the loss position is determined, the amount is charged off against the allowance for loan losses. Risk Grade 9 – Loss: Loans classified loss are considered uncollectable and of such little value that their continuance as assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer charging off the worthless loan, even though partial recovery may be effected in the future. Probable loss portions of doubtful loans are charged off promptly against the allowance for loan losses. There were no loans classified as doubtful or loss at December 31, 2021 and December 31, 2020. The following tables present the Company's loan portfolio (PCI and originated and purchased performing) by internal loan grades as of the dates stated. PPP loans are risk graded strong because they are fully guaranteed by the U.S. government. December 31, 2021 (Dollars in thousands) Grade Grade Grade Grade Satisfactory Grade Grade Grade Substandard Total PCI loans: Commercial and industrial $ — $ — $ — $ 1,567 $ 2,818 $ 2,748 $ 1,770 $ 8,903 Real estate – construction, commercial — — — 2,423 — 11,010 1,321 14,754 Real estate – mortgage, commercial — — — 2,642 3,892 33,487 11,851 51,872 Real estate – mortgage residential — — — 142 1,657 2,709 3,113 7,621 Consumer loans — — — — 388 481 10 879 Total PCI loans — — — 6,774 8,755 50,435 18,065 84,029 Originated and purchased performing loans: Commercial and industrial 291 560 156,519 133,738 11,256 3,180 6,380 311,924 Paycheck Protection Program 30,742 — — — — — — 30,742 Real estate – construction, commercial — 412 28,973 91,900 7,995 1,846 643 131,769 Real estate – construction, residential — — 14,610 40,418 3,416 — 413 58,857 Real estate – mortgage, commercial — 2,382 307,067 283,165 34,750 17,133 5,134 649,631 Real estate – mortgage residential 990 9,218 276,992 180,980 11,107 974 6,100 486,361 Real estate – mortgage, farmland 340 — 1,067 4,766 — — — 6,173 Consumer loans 262 3 16,920 30,691 542 — 580 48,998 Total originated and purchased performing loans: 32,625 12,575 802,148 765,658 69,066 23,133 19,250 1,724,455 Gross loans $ 32,625 $ 12,575 $ 802,148 $ 772,432 $ 77,821 $ 73,568 $ 37,315 $ 1,808,484 Less: deferred loan fees, net of costs ( 906 ) Total $ 1,807,578 December 31, 2020 (Dollars in thousands) Grade Grade Grade Grade Satisfactory Grade Grade Grade Substandard Total PCI loans: Commercial and industrial $ — $ — $ — $ — $ — $ — $ — $ — Real estate – construction, commercial — — — 35 — — — 35 Real estate – mortgage, commercial — — — — — 93 715 808 Real estate – mortgage residential — — 40 46 121 35 — 242 Total PCI loans — — 40 81 121 128 715 1,085 Originated and purchased performing loans: Commercial and industrial 844 484 23,828 85,928 7,251 4 5,336 123,675 Paycheck Protection Program 292,068 — — — — — — 292,068 Real estate – construction, commercial — 2,143 19,524 26,289 5,916 218 577 54,667 Real estate – construction, residential — — 3,073 8,247 6,458 — 262 18,040 Real estate – mortgage, commercial — 3,994 128,163 114,977 15,799 2,875 6,883 272,691 Real estate – mortgage residential — 3,583 101,038 100,555 5,629 123 2,234 213,162 Real estate – mortgage, farmland 444 — 1,175 1,996 — — — 3,615 Consumer loans 324 36 17,062 23,311 521 1 707 41,962 Total originated and purchased performing loans: 293,680 10,240 293,863 361,303 41,574 3,221 15,999 1,019,880 Gross loans $ 293,680 $ 10,240 $ 293,903 $ 361,384 $ 41,695 $ 3,349 $ 16,714 $ 1,020,965 Less: deferred loan fees, net of costs ( 4,271 ) Total $ 1,016,694 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 6. Premises and Equipment, net The following table presents premises and equipment, net of accumulated depreciation, as of the dates stated. December 31, (Dollars in thousands) 2021 2020 Buildings and land $ 25,517 $ 13,925 Furniture, fixtures and equipment 6,191 3,945 Software 373 325 Construction in progress 41 — Total cost 32,122 18,195 Less: Accumulated depreciation ( 5,461 ) ( 3,364 ) Premises and equipment, net $ 26,661 $ 14,831 Depreciation expense for the years ended December 31, 2021 and 2020 was $ 2.0 million and $ 951 thousand, respectively. Software amortization expense for the years ended December 31, 2021 and 2020 was $ 137 thousand and $ 55 thousand, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets As of December 31, 2021 and 2020, goodwill totaled $ 26.8 million and $ 19.6 million, respectively. The following tables present information on amortizable intangible assets included on the consolidated balance sheets as of the dates stated. Gross Net (Dollars in thousands) Carrying Accumulated Carrying December 31, 2021 Value Amortization Value Core deposit intangibles $ 9,626 $ ( 2,908 ) $ 6,718 Other amortizable intangibles 2,659 ( 1,635 ) 1,024 Total $ 12,285 $ ( 4,543 ) $ 7,742 Gross Net (Dollars in thousands) Carrying Accumulated Carrying December 31, 2020 Value Amortization Value Core deposit intangibles $ 2,776 $ ( 1,366 ) $ 1,410 Other amortizable intangibles 2,187 ( 1,016 ) 1,171 Total $ 4,963 $ ( 2,382 ) $ 2,581 As a result of the Bay Banks Merger, a core deposit intangible asset of $ 6.9 million was recorded as of the acquisition date and is being amortized on an accelerated basis over 10 years using the sum-of-years digits method. Intangible amortization expense is included in noninterest expense or interest and fees on loans in the consolidated statements of operations depending on the intangible. For the years ended December 31, 2021 and 2020, intangible amortization expense totaled $ 1.9 million and $ 825 thousand, respectively. The following table presents estimated intangible asset amortization expense of the core deposit intangibles and other amortizable intangibles for the next five years and thereafter from the date stated. (Dollars in thousands) December 31, 2021 2022 $ 1,808 2023 1,455 2024 1,251 2025 1,050 2026 864 Thereafter 1,314 Total $ 7,742 Included in other amortizable intangibles were loan servicing assets of $ 362 thousand and $ 209 thousand as of December 31, 2021 and 2020, respectively, related to the sale of the government guaranteed portion of certain loans that the Company continues to service. Loan servicing assets of $ 266 thousand and $ 189 thousand were added during the years ended December 31, 2021 and 2020, respectively. The amortization of these intangibles is included in interest and fees on loans in the consolidated statement of operations. The Company retains MSR assets on mortgages originated and sold to the secondary market. As of December 31, 2021 and 2020, the carrying value of MSR assets included in the consolidate balance sheets were $ 16.5 million and $ 7.1 million, respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Note 8. Deposits The aggregate amount of time deposits, with a minimum denomination of $ 250 thousand, were $ 144.8 million and $ 95.7 million as of December 31, 2021 and 2020, respectively. T he following table presents the scheduled maturities of time deposits, with a minimum denomination of $ 250 thousand, for the next five years and thereafter from the date stated were as follows. (Dollars in thousands) December 31, 2021 2022 $ 92,974 2023 15,340 2024 25,763 2025 2,175 2026 8,590 Total $ 144,842 Brokered deposits totaled $ 53.7 million and $ 33.9 million at December 31, 2021 and 2020, respectively. Additionally, deposits obtained through a certificate of deposit listing service totaled $ 8.4 million and $ 14.8 million as of December 31, 2021 and 2020, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 9. Borrowings FHLB Borrowings The Bank has a line of credit from the FHLB of $ 358.1 million at December 31, 2021, secured by pledged qualifying real estate loans and certain pledged securities. The FHLB will lend up to 30 % of the Bank’s total assets as of the prior quarter end, subject to certain eligibility requirements, including adequate collateral. The Bank had borrowings from the FHLB that totaled $ 10.0 million and $ 115.0 million at December 31, 2021 and 2020, respectively. The interest rates on the borrowings for 2021 and 2020 ranged from 0.22 % to 0.56 % depending on structure and maturity. The $ 10.0 million FHLB advance outstanding as of December 31, 2021 has a maturity date of February 28, 2030 . FHLB borrowings required th e Bank to hold $ 1.7 million and $ 5.8 million of FHLB stock as of December 31, 2021 and 2020, respectively, which is included in restricted and other equity investments on the consolidated balance sheets. At December 31, 2021, 1-4 family residential loans classified as held for investment with a lendable value of $ 162.6 million, multi-family residential loans with a lendable value of $ 31.4 million, commercial real estate loans with a lendable value of $ 109.1 million, 1-4 family residential loans held for sale with a lendable value of $ 32.9 million, and securities with a lendable value of $ 22.0 million were pledged against the available line of credit with the FHLB. The Bank also has letters of credit with the FHLB in the amount of $ 85.0 million for the purpose of collateral for public deposits with the Treasury Board of the Commonwealth of Virginia. Outstanding letters of credit reduce the available balance of the borrowing facility with the FHLB, which was $ 263.1 million as of December 31, 2021. FRB Borrowings In the second quarter of 2020, the Company began participating in the PPPLF, which allows banks to pledge PPP loans as collateral in exchange for advances. The PPPLF advances are at 100 % of the PPP loan value and term, have a fixed annual cost of 35 basis points, and receive favorable regulatory capital treatment. As of December 31, 2021, FRB borrowings under the PPPLF were $ 17.9 million with maturities ranging from 1.0 years to 3.5 years. As of December 31, 2020, the Company’s FRB borrowings were $ 281.6 million with maturities ranging from 1.2 years to 4.5 years. Other Borrowings The Company has unsecured lines of credit with correspondent banks totaling $4 4.0 million at December 31, 2021 and $ 38.0 million at December 31, 2020, available for overnight borrowing. These lines bear interest at the prevailing rates for such loans and are cancellable any time by the correspondent bank. At December 31, 2021 and 2020, no ne of these lines of credit with correspondent banks were drawn upon. Subordinated Notes The Company had $ 40.0 million and $ 24.5 million of subordinated notes, net, outstanding as of December 31, 2021 and Dec ember 31, 2020, respectively. The Company assumed $ 30.9 million par value (or $ 31.9 million fair value) of subordinated notes in the Bay Banks Merger, which was composed of a $ 25 million issuance in October 2019 and maturing October 15, 2029 (the “2029 Bay Banks Notes”) and a $ 7 million issuance in May 2015 and maturing May 28, 2025 (the “2025 Bay Banks Notes”). The 2029 Bay Banks Notes bear interest at 5.625 % per annum, through October 14, 2024, payable semi-annually in arrears. Fro m October 15, 2024 through October 14, 2029, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Funding Rate (SOFR) (as defined in the 2029 Bay Banks Notes) plus 433.5 basis points, payable quarterly in arrears. The 2029 Bay Banks Notes are unsecured, subordinated obligations of the Company and rank junior in right of payment to the Company’s existing and future senior indebtedness and rank in parity with the other subordinated notes issued by the Company. Beginning on October 15, 2024 through maturity, the 2029 Bay Banks Notes may be redeemed, at the Company's option, on any scheduled interest payment date. As of December 31, 2021, the net carrying amount of the 2029 Bay Banks Notes was $ 25.3 million, inclusive of a $ 830 thousand purchase accounting adjustment (premium) recorded at the effective date of the Bay Banks Merger. For the year ended December 31, 2021, the effective interest rate on the 2029 Bay Banks Notes was 4.73 % inclusive of the amortization of the purchase accounting adjustment (premium). The 2025 Bay Banks Notes had interest payable on the first of March and September of each year, at a fixed interest rate of 6.50 % per year. The 2025 Bay Banks Notes were redeemable in whole or in part, without premium or penalty, at any interest payment date at the option of the Company. The Company exercised its right to redeem the 2025 Bay Banks Notes in the third quarter of 2021 and repaid the 2025 Bay Banks Notes in full. On May 28, 2020, the Company issued a subordinated note with a principal amount of $ 15.0 million, which matures on June 1, 2030 (the “2030 Note”). The 2030 Note is an unsecured, subordinated obligation of the Company and ranks junior in right of payment to the Company’s existing and future senior indebtedness and ranks in parity with the other subordinated notes issued by the Company. Beginning on June 1, 2025 through maturity, the 2030 Note may be redeemed, at the Company's option, on any scheduled interest payment date. The aggregate carrying value of the 2030 Note, including capitalized, unamortized debt issuance costs, was $ 14.7 million as of December 31, 2021. For the year ended December 31, 2021, the effective interest rate on the 2020 Note was 6.12 %. On November 20, 2015, the Company issued an aggregate of $ 10.0 million of subordinated notes with a maturity date of December 1, 2025 (the “2025 Notes”). The 2025 Notes were redeemable in part or in full at any interest payment date on or after December 1, 2020, at the option of the Company. The Company exercised its right to redeem the 2025 Notes in the second quarter of 2021 and repaid the 2025 Notes in full. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Note 10. Derivative Financial Instruments and Hedging Activities The Company enters into interest rate swap agreements to accommodate the needs of its banking customers. The Company mitigates the interest rate risk entering into these swap agreements by entering into equal and offsetting swap agreements with a highly rated third-party financial institution. These back-to-back swap agreements are free-standing derivatives and are recorded at fair value in the Company’s consolidated balance sheets (asset positions are included in other assets and liability positions are included in other liabilities). The following table presents the notational and fair values of the swap agreements for the dates stated. December 31, 2021 (Dollars in thousands) Notional Fair Interest rate swap agreement Receive fixed/pay variable swaps $ 2,052 $ 199 Pay fixed/receive variable swaps 2,052 ( 199 ) December 31, 2020 (Dollars in thousands) Notional Fair Interest rate swap agreement Receive fixed/pay variable swaps $ 2,145 $ 185 Pay fixed/receive variable swaps 2,145 ( 185 ) The Company entered into various interest rate swaps in 2020 and 2019, the objective of which was to hedge the risk of variability in the cash flows attributable to changes in the 3-month LIBOR benchmark rate component of forecasted 3-month fixed rate funding advances from the FHLB. The hedging objective was to reduce the interest rate risk associated with the Company’s fixed rate advances from the designation date and through the maturity date. During the fourth quarter of 2021, the Company terminated these cash flow hedges and recognized a gain of $ 6.2 million, which is included in noninterest income in the consolidated statements of operations. In connection with the termination of the cash flow hedges, the Company repaid $ 115.0 million of FHLB advances that were associated with these hedges. As part of its efforts to sell originated government guaranteed and conventional residential mortgages into the secondary market, the Bank had entered into $ 64.8 million and $ 154.3 million of rate lock commitments with borrowers, net of expected fallout, as of December 31, 2021 and 2020, respectively, and $ 113.6 million and $ 97.1 million of closed loan inventory waiting for sale, which were hedged by $ 169.5 million and $ 225.0 million in forward TBA mortgage-backed securities as of December 31, 2021 and 2020, respectively. Mortgage derivative assets totaled $ 1.9 million and $ 5.3 million as of December 31, 2021 and 2020, respectively, and mortgage derivative liabilities, which are included in other liabilities on the consolidated balance sheets, were $ 75 thousand and $ 1.6 million as of December 31, 2021 and 2020, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 11. Employee Benefit Plans The Company has a 401(k) plan that covers eligible employees (the "401(k) Plan"). Employees may make voluntary contributions subject to certain limits based on federal tax laws. The Bank contributes a matching contribution equal to 100% of an employee's contribution up to 5 % of his or her elective deferral. This matching contribution is subject to a vesting schedule of six years. For the years ended December 31, 2021 and 2020, total expenses attributable to the 401(k) Plan were $ 2.5 million and $ 1.2 million, respectively. The Company has an Employee Stock Ownership Plan (the “ESOP”) that covers eligible employees. Contributions to the ESOP are made at the discretion of the board of directors and may include both the matching component to employees’ elective deferrals into the 401(k) Plan and discretionary profit contributions. Contributions from the Company are subject to a vesting schedule of six years. The ESOP held 192,066 and 156,087 total shares of Company common stock at December 31, 2021 and December 31, 2020, respectively. All shares issued to and held by the ESOP are considered outstanding in the computation of EPS. The Company assumed the Bay Banks of Virginia, Inc. ESOP pursuant to the Bay Banks Merger (the "Bay Banks ESOP"). The Bay Banks ESOP remained a separate plan from the ESOP after the Bay Banks Merger, and no new participants were permitted to the Bay Banks ESOP beginning with the effective date of the merger. The Bay Banks ESOP held 361,500 total shares of Company common stock at December 31, 2021, which were considered outstanding in the computation of EPS. In the Bay Banks Merger, the Company assumed a non-contributory, cash balance defined benefit pension plan (the “Pension Plan”) for employees who were vested in the plan as of December 31, 2012, the date the plan was frozen (i.e., curtailed). Each participant’s account balance grows based on monthly interest credits. The Pension Plan is partially funded by assets invested for the benefit of the plan participants. The Pension Plan assets are held by a third-party qualified trust and are not included in the Company’s consolidated balance sheets. The Company made contributions totaling $ 703 thousand to the Pension Plan for the 2021 plan year. The accumulated benefit obligation for the Pension Plan was $ 1.1 million as of December 31, 2021. The funded assets for the Pension Plan, included in other assets in the Company’s consolidated balance sheets, were $ 10 thousand as of December 31, 2021. In 2021, the Company began the process of terminating the Pension Plan, which would result in the liquidation of plan assets and the complete settlement of the benefit obligation owed to all remaining participants. The termination of the Pension Plan is contingent on Company obtaining certain regulatory approvals, including from the Internal Revenue Service. The Company anticipates that the termination will be effective during 2022. The Pension Plan sponsor selects the assumption for the expected long-term rate of return on assets held by the qualified trust in consultation with its investment advisors and actuary. This rate is intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (i.e., net of inflation), for the major asset classes held or anticipated to be held by the qualified trust and for the qualified trust itself. Undue weight is not given to recent experience that may not continue over the measurement period, with higher significance placed on current forecasts of future long-term economic conditions. Because assets are held in a qualified trust, anticipated returns are not reduced for taxes. Further, solely for this purpose, the Pension Plan is assumed to continue in force and not terminate during the period during which assets are invested. However, consideration is given to the potential impact of current and future investment policy, cash flow into and out of the qualified trust, and expenses (both investment and non-investment) typically paid from the Pension Plan’s assets (to the extent such expenses are not explicitly estimated within periodic cost). The qualified trust assets are sufficiently diversified to maintain a reasonable level of risk without imprudently sacrificing return. The investment manager of the qualified trust selects investment fund managers with demonstrated experience and expertise and funds with demonstrated historical performance for the implementation of the plan’s investment strategy. The qualified trust assets are not included in the Company’s consolidated balance sheets as of December 31, 2021 and are considered Level 1 from a fair value hierarchy perspective. The following table presents the Pension Plan’s assets by asset type as of the dates stated. December 31, 2021 Amount % Mutual funds - equity $ 869 75 % Mutual funds - fixed income 290 25 % Total $ 1,159 100 % In the Bay Banks Merger, the Company also assumed a post-retirement benefit plan (the “PRB Plan”) covering retirees who were age 55 with 10 years of service or age 65 with five years of service prior to March 1, 2018, when the plan was curtailed. The PRB Plan provides coverage toward a retiree’s eligible medical and life insurance benefits. The PRB Plan is unfunded and benefits are expensed as incurred. The Company expects to make no contributions to the PRB Plan in future periods. The accumulated (unfunded) benefit obligation for the PRB Plan was $ 52 thousand as of December 31, 2021. The following table provides a reconciliation of changes in the accumulated benefit obligations and fair value of qualified trust assets (Pension Plan only) and a statement of funded (unfunded) status for the Pension Plan and the PRB Plan as of and for the period stated. December 31, 2021 Pension Plan PRB Plan Change in benefit obligation Benefit obligation, beginning of year $ — $ — Assumed in business combination 2,041 65 Service cost — — Interest cost 45 2 Actuarial loss (gain) 34 ( 9 ) Benefit payments ( 971 ) ( 6 ) Settlement (gain) loss — — Benefit obligation, end of year 1,149 52 Change in plan assets Fair value of plan assets, beginning of year — — Acquired in business combination 1,330 — Actual return on plan assets 97 — Employer contributions 703 6 Benefits payments ( 971 ) ( 6 ) Fair value of plan assets, end of year 1,159 — Funded (unfunded) status, end of year $ 10 $ ( 52 ) For the year ended December 31, 2021 Pension Plan PRB Plan Amounts recognized in accumulated other comprehensive loss (income) Net loss (gain) $ 11 $ ( 9 ) Prior service cost — — Net obligation at transition — — Amount recognized $ 11 $ ( 9 ) Components of net periodic benefit (gain) cost Service cost $ — $ — Interest cost 45 2 Expected return on plan assets ( 73 ) — Amortization of prior service cost — — Amortization of net obligation at transition — — Recognized net loss due to settlement — — Recognized net actuarial loss — — Net periodic benefit (gain) cost ( 28 ) 2 Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss Net loss (gain) 11 ( 9 ) Amortization of prior service cost — — Amortization of net obligation at transition — — Total recognized in other comprehensive loss (income) 11 ( 9 ) Total recognized in net periodic benefit cost and other comprehensive $ ( 17 ) $ ( 7 ) The following table presents the assumptions used in the valuation of and disclosures for the Pension Plan and the PRB Plan for the period stated. December 31, 2021 Pension Plan PRB Plan Discount rate used for net periodic pension cost 2.75 % 2.50 % Discount rate used for disclosure (range) 1.02 % - 3.08 % 2.75 % Expected return on plan assets 7.25 % N/A Rate of compensation increase N/A N/A Rate of compensation increase for net periodic N/A N/A Expected future interest crediting rate 3.00 % N/A The following table presents the expected benefit payments to be made from the Pension Plan and PRB Plan for the periods following the date stated. December 31, 2021 Pension Plan PRB Plan 2022 $ 1,149 $ 6 2023 — 6 2024 — 5 2025 — 5 2026 — 5 2027 - 2031 — 28 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 12. Stock-Based Compensation The Company has granted restricted stock awards ("RSA") to employees and directors under the Blue Ridge Bankshares, Inc. Equity Incentive Plan. RSAs are considered fixed awards as the number of shares and fair value is known at the date of grant, and the fair value of the award at the grant date is amortized over the requisite service period, which is generally three years. Compensation expense recognized in the consolidated statements of operations related to RSAs, net of forfeitures, for the years ended December 31, 2021 and 2020 was $ 1.3 million and $ 567 thousand, respectively. Unrecognized compensation expense related to the restricted stock awards as of December 31, 2021 totaled $ 2.5 million. The following table presents RSA activity as of and for the periods stated. Shares Weighted Average Fair Value per RSA RSA unvested and outstanding, January 1, 2020 94,762 $ 12.17 Granted 120,429 10.41 Vested ( 36,216 ) 12.14 Forfeited ( 30,375 ) 12.43 RSA unvested and outstanding, December 31, 2020 148,600 $ 10.70 Granted 174,634 17.35 Vested ( 85,037 ) 12.28 Forfeited ( 20,013 ) 13.45 RSA unvested and outstanding, December 31, 2021 218,184 $ 15.15 The Company converted fully vested options to purchase 198,362 shares of Bay Banks common stock into options to purchase 99,176 shares ( 148,758 on a post Stock Split basis) of the Company’s common stock pursuant to the Bay Banks Merger. The estimated fair value of the converted stock options as of the effective date of the merger was $ 472 thousand and included in the Bay Banks Merger consideration. The estimated fair value was determined using the Black-Scholes Model, which requires the use of assumptions including the risk-free interest rate, expected term, expected volatility (of the underlying stock), and expected dividend yield. The following table presents the ranges and weighted averages of assumptions used to determine the estimated fair value of the converted stock options in the Bay Banks Merger. As of January 31, 2021 Range Weighted Average Risk free interest rate (U.S. Treasury) 0.06 % - 0.45 % 0.32 % Expected term (years) 0.14 - 5.00 3.89 Expected volatility 21.2 % - 38.2 % 32.8 % Expected dividend yield 2.85 % 2.85 % The following table presents stock option activity for the periods presented. Shares Weighted Average Exercise Price Weighted Aggregate Intrinsic Options outstanding and exercisable, January 1, 2021 — — — — Assumed in Bay Banks Merger 148,758 $ 9.89 5.47 Granted — — Forfeited ( 808 ) 13.80 Exercised ( 89,786 ) 9.99 Expired ( 557 ) 6.47 Options outstanding and exercisable, December 31, 2021 57,607 $ 11.75 6.18 $ 354,269 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options as of the respective years ended. This amount changes based on the market value of the Company’s common stock. