Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 01, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BLUE RIDGE BANKSHARES, INC. | ||
Entity Central Index Key | 0000842717 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-39165 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1838100 | ||
Entity Address, Address Line One | 1807 Seminole Trail | ||
Entity Address, City or Town | Charlottesville | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 22901 | ||
City Area Code | 540 | ||
Local Phone Number | 743-6521 | ||
Trading Symbol | BRBS | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Common stock, no par value | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 18,946,466 | ||
Entity Public Float | $ 257,678,654 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 149 | ||
Auditor Name | Elliott Davis, PLLC | ||
Auditor Location | Raleigh, North Carolina | ||
Documents Incorporated by Reference | The information required by Part III of this Form 10-K will be included in the registrant’s definitive proxy statement for the 2023 annual meeting of shareholders and incorporated herein by reference or in an amendment to this Form 10-K filed within 120 days after the end of the fiscal year covered by this Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 77,274 | $ 130,548 |
Federal funds sold | 1,426 | 43,903 |
Securities available for sale, at fair value | 354,341 | 373,532 |
Restricted equity investments | 21,257 | 8,334 |
Other equity investments | 23,776 | 14,184 |
Other investments | 24,672 | 12,681 |
Loans held for sale | 69,534 | 121,943 |
Paycheck Protection Program loans, net of deferred fees and costs | 11,967 | 30,406 |
Loans held for investment, net of deferred fees and costs | 2,399,092 | 1,777,172 |
Less allowance for loan losses | (22,939) | (12,121) |
Loans held for investment, net | 2,376,153 | 1,765,051 |
Accrued interest receivable | 12,393 | 9,573 |
Other real estate owned | 195 | 157 |
Premises and equipment, net | 23,152 | 26,624 |
Right-of-use asset | 6,903 | 6,317 |
Bank owned life insurance | 47,245 | 46,545 |
Goodwill | 26,826 | 26,826 |
Other intangible assets | 6,583 | 7,594 |
Mortgage servicing rights, net | 28,991 | 16,469 |
Deferred tax asset, net | 9,182 | 150 |
Other assets | 19,175 | 23,001 |
Assets of discontinued operations | 0 | 1,301 |
Total assets | 3,141,045 | 2,665,139 |
Deposits: | ||
Noninterest-bearing demand | 640,101 | 685,801 |
Interest-bearing demand and money market deposits | 1,318,799 | 962,092 |
Savings | 151,646 | 150,376 |
Time deposits | 391,961 | 499,502 |
Total deposits | 2,502,507 | 2,297,771 |
FHLB borrowings | 311,700 | 10,111 |
FRB borrowings | 51 | 17,901 |
Subordinated notes, net | 39,920 | 39,986 |
Lease liabilities | 7,860 | 7,651 |
Other liabilities | 19,634 | 14,543 |
Liabilities of discontinued operations | 0 | 37 |
Total liabilities | 2,881,672 | 2,388,000 |
Commitments and contingencies (Note 22) | ||
Stockholders’ Equity: | ||
Common stock, no par value; 50,000,000 and 25,000,000 shares authorized at December 31, 2022 and December 31, 2021, respectively; 18,950,329 and 18,774,082 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 195,960 | 194,309 |
Additional paid-in capital | 252 | 252 |
Retained earnings | 108,262 | 85,982 |
Accumulated other comprehensive loss, net of tax | (45,101) | (3,632) |
Total Blue Ridge Bankshares, Inc. stockholders' equity before noncontrolling interest | 259,373 | 276,911 |
Noncontrolling interest of discontinued operations | 0 | 228 |
Total stockholders’ equity | 259,373 | 277,139 |
Total liabilities and stockholders’ equity | $ 3,141,045 | $ 2,665,139 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 18,950,329 | 18,774,082 |
Common stock, shares, outstanding | 18,950,329 | 18,774,082 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
NET INTEREST INCOME | |||
Interest and fees on loans | $ 116,826 | $ 97,933 | $ 51,559 |
Interest on securities, deposit accounts, and federal funds sold | 10,650 | 5,613 | 2,901 |
Total interest income | 127,476 | 103,546 | 54,460 |
INTEREST EXPENSE | |||
Interest on deposits | 11,260 | 6,437 | 6,246 |
Interest on subordinated notes | 2,215 | 2,627 | 1,265 |
Interest on FHLB and FRB borrowings | 3,610 | 2,001 | 2,439 |
Total interest expense | 17,085 | 11,065 | 9,950 |
Net interest income | 110,391 | 92,481 | 44,510 |
Provision for loan losses | 17,886 | 117 | 10,450 |
Net interest income after provision for loan losses | 92,505 | 92,364 | 34,060 |
NONINTEREST INCOME | |||
Fair value adjustments of other equity investments | 9,306 | 7,316 | 0 |
Gain on sale of Paycheck Protection Program loans | 0 | 24,315 | 0 |
Residential mortgage banking income, net | 12,609 | 28,624 | 44,460 |
Mortgage servicing rights | 8,038 | 8,398 | 7,084 |
Gain on sale of guaranteed government loans | 4,734 | 2,005 | 880 |
Gain on termination of interest rate swaps | 0 | 6,221 | 0 |
Wealth and trust management | 1,769 | 2,373 | 0 |
Service charges on deposit accounts | 1,289 | 1,464 | 905 |
Increase in cash surrender value of bank owned life insurance | 1,348 | 932 | 390 |
Bank and purchase card, net | 2,240 | 1,805 | 1,297 |
Other | 6,759 | 3,535 | 834 |
Total noninterest income | 48,092 | 86,988 | 55,850 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 56,006 | 61,481 | 44,974 |
Occupancy and equipment | 5,916 | 6,413 | 3,444 |
Data processing | 4,593 | 4,233 | 2,504 |
Legal, and regulatory filing | 3,004 | 1,736 | 2,687 |
Advertising and marketing | 1,460 | 1,364 | 734 |
Communications | 3,825 | 2,810 | 718 |
Audit and accounting fees | 1,304 | 902 | 436 |
FDIC insurance | 1,340 | 1,014 | 749 |
Intangible amortization | 1,525 | 1,671 | 629 |
Other contractual services | 3,137 | 2,783 | 1,408 |
Other taxes and assessments | 2,668 | 2,607 | 1,006 |
Regulatory remediation | 7,442 | 0 | 0 |
Merger-related | 50 | 11,868 | 2,372 |
Other | 12,506 | 12,106 | 5,575 |
Total noninterest expenses | 104,776 | 110,988 | 67,236 |
Income from continuing operations before income tax expense | 35,821 | 68,364 | 22,674 |
Income tax expense | 8,244 | 15,740 | 4,837 |
Net income from continuing operations | 27,577 | 52,624 | 17,837 |
Income (loss) from discontinued operations before income taxes (including gain on disposal of $471 thousand for the year ended December 31, 2022) | 426 | (183) | (177) |
Income tax expense (benefit) | 89 | (39) | (37) |
Net income (loss) from discontinued operations | 337 | (144) | (140) |
Net income | 27,914 | 52,480 | 17,697 |
Net income from discontinued operations attributable to noncontrolling interest | (1) | (3) | (1) |
Net income attributable to Blue Ridge Bankshares, Inc. | 27,913 | 52,477 | 17,696 |
Net Income available to common stockholders | $ 27,913 | $ 52,477 | $ 17,696 |
Basic EPS from continuing operations | $ 1.46 | $ 2.95 | $ 2.07 |
Diluted EPS from continuing operations, Diluted | $ 1.46 | $ 2.95 | $ 2.07 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Income Statement [Abstract] | |
Gain on disposal from discontinued operations before income taxes | $ 471 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 27,914 | $ 52,480 | $ 17,697 |
Other comprehensive income (loss): | |||
Gross unrealized (losses) gains on securities available for sale arising during the period | (53,405) | (6,093) | 491 |
Deferred income tax benefit (expense) | 11,936 | 1,279 | (103) |
Reclassification of net loss (gain) on securities available for sale included in net income | 0 | 144 | (211) |
Income tax (benefit) expense | 0 | (30) | 44 |
Unrealized (losses) gains on securities available for sale arising during the period, net of tax | (41,469) | (4,700) | 221 |
Gross unrealized gains (losses) on interest rate swaps | 0 | 7,240 | (774) |
Deferred income tax (expense) benefit | 0 | (1,521) | 163 |
Reclassification of net gains on interest rate swaps included in net income | 0 | (6,221) | 0 |
Income tax expense | 0 | 1,307 | 0 |
Unrealized gains (losses) on interest rate swaps, net of tax | 0 | 805 | (611) |
Gross unrealized losses on pension and post-retirement benefit plans | 0 | (2) | 0 |
Deferred income tax benefit | 0 | 1 | 0 |
Unrealized losses on pension and post-retirement benefit plans | 0 | (1) | 0 |
Transfer of securities held to maturity to available for sale | 0 | 0 | 538 |
Deferred income tax expense | 0 | 0 | (113) |
Unrealized gains on transfer of securities held to maturity to available for sale, net of tax | 0 | 0 | 425 |
Other comprehensive (loss) gain, net of tax | (41,469) | (3,896) | 35 |
Comprehensive net (loss) income | (13,555) | 48,584 | 17,732 |
Comprehensive net income from discontinued operations attributable to noncontrolling interest | (1) | (3) | (1) |
Comprehensive net (loss) income attributable to Blue Ridge Bankshares, Inc. | $ (13,556) | $ 48,581 | $ 17,731 |
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) [Member] | Noncontrolling Interest [Member] | ||
Beginning Balance at Dec. 31, 2019 | $ 92,337 | $ 66,204 | $ 252 | $ 25,428 | $ 229 | $ 224 | ||||
Beginning Balance, Shares at Dec. 31, 2019 | [1] | 8,487,878 | ||||||||
Net income | 17,697 | 17,696 | 1 | |||||||
Other comprehensive (loss) income, net of tax | 35 | 35 | ||||||||
Dividends on common stock | (2,436) | (2,436) | ||||||||
Restricted stock awards, net of forfeitures | 567 | $ 567 | ||||||||
Restricted stock awards, net of forfeitures, Shares | [1] | 90,054 | ||||||||
Ending Balance at Dec. 31, 2020 | 108,200 | $ 66,771 | 252 | 40,688 | 264 | 225 | ||||
Ending Balance, Shares at Dec. 31, 2020 | [1] | 8,577,932 | ||||||||
Net income | 52,480 | 52,477 | 3 | |||||||
Other comprehensive (loss) income, net of tax | (3,896) | (3,896) | ||||||||
Dividends on common stock | (7,183) | (7,183) | ||||||||
Issuance of common stock and other consideration paid in business combination | 125,403 | $ 125,403 | ||||||||
Issuance of common stock and other consideration paid in business combination, Shares | [1] | 9,951,743 | ||||||||
Stock option exercises | $ 804 | $ 804 | ||||||||
Stock option exercises, shares | 89,786 | 89,786 | [1] | |||||||
Restricted stock awards, net of forfeitures | $ 1,331 | $ 1,331 | ||||||||
Restricted stock awards, net of forfeitures, Shares | [1] | 154,621 | ||||||||
Ending Balance at Dec. 31, 2021 | 277,139 | $ 194,309 | 252 | 85,982 | (3,632) | 228 | ||||
Ending Balance, Shares at Dec. 31, 2021 | [1] | 18,774,082 | ||||||||
Net income | 27,914 | 27,913 | 1 | |||||||
Other comprehensive (loss) income, net of tax | (41,469) | (41,469) | ||||||||
Dividends on common stock | (9,175) | (9,175) | ||||||||
Stock option exercises | $ 14 | $ 14 | ||||||||
Stock option exercises, shares | 1,183 | 1,183 | [1] | |||||||
Dividend reinvestment plan issuances | $ 73 | $ 73 | ||||||||
Dividend reinvestment plan issuances shares | [1] | 5,480 | ||||||||
Restricted stock awards, net of forfeitures | 1,564 | $ 1,564 | ||||||||
Restricted stock awards, net of forfeitures, Shares | [1] | 169,584 | ||||||||
Disposition of noncontrolling interest | (229) | $ (229) | ||||||||
Ending Balance at Dec. 31, 2022 | $ 259,373 | $ 3,542 | $ 195,960 | $ 252 | $ 108,262 | $ 3,542 | $ (45,101) | |||
Ending Balance, Shares at Dec. 31, 2022 | [1] | 18,950,329 | ||||||||
[1] Common stock outstanding as of and for the periods presented is reflective of the Company's 3-for-2 stock split effective April 30, 2021 (the "Stock Split"). |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | 1 Months Ended |
Apr. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | |
Stockholders' Equity Note, Stock Split | 3-for-2 stock split |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income from continuing operations | $ 27,577 | $ 52,624 | $ 17,837 |
Net income (loss) from discontinued operations | 337 | (144) | (140) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 1,977 | 2,144 | 924 |
Deferred income tax expense (benefit) | 3,025 | 1,923 | (1,680) |
Provision for loan losses | 17,886 | 117 | 10,450 |
Accretion of fair value adjustments (discounts) on acquired loans | (7,392) | (2,006) | (1,030) |
Accretion of fair value adjustments (premiums) on acquired time deposits | (1,480) | (3,225) | (23) |
Accretion of fair value adjustments (premiums) on acquired subordinated notes | (101) | (176) | 0 |
Proceeds from sale of mortgage loans held for sale | 522,252 | 1,228,021 | 1,099,378 |
Mortgage loans held for sale, originated | (416,772) | (1,171,787) | (1,180,190) |
Gain on sale of mortgage loans | (4,451) | (21,432) | (42,140) |
Proceeds from sale of guaranteed government loans held for sale | 54,271 | 0 | 0 |
Guaranteed government loans held for sale, originated | (88,077) | 0 | 0 |
Gain on sale of guaranteed government loans | (4,734) | 0 | 0 |
Gain on sale of Paycheck Protection Program loans | 0 | (24,315) | 0 |
Realized losses (gains) on sale of available for sale securities | 0 | 144 | (211) |
(Gain) loss on disposal of premises and equipment | (263) | 110 | 160 |
Investment amortization expense, net | 1,332 | 1,865 | 1,138 |
Amortization of subordinated debt issuance costs | 35 | 206 | 55 |
Intangible amortization | 1,525 | 1,671 | 629 |
Fair value adjustments of other equity investments | (9,306) | (7,316) | 0 |
Fair value adjustments attributable to mortgage servicing rights | (2,248) | 0 | 0 |
Fair value adjustments on other real estate owned | 0 | 75 | 0 |
Increase in cash surrender value of bank owned life insurance | (1,348) | (932) | (390) |
Increase in other assets | (5,431) | 12,347 | (26,332) |
Increase (decrease) in other liabilities | 5,262 | (10,921) | 13,002 |
Net cash provided by (used in) operating activities - continuing operations | 93,876 | 58,993 | (108,563) |
Net cash provided by operating activities - discontinued operations | 55 | 220 | 223 |
Cash provided by (used in) operating activities | 93,931 | 59,213 | (108,340) |
Cash flows used in investing activities: | |||
Net increase in loans held for investment | (631,797) | (59,053) | (53,320) |
Net decrease (increase) in federal funds sold | 42,477 | (41,396) | (295) |
Purchases of securities available for sale | (68,261) | (264,929) | (44,164) |
Proceeds from calls, sales, paydowns and maturities of securities available for sale | 32,655 | 71,804 | 53,595 |
Proceeds from calls, sales, paydowns, and maturities of securities held to maturity | 0 | 0 | 1,212 |
Proceeds from sale of other real estate owned | 70 | 341 | 0 |
Proceeds from sale of Paycheck Protection Program loans | 0 | 705,930 | 0 |
Net decrease (increase) in Paycheck Protection Program loans | 18,439 | (382,830) | (292,068) |
Net change in restricted equity and other investments | (13,899) | (78) | (2,943) |
Purchases of premises and equipment | (455) | (1,217) | (3,010) |
Proceeds from sale of premises and equipment | 2,211 | 547 | 719 |
Purchases of bank owned life insurance | 0 | (9,600) | 0 |
Redemption of bank owned life insurance | 414 | 0 | 0 |
Capital calls of small business investment company funds and other investments | (11,310) | (11,582) | (609) |
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. | 0 | 44,066 | 0 |
Nonincome distributions from SBICs and other investments | 1,028 | 647 | 94 |
Net cash (used in) provided by investing activities - continuing operations | (628,428) | 52,650 | (340,789) |
Net cash provided by (used in) investing activities - discontinued operations | 245 | (166) | (96) |
Cash (used in) provided by investing activities | (628,183) | 52,484 | (340,885) |
Cash flows from financing activities: | |||
Net increase in demand, savings and other interest-bearing deposits | 312,277 | 452,173 | 232,591 |
Net decrease in time deposits | (106,061) | (127,174) | (9,512) |
Common stock dividends paid | (9,175) | (7,183) | (2,436) |
FHLB advances | 822,900 | 721,000 | 676,900 |
FHLB repayments | (521,200) | (836,000) | (686,700) |
FRB advances | 0 | 434,336 | 363,682 |
FRB repayments | (17,850) | (722,900) | (82,032) |
Stock option exercised | 14 | 804 | 0 |
Dividend reinvestment plan issuances | 73 | 0 | 0 |
Redemptions of subordinated notes | 0 | (14,150) | 0 |
Issuance of subordinated notes | 0 | 0 | 15,000 |
Payment of subordinated notes issuance costs | 0 | 0 | (349) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 480,978 | (99,094) | 507,144 |
Net cash provided by financing activities - discontinued operations | 0 | 0 | 0 |
