Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
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 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 | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 18,798,600 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Cash and due from banks | $ 75,192 | $ 130,548 | [1] |
Federal funds sold | 35,493 | 43,903 | [1] |
Securities available for sale, at fair value | 381,536 | 373,532 | [1] |
Restricted equity investments | 13,072 | 8,334 | [1] |
Other equity investments | 23,773 | 14,184 | [1] |
Other investments | 17,110 | 12,681 | [1] |
Loans held for sale | 32,759 | 121,943 | [1] |
Paycheck Protection Program loans, net of deferred fees and costs | 15,654 | 30,406 | [1] |
Loans held for investment, net of deferred fees and costs | 2,048,383 | 1,777,172 | [1] |
Less allowance for loan losses | (17,242) | (12,121) | [1] |
Loans held for investment, net | 2,031,141 | 1,765,051 | [1] |
Accrued interest receivable | 8,908 | 9,573 | [1] |
Other real estate owned | 74 | 157 | [1] |
Premises and equipment, net | 24,273 | 26,624 | [1] |
Right-of-use asset | 6,332 | 6,317 | [1] |
Bank owned life insurance | 47,100 | 46,545 | [1] |
Goodwill | 26,826 | 26,826 | [1] |
Other intangible assets | 7,349 | 7,594 | [1] |
Mortgage derivative asset | 937 | 1,876 | [1] |
Mortgage servicing rights, net | 29,265 | 16,469 | [1] |
Mortgage brokerage receivable | 733 | 4,064 | [1] |
Other assets | 22,116 | 17,211 | [1] |
Assets of discontinued operations | 0 | 1,301 | [1] |
Total assets | 2,799,643 | 2,665,139 | [1] |
Deposits: | |||
Noninterest-bearing demand | 785,743 | 706,088 | [1] |
Interest-bearing demand and money market deposits | 1,007,420 | 941,805 | [1] |
Savings | 150,030 | 150,376 | [1] |
Time deposits | 392,514 | 499,502 | [1] |
Total deposits | 2,335,707 | 2,297,771 | [1] |
FHLB borrowings | 135,000 | 10,111 | [1] |
FRB borrowings | 60 | 17,901 | [1] |
Subordinated notes, net | 39,953 | 39,986 | [1] |
Lease liability | 7,537 | 7,651 | [1] |
Other liabilities | 19,726 | 14,543 | [1] |
Liabilities of discontinued operations | 0 | 37 | [1] |
Total liabilities | 2,537,983 | 2,388,000 | [1] |
Commitments and contingencies (Note 12) | |||
Stockholders’ Equity: | |||
Common stock, no par value; 50,000,000 and 25,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively; 18,761,848 and 18,774,082 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 195,053 | 194,309 | [1] |
Additional paid-in capital | 252 | 252 | [1] |
Retained earnings | 103,846 | 85,982 | [1] |
Accumulated other comprehensive loss, net of tax | (37,491) | (3,632) | [1] |
Total Blue Ridge Bankshares, Inc. stockholders' equity before noncontrolling interest | 261,660 | 276,911 | [1] |
Noncontrolling interest of discontinued operations | 0 | 228 | [1] |
Total stockholders’ equity | 261,660 | 277,139 | [1] |
Total liabilities and stockholders’ equity | $ 2,799,643 | $ 2,665,139 | [1] |
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 50,000,000 | 25,000,000 |
Common stock, shares, issued | 18,761,848 | 18,774,082 |
Common stock, shares, outstanding | 18,761,848 | 18,774,082 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 23,787 | $ 32,591 | $ 47,686 | $ 53,954 |
Interest on securities, deposit accounts, and federal funds sold | 2,456 | 1,221 | 4,359 | 2,434 |
Total interest income | 26,243 | 33,812 | 52,045 | 56,388 |
INTEREST EXPENSE | ||||
Interest on deposits | 1,541 | 1,682 | 3,097 | 3,222 |
Interest on subordinated notes | 545 | 868 | 1,098 | 1,498 |
Interest on FHLB and FRB borrowings | 67 | 800 | 92 | 1,189 |
Total interest expense | 2,153 | 3,350 | 4,287 | 5,909 |
Net interest income | 24,090 | 30,462 | 47,758 | 50,479 |
Provision for loan losses | 7,494 | 0 | 9,994 | 0 |
Net interest income after provision for loan losses | 16,596 | 30,462 | 37,764 | 50,479 |
NONINTEREST INCOME | ||||
Fair value adjustments of other equity investments | (86) | 0 | 9,278 | 0 |
Gain on sale of Paycheck Protection Program loans | 0 | 24,315 | 0 | 24,315 |
Residential mortgage banking income, net | 4,386 | 7,254 | 7,207 | 16,555 |
Mortgage servicing rights | 1,574 | 1,707 | 8,312 | 5,078 |
Gain on sale of guaranteed government loans | 1,538 | 143 | 2,965 | 1,217 |
Wealth and trust management | 414 | 833 | 805 | 1,435 |
Service charges on deposit accounts | 327 | 370 | 642 | 697 |
Increase in cash surrender value of bank owned life insurance | 276 | 237 | 548 | 401 |
Bank and purchase card, net | 599 | 299 | 1,021 | 599 |
Other | 1,162 | 1,054 | 3,506 | 1,454 |
Total noninterest income | 10,190 | 36,212 | 34,284 | 51,751 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 15,873 | 17,539 | 29,969 | 31,442 |
Occupancy and equipment | 1,500 | 1,846 | 2,985 | 3,177 |
Data processing | 874 | 1,484 | 1,820 | 2,289 |
Legal, issuer, and regulatory filing | 618 | 489 | 1,000 | 1,065 |
Advertising and marketing | 412 | 238 | 840 | 517 |
Communications | 1,030 | 672 | 1,829 | 1,039 |
Audit and accounting fees | 379 | 291 | 520 | 480 |
FDIC insurance | 106 | 9 | 337 | 352 |
Intangible amortization | 386 | 457 | 783 | 808 |
Other contractual services | 999 | 666 | 1,533 | 1,519 |
Other taxes and assessments | 671 | 1,076 | 1,241 | 1,424 |
Merger-related | 0 | 1,237 | 50 | 10,256 |
Other | 2,478 | 4,262 | 5,108 | 6,134 |
Total noninterest expenses | 25,326 | 30,266 | 48,015 | 60,502 |
Income from continuing operations before income tax expense | 1,460 | 36,408 | 24,033 | 41,728 |
Income tax expense | 342 | 7,715 | 5,495 | 8,792 |
Net income from continuing operations | 1,118 | 28,693 | 18,538 | 32,936 |
Income (loss) from discontinued operations before income taxes (including gain on disposal of $471 thousand for the six months ended June 30, 2022) | 0 | (65) | 426 | (72) |
Income tax expense (benefit) | 0 | (14) | 89 | (15) |
Net (loss) income from discontinued operations | 0 | (51) | 337 | (57) |
Net income (loss) | 1,118 | 28,642 | 18,875 | 32,879 |
Net (Income) loss from discontinued operations attributable to noncontrolling interest | 0 | 4 | (1) | (5) |
Net income (loss) attributable to Blue Ridge Bankshares, Inc. | 1,118 | 28,646 | 18,874 | 32,874 |
Net income available to common stockholders | $ 1,118 | $ 28,646 | $ 18,874 | $ 32,874 |
Basic and diluted EPS from continuing operations | $ 0.06 | $ 1.54 | $ 0.99 | $ 1.95 |
Basic and diluted EPS from discontinued operations | 0 | 0 | 0.02 | 0 |
Basic and diluted EPS attributable to Blue Ridge Bankshares, Inc. | $ 0.06 | $ 1.54 | $ 1.01 | $ 1.95 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Income Statement [Abstract] | |
Gain on disposal from discontinued operations before income taxes | $ 471 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,118 | $ 28,642 | $ 18,875 | $ 32,879 |
Other comprehensive (loss) income: | ||||
Gross unrealized (losses) gains on securities available for sale arising during the period | (20,272) | 946 | (42,859) | (2,196) |
Deferred income tax benefit (expense) | 4,257 | (199) | 9,000 | 461 |
Unrealized (losses) gains on securities available for sale arising during the period, net of tax | (16,015) | 747 | (33,859) | (1,735) |
Gross unrealized (losses) gains on interest rate swaps | 0 | (3,269) | 0 | 4,646 |
Deferred income tax benefit (expense) | 0 | 687 | 0 | (975) |
Unrealized (losses) gains on interest rate swaps, net of tax | 0 | (2,582) | 0 | 3,671 |
Other comprehensive net (loss) income | (16,015) | (1,835) | (33,859) | 1,936 |
Comprehensive net (loss) income | (14,897) | 26,807 | (14,984) | 34,815 |
Comprehensive loss (income) from discontinued operations attributable to noncontrolling interest | 0 | 4 | (1) | (5) |
Comprehensive net (loss) income attributable to Blue Ridge Bankshares, Inc. | $ (14,897) | $ 26,811 | $ (14,985) | $ 34,810 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Noncontrolling Interest [Member] | |
Cumulative effect adjustment | $ 108,200 | $ 66,771 | $ 252 | $ 40,688 | $ 264 | $ 225 | |||
Beginning Balance at Dec. 31, 2020 | 108,200 | $ 66,771 | 252 | 40,688 | 264 | 225 | |||
Beginning Balance, Shares at Dec. 31, 2020 | 8,577,932 | ||||||||
Net income | 32,879 | 32,874 | 5 | ||||||
Other comprehensive net (loss) income | 1,936 | 1,936 | |||||||
Dividends on common stock | (2,677) | (2,677) | |||||||
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 | 9,951,743 | ||||||||
Stock option exercises | 748 | $ 748 | |||||||
Stock option exercises, Shares | 82,897 | ||||||||
Restricted stock awards, net of forfeitures | 337 | $ 337 | |||||||
Restricted stock awards, net of forfeitures, Shares | 18,501 | ||||||||
Ending Balance at Jun. 30, 2021 | 266,826 | $ 193,259 | 252 | 70,885 | 2,200 | 230 | |||
Ending Balance, Shares at Jun. 30, 2021 | 18,631,073 | ||||||||
Cumulative effect adjustment | 239,734 | $ 192,974 | 252 | 42,239 | 4,035 | 234 | |||
Beginning Balance at Mar. 31, 2021 | 239,734 | $ 192,974 | 252 | 42,239 | 4,035 | 234 | |||
Beginning Balance, Shares at Mar. 31, 2021 | 18,621,531 | ||||||||
Net income | 28,642 | 28,646 | (4) | ||||||
Other comprehensive net (loss) income | (1,835) | (1,835) | |||||||
Stock option exercises | 115 | $ 115 | |||||||
Stock option exercises, Shares | 15,866 | ||||||||
Restricted stock awards, net of forfeitures | 170 | $ 170 | |||||||
Restricted stock awards, net of forfeitures, Shares | (6,324) | ||||||||
Ending Balance at Jun. 30, 2021 | 266,826 | $ 193,259 | 252 | 70,885 | 2,200 | 230 | |||
Ending Balance, Shares at Jun. 30, 2021 | 18,631,073 | ||||||||
Cumulative effect adjustment | 266,826 | $ 193,259 | 252 | 70,885 | 2,200 | 230 | |||
Cumulative effect adjustment | 277,139 | [1] | $ 3,542 | 194,309 | 252 | 85,982 | $ 3,542 | (3,632) | 228 |
Beginning Balance at Dec. 31, 2021 | $ 277,139 | [1] | 3,542 | $ 194,309 | 252 | 85,982 | 3,542 | (3,632) | 228 |
Beginning Balance, Shares at Dec. 31, 2021 | 18,774,082 | ||||||||
Stock option exercises, Shares | 1,183 | ||||||||
Ending Balance at Mar. 31, 2022 | $ 278,482 | $ 194,679 | 252 | 105,027 | (21,476) | ||||
Ending Balance, Shares at Mar. 31, 2022 | 18,771,065 | ||||||||
Beginning Balance at Dec. 31, 2021 | 277,139 | [1] | $ 3,542 | $ 194,309 | 252 | 85,982 | $ 3,542 | (3,632) | 228 |
Beginning Balance, Shares at Dec. 31, 2021 | 18,774,082 | ||||||||
Net income | 18,875 | 18,874 | 1 | ||||||
Other comprehensive net (loss) income | (33,859) | (33,859) | |||||||
Dividends on common stock | (4,552) | (4,552) | |||||||
Stock option exercises | 15 | $ 15 | |||||||
Stock option exercises, Shares | 1,183 | ||||||||
Restricted stock awards, net of forfeitures | 729 | $ 729 | |||||||
Restricted stock awards, net of forfeitures, Shares | (13,417) | ||||||||
Disposition of noncontrolling interest | (229) | (229) | |||||||
Ending Balance at Jun. 30, 2022 | 261,660 | $ 195,053 | 252 | 103,846 | (37,491) | ||||
Ending Balance, Shares at Jun. 30, 2022 | 18,761,848 | ||||||||
Cumulative effect adjustment | 278,482 | $ 194,679 | 252 | 105,027 | (21,476) | ||||
Beginning Balance at Mar. 31, 2022 | 278,482 | $ 194,679 | 252 | 105,027 | (21,476) | ||||
Beginning Balance, Shares at Mar. 31, 2022 | 18,771,065 | ||||||||
Net income | 1,118 | 1,118 | |||||||
Other comprehensive net (loss) income | (16,015) | (16,015) | |||||||
Dividends on common stock | $ (2,299) | (2,299) | |||||||
Stock option exercises, Shares | 0 | ||||||||
Restricted stock awards, net of forfeitures | $ 374 | $ 374 | |||||||
Restricted stock awards, net of forfeitures, Shares | (9,217) | ||||||||
Ending Balance at Jun. 30, 2022 | 261,660 | $ 195,053 | 252 | 103,846 | (37,491) | ||||
Ending Balance, Shares at Jun. 30, 2022 | 18,761,848 | ||||||||
Cumulative effect adjustment | $ 261,660 | $ 195,053 | $ 252 | $ 103,846 | $ (37,491) | ||||
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows From Operating Activities | ||
Net income from continuing operations | $ 18,538 | $ 32,936 |
Net income (loss) from discontinued operations | 337 | (57) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,038 | 1,046 |
Deferred income tax benefit (expense) | 3,316 | (514) |
Provision for loan losses | 9,994 | 0 |
Accretion of fair value adjustments (discounts) on acquired loans | (4,058) | (1,253) |
Accretion of fair value adjustments (premiums) on acquired time deposits | (833) | (1,655) |
Accretion of fair value adjustments (premiums) on acquired subordinated notes | (50) | (90) |
Proceeds from sale of loans held for sale | 368,217 | 679,905 |
Loans held for sale, originated | (275,897) | (661,703) |
Gain on sale of loans held for sale, originated | (3,136) | (13,164) |
Gain on sale of Paycheck Protection Program loans | 0 | (24,315) |
(Gain) Loss on disposal of premises and equipment | (405) | 220 |
Investment amortization expense, net | 809 | 689 |
Amortization of subordinated debt issuance costs | 17 | 183 |
Intangible amortization | 783 | 808 |
Fair value adjustments of other equity investments | (9,278) | 0 |
Fair value adjustments attributable to mortgage servicing rights | (3,548) | 0 |
Fair value adjustments on other real estate owned | 0 | 38 |
Increase in cash surrender value of bank owned life insurance | (548) | (401) |
Increase in other assets | (266) | (10,904) |
Increase in other liabilities | 5,033 | 5,530 |
Net cash provided by operating activities - continuing operations | 110,063 | 7,299 |
Net cash provided by operating activities - discontinued operations | 55 | 110 |
Cash provided by operating activities | 110,118 | 7,409 |
Cash Flows From Investing Activities | ||
Net decrease in federal funds sold | 8,410 | 234 |
Purchases of securities available for sale | (66,761) | (107,127) |
Proceeds from calls, sales, paydowns and maturities of securities available for sale | 15,163 | 28,822 |
Proceeds from sale of other real estate owned | 70 | 101 |
Proceeds from sale of Paycheck Protection Program loans | 0 | 705,930 |
Net decrease (increase) in Paycheck Protection Program loans | 14,752 | (482,617) |
Net change in restricted equity and other investments | (4,857) | 2,665 |
Net increase in loans held for investment | (272,026) | (6,586) |
Purchase of premises and equipment | (221) | (791) |
Proceeds from sale of premises and equipment | 1,937 | 325 |
Purchase of bank owned life insurance | 0 | (9,600) |
Capital calls of small business investment company funds and other investments | (3,997) | (1,149) |
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. | 0 | 44,066 |
Nonincome distributions from limited liability companies | 420 | 234 |
Net cash (used in) provided by investing activities - continuing operations | (307,110) | 174,507 |
Net cash provided by (used in) investing activities - discontinued operations | 245 | (105) |
Cash (used in) provided by investing activities | (306,865) | 174,402 |
Cash Flows From Financing Activities: | ||
Net increase in demand, savings and other interest-bearing deposits | 144,924 | 271,505 |
Net decrease in time deposits | (106,155) | (55,276) |
Common stock dividends paid | (4,552) | (2,677) |
Federal Home Loan Bank advances | 135,000 | 606,000 |
Federal Home Loan Bank repayments | (10,000) | (606,000) |
Federal Reserve Bank advances | 0 | 434,336 |
Federal Reserve Bank repayments | (17,841) | (643,417) |
Stock option exercises | 15 | 748 |
Redemption of subordinated notes | 0 | (8,550) |
Net cash provided by (used in) financing activities - continuing operations | 141,391 | (3,331) |
Net cash provided by financing activities - discontinued operations | 0 | 0 |
Cash provided by (used in) financing activities | 141,391 | (3,331) |
Net (decrease) increase in cash and due from banks | (55,356) | 178,480 |
Cash and due from banks at beginning of period | 130,548 | 117,945 |
Cash and due from banks at end of period | 75,192 | 296,425 |
Supplemental Schedule of Cash Flow Information | ||
Interest | 4,395 | 5,664 |
Income taxes | 575 | 5,600 |
Non-cash investing and financing activities: | ||
Unrealized losses on securities available for sale | (42,859) | (2,196) |
Restricted stock awards, net of forfeitures | 729 | 748 |
Assets acquired in business combination | 0 | 1,224,583 |
Liabilities assumed in business combination | 0 | 1,107,036 |
Effective settlement of subordinated notes in business combination | 0 | 650 |
Change in goodwill | $ 0 | $ 7,206 |
Cumulative effect adjustment of change in accounting method | 3,542 | — |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 – Organization and Basis of Presentation Blue Ridge Bankshares, Inc. (the "Company") 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 Company sold its majority interest in MoneyWise Payroll Solutions, Inc. (“MoneyWise”) to the holder of the minority interest in MoneyWise in the first quarter of 2022. Asset and liability balances and income statement amounts related to MoneyWise are reported as discontinued operations for all periods presented. The accompanying unaudited consolidated financial statements of the Company include the accounts of the Bank and the Financial Group 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. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 . Cash was paid in lieu of fractional shares based on the closing price of common stock on the record date, April 20, 2021. 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 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”). Information contained herein as of June 30, 2022 and June 30, 2021 includes the balances of Bay Banks. Information for the periods in the year ended and as of December 31, 2021 includes the operations of Bay Banks only for the period immediately following the effective date of the Bay Banks Merger (January 31, 2021) through December 31, 2021. On January 1, 2022, the Company changed its accounting method for mortgage servicing rights ("MSR") assets from the amortization method to the fair value measurement method under Accounting Standards Codification 860 Transfers and Servicing. This change in accounting method, which was an irrevocable election, was prospective in nature and resulted in an after-tax difference in carrying values of its MSR assets under the two methods at the beginning of the year. Consequently, a positive $ 3.5 million cumulative effect adjustment was recorded to stockholders’ equity as of January 1, 2022. Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current year presentations. The reclassifications had no effect on net income, net income per share, total assets, total liabilities, or stockholders’ equity as previously reported. |
Amendments to the Accounting St
Amendments to the Accounting Standards Codification | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Amendments to the Accounting Standards Codification | Note 2 – Amendments to the Accounting Standards Codification 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. 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 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. As an emerging growth company, the Company is required to apply the guidance previously noted for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company is currently evaluating the impact this guidance will have on its financial statements, and expects to recognize a one-time cumulative-effect adjustment to its allowance for loan losses and stockholders' equity as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance. The Company has an implementation committee working with a third-party vendor to build a model that will be run parallel with its current inherent loss model in the periods prior to implementation of the standard. The Company cannot yet determine the magnitude of the one-time cumulative adjustment or of the overall impact of the new standard on its financial condition or results of operations as of the adoption date. The impact of adoption will be dependent upon, among other variables, the loan portfolio composition, credit quality, current economic conditions, and economic forecasts at the date of adoption. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of Investments [Abstract] | |