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 13. Leases The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease terms and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and The following table presents a summary of the activity in the Company's allowance for loan losses and the ratio of net charge-offs to average loans outstanding for the periods stated. The Company assumed five operating leases for real estate in the Bay Banks Merger. In accordance with ASC 842 – Leases, the original classification of each lease was retained and not re-evaluated as part of the accounting for the business combination. The Company measured each of the assumed lease liabilities as if the lease was new, determined the appropriate lease liability and ROU asset fair value based on the Company's incremental borrowing rate at merger date, and obtained independent assessments of favorable or unfavorable market terms for each lease contract. The following tables present information about the Company’s leases as of and for the periods stated. (Dollars in thousands) December 31, 2021 Lease liability $ 7,651 ROU asset $ 6,317 Weighted average remaining lease term (years) 6.79 Weighted average discount rate 1.86 % For the year ended December 31, (Dollars in thousands) 2021 2020 Operating lease cost $ 2,383 $ 1,731 Total lease cost $ 2,383 $ 1,731 Cash paid for amounts included in the measurement $ 2,014 $ — The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities for periods following the date stated. (Dollars in thousands) December 31, 2021 2022 $ 1,638 2023 1,276 2024 946 2025 849 2026 767 Thereafter 2,442 Total undiscounted cash flows 7,918 Discount ( 267 ) Lease liability $ 7,651 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 14. Fair Value The fair value of a financial instrument is the current amount that would be exchanged between willing parties in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Accounting guidance for fair value excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The Company records fair value adjustments to certain assets and liabilities and determines fair value disclosures utilizing a definition of fair value of assets and liabilities that states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Additional considerations are involved to determine the fair value of financial assets in markets that are not active. The Company uses a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 – Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 – Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly-liquid government bonds and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions, and certain corporate, asset-backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. The carrying value of restricted FRB and FHLB stock approximates fair value based upon the redemption provisions of each entity and is therefore excluded from the following table. Rabbi trust assets As a result of the Bay Banks Merger, the Company acquired and assumed a rabbi trust and deferred compensation plan. The assets held by the rabbi trust are invested at the direction of the individual participants and are generally invested in marketable investment securities, such as common stocks and mutual funds or short-term investments (e.g., cash) (Level 1). Rabbi trust assets and the associated deferred compensation plan liability are included in other assets and other liabilities, respectively, in the consolidated balance sheets. Derivative financial instruments Derivative instruments used to hedge residential mortgage loans held for sale and the related interest rate lock commitments are reported at fair value utilizing Level 2 inputs. The fair values of derivative financial instruments are based on derivative market data inputs as of the valuation date and the underlying value of mortgage loans for rate lock commitments. Cash flow hedges (interest rate swaps) are used to hedge against the risk of variability in cash flows attributable to changes in the 3-month LIBOR benchmark rate component of forecasted 3-month fixed rate funding advances from the FHLB. These cash flow hedges were recorded at fair value utilizing Level 2 inputs. The following tables present the balances of financial assets measured at fair value on a recurring basis as of the dates stated. December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: State and municipals $ 51,113 $ — $ 51,113 $ — U.S. Treasury and agencies $ 64,066 $ — $ 64,066 $ — Mortgage backed securities 219,110 — 219,110 — Corporate bonds 39,243 — 39,243 — Total securities available for sale $ 373,532 $ — $ 373,532 $ — Other assets: Rabbi trust assets $ 994 $ 994 $ — $ — Mortgage derivative asset 1,876 — 1,876 — Interest rate swap asset 199 — 199 — Other liabilities: Mortgage derivative liability $ 75 $ — $ 75 $ — Interest rate swap liability 199 — 199 — December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: State and municipals $ 14,259 $ — $ 14,259 $ — U.S. Treasury and agencies 2,409 — 2,409 — Mortgage backed securities 72,635 — 72,635 — Corporate bonds 20,172 — 20,172 — Total investment securities available for sale $ 109,475 $ — $ 109,475 $ — Other assets: Mortgage derivative asset $ 5,293 $ — $ 5,293 $ — Interest rate swap asset 1,716 — 1,716 — Other liabilities: Mortgage derivative liability $ 1,569 $ — $ 1,569 $ — Interest rate swap liability 2,735 — 2,735 — Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. The following describes the valuation techniques used by the Company to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements. Mortgage Servicing Rights The Company accounts for MSR assets under the amortization method, which requires that the MSR assets be recorded at the lower of cost or fair value. As of December 31, 2021, the amortized cost of MSR assets totaled $ 16.5 million compared to a fair value of $ 21.0 million. The following tables present the change in MSR assets as of and for the periods stated. (Dollars in thousands) MSR Assets Balance, December 31, 2020 $ 7,084 Acquired in Bay Banks Merger 997 Additions 11,809 Write-offs ( 959 ) Amortization ( 2,462 ) Impairments — Fair value adjustments 4,484 Balance, December 31, 2021 - Fair value $ 20,953 Balance, December 31, 2021 - Amortized cost $ 16,469 (Dollars in thousands) MSR Assets Balance, December 31, 2019 $ — Additions 7,539 Write-offs ( 61 ) Amortization ( 391 ) Impairments ( 3 ) Fair value adjustments 207 Balance, December 31, 2020 - Fair value $ 7,291 Balance, December 31, 2020 - Amortized cost $ 7,084 A third-party model is used to determine the fair value of the Company’s MSR assets. The model establishes pools of performing loans, calculates projected future cash flows for each pool, and applies a discount rate to each pool. As of December 31, 2021 and 2020, the Company was servicing approximately $ 1.91 billion and $ 846.5 million in loans, respectively, via a third-party subservicer. Loans are segregated into homogenous pools based on loan term, interest rates, and other similar characteristics. Cash flows are then estimated based on net servicing fee income and servicing costs, utilizing assum ed prepayment speeds. The weighted average net servicing fee income of the portfolio was 28.0 basis points as of December 31, 2021. Estimated base annual servicing costs were $ 65.00 to $ 80.00 per loan depending on the guarantor. Prepayment speeds in the model are based on empirically derived data for mortgage pool factors and differences between a mortgage pool’s weighted average coupon and its current mortgage rate. The weighted average prepayment speed assumption used in the fair value model was 11.65 % as of December 31, 2021. A base discount rate of 9.00 % to 11.00 % ( 9.29 % weighted average discount rate) was then applied to each pool’s projected future cash flows as of December 31, 2021. The discount rate is intended to represent the estimated market yield for the highest quality grade of comparable servicing. MSR assets are classified as Level 3. Impaired Loans Impaired loans with specific reserves are carried at fair value. Fair value is based on the discounted cash flows of the loan or the fair value of the collateral less estimated costs to sell, if the loan is collateral-dependent. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. Any given loan may have multiple types of collateral; however, the majority of the Company’s loan collateral is real estate. The value of real estate collateral is generally determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral value is significantly adjusted due to differences in the comparable properties or is discounted by the Company because of lack of marketability, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant or the net book value on the applicable business’s financial statements if not considered significant. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Fair value adjustments are recorded in the period incurred as provision for loan losses on the consolidated statements of operations. Loans Held for Sale Mortgage loans originated or purchased and intended for sale in the secondary market are carried at estimated market value in the aggregate (i.e., loans held for sale). Changes in fair value are recognized in residential mortgage banking income, net on the consolidated statements of operations (Level 2). Certain consumer loans originated by the Company and sourced by fintech partners are classified on the Company's consolidated balance sheets as held for sale. These loans are originated by the Bank and either sold directly to the applicable fintech partner or another investor at par, generally up to 10 days from origination. Due to relatively short time between origination and sale, these loans are held at cost, which approximates fair value (Level 2). Other Real Estate Owned Certain assets such as OREO are measured at fair value less estimated costs to sell. Valuation of OREO is generally determined using current appraisals from independent appraisers, a Level 2 input. If current appraisals cannot be obtained prior to reporting dates, or if declines in value are identified after the most recent appraisal, appraisal values are discounted, resulting in Level 3 estimates. If the Company markets the property with a real estate agent or broker, estimated selling costs reduce the listing price, resulting in a valuation based on Level 3 inputs. The following tables summarize assets that were measured at fair value on a nonrecurring basis as of the dates stated. December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 8,344 $ — $ — $ 8,344 Loans held for sale 121,943 — 121,943 — OREO 157 — — 157 December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 2,187 $ — $ — $ 2,187 Loans held for sale 152,931 — 152,931 — The following tables present quantitative information about Level 3 fair value measurements as of the dates stated. (Dollars in thousands) Balance as of December 31, 2021 Unobservable Input Weighted Average Impaired loans, net Discounted appraised value technique $ 8,108 Selling Costs 7 % Discounted cash flows technique 236 Discount Rate 4 % - 7 % OREO Discounted appraised value technique 157 Discount Rate 7 % (Dollars in thousands) Balance as of December 31, 2020 Unobservable Input Weighted Average Impaired loans, net Discounted appraised value technique $ 2,097 Selling Costs 10 % Discounted cash flows technique 90 Discount Rate 6 % Fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practical to estimate the value is based upon the characteristics of the instruments and relevant market information. Financial instruments include cash, evidence of ownership in an entity, or contracts that convey or impose on an entity that contractual right or obligation to either receive or deliver cash for another financial instrument. The information used to determine fair value is highly subjective and judgmental in nature and, therefore, the results may not be precise. Subjective factors include, among other things, estimates of cash flows, risk characteristics, credit quality, and interest rates, all of which are subject to change. Since the fair value is estimated as of the balance sheet date, the amounts that will actually be realized or paid upon settlement or maturity on these various instruments could be significantly different. The carrying values of cash and due from banks and federal funds sold are of such short duration that carrying value reasonably approximates fair value (Level 1). The carrying values of accrued interest receivable and accrued interest payable are of such short duration that carrying value reasonably approximates fair value (Level 2). The carrying value of restricted equity investments approximates fair value based on the redemption provisions of the issuer (Level 2). The fair value of other equity investments, including the Company's investments in certain fintech companies, is based on either observable market prices, if available, or on observable market transactions for identical or significantly similar investments (Level 2). The fair value of the Company’s loan portfolio includes a credit risk assumption in the determination of the fair value of its loans. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. The Company’s loan portfolio is initially fair valued using a segmented approach. The Company divides its loan portfolio into the following categories: variable rate loans, impaired loans, and all other loans. The results are then adjusted to account for credit risk as described above. The fair value of the Company’s loan portfolio also considers illiquidity risk through the use of a discounted cash flow model to compensate for based on certain assumptions included within the discounted cash flow model, primarily the use of discount rates that better capture inherent credit risk over the lifetime of a loan. This consideration of both credit risk and illiquidity risk provides an estimated exit price for the Company’s loan portfolio. Loans held for investment are reported as Level 3. There is no credit risk associated with PPP loans as they are fully guaranteed by the U.S. government. Further, these loans are expected to be short term in nature. As a result, the carrying value of PPP loans reasonably approximates fair value (Level 3). The carrying value of cash surrender value of life insurance reasonably approximates fair value. The Company records these policies at their cash surrender value, which is estimated using information provided by insurance carriers. The carrying value of noninterest-bearing deposits approximates fair value (Level 1). The carrying values of interest-bearing demand, money market, and savings deposits approximates fair value based on their current pricing and are reported as Level 2. The fair value of time deposits were valued using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for time deposits that mature in the same period. Time deposits are reported as Level 3. The fair value of the FHLB borrowings is estimated by discounting the future cash flows using current interest rates offered for similar advances (Level 2). The fair value of FRB borrowings is approximated by its carrying value as there is no comparable debt to PPPLF advances (Level 2). The fair value of the Company’s subordinated notes is estimated by utilizing recent issuance interest rates for subordinated debt offerings of similar issuer size (Level 3). The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Borrowers with fixed rate obligations may be are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates may be more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. The following tables present estimated fair values and related carrying amounts of the Company’s financial instruments as of the dates stated. December 31, 2021 Fair Value Measurements at (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 130,643 $ 130,643 $ 130,643 $ — $ — Federal funds sold 43,903 43,903 43,903 — — Securities available for sale 373,532 373,532 — 373,532 — Restricted and other equity investments 22,518 22,518 — 22,518 — PPP loans receivable, net 30,406 30,406 — — 30,406 Loans held for investment, net 1,765,051 1,766,820 — — 1,766,820 Accrued interest receivable 9,573 9,573 — 9,573 — Bank owned life insurance 46,545 46,545 — 46,545 — Financial Liabilities Noninterest-bearing deposits $ 706,088 $ 706,088 $ 706,088 $ — $ — Interest-bearing demand and money market deposits 941,805 941,805 — 941,805 — Savings deposits 150,376 150,376 — 150,376 — Time deposits 499,502 503,968 — — 503,968 FHLB borrowings 10,111 9,943 — 9,943 — FRB borrowings 17,901 17,901 — 17,901 — Subordinated notes, net 39,986 41,388 — — 41,388 December 31, 2020 Fair Value Measurements at (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 117,945 $ 117,945 $ 117,945 $ — $ — Federal funds sold 775 775 775 — — Securities available for sale 109,475 109,475 — 109,475 — Restricted and other equity investments 11,173 11,173 — 11,173 — PPP loans receivable, net 288,533 288,533 — — 288,533 Loans held for investment, net 714,334 715,674 — — 715,674 Accrued interest receivable 5,428 5,428 — 5,428 — Bank owned life insurance 15,724 15,724 — 15,724 — Financial Liabilities Noninterest-bearing deposits $ 333,051 $ 333,051 $ 333,051 $ — $ — Interest-bearing demand and money market deposits 282,263 282,263 — 282,263 — Savings deposits 78,352 78,352 — 78,352 — Time deposits 251,443 257,647 — — 257,647 FHLB borrowings 115,000 114,983 114,983 — FRB borrowings 281,650 281,650 — 281,650 — Subordinated notes, net 24,506 25,830 — — 25,830 |
Minimum Regulatory Capital Requ
Minimum Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Minimum Regulatory Capital Requirements | Note 15. Minimum Regulatory Capital Requirements Banks and bank holding companies are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, financial institutions must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. A financial institution's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Basel III Capital Rules phased-in over a multi-year schedule and were fully phased-in on January 1, 2019. Under the Basel III rules, banks must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios of 2.50 % for all ratios, except the tier 1 leverage ratio. If a banking organization dips into its capital conservation buffer, it is subject to limitations on certain activities, including payment of dividends, share repurchases, and discretionary compensation to certain officers. Management believes as of December 31, 2021 and 2020, the Bank met all capital adequacy requirements to which it is subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized; although, these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31, 2021, the most recent regulatory notification categorized the Bank as well capitalized under the regulatory framework. There are no conditions or events since that notification that management believes have changed the institution's category. Federal and state banking regulations place certain restrictions on dividends paid by the Company. The total amount of dividends that may be paid at any date is generally limited to retained earnings of the Company. Pursuant to the EGRRCPA, regulators have provided for an optional, simplified measure of capital adequacy, the community bank leverage ratio ("CBLR") framework, for qualifying community bank organizations. Banks that qualify may opt in to the CBLR framework beginning January 1, 2020 or any time thereafter. The CBLR framework eliminates the four required capital ratios disclosed below and requires the disclosure of a single leverage ratio, with a minimum requirement of 9 %. The Company has not opted into the CBLR framework. The following tables present capital ratios for the Bank as of the dates stated. Adequately capitalized ratios include the conversation buffer. December 31, 2021 Actual For Capital To Be Well (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 273,978 13.11 % $ 219,393 10.50 % $ 208,946 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 260,896 12.49 % $ 177,604 8.50 % $ 167,157 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 260,896 12.49 % $ 146,262 7.00 % $ 135,815 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 260,896 10.05 % $ 103,883 4.00 % $ 129,853 5.00 % December 31, 2020 Actual For Capital To Be Well (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 109,219 13.10 % $ 87,574 10.50 % $ 83,404 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 98,751 11.84 % $ 70,893 8.50 % $ 66,723 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 98,751 11.84 % $ 58,383 7.00 % $ 54,213 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 98,751 8.34 % $ 47,363 4.00 % $ 59,180 5.00 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 16. Related Party Transactions During the years ended December 31, 2021 and 2020, officers, directors, and principal shareholders and their related interests (related parties) were customers of and had transactions with the Bank. These transactions were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not deemed related parties to the Bank and did not involve more than the normal risk of collectability or present other unfavorable features. The following table presents loan transactions with such related parties as of and for the periods stated. December 31, (Dollars in thousands) 2021 2020 Total loans, beginning of period $ 13,957 $ 14,168 Advances 6,699 12,472 Curtailments ( 12,919 ) ( 12,683 ) Total loans, end of period $ 7,737 $ 13,957 The Bank held related party deposits of approximately $ 13.2 million and $ 8.4 million as of December 31, 2021 and 2020, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 17. Earnings Per Share The following table shows the calculation of basic and diluted EPS and the weighted average number of shares outstanding used in computing EPS and the effect of dilutive potential common stock for the periods stated. Basic EPS amounts are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding (the denominator). Diluted EPS amounts assume the conversion, exercise, or issuance of all potential common stock instruments, unless the effect would be to reduce the loss or increase earnings per common share. Potential dilutive common stock instruments include exercisable stock options. For the year ended December 31, 2021, no stock options for shares of the Company’s common stock were considered anti-dilutive. Weighted average common shares outstanding, basic and dilutive, for all periods presented are presented on a post Stock Split basis. For the years ended (Dollars in thousands, except per share data) 2021 2020 Net income $ 52,480 $ 17,697 Net income attributable to noncontrolling interest ( 3 ) ( 1 ) Net income available to common shareholders $ 52,477 $ 17,696 Weighted average common shares outstanding, basic 17,840,675 8,535,606 Effect of dilutive securities 9,898 — Weighted average common shares outstanding, dilutive 17,850,573 8,535,606 Basic and diluted earnings per common share $ 2.94 $ 2.07 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 18. Income Taxes The following table presents the differences between the provision for income taxes at the federal statutory rate and the amounts computed as reported for the periods stated. For the years ended December 31, (Dollars in thousands) 2021 2020 Income tax at federal statutory rate $ 14,317 21.0 % $ 4,725 21.0 % Increase (decrease) resulting from: State income taxes, net of federal tax effect 1,499 2.2 % 34 0.2 % Tax-exempt interest income ( 105 ) ( 0.2 %) ( 20 ) ( 0.1 %) Income from life insurance ( 196 ) ( 0.3 %) ( 82 ) ( 0.4 %) Merger-related expenses 250 0.4 % 174 0.8 % Other permanent differences ( 68 ) ( 0.1 %) ( 31 ) ( 0.1 %) Provision for income taxes $ 15,697 23.1 % $ 4,800 21.4 % The following table presents the significant components of the provision for income taxes for the periods stated. For the years ended December 31, (Dollars in thousands) 2021 2020 Current tax provision Federal $ 12,828 $ 6,437 State 946 43 Total current tax provision 13,774 6,480 Deferred tax provision (benefit) Federal 971 ( 1,680 ) State 952 — Total deferred tax provision (benefit) 1,923 ( 1,680 ) Provision for income taxes $ 15,697 $ 4,800 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents significant components of deferred tax assets and liabilities as of the dates stated. December 31, (Dollars in thousands) 2021 2020 Deferred tax assets relating to: Allowance for loan losses $ 2,470 $ 2,478 Compensation differences 1,221 892 Reserve for loan sale buy backs 227 341 Acquisition accounting adjustments 3,463 255 Loan origination costs 67 81 Pass-through entities 487 252 Unrealized losses on securities available for sale and interest rate swaps 1,092 108 Other 872 191 Total deferred tax assets 9,899 4,598 Deferred tax liabilities relating to: Premises and equipment, net ( 2,885 ) ( 1,532 ) Core deposit and customer-based intangible assets ( 1,549 ) ( 464 ) Mortgage servicing rights ( 3,711 ) ( 1,488 ) Unrealized gains on other investments ( 1,536 ) — Other ( 68 ) ( 25 ) Total deferred tax liabilities ( 9,749 ) ( 3,509 ) Net deferred tax asset, included in other assets $ 150 $ 1,089 Deferred income tax assets and liabilities are measured at the enacted tax rate for the period in which they are expected to reverse; therefore, as of December 31, 2021, they have been measured using the federal income tax rate enacted for subsequent years of 21 % and applicable state income tax rates. The Company had no net operating losses that can be carried forward and applied against future taxable income. Th e Company’s policy is to report interest and penalties, if any, related to uncertain tax positions in income tax expense in the consolidated statements of income. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2017. As of December 31, 2021 and 2020, the Company has no uncertain tax positions. The Company’s net deferred tax asset, included in other assets in the consolidated balance sheets, was $ 150 thousand and $ 1.1 million at December 31, 2021 and 2020, respectively. As of December 31, 2021, management concluded that the Company’s deferred tax assets were fully realizable, and accordingly, no valuation allowance was recorded. The Company will continue to monitor deferred tax assets to evaluate whether it will be able to realize the full benefit of the deferred tax asset or whether there is any need for a valuation allowance. Significant negative trends in asset credit quality, losses from operations, or other factors could impact the realization of the deferred tax asset in the future. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Note 19. Business Segments The Company has identified three primary business segments, which are commercial banking, mortgage banking, and holding company (parent) activities. Revenues from commercial banking operations consist primarily of interest earned on loans and investment securities and service charges on deposit accounts. Mortgage banking operating revenues consist principally of gains on sales of loans in the secondary market, loan origination fee income, mortgage servicing rights and fees, and interest earned on mortgage loans held for sale. Activities at the holding company or parent level are primarily associated with corporate investments and borrowings. The following tables present statement of operations items and assets by segment as of and for the periods stated. For the year ended December 31, 2021 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 99,810 $ 3,596 $ 140 $ — $ 103,546 Interest expense 8,181 257 2,627 — 11,065 Net interest income 91,629 3,339 ( 2,487 ) — 92,481 Provision for loan losses 117 — — — 117 Net interest income after provision for loan losses 91,512 3,339 ( 2,487 ) — 92,364 NONINTEREST INCOME Gain on sale of Paycheck Protection Program loans 24,315 — — — 24,315 Residential mortgage banking income, net — 28,624 — — 28,624 Mortgage servicing rights — 8,398 — — 8,398 Gain on sale of guaranteed government loans 2,005 — — — 2,005 Service charges on deposit accounts 1,464 — — — 1,464 Increase in cash surrender value of bank owned life insurance 932 — — — 932 Payroll processing 941 — — — 941 Other income 13,953 — 7,505 ( 182 ) 21,276 Total noninterest income 43,610 37,022 7,505 ( 182 ) 87,955 NONINTEREST EXPENSE Salaries and employee benefits 33,687 28,204 — — 61,891 Merger-related 9,226 — 2,642 — 11,868 Other operating expenses 31,163 6,385 1,017 ( 182 ) 38,383 Total noninterest expense 74,076 34,589 3,659 ( 182 ) 112,142 Income before income taxes 61,046 5,772 1,359 — 68,177 Income tax expense 13,935 1,253 509 — 15,697 Net income $ 47,111 $ 4,519 $ 850 $ — $ 52,480 Net income attributable to noncontrolling interest ( 3 ) — — — ( 3 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 47,108 $ 4,519 $ 850 $ — $ 52,477 Total assets as of December 31, 2021 $ 2,498,916 $ 142,537 $ 319,685 $ ( 295,999 ) $ 2,665,139 For the year ended December 31, 2020 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 51,020 $ 3,314 $ 126 $ — $ 54,460 Interest expense 8,331 354 1,265 — 9,950 Net interest income 42,689 2,960 ( 1,139 ) — 44,510 Provision for loan losses 10,450 — — — 10,450 Net interest income after provision for loan losses 32,239 2,960 ( 1,139 ) — 34,060 NONINTEREST INCOME Residential mortgage banking income, net — 44,460 — — 44,460 Mortgage servicing rights — 7,084 — — 7,084 Gain on sale of guaranteed government loans 880 — — — 880 Service charges on deposit accounts 905 — — — 905 Increase in cash surrender value of bank owned life insurance 390 — — — 390 Payroll processing 974 — — — 974 Other income 2,165 — — ( 34 ) 2,131 Total noninterest income 5,314 51,544 — ( 34 ) 56,824 NONINTEREST EXPENSE Salaries and employee benefits 14,217 31,201 — — 45,418 Other operating expenses 12,574 8,075 2,354 ( 34 ) 22,969 Total noninterest expense 26,791 39,276 2,354 ( 34 ) 68,387 Income (loss) before income taxes 10,762 15,228 ( 3,493 ) — 22,497 Income tax expense (benefit) 2,162 3,337 ( 699 ) — 4,800 Net income (loss) $ 8,600 $ 11,891 $ ( 2,794 ) $ — $ 17,697 Net income attributable to noncontrolling interest ( 1 ) — — — ( 1 ) Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 8,599 $ 11,891 $ ( 2,794 ) $ — $ 17,696 Total assets as of December 31, 2020 $ 1,312,095 $ 177,074 $ 133,041 $ ( 123,952 ) $ 1,498,258 |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Statement Of Financial Position [Abstract] | |
Parent Company Only Financial Statements | Note 20. Parent Company Only Financial Statements The following tables present the condensed financial statements of Blue Ridge Bankshares, Inc. (parent company only) for the periods presented. PARENT COMPANY ONLY CONDENSED BALANCE SHEETS As of December 31, (Dollars in thousands) 2021 2020 ASSETS Cash and due from banks $ 3,156 $ 2,174 Investment in subsidiaries 291,525 121,808 Securities available for sale, at fair value 2,073 — Restricted and other equity investments 14,184 319 Other investments 4,532 8,267 Accrued interest receivable 24 119 Income tax receivable 906 348 Other assets 2,221 6 Total assets $ 318,621 $ 133,041 LIABILITIES & STOCKHOLDERS’ EQUITY Accrued expenses $ 1,126 $ 204 Accrued interest payable 370 131 Subordinated notes, net of issuance costs 39,986 24,506 Total liabilities 41,482 24,841 Stockholders’ equity 277,139 108,200 Total liabilities and stockholders’ equity $ 318,621 $ 133,041 PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME For the years ended December 31, (Dollars in thousands) 2021 2020 INCOME Dividends from subsidiary $ 10,000 $ 800 Interest income 140 126 Fair value adjustments of other equity investments 7,316 — Other 250 — Total income 17,706 926 EXPENSES Interest on subordinated notes 2,627 1,265 Professional fees 890 455 Merger-related 2,642 1,732 Other 189 165 Total expenses 6,348 3,617 Income (loss) before income tax expense (benefit) and equity in undistributed earnings of subsidiary 11,358 ( 2,691 ) Income tax expense (benefit) 509 ( 699 ) Equity in undistributed earnings of subsidiaries 41,631 19,689 Net income $ 52,480 $ 17,697 PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS For the years ended December 31, (Dollars in thousands) 2021 2020 Cash Flows From Operating Activities Net income $ 52,480 $ 17,696 Equity in undistributed earnings of subsidiaries ( 41,631 ) ( 19,689 ) Deferred income tax benefit ( 1,208 ) ( 62 ) Amortization of subordinated note issuance costs 206 54 Fair value adjustments of other equity investments ( 7,316 ) — Increase in other assets ( 2,677 ) ( 139 ) Increase in accrued expenses 646 528 Net cash provided by (used in) operating activities 500 ( 1,612 ) Cash Flows From Investing Activities Net change in securities available for sale ( 2,073 ) — Net change in restricted and other equity investments ( 6,900 ) — Net change in other investments ( 3,230 ) ( 7,363 ) Net cash acquired in Bay Banks Merger 23,214 — Cash received from (contributed to) Bank 10,000 ( 2,000 ) Net cash provided by (used in) investing activities 21,011 ( 9,363 ) Cash Flows From Financing Activities Dividends paid on common stock ( 7,183 ) ( 2,436 ) Stock option exercises 804 — Payment of subordinated notes issuance costs — ( 349 ) Issuance of subordinated notes — 15,000 Redemption of subordinated debt ( 14,150 ) — Net cash (used in) provided by financing activities ( 20,529 ) 12,215 Net increase in cash and due from banks 982 1,240 Cash and due from banks at beginning of period 2,174 934 Cash and due from banks at end of period $ 3,156 $ 2,174 Supplemental Schedule of Cash Flow Information Cash paid for: Interest $ 2,388 $ 1,190 Income taxes $ 10,000 $ 2,000 Non-cash investing and financing activities: Unrealized gain on securities available for sale $ 300 $ — Issuance of restricted stock awards, net of forfeitures $ 1,331 $ 567 |