Cash provided by (used in) financing activities | 480,978 | (99,094) | 507,144 |
Net (decrease) increase in cash and due from banks | (53,274) | 12,603 | 57,919 |
Cash and due from banks at beginning of period | 130,548 | 117,945 | 60,026 |
Cash and due from banks at end of period | 77,274 | 130,548 | 117,945 |
Supplemental Schedule of Cash Flow Information | |||
Interest | 16,011 | 11,583 | 10,030 |
Income taxes | 2,077 | 10,131 | 2,000 |
Non-cash investing and financing activities: | |||
Unrealized (losses) gains on securities available for sale | (53,405) | (6,024) | 1,029 |
Transfers of securities from held to maturity to available for sale | 0 | 0 | 10,980 |
Restricted stock awards, net of forfeitures | 1,564 | 1,331 | 567 |
Assets acquired in business combination | 0 | 1,224,583 | 0 |
Liabilities assumed in business combination | 0 | 1,107,036 | 0 |
Effective settlement of subordinated notes in business combination | 0 | 650 | 0 |
Change in goodwill | $ 0 | $ 7,206 | $ 23 |
Cumulative effect adjustment of change in accounting method | 3,542 | — | — |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization and Basis of Presentation Blue Ridge Bankshares, Inc. (the "Company"), a Virginia corporation, was formed in 1988 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Company is headquartered in Charlottesville, Virginia and conducts its business activities primarily through its wholly-owned subsidiary bank, Blue Ridge Bank, National Association (the "Bank") and its wealth and trust management subsidiary, BRB Financial Group, Inc. (the “Financial Group”). The Company exists primarily for the purposes of holding the stock of its subsidiaries, the Bank and the Financial Group. The Bank operates under a national charter and is subject to regulation by the Office of the Comptroller of the Currency (the “OCC”). Consequently, it undergoes periodic examinations by this regulatory authority. As a bank holding company, the Company is subject to supervision and regulation by the Board of Governors of the Federal Reserve System and the Bureau of Financial Institutions of the Virginia State Corporation Commission, which also periodically conduct examinations of the holding company's activities. As of December 31, 2022, the Bank operated twenty-seven full-service banking offices across its footprint, which stretches from the Shenandoah Valley across the Piedmont region through Richmond and into the coastal peninsulas and Hampton Roads region of Virginia and north-central North Carolina. The Company, through the Financial Group, offers management services for personal and corporate trusts, including estate planning, estate settlement and trust administration, insurance products, and investment and wealth management. The Bank’s mortgage banking activities include a retail mortgage business operating as Monarch Mortgage and wholesale mortgage business operating as LenderSelect Mortgage Group ("LenderSelect"). LenderSelect offers wholesale and third-party residential mortgage origination services to other financial institutions and credit unions. The Company, through its minority investment in Hammond Insurance Agency, Inc. (“Hammond Insurance”) offers property and casualty insurance to individuals and businesses. Employment benefit services are offered under the trade name BluePoint Benefits ("BluePoint Benefits"). On January 31, 2021, the Company completed a merger with Bay Banks of Virginia, Inc. (“Bay Banks”), a bank holding company conducting substantially all its operations through its bank subsidiary, Virginia Commonwealth Bank, and the Financial Group (formerly VCB Financial Group, Inc.). Immediately following the Company’s merger with Bay Banks, Bay Banks’ subsidiary bank was merged with and into the Bank, while the Financial Group became a subsidiary of the Company (collectively, the “Bay Banks Merger”). 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. On August 29, 2022, the Bank entered into a formal written agreement (the “Written Agreement”) with the OCC, the Bank's primary federal banking regulator. The Written Agreement principally concerns the Bank’s fintech line of business and requires the Bank to continue enhancing its controls for assessing and managing the third-party, Bank Secrecy Act/Anti-Money Laundering, and information technology risks stemming from its fintech partnerships. A complete copy of the Written Agreement was furnished in a Form 8-K filed with the Securities and Exchange Commission (the "SEC") on September 1, 2022 and can be accessed on the SEC’s website (www.sec.gov) and the Company’s website (www.blueridgebankshares.com). The Bank is actively working to bring its fintech policies, procedures, and operations into conformity with OCC directives and believes its work to date has been delivered on schedule. The accompanying 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. Information contained herein as of December 31, 2022 includes the balances of Bay Banks; information contained herein as of and for the year ended December 31, 2021 includes the operations of Bay Banks for the period immediately following the effective date of the Bay Banks Merger (January 31, 2021) through December 31, 2021. Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current year presentations, including the following instances. The reclassifications had no effect on net income, net income per share, or shareholders’ equity, as previously reported. Correction of Immaterial Classification Error During the third quarter of 2022, the Company determined that a deposit account classified as a noninterest-bearing demand deposit as of December 31, 2021 should have been classified as an interest-bearing demand deposit. The Company has changed the classification of this deposit account on its December 31, 2021 consolidated balance sheet, which resulted in a $ 20.3 million decrease from what was previously reported in the Company's 2021 Form 10-K in noninterest-bearing demand deposits with a corresponding increase in interest-bearing demand deposits of the same amount. This change in classification did not affect the Company's reported total assets, deposits, or earnings as of and for the year ended December 31, 2021 on its consolidated balance sheet and statement of operations. The Company evaluated and concluded that its previously issued financial statements were not materially misstated due to this change in classification. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies The significant accounting and reporting policies of the Company outlined below are in accordance with GAAP. (a) Use of Estimates In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and contingent liabilities, as of the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to accounting for business combinations, accounting for acquired loans, the allowance for loan losses, the valuation of deferred tax assets, mortgage servicing rights, and the valuation of derivative instruments and certain investments. (b) Cash and due from banks and federal funds sold For purposes of the consolidated statements of cash flows and balance sheets, cash and due from banks include cash on hand and amounts due from banks, including short-term investments with original maturities of less than 90 days. Federal funds sold represents excess bank reserves lent (generally on an overnight basis) to other financial institutions in the federal funds market. Federal funds sold are separately disclosed within the consolidated balance sheets. (c) Investment Securities Management determines the appropriate classification of securities at the time of purchase. If management has the intent and the Company has the ability at the time of purchase to hold securities until maturity, they are classified as held to maturity and carried at amortized historical cost. Securities not intended to be held to maturity are classified as available for sale and carried at fair value. Securities available for sale are intended to be used as part of the Company’s asset and liability management strategy and may be sold in response to liquidity needs, changes in interest rates, prepayment risk, or other similar factors. Securities reclassified from one category to another are transferred at fair value. Amortization of premiums and accretion of discounts on securities are reported as adjustments to interest income using the effective interest method. Realized gains and losses on dispositions are based on the net proceeds and the adjusted book value of the securities sold using the specific identification method and recorded on the date of settlement. Unrealized gains and losses on investment securities available for sale are based on the difference between book value and fair value of each security. These gains and losses are credited or charged to shareholders’ equity, whereas realized gains and losses flow through the Company’s current earnings. Investment securities for which the fair value of the security is less than its amortized cost are evaluated on a quarterly basis for credit related other-than-temporary impairment ("OTTI"). For debt securities, impairment is considered other-than-temporary and recognized in its entirety in the consolidated statements of income if either the Company intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If, however, the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery, management must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost basis of the security exceeds the present value of the cash flows expected to be collected from the security. If there is credit loss, the loss is recognized in the consolidated statements of income, and the remaining portion of the impairment is recognized in other comprehensive income (loss). Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. The Company has made investments in several fintech companies, which are being accounted for as equity securities under Accounting Standards Codification ("ASC") 321, Investments – Equity Investments. None of the Company's fintech investments have readily-determinable fair values and most are reported at cost, less impairment, if any. The Company reports such investments at fair value if observable market transactions have occurred in similar securities. Several of the fintech entities had observable market transactions in 2022 and 2021 that, in the opinion of management, were in securities similar to the Company's existing investments. Accordingly, the Company recorded fair market value adjustments (unrealized gains) on its existing investments totaling $ 9.3 million and $ 7.3 million for the years ended December 31, 2022 and 2021, respectively, which is reported in noninterest income as fair value adjustments on other equity investments on the consolidated statements of operations. These investments, inclusive of the fair value adjustments, totaled $ 21.6 million and $ 12.3 million as of December 31, 2022 and 2021, respectively, and are included in other equity investments on the Company's con solidated balance sheets. The Company also holds investments in early-stage focused investment funds, small business investment companies ("SBIC"), and low-income housing partnerships, which are reported in other investments on the consolidated balance sheets, and total $ 24.7 million and $ 12.7 million as of December 31, 2022 and 2021, respectively. These investments do not have readily-determinable fair values, are generally reported at amortized cost, and are periodically evaluated for potential impairment. (d) Loans Held for Sale Mortgage loans originated or purchased and intended for sale in the secondary market are carried at estimated fair value in the aggregate. Changes in fair value are recognized in residential mortgage banking income on the consolidated statements of income. The Company participates in a mandatory delivery program for its government guaranteed and conventional mortgage loans. Under the mandatory delivery program, loans with interest rate locks are paired with the sale of a to-be-announced (“TBA”) mortgage-backed security bearing similar attributes in the aggregate. Under the mandatory delivery program, the Bank commits to deliver loans to an investor at an agreed upon price after the close of such loans. This differs from a best efforts delivery, which sets the sale price with the investor on a loan-by-loan basis when each loan is locked. Certain consumer loans originated by the Company and sourced by fintech partners are classified on the Company's consolidated balance sheets as held for sale. These loans are originated by the Bank and either sold directly to the applicable fintech partner or another investor at par, generally up to 10 days from origination. These loans are carried at cost. As of December 31, 2022 and 2021, fintech loans held for sale totaled $ 9.8 million and $ 5.8 million, respectively, and are included in loans held for sale on the Company's consolidated balance sheets. The Company holds for sale the conditionally guaranteed portion of certain loans guaranteed by the U.S. Small Business Administration or the U.S. Department of Agriculture (collectively referred to as “government guaranteed loans”). These loans are carried at the lower of cost or fair market value. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Gains or losses on government guaranteed loans held for sale are recognized upon completion of the sale, based on the difference between the selling price and the carrying value of the related loan sold. As of December 31, 2022 and 2021, government guaranteed loans classified as held for sale on the consolidated balance sheets were $ 44.7 million and $ 0 , respectively. (e) Loans Held for Investment and Allowance for Loan Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until loan maturity or pay-off are reported at their outstanding principal balance adjusted for any charge-offs, and net of any deferred fees and origination costs. Loan origination fees and certain direct origination costs are deferred and amortized as an adjustment of the yield using the payment terms required by the loan contract. As a result of the Bay Banks Merger and the Company's acquisition of Virginia Community Bankshares, Inc. in 2019, the Company's loan portfolio is segregated between loans initially accounted for under the amortized cost method (referred to as "originated" loans) and loans acquired (referred to as "acquired" loans). The loans segregated to the acquired loan portfolio were initially measured at fair value and subsequently accounted for under either ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, or ASC 310-20, Nonrefundable Fees and Other Costs. Purchased credit-impaired (“PCI”) loans, which were the nonperforming loans acquired in the Company's acquisitions, were acquired at a discount that is due, in part, to credit quality and are accounted for under ASC 310-30. These loans are initially recorded at fair value (as determined by the present value of expected future cash flows) with no allowance for loan losses. The Company accounts for interest income on all loans acquired at a discount (that is due, in part, to credit quality) based on the acquired loans' expected cash flows. The acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flow. The difference between the cash flows expected at acquisition and the investment in the loans, or the "accretable yield," is recognized as interest income utilizing the level-yield method over the life of each pool. Increases in expected cash flows subsequent to the acquisition are recognized prospectively through adjustment to any previously recognized allowance for loan loss for that pool of loans and then through an increase in the yield on the pool over its remaining life, while decreases in expected cash flows are recognized as impairment through a loss provision and an increase in the allowance for loan losses. Therefore, the allowance for loan losses on these impaired pools reflects only losses incurred after the acquisition (representing the present value of all cash flows that were expected at acquisition but currently are not expected to be received). The Company periodically evaluates the remaining contractual required payments due and estimates of cash flows expected to be collected for PCI loans. These