Investments | Note 3 – In vestments Investment securities available for sale are carried at fair value in the consolidated balance sheets. The following tables present amortized cost and fair values of investment securities available for sale as of the dates stated. June 30, 2022 (Dollars in thousands) Amortized Gross Gross Fair Available for sale State and municipal $ 60,899 $ 2 $ ( 7,349 ) $ 53,552 U.S. Treasury and agencies 72,032 — ( 9,209 ) 62,823 Mortgage backed securities 252,930 76 ( 30,304 ) 222,702 Corporate bonds 43,669 272 ( 1,482 ) 42,459 Total investment securities $ 429,530 $ 350 $ ( 48,344 ) $ 381,536 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 As of June 30, 2022 and December 31, 2021, no securities and securities with a fair value of $ 8.7 million, respectively, were pledged to secure public deposits with the Treasury Board of the Commonwealth of Virginia. As of June 30, 2022 and December 31, 2021 , securities with a fair value of $ 18.0 million and $ 23.1 million, respectively, were pledged to secure the Bank’s line of credit with the Federal Home Loan Bank of Atlanta ("FHLB"). The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date 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. June 30, 2022 (Dollars in thousands) Amortized Fair Due in one year or less $ 10,061 $ 9,973 Due after one year through five years 38,351 35,821 Due after five years through ten years 138,230 125,119 Due after ten years 242,888 210,623 Total $ 429,530 $ 381,536 The following tables present a summary of unrealized losses and the length of time securities have been in a continuous loss position, by security type and number of securities, as of the dates stated. June 30, 2022 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Unrealized Fair Unrealized Fair Unrealized State and municipal 82 $ 47,080 $ ( 6,703 ) $ 4,744 $ ( 646 ) $ 51,824 $ ( 7,349 ) U.S. Treasury and agencies 26 48,249 ( 5,805 ) 15,593 ( 3,404 ) 63,842 ( 9,209 ) Mortgage backed securities 79 147,379 ( 18,833 ) 62,754 ( 11,471 ) 210,133 ( 30,304 ) Corporate bonds 23 19,987 ( 1,386 ) 1,904 ( 96 ) 21,891 ( 1,482 ) Total 210 $ 262,695 $ ( 32,727 ) $ 84,995 $ ( 15,617 ) $ 347,690 $ ( 48,344 ) 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 ) The Company reviews for other-than-temporary impairment of its investment securities portfolio at least quarterly. At June 30, 2022 and December 31, 2021, the vast majority of securities in an unrealized loss position were of investment grade; however, a few did not have a third-party investment grade available. These ungraded securities were primarily subordinated debt instruments issued by bank holding companies and are classified as corporate bonds in the in the tables above. Investment securities with unrealized losses are generally a result of pricing changes due to changes in the interest rate environment since purchase and not as a result of permanent credit impairment. Contractual cash flows for mortgage backed securities are guaranteed and/or funded by the U.S. government. Municipal securities show no indication that the contractual cash flows will not be received when due. The Company does not intend to sell, nor does it believe that it will be required to sell, any of its temporarily impaired securities prior to the recovery of the amortized cost. Restricted equity investments consisted of stock in the FHLB (carrying value of $ 6.5 million and $ 1.7 million as of June 30, 2022 and December 31, 2021, respectively), stock in the Federal Reserve Bank of Richmond ("FRB") (carrying value of $ 6.1 million at both June 30, 2022 and December 31, 2021), and stock in the Bank’s correspondent bank (carrying value of $ 468 thousand at both June 30, 2022 and December 31, 2021). Restricted equity investments are carried at cost. The Company also has various other equity investments, including shares in other financial institutions and fintech companies, totaling $ 23.8 million and $ 14.2 million as of June 30, 2022 and December 31, 2021, respectively, which are carried at fair value with any gain or loss reported in the consolidated income statements each reporting period. As no actively-traded market exists for substantially all of the Company's other equity investments, fair value adjustments are determined by reviewing recent observable market transactions, such as stock or equity transactions, that are substantially similar to the Company's existing investments. Other equity investments are also periodically evaluated for impairment using information obtained either directly from the investee or from a third-party broker. If an impairment has been identified, the carrying value of the investment is written down to its estimated fair market value through a charge to earnings. The Company also holds investments in early-stage focused investment funds, small business investment companies ("SBIC"), and low-income housing partnerships, which are reported at amortized cost in other investments on the consolidated balance sheets, and total $ 17.1 million and $ 12.7 million as of June 30, 2022 and December 31, 2021, respectively. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 4 – 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. (Dollars in thousands) June 30, 2022 December 31, 2021 Commercial and industrial $ 496,962 $ 320,827 Paycheck Protection Program 15,654 30,742 Real estate – construction, commercial 122,455 146,523 Real estate – construction, residential 70,860 58,857 Real estate – mortgage, commercial 791,465 701,503 Real estate – mortgage, residential 522,219 493,982 Real estate – mortgage, farmland 6,880 6,173 Consumer 39,092 49,877 Gross loans 2,065,587 1,808,484 Less: deferred loan fees, net of costs ( 1,550 ) ( 906 ) Total $ 2,064,037 $ 1,807,578 The Company has pledged certain commercial and residential mortgages as collateral for borrowings with the FHLB. Loans totaling $ 404.5 million and $ 478.3 million were pledged as of June 30, 2022 and December 31, 2021 , respectively. Additionally, PPP loans were pledged as collateral for the FRB's Paycheck Protection Program Liquidity Facility ("PPPLF") advances in the amount of $ 60 thousand and $ 17.9 million as of June 30, 2022 and December 31, 2021, 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 purchased credit-impaired ("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. (Dollars in thousands) June 30, 2022 December 31, 2021 PCI loans Outstanding principal balance $ 75,897 $ 97,418 Recorded investment 66,021 84,029 Purchased performing loans Outstanding principal balance 607,497 706,147 Recorded investment 605,152 703,333 Total acquired loans Outstanding principal balance 683,394 803,565 Recorded investment 671,173 787,362 The following table presents the changes in the accretable yield for PCI loans for the periods stated. For the three months ended June 30, For the six months ended June 30, (Dollars in thousands) 2022 2021 2022 2021 Balance, beginning of period $ 13,337 $ 9,439 $ 16,849 $ 123 Additions — — — 10,030 Accretion ( 1,750 ) ( 1,625 ) ( 5,262 ) ( 2,465 ) Reclassification of nonaccretable difference due to improvement in expected cash flows 2,515 2 2,515 106 Other changes, net ( 1,157 ) 14 ( 1,157 ) 36 Balance, end of period $ 12,945 $ 7,830 $ 12,945 $ 7,830 The following tables present the aging of the recorded investment of loans held for investment as of the dates stated. June 30, 2022 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past PCI Loans Current Total Commercial and industrial $ 652 $ 11 $ — $ 3,993 $ 4,656 $ 3,516 $ 488,790 $ 496,962 Paycheck Protection Program — — — — — — 15,654 15,654 Real estate – construction, commercial 1,794 521 — 352 2,667 1,191 118,597 122,455 Real estate – construction, residential — 183 — 329 512 — 70,348 70,860 Real estate – mortgage, commercial 1,397 — — 952 2,349 55,042 734,074 791,465 Real estate – mortgage, residential 602 2,428 — 5,599 8,629 5,903 507,687 522,219 Real estate – mortgage, farmland 625 — — — 625 — 6,255 6,880 Consumer 768 76 308 648 1,800 369 36,923 39,092 Less: deferred loan fees, net of costs — — — — — — ( 1,550 ) ( 1,550 ) Total Loans $ 5,838 $ 3,219 $ 308 $ 11,873 $ 21,238 $ 66,021 $ 1,976,778 $ 2,064,037 December 31, 2021 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past Nonaccrual PCI Loans 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 loan fees, net of costs — — — — — — ( 906 ) ( 906 ) Total Loans $ 18,165 $ 2,268 $ 917 $ 15,177 $ 36,527 $ 84,029 $ 1,687,022 $ 1,807,578 The following tables present the aging of the recorded investment of PCI loans as of the dates stated. June 30, 2022 (Dollars in thousands) 30-89 Greater than Current Total Commercial and industrial $ — $ — $ 3,516 $ 3,516 Real estate – construction, commercial — — 1,191 1,191 Real estate – mortgage, commercial — — 55,042 55,042 Real estate – mortgage, residential 24 — 5,879 5,903 Consumer — — 369 369 Total PCI Loans $ 24 $ — $ 65,997 $ 66,021 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 The following tables present a summary of the loan portfolio individually and collectively evaluated for impairment as of the dates stated. June 30, 2022 (Dollars in thousands) Individually Collectively Total Loan Balances Related Allowance for Loan Losses PCI loans: Commercial and industrial $ — $ 3,516 $ 3,516 $ — Real estate – construction, commercial — 1,191 1,191 — Real estate – mortgage, commercial — 55,042 55,042 — Real estate – mortgage, residential — 5,903 5,903 11 Consumer — 369 369 — Total PCI loans — 66,021 66,021 11 Originated and purchased performing loans: Commercial and industrial 7,858 485,588 493,446 10,435 Real estate – construction, commercial 527 121,928 122,455 284 Real estate – construction, residential — 69,669 69,669 117 Real estate – mortgage, commercial 9,013 727,410 736,423 2,903 Real estate – mortgage, residential 1,500 514,816 516,316 2,345 Real estate – mortgage, farmland — 6,880 6,880 25 Consumer — 38,723 38,723 1,122 Total originated and purchased performing loans 18,898 1,965,014 1,983,912 17,231 Gross loans 18,898 2,031,035 2,049,933 17,242 Less: deferred loan fees, net of costs — ( 1,550 ) ( 1,550 ) — Total $ 18,898 $ 2,029,485 $ 2,048,383 $ 17,242 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 7,133 Real estate – construction, commercial 527 131,242 131,769 953 Real estate – construction, residential — 58,857 58,857 395 Real estate – mortgage, commercial 3,194 646,437 649,631 1,403 Real estate – mortgage, residential 1,400 484,961 486,361 1,184 Real estate – mortgage, farmland — 6,173 6,173 23 Consumer — 48,998 48,998 913 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 The tables above exclude PPP loans of $ 15.7 million and $ 30.7 million as of June 30, 2022 and December 31, 2021, respectively. PPP loans are fully guaranteed by the U.S. government; therefore, the Company recorded no allowance for loan losses ("ALL") for these loans as of June 30, 2022 and December 31, 2021. In future periods, the Company may be required to establish an ALL for these loans, which would result in a provision for loan losses charged to earnings. The following tables present information related to impaired loans by loan type as of the dates and for the periods stated. June 30, 2022 December 31, 2021 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related With no specific allowance recorded: Commercial and industrial $ 4,290 $ 8,061 $ — $ — $ — $ — Real estate – construction, commercial 527 521 — 527 527 — Real estate – mortgage, commercial 5,973 6,229 — — — — Real estate – mortgage, residential 1,442 1,439 — — — — With an allowance recorded: Commercial and industrial $ 3,568 $ 5,875 $ 360 $ 4,612 $ 4,612 $ 836 Real estate – mortgage, commercial 3,040 3,039 1 3,194 3,849 1 Real estate – mortgage, residential 58 58 14 1,400 1,400 42 Total $ 18,898 $ 25,222 $ 375 $ 9,733 $ 10,388 $ 879 For the three months ended June 30, 2022 June 30, 2021 (Dollars in thousands) Average Interest Average Interest With no specific allowance recorded: Commercial and industrial $ 6,203 $ 12 $ 4,324 $ 49 Real estate – construction, commercial 521 8 537 8 Real estate – mortgage, commercial 6,254 100 185 3 Real estate – mortgage, residential 1,441 3 920 7 With an allowance recorded: Commercial and industrial $ 6,619 $ 33 $ — $ — Real estate – mortgage, commercial 3,570 2 1,207 17 Real estate – mortgage, residential 58 5 57 — Total $ 24,666 $ 163 $ 7,230 $ 84 For the six months ended June 30, 2022 June 30, 2021 (Dollars in thousands) Average Interest Average Interest With no specific allowance recorded: Commercial and industrial $ 5,754 $ 74 $ 4,409 $ 99 Real estate – construction, commercial 523 8 539 16 Real estate – mortgage, commercial 9,067 148 210 7 Real estate – mortgage, residential 1,392 17 890 13 With an allowance recorded: Commercial and industrial $ 4,955 $ 33 $ — $ — Real estate – mortgage, commercial 1,829 2 1,211 34 Real estate – mortgage, residential 59 5 116 — Total $ 23,579 $ 287 $ 7,375 $ 169 Impaired loans also include certain loans that have been modified in troubled debt restructurings ("TDRs") where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. The Company had 10 TDRs totaling $ 1.5 million as of June 30, 2022 and eight TDRs totaling $ 688 thousand as of December 31, 2021. Three residential mortgage loans with a total recorded investment o f $ 449 thousand were in the process of foreclosure as of June 30, 2022. The following table presents an analysis of the change in the ALL by loan type as of the dates and for the periods stated. For the three months ended June 30, For the six months ended June 30, (Dollars in thousands) 2022 2021 2022 2021 ALL, beginning of period $ 12,013 $ 13,402 $ 12,121 $ 13,827 Charge-offs Commercial and industrial ( 1,383 ) ( 857 ) ( 3,746 ) ( 1,216 ) Real estate – construction — — ( 123 ) — Real estate – mortgage ( 1,079 ) ( 1 ) ( 1,093 ) ( 13 ) Consumer ( 329 ) ( 133 ) ( 605 ) ( 396 ) Total charge-offs ( 2,791 ) ( 991 ) ( 5,567 ) ( 1,625 ) Recoveries Commercial and industrial 2 394 37 450 Real estate – construction 4 — 16 — Real estate – mortgage 387 87 391 103 Consumer 133 115 250 252 Total recoveries 526 596 694 805 Net charge-offs ( 2,265 ) ( 395 ) ( 4,873 ) ( 820 ) Provision for loan losses 7,494 — 9,994 — ALL, end of period $ 17,242 $ 13,007 $ 17,242 $ 13,007 The following tables present the Company’s loan portfolio by internal loan grade as of the dates stated. June 30, 2022 (Dollars in thousands) Grade Grade Grade Grade Grade Grade Grade Grade Total PCI loans: Commercial and industrial $ — $ — $ 991 $ 1,512 $ 1 $ 627 $ — $ 385 $ 3,516 Real estate – construction, commerecial — — — 23 — — 1,168 — 1,191 Real estate – mortgage, commercial — — — 18,636 20,015 14,040 2,351 — 55,042 Real estate – mortgage residential — — — 1,002 1,444 1,675 1,782 — 5,903 Consumer loans — — — — — 361 8 — 369 Total PCI loans — — 991 21,173 21,460 16,703 5,309 385 66,021 Originated and purchased performing loans: Commercial and industrial 9,281 909 185,605 274,411 10,675 2,748 5,966 3,851 493,446 Paycheck Protection Program 15,654 — — — — — — 15,654 Real estate – construction, commercial — 378 17,900 93,728 8,174 65 2,210 — 122,455 Real estate – construction, residential — — 9,915 58,743 1,849 — ( 1,031 ) 193 69,669 Real estate – mortgage, commercial — 2,242 258,116 417,539 43,162 5,081 6,318 3,965 736,423 Real estate – mortgage residential — 7,417 243,445 245,797 10,630 25 9,002 — 516,316 Real estate – mortgage, farmland 625 — 664 5,462 129 — — — 6,880 Consumer loans 287 — 16,067 20,126 1,463 1 779 — 38,723 Total originated and purchased performing loans: 25,847 10,946 731,712 1,115,806 76,082 7,920 23,244 8,009 1,999,566 Gross loans $ 25,847 $ 10,946 $ 732,703 $ 1,136,979 $ 97,542 $ 24,623 $ 28,553 $ 8,394 $ 2,065,587 Less: deferred loan fees, net of costs ( 1,550 ) Total $ 2,064,037 December 31, 2021 (Dollars in thousands) Grade Grade Grade Grade Grade Grade Grade Grade 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 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Note 5 – Goodwill and Other Intangibles Goodwill and other 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. Intangible assets with definite useful lives are amortized over their estimated useful lives, which range from 5 to 12 years. Goodwill is the only intangible asset with an indefinite life on the consolidated balance sheets. As of June 30, 2022 and December 31, 2021 , the Company's goodwill totaled $ 26.8 million. The following table presents information on amortizable intangible assets included on the consolidated balance sheets as of the dates stated. As of June 30, 2022 (Dollars in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Core deposit intangibles $ 9,626 $ ( 3,640 ) $ 5,986 Other amortizable intangibles 3,135 ( 1,772 ) 1,363 Total $ 12,761 $ ( 5,412 ) $ 7,349 As of December 31, 2021 (Dollars in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Core deposit intangibles $ 9,626 $ ( 2,908 ) $ 6,718 Other amortizable intangibles 2,463 ( 1,587 ) 876 Total $ 12,089 $ ( 4,495 ) $ 7,594 Included in other amortizable intangibles were loan servicing assets of $ 900 thousand and $ 362 thousand at June 30, 2022 and December 31, 2021 , respectively, related to the servicing of the government guaranteed portion of certain loans that the Company has sold. Loan servicing assets of $ 672 thousand were added during the six months ended June 30, 2022 . The amortization of these intangibles is included in interest and fees on loans in the consolidated statements of operations and totaled $ 134 thousand for the six months ended June 30, 2022. The Company retains servicing rights on mortgages originated and sold to the secondary market. Beginning January 1, 2022, the Company elected the fair value measurement method for accounting for MSR assets, pursuant to which assets are initially recorded at fair value and subsequently adjusted to fair value at each reporting period. Prior to this election, the Company accounted for MSR assets under the amortization method, whereby the MSR assets were recorded at the lower of cost or fair value. As of June 30, 2022 , the fair value of MSR assets was $ 29.3 million, and at December 31, 2021 , the carrying value of MSR assets under the amortization method was $ 16.5 million. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6 – Borrowings FHLB Borrowings The Bank has a line of credit from the FHLB secured by pledged qualifying real estate loans and certain pledged securities. At June 30, 2022 and December 31, 2021 , based on pledged collateral, the line totaled $ 293.9 million and $ 358.1 million, respectively. 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 $ 135.0 million and $ 10.0 million at June 30, 2022 and December 31, 2021, respectively. The interest rate on the borrowing as of June 30, 2022 was 1.82 % with a maturity date of May 8, 2023 . FHLB borrowings required the Bank to hold $ 6.5 million and $ 1.7 million of FHLB stock at June 30, 2022 and December 31, 2021, respectively, which is included in restricted equity investments on the consolidated balance sheets. The Bank also has letters of credit with the FHLB in the amount of $ 85.1 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 $ 73.8 million as of June 30, 2022. FRB Borrowings In the second quarter of 2020, the Company began participating in the FRB’s PPPLF, which allowed 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 June 30, 2022 , FRB borrowings pursuant to the PPPLF totaled $ 60 thousand maturing June 6, 2025 . Other Borrowings The Company had unsecured lines of credit with correspondent banks, which totaled $ 44.0 million at both June 30, 2022 and December 31, 2021. These lines bear interest at the prevailing rates for such loans and are cancellable any time by the correspondent bank. As of June 30, 2022 and December 31, 2021, no ne of these lines of credit with correspondent banks were drawn upon. The Company had $ 40.0 million of subordinated notes, net, outstanding as of both June 30, 2022 and December 31, 2021 . The Company's subordinated notes are comprised of an issuance in October 2019 and maturing October 15, 2029 (the “2029 Notes”) and an issuance in May 2020 and maturing June 1, 2030 (the “2030 Note”). As of June 30, 2022 , the net carrying amount of the 2029 Notes was $ 25.2 million, inclusive of a $ 729 thousand purchase accounting adjustment (premium). For the three months ended June 30, 2022 and 2021 , the effective interest rate on the 2029 Notes was 4.9 % and 4.7 %, respectively, inclusive of the amortization of the purchase accounting adjustment (premium). For the six months ended June 30, 2022 and 2021 , the effective interest rate on the 2029 Notes was 5.0 % and 4.7 %, respectively, inclusive of the amortization of the purchase accounting adjustment (premium). As of June 30, 2022 , the net carrying amount of the 2030 Note, including capitalized, unamortized debt issuance costs, was $ 14.7 million. For the three months ended June 30, 2022 and 2021 , the effective interest rate on the 2030 Note was 6.1 % and 6.3 %, respectively. For the six months ended June 30, 2022 and 2021 , the effective interest rate on the 2030 Note was 6.1 % and 6.3 %, respectively. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 7 – Derivatives 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 highly-rated third-party financial institutions. 