Legal Matters
Legal Matters | 12 Months Ended |
Dec. 31, 2021 | |
Loss Contingency [Abstract] | |
Legal Matters | Note 21. Legal Matters On August 12, 2019, a former employee of Virginia Community Bankshares, Inc. (“VCB”) and participant in its Employee Stock Ownership Plan (the “VCB ESOP”) filed a class action complaint against VCB, Virginia Community Bank, and certain individuals associated with the VCB ESOP in the U.S. District Court for the Western District of Virginia, Charlottesville Division. The complaint alleges, among other things, that the defendants breached their fiduciary duties to VCB ESOP participants in violation of the Employee Retirement Income Security Act of 1974, as amended. The complaint alleges that the VCB ESOP incurred damages “that approach or exceed $ 12 million.” The Company automatically assumed any liability of VCB in connection with this litigation as a result of its 2019 acquisition of VCB. The outcome of this litigation is uncertain, and the plaintiff and other individuals may file additional lawsuits related to the VCB ESOP. The Company believes the claims are without merit and no loss has been accrued for this lawsuit. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income, Net | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income, Net | Note 22. Accumulated Other Comprehensive Income, net The following tables present components of accumulated other comprehensive income (loss) for the periods stated. Net Unrealized Gains (Losses) (Dollars in thousands) Securities Available For Sale Transfer of Securities Held to Maturity to Available For Sale Interest Rate Swaps Pension and Accumulated Balance as of December 31, 2019 $ 423 $ — $ ( 194 ) $ — $ 229 Change in net unrealized holding gains on securities available for sale, net of tax expense of $ 103 388 — — — 388 Reclassification for previously unrealized net gains recognized in net income, net of tax expense of $ 44 ( 167 ) — — — ( 167 ) Transfer of securities held to maturity to available for sale, net of tax expense of $ 113 — 425 — — 425 Change in net unrealized holding losses on interest rate swaps, net of tax benefit of $ 163 — — ( 611 ) — ( 611 ) Balance as of December 31, 2020 644 425 ( 805 ) — 264 Change in net unrealized holding losses on securities available for sale, net of tax benefit of $ 1,279 ( 4,814 ) — — — ( 4,814 ) Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $ 30 114 — — — 114 Change in net unrealized holding gains on interest rate swaps, net of tax expense of $ 1,521 — — 5,719 — 5,719 Reclassification for previously unrealized net gains recognized in net income, net of tax expense of $ 1,307 — — ( 4,914 ) — ( 4,914 ) Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit of $ 1 — — — ( 1 ) ( 1 ) Balance as of December 31, 2021 $ ( 4,056 ) $ 425 $ — $ ( 1 ) $ ( 3,632 ) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Commitments and Contingencies | Note 23. Commitments and Contingencies In the ordinary course of operations, the Company is party to legal proceedings. Based upon information currently available, management believes that such legal proceedings, in the aggregate, will not have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows. Also, in the ordinary course of operations, the Company offers various financial products to its customers to meet their credit and liquidity needs. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and stand-by letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional commitments as it does for on-balance sheet commitments. Subject to its normal credit standards and risk monitoring procedures, the Company makes contractual commitments to extend credit. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. As of December 31, 2021 and December 31, 2020, the Company had outstanding loan commitments of $ 475.1 million and $ 126.0 million, respectively. Conditional commitments are issued by the Company in the form of performance stand-by letters of credit, which guarantee the performance of a customer to a third party. As of December 31, 2021 and 2020, commitments under outstanding performance stand-by letters of credit totaled $ 655 thousand and $ 0 , respectively. Additionally, the Company issues financial stand-by letters of credit, which guarantee payment to the underlying beneficiary (i.e., third party) if the customer fails to meet its designated financial obligation. As of December 31, 2021 and 2020, commitments under outstanding financial stand-by letters of credit totaled $ 4.5 million and $ 6.1 million, respectively. The credit risk of issuing stand-by letters of credit can be greater than the risk involved in extending loans to customers. Reserves for unfunded commitments to borrowers as of December 31, 2021 and 2020 were $ 962 thousand and $ 0 , respectively, and are included in other liabilities on the consolidated balance sheets. The Company invests in various partnerships and limited liability companies, many of which invest in early-stage companies. Pursuant to these investments, the Company commits to an investment amount that may be fulfilled in future period s. At December 31, 2021, the Company had future commitments outstanding totaling $ 8.3 million related to these investments. The Company also has investments in various SBIC funds. The Company's obligations to these funds are satisfied in the form of capital calls that occur during the commitment period. As of December 31, 2021, the Company's remaining capital commitments associated with its investments in SBIC funds was $ 11.4 million. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 24. Subsequent Events On January 5, 2022 , the Board of Directors of the Company declared a quarterly dividend of $ 0.12 per share, payable on January 31, 2022 to shareholders of record as of the close of business on January 19, 2022 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | (a) Use of Estimates In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and contingent liabilities, as of the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to accounting for business combinations, accounting for acquired loans, the allowance for loan losses, the valuation of deferred tax assets, mortgage servicing rights, and the valuation of derivative and hedging instruments. |
Accounting for Business Combinations | (b) Accounting for Business Combinations Business combinations are accounted for under the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") 805. ASC 805 requires that the assets acquired and liabilities assumed in a business combination be recorded based on their estimated fair values at the date of acquisition. The excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed, including identifiable intangibles, is recorded as goodwill. The determination of fair values requires management to make estimates about future expected cash flows, market conditions, and other future events that are highly subjective in nature and subject to actual results that may differ materially from the estimates made. |
Cash and Due from Banks and Federal Funds Sold | (c) Cash and due from banks and federal funds sold For purposes of the consolidated statements of cash flows and balance sheets, cash and due from banks include cash on hand and amounts due from banks, including short-term investments with original maturities of less than 90 days. Federal funds sold represents excess bank reserves lent (generally on an overnight basis) to other financial institutions in the federal funds market. Federal funds sold are separately disclosed within the consolidated balance sheets. |
Investment Securities | (d) Investment Securities Management determines the appropriate classification of securities at the time of purchase. If management has the intent and the Company has the ability at the time of purchase to hold securities until maturity, they are classified as held to maturity and carried at amortized historical cost. Securities not intended to be held to maturity are classified as available for sale and carried at fair value. Securities available for sale are intended to be used as part of the Company’s asset and liability management strategy and may be sold in response to liquidity needs, changes in interest rates, prepayment risk, or other similar factors. Securities reclassified from one category to another are transferred at fair value. Amortization of premiums and accretion of discounts on securities are reported as adjustments to interest income using the effective interest method. Realized gains and losses on dispositions are based on the net proceeds and the adjusted book value of the securities sold using the specific identification method. Unrealized gains and losses on investment securities available for sale are based on the difference between book value and fair value of each security. These gains and losses are credited or charged to shareholders’ equity, whereas realized gains and losses flow through the Company’s current earnings. Investment securities for which the fair value of the security is less than its amortized cost are evaluated on a quarterly basis for credit related other-than-temporary impairment ("OTTI"). For debt securities, impairment is considered other-than-temporary and recognized in its entirety in the consolidated statements of income if either the Company intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If, however, the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery, management must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost basis of the security exceeds the present value of the cash flows expected to be collected from the security. If there is credit loss, the loss is recognized in the consolidated statements of income, and the remaining portion of the impairment is recognized in other comprehensive income (loss). Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. The Company has made investments in several fintech companies, which are being accounted for as equity securities under ASC 321, Investments - Equity Investments. None of the Company's fintech investments have readily-determinable fair values and most are reported at cost, less impairment, if any. However, several of the fintech entities had observable market transactions in 2021 that, in the opinion of management, were similar to the Company's existing investments. Accordingly, the Company recorded fair market value adjustments (unrealized gains) on its existing investments totaling $ 7.3 million for the year ended December 31, 2021, which is reported in noninterest income as fair value adjustments on other equity investments on the Company's consolidated statements of operations. These investments, inclusive of the fair value adjustments, totaled $ 14.2 million and $ 3.0 million as of December 31, 2021 and 2020, respectively, and are included in restricted and other equity investments on the Company's consolidated balance sheets. |
Loans Held for Sale | (e) Loans Held for Sale Mortgage loans originated or purchased and intended for sale in the secondary market are carried at estimated fair value in the aggregate. Changes in fair value are recognized in residential mortgage banking income on the consolidated statements of income. The Company participates in a mandatory delivery program for its government guaranteed and conventional mortgage loans. Under the mandatory delivery program, loans with interest rate locks are paired with the sale of a to-be-announced (“TBA”) mortgage-backed security bearing similar attributes in the aggregate. Under the mandatory delivery program, the Bank commits to deliver loans to an investor at an agreed upon price after the close of such loans. This differs from a best efforts delivery, which sets the sale price with the investor on a loan-by-loan basis when each loan is locked. Certain consumer loans originated by the Company and sourced by fintech partners are classified on the Company's consolidated balance sheets as held for sale. These loans are originated by the Bank and either sold directly to the applicable fintech partner or another investor at par, generally up to 10 days from origination. These loans are carried at cost. As of December 31, 2021 and 2020, fintech loans held for sale totaled $ 5.8 million and $ 4.7 million, respectively, and are included in loans held for sale on the Company's consolidated balance sheets. |
Loans Held for Investment and Allowance for Loan Losses | (f) Loans Held for Investment and Allowance for Loan Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until loan maturity or pay-off are reported at their outstanding principal balance adjusted for any charge-offs, and net of any deferred fees and origination costs. Loan origination fees and certain direct origination costs are deferred and amortized as an adjustment of the yield using the payment terms required by the loan contract. As a result of the Bay Banks Merger and the Company's acquisition of Virginia Community Bankshares, Inc. in 2019, the Company's loan portfolio is segregated between loans initially accounted for under the amortized cost method (referred to as "originated" loans) and loans acquired (referred to as "acquired" loans). The loans segregated to the acquired loan portfolio were initially measured at fair value and subsequently accounted for under either ASC 310-30 L oans and Debt Securities Acquired with Deteriorated Credit Quality or ASC 310-20 Nonrefundable Fees and Other Costs. Purchased credit-impaired (“PCI”) loans, which were the non-performing loans acquired in the Company's acquisitions, were acquired at a discount that is due, in part, to credit quality and are accounted for under ASC 310-30. These loans are initially recorded at fair value (as determined by the present value of expected future cash flows) with no allowance for loan losses. The Company accounts for interest income on all loans acquired at a discount (that is due, in part, to credit quality) based on the acquired loans' expected cash flows. The acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flow. The difference between the cash flows expected at acquisition and the investment in the loans, or the "accretable yield," is recognized as interest income utilizing the level-yield method over the life of each pool. Increases in expected cash flows subsequent to the acquisition are recognized prospectively through adjustment to any previously recognized allowance for loan loss for that pool of loans and then through an increase in the yield on the pool over its remaining life, while decreases in expected cash flows are recognized as impairment through a loss provision and an increase in the allowance for loan losses. Therefore, the allowance for loan losses on these impaired pools reflects only losses incurred after the acquisition (representing the present value of all cash flows that were expected at acquisition but currently are not expected to be received). The Company periodically evaluates the remaining contractual required payments due and estimates of cash flows expected to be collected for PCI loans. These evaluations, performed no less than semi-annually, require the continued use of key assumptions and estimates, similar to the initial estimate of fair value. Changes in the contractual required payments due and estimated cash flows expected to be collected may result in changes in the accretable yield and non-accretable difference or reclassifications between accretable yield and the non-accretable difference. On an aggregate basis, if the acquired pools of PCI loans perform better than originally expected, the Company would expect to receive more future cash flows than originally modeled at the acquisition date. For the pools with better than expected cash flows, the forecasted increase would be recorded as an additional accretable yield that is recognized as a prospective increase to the Company's interest income on loans. Loans are generally placed into nonaccrual status when they are past-due 90 days or more as to either principal or interest or when, in the opinion of management, the collection of principal and/or interest is in doubt. A loan remains in nonaccrual status until the loan is current as to payment of both principal and interest or past-due less than 90 days and the borrower demonstrates the ability to pay and remain current. When cash payments are received, they are applied to principal first, then to accrued interest. It is the Company's policy not to record interest income on nonaccrual loans until principal has become current. In certain instances, accruing loans that are past due 90 days or more as to principal or interest may not go on nonaccrual status if the Company determines that the loans are well secured and are in the process of collection. Loans are charged-off in whole or in part when a loan or a portion thereof is considered uncollectible. Non-performing assets include nonaccrual loans, loans past due 90 days or more, and other real estate owned (“OREO”). The Company maintains an allowance for loan losses at a level that represents management's best estimate of known and inherent losses in the loan portfolio. Both the amount of the provision expense and the level of the allowance for loan losses are impacted by many factors, including general and industry-specific economic conditions, actual and expected credit losses, historical trends, and specific conditions of the individual borrowers. As a part of the analysis, the Company uses comparative peer group data and qualitative factors such as levels of and trends in delinquencies, nonaccrual loans, charged-off loans, changes in volume and terms of loans, effects of changes in lending policy, experience and ability and depth of management, national and local economic trends, and conditions and concentrations of credit, competition, and loan review results to support estimates. The allowance for loan losses is increased or decreased by provision losses or reversals to earnings, increased by recoveries of previously charged-off loans, and decreased by loan charge-offs. The Company also maintains an allowance for loan losses for acquired loans: (i) accounted for under ASC 310-30, when there is deterioration in credit quality subsequent to acquisition, and (ii) accounted for under ASC 310-20, when the inherent losses in the loans exceed the remaining discount recorded at the time of acquisition. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are determined to be impaired and, therefore, individually evaluated for impairment. The Company considers a loan to be impaired when 1) the risk grade of the loan is special mention or worse and the balance of the loan exceeds $ 500,000 , or 2) the loan is a troubled debt restructuring ("TDR"), regardless of balance. The Company determines and recognizes impairment of certain loans when, based on current information and events, it is probable that it will be unable to collect all amounts due according to the loan agreement. A loan is not considered impaired during a period of delay in payment if the Company expects to collect all amounts due, including past-due interest. The Company evaluates the impairment of certain loans on a loan-by-loan basis for those loans that are adversely risk rated. Measurement of impairment is based on the expected future cash flows of an impaired loan, discounted at the loan's effective interest rate, or measured on an observable market value, if one exists, or the fair value of the collateral underlying the loan, discounted to consider estimated costs to sell the collateral for collateral-dependent loans. If the net collateral value is less than the loan balance (including accrued interest and any unamortized premium or discount associated with the loan) an impairment is recognized and a specific reserve is established for the impaired loan. Loans classified as loss loans are fully reserved or charg ed-off. The general component of the allowance for loan losses covers those loans not classified as impaired and those loans classified as impaired that are not individually evaluated for impairment. Loans in the general component population are segmented into homogenous groups that share similar characteristics and receive a loss factor that is based on historical loss experience and adjusted for other internal or external influences on credit quality that are not fully reflected in the historical data. Internal and external factors include, but are not limited to, internal underwriting standards, loan portfolio composition and concentrations, and local and national economic conditions. Loans considered to be TDRs are loans that have their terms restructured (e.g., interest rates, loan maturity date, payment and amortization period, etc.) in circumstances that provide payment relief to a borrower experiencing financial difficulty. All restructured loans are considered impaired loans and may either be in accruing status or nonaccruing status. Nonaccruing restructured loans may return to accruing status provided doubt has been removed concerning the collectability of principal and interest as evidenced by a sufficient period of payment performance in accordance with the restructured terms. Loans may be removed from the restructured category in the year subsequent to the restructuring, if their revised loan terms are considered to be consistent with terms that can be obtained in the credit market for loans with comparable risk and if they meet certain performance criteria. Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), banks had the option to temporarily suspend certain requirements of GAAP related to TDRs for a limited period of time if the following conditions were met: the borrower's loan modification was related to the COVID-19 pandemic; the loan modified was not more than 30 days past due as of December 31, 2019, and the loan modification occurred between March 1, 2020 and the earlier of January 1, 2022 or the date that is 60 days after the COVID-19 national emergency declared under the National Emergencies Act is terminated by the President of the United States. All loan modifications made by the Company that met the requirements for modifications under the CARES Act were made on a good faith basis to borrowers and accordingly were not designated as TDRs as of and for the years ended December 31, 2021 and 2020. |
Premises and Equipment | (g) Premises and Equipment Land is carried at cost. Premises and equipment, other than land, are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Estimated useful lives ranges from 39 to 40 years for buildings and from 3 to 15 years for furniture, fixtures, and equipment. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the useful life of the improvements or the lease term . Purchased computer software, which is capitalized, is amortized over estimated useful lives of one to three year s . |
Leases | (h) Leases In accordance with the requirements of ASC 842, Leases, the Company evaluates new real estate and equipment leases to determine whether the contractual arrangements constitute a lease, or contain an embedded lease, which would be in scope under ASC 842 and whether such leases would meet the requirements of an operating or financing lease under the standard. For operating leases, right-of-use assets (“ROU assets”) and lease liabilities are recognized at the commencement date of the lease. ROU assets represent the Company’s right to use leased assets over the term of the lease. Lease liabilities represent the Company’s contractual obligation to make lease payments over the lease term and are measured as the present value of the lease payments over the lease term. ROU assets are measured as the amount of the lease liability adjusted for certain items such as prepaid lease payments, unamortized lease incentives, and unamortized direct costs. ROU assets are amortized on a straight-line basis less the periodic interest expense adjustment of the lease liability and the amortization is included in occupancy expense in the Company’s consolidated statements of operations. The discount rate used for the present value calculations for lease liabilities was the rate implicit in the lease if determinable, and when the rate was not determinable, the Company used its incremental, collateralized borrowing rate with the FHLB for the period that most closely coincided with the respective lease term as of the commencement date of the lease. Most of the Company’s leases include renewal options, with renewal terms extending the lease obligation up to as much as five years. Lease terms may include renewal or extension options to the extent they are reasonably certain to be exercised as assessed at lease commencement. As of and for the years ended December 31, 2021 and 2020, the Company did no t have any leases that met the standard definition of a finance lease nor did it engage in any sale-leaseback transactions or have any sublease income. In accordance with the ASU, the Company elects not to recognize an ROU asset and lease obligation for contracts with an initial term of twelve months or less. The expense associated with these short-term leases is included in noninterest expense in the consolidated statements of operations. To the extent that a lease arrangement includes both lease and non-lease components, the Company has elected not to account for these separately. Rent expense on operating leases is recorded using the straight-line method over the appropriate lease term. |
Goodwill and Other Intangible Assets | (i) Goodwill and Other Intangible Assets Goodwill, which represents the excess of purchase price over fair value of net assets acquired, is not amortized but is evaluated at least annually for impairment by comparing its fair value with its carrying amount. Impairment is indicated when the carrying amount of a reporting unit exceeds its estimated fair value. Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. The Company performs the impairment test annually during the fourth quarter. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. Intangible assets with definite useful lives are amortized over their estimated useful lives and tested for impairment if events and circumstances exist that might indicate impairment may have occurred. No impairment was recorded for goodwill and other intangible assets in 2021 and 2020. |
Mortgage Servicing Rights (“MSR”) Assets | (j) Mortgage Servicing Rights (“MSR”) Assets MSR assets represent the economic value associated with servicing a borrower during the life of the mortgage. The assets are separate from the underlying mortgage and may be retained or sold by the Company when the related mortgage is sold. Per ASC 860-50, Transfers and Servicing, MSR assets are initially recognized at fair value and subsequently accounted for using either the amortization method or the fair value measurement method. The Company elected to account for MSR assets using the amortization method, which requires that the servicing asset be amortized in proportion to and over the period of estimated net servicing income. ASC 860-50 also requires that MSR assets accounted for using the amortization method be evaluated for impairment each reporting period and reported at the lower of amortized cost or fair market value. MSR assets and income servicing, net of amortization and impairment, if any, are reported on the Company’s consolidated balance sheets and consolidated statements of income, respectively. |
Other Real Estate Owned | (k) Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and reported as OREO. At the time of acquisition these properties are recorded at estimated fair value less estimated selling costs, with any write down charged to the allowance for loan losses and any gain on foreclosure recorded in the allowance up to the amount previously changed off, establishing a new cost basis. Subsequent to foreclosure, valuations of the assets are periodically performed by management, and these assets are subsequently accounted for at the lower of cost or fair value, less estimated selling costs. Adjustments are made for subsequent declines in the fair value of the assets, less selling costs. Revenue and expenses from operations and valuation changes are charged to operating income in the period of the transaction. |
Cash Surrender Value of Life Insurance | (l) Cash Surrender Value of Life Insurance The Company has purchased life insurance policies on certain key employees. The cash surrender value of life insurance is recorded at the gross amount that can be realized under the insurance contract at the balance date, which is the cash surrender value. The increase in the cash surrender value over time is recorded as other noninterest income. The Company monitors the financial strength and condition of the counterparty. |
Income Taxes | (m) Income Taxes Income taxes are accounted for using the balance sheet method in accordance with ASC 740, Accounting for Income Taxes. Per ASC 740, the objective is to recognize (a) the amount of taxes payable or refundable for the current year, and (b) defer tax liabilities and assets for the future tax consequences of events that have been recognized in the financial statements or federal income tax returns. Deferred tax assets and liabilities are determined based on the tax effects of the temporary differences between the book (i.e., financial statement) and tax bases of the various balance sheet assets and liabilities and give current recognition to changes in tax rates and laws. Temporary differences are reversed in the period in which an amount or amounts become taxable or deductible. When the Company’s federal tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would ultimately be sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely to be realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties, if any, associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. |