evaluations, performed no less than semi-annually, require the continued use of key assumptions and estimates, similar to the initial estimate of fair value. Changes in the contractual required payments due and estimated cash flows expected to be collected may result in changes in the accretable yield and non-accretable difference or reclassifications between accretable yield and the non-accretable difference. On an aggregate basis, if the acquired pools of PCI loans perform better than originally expected, the Company would expect to receive more future cash flows than originally modeled at the acquisition date. For the pools with better than expected cash flows, the forecasted increase would be recorded as an additional accretable yield that is recognized as a prospective increase to the Company's interest income on loans. Loans are generally placed into nonaccrual status when they are past due 90 days or more as to either principal or interest or when, in the opinion of management, the collection of principal and/or interest is in doubt. A loan remains in nonaccrual status until the loan is current as to payment of both principal and interest or past due less than 90 days and the borrower demonstrates the ability to pay and remain current. When cash payments are received, they are applied to principal first, then to accrued interest. It is the Company's policy not to record interest income on nonaccrual loans until principal has become current. In certain instances, accruing loans that are past due 90 days or more as to principal or interest may not go on nonaccrual status if the Company determines that the loans are well secured and are in the process of collection. Loans are charged-off in whole or in part when a loan or a portion thereof is considered uncollectible. Nonperforming assets include nonaccrual loans, loans past due 90 days or more, and other real estate owned (“OREO”). The Company maintains an allowance for loan losses at a level that represents management's best estimate of known and inherent losses in the loan portfolio. Both the amount of the provision expense and the level of the allowance for loan losses are impacted by many factors, including general and industry-specific economic conditions, actual and expected credit losses, historical trends, and specific conditions of the individual borrowers. As a part of the analysis, the Company uses comparative peer group data and qualitative factors such as levels of and trends in delinquencies, nonaccrual loans, charged-off loans, changes in volume and terms of loans, effects of changes in lending policy, experience and ability and depth of management, national and local economic trends, and conditions and concentrations of credit, competition, and loan review results to support estimates. The allowance for loan losses is increased or decreased by provision for loan losses, increased by recoveries of loans previously charged off, and decreased by loans charged off. The Company also maintains an allowance for loan losses for acquired loans: (i) accounted for under ASC 310-30, when there is deterioration in credit quality subsequent to acquisition, and (ii) accounted for under ASC 310-20, when the inherent losses in the loans exceed the remaining discount recorded at the time of acquisition. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are determined to be impaired and, therefore, individually evaluated for impairment. The Company considers a loan to be impaired when 1) the risk grade of the loan is substandard or worse and the balance of the loan exceeds $ 500,000 , or 2) the loan is a troubled debt restructuring ("TDR"), regardless of balance. The Company determines and recognizes impairment of certain loans when, based on current information and events, it is probable that it will be unable to collect all amounts due according to the loan agreement. A loan is not considered impaired during a period of delay in payment if the Company expects to collect all amounts due, including past-due interest. The Company evaluates the impairment of certain loans on a loan-by-loan basis for those loans that are adversely risk rated. Measurement of impairment is based on the expected future cash flows of an impaired loan, discounted at the loan's effective interest rate, or measured on an observable market value, if one exists, or the fair value of the collateral underlying the loan, discounted to consider estimated costs to sell the collateral for collateral-dependent loans. If the net value is less than the loan's carrying value (including accrued interest and any unamortized premium or discount associated with the loan) an impairment is recognized and a specific reserve is established for the impaired loan. Loans classified as loss loans are fully reserved or charg ed-off. The general component of the allowance for loan losses covers those loans not classified as impaired and those loans classified as impaired that are not individually evaluated for impairment. Loans in the general component population are segmented into homogenous groups that share similar characteristics and receive a loss factor that is based on historical loss experience and adjusted for other internal or external influences on credit quality that are not fully reflected in the historical data. Internal and external factors include, but are not limited to, internal underwriting standards, loan portfolio composition and concentrations, and local and national economic conditions. Loans considered to be TDRs are loans that have their terms restructured (e.g., interest rates, loan maturity date, payment and amortization period, etc.) in circumstances that provide payment relief to a borrower experiencing financial difficulty. All restructured loans are considered impaired loans and may either be in accruing status or nonaccruing status. Nonaccruing restructured loans may return to accruing status provided doubt has been removed concerning the collectability of principal and interest as evidenced by a sufficient period of payment performance in accordance with the restructured terms. Loans may be removed from the restructured category in the year subsequent to the restructuring, if their revised loan terms are considered to be consistent with terms that can be obtained in the credit market for loans with comparable risk and if they meet certain performance criteria. (f) Premises and Equipment Land is carried at cost. Premises and equipment, other than land, are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Estimated useful lives ranges from 39 to 40 years for buildings and from 3 to 15 years for furniture, fixtures, and equipment. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the useful life of the improvements or the lease term . Purchased computer software, which is capitalized, is amortized over estimated useful lives of one to three year s . (g) Leases In accordance with the requirements of ASC 842, Leases, the Company evaluates new real estate and equipment leases to determine whether the contractual arrangements constitute a lease, or contain an embedded lease, which would be in scope under ASC 842 and whether such leases would meet the requirements of an operating or financing lease under the standard. For operating leases, right-of-use assets (“ROU assets”) and lease liabilities are recognized at the commencement date of the lease. ROU assets represent the Company’s right to use leased assets over the term of the lease. Lease liabilities represent the Company’s contractual obligation to make lease payments over the lease term and are measured as the present value of the lease payments over the lease term. ROU assets are measured as the amount of the lease liability adjusted for certain items such as prepaid lease payments, unamortized lease incentives, and unamortized direct costs. ROU assets are amortized on a straight-line basis less the periodic interest expense adjustment of the lease liability and the amortization is included in occupancy expense in the Company’s consolidated statements of operations. The discount rate used for the present value calculations for lease liabilities was the rate implicit in the lease if determinable, and when the rate was not determinable, the Company used its incremental, collateralized borrowing rate with the Federal Home Loan Bank of Atlanta ("FHLB") for the period that most closely coincided with the respective lease term as of the commencement date of the lease. Most of the Company’s leases include renewal options, with renewal terms extending the lease obligation up to as much as eight years. Lease terms may include renewal or extension options to the extent they are reasonably certain to be exercised as assessed at lease commencement. As of and for the years ended December 31, 2022 and 2021, the Company did no t have any leases that met the standard definition of a finance lease nor did it engage in any sale-leaseback transactions or have any material sublease income. In accordance with the ASC, the Company elects not to recognize an ROU asset and lease obligation for contracts with an initial term of twelve months or less. The expense associated with these short-term leases is included in noninterest expense in the consolidated statements of operations. To the extent that a lease arrangement includes both lease and non-lease components, the Company has elected not to account for these separately. Rent expense on operating leases is recorded using the straight-line method over the appropriate lease term. (h) Goodwill and Other Intangible Assets Goodwill, which represents the excess of purchase price over fair value of net assets acquired, is not amortized but is evaluated at least annually for impairment by comparing its fair value with its carrying amount. Impairment is indicated when the carrying amount of a reporting unit exceeds its estimated fair value. Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. The Company performs the impairment test annually during the fourth quarter. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. Intangible assets with definite useful lives are amortized over their estimated useful lives and tested for impairment if events and circumstances exist that might indicate impairment may have occurred. The majority of the Company's intangible assets with definite useful lives is a core deposit intangible asset acquired as part of the Bay Banks Merger. No impairment was recorded for goodwill and other intangible assets in 2022 and 2021. (i) Mortgage Servicing Rights (“MSR”) Assets MSR assets represent the economic value associated with servicing a mortgage loan during the life of the loan. The Company retains servicing rights on mortgages originated and sold to the secondary market. The assets are separate from the underlying mortgage and may be retained or sold by the Company when the related mortgage is sold. Under ASC 860, Transfers and Servicing, MSR assets are initially recognized at fair value and subsequently accounted for using either the amortization method or the fair value measurement method. Beginning January 1, 2022, the Company elected the fair value measurement method for accounting for MSR assets; prior to this, MSR assets were recorded under the amortization method. 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 2022. Consequently, a positive $ 3.5 million cumulative effect adjustment was recorded to stockholders’ equity as of January 1, 2022. MSR assets and servicing income are reported on the Company’s consolidated balance sheets and consolidated statements of income, respectively. (j) Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and reported as OREO. At the time of acquisition these properties are recorded at estimated fair value less estimated selling costs, with any write down charged to the allowance for loan losses and any gain on foreclosure recorded in the allowance up to the amount previously charged off, establishing a new cost basis. Subsequent to foreclosure, valuations of the assets are periodically performed by management, and these assets are subsequently accounted for at the lower of cost or fair value, less estimated selling costs. Adjustments are made for subsequent declines in the fair value of the assets, less selling costs. Revenue and expenses from operations and valuation changes are charged to operating income in the period of the transaction. (k) Cash Surrender Value of Life Insurance The Company has purchased life insurance policies on certain key employees. The cash surrender value of life insurance is recorded at the gross amount that can be realized under the insurance contract at the balance date, which is the cash surrender value. The increase in the cash surrender value over time is recorded as other noninterest income. The Company monitors the financial strength and condition of the counterparty. (l) Income Taxes Income taxes are accounted for using the balance sheet method in accordance with ASC 740, Accounting for Income Taxes. Per ASC 740, the objective is to recognize (a) the amount of taxes payable or refundable for the current year, and (b) defer tax liabilities and assets for the future tax consequences of events that have been recognized in the financial statements or federal income tax returns. Deferred tax assets and liabilities are determined based on the tax effects of the temporary differences between the book (i.e., financial statement) and tax bases of the various balance sheet assets and liabilities and give current recognition to changes in tax rates and laws. Temporary differences are reversed in the period in which an amount or amounts become taxable or deductible. When the Company’s federal tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would ultimately be sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely to be realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties, if any, associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. (m) Earnings Per Share Accounting guidance specifies the computation, presentation, and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities, or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. (n) Derivatives Derivatives are recognized as assets and liabilities on the Company’s consolidated balance sheets and measured at fair value. The Company’s derivatives consist of forward sales of to-be-announced mortgage-backed securities and interest rate lock commitments. The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk or to hedge specified assets and liabilities. All derivatives are recorded at fair value on the consolidated balance sheets. The Company may be required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. If derivative instruments are designated as hedges of fair values, both the change in the fair value of the hedge and the hedged item are included in current earnings. During the normal course of business, the Company enters into commitments to originate mortgage loans, whereby the interest rate on the loan is determined prior to funding (“rate lock commitments”). For commitments issued in connection with potential loans intended for sale, the Bank enters into positions of forward month mortgage-backed securities (“MBS”) to be announced (“TBA”) contracts on a mandatory basis or on a one-to-one forward sales contract on a best efforts basis. The Company enters into TBA contracts in order to control interest rate risk during the period between the rate lock commitment and mandatory sale of the mortgage loan. Both the rate lock commitment and the TBA contract are considered derivatives. A mortgage loan sold on a best efforts basis is locked into a forward sales contract with a counterparty on the same day as the rate lock commitment to control interest rate risk during the period between the commitment and the sale of the mortgage loan. Both the rate lock commitment and the forward sales contract are considered derivatives. The market values of rate lock commitments and best efforts forward delivery commitments is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments, delivery contracts, and forward sales contracts of MBS by measuring the change in the value of the underlying asset, while taking into consideration the probability that the rate lock commitments will close or will be funded. Certain risks arise from the forward delivery contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. Additional risks inherent in mandatory delivery programs include the risk that, if the Company does not close the loans subject to rate lock commitments, it will still be obligated to deliver MBS to the counterparty under the forward sales agreement. The Company enters into interest rate swap agreements to accommodate the needs of its banking customers. The Company mitigates the interest rate risk entering into these swap agreements by entering into equal and offsetting swap agreements with a highly-rated third-party financial institutions. These back-to-back swap agreements are a free-standing derivatives and are recorded at fair value in the Company’s consolidated balance sheets. The Company entered into various interest rate swaps in 2020 and 2019 that qualified as cash flow hedges as defined by ASC 815, Derivatives and Hedging. The hedging objective was to reduce the interest rate risk associated with the Company’s fixed rate advances from the designation date and going through the maturity date. The Company terminated these cash flow hedges during the fourth quarter of 2021 and recorded a gain on the termination. (o) B usiness Segments The Company has three reportable business segments consisting of 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 financial services to its customers. It is distinct from the Company's mortgage banking division, which concentrates on individual, wholesale, and participated mortgage lending, and sales activities. Activities at the holding company or parent level are primarily associated with investments, borrowings, and certain noninterest expenses. (p) Recent Accounting Pronouncements (Issued But Not Adopted) In June 2016, the |