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 tables present the notional and fair value of interest rate swap agreements as of the dates stated. June 30, 2022 (Dollars in thousands) Notional Fair Interest rate swap agreement Receive fixed/pay variable swaps $ 2,026 $ — Pay fixed/receive variable swaps 2,026 — 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 ) As part of its efforts to sell originated government guaranteed and conventional residential mortgages into the secondary market, the Bank had entered into $ 29.2 million and $ 64.8 million of rate lock commitments with borrowers, net of expected fallout, as of June 30, 2022 and December 31, 2021 , respectively, and $ 22.4 million and $ 113.6 million of closed loan inventory waiting for sale, which were hedged by $ 48.5 million and $ 169.5 million in forward to-be-announced mortgage-backed securities as of June 30, 2022 and December 31, 2021 , respectively. Mortgage derivative assets totaled $ 937 thousand and $ 1.9 million as of June 30, 2022 and December 31, 2021 , respectively, and mortgage derivative liabilities, which are included in other liabilities on the consolidated balance sheets, were $ 30 thousand and $ 75 thousand as of June 30, 2022 and December 31, 2021 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 8 – Stock-Based Compensation The Company has granted restricted stock awards ("RSAs") 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, was $ 374 thousand and $ 729 thousand for the three and six months ended June 30, 2022 , respectively, and was $ 170 thousand and $ 337 thousand for the three and six months ended June 30, 2021, respectively. Unrecognized compensation expense related to the restricted stock awards as of June 30, 2022 totaled $ 1.6 million . During the first and second quarters of 2022 , 1,183 and 0 stock options were exercised resulting in 56,424 options outstanding as of June 30, 2022 . These options were assumed by the Company in connection with the Bay Banks Merger. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 9 – Leases The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and such extensions are included in the 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 have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The following tables present information about the Company’s leases as of the date and for the periods stated. (Dollars in thousands) June 30, 2022 Lease liabilities $ 7,537 Right-of-use asset $ 6,332 Weighted average remaining lease term (years) 6.42 Weighted average discount rate 1.92 % For the three months ended For the six months ended (Dollars in thousands) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Operating lease cost $ 654 $ 760 $ 1,210 $ 1,406 Total lease cost 654 760 1,210 1,406 Cash paid for amounts included in the measurement 341 416 1,077 1,062 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 as of the date stated. (Dollars in thousands) June 30, 2022 Six months ending December 31, 2022 $ 827 Twelve months ending December 31, 2023 1,504 Twelve months ending December 31, 2024 1,180 Twelve months ending December 31, 2025 966 Twelve months ending December 31, 2026 887 Thereafter 2,458 Total undiscounted cash flows 7,822 Discount ( 285 ) Lease liabilities $ 7,537 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 10 – 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 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. 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, mortgage products 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. Mortgage servicing rights 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 June 30, 2022 and December 31, 2021 , the Company was servicing approximately $ 2.15 billion and $ 1.91 billion of loans, respectively. 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 utilizing assumed servicing costs and prepayment speeds. The weighted average net servicing fee income of the portfolio was 28.4 basis points as of June 30, 2022. Estimated base annual servicing costs were $ 65.00 to $ 80.00 p er 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 8.05 % as of June 30, 2022. A base discount rate of 8.5 % to 10.5 % ( 8.82 % weighted average discount rate) was then applied to each pool’s projected future cash flows as of June 30, 2022. 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. As previously noted, the Company changed its accounting method for MSR assets from the amortization method to the fair value measurement method effective January 1, 2022. This was a prospective change in accounting method; therefore, the carrying value of the MSR assets in periods prior to January 1, 2022 were stated at amortized cost. Rabbi trust assets The Company's rabbi trust is associated with a 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 include forward commitments to sell mortgage loans and 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. The Company has interest rate swap assets and liabilities associated with certain customer commercial loans. The interest rate swap asset with the customer is offset with an equal swap agreement with a highly-rated third-party financial institution (i.e., "back-to-back"). Both the interest rate swap assets and liabilities are free-standing derivatives and are 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. June 30, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale State and municipals $ 53,552 $ — $ 53,552 $ — U.S. Treasury and agencies 62,823 — 62,823 — Mortgage backed securities 222,702 — 214,960 7,742 Corporate bonds 42,459 — 32,408 10,051 Total securities available for sale $ 381,536 $ — $ 363,743 $ 17,793 Other assets MSR assets $ 29,265 $ — $ — $ 29,265 Rabbi trust assets 829 829 — — Mortgage derivative asset 937 — 937 — Other liabilities Mortgage derivative liability $ 30 $ — $ 30 $ — 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 — 211,194 7,916 Corporate bonds 39,243 3,000 25,179 11,064 Total securities available for sale $ 373,532 $ 3,000 $ 351,552 $ 18,980 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 $ — The following table presents the change in financial assets valued using Level 3 inputs for the period stated. (Dollars in thousands) MSR Assets Corporate Mortgage backed securities Balance as of December 31, 2021 $ 16,469 $ 11,064 $ 7,916 Change in accounting method 4,484 — — Transfers from Level 2 to Level 3 — — — Transfers from Level 3 to Level 2 — ( 3,622 ) — Additions 4,764 3,000 — Sales or paydowns — — ( 165 ) Fair value adjustments 3,548 ( 391 ) ( 9 ) Balance as of June 30, 2022 $ 29,265 $ 10,051 $ 7,742 As of June 30, 2022 , 15 corporate bonds totaling $ 10.1 million and six mortgage backed securities totaling $ 7.7 million were reported at their respective purchase prices and as Level 3 assets in the fair value hierarchy as there were no observable market prices for similar investments. Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or the write-down of individual assets. 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. 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. A 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 borrower’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 Bank and sourced by fintech partners are classified on the Company's consolidated balance sheets as held for sale. After origination, the majority of these loans are 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 ("OREO") 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 (Level 2). If current appraisals cannot be obtained prior to reporting dates, or if declines in value are identified after a recent appraisal is received, 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. June 30, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 6,291 $ — $ — $ 6,291 Loans held for sale 32,759 — 32,759 — OREO 74 — — 74 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 The following tables present quantitative information about Level 3 fair value measurements as of the dates stated. (Dollars in thousands) Balance as of June 30, 2022 Unobservable Input Range Impaired loans, net Discounted appraised value technique $ 3,833 Discount Rate 25.0 %- 50.0 % Discounted cash flows technique 2,458 Discount Rate 4.3 %- 11.0 % OREO Discounted appraised value technique 74 Selling Costs 7 % (Dollars in thousands) Balance as of December 31, 2021 Unobservable Input Range 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 Selling Costs 7 % 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 following tables present the estimated fair values, related carrying amounts, and valuation level of the financial instruments as of the dates stated. June 30, 2022 Fair Value Measurements (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 75,192 $ 75,192 $ 75,192 $ — $ — Federal funds sold 35,493 35,493 35,493 — — Securities available for sale 381,536 381,536 — 363,743 17,793 Restricted equity investments 13,072 13,072 — 13,072 — Other equity investments 23,773 23,773 — 23,773 — PPP loans receivable, net 15,654 15,654 — — 15,654 Loans held for investment, net 2,031,141 2,004,753 — — 2,004,753 Accrued interest receivable 8,908 8,908 — 8,908 — Bank owned life insurance 47,100 47,100 — 47,100 — MSR assets 29,265 29,265 — — 29,265 Financial Liabilities Noninterest-bearing deposits $ 785,743 $ 785,743 $ 785,743 $ — $ — Interest-bearing demand and money market deposits 1,007,420 1,007,420 — 1,007,420 — Savings deposits 150,030 150,030 — 150,030 — Time deposits 392,514 395,677 — — 395,677 FHLB borrowings 135,000 135,000 — 135,000 — FRB borrowings 60 60 — 60 — Subordinated notes, net 39,953 39,070 — — 39,070 December 31, 2021 Fair Value Measurements (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 130,548 $ 130,548 $ 130,548 $ — $ — Federal funds sold 43,903 43,903 43,903 — — Securities available for sale 373,532 373,532 3,000 351,552 18,980 Restricted equity investments 8,334 8,334 — 8,334 — Other equity investments 14,184 14,184 — 14,184 — 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 |
Minimum Regulatory Capital
Minimum Regulatory Capital | 6 Months Ended |
Jun. 30, 2022 | |
Regulatory Matters [Abstract] | |
Minimum Regulatory Capital | Note 11 – Minimum Regulatory Capital 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. Pursuant to the final rules implementing the Basel Committee on Banking Supervision's capital guidelines for U.S. banks (the “Basel III rules”), the Bank 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 June 30, 2022 and December 31, 2021, 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 June 30, 2022, 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. The following tables present the capital and capital ratios to which the Bank is subject and the amounts and ratios to be adequately and well capitalized as of the dates stated. Adequately capitalized ratios include the conversation buffer, if applicable. Actual For Capital To Be Well (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of June 30, 2022 Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 285,735 12.13 % $ 247,339 10.50 % $ 235,561 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 267,462 11.35 % $ 200,302 8.50 % $ 188,519 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 267,462 11.35 % $ 164,955 7.00 % $ 153,172 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 267,462 10.02 % $ 106,771 4.00 % $ 133,464 5.00 % Actual For Capital To Be Well (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021 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 % |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Commitments and Contingencies | Note 12 – 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 June 30, 2022 and December 31, 2021 , the Company had outstanding loan commitments of $ 620.1 million and $ 475.1 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 June 30, 2022 and December 31, 2021 , commitments under outstanding performance stand-by letters of credit totaled $ 0 thousand and $ 655 thousand, 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 June 30, 2022 and December 31, 2021 , commitments under outstanding financial stand-by letters of credit totaled $ 6.3 million and $ 4.5 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 June 30, 2022 and December 31, 2021 were $ 1.0 million and $ 962 thousand, 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 operating in fintech businesses. Pursuant to these investments, the Company commits to an investment amount that may be fulfilled in future periods. At June 30, 2022 , the Company has future commitments outstanding totaling $ 9.7 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 June 30, 2022 , the Company's remaining capital commitments associated with its investments in SBIC funds totaled $ 11.3 million. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 13 – Earnings Per Share The following table shows the calculation of basic and diluted earnings per share ("EPS") and the weighted average number of shares outstanding used in computing EPS and the effect on the weighted average number of shares outstanding 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 both the three months ended June 30, 2022 and 2021 and for the six months ended June 30, 2022 , no stock options for the Company’s common stock were included in the computation of diluted earnings per share because their effects would have been anti-dilutive. For the six months ended June 30, 2021 , stock options for 55,357 shares of the Company’s common stock were not included in the computation of diluted earnings per share because their effects would have been anti-dilutive. For the three months ended For the six months ended (Dollars in thousands, except per share data) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Weighted average common shares outstanding, basic 18,766,542 18,624,723 18,769,384 16,890,718 Effect of dilutive securities 11,666 21,277 14,502 27,802 Weighted average common shares outstanding, dilutive 18,778,208 18,646,000 18,783,886 16,918,520 Net income: Net income from continuing operations $ 1,118 $ 28,693 $ 18,538 $ 32,936 Net (loss) income from discontinued operations — ( 51 ) 337 ( 57 ) Net loss (income) from discontinued operations attributable to noncontrolling interest — 4 ( 1 ) ( 5 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 1,118 $ 28,646 $ 18,874 $ 32,874 Basic earnings per share: Earnings per share from continuing operations $ 0.06 $ 1.54 $ 0.99 $ 1.95 Earnings per share from discontinued operations — — 0.02 — Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 0.06 $ 1.54 $ 1.01 $ 1.95 Diluted earnings per share: Earnings per share from continuing operations $ 0.06 $ 1.54 $ 0.99 $ 1.95 Earnings per share from discontinued operations — — 0.02 — Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 0.06 $ 1.54 $ 1.01 $ 1.95 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Note 14 – 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 and wholesale mortgage lending and sales activities. Activities at the holding company or parent level are primarily associated with investments, borrowings, and certain noninterest expenses. The following tables present statement of operations items and assets by segment as of the dates and for the periods stated. As of and for the three months ended June 30, 2022 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 25,725 $ 337 $ 181 $ — $ 26,243 Interest expense 1,402 93 658 — 2,153 Net interest income 24,323 244 ( 477 ) — 24,090 Provision for loan losses 7,494 — — — 7,494 Net interest income after provision for loan losses 16,829 244 ( 477 ) — 16,596 NONINTEREST INCOME Residential mortgage banking income, net — 4,386 — — 4,386 Mortgage servicing rights ( 25 ) 1,599 — — 1,574 Gain on sale of guaranteed government loans 1,538 — — — 1,538 Service charges on deposit accounts 327 — — — 327 Increase in cash surrender value of bank owned life insurance 276 — — — 276 Other income 2,457 — ( 173 ) ( 195 ) 2,089 Total noninterest income 4,573 5,985 ( 173 ) ( 195 ) 10,190 NONINTEREST EXPENSE Salaries and employee benefits 10,916 4,957 — — 15,873 Other operating expenses 8,506 761 381 ( 195 ) 9,453 Total noninterest expense 19,422 5,718 381 ( 195 ) 25,326 Income from continuing operations before income tax expense 1,980 511 ( 1,031 ) — 1,460 Income tax expense 389 108 ( 155 ) — 342 Net income from continuing operations $ 1,591 $ 403 $ ( 876 ) $ — $ 1,118 Discontinued Operations Income from discontinued operations before income taxes — — — — — Income tax expense — — — — — Net income from discontinued operations — — — — — Net income (loss) $ 1,591 $ 403 $ ( 876 ) $ — $ 1,118 Net income from discontinued operations attributable to noncontrolling interest — — — — — Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 1,591 $ 403 $ ( 876 ) $ — $ 1,118 Total assets as of June 30, 2022 $ 2,712,209 $ 55,335 $ 316,891 $ ( 284,792 ) $ 2,799,643 As of and for the three months ended June 30, 2021 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 32,775 $ 1,010 $ 27 $ — $ 33,812 Interest expense 2,425 57 868 — 3,350 Net interest income 30,350 953 ( 841 ) — 30,462 Provision for loan losses — — — — — Net interest income after provision for loan losses 30,350 953 ( 841 ) — 30,462 NONINTEREST INCOME Residential mortgage banking income, net — 7,254 — — 7,254 Mortgage servicing rights — 1,707 — — 1,707 Gain on sale of guaranteed government loans 143 — — — 143 Service charges on deposit accounts 370 — — — 370 Increase in cash surrender value of bank owned life insurance 237 — — — 237 Other income 25,912 — 651 ( 62 ) 26,501 Total noninterest income 26,662 8,961 651 ( 62 ) 36,212 NONINTEREST EXPENSE Salaries and employee benefits 10,857 6,682 — — 17,539 Other operating expenses 9,878 2,256 655 ( 62 ) 12,727 Total noninterest expense 20,735 8,938 655 ( 62 ) 30,266 Income from continuing operations before income tax expense 36,277 976 ( 845 ) — 36,408 Income tax expense 7,662 212 ( 159 ) — 7,715 Net income from continuing operations $ 28,615 $ 764 $ ( 686 ) $ — $ 28,693 Discontinued Operations $ — Loss from discontinued operations before income taxes ( 65 ) — — — ( 65 ) Income tax benefit ( 14 ) — — — ( 14 ) Net loss from discontinued operations ( 51 ) — — — ( 51 ) Net income (loss) $ 28,564 $ 764 $ ( 686 ) $ — $ 28,642 Net loss from discontinued operations attributable to noncontrolling interest 4 — — — 4 Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 28,568 $ 764 $ ( 686 ) $ — $ 28,646 Total assets as of June 30, 2021 $ 2,577,730 $ 173,581 $ 313,213 $ ( 299,794 ) $ 2,764,730 As of and for the six months ended June 30, 2022 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 50,908 $ 928 $ 209 $ — $ 52,045 Interest expense 2,948 128 1,211 — 4,287 Net interest income 47,960 800 ( 1,002 ) — 47,758 Provision for loan losses 9,994 — — — 9,994 Net interest income after provision for loan losses 37,966 800 ( 1,002 ) — 37,764 NONINTEREST INCOME Residential mortgage banking income, net — 7,207 — — 7,207 Mortgage servicing rights 176 8,136 — — 8,312 Gain on sale of guaranteed government loans 2,965 — — — 2,965 Service charges on deposit accounts 642 — — — 642 Increase in cash surrender value of bank owned life insurance 548 — — — 548 Other income 5,634 — 9,253 ( 277 ) 14,610 Total noninterest income 9,965 15,343 9,253 ( 277 ) 34,284 NONINTEREST EXPENSE Salaries and employee benefits 20,005 9,964 — — 29,969 Other operating expenses 15,087 2,697 539 ( 277 ) 18,046 Total noninterest expense 35,092 12,661 539 ( 277 ) 48,015 Income from continuing operations before income tax expense 12,839 3,482 7,712 — 24,033 Income tax expense 3,295 732 1,468 — 5,495 Net income from continuing operations $ 9,544 $ 2,750 $ 6,244 $ — $ 18,538 Discontinued Operations Income from discontinued operations before income taxes (including gain on disposal of $ 471 thousand) 426 — — — 426 Income tax expense 89 — — — 89 Net income from discontinued operations 337 — — — 337 Net income $ 9,881 $ 2,750 $ 6,244 $ — $ 18,875 Net income from discontinued operations attributable to noncontrolling interest ( 1 ) — — — ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 9,880 $ 2,750 $ 6,244 $ — $ 18,874 Total assets as of June 30, 2022 $ 2,712,209 $ 55,335 $ 316,891 $ ( 284,792 ) $ 2,799,643 As of and for the six months ended June 30, 2021 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 54,482 $ 1,830 $ 76 $ — $ 56,388 Interest expense 4,296 115 1,498 — 5,909 Net interest income 50,186 1,715 ( 1,422 ) — 50,479 Provision for loan losses — — — — — Net interest income after provision for loan losses 50,186 1,715 ( 1,422 ) — 50,479 NONINTEREST INCOME Residential mortgage banking income, net — 16,555 — — 16,555 Mortgage servicing rights — 5,078 — — 5,078 Gain on sale of guaranteed government loans 1,217 — — — 1,217 Service charges on deposit accounts 697 — — — 697 Increase in cash surrender value of bank owned life insurance 401 — — — 401 Other income 27,187 — 703 ( 87 ) 27,803 Total noninterest income 29,502 21,633 703 ( 87 ) 51,751 NONINTEREST EXPENSE 0 Salaries and employee benefits 16,492 14,950 — — 31,442 Other operating expenses 23,015 4,437 1,695 ( 87 ) 29,060 Total noninterest expense 39,507 19,387 1,695 ( 87 ) 60,502 Income from continuing operations before income tax expense 40,181 3,961 ( 2,414 ) — 41,728 Income tax expense 8,425 817 ( 450 ) — 8,792 Net income from continuing operations $ 31,756 $ 3,144 $ ( 1,964 ) $ — $ 32,936 Discontinued Operations $ — Loss from discontinued operations before income taxes ( 72 ) — — — ( 72 ) Income tax benefit ( 15 ) — — — ( 15 ) Net loss from discontinued operations ( 57 ) — — — ( 57 ) Net income (loss) $ 31,699 $ 3,144 $ ( 1,964 ) $ — $ 32,879 Net income from discontinued operations attributable to noncontrolling interest ( 5 ) — — — ( 5 ) Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 31,694 $ 3,144 $ ( 1,964 ) $ — $ 32,874 Total assets as of June 30, 2021 $ 2,577,730 $ 173,581 $ 313,213 $ ( 299,794 ) $ 2,764,730 |