Earnings Per Share | (n) Earnings Per Share Accounting guidance specifies the computation, presentation, and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities, or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The Company had 9,898 and zero dilutive weighted average common shares outstanding for the years ended December 31, 2021 and 2020, respectively, which were attributable to exercisable stock options. |
Derivatives | (o) Derivatives Derivatives are recognized as assets and liabilities on the Company’s consolidated balance sheets and measured at fair value. The Company’s derivatives consist of forward sales of to-be-announced mortgage-backed securities and interest rate lock commitments. The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk or to hedge specified assets and liabilities. All derivatives are recorded at fair value on the consolidated balance sheets. The Company may be required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. If derivative instruments are designated as hedges of fair values, both the change in the fair value of the hedge and the hedged item are included in current earnings. During the normal course of business, the Company enters into commitments to originate mortgage loans, whereby the interest rate on the loan is determined prior to funding (“rate lock commitments”). For commitments issued in connection with potential loans intended for sale, the Bank enters into positions of forward month mortgage-backed securities (“MBS”) to be announced (“TBA”) contracts on a mandatory basis or on a one-to-one forward sales contract on a best efforts basis. The Company enters into TBA contracts in order to control interest rate risk during the period between the rate lock commitment and mandatory sale of the mortgage loan. Both the rate lock commitment and the TBA contract are considered derivatives. A mortgage loan sold on a best efforts basis is locked into a forward sales contract with a counterparty on the same day as the rate lock commitment to control interest rate risk during the period between the commitment and the sale of the mortgage loan. Both the rate lock commitment and the forward sales contract are considered derivatives. The market values of rate lock commitments and best efforts forward delivery commitments is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments, delivery contracts, and forward sales contracts of MBS by measuring the change in the value of the underlying asset, while taking into consideration the probability that the rate lock commitments will close or will be funded. Certain risks arise from the forward delivery contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. Additional risks inherent in mandatory delivery programs include the risk that, if the Company does not close the loans subject to rate lock commitments, it will still be obligated to deliver MBS to the counterparty under the forward sales agreement. The Company enters into interest rate swap agreements to accommodate the needs of its banking customers. The Company mitigates the interest rate risk entering into these swap agreements by entering into equal and offsetting swap agreements with a highly-rated third-party financial institutions. These back-to-back swap agreements are a free-standing derivatives and are recorded at fair value in the Company’s consolidated balance sheets. The Company entered into various interest rate swaps in 2020 and 2019 that qualified as cash flow hedges as defined by ASC 815, Derivatives and Hedging. The objective of these interest rate swaps was to hedge against the risk of variability in its cash flows attributable to changes in the 3-month LIBOR benchmark rate component of forecasted three-month fixed rate funding advances from the FHLB. The hedging objective was to reduce the interest rate risk associated with the Company’s fixed rate advances from the designation date and going through the maturity date. These cash flow hedges are recorded at fair value in the Company’s consolidated balance sheets. The Company terminated these cash flow hedges during the fourth quarter of 2021. |
Pension and Post-retirement Benefit Plans | (p) Pension and Post-retirement Benefit Plans As part of the Bay Banks Merger, the Company assumed a noncontributory cash balance benefit pension plan, which was frozen in 2012. The plan covers employees who had become vested in the plan as of the date it was frozen. The Company also assumed a post-retirement benefit plan as a result of the Bay Banker Merger that covers eligible retirees’ medical and life insurance benefits, which was frozen to new employees as of March 1, 2018. The Company accounts for both its pension and post-retirement benefit plans in accordance with ASC 715, Compensation-Retirement Benefits. |
Business Segments | (q) Business Segments The Company has three reportable business segments: commercial banking, mortgage banking, and holding company activities. The commercial banking business segment makes loans to and generates deposits from individuals and businesses, while offering a wide array of general banking activities to its customers. It is distinct from the Company's mortgage banking division, which concentrates on individual, wholesale, and participated mortgage lending, and sales activities. Activities at the holding company or parent level are primarily associated with investments, borrowings, and certain noninterest expenses. |
Recent Accounting Pronouncements | (r) Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. As a “smaller reporting company” under Securities and Exchange Commission (“SEC”) rules, the Company will be required to apply the guidance for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company has a cross-functional working group, supported by a third-party consultant, that is implementing the requirements of ASU 2016-13 by the adoption date. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. This ASU addresses issues raised by stakeholders during the implementation of ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Among other narrow-scope improvements, the new ASU clarifies guidance around how to report expected recoveries. “Expected recoveries” describes a situation in which an organization recognizes a full or partial write-off of the amortized cost basis of a financial asset, but then later determines that the amount written off, or a portion of that amount, will in fact be recovered. While applying the credit losses standard, stakeholders questioned whether expected recoveries were permitted on assets that had already shown credit deterioration at the time of purchase (also known as purchased credit-deteriorated (“PCD”) assets). In response to this question, the ASU permits organizations to record expected recoveries on PCD assets. In addition to other narrow technical improvements, the ASU also reinforces existing guidance that prohibits organizations from recording negative allowances for available-for-sale debt securities. The ASU includes effective dates and transition requirements that vary depending on whether or not an entity has already adopted ASU 2016-13. The Company is currently assessing the impact that ASU 2019-11 will have on its consolidated financial statements. |
Business Combinations (Tables)
Business Combinations (Tables) - Bay Banks [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Estimated Fair Value Adjustments of Consideration Paid, Acquired Asset and Assumed Liabilities | The following table presents the consideration paid in the merger and the summary balance sheet of Bay Banks as of the date of the merger inclusive of estimated fair value adjustments and the allocation of consideration paid in the merger to the acquired assets and assumed liabilities. Goodwill resulting from the Bay Banks Merger was $ 7.2 million. (Dollars in thousands, except per share data) Consideration paid: Reference: Company's common shares issued 9,951,743 A Purchase price per share $ 12.55 A, B Value of common stock issued $ 124,928 Estimated fair value of stock options 472 Cash in lieu of fractional shares 3 Total consideration paid $ 125,403 Effective settlement of subordinated notes ( 650 ) Total consideration paid less effective settlement of subordinated notes $ 124,753 Fair value of assets acquired: Cash and due from banks $ 44,066 Federal funds sold 1,732 Certificates of deposit 1,018 Securities available for sale 79,505 Restricted securities 4,385 Loans held for investment 1,030,433 C Loans held for sale 3,814 Premises and equipment 15,532 D Right-of-use asset 1,864 Other real estate owned 598 Bank owned life insurance 20,259 Mortgage servicing rights 987 Core deposit intangible 6,850 E Deferred tax asset, net 2,685 F Other assets 10,855 G Total assets $ 1,224,583 Fair value of liabilities assumed: Deposits $ 1,030,888 H FHLB borrowings 10,124 I FRB borrowings 24,815 Subordinated notes 31,850 J Other liabilities 9,359 Total liabilities $ 1,107,036 Net identifiable assets acquired at fair value $ 117,547 Goodwill $ 7,206 Reference: Explanation of reference: A Common shares issued and purchase price per share are presented on a post Stock Split basis . B The value of the shares of the Company's common stock exchanged for shares of Bay Banks common stock was based upon the closing price of the Company's common stock at January 29, 2021, the last trading day prior to the date of completion of the merger. C Reflective of a $ 17.9 million (or 1.70 %) fair value adjustment (discount) to the amortized cost of the loan portfolio acquired. D Reflective of a $ 4.4 million fair value adjustment (premium) over the net book value of premises and equipment acquired. E Core deposit intangible asset recorded to reflect the fair value of nonmaturity deposits, except for time deposits over $ 100,000 , assumed by the Company. F Reflective of a $ 2.1 million net deferred tax asset recorded on all fair value adjustments, excluding goodwill, at the statutory federal income tax rate of 21 %. G Reflective of a $ 203 thousand fair vale adjustment (premium) on other assets acquired. H Reflective of a $ 5.8 million fair value adjustment (premium) over the book value of time deposits assumed. I Reflective of a $ 124 thousand fair value adjustment (premium) on the $ 10 million Federal Home Loan Bank of Atlanta ("FHLB") advance assumed. J Reflective of a $ 950 thousand fair value adjustment (premium) over the book value of subordinated notes assumed. |
Summary of Purchased Performing and PCI Loans Receivable | The following table presents the purchased performing and PCI loans receivable at the date of the Bay Banks Merger and the fair value adjustments (discounts) recorded immediately following the merger: As of January 31, 2021 (Dollars in thousands) Purchased Performing PCI Total Principal payments receivable $ 936,523 $ 111,766 $ 1,048,289 Fair value adjustment - credit and interest ( 2,784 ) ( 15,072 ) ( 17,856 ) Fair value of acquired loans $ 933,739 $ 96,694 $ 1,030,433 |
Summary of Fair Value Adjustments of Acquired Asset and Assumed Liabilities | The net effect of the amortization and accretion of premiums and discounts associated with the fair value adjustments to assets acquired and liabilities assumed in the Bay Banks Merger had the following effect on the consolidated statement of operations for the period stated. (Dollars in thousands) For the year ended December 31, 2021 Loans (1) $ 1,593 Time deposits (2) 3,146 FHLB borrowings (3) 12 Subordinated notes (4) 171 CDI (5) ( 1,194 ) Net effect to income before income taxes $ 3,728 (1) Loan discount accretion and premium (amortization) is included in interest and fees in the consolidated statements of operations. (2) Time deposit premium amortization is included in interest on deposits in the consolidated statements of operations. (3) FHLB borrowings premium amortization is included in interest on FHLB and FRB borrowings in the consolidated statements of operations. (4) Subordinated notes premium amortization is included in the interest on subordinated notes in the consolidated statements of operations. (5) CDI amortization is included in the intangible amortization in the consolidated statements of operations. |
Summary of Business Acquisition, Pro Forma Information | The following table presents the effect of the Bay Banks Merger on the Company on a pro forma basis, as if the merger had occurred at the beginning of 2020. Merger-related expenses of $ 11.9 million and $ 2.4 million for the years ended December 31, 2021 and 2020, respectively, which are included in the Company’s consolidated statements of operations , are not included in the pro forma information below. Merger-related expenses incurred by Bay Banks prior to the completion of the Bay Banks Merger are not included in the Company’s consolidated statements of operations and are also not included in the pro forma information below. Net income includes pro forma adjustments for the accretion and amortization of estimated fair value adjustments on acquired loans and assumed time deposits and borrowings, as well as amortization of estimated CDI. A federal income tax rate of 21 % was used in determining pro forma net income. For years ended December 31, (Dollars in thousands, except per share data) 2021 2020 Revenue (net interest income plus noninterest income) $ 183,226 $ 152,473 Net income 60,956 26,107 Earnings per common share 3.32 1.42 |
Investment Securities and Oth_2
Investment Securities and Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Investments [Abstract] | |
Summary of Amortized Cost and Fair Values of Investment Securities | Investment securities available for sale are carried on the Company's consolidated balance sheets at fair value. The following table presents amortized cost, fair values, and gross unrealized gains and losses of investment securities at the dates stated. December 31, 2021 (Dollars in thousands) Amortized Gross Gross Fair Available for sale State and municipal $ 51,341 $ 302 $ ( 530 ) $ 51,113 U.S. Treasury and agencies 65,680 — ( 1,614 ) 64,066 Mortgage backed securities 222,968 403 ( 4,261 ) 219,110 Corporate bonds 38,752 808 ( 317 ) 39,243 Total investment securities $ 378,741 $ 1,513 $ ( 6,722 ) $ 373,532 December 31, 2020 (Dollars in thousands) Amortized Gross Gross Fair Available for sale State and municipal $ 14,069 $ 258 $ ( 68 ) $ 14,259 U.S. Treasury and agencies 2,500 — ( 91 ) 2,409 Mortgage backed securities 72,337 696 ( 398 ) 72,635 Corporate bonds 19,755 469 ( 52 ) 20,172 Total investment securities $ 108,661 $ 1,423 $ ( 609 ) $ 109,475 |
Summary of Unrealized Losses | The following tables present fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. December 31, 2021 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Unrealized Fair Unrealized Fair Unrealized State and municipal 38 $ 27,905 $ ( 530 ) $ — $ — $ 27,905 $ ( 530 ) U.S. Treasury and agencies 22 64,067 ( 1,614 ) — — 64,067 ( 1,614 ) Mortgage backed securities 54 186,924 ( 4,257 ) 543 ( 4 ) 187,467 ( 4,261 ) Corporate bonds 11 6,770 ( 313 ) 996 ( 4 ) 7,766 ( 317 ) Total 125 $ 285,666 $ ( 6,714 ) $ 1,539 $ ( 8 ) $ 287,205 $ ( 6,722 ) December 31, 2020 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Unrealized Fair Unrealized Fair Unrealized State and municipal 6 $ 3,111 $ ( 68 ) $ — $ — $ 3,111 $ ( 68 ) U.S. Treasury and agencies 1 2,410 ( 91 ) — — 2,410 ( 91 ) Mortgage backed securities 22 20,545 ( 65 ) 8,592 ( 333 ) 29,137 ( 398 ) Corporate bonds 7 3,242 ( 7 ) 1,955 ( 45 ) 5,197 ( 52 ) Total 36 $ 29,308 $ ( 231 ) $ 10,547 $ ( 378 ) $ 39,855 $ ( 609 ) |
Summary of Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the dates stated. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2021 (Dollars in thousands) Amortized Fair Due in one year or less $ 953 $ 954 Due after one year through five years 25,492 25,316 Due after five years through ten years 120,439 119,942 Due after ten years 231,857 227,320 Total $ 378,741 $ 373,532 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Loans Held for Investment | The following table presents loans held for investment, including Paycheck Protection Program ("PPP") loans, as of the dates stated. December 31, (Dollars in thousands) 2021 2020 Commercial and industrial $ 320,827 $ 123,675 Paycheck Protection Program 30,742 292,068 Real estate – construction, commercial 146,523 54,702 Real estate – construction, residential 58,857 18,040 Real estate – mortgage, commercial 701,503 273,499 Real estate – mortgage, residential 493,982 213,404 Real estate – mortgage, farmland 6,173 3,615 Consumer loans 49,877 41,962 Gross loans 1,808,484 1,020,965 Less: deferred loan fees, net of costs ( 906 ) ( 4,271 ) Total $ 1,807,578 $ 1,016,694 |
Summary of Financing Receivable, Past Due | The following tables present the aging of the recorded investment of loans held for investment as of the dates stated. December 31, 2021 (Dollars in thousands) 30-59 60-89 Greater Nonaccrual Total Past Nonaccrual PCI Current Total Commercial and industrial $ 2,338 $ — $ 30 $ 6,066 $ 8,434 $ 8,903 $ 303,490 $ 320,827 Paycheck Protection Program — — — — — — 30,742 30,742 Real estate – construction, commercial 271 — — 88 359 14,754 131,410 146,523 Real estate – construction, residential 651 98 279 413 1,441 — 57,416 58,857 Real estate – mortgage, commercial 53 — — 3,024 3,077 51,872 646,554 701,503 Real estate – mortgage, residential 13,950 1,587 359 5,190 21,086 7,621 465,275 493,982 Real estate – mortgage, farmland — — — — — — 6,173 6,173 Consumer 902 583 249 396 2,130 879 46,868 49,877 Less: deferred fees, net of costs — — — — — — ( 906 ) ( 906 ) Total $ 18,165 $ 2,268 $ 917 $ 15,177 $ 36,527 $ 84,029 $ 1,687,022 $ 1,807,578 December 31, 2020 (Dollars in thousands) 30-59 60-89 Greater Nonaccrual Total Past Nonaccrual PCI Current Total Commercial and industrial $ 1,117 $ — $ — $ 1,310 $ 2,427 $ — $ 121,248 $ 123,675 Paycheck Protection Program — — — — — — 292,068 292,068 Real estate – construction, commercial — — — — — 35 54,667 54,702 Real estate – construction, residential 262 — — — 262 — 17,778 18,040 Real estate – mortgage, commercial 771 211 — 3,643 4,625 808 268,066 273,499 Real estate – mortgage, residential 1,062 — 46 881 1,989 242 211,173 213,404 Real estate – mortgage, farmland — — — — — — 3,615 3,615 Consumer 935 334 — 714 1,983 — 39,979 41,962 Less: deferred loan fees, net of costs — — — — — — ( 4,271 ) ( 4,271 ) Total $ 4,147 $ 545 $ 46 $ 6,548 $ 11,286 $ 1,085 $ 1,004,323 $ 1,016,694 |
Summary of Acquired Loans Included in Consolidated Statement of Condition | The following table presents the outstanding principal balance and related recorded investment of these acquired loans included in the consolidated balance sheets as of the dates stated. December 31, (Dollars in thousands) 2021 2020 PCI loans Outstanding principal balance $ 97,418 $ 1,278 Carrying amount 84,029 1,085 Purchased performing loans Outstanding principal balance 706,147 97,301 Carrying amount 703,333 96,317 Total acquired loans Outstanding principal balance 803,565 98,579 Carrying amount 787,362 97,402 |
Summary of Changes in Accretable Yield on Purchased Credit Impaired Loans | The following table presents the changes in the accretable yield for PCI loans for the periods stated. (Dollars in thousands) 2021 2020 Balance, beginning of period $ 123 $ 188 Additions 10,030 — Accretion ( 5,381 ) ( 56 ) Other changes, net 12,077 ( 9 ) Balance, end of period $ 16,849 $ 123 |
Summary of Investment of PCI loans | The following tables present the aging of the recorded investment of PCI loans as of the dates stated. December 31, 2021 (Dollars in thousands) 30-89 Greater than Current Total Commercial and industrial $ — $ — $ 8,903 $ 8,903 Real estate – construction, commercial — — 14,754 14,754 Real estate – mortgage, commercial — — 51,872 51,872 Real estate – mortgage, residential 147 — 7,474 7,621 Consumer — 4 875 879 Total PCI loans $ 147 $ 4 $ 83,878 $ 84,029 December 31, 2020 (Dollars in thousands) 30-89 Greater than Current Total Real estate – construction, commercial $ — $ — $ 35 $ 35 Real estate – mortgage, commercial 224 — 584 808 Real estate – mortgage, residential 35 — 207 242 Total PCI loans $ 259 $ — $ 826 $ 1,085 |
Summary of Allowance for Loans Losses | The following table presents an analysis of the change in the allowance for loans losses by loan type as of and for the periods stated. December 31, (Dollars in thousands) 2021 2020 Allowance for loan losses, beginning of period $ 13,827 $ 4,572 Charge-offs: Commercial and industrial $ ( 1,098 ) $ ( 6 ) Real estate – construction ( 195 ) — Real estate – mortgage ( 125 ) ( 505 ) Consumer loans ( 1,123 ) ( 994 ) Total charge-offs ( 2,541 ) ( 1,505 ) Recoveries: Commercial and industrial 196 41 Real estate – mortgage 98 8 Consumer loans 424 261 Total recoveries 718 310 Net charge-offs ( 1,823 ) ( 1,195 ) Provision for loan losses 117 10,450 Allowance for loan losses, end of period $ 12,121 $ 13,827 |
Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment | The following tables present the allowance for loan losses and the amount of loans evaluated for impairment, individually and collectively, by loan type as of the dates stated. December 31, 2021 (Dollars in thousands) Individually Collectively Total Loan Balances Related Allowance for Loan Losses PCI loans: Commercial and industrial $ — $ 8,903 $ 8,903 $ — Real estate – construction, commercial — 14,754 14,754 — Real estate – mortgage, commercial — 51,872 51,872 — Real estate – mortgage, residential — 7,621 7,621 117 Consumer — 879 879 — Total PCI loans — 84,029 84,029 117 Originated and purchased performing loans: Commercial and industrial 4,612 307,312 311,924 2,859 Real estate – construction, commercial 527 131,242 131,769 895 Real estate – construction, residential — 58,857 58,857 21 Real estate – mortgage, commercial 3,194 646,437 649,631 4,294 Real estate – mortgage, residential 1,400 484,961 486,361 1,376 Real estate – mortgage, farmland — 6,173 6,173 18 Consumer — 48,998 48,998 2,541 Total originated and purchased performing loans 9,733 1,683,980 1,693,713 12,004 Gross loans 9,733 1,768,009 1,777,742 12,121 Less: deferred loan fees, net of costs — ( 570 ) ( 570 ) — Total $ 9,733 $ 1,767,439 $ 1,777,172 $ 12,121 December 31, 2020 (Dollars in thousands) Individually Collectively Total Loan Balances Related Allowance for Loan Losses PCI loans: Real estate – construction, commercial $ — $ 35 $ 35 $ — Real estate – mortgage, commercial — 808 808 — Real estate – mortgage, residential — 242 242 — Total PCI loans — 1,085 1,085 — Originated and purchased performing loans: Commercial and industrial 234 123,441 123,675 3,762 Real estate – construction, commercial — 54,667 54,667 960 Real estate – construction, residential — 18,040 18,040 150 Real estate – mortgage, commercial 1,645 271,046 272,691 4,215 Real estate – mortgage, residential 452 212,710 213,162 1,481 Real estate – mortgage, farmland — 3,615 3,615 18 Consumer — 41,962 41,962 3,241 Total originated and purchased performing loans 2,331 725,481 727,812 13,827 Gross loans 2,331 726,566 728,897 13,827 Less: deferred loan fees, net of costs — ( 736 ) ( 736 ) — Total $ 2,331 $ 725,830 $ 728,161 $ 13,827 |
Summary of Impaired Financing Receivables | The following tables present information related to impaired loans by loan type as of and for the periods presented. December 31, 2021 (Dollars in thousands) Recorded Unpaid Related Average Interest With no specific allowance recorded: Real estate – construction, commercial $ 527 $ 527 $ — $ 535 $ 37 With an allowance recorded: Commercial and industrial 4,612 4,612 836 4,369 260 Real estate – mortgage, commercial 3,194 3,849 1 3,636 70 Real estate – mortgage, residential 1,400 1,400 42 700 23 Total $ 9,733 $ 10,388 $ 879 $ 9,240 $ 390 December 31, 2020 (Dollars in thousands) Recorded Unpaid Related Average Interest With no specific allowance recorded: Real estate – mortgage, residential $ 1,645 $ 2,030 $ — $ 2,091 $ 4 Real estate – mortgage, commercial 452 571 — 538 2 With an allowance recorded: Commercial and industrial 234 234 144 362 — Total $ 2,331 $ 2,835 $ 144 $ 2,991 $ 6 |
Summary of Accounts Notes Loans and Financing Receivable | The following tables present the Company's loan portfolio (PCI and originated and purchased performing) by internal loan grades as of the dates stated. PPP loans are risk graded strong because they are fully guaranteed by the U.S. government. December 31, 2021 (Dollars in thousands) Grade Grade Grade Grade Satisfactory Grade Grade Grade Substandard Total PCI loans: Commercial and industrial $ — $ — $ — $ 1,567 $ 2,818 $ 2,748 $ 1,770 $ 8,903 Real estate – construction, commercial — — — 2,423 — 11,010 1,321 14,754 Real estate – mortgage, commercial — — — 2,642 3,892 33,487 11,851 51,872 Real estate – mortgage residential — — — 142 1,657 2,709 3,113 7,621 Consumer loans — — — — 388 481 10 879 Total PCI loans — — — 6,774 8,755 50,435 18,065 84,029 Originated and purchased performing loans: Commercial and industrial 291 560 156,519 133,738 11,256 3,180 6,380 311,924 Paycheck Protection Program 30,742 — — — — — — 30,742 Real estate – construction, commercial — 412 28,973 91,900 7,995 1,846 643 131,769 Real estate – construction, residential — — 14,610 40,418 3,416 — 413 58,857 Real estate – mortgage, commercial — 2,382 307,067 283,165 34,750 17,133 5,134 649,631 Real estate – mortgage residential 990 9,218 276,992 180,980 11,107 974 6,100 486,361 Real estate – mortgage, farmland 340 — 1,067 4,766 — — — 6,173 Consumer loans 262 3 16,920 30,691 542 — 580 48,998 Total originated and purchased performing loans: 32,625 12,575 802,148 765,658 69,066 23,133 19,250 1,724,455 Gross loans $ 32,625 $ 12,575 $ 802,148 $ 772,432 $ 77,821 $ 73,568 $ 37,315 $ 1,808,484 Less: deferred loan fees, net of costs ( 906 ) Total $ 1,807,578 December 31, 2020 (Dollars in thousands) Grade Grade Grade Grade Satisfactory Grade Grade Grade Substandard Total PCI loans: Commercial and industrial $ — $ — $ — $ — $ — $ — $ — $ — Real estate – construction, commercial — — — 35 — — — 35 Real estate – mortgage, commercial — — — — — 93 715 808 Real estate – mortgage residential — — 40 46 121 35 — 242 Total PCI loans — — 40 81 121 128 715 1,085 Originated and purchased performing loans: Commercial and industrial 844 484 23,828 85,928 7,251 4 5,336 123,675 Paycheck Protection Program 292,068 — — — — — — 292,068 Real estate – construction, commercial — 2,143 19,524 26,289 5,916 218 577 54,667 Real estate – construction, residential — — 3,073 8,247 6,458 — 262 18,040 Real estate – mortgage, commercial — 3,994 128,163 114,977 15,799 2,875 6,883 272,691 Real estate – mortgage residential — 3,583 101,038 100,555 5,629 123 2,234 213,162 Real estate – mortgage, farmland 444 — 1,175 1,996 — — — 3,615 Consumer loans 324 36 17,062 23,311 521 1 707 41,962 Total originated and purchased performing loans: 293,680 10,240 293,863 361,303 41,574 3,221 15,999 1,019,880 Gross loans $ 293,680 $ 10,240 $ 293,903 $ 361,384 $ 41,695 $ 3,349 $ 16,714 $ 1,020,965 Less: deferred loan fees, net of costs ( 4,271 ) Total $ 1,016,694 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | The following table presents premises and equipment, net of accumulated depreciation, as of the dates stated. December 31, (Dollars in thousands) 2021 2020 Buildings and land $ 25,517 $ 13,925 Furniture, fixtures and equipment 6,191 3,945 Software 373 325 Construction in progress 41 — Total cost 32,122 18,195 Less: Accumulated depreciation ( 5,461 ) ( 3,364 ) Premises and equipment, net $ 26,661 $ 14,831 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Amortizable Intangible Assets | The following tables present information on amortizable intangible assets included on the consolidated balance sheets as of the dates stated. Gross Net (Dollars in thousands) Carrying Accumulated Carrying December 31, 2021 Value Amortization Value Core deposit intangibles $ 9,626 $ ( 2,908 ) $ 6,718 Other amortizable intangibles 2,659 ( 1,635 ) 1,024 Total $ 12,285 $ ( 4,543 ) $ 7,742 Gross Net (Dollars in thousands) Carrying Accumulated Carrying December 31, 2020 Value Amortization Value Core deposit intangibles $ 2,776 $ ( 1,366 ) $ 1,410 Other amortizable intangibles 2,187 ( 1,016 ) 1,171 Total $ 4,963 $ ( 2,382 ) $ 2,581 |
Schedule of Estimated Amortization Expense | The following table presents estimated intangible asset amortization expense of the core deposit intangibles and other amortizable intangibles for the next five years and thereafter from the date stated. (Dollars in thousands) December 31, 2021 2022 $ 1,808 2023 1,455 2024 1,251 2025 1,050 2026 864 Thereafter 1,314 Total $ 7,742 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Scheduled Maturities of Time Deposits | he following table presents the scheduled maturities of time deposits, with a minimum denomination of $ 250 thousand, for the next five years and thereafter from the date stated were as follows. (Dollars in thousands) December 31, 2021 2022 $ 92,974 2023 15,340 2024 25,763 2025 2,175 2026 8,590 Total $ 144,842 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Notional and Fair Value of Interest Rate Swaps | The following table presents the notational and fair values of the swap agreements for the dates stated. December 31, 2021 (Dollars in thousands) Notional Fair Interest rate swap agreement Receive fixed/pay variable swaps $ 2,052 $ 199 Pay fixed/receive variable swaps 2,052 ( 199 ) December 31, 2020 (Dollars in thousands) Notional Fair Interest rate swap agreement Receive fixed/pay variable swaps $ 2,145 $ 185 Pay fixed/receive variable swaps 2,145 ( 185 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Pension plan's assets by asset type | The following table presents the Pension Plan’s assets by asset type as of the dates stated. December 31, 2021 Amount % Mutual funds - equity $ 869 75 % Mutual funds - fixed income 290 25 % Total $ 1,159 100 % |