Investment Securities and Other
Investment Securities and Other Investments | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Investments [Abstract] | |
Investment Securities and Other Investments | Note 3. Investment Securities and Other Investments Investment securities available for sale are carried on the Company's consolidated balance sheets at fair value. The following table presents amortized cost, fair values, and gross unrealized gains and losses of investment securities as of the dates stated. December 31, 2022 (Dollars in thousands) Amortized Gross Gross Fair Available for sale State and municipal $ 60,018 $ — $ ( 9,025 ) $ 50,993 U.S. Treasury and agencies 80,073 — ( 12,911 ) 67,162 Mortgage backed securities 230,015 51 ( 33,730 ) 196,336 Corporate bonds 42,909 124 ( 3,183 ) 39,850 Total investment securities $ 413,015 $ 175 $ ( 58,849 ) $ 354,341 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 At December 31, 2022 and 2021, no securities and securities with fair values of $ 8.7 million, respectively, were pledged to secure public deposits with the Treasury Board of the Commonwealth of Virginia. At December 31, 2022 and 2021, securities with fair values of $ 241.9 million and $ 23.1 million, respectively, were pledged to secure the Bank’s line of credit with the FHLB. The following tables present fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. December 31, 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 $ 18,252 $ ( 2,178 ) $ 31,530 $ ( 6,847 ) $ 49,782 $ ( 9,025 ) U.S. Treasury and agencies 28 9,904 ( 1,039 ) 56,686 ( 11,872 ) 66,590 ( 12,911 ) Mortgage backed securities 78 39,006 ( 3,061 ) 148,449 ( 30,669 ) 187,455 ( 33,730 ) Corporate bonds 33 26,018 ( 2,283 ) 5,675 ( 900 ) 31,693 ( 3,183 ) Total 221 $ 93,180 $ ( 8,561 ) $ 242,340 $ ( 50,288 ) $ 335,520 $ ( 58,849 ) 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 following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the dates stated. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2022 (Dollars in thousands) Amortized Fair Due in one year or less $ 4,896 $ 4,880 Due after one year through five years 30,765 28,243 Due after five years through ten years 136,788 118,605 Due after ten years 240,566 202,613 Total $ 413,015 $ 354,341 The Company reviews for OTTI of its investment securities portfolio quarterly. At December 31, 2022 and 2021, the 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 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 MBS 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 basis $ 14.7 million and $ 1.7 million at December 31, 2022 and 2021, respectively), FRB stock (carrying basis of $ 6.1 million at both December 31, 2022 and 2021), and stock in the Company’s correspondent bank (carrying basis of $ 468 thousand at both December 31, 2022 and 2021). Restricted equity investments are carried at cost. The Company has various other equity investments, including shares in other financial institutions and fintech companies, totaling $ 23.8 million and $ 14.2 million as of December 31, 2022 and 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. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 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. December 31, (Dollars in thousands) 2022 2021 Commercial and industrial $ 590,049 $ 320,827 Paycheck Protection Program 11,967 30,742 Real estate – construction, commercial 183,301 146,523 Real estate – construction, residential 76,599 58,857 Real estate – mortgage, commercial 864,989 701,503 Real estate – mortgage, residential 631,772 493,982 Real estate – mortgage, farmland 6,599 6,173 Consumer 47,423 49,877 Gross loans 2,412,699 1,808,484 Less: deferred loan fees, net of costs ( 1,640 ) ( 906 ) Total $ 2,411,059 $ 1,807,578 The Company has pledged certain commercial and residential mortgages as collateral for borrowings with the FHLB. Loans totaling $ 436.0 million and $ 478.3 million were pledged as of December 31, 2022 and 2021, respectively. Additionally, PPP loans were pledged as collateral for Paycheck Protection Program Liquidity Facility ("PPPLF") advances in the amount of $ 51 thousand and $ 17.9 million as of December 31, 2022 and 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 PCI loans. The following table presents the outstanding principal balance and related recorded investment of these acquired loans included in the consolidated balance sheets as of the dates stated. December 31, (Dollars in thousands) 2022 2021 PCI loans Outstanding principal balance $ 64,911 $ 97,418 Recorded investment 58,748 84,029 Purchased performing loans Outstanding principal balance 513,461 706,147 Recorded investment 511,752 703,333 Total acquired loans Outstanding principal balance 578,372 803,565 Recorded investment 570,500 787,362 The following table presents the changes in the accretable yield for PCI loans for the periods stated. December 31, (Dollars in thousands) 2022 2021 Balance, beginning of period $ 16,849 $ 123 Additions — 10,030 Accretion ( 9,410 ) ( 5,381 ) Reclassification of nonaccretable difference due to improvement in expected cash flows 3,804 1,400 Other changes, net ( 71 ) 10,677 Balance, end of period $ 11,172 $ 16,849 The following tables present the aging of the recorded investment of loans held for investment as of the dates stated. December 31, 2022 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past PCI Loans Current Total Commercial and industrial $ 488 $ 279 $ — $ 2,314 $ 3,081 $ 1,481 $ 585,487 $ 590,049 Paycheck Protection Program — — — — — — 11,967 11,967 Real estate – construction, commercial 1,136 19 — 714 1,869 — 181,432 183,301 Real estate – construction, residential 1,416 1,204 — — 2,620 7 73,972 76,599 Real estate – mortgage, commercial 6,199 297 6,234 1,658 14,388 51,223 799,378 864,989 Real estate – mortgage, residential 4,544 231 1,998 5,143 11,916 5,678 614,178 631,772 Real estate – mortgage, farmland — 75 — — 75 — 6,524 6,599 Consumer 880 200 28 495 1,603 359 45,461 47,423 Less: deferred loan fees, net of costs — — — — — — ( 1,640 ) ( 1,640 ) Total Loans $ 14,663 $ 2,305 $ 8,260 $ 10,324 $ 35,552 $ 58,748 $ 2,316,759 $ 2,411,059 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. December 31, 2022 (Dollars in thousands) 30-89 Greater than Current Total Commercial and industrial $ — $ — $ 1,481 $ 1,481 Real estate – construction, commercial — — 7 7 Real estate – mortgage, commercial — — 51,223 51,223 Real estate – mortgage, residential 354 — 5,324 5,678 Consumer — — 359 359 Total PCI Loans $ 354 $ — $ 58,394 $ 58,748 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 the allowance for loan losses and the amount of loans evaluated for impairment, individually and collectively, by loan type as of the dates stated. December 31, 2022 (Dollars in thousands) Individually Collectively Total Loan Balances Related Allowance for Loan Losses PCI loans: Commercial and industrial $ — $ 1,481 $ 1,481 $ — Real estate – construction, commercial — 7 7 — Real estate – mortgage, commercial — 51,223 51,223 3 Real estate – mortgage, residential — 5,678 5,678 — Consumer — 359 359 — Total PCI loans — 58,748 58,748 3 Originated and purchased performing loans: Commercial and industrial 39,247 549,321 588,568 15,272 Real estate – construction, commercial 521 182,773 183,294 1,637 Real estate – construction, residential — 76,599 76,599 628 Real estate – mortgage, commercial 4,567 809,199 813,766 2,353 Real estate – mortgage, residential 835 625,259 626,094 1,760 Real estate – mortgage, farmland — 6,599 6,599 4 Consumer — 47,064 47,064 1,282 Total originated and purchased performing loans 45,170 2,296,814 2,341,984 22,936 Gross loans 45,170 2,355,562 2,400,732 22,939 Less: deferred loan fees, net of costs — — ( 1,640 ) — Total $ 45,170 $ 2,355,562 $ 2,399,092 $ 22,939 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 $ 12.0 million and $ 30.7 million as of December 31, 2022 and 2021, respectively. PPP loans are fully guaranteed by the U.S. government; therefore, the Company recorded no allowance for loan losses for these loans. 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 presented. December 31, 2022 December 31, 2021 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related With no specific allowance recorded: Commercial and industrial $ 1,309 $ 1,289 $ — $ — $ — $ — Real estate – construction, commercial 521 521 — 527 527 — Real estate – mortgage, commercial 4,438 4,404 — — — — Real estate – mortgage, residential 835 834 — — — — With an allowance recorded: Commercial and industrial $ 37,938 $ 37,911 $ 3,178 $ 4,612 $ 4,612 $ 836 Real estate – mortgage, commercial 129 126 1 3,194 3,849 1 Real estate – mortgage, residential — — — 1,400 1,400 42 Total $ 45,170 $ 45,085 $ 3,179 $ 9,733 $ 10,388 $ 879 The $ 35.4 million increase in impaired loans from December 31, 2021 to December 31, 2022 was primarily attributable to one loan to a commercial and industrial borrower totaling $ 37.3 million as of December 31, 2022. This loan was risk graded as substandard as of the same date, and as a result, was deemed impaired per Company policy and individually evaluated for impairment. This impairment analysis resulted in a $ 2.9 million allowance for loan loss as of December 31, 2022, which is included in the table above. Impaired loans also include TDRs. As of December 31, 2022, there were 11 TDRs totaling $ 1.1 million as compared to eight TDRs totaling $ 688 thousand as of December 31, 2021. The following table presents an analysis of the change in the allowance for loans losses by loan type as of the dates and for the periods stated. December 31, (Dollars in thousands) 2022 2021 2020 Allowance for loan losses, beginning of period $ 12,121 $ 13,827 $ 4,572 Charge-offs Commercial and industrial ( 4,779 ) ( 1,098 ) ( 6 ) Real estate – construction ( 162 ) ( 195 ) — Real estate – mortgage ( 1,824 ) ( 125 ) ( 505 ) Consumer ( 1,686 ) ( 1,123 ) ( 994 ) Total charge-offs ( 8,451 ) ( 2,541 ) ( 1,505 ) Recoveries Commercial and industrial 442 196 41 Real estate – construction 40 — — Real estate – mortgage 409 98 8 Consumer 492 424 261 Total recoveries 1,383 718 310 Net charge-offs ( 7,068 ) ( 1,823 ) ( 1,195 ) Provision for loan losses 17,886 117 10,450 Allowance for loan losses, end of period $ 22,939 $ 12,121 $ 13,827 The Company categorizes loans into risk categories based on relevant information about the expected ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company uses the following definitions for loan risk ratings and periodically evaluates the appropriateness of these ratings across its loan portfolio: Risk Grade 1 – Strong: This grade is reserved for loans to the strongest of borrowers. These loans are to individuals or corporations that are well known to the Bank and are always secured with an almost guaranteed source of repayment such as a lien on a bank deposit account. Character, credit history, and ability of individuals or company principals are excellent and unquestioned. Source of income and industry of borrower appears stable. High liquidity, minimum risk, good ratios, and low handling cost are present. Risk Grade 2 – Minimal: This grade is reserved for loans to borrowers who are deemed exceptionally strong. These loans are within guidelines and where the borrowers have documented significant overall financial strength. These loans have excellent sources of repayment, significant balance sheet liquidity, no significant identifiable risk of collection, and conform in all respects to policy, guidelines, underwriting standards, and federal and state regulations (no exceptions of any kind). Risk Grade 3 – Acceptable: This grade is reserved for loans to borrowers who are deemed strong. These loans have adequate sources of repayment, with little identifiable risk of collection. Generally, loans assigned this risk grade will demonstrate the following characteristics: (1) conformity in all respects with policy, guidelines, underwriting standards, and federal and state regulations (no exceptions of any kind), (2) documented historical cash flow that meets or exceeds required minimum guidelines, or that can be supplemented with verifiable cash flow from other sources, and (3) adequate secondary sources to liquidate the debt. Risk Grade 4 – Satisfactory: This grade is given to satisfactory loans containing more risk than Risk Grade 3 loans. These loans have adequate sources of repayment, with little identifiable risk of collection. Loans assigned this risk grade will demonstrate the following characteristics: (1) general conformity to the Bank's underwriting requirements, with limited exceptions to policy, product, or underwriting guidelines. All exceptions noted have documented mitigating factors that offset any additional risk associated with the exceptions noted, (2) documented historical cash flow that meets or exceeds required minimum guidelines, or that can be supplemented with verifiable cash flow from other sources, and (3) adequate secondary sources to liquidate the debt, including combinations of liquidity, liquidation of collateral, or liquidation value to the net worth of the borrower or guarantor. Risk Grade 5 – Watch: This grade is for satisfactory loans containing acceptable but elevated risk. These loans are characterized by borrowers who have a marginal cash flow, marginal profitability, or have experienced an unprofitable year and declining financial condition. The borrower's management may be deemed to be satisfactory, the collateral securing the loan may create a loan-to-value ratio in excess of 90 %, the debt service coverage ratio and global debt service coverage are unstable but mostly positive, and/or guarantor support, if any, is inadequate. Loans classified as Watch warrant additional monitoring by management. Risk Grade 6 – Special Mention: This grade is for loans that have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the Bank's credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Special mention credits typically exhibit underwriting guideline tolerances and/or exceptions with no mitigating factors, or emerging weaknesses that may or may not be cured as time passes. Risk Grade 7 – Substandard: A substandard loan is inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; they are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Loans consistently not meeting the repayment schedule should be downgraded further to substandard. Loans in this category are characterized by deterioration in quality exhibited by any number of