Changes to Accumulated Other Co
Changes to Accumulated Other Comprehensive Income, Net | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes to Accumulated Other Comprehensive Income, Net | Note 15 – Changes to Accumulated Other Comprehensive Income, net The following tables present components of accumulated other comprehensive income (loss) for the periods stated. For the three months ended June 30, 2022 (Dollars in thousands) Net Unrealized Transfer of Securities Held to Maturity to Available For Sale Pension and Accumulated Balance as of April 1, 2022 $ ( 21,900 ) $ 425 $ ( 1 ) $ ( 21,476 ) Change in net unrealized holding losses on securities available for sale, net of deferred tax benefit of $ 4,257 ( 16,015 ) — — ( 16,015 ) Balance as of June 30, 2022 $ ( 37,915 ) $ 425 $ ( 1 ) $ ( 37,491 ) For the three months ended June 30, 2021 (Dollars in thousands) Net Unrealized Transfer of Securities Held to Maturity to Available For Sale Net Unrealized Gains (Losses) on Interest Rate Swaps Accumulated Balance as of April 1, 2021 $ ( 1,838 ) $ 425 $ 5,448 $ 4,035 Change in net unrealized holding losses on securities available for sale, net of deferred tax expense of $ 199 747 — — 747 Change in net unrealized holding gains on interest rate swaps, net of deferred tax benefit of $ 687 — — ( 2,582 ) ( 2,582 ) Balance as of June 30, 2021 $ ( 1,091 ) $ 425 $ 2,866 $ 2,200 For the six months ended June 30, 2022 (Dollars in thousands) Net Unrealized Transfer of Securities Held to Maturity to Available For Sale Pension and Accumulated Balance as of January 1, 2022 $ ( 4,056 ) $ 425 $ ( 1 ) $ ( 3,632 ) Change in net unrealized holding losses on securities available for sale, net of deferred tax benefit of $ 9,000 ( 33,859 ) — — ( 33,859 ) Balance as of June 30, 2022 $ ( 37,915 ) $ 425 $ ( 1 ) $ ( 37,491 ) For the six months ended June 30, 2021 (Dollars in thousands) Net Unrealized Transfer of Securities Held to Maturity to Available For Sale Net Unrealized Gains (Losses) on Interest Rate Swaps Accumulated Balance as of January 1, 2021 $ 644 $ 425 $ ( 805 ) $ 264 Change in net unrealized holding losses on securities available for sale, net of deferred tax benefit of $ 461 ( 1,735 ) — — ( 1,735 ) Change in net unrealized holding losses on interest rate swaps, net of deferred tax expense of $ 975 — — 3,671 3,671 Balance as of June 30, 2021 $ ( 1,091 ) $ 425 $ 2,866 $ 2,200 |
Legal Matters
Legal Matters | 6 Months Ended |
Jun. 30, 2022 | |
Loss Contingency [Abstract] | |
Legal Matters | Note 16 – 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17 – Subsequent Events On July 7, 2022 , the board of directors of the Company declared a quarterly dividend of $ 0.1225 per share, which was paid on July 29, 2022 to shareholders of record as of the close of business on July 18, 2022 . |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of Investments [Abstract] | |
Summary of Amortized Cost and Fair Values of Investment Securities Available for Sale | The following tables present amortized cost and fair values of investment securities available for sale as of the dates stated. June 30, 2022 (Dollars in thousands) Amortized Gross Gross Fair Available for sale State and municipal $ 60,899 $ 2 $ ( 7,349 ) $ 53,552 U.S. Treasury and agencies 72,032 — ( 9,209 ) 62,823 Mortgage backed securities 252,930 76 ( 30,304 ) 222,702 Corporate bonds 43,669 272 ( 1,482 ) 42,459 Total investment securities $ 429,530 $ 350 $ ( 48,344 ) $ 381,536 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 |
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 date 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. June 30, 2022 (Dollars in thousands) Amortized Fair Due in one year or less $ 10,061 $ 9,973 Due after one year through five years 38,351 35,821 Due after five years through ten years 138,230 125,119 Due after ten years 242,888 210,623 Total $ 429,530 $ 381,536 |
Summary of Unrealized Losses | The following tables present a summary of unrealized losses and the length of time securities have been in a continuous loss position, by security type and number of securities, as of the dates stated. June 30, 2022 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Unrealized Fair Unrealized Fair Unrealized State and municipal 82 $ 47,080 $ ( 6,703 ) $ 4,744 $ ( 646 ) $ 51,824 $ ( 7,349 ) U.S. Treasury and agencies 26 48,249 ( 5,805 ) 15,593 ( 3,404 ) 63,842 ( 9,209 ) Mortgage backed securities 79 147,379 ( 18,833 ) 62,754 ( 11,471 ) 210,133 ( 30,304 ) Corporate bonds 23 19,987 ( 1,386 ) 1,904 ( 96 ) 21,891 ( 1,482 ) Total 210 $ 262,695 $ ( 32,727 ) $ 84,995 $ ( 15,617 ) $ 347,690 $ ( 48,344 ) 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 ) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
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. (Dollars in thousands) June 30, 2022 December 31, 2021 Commercial and industrial $ 496,962 $ 320,827 Paycheck Protection Program 15,654 30,742 Real estate – construction, commercial 122,455 146,523 Real estate – construction, residential 70,860 58,857 Real estate – mortgage, commercial 791,465 701,503 Real estate – mortgage, residential 522,219 493,982 Real estate – mortgage, farmland 6,880 6,173 Consumer 39,092 49,877 Gross loans 2,065,587 1,808,484 Less: deferred loan fees, net of costs ( 1,550 ) ( 906 ) Total $ 2,064,037 $ 1,807,578 |
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. (Dollars in thousands) June 30, 2022 December 31, 2021 PCI loans Outstanding principal balance $ 75,897 $ 97,418 Recorded investment 66,021 84,029 Purchased performing loans Outstanding principal balance 607,497 706,147 Recorded investment 605,152 703,333 Total acquired loans Outstanding principal balance 683,394 803,565 Recorded investment 671,173 787,362 |
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. For the three months ended June 30, For the six months ended June 30, (Dollars in thousands) 2022 2021 2022 2021 Balance, beginning of period $ 13,337 $ 9,439 $ 16,849 $ 123 Additions — — — 10,030 Accretion ( 1,750 ) ( 1,625 ) ( 5,262 ) ( 2,465 ) Reclassification of nonaccretable difference due to improvement in expected cash flows 2,515 2 2,515 106 Other changes, net ( 1,157 ) 14 ( 1,157 ) 36 Balance, end of period $ 12,945 $ 7,830 $ 12,945 $ 7,830 |
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. June 30, 2022 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past PCI Loans Current Total Commercial and industrial $ 652 $ 11 $ — $ 3,993 $ 4,656 $ 3,516 $ 488,790 $ 496,962 Paycheck Protection Program — — — — — — 15,654 15,654 Real estate – construction, commercial 1,794 521 — 352 2,667 1,191 118,597 122,455 Real estate – construction, residential — 183 — 329 512 — 70,348 70,860 Real estate – mortgage, commercial 1,397 — — 952 2,349 55,042 734,074 791,465 Real estate – mortgage, residential 602 2,428 — 5,599 8,629 5,903 507,687 522,219 Real estate – mortgage, farmland 625 — — — 625 — 6,255 6,880 Consumer 768 76 308 648 1,800 369 36,923 39,092 Less: deferred loan fees, net of costs — — — — — — ( 1,550 ) ( 1,550 ) Total Loans $ 5,838 $ 3,219 $ 308 $ 11,873 $ 21,238 $ 66,021 $ 1,976,778 $ 2,064,037 December 31, 2021 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past Nonaccrual PCI Loans 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 loan fees, net of costs — — — — — — ( 906 ) ( 906 ) Total Loans $ 18,165 $ 2,268 $ 917 $ 15,177 $ 36,527 $ 84,029 $ 1,687,022 $ 1,807,578 |
Summary of Investment of PCI loans | The following tables present the aging of the recorded investment of PCI loans as of the dates stated. June 30, 2022 (Dollars in thousands) 30-89 Greater than Current Total Commercial and industrial $ — $ — $ 3,516 $ 3,516 Real estate – construction, commercial — — 1,191 1,191 Real estate – mortgage, commercial — — 55,042 55,042 Real estate – mortgage, residential 24 — 5,879 5,903 Consumer — — 369 369 Total PCI Loans $ 24 $ — $ 65,997 $ 66,021 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 |
Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment | The following tables present a summary of the loan portfolio individually and collectively evaluated for impairment as of the dates stated. June 30, 2022 (Dollars in thousands) Individually Collectively Total Loan Balances Related Allowance for Loan Losses PCI loans: Commercial and industrial $ — $ 3,516 $ 3,516 $ — Real estate – construction, commercial — 1,191 1,191 — Real estate – mortgage, commercial — 55,042 55,042 — Real estate – mortgage, residential — 5,903 5,903 11 Consumer — 369 369 — Total PCI loans — 66,021 66,021 11 Originated and purchased performing loans: Commercial and industrial 7,858 485,588 493,446 10,435 Real estate – construction, commercial 527 121,928 122,455 284 Real estate – construction, residential — 69,669 69,669 117 Real estate – mortgage, commercial 9,013 727,410 736,423 2,903 Real estate – mortgage, residential 1,500 514,816 516,316 2,345 Real estate – mortgage, farmland — 6,880 6,880 25 Consumer — 38,723 38,723 1,122 Total originated and purchased performing loans 18,898 1,965,014 1,983,912 17,231 Gross loans 18,898 2,031,035 2,049,933 17,242 Less: deferred loan fees, net of costs — ( 1,550 ) ( 1,550 ) — Total $ 18,898 $ 2,029,485 $ 2,048,383 $ 17,242 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 7,133 Real estate – construction, commercial 527 131,242 131,769 953 Real estate – construction, residential — 58,857 58,857 395 Real estate – mortgage, commercial 3,194 646,437 649,631 1,403 Real estate – mortgage, residential 1,400 484,961 486,361 1,184 Real estate – mortgage, farmland — 6,173 6,173 23 Consumer — 48,998 48,998 913 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 |
Summary of Impaired Financing Receivables | The following tables present information related to impaired loans by loan type as of the dates and for the periods stated. June 30, 2022 December 31, 2021 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related With no specific allowance recorded: Commercial and industrial $ 4,290 $ 8,061 $ — $ — $ — $ — Real estate – construction, commercial 527 521 — 527 527 — Real estate – mortgage, commercial 5,973 6,229 — — — — Real estate – mortgage, residential 1,442 1,439 — — — — With an allowance recorded: Commercial and industrial $ 3,568 $ 5,875 $ 360 $ 4,612 $ 4,612 $ 836 Real estate – mortgage, commercial 3,040 3,039 1 3,194 3,849 1 Real estate – mortgage, residential 58 58 14 1,400 1,400 42 Total $ 18,898 $ 25,222 $ 375 $ 9,733 $ 10,388 $ 879 For the three months ended June 30, 2022 June 30, 2021 (Dollars in thousands) Average Interest Average Interest With no specific allowance recorded: Commercial and industrial $ 6,203 $ 12 $ 4,324 $ 49 Real estate – construction, commercial 521 8 537 8 Real estate – mortgage, commercial 6,254 100 185 3 Real estate – mortgage, residential 1,441 3 920 7 With an allowance recorded: Commercial and industrial $ 6,619 $ 33 $ — $ — Real estate – mortgage, commercial 3,570 2 1,207 17 Real estate – mortgage, residential 58 5 57 — Total $ 24,666 $ 163 $ 7,230 $ 84 For the six months ended June 30, 2022 June 30, 2021 (Dollars in thousands) Average Interest Average Interest With no specific allowance recorded: Commercial and industrial $ 5,754 $ 74 $ 4,409 $ 99 Real estate – construction, commercial 523 8 539 16 Real estate – mortgage, commercial 9,067 148 210 7 Real estate – mortgage, residential 1,392 17 890 13 With an allowance recorded: Commercial and industrial $ 4,955 $ 33 $ — $ — Real estate – mortgage, commercial 1,829 2 1,211 34 Real estate – mortgage, residential 59 5 116 — Total $ 23,579 $ 287 $ 7,375 $ 169 |
Summary of Allowance for Loans Losses | The following table presents an analysis of the change in the ALL by loan type as of the dates and for the periods stated. For the three months ended June 30, For the six months ended June 30, (Dollars in thousands) 2022 2021 2022 2021 ALL, beginning of period $ 12,013 $ 13,402 $ 12,121 $ 13,827 Charge-offs Commercial and industrial ( 1,383 ) ( 857 ) ( 3,746 ) ( 1,216 ) Real estate – construction — — ( 123 ) — Real estate – mortgage ( 1,079 ) ( 1 ) ( 1,093 ) ( 13 ) Consumer ( 329 ) ( 133 ) ( 605 ) ( 396 ) Total charge-offs ( 2,791 ) ( 991 ) ( 5,567 ) ( 1,625 ) Recoveries Commercial and industrial 2 394 37 450 Real estate – construction 4 — 16 — Real estate – mortgage 387 87 391 103 Consumer 133 115 250 252 Total recoveries 526 596 694 805 Net charge-offs ( 2,265 ) ( 395 ) ( 4,873 ) ( 820 ) Provision for loan losses 7,494 — 9,994 — ALL, end of period $ 17,242 $ 13,007 $ 17,242 $ 13,007 |
Summary of Accounts Notes Loans and Financing Receivable | The following tables present the Company’s loan portfolio by internal loan grade as of the dates stated. June 30, 2022 (Dollars in thousands) Grade Grade Grade Grade Grade Grade Grade Grade Total PCI loans: Commercial and industrial $ — $ — $ 991 $ 1,512 $ 1 $ 627 $ — $ 385 $ 3,516 Real estate – construction, commerecial — — — 23 — — 1,168 — 1,191 Real estate – mortgage, commercial — — — 18,636 20,015 14,040 2,351 — 55,042 Real estate – mortgage residential — — — 1,002 1,444 1,675 1,782 — 5,903 Consumer loans — — — — — 361 8 — 369 Total PCI loans — — 991 21,173 21,460 16,703 5,309 385 66,021 Originated and purchased performing loans: Commercial and industrial 9,281 909 185,605 274,411 10,675 2,748 5,966 3,851 493,446 Paycheck Protection Program 15,654 — — — — — — 15,654 Real estate – construction, commercial — 378 17,900 93,728 8,174 65 2,210 — 122,455 Real estate – construction, residential — — 9,915 58,743 1,849 — ( 1,031 ) 193 69,669 Real estate – mortgage, commercial — 2,242 258,116 417,539 43,162 5,081 6,318 3,965 736,423 Real estate – mortgage residential — 7,417 243,445 245,797 10,630 25 9,002 — 516,316 Real estate – mortgage, farmland 625 — 664 5,462 129 — — — 6,880 Consumer loans 287 — 16,067 20,126 1,463 1 779 — 38,723 Total originated and purchased performing loans: 25,847 10,946 731,712 1,115,806 76,082 7,920 23,244 8,009 1,999,566 Gross loans $ 25,847 $ 10,946 $ 732,703 $ 1,136,979 $ 97,542 $ 24,623 $ 28,553 $ 8,394 $ 2,065,587 Less: deferred loan fees, net of costs ( 1,550 ) Total $ 2,064,037 December 31, 2021 (Dollars in thousands) Grade Grade Grade Grade Grade Grade Grade Grade 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 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Amortizable Intangible Assets | The following table presents information on amortizable intangible assets included on the consolidated balance sheets as of the dates stated. As of June 30, 2022 (Dollars in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Core deposit intangibles $ 9,626 $ ( 3,640 ) $ 5,986 Other amortizable intangibles 3,135 ( 1,772 ) 1,363 Total $ 12,761 $ ( 5,412 ) $ 7,349 As of December 31, 2021 (Dollars in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Core deposit intangibles $ 9,626 $ ( 2,908 ) $ 6,718 Other amortizable intangibles 2,463 ( 1,587 ) 876 Total $ 12,089 $ ( 4,495 ) $ 7,594 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Notional and Fair Value of Interest Rate Swaps | The following tables present the notional and fair value of interest rate swap agreements as of the dates stated. June 30, 2022 (Dollars in thousands) Notional Fair Interest rate swap agreement Receive fixed/pay variable swaps $ 2,026 $ — Pay fixed/receive variable swaps 2,026 — 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 ) |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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. June 30, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale State and municipals $ 53,552 $ — $ 53,552 $ — U.S. Treasury and agencies 62,823 — 62,823 — Mortgage backed securities 222,702 — 214,960 7,742 Corporate bonds 42,459 — 32,408 10,051 Total securities available for sale $ 381,536 $ — $ 363,743 $ 17,793 Other assets MSR assets $ 29,265 $ — $ — $ 29,265 Rabbi trust assets 829 829 — — Mortgage derivative asset 937 — 937 — Other liabilities Mortgage derivative liability $ 30 $ — $ 30 $ — 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 — 211,194 7,916 Corporate bonds 39,243 3,000 25,179 11,064 Total securities available for sale $ 373,532 $ 3,000 $ 351,552 $ 18,980 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 $ — |
Summary of Changes in Financial Assets Valued Using Level 3 Inputs | The following table presents the change in financial assets valued using Level 3 inputs for the period stated. (Dollars in thousands) MSR Assets Corporate Mortgage backed securities Balance as of December 31, 2021 $ 16,469 $ 11,064 $ 7,916 Change in accounting method 4,484 — — Transfers from Level 2 to Level 3 — — — Transfers from Level 3 to Level 2 — ( 3,622 ) — Additions 4,764 3,000 — Sales or paydowns — — ( 165 ) Fair value adjustments 3,548 ( 391 ) ( 9 ) Balance as of June 30, 2022 $ 29,265 $ 10,051 $ 7,742 |
Summary of Assets Measured at Fair Value | The following tables summarize assets that were measured at fair value on a nonrecurring basis as of the dates stated. June 30, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 6,291 $ — $ — $ 6,291 Loans held for sale 32,759 — 32,759 — OREO 74 — — 74 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 |
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 June 30, 2022 Unobservable Input Range Impaired loans, net Discounted appraised value technique $ 3,833 Discount Rate 25.0 %- 50.0 % Discounted cash flows technique 2,458 Discount Rate 4.3 %- 11.0 % OREO Discounted appraised value technique 74 Selling Costs 7 % (Dollars in thousands) Balance as of December 31, 2021 Unobservable Input Range 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 Selling Costs 7 % |
Summary of Estimated Fair Values and Related Carrying Amounts and Valuation Level of Financial Instruments | The following tables present the estimated fair values, related carrying amounts, and valuation level of the financial instruments as of the dates stated. June 30, 2022 Fair Value Measurements (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 75,192 $ 75,192 $ 75,192 $ — $ — Federal funds sold 35,493 35,493 35,493 — — Securities available for sale 381,536 381,536 — 363,743 17,793 Restricted equity investments 13,072 13,072 — 13,072 — Other equity investments 23,773 23,773 — 23,773 — PPP loans receivable, net 15,654 15,654 — — 15,654 Loans held for investment, net 2,031,141 2,004,753 — — 2,004,753 Accrued interest receivable 8,908 8,908 — 8,908 — Bank owned life insurance 47,100 47,100 — 47,100 — MSR assets 29,265 29,265 — — 29,265 Financial Liabilities Noninterest-bearing deposits $ 785,743 $ 785,743 $ 785,743 $ — $ — Interest-bearing demand and money market deposits 1,007,420 1,007,420 — 1,007,420 — Savings deposits 150,030 150,030 — 150,030 — Time deposits 392,514 395,677 — — 395,677 FHLB borrowings 135,000 135,000 — 135,000 — FRB borrowings 60 60 — 60 — Subordinated notes, net 39,953 39,070 — — 39,070 December 31, 2021 Fair Value Measurements (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 130,548 $ 130,548 $ 130,548 $ — $ — Federal funds sold 43,903 43,903 43,903 — — Securities available for sale 373,532 373,532 3,000 351,552 18,980 Restricted equity investments 8,334 8,334 — 8,334 — Other equity investments 14,184 14,184 — 14,184 — 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 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of Company's Leases | The following tables present information about the Company’s leases as of the date and for the periods stated. (Dollars in thousands) June 30, 2022 Lease liabilities $ 7,537 Right-of-use asset $ 6,332 Weighted average remaining lease term (years) 6.42 Weighted average discount rate 1.92 % |
Summary of Lease Cost | For the three months ended For the six months ended (Dollars in thousands) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Operating lease cost $ 654 $ 760 $ 1,210 $ 1,406 Total lease cost 654 760 1,210 1,406 Cash paid for amounts included in the measurement 341 416 1,077 1,062 |
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 as of the date stated. (Dollars in thousands) June 30, 2022 Six months ending December 31, 2022 $ 827 Twelve months ending December 31, 2023 1,504 Twelve months ending December 31, 2024 1,180 Twelve months ending December 31, 2025 966 Twelve months ending December 31, 2026 887 Thereafter 2,458 Total undiscounted cash flows 7,822 Discount ( 285 ) Lease liabilities $ 7,537 |
Minimum Regulatory Capital (Tab
Minimum Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Regulatory Matters [Abstract] | |