Summary of Fair value of Qualified trust assets and Funded (Unfunded) status of Pension Plan | The following table provides a reconciliation of changes in the accumulated benefit obligations and fair value of qualified trust assets (Pension Plan only) and a statement of funded (unfunded) status for the Pension Plan and the PRB Plan as of and for the period stated. December 31, 2021 Pension Plan PRB Plan Change in benefit obligation Benefit obligation, beginning of year $ — $ — Assumed in business combination 2,041 65 Service cost — — Interest cost 45 2 Actuarial loss (gain) 34 ( 9 ) Benefit payments ( 971 ) ( 6 ) Settlement (gain) loss — — Benefit obligation, end of year 1,149 52 Change in plan assets Fair value of plan assets, beginning of year — — Acquired in business combination 1,330 — Actual return on plan assets 97 — Employer contributions 703 6 Benefits payments ( 971 ) ( 6 ) Fair value of plan assets, end of year 1,159 — Funded (unfunded) status, end of year $ 10 $ ( 52 ) |
Schedule of Amounts Recognized in AOCI | For the year ended December 31, 2021 Pension Plan PRB Plan Amounts recognized in accumulated other comprehensive loss (income) Net loss (gain) $ 11 $ ( 9 ) Prior service cost — — Net obligation at transition — — Amount recognized $ 11 $ ( 9 ) |
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) | Components of net periodic benefit (gain) cost Service cost $ — $ — Interest cost 45 2 Expected return on plan assets ( 73 ) — Amortization of prior service cost — — Amortization of net obligation at transition — — Recognized net loss due to settlement — — Recognized net actuarial loss — — Net periodic benefit (gain) cost ( 28 ) 2 Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss Net loss (gain) 11 ( 9 ) Amortization of prior service cost — — Amortization of net obligation at transition — — Total recognized in other comprehensive loss (income) 11 ( 9 ) Total recognized in net periodic benefit cost and other comprehensive $ ( 17 ) $ ( 7 ) |
Schedule of assumptions used in the valuation and disclosures for the Pension Plan and the PRB Plan | The following table presents the assumptions used in the valuation of and disclosures for the Pension Plan and the PRB Plan for the period stated. December 31, 2021 Pension Plan PRB Plan Discount rate used for net periodic pension cost 2.75 % 2.50 % Discount rate used for disclosure (range) 1.02 % - 3.08 % 2.75 % Expected return on plan assets 7.25 % N/A Rate of compensation increase N/A N/A Rate of compensation increase for net periodic N/A N/A Expected future interest crediting rate 3.00 % N/A |
Schedule of Expected Benefit Payments | The following table presents the expected benefit payments to be made from the Pension Plan and PRB Plan for the periods following the date stated. December 31, 2021 Pension Plan PRB Plan 2022 $ 1,149 $ 6 2023 — 6 2024 — 5 2025 — 5 2026 — 5 2027 - 2031 — 28 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of RSA activity | The following table presents RSA activity as of and for the periods stated. Shares Weighted Average Fair Value per RSA RSA unvested and outstanding, January 1, 2020 94,762 $ 12.17 Granted 120,429 10.41 Vested ( 36,216 ) 12.14 Forfeited ( 30,375 ) 12.43 RSA unvested and outstanding, December 31, 2020 148,600 $ 10.70 Granted 174,634 17.35 Vested ( 85,037 ) 12.28 Forfeited ( 20,013 ) 13.45 RSA unvested and outstanding, December 31, 2021 218,184 $ 15.15 |
Summary of Assumptions to Determine Estimated Fair Value of Converted Stock Options | The following table presents the ranges and weighted averages of assumptions used to determine the estimated fair value of the converted stock options in the Bay Banks Merger. As of January 31, 2021 Range Weighted Average Risk free interest rate (U.S. Treasury) 0.06 % - 0.45 % 0.32 % Expected term (years) 0.14 - 5.00 3.89 Expected volatility 21.2 % - 38.2 % 32.8 % Expected dividend yield 2.85 % 2.85 % |
Summary of Stock Option Activity | The following table presents stock option activity for the periods presented. Shares Weighted Average Exercise Price Weighted Aggregate Intrinsic Options outstanding and exercisable, January 1, 2021 — — — — Assumed in Bay Banks Merger 148,758 $ 9.89 5.47 Granted — — Forfeited ( 808 ) 13.80 Exercised ( 89,786 ) 9.99 Expired ( 557 ) 6.47 Options outstanding and exercisable, December 31, 2021 57,607 $ 11.75 6.18 $ 354,269 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Company's Leases | The following tables present information about the Company’s leases as of and for the periods stated. (Dollars in thousands) December 31, 2021 Lease liability $ 7,651 ROU asset $ 6,317 Weighted average remaining lease term (years) 6.79 Weighted average discount rate 1.86 % |
Summary of Lease Liabilities are Included within Other Liabilities | For the year ended December 31, (Dollars in thousands) 2021 2020 Operating lease cost $ 2,383 $ 1,731 Total lease cost $ 2,383 $ 1,731 Cash paid for amounts included in the measurement $ 2,014 $ — |
Summary of Operating Lease Liabilities | The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities for periods following the date stated. (Dollars in thousands) December 31, 2021 2022 $ 1,638 2023 1,276 2024 946 2025 849 2026 767 Thereafter 2,442 Total undiscounted cash flows 7,918 Discount ( 267 ) Lease liability $ 7,651 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following tables present the balances of financial assets measured at fair value on a recurring basis as of the dates stated. December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: State and municipals $ 51,113 $ — $ 51,113 $ — U.S. Treasury and agencies $ 64,066 $ — $ 64,066 $ — Mortgage backed securities 219,110 — 219,110 — Corporate bonds 39,243 — 39,243 — Total securities available for sale $ 373,532 $ — $ 373,532 $ — Other assets: Rabbi trust assets $ 994 $ 994 $ — $ — Mortgage derivative asset 1,876 — 1,876 — Interest rate swap asset 199 — 199 — Other liabilities: Mortgage derivative liability $ 75 $ — $ 75 $ — Interest rate swap liability 199 — 199 — December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: State and municipals $ 14,259 $ — $ 14,259 $ — U.S. Treasury and agencies 2,409 — 2,409 — Mortgage backed securities 72,635 — 72,635 — Corporate bonds 20,172 — 20,172 — Total investment securities available for sale $ 109,475 $ — $ 109,475 $ — Other assets: Mortgage derivative asset $ 5,293 $ — $ 5,293 $ — Interest rate swap asset 1,716 — 1,716 — Other liabilities: Mortgage derivative liability $ 1,569 $ — $ 1,569 $ — Interest rate swap liability 2,735 — 2,735 — |
Summary of Change in MSR Assets | The following tables present the change in MSR assets as of and for the periods stated. (Dollars in thousands) MSR Assets Balance, December 31, 2020 $ 7,084 Acquired in Bay Banks Merger 997 Additions 11,809 Write-offs ( 959 ) Amortization ( 2,462 ) Impairments — Fair value adjustments 4,484 Balance, December 31, 2021 - Fair value $ 20,953 Balance, December 31, 2021 - Amortized cost $ 16,469 (Dollars in thousands) MSR Assets Balance, December 31, 2019 $ — Additions 7,539 Write-offs ( 61 ) Amortization ( 391 ) Impairments ( 3 ) Fair value adjustments 207 Balance, December 31, 2020 - Fair value $ 7,291 Balance, December 31, 2020 - Amortized cost $ 7,084 |
Summary of Assets Measured at Fair Value on Nonrecurring Basis | The following tables summarize assets that were measured at fair value on a nonrecurring basis as of the dates stated. December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 8,344 $ — $ — $ 8,344 Loans held for sale 121,943 — 121,943 — OREO 157 — — 157 December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 2,187 $ — $ — $ 2,187 Loans held for sale 152,931 — 152,931 — |
Summary of Quantitative Information about Level 3 Fair Value Measurements | The following tables present quantitative information about Level 3 fair value measurements as of the dates stated. (Dollars in thousands) Balance as of December 31, 2021 Unobservable Input Weighted Average Impaired loans, net Discounted appraised value technique $ 8,108 Selling Costs 7 % Discounted cash flows technique 236 Discount Rate 4 % - 7 % OREO Discounted appraised value technique 157 Discount Rate 7 % (Dollars in thousands) Balance as of December 31, 2020 Unobservable Input Weighted Average Impaired loans, net Discounted appraised value technique $ 2,097 Selling Costs 10 % Discounted cash flows technique 90 Discount Rate 6 % |
Summary of Estimated Fair Values and Related Carrying Amounts of Financial Instruments | The following tables present estimated fair values and related carrying amounts of the Company’s financial instruments as of the dates stated. December 31, 2021 Fair Value Measurements at (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 130,643 $ 130,643 $ 130,643 $ — $ — Federal funds sold 43,903 43,903 43,903 — — Securities available for sale 373,532 373,532 — 373,532 — Restricted and other equity investments 22,518 22,518 — 22,518 — PPP loans receivable, net 30,406 30,406 — — 30,406 Loans held for investment, net 1,765,051 1,766,820 — — 1,766,820 Accrued interest receivable 9,573 9,573 — 9,573 — Bank owned life insurance 46,545 46,545 — 46,545 — Financial Liabilities Noninterest-bearing deposits $ 706,088 $ 706,088 $ 706,088 $ — $ — Interest-bearing demand and money market deposits 941,805 941,805 — 941,805 — Savings deposits 150,376 150,376 — 150,376 — Time deposits 499,502 503,968 — — 503,968 FHLB borrowings 10,111 9,943 — 9,943 — FRB borrowings 17,901 17,901 — 17,901 — Subordinated notes, net 39,986 41,388 — — 41,388 December 31, 2020 Fair Value Measurements at (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 117,945 $ 117,945 $ 117,945 $ — $ — Federal funds sold 775 775 775 — — Securities available for sale 109,475 109,475 — 109,475 — Restricted and other equity investments 11,173 11,173 — 11,173 — PPP loans receivable, net 288,533 288,533 — — 288,533 Loans held for investment, net 714,334 715,674 — — 715,674 Accrued interest receivable 5,428 5,428 — 5,428 — Bank owned life insurance 15,724 15,724 — 15,724 — Financial Liabilities Noninterest-bearing deposits $ 333,051 $ 333,051 $ 333,051 $ — $ — Interest-bearing demand and money market deposits 282,263 282,263 — 282,263 — Savings deposits 78,352 78,352 — 78,352 — Time deposits 251,443 257,647 — — 257,647 FHLB borrowings 115,000 114,983 114,983 — FRB borrowings 281,650 281,650 — 281,650 — Subordinated notes, net 24,506 25,830 — — 25,830 |
Minimum Regulatory Capital Re_2
Minimum Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Summary of Capital Requirements Administered by Banking Agencies Capital Ratios | The following tables present capital ratios for the Bank as of the dates stated. Adequately capitalized ratios include the conversation buffer. December 31, 2021 Actual For Capital To Be Well (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 273,978 13.11 % $ 219,393 10.50 % $ 208,946 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 260,896 12.49 % $ 177,604 8.50 % $ 167,157 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 260,896 12.49 % $ 146,262 7.00 % $ 135,815 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 260,896 10.05 % $ 103,883 4.00 % $ 129,853 5.00 % December 31, 2020 Actual For Capital To Be Well (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 109,219 13.10 % $ 87,574 10.50 % $ 83,404 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 98,751 11.84 % $ 70,893 8.50 % $ 66,723 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 98,751 11.84 % $ 58,383 7.00 % $ 54,213 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 98,751 8.34 % $ 47,363 4.00 % $ 59,180 5.00 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Loan Transactions with Related Parties | The following table presents loan transactions with such related parties as of and for the periods stated. December 31, (Dollars in thousands) 2021 2020 Total loans, beginning of period $ 13,957 $ 14,168 Advances 6,699 12,472 Curtailments ( 12,919 ) ( 12,683 ) Total loans, end of period $ 7,737 $ 13,957 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted EPS | Weighted average common shares outstanding, basic and dilutive, for all periods presented are presented on a post Stock Split basis. For the years ended (Dollars in thousands, except per share data) 2021 2020 Net income $ 52,480 $ 17,697 Net income attributable to noncontrolling interest ( 3 ) ( 1 ) Net income available to common shareholders $ 52,477 $ 17,696 Weighted average common shares outstanding, basic 17,840,675 8,535,606 Effect of dilutive securities 9,898 — Weighted average common shares outstanding, dilutive 17,850,573 8,535,606 Basic and diluted earnings per common share $ 2.94 $ 2.07 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Difference Between Provision for Income Taxes and Amounts Computed by Applying Statutory Federal Income Tax Rate to Income Before Income Taxes | The following table presents the differences between the provision for income taxes at the federal statutory rate and the amounts computed as reported for the periods stated. For the years ended December 31, (Dollars in thousands) 2021 2020 Income tax at federal statutory rate $ 14,317 21.0 % $ 4,725 21.0 % Increase (decrease) resulting from: State income taxes, net of federal tax effect 1,499 2.2 % 34 0.2 % Tax-exempt interest income ( 105 ) ( 0.2 %) ( 20 ) ( 0.1 %) Income from life insurance ( 196 ) ( 0.3 %) ( 82 ) ( 0.4 %) Merger-related expenses 250 0.4 % 174 0.8 % Other permanent differences ( 68 ) ( 0.1 %) ( 31 ) ( 0.1 %) Provision for income taxes $ 15,697 23.1 % $ 4,800 21.4 % |
Schedule of Significant Components of Provision for Income Taxes | The following table presents the significant components of the provision for income taxes for the periods stated. For the years ended December 31, (Dollars in thousands) 2021 2020 Current tax provision Federal $ 12,828 $ 6,437 State 946 43 Total current tax provision 13,774 6,480 Deferred tax provision (benefit) Federal 971 ( 1,680 ) State 952 — Total deferred tax provision (benefit) 1,923 ( 1,680 ) Provision for income taxes $ 15,697 $ 4,800 |
Schedule of Significant Components of Deferred Taxes | The following table presents significant components of deferred tax assets and liabilities as of the dates stated. December 31, (Dollars in thousands) 2021 2020 Deferred tax assets relating to: Allowance for loan losses $ 2,470 $ 2,478 Compensation differences 1,221 892 Reserve for loan sale buy backs 227 341 Acquisition accounting adjustments 3,463 255 Loan origination costs 67 81 Pass-through entities 487 252 Unrealized losses on securities available for sale and interest rate swaps 1,092 108 Other 872 191 Total deferred tax assets 9,899 4,598 Deferred tax liabilities relating to: Premises and equipment, net ( 2,885 ) ( 1,532 ) Core deposit and customer-based intangible assets ( 1,549 ) ( 464 ) Mortgage servicing rights ( 3,711 ) ( 1,488 ) Unrealized gains on other investments ( 1,536 ) — Other ( 68 ) ( 25 ) Total deferred tax liabilities ( 9,749 ) ( 3,509 ) Net deferred tax asset, included in other assets $ 150 $ 1,089 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information by Segment | The following tables present statement of operations items and assets by segment as of and for the periods stated. For the year ended December 31, 2021 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 99,810 $ 3,596 $ 140 $ — $ 103,546 Interest expense 8,181 257 2,627 — 11,065 Net interest income 91,629 3,339 ( 2,487 ) — 92,481 Provision for loan losses 117 — — — 117 Net interest income after provision for loan losses 91,512 3,339 ( 2,487 ) — 92,364 NONINTEREST INCOME Gain on sale of Paycheck Protection Program loans 24,315 — — — 24,315 Residential mortgage banking income, net — 28,624 — — 28,624 Mortgage servicing rights — 8,398 — — 8,398 Gain on sale of guaranteed government loans 2,005 — — — 2,005 Service charges on deposit accounts 1,464 — — — 1,464 Increase in cash surrender value of bank owned life insurance 932 — — — 932 Payroll processing 941 — — — 941 Other income 13,953 — 7,505 ( 182 ) 21,276 Total noninterest income 43,610 37,022 7,505 ( 182 ) 87,955 NONINTEREST EXPENSE Salaries and employee benefits 33,687 28,204 — — 61,891 Merger-related 9,226 — 2,642 — 11,868 Other operating expenses 31,163 6,385 1,017 ( 182 ) 38,383 Total noninterest expense 74,076 34,589 3,659 ( 182 ) 112,142 Income before income taxes 61,046 5,772 1,359 — 68,177 Income tax expense 13,935 1,253 509 — 15,697 Net income $ 47,111 $ 4,519 $ 850 $ — $ 52,480 Net income attributable to noncontrolling interest ( 3 ) — — — ( 3 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 47,108 $ 4,519 $ 850 $ — $ 52,477 Total assets as of December 31, 2021 $ 2,498,916 $ 142,537 $ 319,685 $ ( 295,999 ) $ 2,665,139 For the year ended December 31, 2020 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 51,020 $ 3,314 $ 126 $ — $ 54,460 Interest expense 8,331 354 1,265 — 9,950 Net interest income 42,689 2,960 ( 1,139 ) — 44,510 Provision for loan losses 10,450 — — — 10,450 Net interest income after provision for loan losses 32,239 2,960 ( 1,139 ) — 34,060 NONINTEREST INCOME Residential mortgage banking income, net — 44,460 — — 44,460 Mortgage servicing rights — 7,084 — — 7,084 Gain on sale of guaranteed government loans 880 — — — 880 Service charges on deposit accounts 905 — — — 905 Increase in cash surrender value of bank owned life insurance 390 — — — 390 Payroll processing 974 — — — 974 Other income 2,165 — — ( 34 ) 2,131 Total noninterest income 5,314 51,544 — ( 34 ) 56,824 NONINTEREST EXPENSE Salaries and employee benefits 14,217 31,201 — — 45,418 Other operating expenses 12,574 8,075 2,354 ( 34 ) 22,969 Total noninterest expense 26,791 39,276 2,354 ( 34 ) 68,387 Income (loss) before income taxes 10,762 15,228 ( 3,493 ) — 22,497 Income tax expense (benefit) 2,162 3,337 ( 699 ) — 4,800 Net income (loss) $ 8,600 $ 11,891 $ ( 2,794 ) $ — $ 17,697 Net income attributable to noncontrolling interest ( 1 ) — — — ( 1 ) Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 8,599 $ 11,891 $ ( 2,794 ) $ — $ 17,696 Total assets as of December 31, 2020 $ 1,312,095 $ 177,074 $ 133,041 $ ( 123,952 ) $ 1,498,258 |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Of Financial Position [Abstract] | |
Summary of Parent Company Only Condensed Statements of Financial Condition | PARENT COMPANY ONLY CONDENSED BALANCE SHEETS As of December 31, (Dollars in thousands) 2021 2020 ASSETS Cash and due from banks $ 3,156 $ 2,174 Investment in subsidiaries 291,525 121,808 Securities available for sale, at fair value 2,073 — Restricted and other equity investments 14,184 319 Other investments 4,532 8,267 Accrued interest receivable 24 119 Income tax receivable 906 348 Other assets 2,221 6 Total assets $ 318,621 $ 133,041 LIABILITIES & STOCKHOLDERS’ EQUITY Accrued expenses $ 1,126 $ 204 Accrued interest payable 370 131 Subordinated notes, net of issuance costs 39,986 24,506 Total liabilities 41,482 24,841 Stockholders’ equity 277,139 108,200 Total liabilities and stockholders’ equity $ 318,621 $ 133,041 |
Summary of Parent Company Only Condensed Statements of Income | PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME For the years ended December 31, (Dollars in thousands) 2021 2020 INCOME Dividends from subsidiary $ 10,000 $ 800 Interest income 140 126 Fair value adjustments of other equity investments 7,316 — Other 250 — Total income 17,706 926 EXPENSES Interest on subordinated notes 2,627 1,265 Professional fees 890 455 Merger-related 2,642 1,732 Other 189 165 Total expenses 6,348 3,617 Income (loss) before income tax expense (benefit) and equity in undistributed earnings of subsidiary 11,358 ( 2,691 ) Income tax expense (benefit) 509 ( 699 ) Equity in undistributed earnings of subsidiaries 41,631 19,689 Net income $ 52,480 $ 17,697 |
Summary of Parent Company Only Condensed Statements of Cashflows | PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS For the years ended December 31, (Dollars in thousands) 2021 2020 Cash Flows From Operating Activities Net income $ 52,480 $ 17,696 Equity in undistributed earnings of subsidiaries ( 41,631 ) ( 19,689 ) Deferred income tax benefit ( 1,208 ) ( 62 ) Amortization of subordinated note issuance costs 206 54 Fair value adjustments of other equity investments ( 7,316 ) — Increase in other assets ( 2,677 ) ( 139 ) Increase in accrued expenses 646 528 Net cash provided by (used in) operating activities 500 ( 1,612 ) Cash Flows From Investing Activities Net change in securities available for sale ( 2,073 ) — Net change in restricted and other equity investments ( 6,900 ) — Net change in other investments ( 3,230 ) ( 7,363 ) Net cash acquired in Bay Banks Merger 23,214 — Cash received from (contributed to) Bank 10,000 ( 2,000 ) Net cash provided by (used in) investing activities 21,011 ( 9,363 ) Cash Flows From Financing Activities Dividends paid on common stock ( 7,183 ) ( 2,436 ) Stock option exercises 804 — Payment of subordinated notes issuance costs — ( 349 ) Issuance of subordinated notes — 15,000 Redemption of subordinated debt ( 14,150 ) — Net cash (used in) provided by financing activities ( 20,529 ) 12,215 Net increase in cash and due from banks 982 1,240 Cash and due from banks at beginning of period 2,174 934 Cash and due from banks at end of period $ 3,156 $ 2,174 Supplemental Schedule of Cash Flow Information Cash paid for: Interest $ 2,388 $ 1,190 Income taxes $ 10,000 $ 2,000 Non-cash investing and financing activities: Unrealized gain on securities available for sale $ 300 $ — Issuance of restricted stock awards, net of forfeitures $ 1,331 $ 567 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables present components of accumulated other comprehensive income (loss) for the periods stated. Net Unrealized Gains (Losses) (Dollars in thousands) Securities Available For Sale Transfer of Securities Held to Maturity to Available For Sale Interest Rate Swaps Pension and Accumulated Balance as of December 31, 2019 $ 423 $ — $ ( 194 ) $ — $ 229 Change in net unrealized holding gains on securities available for sale, net of tax expense of $ 103 388 — — — 388 Reclassification for previously unrealized net gains recognized in net income, net of tax expense of $ 44 ( 167 ) — — — ( 167 ) Transfer of securities held to maturity to available for sale, net of tax expense of $ 113 — 425 — — 425 Change in net unrealized holding losses on interest rate swaps, net of tax benefit of $ 163 — — ( 611 ) — ( 611 ) Balance as of December 31, 2020 644 425 ( 805 ) — 264 Change in net unrealized holding losses on securities available for sale, net of tax benefit of $ 1,279 ( 4,814 ) — — — ( 4,814 ) Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $ 30 114 — — — 114 Change in net unrealized holding gains on interest rate swaps, net of tax expense of $ 1,521 — — 5,719 — 5,719 Reclassification for previously unrealized net gains recognized in net income, net of tax expense of $ 1,307 — — ( 4,914 ) — ( 4,914 ) Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit of $ 1 — — — ( 1 ) ( 1 ) Balance as of December 31, 2021 $ ( 4,056 ) $ 425 $ — $ ( 1 ) $ ( 3,632 ) |
Organization and Basis of Prese
Organization and Basis of Presentation (Additional Information) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Organization And Basis Of Presentation [Line Items] | |||||
Stock split, description | 3-for-2 stock split | In March 2021, the Company’s board of directors approved a three-for-two stock split (“Stock Split”) effected in the form of a 50% stock dividend on the Company’s common stock outstanding paid on April 30, 2021 to shareholders of record as of April 20, 2021 | |||
Decrease In loans held for investment | $ 4,700,000 | ||||
Increase in loans held for sale | 4,700,000 | ||||
Loans outstanding | $ 0 | ||||
Dividend, payment date | Apr. 30, 2021 | ||||
Dividend, record date | Apr. 20, 2021 | ||||
Percentage of stock dividend payable on stock split of common stock. | 50.00% | ||||
Revision of Prior Period, Reclassification, Adjustment [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Increase in loans held for investment | 30,400,000 | ||||
Decrease in loans held for sale | 30,400,000 | ||||
Hammond Insurance Agency [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 35.00% | ||||
Hammond Insurance Agency [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Goodwill, Period Increase (Decrease) | 613,000 | ||||
Increase (Decrease) in Intangible Assets, Current | 341,000 | ||||
Increase (decrease) in other investments | 954,000 | ||||
BluePoint Benefits, LLC [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Goodwill, Period Increase (Decrease) | $ 340,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Segmentshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Fair value adjustments on other investments | $ 7,300,000 | ||
Other equity investments | 14,200,000 | $ 3,000,000 | |
Loans held for sale | 121,943,000 | 152,931,000 | |
Allowance for loan losses | 12,121,000 | 13,827,000 | $ 4,572,000 |
Lease Income | 0 | 0 | |
Impairment of goodwill | $ 0 | $ 0 | |
Effect of dilutive securities | shares | 9,898 | 0 | |
Number of reportable business segments | Segment | 3 | ||
Dilutive common shares outstanding | shares | 9,898 | 0 | |
Leasehold Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | improvements or the lease term | ||
Purchased Computer Software [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 1 year | ||
Purchased Computer Software [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Building [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 39 years | ||
Building [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 40 years | ||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 15 years | ||
Substandard [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Troubled debt restructuring | $ 500,000,000 | ||
Virginia Community Bankshares, Inc [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for loan losses | 0 | ||
Fintech [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Loans held for sale | $ 5,800,000 | $ 4,700,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) | Jan. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Common Stock Shares Issued | 18,774,082 | 8,577,932 | ||
Options To Acquire Shares Of Common Stock On Post Stock Split Basis | 148,758 | |||
Settlement of net debt | $ 349,000 | |||
Goodwill | 26,826,000 | 19,620,000 | ||
Fair Value Adjustment Of Subordinated Notes | 0 | |||
Bay Banks Of Virginia Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash per share received by share holders | $ 12.55 | $ 12.55 | ||
Common stock shares received by shareholders | 0.5000 | |||
Common Stock Shares Issued | 6,634,495 | 6,634,495 | ||
Business acquisition, common stock issued post stock split basis | 9,951,743 | |||
fair value of consideration transferred | $ 124,900,000 | |||
Cash in lieu of fractional shares | $ 3,400 | |||
Option To Purchase Additional Shares | 198,362 | |||
Options To Acquire Shares Of Common | 99,176 | |||
Options To Acquire Shares Of Common Stock On Post Stock Split Basis | 148,764 | |||
Estimated fair value of common stock | $ 472,000 | |||
Settlement of net debt | 650,000 | |||
Goodwill | 7,206,000 | $ 7,206,000 | ||
Merger-related expense | $ 11,900,000 | $ 2,400,000 | ||
Bay Banks Of Virginia Inc [Member] | Subordinated Debt [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired subordinated notes | 1,750,000 | |||
Bay Banks Of Virginia Inc [Member] | Subordinated Debt One [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired subordinated notes | $ 1,100,000 | |||
Core Deposits [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortized over an estimated useful life | 10 years |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Value Adjustments of Consideration Paid, Acquired Asset and Assumed Liabil (Details) - USD ($) | Jan. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Consideration paid: | |||
Effective settlement of subordinated notes | $ (349,000) | ||
Fair value of liabilities assumed: | |||
Goodwill | $ 26,826,000 | $ 19,620,000 | |
Bay Banks [Member] | |||
Consideration paid: | |||
Company's common shares issued | 9,951,743 | ||
Purchase price per share | $ 12.55 | ||
Value of common stock issued | $ 124,928,000 | ||
Estimated fair value of common stock | 472,000 | ||
Cash in lieu of fractional shares | 3,400 | ||
Total consideration paid | 125,403,000 | ||
Effective settlement of subordinated notes | (650,000) | ||
Total Consideration Paid Less Effective Settlement Of Subordinated Notes | 124,753,000 | ||
Fair value of assets acquired: | |||
Cash and due from banks | 44,066,000 | ||
Federal funds sold | 1,732,000 | ||
Certificates of deposit | 1,018,000 | ||
Securities available for sale | 79,505,000 | ||
Restricted securities | 4,385,000 | ||
Loans held for investment | 1,030,433,000 | ||
Loans held for sale | 3,814,000 | ||
Premises and equipment | 15,532,000 | ||
Right-of-use asset | 1,864,000 | ||
Other real estate owned | 598,000 | ||
Bank owned life insurance | 20,259,000 | ||
Mortgage servicing rights | 987,000 | ||
Core deposit intangible | 6,850,000 | ||
Deferred tax asset, net | 2,685,000 | ||
Other assets | 10,855,000 | ||
Total assets | 1,224,583,000 | ||
Fair value of liabilities assumed: | |||
Deposits | 1,030,888,000 | ||
FHLB borrowings | 10,124,000 | ||
FRB borrowings | 24,815,000 | ||
Subordinated notes | 31,850,000 | ||
Other liabilities | 9,359,000 | ||
Total liabilities | 1,107,036,000 | ||
Net identifiable assets acquired at fair value | 117,547,000 | ||
Goodwill | $ 7,206,000 |
Business Combinations - Summa_2
Business Combinations - Summary of Estimated Fair Value Adjustments of Consideration Paid, Acquired Asset (Parenthetical) (Details) - USD ($) | Jan. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Stock split, description | 3-for-2 stock split | In March 2021, the Company’s board of directors approved a three-for-two stock split (“Stock Split”) effected in the form of a 50% stock dividend on the Company’s common stock outstanding paid on April 30, 2021 to shareholders of record as of April 20, 2021 | ||
Income tax at federal statutory rate | 21.00% | 21.00% | ||
Bay Banks [Member] | ||||
Business Acquisition [Line Items] | ||||
Stock split, description | Common shares issued and purchase price per share are presented on a post Stock Split basis | |||