well-defined weaknesses requiring corrective action. The weaknesses may include, but are not limited to: (1) high debt to worth ratios, (2) declining or negative earnings trends, (3) declining or inadequate liquidity, (4) improper loan structure, (5) questionable repayment sources, (6) lack of well-defined secondary repayment source, and (7) unfavorable competitive comparisons. Such loans are no longer considered to be adequately protected due to the borrower's declining net worth, lack of earnings capacity, declining collateral margins, and/or unperfected collateral positions. A possibility of loss of a portion of the loan balance cannot be ruled out. The repayment ability of the borrower is marginal or weak and the loan may have exhibited excessive overdue status or extensions and/or renewals. Risk Grade 8 – Doubtful: Loans classified doubtful have all the weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the Bank's position, which can include, but not limited to (1) an injection of capital, (2) alternative financing, and (3) liquidation of assets or the pledging of additional collateral. Doubtful is a temporary grade where a loss is expected but is presently not quantified with any degree of accuracy. Once the loss position is determined, the amount is charged off against the allowance for loan losses. Risk Grade 9 – Loss: Loans classified loss are considered uncollectable and of such little value that their continuance as assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer charging off the worthless loan, even though partial recovery may be effected in the future. Probable loss portions of doubtful loans are charged off promptly against the allowance for loan losses. There were no loans classified as doubtful or loss as of December 31, 2022 and December 31, 2021. The following tables present the Company's loan portfolio (PCI and originated and purchased performing) by internal loan grades as of the dates stated. PPP loans are risk graded strong because they are fully guaranteed by the U.S. government. December 31, 2022 (Dollars in thousands) Grade Grade Grade Grade Grade Grade Grade Grade Total PCI loans: Commercial and industrial $ — $ — $ — $ 1,369 $ — $ 112 $ — $ — $ 1,481 Real estate – construction, commercial — — — 7 — — — — 7 Real estate – mortgage, commercial — — — 22,778 26,059 1,700 686 — 51,223 Real estate – mortgage residential — — — 1,453 1,985 — 2,240 — 5,678 Consumer — — — — 353 — 6 — 359 Total PCI loans — — — 25,607 28,397 1,812 2,932 — 58,748 Originated and purchased performing loans: Commercial and industrial 318 885 193,144 312,278 38,552 2,834 40,557 — 588,568 Paycheck Protection Program 11,967 — — — — — — — 11,967 Real estate – construction, commercial — 361 14,223 156,027 8,504 3,365 814 — 183,294 Real estate – construction, residential — — 3,110 72,327 1,162 — — — 76,599 Real estate – mortgage, commercial — 2,330 187,648 561,554 54,352 2,048 5,834 — 813,766 Real estate – mortgage residential — 7,311 233,697 365,511 11,858 — 7,717 — 626,094 Real estate – mortgage, farmland 549 — 1,315 4,609 126 — — — 6,599 Consumer 197 — 21,330 24,731 256 — 550 — 47,064 Total originated and purchased performing loans: 13,031 10,887 654,467 1,497,037 114,810 8,247 55,472 — 2,353,951 Gross loans $ 13,031 $ 10,887 $ 654,467 $ 1,522,644 $ 143,207 $ 10,059 $ 58,404 $ — $ 2,412,699 Less: deferred loan fees, net of costs ( 1,640 ) Total $ 2,411,059 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 — — — — 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 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 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 5. Premises and Equipment, net The following table presents premises and equipment, net of accumulated depreciation, as of the dates stated. December 31, (Dollars in thousands) 2022 2021 Buildings and land $ 23,134 $ 25,510 Furniture, fixtures and equipment 6,065 6,004 Software 262 324 Construction in progress — 41 Total cost 29,461 31,879 Less: Accumulated depreciation ( 6,309 ) ( 5,255 ) Premises and equipment, net $ 23,152 $ 26,624 Depreciation expense for the years ended December 31, 2022, 2021, and 2020 was $ 1.9 million, $ 2.0 million, and $ 924 thousand, respectively. Software amortization expense for the years ended December 31, 2022, 2021, and 2020 was $ 96 thousand, $ 137 thousand, and $ 55 thousand, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 6. Goodwill and Other Intangible Assets As of December 31, 2022 and 2021, goodwill totaled $ 26.8 million. The following tables present information on amortizable intangible assets included on the consolidated balance sheets as of the dates stated. December 31, 2022 (Dollars in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Core deposit intangibles $ 9,626 $ ( 4,330 ) $ 5,296 Other amortizable intangibles 3,282 ( 1,995 ) 1,287 Total $ 12,908 $ ( 6,325 ) $ 6,583 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 Intangible amortization expense is included in noninterest expense or interest and fees on loans in the consolidated statements of operations depending on the intangible. For the years ended December 31, 2022, 2021, and 2020, intangible amortization expense totaled $ 1.5 million, $ 1.7 million, and $ 629 thousand, respectively. Included in other amortizable intangibles were loan servicing assets of $ 876 thousand and $ 362 thousand as of December 31, 2022 and 2021, respectively, related to the servicing of the government guaranteed portion of certain loans that the Company has sold. Loan servicing assets of $ 820 thousand and $ 266 thousand were added during the years ended December 31, 2022 and 2021, respectively. The amortization of these intangibles is included in interest and fees on loans in the consolidated statement of operations and totaled $ 306 thousand for the year ended December 31, 2022. The following table presents estimated intangible asset amortization expense of the core deposit intangibles and other amortizable intangibles for the next five years and thereafter from the date stated. (Dollars in thousands) December 31, 2022 2023 $ 1,355 2024 1,221 2025 1,046 2026 1,073 2027 627 Thereafter 1,261 Total $ 6,583 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 December 31, 2022, the fair value of MSR assets was $ 29.0 million, and at December 31, 2021, the carrying value of MSR assets under the amortization method was $ 16.5 million. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Note 7. Deposits The aggregate amount of time deposits, with a minimum denomination of $ 250 thousand, were $ 75.8 million and $ 144.8 million as of December 31, 2022 and 2021, respectively. T he following table presents the scheduled maturities of time deposits, with a minimum denomination of $ 250 thousand, for the next five years and thereafter from the date stated. (Dollars in thousands) December 31, 2022 2023 $ 40,764 2024 29,616 2025 2,109 2026 2,744 2027 606 Thereafter — Total $ 75,839 Brokered deposits totaled $ 45.3 million and $ 53.7 million at December 31, 2022 and 2021, respectively. Deposits obtained through a certificate of deposit listing service totaled $ 4.2 million and $ 8.4 million as of December 31, 2022 and 2021, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 8. Borrowings FHLB Borrowings The Bank has a line of credit from the FHLB of $ 525.1 million at December 31, 2022, secured by pledged qualifying real estate loans and certain pledged securities. The FHLB will lend up to 30 % of the Bank’s total assets as of the prior quarter end, subject to certain eligibility requirements, including adequate collateral. The Bank had borrowings from the FHLB that totaled $ 311.7 million and $ 10.1 million at December 31, 2022 and 2021, respectively. The interest rate on the borrowing as of December 31, 2022 was 4.57 % with a maturity of May 8, 2023 , but can be paid down or paid off anytime without penalty. The interest rate on the borrowing as of December 31, 2021 was 0.56 % with a maturity of February 28, 2030 and was paid off in full in 2022 without penalty. FHLB borrowings required th e Bank to hold $ 14.7 million and $ 1.7 million of FHLB stock as of December 31, 2022 and 2021, respectively, which is included in restricted equity investments on the consolidated balance sheets. At December 31, 2022, 1-4 family residential loans classified as held for investment with a lendable value of $ 104.6 million, multi-family residential loans with a lendable value of $ 42.2 million, commercial real estate loans with a lendable value of $ 147.1 million, and securities with a lendable value of $ 231.2 million were pledged against the available line of credit with the FHLB. The Bank also has letters of credit with the FHLB in the amount of $ 85.1 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 $ 128.3 million as of December 31, 2022. Other Borrowings The Company has unsecured lines of credit with correspondent banks totaling $ 28.0 million at December 31, 2022 and $ 44.0 million at December 31, 2021, available for overnight borrowing. These lines bear interest at the prevailing rates for such loans and are cancellable any time by the correspondent bank. At December 31, 2022 and 2021, no ne of these lines of credit with correspondent banks were drawn upon. Subordinated Notes The Company had $ 39.9 million and $ 40.0 million of subordinated notes, net, outstanding as of December 31, 2022 and December 31, 2021 , respectively. The Company's subordinated notes are comprised of a $ 25 million issuance in October 2019 maturing October 15, 2029 (the “2029 Notes”) and a $ 15 million issuance in May 2020 maturing June 1, 2030 (the “2030 Note”). The 2029 Notes, which were assumed in the Bay Banks Merger, bear interest at 5.625 % per annum, through October 14, 2024, payable semi-annually in arrears. Fro m October 15, 2024 through October 14, 2029, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Funding Rate (SOFR) (as defined in the 2029 Notes) plus 433.5 basis points, payable quarterly in arrears. The 2029 Notes are unsecured, subordinated obligations of the Company and rank junior in right of payment to the Company’s existing and future senior indebtedness and rank in parity with the other subordinated notes issued by the Company. Beginning on October 15, 2024 through maturity, the 2029 Notes may be redeemed, at the Company's option, on any scheduled interest payment date. As of December 31, 2022, the net carrying amount of the 2029 Notes was $ 25.2 million, inclusive of a $ 678 thousand purchase accounting adjustment (premium) recorded at the effective date of the Bay Banks Merger (January 31, 2021). For the twelve months ended December 31, 2022 and 2021, the effective interest rate on the 2029 Notes was 5.08 % and 4.73 % , respectively, inclusive of the amortization of the purchase accounting adjustment (premium). The 2030 Note bears interest at the rate of 6.00 % per annum until June 1, 2025, at which date the rate will reset quarterly, equal to the three-month SOFR determined on the date of the applicable interest period plus 587 basis points. Interest on the 2030 Note is payable semi-annually in arrears. The 2030 Note is an unsecured, subordinated obligation of the Company and ranks junior in right of payment to the Company’s existing and future senior indebtedness and ranks in parity with the other subordinated notes issued by the Company. Beginning on June 1, 2025 through maturity, the 2030 Note may be redeemed, at the Company's option, on any scheduled interest payment date. The aggregate carrying value of the 2030 Note, including unamortized debt issuance costs, was $ 14.7 million as of December 31, 2022 and 2021. For the twelve months ended December 31, 2022, 2021, and 2020 the effective interest rate on the 2030 Note was 6.11 %, 6.12 %, and 6.12 %, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Note 9. Derivative Financial Instruments and Hedging Activities The Company enters into interest rate swap agreements to accommodate the needs of its banking customers. The Company mitigates the interest rate risk entering into these swap agreements by entering into equal and offsetting swap agreements with a highly rated third-party financial institution. These back-to-back swap agreements are free-standing derivatives and are recorded at fair value in the Company’s consolidated balance sheets (asset positions are included in other assets and liability positions are included in other liabilities). The following table presents the notational and fair values of the swap agreements as of the dates stated. December 31, 2022 (Dollars in thousands) Notional Fair Interest rate swap agreement Receive fixed/pay variable swaps $ 2,178 $ ( 95 ) Pay fixed/receive variable swaps 2,178 95 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 $ 11.7 million and $ 64.8 million of rate lock commitments with borrowers, net of expected fallout, as of December 31, 2022 and 2021, respectively, and $ 12.8 million and $ 113.6 million of closed loan inventory waiting for sale, which were hedged by $ 21.5 million and $ 169.5 million in forward TBA mortgage backed securities as of December 31, 2022 and 2021, respectively. Mortgage derivative assets totaled $ 112 thousand and $ 1.9 million as of December 31, 2022 and 2021, respectively, and mortgage derivative liabilities, which are included in other liabilities on the consolidated balance sheets, were $ 24 thousand and $ 75 thousand as of December 31, 2022 and 2021, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 10. Employee Benefit Plans The Company has a 401(k) plan that covers eligible employees (the “401(k) Plan”). Employees may make voluntary contributions subject to certain limits based on federal tax laws. The Bank contributes a matching contribution equal to 100% of an employee's contribution up to 5 % of the elective deferral. This matching contribution is subject to a vesting schedule of six years. For the years ended December 31, 2022, 2021, and 2020, total expenses attributable to the 401(k) Plan were $ 1.8 million, $ 2.5 million, and $ 1.2 million, respectively. The Company has an Employee Stock Ownership Plan (the “ESOP”) that covers eligible employees. Contributions to the ESOP are made at the discretion of the board of directors and are subject to a vesting schedule of six years. The ESOP held 192,066 total shares of Company common stock at both December 31, 2022 and December 31, 2021, which are considered outstanding in the computation of EPS. The Company assumed the Bay Banks of Virginia, Inc. ESOP pursuant to the Bay Banks Merger (the “Bay Banks ESOP” ). The Bay Banks ESOP remained a separate plan from the ESOP after the Bay Banks Merger, and no new participants were permitted to the Bay Banks ESOP beginning with the effective date of the merger. The Bay Banks ESOP held 361,500 total shares of Company common stock at both December 31, 2022 and December 31, 2021, which are considered outstanding in the computation of EPS. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 11. Stock-Based Compensation The Company has granted restricted stock awards (“time-based RSAs”) to employees and directors under the Blue Ridge Bankshares, Inc. Equity Incentive Plan. Time-based 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. Beginning in 2022, the Company began granting performance-based restricted stock awards (“PSAs” ) to employees under the same plan. PSAs vest at the end of a three-year period contingent on the Company's achievement of financial goals and are being expensed on a straight-line basis over the same period with adjustments periodically based on projected achievement of the performance target, which may change the number of PSA shares that will ultimately vest. In 2022, the Company granted time-based RSAs and PSAs relating to 210,669 shares of the Company's common stock to employees and directors, of which 94,783 shares were PSAs. Time-based RSAs carry voting and dividend rights, while PSAs carry voting rights but are subject to deferred dividend payout restrictions. Compensation expense recognized in the consolidated statements of operations related to time-based RSAs and PSAs, net of forfeitures, was $ 1.7 million, $ 1.3 million, and $ 567 thousand for the years ended December 31, 2022, 2021, and 2020, respectively. Unrecognized compensation expense related to the restricted stock awards as of December 31, 2022 totaled $ 3.1 million. The following table presents time-based RSA and PSA activity as of the dates and for the periods stated. Time-based RSAs PSAs Shares Weighted Average Fair Value Shares Weighted Average Fair Value Shares unvested and outstanding, December 31, 2020 148,600 $ 10.70 — $ — Granted 174,634 17.35 — — Vested ( 85,037 ) 12.28 — — Forfeited ( 20,013 ) 13.45 — — Shares unvested and outstanding, December 31, 2021 218,184 $ 15.31 — $ — Granted 115,886 15.06 94,783 14.91 Vested ( 87,677 ) 15.40 — — Forfeited ( 27,737 ) 14.25 ( 2,478 ) 14.91 Shares unvested and outstanding, December 31, 2022 218,656 $ 15.27 92,305 14.91 The following table presents stock option activity as of the dates and for the periods presented. Shares Weighted Average Exercise Price Weighted Aggregate Intrinsic Options outstanding and exercisable, December 31, 2020 — — — — Assumed in Bay Banks Merger 148,758 9.89 5.47 Granted — — Forfeited ( 808 ) 13.80 Exercised ( 89,786 ) 9.99 Expired ( 557 ) 6.47 Options outstanding and exercisable, December 31, 2021 57,607 11.75 6.18 $ 354,269 Granted — — Forfeited — — Exercised ( 1,183 ) 11.88 Expired ( 3,750 ) 12.30 Options outstanding and exercisable, December 31, 2022 52,674 $ 11.71 5.13 $ 66,754 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options as of the respective years ended. This amount changes based on the market value of the Company’s common stock. All of the options outstanding as of December 31, 2022 were assumed in the Bay Banks Merger. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 12. Leases The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease terms and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and 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 dates and for the periods stated. December 31, (Dollars in thousands) 2022 2021 Lease liabilities $ 7,860 $ 7,651 Right-of-use asset $ 6,903 $ 6,317 Weighted average remaining lease term (years) 5.85 6.79 Weighted average discount rate 2.40 % 1.86 % December 31, (Dollars in thousands) 2022 2021 2020 Operating lease cost $ 2,495 $ 2,383 $ 1,731 Total lease cost 2,495 2,383 1,731 Cash paid for amounts included in the measurement of lease liabilities 2,080 2,014 — The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities for periods following the date stated. (Dollars in thousands) December 31, 2022 2023 $ 2,058 2024 1,441 2025 1,169 2026 1,050 2027 984 Thereafter 1,786 Total undiscounted cash flows 8,488 Discount ( 628 ) Lease liabilities $ 7,860 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 13. Fair Value The fair value of a financial instrument is the current amount that would be exchanged between willing parties in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Accounting guidance for fair value excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The Company records fair value adjustments to certain assets and liabilities and determines fair value disclosures utilizing a definition of fair value of assets and liabilities that states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Additional considerations are involved to determine the fair value of financial assets in markets that are not active. The Company uses a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 – Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 – Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly-liquid government bonds and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions, and certain corporate, asset-backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. The carrying value of restricted FRB and FHLB stock approximates fair value based upon the redemption provisions of each entity and is therefore excluded from the following table. Rabbi trust assets As a result of the Bay Banks Merger, the Company acquired and assumed a rabbi trust and deferred compensation plan. The assets held by the rabbi trust are invested at the direction of the individual participants and are generally invested in marketable investment securities, such as common stocks and mutual funds or short-term investments (e.g., cash) (Level 1). Rabbi trust assets and the associated deferred compensation plan liability are included in other assets and other liabilities, respectively, in the consolidated balance sheets. Derivative financial instruments Derivative instruments used to hedge residential mortgage loans held for sale and the related interest rate lock commitments are reported at fair value utilizing Level 2 inputs. The fair values of derivative financial instruments are based on derivative market data inputs as of the valuation date and the underlying value of mortgage loans for rate lock commitments. The following tables present the balances of financial assets measured at fair value on a recurring basis as of the dates stated. December 31, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale State and municipals $ 50,993 $ — $ 50,993 $ — U.S. Treasury and agencies 67,162 — 67,162 — Mortgage backed securities 196,336 — 188,719 7,617 Corporate bonds 39,850 — 35,561 4,289 Total securities available for sale $ 354,341 $ — $ 342,435 $ 11,906 Other assets MSR assets $ 28,991 $ — $ — $ 28,991 Rabbi trust assets 584 584 — — Mortgage derivative asset 112 — 112 — Interest rate swap asset 95 — 95 — Other liabilities Mortgage derivative liability $ 24 $ — $ 24 $ — Interest rate swap liability 95 — 95 — 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 corporate bonds and mortgage backed securities using Level 3 inputs for the periods stated. (Dollars in thousands) Corporate Mortgage backed securities Balance as of December 31, 2020 $ — $ — Transfers from Level 2 to Level 3 14,041 7,915 Transfers from Level 3 to Level 2 ( 996 ) — Sales or paydowns ( 2,000 ) — Fair value adjustments 19 1 Balance as of December 31, 2021 $ 11,064 $ 7,916 Transfers from Level 3 to Level 2 ( 6,751 ) — Sales or paydowns — ( 300 ) Fair value adjustments ( 24 ) 1 Balance as of December 31, 2022 $ 4,289 $ 7,617 Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. The following describes the valuation techniques used by the Company to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements. Mortgage Servicing Rights or MSR Assets As previously noted, the Company changed its accounting 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. A third-party model is used to determine the fair value of the Company’s MSR assets. The model establishes pools of performing loans, calculates projected future cash flows for each pool, and applies a discount rate to each pool. As of December 31, 2022 and 2021, the Company was servicing approximately $ 2.16 billion and $ 1.91 billion in loans, respectively, via a third-party subservicer. Loans are segregated into homogenous pools based on loan term, interest rates, and other similar characteristics. Cash flows are then estimated based on net servicing fee income and servicing costs, utilizing assum ed prepayment speeds. The weighted average net servicing fee income of the portfolio was 28.4 basis points as of December 31, 2022. Estimated base annual servicing costs were $ 65.00 to $ 80.00 per loan depending on the guarantor. Prepayment speeds in the model are based on empirically derived data for mortgage pool factors and differences between a mortgage pool’s weighted average coupon and its current mortgage rate. The weighted average prepayment speed assumption used in the fair value model was 8.17 % as of December 31, 2022. A base discount rate of 9.00 % to 14.50 % ( 9.43 % weighted average discount rate) was then applied to each pool’s projected future cash flows as of December 31, 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. The following table presents the change in MSR assets as of the dates and for the periods stated. (Dollars in thousands) MSR Assets Balance as of December 31, 2020 $ 7,084 Acquired in Bay Banks Merger 997 Additions 11,809 Write-offs ( 959 ) Amortization ( 2,462 ) Balance as of December 31, 2021 - Amortized cost $ 16,469 Change in accounting method 4,484 Additions 5,791 Fair value adjustments 2,247 Balance as of December 31, 2022 - Fair value $ 28,991 Other Equity Investments The fair value of other equity investments, including the Company's investments in certain fintech companies, is based on either observable market prices, if available, or observable market transactions for identical or significantly similar investments (Level 2). Impaired Loans Impaired loans with specific reserves are carried at fair value. Fair value is based on the discounted cash flows of the loan or the fair value of the collateral less estimated costs to sell, if the loan is collateral-dependent. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. Any given loan may have multiple types of collateral; however, the majority of the Company’s loan collateral is real estate. The value of real estate collateral is generally determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral value is significantly adjusted due to differences in the comparable properties or is discounted by the Company because of lack of marketability, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant or the net book value on the applicable business’s financial statements if not considered significant. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Fair value adjustments are recorded in the period incurred as provision for loan losses on the consolidated statements of operations. Loans Held for Sale Mortgage loans originated or purchased and intended for sale in the secondary market are carried at the lower of cost or estimated fair market value in the aggregate (i.e., loans held for sale). Changes in fair value are recognized in residential mortgage banking income, net on the consolidated statements of operations (Level 2). Certain consumer loans originated by the Company and sourced by fintech partners are classified on the Company's consolidated balance sheets as held for sale. These loans are originated by the Bank and either sold directly to the applicable fintech partner or another investor at par, generally up to 10 days from origination. Due to relatively short time between origination and sale, these loans are held at cost, which approximates fair value (Level 2). Government guaranteed loans, or portions thereof, intended for sale in the secondary market are classified as held for sale on the consolidated balance sheets and carried at the lower of cost or estimated fair market value (Level 2). Other Real Estate Owned Certain assets such as OREO are measured at fair value less estimated costs to sell. Valuation of OREO is generally determined using current appraisals from independent appraisers, a Level 2 input. If current appraisals cannot be obtained prior to reporting dates, or if declines in value are identified after the most recent appraisal, appraisal values are discounted, resulting in Level 3 estimates. If the Company markets the property with a real estate agent or broker, estimated selling costs reduce the listing price, resulting in a valuation based on Level 3 inputs. The following tables summarize assets that were measured at fair value on a nonrecurring basis as of the dates stated. December 31, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Other equity investments $ 23,776 $ — $ 23,776 $ — Impaired loans, net 34,888 — — 34,888 Loans held for sale 69,534 — 69,534 — OREO 195 — — 195 December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Other equity investments $ 14,184 $ — $ 14,184 $ — 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 December 31, 2022 Unobservable Input Range Impaired loans, net Discounted appraised value technique 34,743 Selling Costs 7 % - 10 % Discounted cash flows technique 145 Discount Rate 4 % - 11 % OREO Discounted appraised value technique 195 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 carrying values of cash and due from banks and federal funds sold are of such short duration that carrying value reasonably approximates fair value (Level 1). The carrying values of accrued interest receivable and accrued interest payable are of such short duration that carrying value reasonably approximates fair value (Level 2). The carrying value of restricted equity investments approximates fair value based on the redemption provisions of the issuer (Level 2). The fair value of other investments is approximated by its carrying value (Level 3). The fair value of the Company’s loan portfolio includes a credit risk assumption in the determination of the fair value of its loans. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. The Company’s loan portfolio is initially fair valued using a segmented approach. The Company divides its loan portfolio into the following categories: variable rate loans, impaired loans, and all other loans. The results are then adjusted to account for credit risk as described above. The fair value of the Company’s loan portfolio also considers illiquidity risk through the use of a discounted cash flow model to compensate for based on certain assumptions included within the discounted cash flow model, primarily the use of discount rates that better capture inherent credit risk over the lifetime of a loan. This consideration of both credit risk and illiquidity risk provides an estimated exit price for the Company’s loan portfolio. Loans held for investment are reported as Level 3. There is no credit risk associated with PPP loans as they are fully guaranteed by the U.S. government. Further, these loans are expected to be short term in nature. As a result, the carrying value of PPP loans reasonably approximates fair value (Level 3). The carrying value of cash surrender value of life insurance reasonably approximates fair value. The Company records these policies at their cash surrender value, which is estimated using information provided by insurance carriers. The carrying value of noninterest-bearing deposits approximates fair value (Level 1). The carrying values of interest-bearing demand, money market, and savings deposits approximates fair value based on their current pricing and are reported as Level 2. The fair values of time deposits were obtained using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for time deposits that mature in the same period. Time deposits are reported as Level 3. The fair value of the FHLB borrowings is estimated by discounting the future cash flows using current interest rates offered for similar advances (Level 2). The fair value of FRB borrowings is approximated by its carrying value as there is no comparable debt to PPPLF advances (Level 2). The fair value of the Company’s subordinated notes is estimated by utilizing recent issuance interest rates for subordinated debt offerings of similar issuer size (Level 3). The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Borrowers with fixed rate obligations may be less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates may be more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. The following tables present estimated fair values and related carrying amounts of the Company’s financial instruments as of the dates stated. December 31, 2022 Fair Value Measurements (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 77,274 $ 77,274 $ 77,274 $ — $ — Federal funds sold 1,426 1,426 1,426 — — Securities available for sale 354,341 354,341 — 342,435 11,906 Restricted equity investments 21,257 21,257 — 21,257 — Other equity investments 23,776 23,776 — 23,776 — Other investments 24,672 24,672 — — 24,672 PPP loans receivable, net 11,967 11,967 — — 11,967 Loans held for investment, net 2,376,153 2,321,042 — — 2,321,042 Accrued interest receivable 12,393 12,393 — 12,393 — Bank owned life insurance 47,245 47,245 — 47,245 — MSR assets 28,991 28,991 — — 28,991 Financial Liabilities Noninterest-bearing deposits $ 640,101 $ 640,101 $ 640,101 $ — $ — Interest-bearing demand and money market deposits 1,318,799 1,318,799 — 1,318,799 — Savings deposits 151,646 151,646 — 151,646 — Time deposits 391,961 352,294 — — 352,294 FHLB borrowings 311,700 311,700 — 311,700 — FRB borrowings 51 51 — 51 — Subordinated notes, net 39,920 37,689 — — 37,689 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 — Other investments 12,681 12,681 — — 12,681 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 $ 685,801 $ 685,801 $ 685,801 $ — $ — Interest-bearing demand and money market deposits 962,092 962,092 — 962,092 — 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 Requ