Summary of Capital Requirements Administered by Banking Agencies Capital Ratios | The following tables present the capital and capital ratios to which the Bank is subject and the amounts and ratios to be adequately and well capitalized as of the dates stated. Adequately capitalized ratios include the conversation buffer, if applicable. Actual For Capital To Be Well (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of June 30, 2022 Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 285,735 12.13 % $ 247,339 10.50 % $ 235,561 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 267,462 11.35 % $ 200,302 8.50 % $ 188,519 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 267,462 11.35 % $ 164,955 7.00 % $ 153,172 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 267,462 10.02 % $ 106,771 4.00 % $ 133,464 5.00 % Actual For Capital To Be Well (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021 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 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted EPS | For the three months ended For the six months ended (Dollars in thousands, except per share data) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Weighted average common shares outstanding, basic 18,766,542 18,624,723 18,769,384 16,890,718 Effect of dilutive securities 11,666 21,277 14,502 27,802 Weighted average common shares outstanding, dilutive 18,778,208 18,646,000 18,783,886 16,918,520 Net income: Net income from continuing operations $ 1,118 $ 28,693 $ 18,538 $ 32,936 Net (loss) income from discontinued operations — ( 51 ) 337 ( 57 ) Net loss (income) from discontinued operations attributable to noncontrolling interest — 4 ( 1 ) ( 5 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 1,118 $ 28,646 $ 18,874 $ 32,874 Basic earnings per share: Earnings per share from continuing operations $ 0.06 $ 1.54 $ 0.99 $ 1.95 Earnings per share from discontinued operations — — 0.02 — Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 0.06 $ 1.54 $ 1.01 $ 1.95 Diluted earnings per share: Earnings per share from continuing operations $ 0.06 $ 1.54 $ 0.99 $ 1.95 Earnings per share from discontinued operations — — 0.02 — Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 0.06 $ 1.54 $ 1.01 $ 1.95 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information by Segment | The following tables present statement of operations items and assets by segment as of the dates and for the periods stated. As of and for the three months ended June 30, 2022 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 25,725 $ 337 $ 181 $ — $ 26,243 Interest expense 1,402 93 658 — 2,153 Net interest income 24,323 244 ( 477 ) — 24,090 Provision for loan losses 7,494 — — — 7,494 Net interest income after provision for loan losses 16,829 244 ( 477 ) — 16,596 NONINTEREST INCOME Residential mortgage banking income, net — 4,386 — — 4,386 Mortgage servicing rights ( 25 ) 1,599 — — 1,574 Gain on sale of guaranteed government loans 1,538 — — — 1,538 Service charges on deposit accounts 327 — — — 327 Increase in cash surrender value of bank owned life insurance 276 — — — 276 Other income 2,457 — ( 173 ) ( 195 ) 2,089 Total noninterest income 4,573 5,985 ( 173 ) ( 195 ) 10,190 NONINTEREST EXPENSE Salaries and employee benefits 10,916 4,957 — — 15,873 Other operating expenses 8,506 761 381 ( 195 ) 9,453 Total noninterest expense 19,422 5,718 381 ( 195 ) 25,326 Income from continuing operations before income tax expense 1,980 511 ( 1,031 ) — 1,460 Income tax expense 389 108 ( 155 ) — 342 Net income from continuing operations $ 1,591 $ 403 $ ( 876 ) $ — $ 1,118 Discontinued Operations Income from discontinued operations before income taxes — — — — — Income tax expense — — — — — Net income from discontinued operations — — — — — Net income (loss) $ 1,591 $ 403 $ ( 876 ) $ — $ 1,118 Net income from discontinued operations attributable to noncontrolling interest — — — — — Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 1,591 $ 403 $ ( 876 ) $ — $ 1,118 Total assets as of June 30, 2022 $ 2,712,209 $ 55,335 $ 316,891 $ ( 284,792 ) $ 2,799,643 As of and for the three months ended June 30, 2021 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 32,775 $ 1,010 $ 27 $ — $ 33,812 Interest expense 2,425 57 868 — 3,350 Net interest income 30,350 953 ( 841 ) — 30,462 Provision for loan losses — — — — — Net interest income after provision for loan losses 30,350 953 ( 841 ) — 30,462 NONINTEREST INCOME Residential mortgage banking income, net — 7,254 — — 7,254 Mortgage servicing rights — 1,707 — — 1,707 Gain on sale of guaranteed government loans 143 — — — 143 Service charges on deposit accounts 370 — — — 370 Increase in cash surrender value of bank owned life insurance 237 — — — 237 Other income 25,912 — 651 ( 62 ) 26,501 Total noninterest income 26,662 8,961 651 ( 62 ) 36,212 NONINTEREST EXPENSE Salaries and employee benefits 10,857 6,682 — — 17,539 Other operating expenses 9,878 2,256 655 ( 62 ) 12,727 Total noninterest expense 20,735 8,938 655 ( 62 ) 30,266 Income from continuing operations before income tax expense 36,277 976 ( 845 ) — 36,408 Income tax expense 7,662 212 ( 159 ) — 7,715 Net income from continuing operations $ 28,615 $ 764 $ ( 686 ) $ — $ 28,693 Discontinued Operations $ — Loss from discontinued operations before income taxes ( 65 ) — — — ( 65 ) Income tax benefit ( 14 ) — — — ( 14 ) Net loss from discontinued operations ( 51 ) — — — ( 51 ) Net income (loss) $ 28,564 $ 764 $ ( 686 ) $ — $ 28,642 Net loss from discontinued operations attributable to noncontrolling interest 4 — — — 4 Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 28,568 $ 764 $ ( 686 ) $ — $ 28,646 Total assets as of June 30, 2021 $ 2,577,730 $ 173,581 $ 313,213 $ ( 299,794 ) $ 2,764,730 As of and for the six months ended June 30, 2022 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 50,908 $ 928 $ 209 $ — $ 52,045 Interest expense 2,948 128 1,211 — 4,287 Net interest income 47,960 800 ( 1,002 ) — 47,758 Provision for loan losses 9,994 — — — 9,994 Net interest income after provision for loan losses 37,966 800 ( 1,002 ) — 37,764 NONINTEREST INCOME Residential mortgage banking income, net — 7,207 — — 7,207 Mortgage servicing rights 176 8,136 — — 8,312 Gain on sale of guaranteed government loans 2,965 — — — 2,965 Service charges on deposit accounts 642 — — — 642 Increase in cash surrender value of bank owned life insurance 548 — — — 548 Other income 5,634 — 9,253 ( 277 ) 14,610 Total noninterest income 9,965 15,343 9,253 ( 277 ) 34,284 NONINTEREST EXPENSE Salaries and employee benefits 20,005 9,964 — — 29,969 Other operating expenses 15,087 2,697 539 ( 277 ) 18,046 Total noninterest expense 35,092 12,661 539 ( 277 ) 48,015 Income from continuing operations before income tax expense 12,839 3,482 7,712 — 24,033 Income tax expense 3,295 732 1,468 — 5,495 Net income from continuing operations $ 9,544 $ 2,750 $ 6,244 $ — $ 18,538 Discontinued Operations Income from discontinued operations before income taxes (including gain on disposal of $ 471 thousand) 426 — — — 426 Income tax expense 89 — — — 89 Net income from discontinued operations 337 — — — 337 Net income $ 9,881 $ 2,750 $ 6,244 $ — $ 18,875 Net income from discontinued operations attributable to noncontrolling interest ( 1 ) — — — ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 9,880 $ 2,750 $ 6,244 $ — $ 18,874 Total assets as of June 30, 2022 $ 2,712,209 $ 55,335 $ 316,891 $ ( 284,792 ) $ 2,799,643 As of and for the six months ended June 30, 2021 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 54,482 $ 1,830 $ 76 $ — $ 56,388 Interest expense 4,296 115 1,498 — 5,909 Net interest income 50,186 1,715 ( 1,422 ) — 50,479 Provision for loan losses — — — — — Net interest income after provision for loan losses 50,186 1,715 ( 1,422 ) — 50,479 NONINTEREST INCOME Residential mortgage banking income, net — 16,555 — — 16,555 Mortgage servicing rights — 5,078 — — 5,078 Gain on sale of guaranteed government loans 1,217 — — — 1,217 Service charges on deposit accounts 697 — — — 697 Increase in cash surrender value of bank owned life insurance 401 — — — 401 Other income 27,187 — 703 ( 87 ) 27,803 Total noninterest income 29,502 21,633 703 ( 87 ) 51,751 NONINTEREST EXPENSE 0 Salaries and employee benefits 16,492 14,950 — — 31,442 Other operating expenses 23,015 4,437 1,695 ( 87 ) 29,060 Total noninterest expense 39,507 19,387 1,695 ( 87 ) 60,502 Income from continuing operations before income tax expense 40,181 3,961 ( 2,414 ) — 41,728 Income tax expense 8,425 817 ( 450 ) — 8,792 Net income from continuing operations $ 31,756 $ 3,144 $ ( 1,964 ) $ — $ 32,936 Discontinued Operations $ — Loss from discontinued operations before income taxes ( 72 ) — — — ( 72 ) Income tax benefit ( 15 ) — — — ( 15 ) Net loss from discontinued operations ( 57 ) — — — ( 57 ) Net income (loss) $ 31,699 $ 3,144 $ ( 1,964 ) $ — $ 32,879 Net income from discontinued operations attributable to noncontrolling interest ( 5 ) — — — ( 5 ) Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 31,694 $ 3,144 $ ( 1,964 ) $ — $ 32,874 Total assets as of June 30, 2021 $ 2,577,730 $ 173,581 $ 313,213 $ ( 299,794 ) $ 2,764,730 |
Changes to Accumulated Other _2
Changes to Accumulated Other Comprehensive Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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. For the three months ended June 30, 2022 (Dollars in thousands) Net Unrealized Transfer of Securities Held to Maturity to Available For Sale Pension and Accumulated Balance as of April 1, 2022 $ ( 21,900 ) $ 425 $ ( 1 ) $ ( 21,476 ) Change in net unrealized holding losses on securities available for sale, net of deferred tax benefit of $ 4,257 ( 16,015 ) — — ( 16,015 ) Balance as of June 30, 2022 $ ( 37,915 ) $ 425 $ ( 1 ) $ ( 37,491 ) For the three months ended June 30, 2021 (Dollars in thousands) Net Unrealized Transfer of Securities Held to Maturity to Available For Sale Net Unrealized Gains (Losses) on Interest Rate Swaps Accumulated Balance as of April 1, 2021 $ ( 1,838 ) $ 425 $ 5,448 $ 4,035 Change in net unrealized holding losses on securities available for sale, net of deferred tax expense of $ 199 747 — — 747 Change in net unrealized holding gains on interest rate swaps, net of deferred tax benefit of $ 687 — — ( 2,582 ) ( 2,582 ) Balance as of June 30, 2021 $ ( 1,091 ) $ 425 $ 2,866 $ 2,200 For the six months ended June 30, 2022 (Dollars in thousands) Net Unrealized Transfer of Securities Held to Maturity to Available For Sale Pension and Accumulated Balance as of January 1, 2022 $ ( 4,056 ) $ 425 $ ( 1 ) $ ( 3,632 ) Change in net unrealized holding losses on securities available for sale, net of deferred tax benefit of $ 9,000 ( 33,859 ) — — ( 33,859 ) Balance as of June 30, 2022 $ ( 37,915 ) $ 425 $ ( 1 ) $ ( 37,491 ) For the six months ended June 30, 2021 (Dollars in thousands) Net Unrealized Transfer of Securities Held to Maturity to Available For Sale Net Unrealized Gains (Losses) on Interest Rate Swaps Accumulated Balance as of January 1, 2021 $ 644 $ 425 $ ( 805 ) $ 264 Change in net unrealized holding losses on securities available for sale, net of deferred tax benefit of $ 461 ( 1,735 ) — — ( 1,735 ) Change in net unrealized holding losses on interest rate swaps, net of deferred tax expense of $ 975 — — 3,671 3,671 Balance as of June 30, 2021 $ ( 1,091 ) $ 425 $ 2,866 $ 2,200 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Detail) $ in Thousands | 1 Months Ended | 6 Months Ended | |||||||
Apr. 30, 2021 | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Organization And Basis Of Presentation [Line Items] | |||||||||
Stockholders equity note reverse stocks split conversion ratio | 1.5 | 1.5 | |||||||
Stock split description | 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. | ||||||||
Dividend, record date | Apr. 30, 2021 | ||||||||
Percentage of stock dividend payable on stock split of common stock. | 50% | ||||||||
Cumulative effect adjustment | $ 239,734 | $ 261,660 | $ 278,482 | $ 277,139 | [1] | $ 266,826 | $ 108,200 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Organization And Basis Of Presentation [Line Items] | |||||||||
Cumulative effect adjustment | $ 3,500 | $ 3,542 | |||||||
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Common stock, shares, issued | 18,761,848 | 18,774,082 | |
Goodwill | $ 26,826 | $ 26,826 | [1] |
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Value Adjustments of Consideration Paid, Acquired Asset and Assumed Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Fair value of liabilities assumed: | |||
Goodwill | $ 26,826 | $ 26,826 | [1] |
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Business Combinations - Summa_2
Business Combinations - Summary of Estimated Fair Value Adjustments of Consideration Paid, Acquired Asset and Assumed Liabilities (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
Business Acquisition [Line Items] | |
Stock split description | 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. |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost and Fair Values of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Securities available for sale, at fair value | $ 381,536 | $ 373,532 | [1] |
Investment securities, Amortized Cost | 429,530 | 378,741 | |
Investment securities, Gross Unrealized Gains | 350 | 1,513 | |
Investment securities, Gross Unrealized Losses | (48,344) | (6,722) | |
Investment securities, Fair Value | 381,536 | 373,532 | |
State and Municipal [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available for sale, Amortized Cost | 60,899 | 51,341 | |
Available for sale, Gross Unrealized Gains | 2 | 302 | |
Available for sale, Gross Unrealized Losses | (7,349) | (530) | |
Securities available for sale, at fair value | 53,552 | 51,113 | |
U.S. Treasury and Agencies [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available for sale, Amortized Cost | 72,032 | 65,680 | |
Available for sale, Gross Unrealized Losses | (9,209) | (1,614) | |
Securities available for sale, at fair value | 62,823 | 64,066 | |
Mortgage Backed Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available for sale, Amortized Cost | 252,930 | 222,968 | |
Available for sale, Gross Unrealized Gains | 76 | 403 | |
Available for sale, Gross Unrealized Losses | (30,304) | (4,261) | |
Securities available for sale, at fair value | 222,702 | 219,110 | |
Corporate Bonds [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available for sale, Amortized Cost | 43,669 | 38,752 | |
Available for sale, Gross Unrealized Gains | 272 | 808 | |
Available for sale, Gross Unrealized Losses | (1,482) | (317) | |
Securities available for sale, at fair value | $ 42,459 | $ 39,243 | |
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Investments [Line Items] | |||
Federal home loan bank stock | $ 6,500,000 | $ 1,700,000 | |
Federal reserve bank stock | 6,100,000 | 6,100,000 | |
Correspondent bank stock | 468,000 | 468,000 | |
Other equity investments | 23,800,000 | 14,200,000 | |
Other investments | 17,110,000 | 12,681,000 | [1] |
FHLB [Member] | |||
Schedule Of Investments [Line Items] | |||
Securities pledged | 18,000,000 | 23,100,000 | |
Treasury Board Commonwealth of Virginia [Member] | |||
Schedule Of Investments [Line Items] | |||
Securities pledged | $ 0 | $ 8,700,000 | |
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Investments - Summary of Invest
Investments - Summary of Investments Classified by Contractual Maturity Date (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Schedule of Investments [Abstract] | |
Debt Securities Available for Sale, Amortized Cost, Due in one year or less | $ 10,061 |
Debt Securities Available for Sale, Amortized Cost, Due after one year through five years | 38,351 |
Debt Securities Available for Sale, Amortized Cost, Due after five years through ten years | 138,230 |
Debt Securities Available for Sale, Amortized Cost, Due after ten years | 242,888 |
Total | 429,530 |
Debt Securities Available for Sale, Fair Value, Due in one year or less | 9,973 |
Debt Securities Available for Sale, Fair Value, Due after one year through five years | 35,821 |
Debt Securities Available for Sale, Fair Value, Due after five years through ten years | 125,119 |
Debt Securities Available for Sale, Fair Value, Due after ten years | 210,623 |
Total | $ 381,536 |
Investments - Summary of Unreal
Investments - Summary of Unrealized Losses (Detail) $ in Thousands | Jun. 30, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 210 | 125 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 262,695 | $ 285,666 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (32,727) | (6,714) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 84,995 | 1,539 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (15,617) | (8) |
Fair Value, Total | 347,690 | 287,205 |
Unrealized Losses, Total | $ (48,344) | $ (6,722) |
State and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 82 | 38 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 47,080 | $ 27,905 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (6,703) | (530) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 4,744 | |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (646) | |
Fair Value, Total | 51,824 | 27,905 |
Unrealized Losses, Total | $ (7,349) | $ (530) |
U.S. Treasury and Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 26 | 22 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 48,249 | $ 64,067 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (5,805) | (1,614) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 15,593 | |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (3,404) | |
Fair Value, Total | 63,842 | 64,067 |
Unrealized Losses, Total | $ (9,209) | $ (1,614) |
Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 79 | 54 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 147,379 | $ 186,924 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (18,833) | (4,257) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 62,754 | 543 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (11,471) | (4) |
Fair Value, Total | 210,133 | 187,467 |
Unrealized Losses, Total | $ (30,304) | $ (4,261) |
Corporate Bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 23 | 11 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 19,987 | $ 6,770 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (1,386) | (313) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 1,904 | 996 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (96) | (4) |
Fair Value, Total | 21,891 | 7,766 |
Unrealized Losses, Total | $ (1,482) | $ (317) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary of Loans Held for Investment (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 2,065,587 | $ 1,808,484 |
Less: deferred loan fees, net of costs | (1,550) | (906) |
Total | 2,064,037 | 1,807,578 |
Commercial and Industrial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 496,962 | 320,827 |
Paycheck Protection Program [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 15,654 | 30,742 |
Paycheck Protection Program [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 15,654 | |
Construction, commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 122,455 | 146,523 |
Construction, Residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 70,860 | 58,857 |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 791,465 | 701,503 |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 522,219 | 493,982 |
Mortgage, Farmland [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 6,880 | 6,173 |
Consumer [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 39,092 | $ 49,877 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) Loan | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Loan | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Gross loans | $ 2,065,587 | $ 2,065,587 | $ 1,808,484 | ||
Proceeds from sale of loans held for sale | 368,217 | $ 679,905 | |||
Gain on sale of Paycheck Protection Program loans | $ 0 | $ (24,315) | 0 | $ (24,315) | |
Nonperforming trouble debt restructuring | $ 1,500 | 688 | |||
Number of loans in the process of foreclosure | Loan | 3 | 3 | |||
Mortgage loans in process of foreclosure, amount | $ 449 | $ 449 | |||
Substandard [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Gross loans | 28,553 | 28,553 | 37,315 | ||
FHLB [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Loans pledged | 404,500 | 404,500 | |||
Commercial and Residential Mortgages [Member] | FHLB [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Loans pledged | 478,300 | ||||
Pay Check Protection Loans [Member] | Paycheck Protection Plan Liquidity Facility Advances [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Loans pledged | 60 | 60 | 17,900 | ||
Paycheck Protection Program [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Gross loans | $ 15,654 | $ 15,654 | $ 30,742 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | $ 683,394 | $ 803,565 |
Recorded investment | 671,173 | 787,362 |
PCI Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | 75,897 | 97,418 |
Recorded investment | 66,021 | 84,029 |
Purchased Performing Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | 607,497 | 706,147 |
Recorded investment | $ 605,152 | $ 703,333 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Receivables [Abstract] | ||||
Balance, beginning of period | $ 13,337 | $ 9,439 | $ 16,849 | $ 123 |
Additions | 0 | 0 | 0 | 10,030 |
Accretion | (1,750) | (1,625) | (5,262) | (2,465) |
Reclassification of nonaccretable difference due to improvement in expected cash flows | 2,515 | 2 | 2,515 | 106 |