Income tax at federal statutory rate | 21.00% | 21.00% | ||
FHLB borrowings | $ 10,124,000 | |||
Bay Banks [Member] | Time Deposits [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 5,800,000 | |||
Bay Banks [Member] | Federal Home Loan Bank Borrowings [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 124,000 | |||
Bay Banks [Member] | Subordinated Debt Obligations [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 950,000 | |||
Bay Banks [Member] | Core Deposits [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 100,000 | |||
Bay Banks [Member] | Property, Plant and Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 4,400,000 | |||
Bay Banks [Member] | Deferred Tax Asset Net [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 2,100,000 | |||
Bay Banks [Member] | Other Assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 203,000 | |||
Bay Banks [Member] | Loan Held For Investment [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | $ 17,900,000 | |||
Fair value adjustment percentage | 1.70% |
Business Combinations - Summa_3
Business Combinations - Summary of Purchased Performing and PCI Loans Receivable (Details) - Bay Banks Of Virginia Inc [Member] $ in Thousands | Jan. 31, 2021USD ($) |
Business Acquisition [Line Items] | |
Principal payments receivable | $ 1,048,289 |
Fair value adjustment - credit and interest | 17,856 |
Fair value of acquired loans | 1,030,433 |
Purchased Performing [Member] | |
Business Acquisition [Line Items] | |
Principal payments receivable | 936,523 |
Fair value adjustment - credit and interest | 2,784 |
Fair value of acquired loans | 933,739 |
PCI [Member] | |
Business Acquisition [Line Items] | |
Principal payments receivable | 111,766 |
Fair value adjustment - credit and interest | 15,072 |
Fair value of acquired loans | $ 96,694 |
Business Combinations - Summa_4
Business Combinations - Summary of Fair Value Adjustments of Acquired Asset and Assumed Liabilities (Details) - Bay Banks Of Virginia Inc [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | ||
Restructuring Cost and Reserve [Line Items] | ||
Loans | $ 1,593 | [1] |
Time deposits | 3,146 | [2] |
FHLB borrowings | 12 | [3] |
Subordinated notes | 171 | [4] |
CDI | 1,194 | [5] |
Net effect to income before income taxes | $ 3,728 | |
[1] | Loan discount accretion and premium (amortization) is included in interest and fees in the consolidated statements of operations. | |
[2] | Time deposit premium amortization is included in interest on deposits in the consolidated statements of operations. | |
[3] | FHLB borrowings premium amortization is included in interest on FHLB and FRB borrowings in the consolidated statements of operations. | |
[4] | Subordinated notes premium amortization is included in the interest on subordinated notes in the consolidated statements of operations. | |
[5] | CDI amortization is included in the intangible amortization in the consolidated statements of operations. |
Business Combinations - Summa_5
Business Combinations - Summary of Business Acquisition, Pro Forma Information (Details) - Bay Banks Of Virginia Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Revenue (net interest income plus noninterest income) | $ 183,226 | $ 152,473 |
Net income | $ 60,956 | $ 26,107 |
Earnings per common share | $ 3.32 | $ 1.42 |
Business Combinations - Summa_6
Business Combinations - Summary of Assets Received and Liabilities Assumed and Related Adjustments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities | ||
Goodwill | $ 26,826 | $ 19,620 |
Investment Securities and Oth_3
Investment Securities and Other Investments - Summary of Amortized Cost and Fair Values of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | $ 378,741 | $ 108,661 |
Available for sale, Gross Unrealized Gains | 1,513 | 1,423 |
Available for sale, Gross Unrealized Losses | (6,722) | (609) |
Securities available for sale | 373,532 | 109,475 |
State and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | 51,341 | 14,069 |
Available for sale, Gross Unrealized Gains | 302 | 258 |
Available for sale, Gross Unrealized Losses | (530) | (68) |
Securities available for sale | 51,113 | 14,259 |
U.S. Treasury and Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | 65,680 | 2,500 |
Available for sale, Gross Unrealized Gains | 0 | 0 |
Available for sale, Gross Unrealized Losses | (1,614) | (91) |
Securities available for sale | 64,066 | 2,409 |
Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | 222,968 | 72,337 |
Available for sale, Gross Unrealized Gains | 403 | 696 |
Available for sale, Gross Unrealized Losses | (4,261) | (398) |
Securities available for sale | 219,110 | 72,635 |
Corporate Bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | 38,752 | 19,755 |
Available for sale, Gross Unrealized Gains | 808 | 469 |
Available for sale, Gross Unrealized Losses | (317) | (52) |
Securities available for sale | $ 39,243 | $ 20,172 |
Investment Securities and Oth_4
Investment Securities and Other Investments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Investments [Line Items] | ||
Proceeds from sales, calls and maturities of available-for-sale | $ 71,804 | $ 53,595 |
Proceeds from calls, maturities, sales, paydowns and maturities of securities held to maturity | 1,212 | |
Federal home loan bank stock | 1,700 | 5,800 |
Federal reserve bank stock | 6,100 | 2,200 |
Correspondent bank stock | 468 | 248 |
Other equity investments | 14,200 | 3,000 |
Other investments | 13,643 | 6,565 |
FHLB [Member] | ||
Schedule Of Investments [Line Items] | ||
Securities pledged | 23,100 | 29,400 |
Treasury Board Commonwealth of Virginia [Member] | ||
Schedule Of Investments [Line Items] | ||
Securities pledged | $ 8,700 | $ 12,500 |
Investment Securities and Oth_5
Investment Securities and Other Investments - Summary of Unrealized Losses (Detail) $ in Thousands | Dec. 31, 2021USD ($)Security | Dec. 31, 2020USD ($)Security |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number Of Securities | Security | 125 | 36 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 285,666 | $ 29,308 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (6,714) | (231) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 1,539 | 10,547 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (8) | (378) |
Fair Value, Total | 287,205 | 39,855 |
Unrealized Losses, Total | $ (6,722) | $ (609) |
State and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number Of Securities | Security | 38 | 6 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 27,905 | $ 3,111 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (530) | (68) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 0 | 0 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | 0 | 0 |
Fair Value, Total | 27,905 | 3,111 |
Unrealized Losses, Total | $ (530) | $ (68) |
U.S. Treasury and Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number Of Securities | Security | 22 | 1 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 64,067 | $ 2,410 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (1,614) | (91) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 0 | 0 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | 0 | 0 |
Fair Value, Total | 64,067 | 2,410 |
Unrealized Losses, Total | $ (1,614) | $ (91) |
Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number Of Securities | Security | 54 | 22 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 186,924 | $ 20,545 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (4,257) | (65) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 543 | 8,592 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (4) | (333) |
Fair Value, Total | 187,467 | 29,137 |
Unrealized Losses, Total | $ (4,261) | $ (398) |
Corporate Bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number Of Securities | Security | 11 | 7 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 6,770 | $ 3,242 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (313) | (7) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 996 | 1,955 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (4) | (45) |
Fair Value, Total | 7,766 | 5,197 |
Unrealized Losses, Total | $ (317) | $ (52) |
Investment Securities and Oth_6
Investment Securities and Other Investments - Summary of Investments Classified by Contractual Maturity Date (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Schedule Of Investments [Abstract] | |
Debt Securities Available for Sale, Amortized Cost, Due in one year or less | $ 953 |
Debt Securities Available for Sale, Amortized Cost, Due after one year through five years | 25,492 |
Debt Securities Available for Sale, Amortized Cost, Due after five years through ten years | 120,439 |
Debt Securities Available for Sale, Amortized Cost, Due after ten years | 231,857 |
Total | 378,741 |
Debt Securities Available for Sale, Fair Value, Due in one year or less | 954 |
Debt Securities Available for Sale, Fair Value, Due after one year through five years | 25,316 |
Debt Securities Available for Sale, Fair Value, Due after five years through ten years | 119,942 |
Debt Securities Available for Sale, Fair Value, Due after ten years | 227,320 |
Total | $ 373,532 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary of Loans Held for Investment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 1,808,484 | $ 1,020,965 |
Less: deferred loan fees, net of costs | (906) | (4,271) |
Total | 1,807,578 | 1,016,694 |
Commercial and Industrial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 320,827 | 123,675 |
Paycheck Protection Program [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 30,742 | 292,068 |
Paycheck Protection Program [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 30,742 | |
Construction, Commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 146,523 | 54,702 |
Construction, Residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 58,857 | 18,040 |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 701,503 | 273,499 |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 493,982 | 213,404 |
Mortgage, Farmland [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 6,173 | 3,615 |
Consumer Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 49,877 | $ 41,962 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Additional Information (Detail) | Jun. 28, 2021USD ($)Loan | Apr. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($) |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans | $ 1,808,484,000 | $ 1,020,965,000 | ||||
Bad debts recovered | 718,000 | 310,000 | ||||
Allowance for loan losses | 12,121,000 | 13,827,000 | $ 4,572,000 | |||
Nonperforming trouble debt restructuring | 1,000,000 | 142,000 | ||||
Proceeds from sale of loans held for sale | 1,228,021,000 | 1,099,378,000 | ||||
Gain on sale of Paycheck Protection Program loans | 24,315,000 | |||||
Grade 5 Watch [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans | $ 77,821,000 | 41,695,000 | ||||
Grade 5 Watch [Member] | Minimum [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loan To Value Ratio | 90.00% | |||||
FHLB [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans held for investment pledged | $ 478,300,000 | |||||
Payment Deferral [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans | $ 5,200,000 | $ 110,600,000 | ||||
Number of loan deferrals | Loan | 15 | 550 | ||||
Payment Deferral [Member] | Bay Banks [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans | $ 160,000,000 | |||||
Number of loan deferrals | Loan | 400 | |||||
Paycheck Protection Program [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans | $ 30,742,000 | $ 292,068,000 | ||||
PPP 1 [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Payrolls and other operating expenses | $ 650,000,000,000 | |||||
Loans and lease receivable prior period | 2 years | |||||
Loans and lease receivable subsequent period | 5 years | |||||
Percentage of Loans receivable interest rate | 1.00% | |||||
Percentage of loan earned processing fee one rate | 1.00% | |||||
Percentage of loan earned processing fee two rate | 3.00% | |||||
Percentage of loan earned processing fee three rate | 5.00% | |||||
Loans and leases receivable originated | 18,000,000 | 363,400,000 | ||||
Loans and leases receivable of processing fees, net of agent fees | 11,500,000 | |||||
Loans and leases receivable recognized interest income | 4,800,000 | |||||
Loans and leases receivable unamortized fee | $ 0 | |||||
PPP 2 [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Percentage of Loans receivable interest rate | 1.00% | |||||
Gross loans | $ 712,600,000 | $ 730,000,000 | ||||
Loans and leases receivable of processing fees, net of agent fees | $ 43,400,000 | |||||
Number of loans | Loan | 20,000 | |||||
Loans and lease receivable contractual term | 5 years | |||||
Loans and leases receivable recognized interest income | $ 12,500,000 | |||||
Number of loans sold | Loan | 19,500 | |||||
Proceeds from sale of loans held for sale | $ 705,900,000 | |||||
Gain on sale of Loans | 24,300,000 | |||||
Unamortized fees net of deferred costs and the sale discount | $ 30,900,000 | |||||
Financing Receivable, Held-for-Sale | 12,700,000 | |||||
Unamortized fees, net of deferred cost | $ 348,000 | |||||
Gain on sale of Paycheck Protection Program loans | $ 30,900,000 | |||||
PPP 2 [Member] | Maximum [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Nonrefundable fees and other costs deferred and amortized as component of loan yield over expected life of loans | 3 years | |||||
PPP 2 [Member] | Minimum [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Nonrefundable fees and other costs deferred and amortized as component of loan yield over expected life of loans | 1 year | |||||
PPP 2 [Member] | Scenario One [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Processing fee for loans not more than loan balance | $ 50,000 | |||||
Processing fee for loans not more than loan balance percentage | 50.00% | |||||
Processing fee for loans balance | $ 2,500 | |||||
PPP 2 [Member] | Scenario Two [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Processing fee for loans not more than loan balance | $ 350,000 | |||||
Processing fee for loans not more than loan balance percentage | 5.00% | |||||
Processing fee for loans more than loan balance | $ 50,000 | |||||
PPP 2 [Member] | Scenario Three [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Processing fee for loans more than loan balance | $ 350,000 | |||||
Processing fee for loans more than loan balance percentage | 3.00% | |||||
Commercial and Residential Mortgages [Member] | FHLB [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans held for investment pledged | 213,300,000 | |||||
Pay Check Protection Loans [Member] | Paycheck Protection Plan Liquidity Facility Advances [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans held for investment pledged | $ 17,900,000 | $ 281,600,000 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Acquired Loans Included in Consolidated Statement of Condition (Detail) - Virginia Community Bankshares, Inc [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | $ 803,565 | $ 98,579 |
Carrying amount | 787,362 | 97,402 |
PCI loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | 97,418 | 1,278 |
Carrying amount | 84,029 | 1,085 |
Purchased Performing Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | 706,147 | 97,301 |
Carrying amount | $ 703,333 | $ 96,317 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Summary of Changes in Accretable Yield on Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
Balance, beginning of period | $ 123 | $ 188 |
Additions | 10,030 | 0 |
Accretion | (5,381) | (56) |
Other changes, net | 12,077 | (9) |
Balance, end of period | $ 16,849 | $ 123 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Summary of Financing Receivable, Past Due (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 15,177 | $ 6,548 |
Total Past Due & Nonaccrual | 36,527 | 11,286 |
Gross loans | 1,808,484 | 1,020,965 |
Less: deferred loan fees, net of costs | (906) | (4,271) |
Total | 1,807,578 | 1,016,694 |
PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 84,029 | 1,085 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 18,165 | 4,147 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,268 | 545 |
Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 917 | 46 |
Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 1,687,022 | 1,004,323 |
Less: deferred loan fees, net of costs | (906) | (4,271) |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 6,066 | 1,310 |
Total Past Due & Nonaccrual | 8,434 | 2,427 |
Gross loans | 320,827 | 123,675 |
Commercial and Industrial [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 8,903 | |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 2,338 | 1,117 |
Commercial and Industrial [Member] | Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 30 | |
Commercial and Industrial [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 303,490 | 121,248 |
Paycheck Protection Program [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross loans | 30,742 | 292,068 |
Paycheck Protection Program [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross loans | 30,742 | |
Paycheck Protection Program [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 30,742 | 292,068 |
Construction, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 88 | |
Total Past Due & Nonaccrual | 359 | |
Gross loans | 146,523 | 54,702 |
Construction, Commercial [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 14,754 | 35 |
Construction, Commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 271 | |
Construction, Commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 131,410 | 54,667 |
Construction, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 413 | |
Total Past Due & Nonaccrual | 1,441 | 262 |
Gross loans | 58,857 | 18,040 |
Construction, Residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 651 | 262 |
Construction, Residential [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 98 | |
Construction, Residential [Member] | Greater than 90 Days Past Due & Accruing [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 279 | |
Construction, Residential [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 57,416 | 17,778 |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 3,024 | 3,643 |
Total Past Due & Nonaccrual | 3,077 | 4,625 |
Gross loans | 701,503 | 273,499 |
Mortgage, Commercial [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 51,872 | 808 |
Mortgage, Commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 53 | 771 |
Mortgage, Commercial [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 211 | |
Mortgage, Commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 646,554 | 268,066 |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 5,190 | 881 |
Total Past Due & Nonaccrual | 21,086 | 1,989 |
Financing Receivable Recorded Investments Current | 211,173 | |
Gross loans | 493,982 | 213,404 |
Mortgage, Residential [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 7,621 | 242 |
Mortgage, Residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 13,950 | 1,062 |
Mortgage, Residential [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,587 | 46 |
Mortgage, Residential [Member] | Greater than 90 Days Past Due & Accruing [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 359 | |
Mortgage, Residential [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 465,275 | |
Mortgage, Farmland [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross loans | 6,173 | 3,615 |
Mortgage, Farmland [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 6,173 | 3,615 |
Consumer Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 396 | 714 |
Total Past Due & Nonaccrual | 2,130 | 1,983 |
Gross loans | 49,877 | 41,962 |
Consumer Loans [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 879 | |
Consumer Loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 902 | 935 |
Consumer Loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 583 | 334 |
Consumer Loans [Member] | Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 249 | |
Consumer Loans [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | $ 46,868 | $ 39,979 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Purchased Loans (Detail) - Real Estate [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
30-89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | $ 147 | $ 259 |
30-89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | |
30-89 Days Past Due [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | |
30-89 Days Past Due [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | 224 |
30-89 Days Past Due [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 147 | 35 |
30-89 Days Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | ||
Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 4 | |
Greater than 90 Days Past Due & Accruing [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | ||
Greater than 90 Days Past Due & Accruing [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | |
Greater than 90 Days Past Due & Accruing [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | |
Greater than 90 Days Past Due & Accruing [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | |
Greater than 90 Days Past Due & Accruing [Member] | Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 4 | |
Current [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 83,878 | 826 |
Current [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 8,903 | |
Current [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 14,754 | 35 |
Current [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 51,872 | 584 |
Current [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 7,474 | 207 |
Current [Member] | Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 875 | |
Total Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 84,029 | 1,085 |
Total Loan [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 8,903 | |
Total Loan [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 14,754 | 35 |
Total Loan [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 51,872 | 808 |
Total Loan [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 7,621 | $ 242 |
Total Loan [Member] | Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | $ 879 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Summary of Allowance for Loans Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | ||
Allowance, beginning of period | $ 13,827 | $ 4,572 |
Charge-offs | (2,541) | (1,505) |
Recoveries | 718 | 310 |
Net charge-offs | (1,823) | (1,195) |
Provision for loan losses | 117 | 10,450 |
Allowance, end of period | 12,121 | 13,827 |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Charge-offs | (1,098) | (6) |
Recoveries | 196 | 41 |
Consumer Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Charge-offs | (1,123) | (994) |
Recoveries | 424 | 261 |
Real estate construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Charge-offs | (195) | 0 |
Real Estate, Mortgage [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Charge-offs | (125) | (505) |
Recoveries | $ 98 | $ 8 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Summary of Primary Segments of ALLL, Loans Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | ||
Allowance, beginning of period | $ 13,827 | $ 4,572 |
Charge-offs | (2,541) | (1,505) |
Recoveries | 718 | 310 |
Provision for loan losses | 117 | 10,450 |
Allowance, end of period | 12,121 | 13,827 |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Charge-offs | (1,098) | (6) |
Recoveries | 196 | 41 |
Consumer Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Charge-offs | (1,123) | (994) |
Recoveries | $ 424 | $ 261 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | $ 1,777,742 | $ 728,897 | |
Less: Deferred loan fees, net of costs, excluding PPP loans | (570) | 736 | |
Total, excluding PPP loans | 1,777,172 | 728,161 | |
Allowance for loan losses | 12,121 | 13,827 | $ 4,572 |
PCI Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 84,029 | 1,085 | |
PCI Loans [Member] | Commercial and Industrial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 8,903 | ||
PCI Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 14,754 | 35 | |
PCI Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 51,872 | 808 | |
PCI Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 7,621 | 242 | |
PCI Loans [Member] | Consumer Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 879 | ||
Originated and Purchased Performing Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 1,693,713 | 727,812 | |
Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 311,924 | 123,675 | |
Originated and Purchased Performing Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 131,769 | 54,667 | |
Originated and Purchased Performing Loans [Member] | Construction, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 58,857 | 18,040 | |
Originated and Purchased Performing Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 649,631 | 272,691 | |
Originated and Purchased Performing Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 486,361 | 213,162 | |
Originated and Purchased Performing Loans [Member] | Mortgage, Farmland [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 6,173 | 3,615 | |
Originated and Purchased Performing Loans [Member] | Consumer Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 48,998 | 41,962 | |
Individually Evaluated for Impairment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 9,733 | 2,331 | |
Less: Deferred loan fees, net of costs, excluding PPP loans | |||
Total, excluding PPP loans | 9,733 | 2,331 | |
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | |||
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | Commercial and Industrial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | |||
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | |||
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | |||
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | |||
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | Consumer Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | |||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 9,733 | 2,331 | |
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 4,612 | 234 | |
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 527 | ||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Construction, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | |||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 3,194 | 1,645 | |
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 1,400 | 452 | |
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Farmland [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | |||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Consumer Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | |||
Collectively Evaluated for Impairment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 1,768,009 | 726,566 | |
Less: Deferred loan fees, net of costs, excluding PPP loans | (570) | 736 | |
Total, excluding PPP loans | 1,767,439 | 725,830 | |
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 84,029 | 1,085 | |
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | Commercial and Industrial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 8,903 | ||
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 14,754 | 35 | |
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 51,872 | 808 | |
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 7,621 | 242 | |
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | Consumer Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 879 | ||
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 1,683,980 | 725,481 | |
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 307,312 | 123,441 | |
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 131,242 | 54,667 | |
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Construction, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 58,857 | 18,040 | |
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 646,437 | 271,046 | |
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 484,961 | 212,710 | |
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Farmland [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 6,173 | 3,615 | |
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Consumer Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 48,998 | 41,962 | |
Related allowance for loan losses [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 12,121 | 13,827 | |
Total, excluding PPP loans | 12,121 | 13,827 | |
Related allowance for loan losses [Member] | PCI Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 117 | ||
Related allowance for loan losses [Member] | PCI Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 117 | ||
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 12,004 | 13,827 | |
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 2,859 | 3,762 | |
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 895 | 960 | |
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Construction, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 21 | 150 | |
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 4,294 | 4,215 | |
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 1,376 | 1,481 | |
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Farmland [Member] | Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | 18 | 18 | |
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Consumer Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Gross loans, excluding PPP loans | $ 2,541 | $ 3,241 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Summary of Impaired Financing Receivables (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | $ 9,733 | $ 2,331 |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 10,388 | 2,835 |
Impaired financing receivable, related allowance | 879 | 144 |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 9,240 | 2,991 |
Impaired financing receivable, with an allowance recorded, interest income recognized | 390 | 6 |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 4,612 | 234 |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 4,612 | 234 |
Impaired financing receivable, related allowance | 836 | 144 |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 4,369 | 362 |