Minimum Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Minimum Regulatory Capital Requirements | Note 14. Minimum Regulatory Capital Requirements Banks and bank holding companies are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, financial institutions must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. A financial institution's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Under the Basel III Capital Rules, banks must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios of 2.50 % for all ratios, except the tier 1 leverage ratio. If a banking organization dips into its capital conservation buffer, it is subject to limitations on certain activities, including payment of dividends, share repurchases, and discretionary compensation to certain officers. Management believes as of December 31, 2022 and 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 undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31, 2022, the most recent regulatory reporting categorized the Bank as well capitalized under the regulatory framework. There are no conditions or events since that notification that management believes have changed the institution's category. Federal and state banking regulations place certain restrictions on dividends paid by the Company. The total amount of dividends that may be paid at any date is generally limited to retained earnings of the Company. Pursuant to the EGRRCPA, regulators have provided for an optional, simplified measure of capital adequacy, the community bank leverage ratio ("CBLR") framework, for qualifying community bank organizations. Banks that qualify may opt in to the CBLR framework beginning January 1, 2020 or any time thereafter. The CBLR framework eliminates the four required capital ratios disclosed below and requires the disclosure of a single leverage ratio, with a minimum req uirement of 9 %. The Company has not opted into the CBLR framework. As previously noted, the Company will adopt CECL effective January 1, 2023. Federal and state banking regulations allow financial institutions to irrevocably elect to phase-in the after-tax cumulative effect adjustment to retained earnings ("Day 1 CECL adjustment") over a three-year period. The three-year phase-in of the Day 1 CECL adjustment to regulatory capital will be 25 %, 50 %, and 25 % in 2023, 2024, and 2025, respectively. The Bank plans to make this irrevocable election effective with its first quarter 2023 call report. The following tables present capital ratios for the Bank as of the periods stated. Adequately capitalized ratios include the conservation buffer. December 31, 2022 Actual For Capital Adequacy Purposes To Be Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 303,876 11.15 % $ 286,161 10.50 % $ 272,535 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 279,125 10.25 % $ 231,470 8.50 % $ 217,854 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 279,125 10.25 % $ 190,622 7.00 % $ 177,006 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 279,125 9.25 % $ 120,703 4.00 % $ 150,878 5.00 % December 31, 2021 Actual For Capital Adequacy Purposes To Be Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 273,978 13.11 % $ 219,393 10.50 % $ 208,946 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 260,896 12.49 % $ 177,604 8.50 % $ 167,157 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 260,896 12.49 % $ 146,262 7.00 % $ 135,815 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 260,896 10.05 % $ 103,883 4.00 % $ 129,853 5.00 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15. Related Party Transactions During the years ended December 31, 2022 and 2021, officers, directors, and principal shareholders and their related interests (related parties) were customers of and had transactions with the Bank. These transactions were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not deemed related parties to the Bank and did not involve more than the normal risk of collectability or present other unfavorable features. The following table presents loan transactions with such related parties as of and for the periods stated. December 31, (Dollars in thousands) 2022 2021 Total loans, beginning of period $ 7,737 $ 13,957 Advances 4,703 6,699 Curtailments ( 4,322 ) ( 12,919 ) Total loans, end of period $ 8,118 $ 7,737 The Bank held related party deposits of approximately $ 11.6 million and $ 13.2 million as of December 31, 2022 and 2021, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 16. Earnings Per Share The following table shows the calculation of basic and diluted EPS and the weighted average number of shares outstanding used in computing EPS and the effect 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 and PSAs. For the twelve months ended December 31, 2022, 2021, and 2020, no stock options or PSAs for shares of the Company’s common stock were considered anti-dilutive. Weighted average common shares outstanding, basic and dilutive, for all periods presented are presented on a post Stock Split basis. The Company had 13,134 , 9,898 , and zero dilutive weighted average common shares outstanding for the years ended December 31, 2022, 2021, and 2020 respectively, which were attributable to exercisable stock options and time-based RSAs. For the years ended December 31, (Dollars in thousands, except per share data) 2022 2021 2020 Weighted average common shares outstanding, basic 18,811,484 17,840,675 8,535,606 Effect of dilutive securities 13,134 9,898 — Weighted average common shares outstanding, dilutive 18,824,618 17,850,573 8,535,606 Net income: Net income from continuing operations $ 27,577 $ 52,624 $ 17,837 Net income (loss) from discontinued operations 337 ( 144 ) ( 140 ) Net income from discontinued operations attributable to noncontrolling interest ( 1 ) ( 3 ) ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 27,913 $ 52,477 $ 17,696 Basic earnings per share: Earnings per share from continuing operations $ 1.46 $ 2.95 $ 2.07 Earnings (loss) per share from discontinued operations 0.02 ( 0.01 ) ( 0.02 ) Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 1.48 $ 2.94 $ 2.05 Diluted earnings per share: Earnings per share from continuing operations $ 1.46 $ 2.95 $ 2.07 Earnings (loss) per share from discontinued operations 0.02 ( 0.01 ) ( 0.02 ) Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 1.48 $ 2.94 $ 2.05 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17. Income Taxes The following table presents the differences between the provision for income taxes at the federal statutory rate and the amounts computed as reported for the periods stated. For the years ended December 31, (Dollars in thousands) 2022 2021 2020 Income tax at federal statutory rate $ 7,612 21.0 % $ 14,317 21.0 % $ 4,725 21.0 % Increase (decrease) resulting from: State income taxes, net of federal tax effect 625 1.7 % 1,499 2.2 % 34 0.2 % Tax-exempt interest income ( 121 ) ( 0.3 %) ( 105 ) ( 0.2 %) ( 20 ) ( 0.1 %) Income from life insurance ( 283 ) ( 0.8 %) ( 196 ) ( 0.3 %) ( 82 ) ( 0.4 %) Merger-related expenses — — 250 0.4 % 174 0.8 % Other permanent differences 500 1.4 % ( 64 ) ( 0.1 %) ( 31 ) ( 0.1 %) Provision for income taxes $ 8,333 23.0 % $ 15,701 23.0 % $ 4,800 21.4 % The following table presents the significant components of the provision for income taxes as of the dates stated. For the years ended December 31, (Dollars in thousands) 2022 2021 2020 Current tax provision Federal $ 4,762 $ 12,832 $ 6,437 State 546 946 43 Total current tax provision 5,308 13,778 6,480 Deferred tax provision (benefit) Federal 3,046 971 ( 1,680 ) State ( 21 ) 952 — Total deferred tax provision (benefit) 3,025 1,923 ( 1,680 ) Provision for income taxes $ 8,333 $ 15,701 $ 4,800 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents significant components of deferred tax assets and liabilities as of the dates stated. December 31, (Dollars in thousands) 2022 2021 Deferred tax assets relating to: Allowance for loan losses $ 5,126 $ 2,470 Compensation differences 1,340 1,221 Reserve for loan sale buy backs 640 227 Acquisition accounting adjustments 1,522 3,463 Loan origination costs 160 67 Pass-through entities 114 487 Unrealized losses on securities available for sale 13,149 1,092 Other 555 872 Total deferred tax assets 22,606 9,899 Deferred tax liabilities relating to: Premises and equipment, net ( 2,191 ) ( 2,885 ) Core deposit and customer-based intangible assets ( 1,179 ) ( 1,549 ) Mortgage servicing rights ( 6,478 ) ( 3,711 ) Unrealized gains on other investments ( 3,491 ) ( 1,536 ) Other ( 85 ) ( 68 ) Total deferred tax liabilities ( 13,424 ) ( 9,749 ) Deferred tax asset, net $ 9,182 $ 150 Deferred income tax assets and liabilities are measured at the enacted tax rate for the period in which they are expected to reverse; therefore, as of December 31, 2022, they have been measured using the federal income tax rate enacted for subsequent years of 21 % and applicable state income tax rates. As of December 31, 2022 and 2021, the Company had no net operating losses to be carried forward and applied against future taxable income. Th e Company’s policy is to report interest and penalties, if any, related to uncertain tax positions in income tax expense in the consolidated statements of income. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2018. As of December 31, 2022 and 2021, the Company has no uncertain tax positions. The Company’s deferred tax asset was $ 22.6 million and $ 9.9 million at December 31, 2022 and 2021, respectively. As of December 31, 2022, management concluded that the Company’s deferred tax assets were fully realizable, and accordingly, no valuation allowance was recorded. The Company will continue to monitor deferred tax assets to evaluate whether it will be able to realize the full benefit of the deferred tax asset or whether there is need for a valuation allowance. Significant negative trends in asset credit quality, losses from operations, or other factors could impact the realization of the deferred tax asset in the future. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Note 18. Business Segments The Company has three reportable business segments, consisting of 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 financial services 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 periods stated. For the year ended December 31, 2022 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 125,582 $ 1,455 $ 439 $ — $ 127,476 Interest expense 14,122 419 2,544 — 17,085 Net interest income 111,460 1,036 ( 2,105 ) — 110,391 Provision for loan losses 17,886 — — — 17,886 Net interest income after provision for loan losses 93,574 1,036 ( 2,105 ) — 92,505 NONINTEREST INCOME Residential mortgage banking income, net — 12,609 — — 12,609 Mortgage servicing rights 147 7,891 — — 8,038 Gain on sale of guaranteed government loans 4,734 — — — 4,734 Service charges on deposit accounts 1,289 — — — 1,289 Increase in cash surrender value of bank owned life insurance 1,348 — — — 1,348 Other income 11,193 17 9,453 ( 589 ) 20,074 Total noninterest income 18,711 20,517 9,453 ( 589 ) 48,092 NONINTEREST EXPENSE Salaries and employee benefits 40,012 15,994 — — 56,006 Other operating expenses 42,571 4,875 1,913 ( 589 ) 48,770 Total noninterest expense 82,583 20,869 1,913 ( 589 ) 104,776 Income from continuing operations before income tax expense 29,702 684 5,435 — 35,821 Income tax expense 6,885 152 1,207 — 8,244 Net income from continuing operations $ 22,817 $ 532 $ 4,228 $ — $ 27,577 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 $ 23,154 $ 532 $ 4,228 $ — $ 27,914 Net income from discontinued operations attributable to noncontrolling interest ( 1 ) — — — ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 23,153 $ 532 $ 4,228 $ — $ 27,913 Total assets as of December 31, 2022 $ 3,069,861 $ 40,840 $ 300,440 $ ( 270,096 ) $ 3,141,045 For the year ended December 31, 2021 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 99,810 $ 3,596 $ 140 $ — $ 103,546 Interest expense 8,181 257 2,627 — 11,065 Net interest income 91,629 3,339 ( 2,487 ) — 92,481 Provision for loan losses 117 — — — 117 Net interest income after provision for loan losses 91,512 3,339 ( 2,487 ) — 92,364 NONINTEREST INCOME Gain on sale of Paycheck Protection Program loans 24,315 — — — 24,315 Residential mortgage banking income, net — 28,624 — — 28,624 Mortgage servicing rights — 8,398 — — 8,398 Gain on sale of guaranteed government loans 2,005 — — — 2,005 Service charges on deposit accounts 1,464 — — — 1,464 Increase in cash surrender value of bank owned life insurance 932 — — — 932 Other income 13,733 194 7,505 ( 182 ) 21,250 Total noninterest income 42,449 37,216 7,505 ( 182 ) 86,988 NONINTEREST EXPENSE Salaries and employee benefits 35,320 26,161 — — 61,481 Other operating expenses 37,601 8,428 3,660 ( 182 ) 49,507 Total noninterest expense 72,921 34,589 3,660 ( 182 ) 110,988 Income from continuing operations before income tax expense 61,040 5,966 1,358 — 68,364 Income tax expense 13,978 1,253 509 — 15,740 Net income from continuing operations $ 47,062 $ 4,713 $ 849 $ — $ 52,624 Discontinued Operations Loss from discontinued operations before income taxes ( 183 ) — — — ( 183 ) Income tax benefit ( 39 ) — — — ( 39 ) Net loss from discontinued operations ( 144 ) — — — ( 144 ) Net income $ 46,918 $ 4,713 $ 849 $ — $ 52,480 Net income from discontinued operations attributable to noncontrolling interest ( 3 ) — — — ( 3 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 46,915 $ 4,713 $ 849 $ — $ 52,477 Total assets as of December 31, 2021 $ 2,498,916 $ 142,537 $ 319,685 $ ( 295,999 ) $ 2,665,139 For the year ended December 31, 2020 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 51,020 $ 3,314 $ 126 $ — $ 54,460 Interest expense 8,331 354 1,265 — 9,950 Net interest income 42,689 2,960 ( 1,139 ) — 44,510 Provision for loan losses 10,450 — — — 10,450 Net interest income after provision for loan losses 32,239 2,960 ( 1,139 ) — 34,060 NONINTEREST INCOME Residential mortgage banking income, net — 44,460 — — 44,460 Mortgage servicing rights — 7,084 — — 7,084 Gain on sale of guaranteed government loans 880 — — — 880 Service charges on deposit accounts 905 — — — 905 Increase in cash surrender value of bank owned life insurance 390 — — — 390 Other income 2,165 — — ( 34 ) 2,131 Total noninterest income 4,340 51,544 — ( 34 ) 55,850 NONINTEREST EXPENSE Salaries and employee benefits 13,773 31,201 — — 44,974 Other operating expenses 11,867 8,075 2,354 ( 34 ) 22,262 Total noninterest expense 25,640 39,276 2,354 ( 34 ) 67,236 Income from continuing operations before income tax expense 10,939 15,228 ( 3,493 ) — 22,674 Income tax expense 2,199 3,337 ( 699 ) — 4,837 Net income from continuing operations $ 8,740 $ 11,891 $ ( 2,794 ) $ — $ 17,837 Discontinued Operations Loss from discontinued operations before income taxes ( 177 ) — — — ( 177 ) Income tax benefit ( 37 ) — — — ( 37 ) Net loss from discontinued operations ( 140 ) — — — ( 140 ) Net income $ 8,600 $ 11,891 $ ( 2,794 ) $ — $ 17,697 Net income from discontinued operations attributable to noncontrolling interest ( 1 ) — — — ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 8,599 $ 11,891 $ ( 2,794 ) $ — $ 17,696 Total assets as of December 31, 2020 $ 1,312,095 $ 177,074 $ 133,041 $ ( 123,952 ) $ 1,498,258 |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2022 | |
Statement of Financial Position [Abstract] | |