Other changes, net | (1,157) | 14 | (1,157) | 36 |
Balance, end of period | $ 12,945 | $ 7,830 | $ 12,945 | $ 7,830 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Summary of Financing Receivable, Past Due (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 11,873 | $ 15,177 |
Total Past Due & Nonaccrual | 21,238 | 36,527 |
Gross loans | 2,065,587 | 1,808,484 |
Less: deferred loan fees, net of costs | (1,550) | (906) |
Total | 2,064,037 | 1,807,578 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,838 | 18,165 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,219 | 2,268 |
Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 308 | 917 |
PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 66,021 | 84,029 |
Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 1,976,778 | 1,687,022 |
Less: deferred loan fees, net of costs | (1,550) | (906) |
Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 6,173 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 3,993 | 6,066 |
Total Past Due & Nonaccrual | 4,656 | 8,434 |
Gross loans | 496,962 | 320,827 |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 652 | 2,338 |
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 11 | |
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] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 3,516 | 8,903 |
Commercial and Industrial [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 488,790 | 303,490 |
Paycheck Protection Program [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross loans | 15,654 | 30,742 |
Paycheck Protection Program [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross loans | 15,654 | |
Paycheck Protection Program [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 15,654 | 30,742 |
Construction, commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 352 | 88 |
Total Past Due & Nonaccrual | 2,667 | 359 |
Gross loans | 122,455 | 146,523 |
Construction, commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,794 | 271 |
Construction, commercial [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 521 | |
Construction, commercial [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 1,191 | 14,754 |
Construction, commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 118,597 | 131,410 |
Construction, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 329 | 413 |
Total Past Due & Nonaccrual | 512 | 1,441 |
Gross loans | 70,860 | 58,857 |
Construction, Residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 651 | |
Construction, Residential [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 183 | 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 | 70,348 | 57,416 |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 952 | 3,024 |
Total Past Due & Nonaccrual | 2,349 | 3,077 |
Gross loans | 791,465 | 701,503 |
Mortgage, Commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,397 | 53 |
Mortgage, Commercial [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 55,042 | 51,872 |
Mortgage, Commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 734,074 | 646,554 |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 5,599 | 5,190 |
Total Past Due & Nonaccrual | 8,629 | 21,086 |
Gross loans | 522,219 | 493,982 |
Mortgage, Residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 602 | 13,950 |
Mortgage, Residential [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 2,428 | 1,587 |
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] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 5,903 | 7,621 |
Mortgage, Residential [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 507,687 | 465,275 |
Mortgage, Farmland [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due & Nonaccrual | 625 | |
Gross loans | 6,880 | 6,173 |
Mortgage, Farmland [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 625 | |
Mortgage, Farmland [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 6,255 | |
Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 648 | 396 |
Total Past Due & Nonaccrual | 1,800 | 2,130 |
Gross loans | 39,092 | 49,877 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 768 | 902 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 76 | 583 |
Consumer [Member] | Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 308 | 249 |
Consumer [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 369 | 879 |
Consumer [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | $ 36,923 | $ 46,868 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Investment of PCI Loans (Detail) - Real Estate [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | $ 24 | $ 147 |
30-89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 0 | 0 |
30-89 Days Past Due [Member] | Construction, commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 0 | 0 |
30-89 Days Past Due [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 0 | 0 |
30-89 Days Past Due [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 24 | 147 |
30-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 0 | 0 |
Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 0 | 4 |
Greater than 90 Days Past Due & Accruing [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 0 | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Construction, commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 0 | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 0 | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 0 | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 0 | 4 |
Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 65,997 | 83,878 |
Current [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 3,516 | 8,903 |
Current [Member] | Construction, commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 1,191 | 14,754 |
Current [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 55,042 | 51,872 |
Current [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 5,879 | 7,474 |
Current [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 369 | 875 |
Total Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 66,021 | 84,029 |
Total Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 3,516 | 8,903 |
Total Loans [Member] | Construction, commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 1,191 | 14,754 |
Total Loans [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 55,042 | 51,872 |
Total Loans [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | 5,903 | 7,621 |
Total Loans [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Purchase loans | $ 369 | $ 879 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | $ 2,049,933 | $ 1,777,742 |
Less: Deferred loan fees, net of costs, excluding PPP loans | (1,550) | (570) |
Total, excluding PPP loans | 2,048,383 | 1,777,172 |
Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 1,983,912 | 1,693,713 |
PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 66,021 | 84,029 |
Individually Evaluated for Impairment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 18,898 | 9,733 |
Less: Deferred loan fees, net of costs, excluding PPP loans | 0 | 0 |
Total, excluding PPP loans | 18,898 | 9,733 |
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 18,898 | 9,733 |
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 0 | 0 |
Collectively Evaluated for Impairment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 2,031,035 | 1,768,009 |
Less: Deferred loan fees, net of costs, excluding PPP loans | (1,550) | (570) |
Total, excluding PPP loans | 2,029,485 | 1,767,439 |
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 1,965,014 | 1,683,980 |
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 66,021 | 84,029 |
Related Allowance for Loan Losses [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 17,242 | 12,121 |
Less: Deferred loan fees, net of costs, excluding PPP loans | 0 | 0 |
Total, excluding PPP loans | 17,242 | 12,121 |
Related Allowance for Loan Losses [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 17,231 | 12,004 |
Related Allowance for Loan Losses [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 11 | 117 |
Commercial and Industrial [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 493,446 | 311,924 |
Commercial and Industrial [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 3,516 | 8,903 |
Commercial and Industrial [Member] | Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 7,858 | 4,612 |
Commercial and Industrial [Member] | Individually Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 0 | 0 |
Commercial and Industrial [Member] | Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 485,588 | 307,312 |
Commercial and Industrial [Member] | Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 3,516 | 8,903 |
Commercial and Industrial [Member] | Related Allowance for Loan Losses [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 10,435 | 7,133 |
Construction, commercial [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 122,455 | 131,769 |
Construction, commercial [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 1,191 | 14,754 |
Construction, commercial [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 527 | 527 |
Construction, commercial [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 0 | 0 |
Construction, commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 121,928 | 131,242 |
Construction, commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 1,191 | 14,754 |
Construction, commercial [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 284 | 953 |
Construction, Residential [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 69,669 | 58,857 |
Construction, Residential [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 0 | 0 |
Construction, Residential [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 69,669 | 58,857 |
Construction, Residential [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 117 | 395 |
Mortgage, Commercial [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 736,423 | 649,631 |
Mortgage, Commercial [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 55,042 | 51,872 |
Mortgage, Commercial [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 9,013 | 3,194 |
Mortgage, Commercial [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 0 | 0 |
Mortgage, Commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 727,410 | 646,437 |
Mortgage, Commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 55,042 | 51,872 |
Mortgage, Commercial [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 2,903 | 1,403 |
Mortgage, Residential [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 516,316 | 486,361 |
Mortgage, Residential [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 5,903 | 7,621 |
Mortgage, Residential [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 1,500 | 1,400 |
Mortgage, Residential [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 0 | 0 |
Mortgage, Residential [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 514,816 | 484,961 |
Mortgage, Residential [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 5,903 | 7,621 |
Mortgage, Residential [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 2,345 | 1,184 |
Mortgage, Residential [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 11 | 117 |
Mortgage, Farmland [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 6,880 | 6,173 |
Mortgage, Farmland [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 0 | 0 |
Mortgage, Farmland [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 6,880 | 6,173 |
Mortgage, Farmland [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 25 | 23 |
Consumer [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 38,723 | 48,998 |
Consumer [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 369 | 879 |
Consumer [Member] | Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 0 | 0 |
Consumer [Member] | Individually Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 0 | 0 |
Consumer [Member] | Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 38,723 | 48,998 |
Consumer [Member] | Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 369 | 879 |
Consumer [Member] | Related Allowance for Loan Losses [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | $ 1,122 | $ 913 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Summary of Impaired Financing Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable Impaired [Line Items] | |||||
Impaired financing receivable, with no specific allowance recorded, recorded investment | $ 18,898 | $ 18,898 | $ 9,733 | ||
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 25,222 | 25,222 | 10,388 | ||
Impaired financing receivable, related allowance | 375 | 375 | 879 | ||
Impaired financing receivable, average recorded investment | 24,666 | $ 7,230 | 23,579 | $ 7,375 | |
Impaired financing receivable, interest income recognized | 163 | 84 | 287 | 169 | |
Commercial and Industrial [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 4,290 | 4,290 | |||
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 8,061 | 8,061 | |||
Impaired financing receivable, related allowance | 360 | 360 | 836 | ||
Impaired financing receivable, with an allowance recorded, recorded investment | 3,568 | 3,568 | 4,612 | ||
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 5,875 | 5,875 | 4,612 | ||
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 6,203 | 4,324 | 5,754 | 4,409 | |
Impaired financing receivable, with no specific allowance recorded, interest income recognized | 12 | 49 | 74 | 99 | |
Impaired financing receivable, with an allowance recorded, interest income recognized | 33 | 0 | 33 | 0 | |
Impaired financing receivable, with an allowance recorded, average recorded investment | 6,619 | 0 | 4,955 | 0 | |
Real Estate [Member] | Mortgage, Commercial [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 5,973 | 5,973 | |||
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 6,229 | 6,229 | |||
Impaired financing receivable, related allowance | 1 | 1 | 1 | ||
Impaired financing receivable, with an allowance recorded, recorded investment | 3,040 | 3,040 | 3,194 | ||
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 3,039 | 3,039 | 3,849 | ||
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 6,254 | 185 | 9,067 | 210 | |
Impaired financing receivable, with no specific allowance recorded, interest income recognized | 100 | 3 | 148 | 7 | |
Impaired financing receivable, with an allowance recorded, interest income recognized | 2 | 17 | 2 | 34 | |
Impaired financing receivable, with an allowance recorded, average recorded investment | 3,570 | 1,207 | 1,829 | 1,211 | |
Real Estate [Member] | Construction, commercial [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 527 | 527 | 527 | ||
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 521 | 521 | 527 | ||
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 521 | 537 | 523 | 539 | |
Impaired financing receivable, with no specific allowance recorded, interest income recognized | 8 | 8 | 8 | 16 | |
Real Estate [Member] | Mortgage, Residential [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 1,442 | 1,442 | |||
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 1,439 | 1,439 | |||
Impaired financing receivable, related allowance | 14 | 14 | 42 | ||
Impaired financing receivable, with an allowance recorded, recorded investment | 58 | 58 | 1,400 | ||
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 58 | 58 | $ 1,400 | ||
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 1,441 | 920 | 1,392 | 890 | |
Impaired financing receivable, with no specific allowance recorded, interest income recognized | 3 | 7 | 17 | 13 | |
Impaired financing receivable, with an allowance recorded, interest income recognized | 5 | 0 | 5 | 0 | |
Impaired financing receivable, with an allowance recorded, average recorded investment | $ 58 | $ 57 | $ 59 | $ 116 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Summary of Allowance for Loans Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Financing Receivable Impaired [Line Items] | |||||
ALL, beginning of period | $ 12,013 | $ 13,402 | $ 12,121 | [1] | $ 13,827 |
Charge-offs | (2,791) | (991) | (5,567) | (1,625) | |
Recoveries | 526 | 596 | 694 | 805 | |
Net charge-offs | (2,265) | (395) | (4,873) | (820) | |
Provision for loan losses | 7,494 | 0 | 9,994 | 0 | |
ALL, end of period | 17,242 | 13,007 | 17,242 | 13,007 | |
Commercial and Industrial [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Charge-offs | (1,383) | (857) | (3,746) | (1,216) | |
Recoveries | 2 | 394 | 37 | 450 | |
Real Estate, Construction [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Charge-offs | 0 | 0 | 123 | 0 | |
Recoveries | 4 | 0 | 16 | 0 | |
Real Estate, Mortgage [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Charge-offs | (1,079) | (1) | (1,093) | (13) | |
Recoveries | 387 | 87 | 391 | 103 | |
Consumer [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Charge-offs | (329) | (133) | (605) | (396) | |
Recoveries | $ 133 | $ 115 | $ 250 | $ 252 | |
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Summary of Accounts Notes Loans and Financing Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 2,065,587 | $ 1,808,484 |
Less: deferred loan fees, net of costs | (1,550) | (906) |
Total | 2,064,037 | 1,807,578 |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 496,962 | 320,827 |
Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 15,654 | 30,742 |
Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 39,092 | 49,877 |
Grade 1 Prime [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 25,847 | 32,625 |
Grade 2 Desirable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,946 | 12,575 |
Grade 3 Good [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 732,703 | 802,148 |
Grade 4 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,136,979 | 772,432 |
Grade 5 Pass/Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 97,542 | 77,821 |
Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 24,623 | 73,568 |
Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 28,553 | 37,315 |
Grade 8 Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 8,394 | 0 |
Real Estate [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 15,654 | |
Real Estate [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 122,455 | 146,523 |
Real Estate [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 70,860 | 58,857 |
Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 791,465 | 701,503 |
Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 522,219 | 493,982 |
Real Estate [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,880 | 6,173 |
PCI Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 66,021 | 84,029 |
PCI Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,516 | 8,903 |
PCI Loans [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 369 | 879 |
PCI Loans [Member] | Grade 3 Good [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 991 | |
PCI Loans [Member] | Grade 3 Good [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 991 | |
PCI Loans [Member] | Grade 3 Good [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
PCI Loans [Member] | Grade 4 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 21,173 | 6,774 |
PCI Loans [Member] | Grade 4 Acceptable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,512 | 1,567 |
PCI Loans [Member] | Grade 4 Acceptable [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
PCI Loans [Member] | Grade 5 Pass/Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 21,460 | 8,755 |
PCI Loans [Member] | Grade 5 Pass/Watch [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1 | 2,818 |
PCI Loans [Member] | Grade 5 Pass/Watch [Member] | Consumer [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 | 16,703 | 50,435 |
PCI Loans [Member] | Grade 6 Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 627 | 2,748 |
PCI Loans [Member] | Grade 6 Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 361 | 481 |
PCI Loans [Member] | Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,309 | 18,065 |
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 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 8 | 10 |
PCI Loans [Member] | Grade 8 Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 385 | |
PCI Loans [Member] | Grade 8 Doubtful [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 385 | |
PCI Loans [Member] | Real Estate [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,191 | 14,754 |
PCI Loans [Member] | Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 55,042 | 51,872 |
PCI Loans [Member] | Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,903 | 7,621 |
PCI Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
PCI Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
PCI Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
PCI Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 23 | 2,423 |
PCI Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 18,636 | 2,642 |
PCI Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,002 | 142 |
PCI Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
PCI Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 20,015 | 3,892 |