Impaired financing receivable, with an allowance recorded, interest income recognized | 260 | |
Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 1,400 | 1,645 |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 1,400 | 2,030 |
Impaired financing receivable, related allowance | 42 | |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 700 | 2,091 |
Impaired financing receivable, with an allowance recorded, interest income recognized | 23 | 4 |
Real Estate [Member] | Commercial Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 527 | |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 527 | |
Impaired financing receivable, related allowance | ||
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 535 | |
Impaired financing receivable, with an allowance recorded, interest income recognized | 37 | |
Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 3,194 | 452 |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 3,849 | 571 |
Impaired financing receivable, related allowance | 1 | |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 3,636 | 538 |
Impaired financing receivable, with an allowance recorded, interest income recognized | $ 70 | $ 2 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Summary of Accounts Notes Loans and Financing Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 1,808,484 | $ 1,020,965 |
Less: deferred loan fees, net of costs | (906) | (4,271) |
Total | 1,807,578 | 1,016,694 |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 320,827 | 123,675 |
Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 30,742 | 292,068 |
Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 49,877 | 41,962 |
Grade 1 Strong [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 32,625 | 293,680 |
Grade 1 Strong [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 291 | |
Grade 2 Minimal [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 12,575 | 10,240 |
Grade 2 Minimal [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 560 | |
Grade 3 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 802,148 | 293,903 |
Grade 3 Acceptable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 156,519 | |
Grade 4 Satisfactory [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 772,432 | 361,384 |
Grade 4 Satisfactory [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 133,738 | |
Grade 5 Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 77,821 | 41,695 |
Grade 5 Watch [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,256 | |
Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 73,568 | 3,349 |
Grade 6 Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,180 | |
Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 37,315 | 16,714 |
Grade 7 Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,380 | |
Originated and Purchased Performing Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,724,455 | 1,019,880 |
Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 311,924 | 123,675 |
Originated and Purchased Performing Loans [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 30,742 | 292,068 |
Originated and Purchased Performing Loans [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 48,998 | 41,962 |
Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 32,625 | 293,680 |
Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 844 | |
Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 30,742 | 292,068 |
Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 262 | 324 |
Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 12,575 | 10,240 |
Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 484 | |
Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3 | 36 |
Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 802,148 | 293,863 |
Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 23,828 | |
Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 16,920 | 17,062 |
Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 765,658 | 361,303 |
Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 85,928 | |
Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 30,691 | 23,311 |
Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 69,066 | 41,574 |
Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,251 | |
Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 542 | 521 |
Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 23,133 | 3,221 |
Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 4 | |
Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1 | |
Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 19,250 | 15,999 |
Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,336 | |
Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 580 | 707 |
PCI Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 84,029 | 1,085 |
PCI Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 8,903 | |
PCI Loans [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 879 | |
PCI Loans [Member] | Grade 3 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 40 | |
PCI Loans [Member] | Grade 4 Satisfactory [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,774 | 81 |
PCI Loans [Member] | Grade 4 Satisfactory [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,567 | |
PCI Loans [Member] | Grade 5 Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 8,755 | 121 |
PCI Loans [Member] | Grade 5 Watch [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,818 | |
PCI Loans [Member] | Grade 5 Watch [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 388 | |
PCI Loans [Member] | Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 50,435 | 128 |
PCI Loans [Member] | Grade 6 Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,748 | |
PCI Loans [Member] | Grade 6 Special Mention [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 481 | |
PCI Loans [Member] | Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 18,065 | 715 |
PCI Loans [Member] | Grade 7 Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,770 | |
PCI Loans [Member] | Grade 7 Substandard [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10 | |
Real Estate [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 30,742 | |
Real Estate [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 146,523 | 54,702 |
Real Estate [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 58,857 | 18,040 |
Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 701,503 | 273,499 |
Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 493,982 | 213,404 |
Real Estate [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,173 | 3,615 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 131,769 | 54,667 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 58,857 | 18,040 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 649,631 | 272,691 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 486,361 | 213,162 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,173 | 3,615 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 990 | |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 340 | 444 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 412 | 2,143 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | ||
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,382 | 3,994 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 9,218 | 3,583 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | ||
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 28,973 | 19,524 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 14,610 | 3,073 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 307,067 | 128,163 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 276,992 | 101,038 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,067 | 1,175 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 91,900 | 26,289 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 40,418 | 8,247 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 283,165 | 114,977 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 180,980 | 100,555 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 4,766 | 1,996 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,995 | 5,916 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,416 | 6,458 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 34,750 | 15,799 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,107 | 5,629 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,846 | 218 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 17,133 | 2,875 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 974 | 123 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | ||
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 643 | 577 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 413 | 262 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,134 | 6,883 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,100 | 2,234 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | ||
Real Estate [Member] | PCI Loans [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 14,754 | 35 |
Real Estate [Member] | PCI Loans [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 51,872 | 808 |
Real Estate [Member] | PCI Loans [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,621 | 242 |
Real Estate [Member] | PCI Loans [Member] | Grade 3 Acceptable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 40 | |
Real Estate [Member] | PCI Loans [Member] | Grade 4 Satisfactory [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,423 | 35 |
Real Estate [Member] | PCI Loans [Member] | Grade 4 Satisfactory [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,642 | |
Real Estate [Member] | PCI Loans [Member] | Grade 4 Satisfactory [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 142 | 46 |
Real Estate [Member] | PCI Loans [Member] | Grade 5 Watch [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,892 | |
Real Estate [Member] | PCI Loans [Member] | Grade 5 Watch [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,657 | 121 |
Real Estate [Member] | PCI Loans [Member] | Grade 6 Special Mention [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,010 | |
Real Estate [Member] | PCI Loans [Member] | Grade 6 Special Mention [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 33,487 | 93 |
Real Estate [Member] | PCI Loans [Member] | Grade 6 Special Mention [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,709 | 35 |
Real Estate [Member] | PCI Loans [Member] | Grade 7 Substandard [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,321 | |
Real Estate [Member] | PCI Loans [Member] | Grade 7 Substandard [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,851 | 715 |
Real Estate [Member] | PCI Loans [Member] | Grade 7 Substandard [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 3,113 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total cost | $ 32,122 | $ 18,195 |
Less: Accumulated depreciation | (5,461) | (3,364) |
Premises and equipment, net | 26,661 | 14,831 |
Buildings and Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost | 25,517 | 13,925 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost | 41 | 0 |
Furniture, Fixtures and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost | 6,191 | 3,945 |
Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost | $ 373 | $ 325 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 2,000 | $ 951 |
Software amortization expense | $ 137 | $ 55 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 31, 2021 | |
Goodwill [Line Items] | |||
Goodwill | $ 26,826 | $ 19,620 | |
Intangible amortization | 1,867 | 825 | |
Net assets acquired | 7,742 | 2,581 | |
Accumulated amortization of intangibles | 4,543 | 2,382 | |
Mortgage servicing asset | 16,500 | 7,100 | |
Core Deposits [Member] | |||
Goodwill [Line Items] | |||
Net assets acquired | 6,718 | 1,410 | |
Accumulated amortization of intangibles | 2,908 | 1,366 | |
Loan Servicing Assets Included In Other Amortization Intangibles [Member] | |||
Goodwill [Line Items] | |||
Accumulated amortization of intangibles | 362 | 209 | |
Loan Servicing Assets Included In Interest And Fees On Loans [Member] | |||
Goodwill [Line Items] | |||
Intangible amortization | $ 266 | $ 189 | |
Bay Banks Of Virginia Inc [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 7,206 | ||
Bay Banks Of Virginia Inc [Member] | Core Deposits [Member] | |||
Goodwill [Line Items] | |||
Amortization of intangible assets | 10 years | ||
Net assets acquired | $ 6,900 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 12,285 | $ 4,963 |
Accumulated amortization | (4,543) | (2,382) |
Net carrying value | 7,742 | 2,581 |
Core Deposits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 9,626 | 2,776 |
Accumulated amortization | (2,908) | (1,366) |
Net carrying value | 6,718 | 1,410 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 2,659 | 2,187 |
Accumulated amortization | (1,635) | (1,016) |
Net carrying value | $ 1,024 | $ 1,171 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2022 | $ 1,808 | |
2023 | 1,455 | |
2024 | 1,251 | |
2025 | 1,050 | |
2026 | 864 | |
Thereafter | 1,314 | |
Net carrying value | $ 7,742 | $ 2,581 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Line Items] | ||
Deposits | $ 2,297,771 | $ 945,109 |
Certificates of deposit with minimum denomination | 250 | |
Time deposits | 499,502 | 251,443 |
Deposits brokered | 53,700 | 33,900 |
Certificate Of Deposit Listing Service [Member] | ||
Deposits [Line Items] | ||
Deposits | 8,400 | 14,800 |
Certificates Of Deposit [Member] | ||
Deposits [Line Items] | ||
Deposits | $ 144,800 | $ 95,700 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Deposits [Abstract] | |
2022 | $ 92,974 |
2023 | 15,340 |
2024 | 25,763 |
2025 | 2,175 |
2026 | 8,590 |
Total | $ 144,842 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | May 28, 2020 | Nov. 20, 2015 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 31, 2021 | Oct. 31, 2019 | May 31, 2015 |
Debt Instrument [Line Items] | ||||||||
Line of creidt | $ 0 | |||||||
Federal home loan bank advance | 10,111,000 | $ 115,000,000 | ||||||
Federal home loan bank stock | 1,700,000 | 5,800,000 | ||||||
Subordinated notes, net | 39,986,000 | 24,506,000 | ||||||
Subordinated debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated notes, net | $ 40,000,000 | 24,500,000 | ||||||
Subordinated debt [Member] | 2025 Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated debt instrument face value | $ 10,000,000 | |||||||
Maturity Date | Dec. 1, 2025 | |||||||
Subordinated debt [Member] | 2030 Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated debt instrument face value | $ 15,000,000 | |||||||
Effective interest rate | 6.12% | |||||||
Maturity Date | Jun. 1, 2030 | |||||||
Unamortized debt issuance cost | $ 14,700,000 | |||||||
Subordinated debt [Member] | 2029 Bay Banks Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated debt instrument maturity date | Oct. 15, 2029 | |||||||
Subordinated notes, net | $ 25,000,000 | |||||||
Stated Interest Rate | 5.625% | |||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||
Debt instrument carrying amount | $ 25,300,000 | |||||||
Debt Instrument, Unamortized Premium | $ 830,000 | |||||||
Effective interest rate | 4.73% | |||||||
Subordinated debt [Member] | 2029 Bay Banks Notes [Member] | SOFR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated debt instrument variable interest rate spread | 433.50% | |||||||
Subordinated debt [Member] | 2025 Bay Banks Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated debt instrument maturity date | May 28, 2025 | |||||||
Subordinated notes, net | $ 7,000,000 | |||||||
Stated Interest Rate | 6.50% | |||||||
Unsecured Lines of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum overnight line of credit facilities available | $ 4,000,000 | 38,000,000 | ||||||
Overnight line of credit facilities outstanding | 0 | 0 | ||||||
Federal Reserve Paycheck Protection Program Liquidity [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of advances on PPP loan value and term | 100.00% | |||||||
Fixed annual cost basis points | 35.00% | |||||||
Total advances | $ 17,900,000 | $ 281,600,000 | ||||||
Minimum [Member] | Federal Reserve Paycheck Protection Program Liquidity [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing maturity | 1 year | 1 year 2 months 12 days | ||||||
Maximum [Member] | Federal Reserve Paycheck Protection Program Liquidity [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing maturity | 3 years 6 months | 4 years 6 months | ||||||
Bay Banks Of Virginia Inc [Member] | Subordinated debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated debt instrument face value | $ 31,900,000 | |||||||
Subordinated notes, net | $ 30,900,000 | |||||||
FHLB [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal home loan bank advances, maximum borrowing capacity percentage on assets | 30.00% | |||||||
Line of creidt | $ 358,100,000 | |||||||
Federal home loan bank advance | $ 10,000,000 | $ 115,000,000 | ||||||
Subordinated debt instrument maturity date | Feb. 28, 2030 | |||||||
FHLB [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal home loan bank, advances, interest Rate | 0.22% | |||||||
FHLB [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal home loan bank, advances, interest Rate | 0.56% | |||||||
FHLB [Member] | Restricted Investments [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal home loan bank stock | $ 1,700,000 | $ 5,800,000 | ||||||
FHLB [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal home loan bank advance | 263,100,000 | |||||||
FHLB [Member] | Line of Credit [Member] | 1-4 Family Residential Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | 162,600,000 | |||||||
FHLB [Member] | Line of Credit [Member] | Multi-Family Residential Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | 31,400,000 | |||||||
FHLB [Member] | Line of Credit [Member] | Commercial Real Estate Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | 109,100,000 | |||||||
FHLB [Member] | Line of Credit [Member] | 1-4 Family Residential Loans Held for Sale [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | 32,900,000 | |||||||
FHLB [Member] | Line of Credit [Member] | Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | 22,000,000 | |||||||
FHLB [Member] | Line of Credit [Member] | Public Deposits with Treasury Board of Virginia [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | $ 85,000,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities - Summary Notional and Fair Value of Interest Rate Swaps (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Notional Amount | $ 64,800 | $ 154,300 |
Interest Rate Swap Agreement [Member] | Receive Fixed/Pay Variable Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 2,052 | 2,145 |
Fair Value | 199 | 185 |
Interest Rate Swap Agreement [Member] | Pay Fixed/Receive Variable Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 2,052 | 2,145 |
Fair Value | $ (199) | $ (185) |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Amount | $ 64,800 | $ 154,300 |
Derivative assets held for sale | 113,600 | 97,100 |
Mortgage derivative asset | 1,876 | 5,293 |
Mortgage derivative liability | 75 | 1,600 |
A before income tax gain on terminated cash flow hedges | 6,200 | |
Payment of advances that were associated with hedges | 115,000 | |
Hedged Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative assets held for sale | $ 169,500 | $ 225,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Stock Ownership Plan (ESOP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares Issued Under Employee Benefit plan | 361,500 | |
Blue Ridge ESOP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares Issued Under Employee Benefit plan | 192,066 | 156,087 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit Plan Contributions by Employer | $ 703 | |
Accumulated benefit obligation | 1,100 | |
Funded Asset for the Pension Plan | 1,159 | $ 0 |
Funded (unfunded) status, end of year | 10 | |
PRB Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit Plan Contributions by Employer | 6 | |
Funded Asset for the Pension Plan | 0 | 0 |
Funded (unfunded) status, end of year | $ (52) | |
Contribution Plan, Description | the Bay Banks Merger, the Company also assumed a post-retirement benefit plan (the “PRB Plan”) covering retirees who were age 55 with 10 years of service or age 65 with five years of service prior to March 1, 2018, when the plan was curtailed. The PRB Plan provides coverage toward a retiree’s eligible medical and life insurance benefits. The PRB Plan is unfunded and benefits are expensed as incurred. | |
PRB Plan [Member] | Unfunded Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 52 | |
The 401k Profit Sharing Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Expense | $ 2,500 | $ 1,200 |
Maximum [Member] | The 401k Profit Sharing Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Employer Matching Contribution | 5.00% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Pension plan's assets by asset type (Detail) - Pension Plan [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Equity Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Mutual funds | $ 869 |
Percentage of Asset type | 75.00% |
Fixed Income Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Mutual funds | $ 290 |
Percentage of Asset type | 25.00% |
Mutual Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Mutual funds | $ 1,159 |
Percentage of Asset type | 100.00% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Fair value of Qualified trust assets and Funded (Unfunded) status of Pension Plan (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Pension Plan [Member] | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |
Benefit obligation, beginning of year | $ 0 |
Assumed in business combination | 2,041 |
Service cost | 0 |
Interest cost | 45 |
Actuarial loss (gain) | 34 |
Benefit payments | (971) |
Settlement (gain) loss | 0 |
Benefit obligation, end of year | 1,149 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |
Fair value of plan assets, beginning of year | 0 |
Acquired in business combination | 1,330 |
Actual return on plan assets | 97 |
Employer contributions | 703 |
Benefits payments | (971) |
Fair value of plan assets, end of year | 1,159 |
Funded (unfunded) status, end of year | 10 |
PRB Plan [Member] | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |
Benefit obligation, beginning of year | 0 |
Assumed in business combination | 65 |
Service cost | 0 |
Interest cost | 2 |
Actuarial loss (gain) | (9) |
Benefit payments | (6) |
Settlement (gain) loss | 0 |
Benefit obligation, end of year | 52 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |
Fair value of plan assets, beginning of year | 0 |
Acquired in business combination | 0 |
Actual return on plan assets | 0 |
Employer contributions | 6 |
Benefits payments | (6) |
Fair value of plan assets, end of year | 0 |
Funded (unfunded) status, end of year | $ (52) |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Amounts Recognized in AOCI (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Pension Plan [Member] | |
Amounts recognized in accumulated other comprehensive loss (income) | |
Net loss (gain) | $ 11 |
Prior service cost | 0 |
Net obligation at transition | 0 |
Amount recognized | 11 |
PRB Plan [Member] | |
Amounts recognized in accumulated other comprehensive loss (income) | |
Net loss (gain) | (9) |
Prior service cost | 0 |
Net obligation at transition | 0 |
Amount recognized | $ (9) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income ( (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Pension Plan [Member] | |
Components of net periodic benefit (gain) cost | |
Service cost | $ 0 |
Interest cost | 45 |
Expected return on plan assets | (73) |
Amortization of prior service cost | 0 |
Amortization of net obligation at transition | 0 |
Recognized net loss due to settlement | 0 |
Recognized net actuarial loss | 0 |
Net periodic benefit (gain) cost | (28) |
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss | |
Net loss (gain) | 11 |
Amortization of prior service cost | 0 |
Net obligation at transition | 0 |
Total recognized in other comprehensive loss (income) | 11 |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | (17) |
PRB Plan [Member] | |
Components of net periodic benefit (gain) cost | |
Service cost | 0 |
Interest cost | 2 |
Expected return on plan assets | |
Amortization of prior service cost | 0 |
Amortization of net obligation at transition | 0 |
Recognized net loss due to settlement | 0 |
Recognized net actuarial loss | 0 |
Net periodic benefit (gain) cost | 2 |
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss | |
Net loss (gain) | (9) |
Amortization of prior service cost | 0 |
Net obligation at transition | 0 |
Total recognized in other comprehensive loss (income) | (9) |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ (7) |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of assumptions used in the valuation and disclosures for the Pension Plan and the PRB Plan (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate used for net periodic pension cost | 2.75% |
Expected return on plan assets | 7.25% |
Expected future interest crediting rate | 3.00% |
Pension Plan [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate used for disclosure (range) | 3.08% |
Pension Plan [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate used for disclosure (range) | 1.02% |
PRB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate used for net periodic pension cost | 2.50% |
Discount rate used for disclosure (range) | 2.75% |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 1,149 |
2023 | |
2024 | |
2025 | |
2026 | |
2027-2031 | |
PRB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 6 |
2023 | 6 |
2024 | 5 |
2025 | 5 |
2026 | 5 |
2027-2031 | $ 28 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Non-cash equity compensation | $ 1,300 | $ 567 | |
Unrecognized compensation expense | $ 2,500 | ||
Share Based Compensation Arrangement By Share Based Payment Award Converted Options To Purchase Common Stock | 198,362 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options To Acquire Common Stock | 99,176 | ||
Options To Acquire Shares Of Common Stock On Post Stock Split Basis | 148,758 | ||
Estimated fair value | $ 472 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSA Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSA unvested and outstanding, Shares, Beginning Balance | 148,600 | 94,762 |
Granted | 174,634 | 120,429 |
Vested | (85,037) | (36,216) |
Forfeited | (20,013) | (30,375) |
RSA unvested and outstanding, Shares, Ending Balance | 218,184 | 148,600 |
RSA unvested and outstanding, Weighted Average Fair Value per RSA, Beginning Balance | $ 10.70 | $ 12.17 |
Granted | 17.35 | 10.41 |
Vested | 12.28 | 12.14 |
Forfeited | 13.45 | 12.43 |
RSA unvested and outstanding, Weighted Average Fair Value per RSA, Ending Balance | $ 15.15 | $ 10.70 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Assumptions to Determine Estimated Fair Value of Converted Stock Options (Details) | 1 Months Ended |
Jan. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk free interest rate (U.S. Treasury), Minimum | 0.06% |
Risk free interest rate (U.S. Treasury), Maximum | 0.45% |
Expected volatility, Minimum | 21.20% |
Expected volatility, Maximum | 38.20% |
Expected dividend yield | 2.85% |
Risk free interest rate (U.S. Treasury) | 0.32% |
Expected term (years) | 3 years 10 months 20 days |
Expected volatility | 32.80% |
Expected dividend yield | 2.85% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (years) | 5 years |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (years) | 1 month 20 days |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares, Options outstanding and exercisable, Beginning Balance | shares | 0 |
Shares, Assumed in Bay Banks Merger | shares | 148,758 |
Shares, Forfeited | shares | (808) |
Shares, Exercised | shares | (89,786) |
Shares, Expired | shares | (557) |
Shares, Options outstanding and exercisable, Ending Balance | shares | 57,607 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 0 |
Weighted Average Exercise Price, Assumed In Bay Banks Merger | $ / shares | 9.89 |
Weighted Average Exercise Price, Forfeited | $ / shares | 13.80 |
Weighted Average Exercise Price, Exercised | $ / shares | 9.99 |
Weighted Average Exercise Price, Expired | $ / shares | 6.47 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 11.75 |
Weighted Average Remaining Contractual Life (in years) , Assumed In Bay Banks Merger | 5 years 5 months 19 days |
Weighted Average Remaining Contractual Life (in years) , Options outstanding and exercisable | 6 years 2 months 4 days |
Aggregate Intrinsic Value , Options outstanding and exercisable | $ | $ 354,269 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021Lease | |
Leases [Abstract] | |
Operating lease, option to extend | Certain of these leases offer the option to extend the lease terms and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. |
Operating lease, existence of to extend | true |
Number of operating leases assumed | 5 |
Leases - Summary of Company's L
Leases - Summary of Company's Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Lease liability | $ 7,651 | $ 5,506 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | |
ROU asset | $ 6,317 | $ 5,328 |
Weighted average remaining lease term | 6 years 9 months 14 days | |
Weighted average discount rate | 1.86% |
Leases - Summary of Lease Liabi
Leases - Summary of Lease Liabilities are Included within Other Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,383 | $ 1,731 |
Total lease cost | 2,383 | 1,731 |
Cash paid for amounts included in the measurement of lease liabilities | $ 2,014 | $ 0 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 1,638 | |
2023 | 1,276 | |
2024 | 946 | |
2025 | 849 | |
2026 | 767 | |
Thereafter | 2,442 | |
Total undiscounted cash flows | 7,918 | |
Discount | (267) | |
Lease liability | $ 7,651 | $ 5,506 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities |
Fair Value - Summary of Financi
Fair Value - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | $ 373,532 | $ 109,475 |
Mortgage derivative asset | 1,876 | 5,293 |
Mortgage derivative liability | 75 | 1,600 |