PCI Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,444 | 1,657 |
PCI Loans [Member] | Real Estate [Member] | Grade 6 Special Mention [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 11,010 |
PCI Loans [Member] | Real Estate [Member] | Grade 6 Special Mention [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 14,040 | 33,487 |
PCI Loans [Member] | Real Estate [Member] | Grade 6 Special Mention [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,675 | 2,709 |
PCI Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,168 | 1,321 |
PCI Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,351 | 11,851 |
PCI Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,782 | 3,113 |
Originated and Purchased Performing Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,999,566 | 1,724,455 |
Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 493,446 | 311,924 |
Originated and Purchased Performing Loans [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 15,654 | 30,742 |
Originated and Purchased Performing Loans [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 38,723 | 48,998 |
Originated and Purchased Performing Loans [Member] | Grade 1 Prime [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 25,847 | 32,625 |
Originated and Purchased Performing Loans [Member] | Grade 1 Prime [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 9,281 | 291 |
Originated and Purchased Performing Loans [Member] | Grade 1 Prime [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 15,654 | 30,742 |
Originated and Purchased Performing Loans [Member] | Grade 1 Prime [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 287 | 262 |
Originated and Purchased Performing Loans [Member] | Grade 2 Desirable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,946 | 12,575 |
Originated and Purchased Performing Loans [Member] | Grade 2 Desirable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 909 | 560 |
Originated and Purchased Performing Loans [Member] | Grade 2 Desirable [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Originated and Purchased Performing Loans [Member] | Grade 2 Desirable [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3 | |
Originated and Purchased Performing Loans [Member] | Grade 3 Good [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 731,712 | 802,148 |
Originated and Purchased Performing Loans [Member] | Grade 3 Good [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 185,605 | 156,519 |
Originated and Purchased Performing Loans [Member] | Grade 3 Good [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Originated and Purchased Performing Loans [Member] | Grade 3 Good [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 16,067 | 16,920 |
Originated and Purchased Performing Loans [Member] | Grade 4 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,115,806 | 765,658 |
Originated and Purchased Performing Loans [Member] | Grade 4 Acceptable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 274,411 | 133,738 |
Originated and Purchased Performing Loans [Member] | Grade 4 Acceptable [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Originated and Purchased Performing Loans [Member] | Grade 4 Acceptable [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 20,126 | 30,691 |
Originated and Purchased Performing Loans [Member] | Grade 5 Pass/Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 76,082 | 69,066 |
Originated and Purchased Performing Loans [Member] | Grade 5 Pass/Watch [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,675 | 11,256 |
Originated and Purchased Performing Loans [Member] | Grade 5 Pass/Watch [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,463 | 542 |
Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,920 | 23,133 |
Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,748 | 3,180 |
Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Consumer [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 | 23,244 | 19,250 |
Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,966 | 6,380 |
Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 779 | 580 |
Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 8,009 | 0 |
Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,851 | |
Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 122,455 | 131,769 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 69,669 | 58,857 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 736,423 | 649,631 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 516,316 | 486,361 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,880 | 6,173 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 1 Prime [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 990 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 1 Prime [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 625 | 340 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 2 Desirable [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 378 | 412 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 2 Desirable [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,242 | 2,382 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 2 Desirable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,417 | 9,218 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 17,900 | 28,973 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 9,915 | 14,610 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 258,116 | 307,067 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 243,445 | 276,992 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 664 | 1,067 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 93,728 | 91,900 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 58,743 | 40,418 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 417,539 | 283,165 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 245,797 | 180,980 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,462 | 4,766 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 8,174 | 7,995 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,849 | 3,416 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 43,162 | 34,750 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,630 | 11,107 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 129 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 6 Special Mention [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 65 | 1,846 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 6 Special Mention [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,081 | 17,133 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 6 Special Mention [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 25 | 974 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,210 | 643 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,031 | 413 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,318 | 5,134 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 9,002 | 6,100 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 8 Doubtful [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 193 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 8 Doubtful [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 3,965 | 0 |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 8 Doubtful [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 8 Doubtful [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 0 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||
Goodwill [Line Items] | ||||||
Goodwill | $ 26,826 | $ 26,826 | $ 26,826 | [1] | ||
Accumulated amortization of intangibles | 5,412 | 5,412 | 4,495 | |||
Amortization of intangibles | 386 | $ 457 | 783 | $ 808 | ||
Mortgage servicing asset | 29,300 | 29,300 | 16,500 | |||
Loan Servicing Assets Included in Other Amortization Intangibles [Member] | ||||||
Goodwill [Line Items] | ||||||
Accumulated amortization of intangibles | 900 | 900 | $ 362 | |||
Loan Servicing Assets Included in Interest and Fees on Loans [Member] | ||||||
Goodwill [Line Items] | ||||||
Accumulated amortization of intangibles | $ 134 | 134 | ||||
Amortization of intangibles | $ 672 | |||||
Minimum [Member] | ||||||
Goodwill [Line Items] | ||||||
Amortization of intangible assets | 5 years | |||||
Maximum [Member] | ||||||
Goodwill [Line Items] | ||||||
Amortization of intangible assets | 12 years | |||||
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Schedule of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 12,761 | $ 12,089 |
Accumulated Amortization | (5,412) | (4,495) |
Net Carrying Value | 7,349 | 7,594 |
Core Deposits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 9,626 | 9,626 |
Accumulated Amortization | (3,640) | (2,908) |
Net Carrying Value | 5,986 | 6,718 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 3,135 | 2,463 |
Accumulated Amortization | (1,772) | (1,587) |
Net Carrying Value | $ 1,363 | $ 876 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Other Real Estate [Abstract] | |
Mortgage loans in process of foreclosure, amount | $ 449 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | |||||||
FHLB borrowings | $ 135,000 | $ 135,000 | $ 10,111 | [1] | |||
Federal home loan bank stock | 6,500 | 6,500 | 1,700 | ||||
Subordinated notes, net outstanding | 39,953 | 39,953 | 39,986 | [1] | |||
Subordinated Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated notes, net outstanding | 40,000 | $ 40,000 | 40,000 | ||||
Subordinated Notes [Member] | 2029 Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated debt instrument maturity date | Oct. 15, 2029 | ||||||
Debt instrument carrying amount | 25,200 | $ 25,200 | |||||
Debt instrument, unamortized premium | $ 729 | $ 729 | |||||
Effective interest rate | 4.90% | 4.70% | 5% | 4.70% | |||
Subordinated Notes [Member] | 2030 Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated debt instrument maturity date | Jun. 01, 2030 | ||||||
Effective interest rate | 6.10% | 6.30% | 6.10% | 6.30% | |||
Unamortized debt issuance cost | $ 14,700 | $ 14,700 | |||||
Unsecured Lines of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum overnight line of credit facilities available | 44,000 | 44,000 | 44,000 | ||||
Overnight line of credit facilities outstanding | 0 | 0 | 0 | ||||
Federal Reserve Paycheck Protection Program Liquidity [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of advances on PPP loan value and term | 100% | ||||||
Fixed annual cost basis points | 0.35% | ||||||
Total advances | 60 | $ 60 | |||||
Maturity date of FRB borrowings | Jun. 06, 2025 | ||||||
FHLB [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loans outstanding | $ 293,900 | $ 293,900 | 358,100 | ||||
Federal home loan bank advances, maximum borrowing capacity percentage on assets | 30% | ||||||
Federal home loan bank, advances, interest Rate | 1.82% | 1.82% | |||||
FHLB borrowings | $ 135,000 | $ 135,000 | 10,000 | ||||
Subordinated debt instrument maturity date | May 08, 2023 | ||||||
FHLB [Member] | Restricted Equity Investments [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Federal home loan bank stock | 6,500 | $ 6,500 | $ 1,700 | ||||
FHLB [Member] | Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
FHLB borrowings | 73,800 | 73,800 | |||||
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 | $ 85,100 | $ 85,100 | |||||
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Derivatives - Summary Notional
Derivatives - Summary Notional and Fair Value of Interest Rate Swaps (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Notional Amount | $ 29,200 | $ 64,800 |
Interest Rate Swap Agreement [Member] | Receive Fixed/Pay Variable Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 2,026 | 2,052 |
Fair Value | 0 | 199 |
Interest Rate Swap Agreement [Member] | Pay Fixed/Receive Variable Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 2,026 | 2,052 |
Fair Value | $ 0 | $ (199) |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Notional Amount | $ 29,200 | $ 64,800 | |
Derivative assets held for sale | 22,400 | 113,600 | |
Mortgage derivative asset | 937 | 1,876 | [1] |
Mortgage derivative liabilities including in other liabilities | 30 | 75 | |
Hedged Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative assets held for sale | $ 48,500 | $ 169,500 | |
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |||||
Non-cash equity compensation | $ 374 | $ 170 | $ 729 | $ 337 | |
Unrecognized compensation expense | $ 1,600 | ||||
Stock option exercises, Shares | 0 | 1,183 | |||
Stock options outstanding | 56,424 | 56,424 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | |
Servicing Assets At Fair Value [Line Items] | ||
Servicing rights of sold loans | $ 2,150 | $ 1,910 |
Weighted average net servicing fee income, Basis points | 0.284% | |
Weighted average prepayment speed assumption used in the fair value | 8.05% | |
Weighted average discount rate | 8.82% | |
Minimum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Estimated base annual servicing costs | $ / shares | 65 | |
Base discount rate | 8.50% | |
Maximum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Estimated base annual servicing costs | $ / shares | 80 | |
Base discount rate | 10.50% | |
15 Corporate Bonds | Level 3 [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Purchase price | $ 10.1 | |
6 Mortgage Backed Securities | Level 3 [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Purchase price | $ 7.7 |
Fair Value - Summary of Financi
Fair Value - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | $ 381,536 | $ 373,532 | [1] |
Total securities available for sale | 381,536 | 373,532 | |
Mortgage derivative asset | 937 | 1,876 | [1] |
Mortgage derivative liability | 30 | 75 | |
State and Municipal [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 53,552 | 51,113 | |
U.S. Treasury and Agencies [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 62,823 | 64,066 | |
Corporate Bonds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 42,459 | 39,243 | |
Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 3,000 | ||
Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 363,743 | 351,552 | |
Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 17,793 | 18,980 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total securities available for sale | 381,536 | 373,532 | |
MSR assets | 29,265 | ||
Rabbi trust assets | 829 | 994 | |
Mortgage derivative asset | 937 | 1,876 | |
Interest rate swap asset | 199 | ||
Mortgage derivative liability | 30 | 75 | |
Interest rate swap liability | 199 | ||
Fair Value, Recurring [Member] | State and Municipal [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 53,552 | 51,113 | |
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 | 62,823 | 64,066 | |
Fair Value, Recurring [Member] | Mortgage Backed Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 222,702 | 219,110 | |
Fair Value, Recurring [Member] | Corporate Bonds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 42,459 | 39,243 | |
Fair Value, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total securities available for sale | 3,000 | ||
Rabbi trust assets | 829 | 994 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Corporate Bonds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 3,000 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total securities available for sale | 363,743 | 351,552 | |
Mortgage derivative asset | 937 | 1,876 | |
Interest rate swap asset | 199 | ||
Mortgage derivative liability | 30 | 75 | |
Interest rate swap liability | 199 | ||
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 | 53,552 | 51,113 | |
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 | 62,823 | 64,066 | |
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 | 214,960 | 211,194 | |
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 | 32,408 | 25,179 | |
Fair Value, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total securities available for sale | 17,793 | 18,980 | |
MSR assets | 29,265 | ||
Fair Value, Recurring [Member] | Level 3 [Member] | Mortgage Backed Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 7,742 | 7,916 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Corporate Bonds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | $ 10,051 | $ 11,064 | |
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Fair Value - Summary of Changes
Fair Value - Summary of Changes in Financial Assets Valued Using Level 3 Inputs (Details) - Level 3 [Member] - Fair Value, Recurring [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
MSR Assets [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2021 | $ 16,469 |
Change in accounting method | 4,484 |
Additions | 4,764 |
Fair value adjustments | 3,548 |
Balance as of March 31, 2022 | 29,265 |
Corporate Bonds [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2021 | 11,064 |
Transfers from Level 3 to Level 2 | (3,622) |
Additions | 3,000 |
Fair value adjustments | (391) |
Balance as of March 31, 2022 | 10,051 |
Mortgage Backed Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2021 | 7,916 |
Sales or paydowns | (165) |
Fair value adjustments | (9) |
Balance as of March 31, 2022 | $ 7,742 |
Fair Value - Summary of Assets
Fair Value - Summary of Assets Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Loans held for sale | $ 32,759 | $ 121,943 | [1] |
OREO | 74 | 157 | [1] |
Fair Value, Nonrecurring [Member] | |||
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Impaired loans, net | 6,291 | 8,344 | |
Loans held for sale | 32,759 | 121,943 | |
OREO | 74 | 157 | |
Fair Value, Nonrecurring [Member] | Level 2 [Member] | |||
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Loans held for sale | 32,759 | 121,943 | |
Fair Value, Nonrecurring [Member] | Level 3 [Member] | |||
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Impaired loans, net | 6,291 | 8,344 | |
OREO | $ 74 | $ 157 | |
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 6,291 | $ 8,344 |
Selling Costs [Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Valuation Technique | Discounted appraised value technique | |
Unobservable Input | Selling Costs | |
Range | 7% | 7% |
OREO | $ 74 | $ 157 |
Valuation Technique | Discounted appraised value technique | |
Unobservable Input | Selling Costs | |
Selling Costs [Member] | Appraised Value Technique Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 8,108 | |
Unobservable Input | Selling Costs | |
Range | 7% | |
Discount Rate [Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Valuation Technique | Discounted cash flows technique | |
Discount Rate [Member] | Appraised Value Technique Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 3,833 | |
Valuation Technique | Discounted appraised value technique | |
Unobservable Input | Discount Rate | |
Discount Rate [Member] | Cash Flows Technique [Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 2,458 | $ 236 |
Valuation Technique | Discounted cash flows technique | |
Unobservable Input | Discount Rate | Discount Rate |
Discount Rate [Member] | Maximum [Member] | Appraised Value Technique Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Range | 50% | |
Discount Rate [Member] | Maximum [Member] | Cash Flows Technique [Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Range | 11% | 7% |
Discount Rate [Member] | Minimum [Member] | Appraised Value Technique Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Range | 25% | |
Discount Rate [Member] | Minimum [Member] | Cash Flows Technique [Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Range | 4.30% | 4% |
Fair Value - Summary of Estimat
Fair Value - Summary of Estimated Fair Values and Related Carrying Amounts and Valuation Level of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Financial Assets | |||
Cash and due from banks | $ 75,192 | $ 130,548 | [1] |
Securities available for sale | 381,536 | 373,532 | [1] |
Restricted equity investments | 13,072 | 8,334 | [1] |
Other equity investments | 23,773 | 14,184 | [1] |
Financial Liabilities | |||
Noninterest-bearing demand deposits | 785,743 | 706,088 | [1] |
Savings | 150,030 | 150,376 | [1] |
Time deposits | 392,514 | 499,502 | [1] |
FHLB borrowings | 135,000 | 10,111 | [1] |
Subordinated notes, net | 39,953 | 39,986 | [1] |
Carrying Value | |||
Financial Assets | |||
Cash and due from banks | 75,192 | 130,548 | |
Federal funds sold | 35,493 | 43,903 | |
Securities available for sale | 381,536 | 373,532 | |
Restricted equity investments | 13,072 | 8,334 | |
Other equity investments | 23,773 | 14,184 | |
PPP loans receivable, net | 15,654 | 30,406 | |
Loans held for investment, net | 2,031,141 | 1,765,051 | |
Accrued interest receivable | 8,908 | 9,573 | |
Bank owned life insurance | 47,100 | 46,545 | |
MSR assets | 29,265 | ||
Financial Liabilities | |||
Noninterest-bearing demand deposits | 785,743 | 706,088 | |
Interest-bearing demand and money market deposits | 1,007,420 | 941,805 | |
Savings | 150,030 | 150,376 | |
Time deposits | 392,514 | 499,502 | |
FHLB borrowings | 135,000 | 10,111 | |
FRB borrowings | 60 | 17,901 | |
Subordinated notes, net | 39,953 | 39,986 | |
Fair Value | |||
Financial Assets | |||
Cash and due from banks | 75,192 | 130,548 | |