State and Municipal [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 51,113 | 14,259 |
U.S. Treasury and Agencies [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 64,066 | 2,409 |
Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 39,243 | 20,172 |
Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 109,475 | |
Fair Value, Recurring [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 373,532 | 109,475 |
Rabbi trust assets | 994 | |
Mortgage derivative asset | 1,876 | 5,293 |
Mortgage derivative liability | 75 | 1,569 |
Fair Value, Recurring [Member] | State and Municipal [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 51,113 | 14,259 |
Fair Value, Recurring [Member] | Interest Rate Swap Agreement [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Interest rate swap asset | 199 | 1,716 |
Interest rate swap liability | 199 | 2,735 |
Fair Value, Recurring [Member] | U.S. Treasury and Agencies [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 64,066 | 2,409 |
Fair Value, Recurring [Member] | Mortgage Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 219,110 | 72,635 |
Fair Value, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 39,243 | 20,172 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Rabbi trust assets | 994 | |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 373,532 | 109,475 |
Mortgage derivative asset | 1,876 | 5,293 |
Mortgage derivative liability | 75 | 1,569 |
Fair Value, Recurring [Member] | Level 2 [Member] | State and Municipal [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 51,113 | 14,259 |
Fair Value, Recurring [Member] | Level 2 [Member] | Interest Rate Swap Agreement [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Interest rate swap asset | 199 | 1,716 |
Interest rate swap liability | 199 | 2,735 |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. Treasury and Agencies [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 64,066 | 2,409 |
Fair Value, Recurring [Member] | Level 2 [Member] | Mortgage Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 219,110 | 72,635 |
Fair Value, Recurring [Member] | Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | $ 39,243 | $ 20,172 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | |
Servicing Assets At Fair Value [Line Items] | ||
Servicing rights of sold loans | $ 1,910,000,000 | $ 846,500,000 |
Weighted average net servicing fee income, Basis points | 0.028% | |
Weighted average prepayment speed assumption used in the fair value | 11.65% | |
Weighted average discount rate | 9.29% | |
Paycheck Protection Program [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Credit risk | $ 0 | |
Minimum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Estimated base annual servicing costs | $ / shares | 65 | |
Base discount rate | 9.00% | |
Maximum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Estimated base annual servicing costs | $ / shares | 80 | |
Base discount rate | 11.00% | |
MSR Assets [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Amortized cost of assets | $ 16,500,000 | |
Fair value of assets | $ 21,000,000 |
Fair Value - Summary of Change
Fair Value - Summary of Change in MSR Assets (Detail) - MSR Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Servicing Assets At Amortized Value [Line Items] | ||
Ending Balance, fair value | $ 16,500 | |
Level 3 [Member] | ||
Servicing Assets At Amortized Value [Line Items] | ||
Beginning Balance | 7,084 | |
Additions | 11,809 | $ 7,539 |
Write-offs | (959) | (61) |
Amortization | (2,462) | (391) |
Impairments | (3) | |
Fair value adjustments | 4,484 | 207 |
Ending Balance, fair value | 20,953 | 7,291 |
Ending Balance, amortized cost | 16,469 | $ 7,084 |
Level 3 [Member] | Bay Banks [Member] | ||
Servicing Assets At Amortized Value [Line Items] | ||
Additions | $ 997 |
Fair Value - Summary of Assets
Fair Value - Summary of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis Table [Line Items] | ||
Loans held for sale | $ 121,943 | $ 152,931 |
OREO | 157 | |
Fair Value, Nonrecurring [Member] | ||
Disclosure of Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis Table [Line Items] | ||
Impaired loans, net | 8,344 | 2,187 |
Loans held for sale | 121,943 | 152,931 |
OREO | 157 | |
Fair Value, Nonrecurring [Member] | Level 2 [Member] | ||
Disclosure of Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis Table [Line Items] | ||
Loans held for sale | 121,943 | 152,931 |
Fair Value, Nonrecurring [Member] | Level 3 [Member] | ||
Disclosure of Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis Table [Line Items] | ||
Impaired loans, net | 8,344 | $ 2,187 |
OREO | $ 157 |
Fair Value - Summary of Quantit
Fair Value - Summary of Quantitative Information about Level 3 Fair Value Measurements (Detail) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 8,344 | $ 2,187 |
Selling Costs [Member] | ||
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 8,108 | $ 2,097 |
Valuation Technique | Discounted appraised value technique | Discounted appraised value technique |
Unobservable Input | Selling Costs | Selling Costs |
Weighted Average | 7.00% | 10.00% |
Discount Rate [Member] | ||
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 236 | $ 90 |
Valuation Technique | Discounted cash flows technique | Discounted cash flows technique |
Unobservable Input | Discount Rate | Discount Rate |
Weighted Average | 6.00% | |
OREO | $ 157 | |
Valuation Technique | Discounted appraised value technique | |
Unobservable Input | Discount Rate | |
Weighted Average | 7.00% | |
Discount Rate [Member] | Maximum [Member] | ||
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Weighted Average | 7.00% | |
Discount Rate [Member] | Minimum [Member] | ||
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Weighted Average | 4.00% |
Fair Value - Summary of Estimat
Fair Value - Summary of Estimated Fair Values and Related Carrying amounts of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets | |||
Cash and due from banks | $ 130,643 | $ 117,945 | $ 60,026 |
Securities available for sale | 373,532 | 109,475 | |
Restricted equity investments | 22,518 | 11,173 | |
Financial Liabilities | |||
Noninterest-bearing deposits | 706,088 | 333,051 | |
Savings | 150,376 | 78,352 | |
Time deposits | 499,502 | 251,443 | |
FHLB borrowings | 10,111 | 115,000 | |
Subordinated debentures, net | 39,986 | 24,506 | |
Level 1 [Member] | |||
Financial Assets | |||
Cash and due from banks | 130,643 | 117,945 | |
Federal funds sold | 43,903 | 775 | |
Financial Liabilities | |||
Noninterest-bearing deposits | 706,088 | 333,051 | |
Level 2 [Member] | |||
Financial Assets | |||
Securities available for sale | 109,475 | ||
Restricted equity investments | 22,518 | 11,173 | |
Accrued interest receivable | 5,428 | ||
Bank owned life insurance | 46,545 | 15,724 | |
Financial Liabilities | |||
Interest-bearing deposits | 282,263 | ||
Savings | 150,376 | 78,352 | |
FHLB borrowings | 114,983 | ||
FRB borrowings | 17,901 | 281,650 | |
Level 3 [Member] | |||
Financial Assets | |||
PPP loans receivable, net | 30,406 | 288,533 | |
Loans held for investment, net | 1,766,820 | 715,674 | |
Financial Liabilities | |||
Time deposits | 503,968 | 257,647 | |
Subordinated debentures, net | 41,388 | 25,830 | |
Carrying Amount | |||
Financial Assets | |||
Cash and due from banks | 130,643 | 117,945 | |
Federal funds sold | 43,903 | 775 | |
Securities available for sale | 373,532 | 109,475 | |
Restricted equity investments | 22,518 | 11,173 | |
PPP loans receivable, net | 30,406 | 288,533 | |
Loans held for investment, net | 1,765,051 | 714,334 | |
Accrued interest receivable | 9,573 | 5,428 | |
Bank owned life insurance | 46,545 | 15,724 | |
Financial Liabilities | |||
Noninterest-bearing deposits | 706,088 | 333,051 | |
Interest-bearing deposits | 941,805 | 282,263 | |
Savings | 150,376 | 78,352 | |
Time deposits | 499,502 | 251,443 | |
FHLB borrowings | 10,111 | 115,000 | |
FRB borrowings | 17,901 | 281,650 | |
Subordinated debentures, net | 39,986 | 24,506 | |
Fair Value | |||
Financial Assets | |||
Cash and due from banks | 130,643 | 117,945 | |
Federal funds sold | 43,903 | 775 | |
Securities available for sale | 373,532 | 109,475 | |
Restricted equity investments | 22,518 | 11,173 | |
PPP loans receivable, net | 30,406 | 288,533 | |
Loans held for investment, net | 1,766,820 | 715,674 | |
Accrued interest receivable | 9,573 | 5,428 | |
Bank owned life insurance | 46,545 | 15,724 | |
Financial Liabilities | |||
Noninterest-bearing deposits | 706,088 | 333,051 | |
Interest-bearing deposits | 941,805 | 282,263 | |
Savings | 150,376 | 78,352 | |
Time deposits | 503,968 | 257,647 | |
FHLB borrowings | 9,943 | 114,983 | |
FRB borrowings | 17,901 | 281,650 | |
Subordinated debentures, net | $ 41,388 | $ 25,830 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers - Summary of Total Non-interest Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Total noninterest income | $ 87,955 | $ 56,824 |
Minimum Regulatory Capital Re_3
Minimum Regulatory Capital Requirements - Additional Information (Detail) | Dec. 31, 2021 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Minimum leverage ratio calculated as ratio of Tier 1 capital to average quarterly assets | 9.00% |
Common Equity Tier 1 Capital [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Capital conservation buffer | 2.50% |
Minimum Regulatory Capital Re_4
Minimum Regulatory Capital Requirements - Summary of Capital Requirements Administered by Banking Agencies Capital Ratios (Detail) - Blue Ridge Bank, N.A [Member] $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total risk based capital, Actual Amount | $ 273,978 | $ 109,219 |
Total risk based capital, Actual Ratio | 13.11 | 13.10 |
Total risk based capital, For Capital Adequacy Purposes Amount | $ 219,393 | $ 87,574 |
Total risk based capital, For Capital Adequacy Purposes Ratio | 10.50 | 0.1050 |
Total risk based capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 208,946 | $ 83,404 |
Total risk based capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 10 | 10 |
Tier 1 capital to risk-weighted assets, Actual Amount | $ 260,896 | $ 98,751 |
Tier 1 capital to risk-weighted assets, Actual Ratio | 12.49 | 11.84 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Amount | $ 177,604 | $ 70,893 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Ratio | 8.50 | 0.0850 |
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 167,157 | $ 66,723 |
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 8 | 8 |
Common equity tier 1 capital, Actual Amount | $ 260,896 | $ 98,751 |
Common equity tier 1 capital, Actual Ratio | 1249.00% | 1184.00% |
Common equity tier 1 capital, For Capital Adequacy Purposes Amount | $ 146,262 | $ 58,383 |
Common equity tier 1 capital, For Capital Adequacy Purposes Ratio | 7.00% | 7.00% |
Common equity tier 1 capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 135,815 | $ 54,213 |
Common equity tier 1 capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 650.00% | 650.00% |
Tier 1 leverage, Actual Amount | $ 260,896 | $ 98,751 |
Tier 1 leverage, Actual Ratio | 10.05 | 8.34 |
Tier 1 leverage, For Capital Adequacy Purposes Amount | $ 103,883 | $ 47,363 |
Tier 1 leverage, For Capital Adequacy Purposes Ratio | 4 | 0.0400 |
Tier 1 leverage, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 129,853 | $ 59,180 |
Tier 1 leverage, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 5 | 5 |
Related Party Transactions - Su
Related Party Transactions - Summary of Loan Transactions with Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 13,957 | $ 14,168 |
Advances | 6,699 | 12,472 |
Curtailments | 12,919 | 12,683 |
Ending balance | $ 7,737 | $ 13,957 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Related party deposits | $ 13.2 | $ 8.4 |
Earning Per Share - Additional
Earning Per Share - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021shares | |
Earnings Per Share [Abstract] | |
Stock Option Share Considered Anti-Dilutive | 0 |
Earning Per Share - Summary of
Earning Per Share - Summary of Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Earnings Per Share [Abstract] | |||
Net income | $ 52,480 | $ 17,697 | |
Net income attributable to noncontrolling interest | (3) | (1) | |
Net Income attributable to Blue Ridge Bankshares, Inc. | $ 52,477 | $ 17,696 | |
Weighted average common shares outstanding, basic | 17,840,675 | 8,535,606 | |
Effect of dilutive securities | 9,898 | 0 | |
Weighted average common shares outstanding, dilutive | 17,850,573 | 8,535,606 | |
Basic and diluted earnings per common share | [1] | $ 2.94 | $ 2.07 |
[1] | (1) EPS has been adjusted for all periods presented to reflect the Company's 3-for-2 stock split effective April 30, 2021. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax rate | 21.00% | 21.00% |
Net operating loss carryforwards | $ 0 | |
Uncertain tax positions | 0 | $ 0 |
Net deferred tax asset | 150,000 | $ 1,089,000 |
Valuation Allowance | $ 0 |
Income Taxes - Schedule of Diff
Income Taxes - Schedule of Difference Between Provision for Income Taxes and Amounts Computed by Applying Statutory Federal Income Tax Rate to Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax at federal statutory rate | $ 14,317 | $ 4,725 |
State income taxes, net of federal tax effect | 1,499 | 34 |
Tax-exempt interest income | 105 | 20 |
Income from life insurance | 196 | 82 |
Merger-related expenses | 250 | 174 |
Other permanent differences | (68) | (31) |
Provision for income taxes | $ 15,697 | $ 4,800 |
Income tax at federal statutory rate | 21.00% | 21.00% |
State income taxes, net of federal tax effect | 2.20% | 0.20% |
Tax-exempt interest income | 0.20% | 0.10% |
Income from life insurance | (0.30%) | (0.40%) |
Merger-related expenses | 0.40% | 0.80% |
Other permanent differences | (0.10%) | (0.10%) |
Provision for income taxes | 23.10% | 21.40% |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax provision | ||
Federal | $ 12,828 | $ 6,437 |
State | 946 | 43 |
Total current tax provision | 13,774 | 6,480 |
Deferred tax benefit | ||
Federal | 971 | (1,680) |
State | 952 | 0 |
Total deferred tax provision | 1,923 | (1,680) |
Provision for income taxes | $ 15,697 | $ 4,800 |
Income Taxes - Schedule of Si_2
Income Taxes - Schedule of Significant Components of Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets relating to: | ||
Allowance for loan losses | $ 2,470 | $ 2,478 |
Compensation differences | 1,221 | 892 |
Reserve for loan sale buy backs | 227 | 341 |
Acquisition accounting adjustments | 3,463 | 255 |
Loan origination costs | 67 | 81 |
Pass-through entities | 487 | 252 |
Unrealized losses on swaps and securities available for sale | 1,092 | 108 |
Other | 872 | 191 |
Total deferred tax assets | 9,899 | 4,598 |
Deferred tax liabilities relating to: | ||
Premises and equipment | (2,885) | (1,532) |
Core deposit and customer based intangible assets | (1,549) | (464) |
Mortgage servicing rights | (3,711) | (1,488) |
Unrealized gains on other Investments | (1,536) | 0 |
Other | 68 | 25 |
Total deferred tax liabilities | (9,749) | (3,509) |
Net deferred tax asset, included in other assets | $ 150 | $ 1,089 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Business Segments - Summary of
Business Segments - Summary of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
INTEREST INCOME | ||
Interest income | $ 103,546 | $ 54,460 |
Interest Expense | 11,065 | 9,950 |
Net interest income | 92,481 | 44,510 |
Provision for loan losses | 117 | 10,450 |
Net interest income after provision for loan losses | 92,364 | 34,060 |
NONINTEREST INCOME | ||
Gain on sale of Paycheck Protection Program loans | 24,315 | |
Residential mortgage banking income, net | 28,624 | 44,460 |
Mortgage servicing rights | 8,398 | 7,084 |
Gain on sale of guaranteed government loans | 2,005 | 880 |
Service charges on deposit accounts | 1,464 | 905 |
Increase in cash surrender value of bank owned life insurance | 932 | 390 |
Payroll processing | 941 | 974 |
Total noninterest income | 87,955 | 56,824 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 61,891 | 45,418 |
Merger-related | 11,868 | 2,372 |
Other operating expenses | 38,383 | 22,969 |
Total noninterest expenses | 112,142 | 68,387 |
Income (loss) before income taxes | 68,177 | 22,497 |
Income tax expense | 15,697 | 4,800 |
Net income | 52,480 | 17,697 |
Net income attributable to noncontrolling interest | (3) | (1) |
Net Income attributable to Blue Ridge Bankshares, Inc. | 52,477 | 17,696 |
Total assets | 2,665,139 | 1,498,258 |
Other Income [Member] | ||
NONINTEREST INCOME | ||
Other income | 21,276 | 2,131 |
Commercial Banking [Member] | ||
INTEREST INCOME | ||
Interest income | 99,810 | 51,020 |
Interest Expense | 8,181 | 8,331 |
Net interest income | 91,629 | 42,689 |
Provision for loan losses | 117 | 10,450 |
Net interest income after provision for loan losses | 91,512 | 32,239 |
NONINTEREST INCOME | ||
Gain on sale of Paycheck Protection Program loans | 24,315 | |
Gain on sale of guaranteed government loans | 2,005 | 880 |
Service charges on deposit accounts | 1,464 | 905 |
Increase in cash surrender value of bank owned life insurance | 932 | 390 |
Payroll processing | 941 | 974 |
Total noninterest income | 43,610 | 5,314 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 33,687 | 14,217 |
Merger-related | 9,226 | |
Other operating expenses | 31,163 | 12,574 |
Total noninterest expenses | 74,076 | 26,791 |
Income (loss) before income taxes | 61,046 | 10,762 |
Income tax expense | 13,935 | 2,162 |
Net income | 47,111 | 8,600 |
Net income attributable to noncontrolling interest | (3) | (1) |
Net Income attributable to Blue Ridge Bankshares, Inc. | 47,108 | 8,599 |
Total assets | 2,498,916 | 1,312,095 |
Commercial Banking [Member] | Other Income [Member] | ||
NONINTEREST INCOME | ||
Other income | 13,953 | 2,165 |
Mortgage Banking [Member] | ||
INTEREST INCOME | ||
Interest income | 3,596 | 3,314 |
Interest Expense | 257 | 354 |
Net interest income | 3,339 | 2,960 |
Net interest income after provision for loan losses | 3,339 | 2,960 |
NONINTEREST INCOME | ||
Residential mortgage banking income, net | 28,624 | 44,460 |
Mortgage servicing rights | 8,398 | 7,084 |
Total noninterest income | 37,022 | 51,544 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 28,204 | 31,201 |
Other operating expenses | 6,385 | 8,075 |
Total noninterest expenses | 34,589 | 39,276 |
Income (loss) before income taxes | 5,772 | 15,228 |
Income tax expense | 1,253 | 3,337 |
Net income | 4,519 | 11,891 |
Net Income attributable to Blue Ridge Bankshares, Inc. | 4,519 | 11,891 |
Total assets | 142,537 | 177,074 |
Parents Only [Member] | ||
INTEREST INCOME | ||
Interest income | 140 | 126 |
Interest Expense | 2,627 | 1,265 |
Net interest income | (2,487) | (1,139) |
Net interest income after provision for loan losses | (2,487) | (1,139) |
NONINTEREST INCOME | ||
Total noninterest income | 7,505 | |
NONINTEREST EXPENSE | ||
Merger-related | 2,642 | |
Other operating expenses | 1,017 | 2,354 |
Total noninterest expenses | 3,659 | 2,354 |
Income (loss) before income taxes | 1,359 | (3,493) |
Income tax expense | 509 | (699) |
Net income | 850 | (2,794) |
Net Income attributable to Blue Ridge Bankshares, Inc. | 850 | (2,794) |
Total assets | 319,685 | 133,041 |
Parents Only [Member] | Other Income [Member] | ||
NONINTEREST INCOME | ||
Other income | 7,505 | |
Eliminations [Member] | ||
NONINTEREST INCOME | ||
Total noninterest income | (182) | (34) |
NONINTEREST EXPENSE | ||
Other operating expenses | (182) | (34) |
Total noninterest expenses | (182) | (34) |
Total assets | (295,999) | (123,952) |
Eliminations [Member] | Other Income [Member] | ||
NONINTEREST INCOME | ||
Other income | $ (182) | $ (34) |
Parent Company Only Financial_3
Parent Company Only Financial Statements - Summary of Parent Company Only Condensed Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Cash and due from banks | $ 130,643 | $ 117,945 | $ 60,026 |
Securities available for sale, at fair value | 373,532 | 109,475 | |
Restricted and other equity investments | 22,518 | 11,173 | |
Other Investments | 13,643 | 6,565 | |
Accrued interest receivable | 9,573 | 5,428 | |
Other assets | 17,071 | 10,406 | |
Total assets | 2,665,139 | 1,498,258 | |
Liabilities | |||
Subordinated notes, net | 39,986 | 24,506 | |
Total liabilities | 2,388,000 | 1,390,058 | |
Stockholders' equity | 276,911 | 107,975 | |
Total liabilities and stockholders’ equity | 2,665,139 | 1,498,258 | |
Parent Company [Member] | |||
Assets | |||
Cash and due from banks | 3,156 | 2,174 | |
Investment in subsidiary | 291,525 | 121,808 | |
Securities available for sale, at fair value | 2,073 | ||
Restricted and other equity investments | 14,184 | 319 | |
Other Investments | 4,532 | 8,267 | |
Accrued interest receivable | 24 | 119 | |
Income Taxes Receivable | 906 | 348 | |
Other assets | 2,221 | 6 | |
Total assets | 318,621 | 133,041 | |
Liabilities | |||
Accrued expenses | 1,126 | 204 | |
Accrued interest payable | 370 | 131 | |
Subordinated notes, net | 39,986 | 24,506 | |
Total liabilities | 41,482 | 24,841 | |
Stockholders' equity | 277,139 | 108,200 | |
Total liabilities and stockholders’ equity | $ 318,621 | $ 133,041 |
Parent Company Only Financial_4
Parent Company Only Financial Statements - Summary of Parent Company Only Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | $ 92,481 | $ 44,510 |
Total income | 103,546 | 54,460 |
Interest on subordinated debentures | 2,627 | 1,265 |
Other | 12,302 | 5,748 |
Total noninterest expenses | 112,142 | 68,387 |
Income tax expense | 15,697 | 4,800 |
Net Income attributable to Blue Ridge Bankshares, Inc. | 52,477 | 17,696 |
Parent Company [Member] | ||
Dividends from subsidiary | 10,000 | 800 |
Interest income | 140 | 126 |
Fair value adjustments of other equity investments | 7,316 | |
Other | 250 | |
Total income | 17,706 | 926 |
Interest on subordinated debentures | 2,627 | 1,265 |
Professional fees | 890 | 455 |
Merger Related expenses | 2,642 | 1,732 |
Other | 189 | 165 |
Total noninterest expenses | 6,348 | 3,617 |
Income before income tax expense | 11,358 | (2,691) |
Income tax expense | 509 | (699) |
Equity in undistributed earnings of subsidiary | 41,631 | 19,689 |
Net Income attributable to Blue Ridge Bankshares, Inc. | $ 52,480 | $ 17,697 |
Parent Company Only Financial_5
Parent Company Only Financial Statements - Summary of Parent Company Only Condensed Statements of Cashflows (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 52,480 | $ 17,697 |
Deferred income tax (benefit) expense | 1,923 | (1,680) |
Amortization of subordinated debt issuance costs | 206 | 55 |
Fair value adjustments of other equity investments | 7,316 | |
Decrease (increase) in other assets | 12,442 | (26,332) |
Net cash provided by (used in) operating activities | 59,308 | (108,340) |
Cash flows used in investing activities: | ||
Net change in other investments | 11,582 | 609 |
Net cash acquired in Bay Banks Merger | 44,066 | |
Net cash provided by (used in) investing activities | 52,484 | (340,885) |
Cash flows from financing activities: | ||
Dividends paid on common stock | (7,183) | (2,436) |
Stock option exercised | 804 | |
Payment of subordinated debt issuance costs | (349) | |
Issuance of subordinated notes | 15,000 | |
Redemption of subordinated debt | (14,150) | |
Net cash (used in) provided by financing activities | (99,094) | 507,144 |
Net increase in cash and due from banks | 12,698 | 57,919 |
Supplemental Schedule of Cash Flow Information | ||
Interest | 11,583 | 10,030 |
Income taxes | 10,131 | 2,000 |
Non-cash investing and financing activities: | ||
Unrealized gain on securities available for sale | (6,024) | 1,029 |
Issuance of restricted stock awards, net of forfeitures | 1,331 | 567 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net income | 52,480 | 17,696 |
Equity in undistributed earnings of subsidiary | (41,631) | (19,689) |
Deferred income tax (benefit) expense | (1,208) | (62) |
Amortization of subordinated debt issuance costs | 206 | 54 |
Fair value adjustments of other equity investments | (7,316) | |
Decrease (increase) in other assets | 2,677 | 139 |
Increase in accrued expenses | 646 | 528 |
Net cash provided by (used in) operating activities | 500 | (1,612) |
Cash flows used in investing activities: | ||
Net change in securities available for sale | (2,073) | |
Net change in restricted equity and other investments | (6,900) | |
Net change in other investments | (3,230) | (7,363) |
Net cash acquired in Bay Banks Merger | 23,214 | |
Cash received from (contributed to) Bank | (10,000) | 2,000 |
Net cash provided by (used in) investing activities | 21,011 | (9,363) |
Cash flows from financing activities: | ||
Dividends paid on common stock | 7,183 | 2,436 |
Stock option exercised | 804 | |
Payment of subordinated debt issuance costs | 349 | |
Issuance of subordinated notes | 15,000 | |
Redemption of subordinated debt | (14,150) | |
Net cash (used in) provided by financing activities | (20,529) | 12,215 |
Net increase in cash and due from banks | 982 | 1,240 |
Cash and due from banks at beginning of period | 2,174 | 934 |
Cash and due from banks at end of period | 3,156 | 2,174 |
Supplemental Schedule of Cash Flow Information | ||
Interest | 2,388 | 1,190 |
Income taxes | 10,000 | 2,000 |
Non-cash investing and financing activities: | ||
Unrealized gain on securities available for sale | $ 300 |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) $ in Thousands | Aug. 12, 2019USD ($) |
Loss Contingency [Abstract] | |
Loss contingency, damages value | $ 12,000 |
Loss Contingency Accrual | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income, Net - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning Balance | $ 108,200 | $ 92,337 |
Unrealized (losses) gains on securities available for sale arising during the period, net of tax | (4,700) | 221 |
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $45 | 30 | |
Transfer of securities held to maturity to available for sale, net of tax expense of $113 | 425 | |
Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit of $1 | 1 | |
Ending Balance | 277,139 | 108,200 |
Net Unrealized Gains (Losses) on Available-For-Sale Securities [Member] | ||
Beginning Balance | 644 | 423 |
Unrealized (losses) gains on securities available for sale arising during the period, net of tax | (4,814) | 388 |
Reclassification for previously unrealized net gains recognized in net income, net of tax expense | (167) | |
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $45 | 114 | |
Gains realized in income, net of tax expense | (167) | |
Ending Balance | (4,056) | 644 |
Transfer of Held-To-Maturity Securities to Available-For-Sale [Member] | ||
Beginning Balance | 425 | |
Transfer of securities held to maturity to available for sale, net of tax expense of $113 | 425 | |
Ending Balance | 425 | 425 |
Net Unrealized Gains (Losses) on Interest Rate Swaps [Member | ||
Beginning Balance | (805) | (194) |
Reclassification for previously unrealized net gains recognized in net income, net of tax expense | (4,914) | |
Change in net unrealized holding losses on interest rate swaps, net of tax benefit of $163 | 5,719 | (611) |
Change in net unrealized holding gains on interest rate swaps, net of tax expense of $1,521 | 5,719 | (611) |
Gains realized in income, net of tax expense | (4,914) | |
Ending Balance | (805) | |
Pension and Post-retirement Benefit Plans[Member] | ||
Beginning Balance | ||
Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit of $1 | (1) | |
Ending Balance | (1) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Beginning Balance | 264 | 229 |
Unrealized (losses) gains on securities available for sale arising during the period, net of tax | (4,814) | 388 |
Reclassification for previously unrealized net gains recognized in net income, net of tax expense | (4,914) | (167) |
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $45 | 114 | |
Transfer of securities held to maturity to available for sale, net of tax expense of $113 | 425 | |
Change in net unrealized holding losses on interest rate swaps, net of tax benefit of $163 | 5,719 | (611) |
Change in net unrealized holding gains on interest rate swaps, net of tax expense of $1,521 | 5,719 | (611) |
Gains realized in income, net of tax expense | (4,914) | (167) |
Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit of $1 | (1) | |
Ending Balance | $ (3,632) | $ 264 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income, Net - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in net unrealized holding gains on securities available-for-sale, tax expense | $ (1,279) | $ 103 |
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit | 30 | |
Change in net unrealized holding losses on interest rate swaps, tax benefit | (1,521) | (163) |
Transfer of securities held-to-maturity to available-for-sale, tax expense | 113 | |
Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit | 1 | |
Gains realized in income, tax expense | 1,307 | $ 44 |
Net Unrealized Gains (Losses) on Available-For-Sale Securities [Member] | ||
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit | $ 114 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Outstanding loan commitments | $ 475,100 | $ 126,000 |
Future commitments outstanding related to investments | 8,300 | |
SBIC [Member] | ||
Other Commitments [Line Items] | ||
Future commitments outstanding related to investments | 11,400 | |
Other Liabilities [Member] | ||
Other Commitments [Line Items] | ||
Reserves for unfunded commitments to borrowers | 962 | 0 |
Performance Stand-by Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Outstanding performance stand-by letters of credit | 655 | 0 |
Financial Stand-by Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Outstanding performance stand-by letters of credit | $ 4,500 | $ 6,100 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Jan. 05, 2022 | Mar. 31, 2021 |
Subsequent Event [Line Items] | ||
Dividend, payment date | Apr. 30, 2021 | |
Dividend, record date | Apr. 20, 2021 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Quarterly cash dividend, declared date | Jan. 5, 2022 | |
Common stock dividends per share cash paid | $ 0.12 | |
Dividend, payment date | Jan. 31, 2022 | |
Dividend, record date | Jan. 19, 2022 |