Federal funds sold | 35,493 | 43,903 | |
Securities available for sale | 381,536 | 373,532 | |
Restricted equity investments | 13,072 | 8,334 | |
Other equity investments | 23,773 | 14,184 | |
PPP loans receivable, net | 15,654 | 30,406 | |
Loans held for investment, net | 2,004,753 | 1,766,820 | |
Accrued interest receivable | 8,908 | 9,573 | |
Bank owned life insurance | 47,100 | 46,545 | |
MSR assets | 29,265 | ||
Financial Liabilities | |||
Noninterest-bearing demand deposits | 785,743 | 706,088 | |
Interest-bearing demand and money market deposits | 1,007,420 | 941,805 | |
Savings | 150,030 | 150,376 | |
Time deposits | 395,677 | 503,968 | |
FHLB borrowings | 135,000 | 9,943 | |
FRB borrowings | 60 | 17,901 | |
Subordinated notes, net | 39,070 | 41,388 | |
Level 1 [Member] | |||
Financial Assets | |||
Cash and due from banks | 75,192 | 130,548 | |
Federal funds sold | 35,493 | 43,903 | |
Securities available for sale | 3,000 | ||
Financial Liabilities | |||
Noninterest-bearing demand deposits | 785,743 | 706,088 | |
Level 2 [Member] | |||
Financial Assets | |||
Securities available for sale | 363,743 | 351,552 | |
Restricted equity investments | 13,072 | 8,334 | |
Other equity investments | 23,773 | 14,184 | |
Accrued interest receivable | 8,908 | 9,573 | |
Bank owned life insurance | 47,100 | 46,545 | |
Financial Liabilities | |||
Interest-bearing demand and money market deposits | 1,007,420 | 941,805 | |
Savings | 150,030 | 150,376 | |
FHLB borrowings | 135,000 | 9,943 | |
FRB borrowings | 60 | 17,901 | |
Level 3 [Member] | |||
Financial Assets | |||
Securities available for sale | 17,793 | 18,980 | |
PPP loans receivable, net | 15,654 | 30,406 | |
Loans held for investment, net | 2,004,753 | 1,766,820 | |
MSR assets | 29,265 | ||
Financial Liabilities | |||
Time deposits | 395,677 | 503,968 | |
Subordinated notes, net | $ 39,070 | $ 41,388 | |
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Leases - Additional Information
Leases - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Operating lease, option to extend | Certain of these leases offer the option to extend the lease term and such extensions are included in the calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. |
Operating lease, existence of to extend | true |
Leases - Summary of Company's L
Leases - Summary of Company's Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | [1] |
Leases [Abstract] | |||
Lease liabilities | $ 7,537 | $ 7,651 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | ||
Right-of-use asset | $ 6,332 | $ 6,317 | |
Weighted average remaining lease term (years) | 6 years 5 months 1 day | ||
Weighted average discount rate | 1.92% | ||
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 654 | $ 760 | $ 1,210 | $ 1,406 |
Total lease cost | 654 | 760 | 1,210 | 1,406 |
Cash paid for amounts included in the measurement of lease liabilities | $ 341 | $ 416 | $ 1,077 | $ 1,062 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | [1] |
Leases [Abstract] | |||
Six months ending December 31, 2022 | $ 827 | ||
Twelve months ending December 31, 2023 | 1,504 | ||
Twelve months ending December 31, 2024 | 1,180 | ||
Twelve months ending December 31, 2025 | 966 | ||
Twelve months ending December 31, 2026 | 887 | ||
Thereafter | 2,458 | ||
Total undiscounted cash flows | 7,822 | ||
Discount | (285) | ||
Lease liabilities | $ 7,537 | $ 7,651 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | ||
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Minimum Regulatory Capital - Ad
Minimum Regulatory Capital - Additional Information (Detail) | Jun. 30, 2022 |
Common Equity Tier 1 Capital [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Capital conservation buffer | 2.50% |
Minimum Regulatory Capital - Su
Minimum Regulatory Capital - Summary of Capital Requirements Administered by Banking Agencies Capital Ratios (Detail) - Blue Ridge Bank, N.A [Member] $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total risk based capital, Actual Amount | $ 285,735 | $ 273,978 |
Total risk based capital, Actual Ratio | 12.13 | 13.11 |
Total risk based capital, For Capital Adequacy Purposes Amount | $ 247,339 | $ 219,393 |
Total risk based capital, For Capital Adequacy Purposes Ratio | 10.50 | 10.50 |
Total risk based capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 235,561 | $ 208,946 |
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 | $ 267,462 | $ 260,896 |
Tier 1 capital to risk-weighted assets, Actual Ratio | 11.35 | 12.49 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Amount | $ 200,302 | $ 177,604 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Ratio | 8.50 | 8.50 |
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 188,519 | $ 167,157 |
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 | $ 267,462 | $ 260,896 |
Common equity tier 1 capital, Actual Ratio | 11.35% | 12.49% |
Common equity tier 1 capital, For Capital Adequacy Purposes Amount | $ 164,955 | $ 146,262 |
Common equity tier 1 capital, For Capital Adequacy Purposes Ratio | 7% | 7% |
Common equity tier 1 capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 153,172 | $ 135,815 |
Common equity tier 1 capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 leverage, Actual Amount | $ 267,462 | $ 260,896 |
Tier 1 leverage, Actual Ratio | 10.02 | 10.05 |
Tier 1 leverage, For Capital Adequacy Purposes Amount | $ 106,771 | $ 103,883 |
Tier 1 leverage, For Capital Adequacy Purposes Ratio | 4 | 4 |
Tier 1 leverage, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 133,464 | $ 129,853 |
Tier 1 leverage, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 5 | 5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Outstanding loan commitments | $ 620,100 | $ 475,100 |
Future commitments outstanding related to investments | 9,700 | |
SBIC [Member] | ||
Other Commitments [Line Items] | ||
Future commitments outstanding related to investments | 11,300 | |
Other Liabilities [Member] | ||
Other Commitments [Line Items] | ||
Reserves for unfunded commitments to borrowers | 1,000 | 962 |
Performance Stand-by Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Outstanding stand-by letters of credit | 0 | 655 |
Financial Stand-by Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Outstanding stand-by letters of credit | $ 6,300 | $ 4,500 |
Earning Per Share - Additional
Earning Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | 0 | 55,357 |
Earning Per Share - Summary of
Earning Per Share - Summary of Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding, basic | 18,766,542 | 18,624,723 | 18,769,384 | 16,890,718 |
Effect of dilutive securities | 11,666 | 21,277 | 14,502 | 27,802 |
Weighted average common shares outstanding, dilutive | 18,778,208 | 18,646,000 | 18,783,886 | 16,918,520 |
Net income: | ||||
Net income from continuing operations | $ 1,118 | $ 28,693 | $ 18,538 | $ 32,936 |
Net (loss) income from discontinued operations | 0 | (51) | 337 | (57) |
Net (Income) loss from discontinued operations attributable to noncontrolling interest | 0 | 4 | (1) | (5) |
Net income (loss) attributable to Blue Ridge Bankshares, Inc. | $ 1,118 | $ 28,646 | $ 18,874 | $ 32,874 |
Basic earnings per share: | ||||
Earnings per share from continuing operations | $ 0.06 | $ 1.54 | $ 0.99 | $ 1.95 |
Earnings per share from discontinued operations | 0.02 | |||
Earnings per share attributable to Blue Ridge Bankshares, Inc. | 0.06 | 1.54 | 1.01 | 1.95 |
Diluted earnings per share: | ||||
Earnings per share from continuing operations | 0.06 | 1.54 | 0.99 | 1.95 |
Earnings per share from discontinued operations | 0.02 | |||
Earnings per share attributable to Blue Ridge Bankshares, Inc. | $ 0.06 | $ 1.54 | $ 1.01 | $ 1.95 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 3 |
Business Segments - Summary of
Business Segments - Summary of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | [1] | |
INTEREST INCOME | ||||||
Interest income | $ 26,243 | $ 33,812 | $ 52,045 | $ 56,388 | ||
Interest expense | 2,153 | 3,350 | 4,287 | 5,909 | ||
Net interest income | 24,090 | 30,462 | 47,758 | 50,479 | ||
Provision for loan losses | 7,494 | 0 | 9,994 | 0 | ||
Net interest income after provision for loan losses | 16,596 | 30,462 | 37,764 | 50,479 | ||
NONINTEREST INCOME | ||||||
Residential mortgage banking income, net | 4,386 | 7,254 | 7,207 | 16,555 | ||
Mortgage servicing rights | 1,574 | 1,707 | 8,312 | 5,078 | ||
Gain on sale of guaranteed government loans | 1,538 | 143 | 2,965 | 1,217 | ||
Service Charges On Deposit Accounts | 327 | 370 | 642 | 697 | ||
Increase in cash surrender value of bank owned life insurance | 276 | 237 | 548 | 401 | ||
Total noninterest income | 10,190 | 36,212 | 34,284 | 51,751 | ||
NONINTEREST EXPENSE | ||||||
Salaries and employee benefits | 15,873 | 17,539 | 29,969 | 31,442 | ||
Other operating expenses | 9,453 | 12,727 | 18,046 | 29,060 | ||
Total noninterest expenses | 25,326 | 30,266 | 48,015 | 60,502 | ||
Income from continuing operations before income tax expense | 1,460 | 36,408 | 24,033 | 41,728 | ||
Income tax expense | 342 | 7,715 | 5,495 | 8,792 | ||
Net income from continuing operations | 1,118 | 28,693 | 18,538 | 32,936 | ||
Discontinued Operations | ||||||
Income from discontinued operations before income taxes | 0 | (65) | 426 | (72) | ||
Income tax expense | 0 | (14) | 89 | (15) | ||
Net (loss) income from discontinued operations | 0 | (51) | 337 | (57) | ||
Net income (loss) | 1,118 | 28,642 | 18,875 | 32,879 | ||
Net (Income) loss from discontinued operations attributable to noncontrolling interest | 0 | 4 | (1) | (5) | ||
Net income (loss) attributable to Blue Ridge Bankshares, Inc. | 1,118 | 28,646 | 18,874 | 32,874 | ||
Total assets | 2,799,643 | 2,764,730 | 2,799,643 | 2,764,730 | $ 2,665,139 | |
Other Income [Member] | ||||||
NONINTEREST INCOME | ||||||
Other income | 2,089 | 26,501 | 14,610 | 27,803 | ||
Commercial Banking [Member] | ||||||
INTEREST INCOME | ||||||
Interest income | 25,725 | 32,775 | 50,908 | 54,482 | ||
Interest expense | 1,402 | 2,425 | 2,948 | 4,296 | ||
Net interest income | 24,323 | 30,350 | 47,960 | 50,186 | ||
Provision for loan losses | 7,494 | 0 | 9,994 | 0 | ||
Net interest income after provision for loan losses | 16,829 | 30,350 | 37,966 | 50,186 | ||
NONINTEREST INCOME | ||||||
Residential mortgage banking income, net | 0 | 0 | 0 | 0 | ||
Mortgage servicing rights | (25) | 0 | 176 | 0 | ||
Gain on sale of guaranteed government loans | 1,538 | 143 | 2,965 | 1,217 | ||
Service Charges On Deposit Accounts | 327 | 370 | 642 | 697 | ||
Increase in cash surrender value of bank owned life insurance | 276 | 237 | 548 | 401 | ||
Total noninterest income | 4,573 | 26,662 | 9,965 | 29,502 | ||
NONINTEREST EXPENSE | ||||||
Salaries and employee benefits | 10,916 | 10,857 | 20,005 | 16,492 | ||
Other operating expenses | 8,506 | 9,878 | 15,087 | 23,015 | ||
Total noninterest expenses | 19,422 | 20,735 | 35,092 | 39,507 | ||
Income from continuing operations before income tax expense | 1,980 | 36,277 | 12,839 | 40,181 | ||
Income tax expense | 389 | 7,662 | 3,295 | 8,425 | ||
Net income from continuing operations | 1,591 | 28,615 | 9,544 | 31,756 | ||
Discontinued Operations | ||||||
Income from discontinued operations before income taxes | 0 | (65) | 426 | (72) | ||
Income tax expense | 0 | (14) | 89 | (15) | ||
Net (loss) income from discontinued operations | 0 | (51) | 337 | (57) | ||
Net income (loss) | 1,591 | 28,564 | 9,881 | 31,699 | ||
Net (Income) loss from discontinued operations attributable to noncontrolling interest | 0 | 4 | (1) | (5) | ||
Net income (loss) attributable to Blue Ridge Bankshares, Inc. | 1,591 | 28,568 | 9,880 | 31,694 | ||
Total assets | 2,712,209 | 2,577,730 | 2,712,209 | 2,577,730 | ||
Commercial Banking [Member] | Other Income [Member] | ||||||
NONINTEREST INCOME | ||||||
Other income | 2,457 | 25,912 | 5,634 | 27,187 | ||
Mortgage Banking [Member] | ||||||
INTEREST INCOME | ||||||
Interest income | 337 | 1,010 | 928 | 1,830 | ||
Interest expense | 93 | 57 | 128 | 115 | ||
Net interest income | 244 | 953 | 800 | 1,715 | ||
Provision for loan losses | 0 | 0 | 0 | 0 | ||
Net interest income after provision for loan losses | 244 | 953 | 800 | 1,715 | ||
NONINTEREST INCOME | ||||||
Residential mortgage banking income, net | 4,386 | 7,254 | 7,207 | 16,555 | ||
Mortgage servicing rights | 1,599 | 1,707 | 8,136 | 5,078 | ||
Gain on sale of guaranteed government loans | 0 | 0 | 0 | 0 | ||
Service Charges On Deposit Accounts | 0 | 0 | 0 | 0 | ||
Increase in cash surrender value of bank owned life insurance | 0 | 0 | 0 | 0 | ||
Total noninterest income | 5,985 | 8,961 | 15,343 | 21,633 | ||
NONINTEREST EXPENSE | ||||||
Salaries and employee benefits | 4,957 | 6,682 | 9,964 | 14,950 | ||
Other operating expenses | 761 | 2,256 | 2,697 | 4,437 | ||
Total noninterest expenses | 5,718 | 8,938 | 12,661 | 19,387 | ||
Income from continuing operations before income tax expense | 511 | 976 | 3,482 | 3,961 | ||
Income tax expense | 108 | 212 | 732 | 817 | ||
Net income from continuing operations | 403 | 764 | 2,750 | 3,144 | ||
Discontinued Operations | ||||||
Income from discontinued operations before income taxes | 0 | 0 | 0 | 0 | ||
Income tax expense | 0 | 0 | 0 | 0 | ||
Net (loss) income from discontinued operations | 0 | 0 | 0 | 0 | ||
Net income (loss) | 403 | 764 | 2,750 | 3,144 | ||
Net (Income) loss from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to Blue Ridge Bankshares, Inc. | 403 | 764 | 2,750 | 3,144 | ||
Total assets | 55,335 | 173,581 | 55,335 | 173,581 | ||
Mortgage Banking [Member] | Other Income [Member] | ||||||
NONINTEREST INCOME | ||||||
Other income | 0 | 0 | 0 | 0 | ||
Parents Only [Member] | ||||||
INTEREST INCOME | ||||||
Interest income | 181 | 27 | 209 | 76 | ||
Interest expense | 658 | 868 | 1,211 | 1,498 | ||
Net interest income | (477) | (841) | (1,002) | (1,422) | ||
Provision for loan losses | 0 | 0 | 0 | 0 | ||
Net interest income after provision for loan losses | (477) | (841) | (1,002) | (1,422) | ||
NONINTEREST INCOME | ||||||
Residential mortgage banking income, net | 0 | 0 | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | 0 | 0 | ||
Gain on sale of guaranteed government loans | 0 | 0 | 0 | 0 | ||
Service Charges On Deposit Accounts | 0 | 0 | 0 | 0 | ||
Increase in cash surrender value of bank owned life insurance | 0 | 0 | 0 | 0 | ||
Total noninterest income | (173) | 651 | 9,253 | 703 | ||
NONINTEREST EXPENSE | ||||||
Salaries and employee benefits | 0 | 0 | 0 | 0 | ||
Other operating expenses | 381 | 655 | 539 | 1,695 | ||
Total noninterest expenses | 381 | 655 | 539 | 1,695 | ||
Income from continuing operations before income tax expense | (1,031) | (845) | 7,712 | (2,414) | ||
Income tax expense | (155) | (159) | 1,468 | (450) | ||
Net income from continuing operations | (876) | (686) | 6,244 | (1,964) | ||
Discontinued Operations | ||||||
Income from discontinued operations before income taxes | 0 | 0 | 0 | 0 | ||
Income tax expense | 0 | 0 | 0 | 0 | ||
Net (loss) income from discontinued operations | 0 | 0 | 0 | 0 | ||
Net income (loss) | (876) | (686) | 6,244 | (1,964) | ||
Net (Income) loss from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to Blue Ridge Bankshares, Inc. | (876) | (686) | 6,244 | (1,964) | ||
Total assets | 316,891 | 313,213 | 316,891 | 313,213 | ||
Parents Only [Member] | Other Income [Member] | ||||||
NONINTEREST INCOME | ||||||
Other income | (173) | 651 | 9,253 | 703 | ||
Eliminations [Member] | ||||||
INTEREST INCOME | ||||||
Interest income | 0 | 0 | 0 | 0 | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Net interest income | 0 | 0 | 0 | 0 | ||
Provision for loan losses | 0 | 0 | 0 | 0 | ||
Net interest income after provision for loan losses | 0 | 0 | 0 | 0 | ||
NONINTEREST INCOME | ||||||
Residential mortgage banking income, net | 0 | 0 | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | 0 | 0 | ||
Gain on sale of guaranteed government loans | 0 | 0 | 0 | 0 | ||
Service Charges On Deposit Accounts | 0 | 0 | 0 | 0 | ||
Increase in cash surrender value of bank owned life insurance | 0 | 0 | 0 | 0 | ||
Total noninterest income | (195) | (62) | (277) | (87) | ||
NONINTEREST EXPENSE | ||||||
Salaries and employee benefits | 0 | 0 | 0 | 0 | ||
Other operating expenses | (195) | (62) | (277) | (87) | ||
Total noninterest expenses | (195) | (62) | (277) | (87) | ||
Income from continuing operations before income tax expense | 0 | 0 | 0 | 0 | ||
Income tax expense | 0 | 0 | 0 | 0 | ||
Net income from continuing operations | 0 | 0 | 0 | 0 | ||
Discontinued Operations | ||||||
Income from discontinued operations before income taxes | 0 | 0 | 0 | 0 | ||
Income tax expense | 0 | 0 | 0 | 0 | ||
Net (loss) income from discontinued operations | 0 | 0 | 0 | 0 | ||
Net income (loss) | 0 | 0 | 0 | 0 | ||
Net (Income) loss from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to Blue Ridge Bankshares, Inc. | 0 | 0 | 0 | 0 | ||
Total assets | (284,792) | (299,794) | (284,792) | (299,794) | ||
Eliminations [Member] | Other Income [Member] | ||||||
NONINTEREST INCOME | ||||||
Other income | $ (195) | $ (62) | $ (277) | $ (87) | ||
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Business Segments - Summary o_2
Business Segments - Summary of Segment Reporting Information by Segment (Parenthetical) (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Segment Reporting [Abstract] | |
Gain on disposal from discontinued operations before income taxes | $ 471 |
Changes to Accumulated Other _3
Changes to Accumulated Other Comprehensive Income, Net - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Beginning Balance | $ 278,482 | $ 239,734 | $ 277,139 | [1] | $ 108,200 |
Change in net unrealized holding gains (losses) on securities available for sale, net of deferred tax expense (benefit) | (16,015) | 747 | (33,859) | (1,735) | |
Ending Balance | 261,660 | 266,826 | 261,660 | 266,826 | |
Net Unrealized Gains (Losses) on Available-For-Sale Securities [Member] | |||||
Beginning Balance | (21,900) | (1,838) | (4,056) | 644 | |
Change in net unrealized holding gains (losses) on securities available for sale, net of deferred tax expense (benefit) | (16,015) | 747 | (33,859) | (1,735) | |
Change in net unrealized holding gains (losses) on interest rate swaps, net of deferred tax (benefit) expense | 0 | 0 | |||
Ending Balance | (37,915) | (1,091) | (37,915) | (1,091) | |
Transfer of Securities Held to Maturity to Available For Sale [Member] | |||||
Beginning Balance | 425 | 425 | 425 | 425 | |
Change in net unrealized holding gains (losses) on securities available for sale, net of deferred tax expense (benefit) | 0 | 0 | 0 | 0 | |
Change in net unrealized holding gains (losses) on interest rate swaps, net of deferred tax (benefit) expense | 0 | 0 | |||
Ending Balance | 425 | 425 | 425 | 425 | |
Pension and Post-retirement Benefit Plans[Member] | |||||
Beginning Balance | (1) | (1) | |||
Change in net unrealized holding gains (losses) on securities available for sale, net of deferred tax expense (benefit) | 0 | 0 | |||
Ending Balance | (1) | (1) | |||
Net Unrealized Gains (Losses) on Interest Rate Swaps [Member | |||||
Beginning Balance | 5,448 | (805) | |||
Change in net unrealized holding gains (losses) on securities available for sale, net of deferred tax expense (benefit) | 0 | 0 | |||
Change in net unrealized holding gains (losses) on interest rate swaps, net of deferred tax (benefit) expense | (2,582) | 3,671 | |||
Ending Balance | 2,866 | 2,866 | |||
Accumulated Other Comprehensive Income (Loss), Net [Member] | |||||
Beginning Balance | (21,476) | 4,035 | (3,632) | 264 | |
Change in net unrealized holding gains (losses) on securities available for sale, net of deferred tax expense (benefit) | (16,015) | 747 | (33,859) | (1,735) | |
Change in net unrealized holding gains (losses) on interest rate swaps, net of deferred tax (benefit) expense | (2,582) | 3,671 | |||
Ending Balance | $ (37,491) | $ 2,200 | $ (37,491) | $ 2,200 | |
[1] Derived from audited December 31, 2021 Consolidated Financial Statements. |
Changes to Accumulated Other _4
Changes to Accumulated Other Comprehensive Income, Net - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Change in net unrealized holding (losses) gains on securities available-for-sale, net of deferred tax expense (benefit) | $ 4,257 | $ (199) | $ 9,000 | $ 461 |
Change in net unrealized holding gains (losses) on interest rate swaps, net of deferred tax expense (benefit) | $ 687 | $ (975) |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) | Aug. 12, 2019 USD ($) |
Loss Contingencies [Line Items] | |
Loss contingency, damages value | $ 12,000,000 |
Loss accrued for lawsuit | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | 1 Months Ended | |
Jul. 31, 2022 | Mar. 31, 2021 | |
Subsequent Event [Line Items] | ||
Dividend, record date | Apr. 30, 2021 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Quarterly cash dividend, declared date | Jul. 07, 2022 | |
Common stock dividends per share cash paid | $ 0.1225 | |
Dividend, payment date | Jul. 29, 2022 | |
Dividend, record date | Jul. 18, 2022 |