Parent Company Only Financial Statements | Note 19. Parent Company Only Financial Statements The following tables present the condensed financial statements of Blue Ridge Bankshares, Inc. (parent company only) as of the dates and for the periods presented. PARENT COMPANY ONLY CONDENSED BALANCE SHEETS As of December 31, (Dollars in thousands) 2022 2021 ASSETS Cash and due from banks $ 2,432 $ 3,156 Investment in subsidiaries 267,123 291,525 Securities available for sale, at fair value — 2,073 Other equity investments 23,590 14,184 Other investments 7,161 4,532 Accrued interest receivable — 24 Income tax receivable 2,747 906 Other assets 583 2,221 Total assets $ 303,636 $ 318,621 LIABILITIES & STOCKHOLDERS’ EQUITY Accrued expenses $ 3,971 $ 1,126 Accrued interest payable 372 370 Subordinated notes, net 39,920 39,986 Total liabilities 44,263 41,482 Stockholders’ equity 259,373 277,139 Total liabilities and stockholders’ equity $ 303,636 $ 318,621 PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME For the years ended December 31, (Dollars in thousands) 2022 2021 2020 INCOME Dividends from Bank subsidiary $ 10,000 $ 10,000 $ 800 Interest income 439 140 126 Fair value adjustments of other equity investments 9,306 7,316 — Other 147 250 — Total income 19,892 17,706 926 EXPENSES Interest on subordinated notes 2,215 2,627 1,265 Professional fees 1,371 890 455 Merger-related 50 2,642 1,732 Other 821 189 165 Total expenses 4,457 6,348 3,617 Income before income tax expense and equity in undistributed earnings of subsidiary 15,435 11,358 ( 2,691 ) Income tax expense (benefit) 1,207 509 ( 699 ) Equity in undistributed earnings of subsidiaries 13,685 41,628 19,688 Net income $ 27,913 $ 52,477 $ 17,696 PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS For the years ended December 31, (Dollars in thousands) 2022 2021 2020 Cash Flows From Operating Activities Net income $ 27,913 $ 52,477 $ 17,696 Equity in undistributed earnings of subsidiaries ( 13,685 ) ( 41,628 ) ( 19,688 ) Deferred income tax benefit ( 698 ) ( 1,208 ) ( 62 ) Amortization of subordinated note issuance costs 35 206 54 Fair value adjustments of other equity investments ( 9,306 ) ( 7,316 ) — Increase in other assets ( 180 ) ( 2,677 ) ( 140 ) Increase in accrued expenses 4,247 646 528 Net cash provided by operating activities 8,326 500 ( 1,612 ) Cash Flows From Investing Activities Net change in securities available for sale 2,073 ( 2,073 ) — Net change in other equity investments ( 9,406 ) ( 6,900 ) — Net change in other investments ( 2,629 ) ( 3,230 ) ( 7,363 ) Net cash acquired in Bay Banks Merger — 23,214 — Cash received from (contributed to) Bank subsidiary 10,000 10,000 ( 2,000 ) Net cash provided by investing activities 38 21,011 ( 9,363 ) Cash Flows From Financing Activities Dividends paid on common stock ( 9,175 ) ( 7,183 ) ( 2,436 ) Stock option exercises and dividend reinvestment plan issuances 87 804 — Redemption of subordinated notes — ( 14,150 ) — Issuance of subordinated notes — — 15,000 Payment of subordinated notes issuance costs — — ( 349 ) Net cash used in financing activities ( 9,088 ) ( 20,529 ) 12,215 Net (decrease) increase in cash and due from banks ( 724 ) 982 1,240 Cash and due from banks at beginning of period 3,156 2,174 934 Cash and due from banks at end of period $ 2,432 $ 3,156 $ 2,174 Supplemental Schedule of Cash Flow Information Cash paid for: Interest $ 2,213 $ 2,388 $ 1,190 Income taxes $ 1,475 $ 10,000 $ 2,000 Non-cash investing and financing activities: Unrealized gain on securities available for sale $ — $ 300 $ — Issuance of restricted stock awards, net of forfeitures $ 1,564 $ 1,331 $ 567 |
Legal Matters
Legal Matters | 12 Months Ended |
Dec. 31, 2022 | |
Loss Contingency [Abstract] | |
Legal Matters | Note 20. 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 lawsui ts related to the VCB ESOP. The Company believes the claims are without merit and no loss has been accrued for this lawsuit. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss), Net | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss), net | Note 21. Accumulated Other Comprehensive Income (Loss), net The following tables present components of accumulated other comprehensive income (loss) for the periods stated. (Dollars in thousands) Securities Available For Sale Transfer of Securities Held to Maturity to Available For Sale Interest Rate Swaps Pension and Accumulated Balance as of December 31, 2020 $ 644 $ 425 $ ( 805 ) $ — $ 264 Change in net unrealized holding losses on securities available for sale, net of tax benefit of $ 1,279 ( 4,814 ) — — — ( 4,814 ) Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $ 30 114 — — — 114 Change in net unrealized holding gains on interest rate swaps, net of tax expense of $ 1,521 — — 5,719 — 5,719 Reclassification for previously unrealized net gains recognized in net income, net of tax expense of $ 1,307 — — ( 4,914 ) — ( 4,914 ) Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit of $ 1 — — — ( 1 ) ( 1 ) Balance as of December 31, 2021 ( 4,056 ) 425 — ( 1 ) ( 3,632 ) Change in net unrealized holding losses on securities available for sale, net of tax benefit of $ 11,936 ( 41,469 ) — — — ( 41,469 ) Balance as of December 31, 2022 $ ( 45,525 ) $ 425 $ — $ ( 1 ) $ ( 45,101 ) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Commitments and Contingencies | Note 22. Commitments and Contingencies In the ordinary course of operations, the Company is party to legal proceedings. Based upon information currently available, management believes that such legal proceedings, in the aggregate, will not have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows. Also, in the ordinary course of operations, the Company offers various financial products to its customers to meet their credit and liquidity needs. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and stand-by letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional commitments as it does for on-balance sheet commitments. Subject to its normal credit standards and risk monitoring procedures, the Company makes contractual commitments to extend credit. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. As of December 31, 2022 and December 31, 2021, the Company had outstanding loan commitments of $ 719.2 million and $ 475.1 million, respectively. Of these amounts, $ 107.9 million and $ 88.1 million were unconditionally cancellable at the sole discretion of the Company as of the same respective dates. Conditional commitments are issued by the Company in the form of performance stand-by letters of credit, which guarantee the performance of a customer to a third party. As of December 31, 2022 and 2021, commitments under outstanding performance stand-by letters of credit totaled $ 0 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 December 31, 2022 and 2021, commitments under outstanding financial stand-by letters of credit totaled $ 29.8 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 December 31, 2022 and 2021 were $ 1.8 million and $ 962 thousand, respectively, and are included in other liabilities on the consolidated balance sheets. The Company invests in various partnerships, limited liability companies, and SBIC funds. Pursuant to these investments, the Company commits to an investment amount that may be fulfilled in future period s. At December 31, 2022, the Company had future commitments outstanding totaling $ 19.0 million related to these investments. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 23. Subsequent Events On January 10, 2023 , the Board of Directors of the Company declared a quarterly dividend of $ 0.1225 per share, paid on January 31, 2023 to shareholders of record as of the close of business on January 23, 2023 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | (a) Use of Estimates In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and contingent liabilities, as of the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to accounting for business combinations, accounting for acquired loans, the allowance for loan losses, the valuation of deferred tax assets, mortgage servicing rights, and the valuation of derivative instruments and certain investments. |
Cash and Due from Banks and Federal Funds Sold | (b) Cash and due from banks and federal funds sold For purposes of the consolidated statements of cash flows and balance sheets, cash and due from banks include cash on hand and amounts due from banks, including short-term investments with original maturities of less than 90 days. Federal funds sold represents excess bank reserves lent (generally on an overnight basis) to other financial institutions in the federal funds market. Federal funds sold are separately disclosed within the consolidated balance sheets. |
Investment Securities | (c) Investment Securities Management determines the appropriate classification of securities at the time of purchase. If management has the intent and the Company has the ability at the time of purchase to hold securities until maturity, they are classified as held to maturity and carried at amortized historical cost. Securities not intended to be held to maturity are classified as available for sale and carried at fair value. Securities available for sale are intended to be used as part of the Company’s asset and liability management strategy and may be sold in response to liquidity needs, changes in interest rates, prepayment risk, or other similar factors. Securities reclassified from one category to another are transferred at fair value. Amortization of premiums and accretion of discounts on securities are reported as adjustments to interest income using the effective interest method. Realized gains and losses on dispositions are based on the net proceeds and the adjusted book value of the securities sold using the specific identification method and recorded on the date of settlement. Unrealized gains and losses on investment securities available for sale are based on the difference between book value and fair value of each security. These gains and losses are credited or charged to shareholders’ equity, whereas realized gains and losses flow through the Company’s current earnings. Investment securities for which the fair value of the security is less than its amortized cost are evaluated on a quarterly basis for credit related other-than-temporary impairment ("OTTI"). For debt securities, impairment is considered other-than-temporary and recognized in its entirety in the consolidated statements of income if either the Company intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If, however, the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery, management must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost basis of the security exceeds the present value of the cash flows expected to be collected from the security. If there is credit loss, the loss is recognized in the consolidated statements of income, and the remaining portion of the impairment is recognized in other comprehensive income (loss). Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. The Company has made investments in several fintech companies, which are being accounted for as equity securities under Accounting Standards Codification ("ASC") 321, Investments – Equity Investments. None of the Company's fintech investments have readily-determinable fair values and most are reported at cost, less impairment, if any. The Company reports such investments at fair value if observable market transactions have occurred in similar securities. Several of the fintech entities had observable market transactions in 2022 and 2021 that, in the opinion of management, were in securities similar to the Company's existing investments. Accordingly, the Company recorded fair market value adjustments (unrealized gains) on its existing investments totaling $ 9.3 million and $ 7.3 million for the years ended December 31, 2022 and 2021, respectively, which is reported in noninterest income as fair value adjustments on other equity investments on the consolidated statements of operations. These investments, inclusive of the fair value adjustments, totaled $ 21.6 million and $ 12.3 million as of December 31, 2022 and 2021, respectively, and are included in other equity investments on the Company's con solidated balance sheets. The Company also holds investments in early-stage focused investment funds, small business investment companies ("SBIC"), and low-income housing partnerships, which are reported in other investments on the consolidated balance sheets, and total $ 24.7 million and $ 12.7 million as of December 31, 2022 and 2021, respectively. These investments do not have readily-determinable fair values, are generally reported at amortized cost, and are periodically evaluated for potential impairment. |
Loans Held for Sale | (d) Loans Held for Sale Mortgage loans originated or purchased and intended for sale in the secondary market are carried at estimated fair value in the aggregate. Changes in fair value are recognized in residential mortgage banking income on the consolidated statements of income. The Company participates in a mandatory delivery program for its government guaranteed and conventional mortgage loans. Under the mandatory delivery program, loans with interest rate locks are paired with the sale of a to-be-announced (“TBA”) mortgage-backed security bearing similar attributes in the aggregate. Under the mandatory delivery program, the Bank commits to deliver loans to an investor at an agreed upon price after the close of such loans. This differs from a best efforts delivery, which sets the sale price with the investor on a loan-by-loan basis when each loan is locked. Certain consumer loans originated by the Company and sourced by fintech partners are classified on the Company's consolidated balance sheets as held for sale. These loans are originated by the Bank and either sold directly to the applicable fintech partner or another investor at par, generally up to 10 days from origination. These loans are carried at cost. As of December 31, 2022 and 2021, fintech loans held for sale totaled $ 9.8 million and $ 5.8 million, respectively, and are included in loans held for sale on the Company's consolidated balance sheets. The Company holds for sale the conditionally guaranteed portion of certain loans guaranteed by the U.S. Small Business Administration or the U.S. Department of Agriculture (collectively referred to as “government guaranteed loans”). These loans are carried at the lower of cost or fair market value. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Gains or losses on government guaranteed loans held for sale are recognized upon completion of the sale, based on the difference between the selling price and the carrying value of the related loan sold. As of December 31, 2022 and 2021, government guaranteed loans classified as held for sale on the consolidated balance sheets were $ 44.7 million and $ 0 , respectively. |
Loans Held for Investment and Allowance for Loan Losses | (e) Loans Held for Investment and Allowance for Loan Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until loan maturity or pay-off are reported at their outstanding principal balance adjusted for any charge-offs, and net of any deferred fees and origination costs. Loan origination fees and certain direct origination costs are deferred and amortized as an adjustment of the yield using the payment terms required by the loan contract. As a result of the Bay Banks Merger and the Company's acquisition of Virginia Community Bankshares, Inc. in 2019, the Company's loan portfolio is segregated between loans initially accounted for under the amortized cost method (referred to as "originated" loans) and loans acquired (referred to as "acquired" loans). The loans segregated to the acquired loan portfolio were initially measured at fair value and subsequently accounted for under either ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, or ASC 310-20, Nonrefundable Fees and Other Costs. Purchased credit-impaired (“PCI”) loans, which were the nonperforming loans acquired in the Company's acquisitions, were acquired at a discount that is due, in part, to credit quality and are accounted for under ASC 310-30. These loans are initially recorded at fair value (as determined by the present value of expected future cash flows) with no allowance for loan losses. The Company accounts for interest income on all loans acquired at a discount (that is due, in part, to credit quality) based on the acquired loans' expected cash flows. The acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flow. The difference between the cash flows expected at acquisition and the investment in the loans, or the "accretable yield," is recognized as interest income utilizing the level-yield method over the life of each pool. Increases in expected cash flows subsequent to the acquisition are recognized prospectively through adjustment to any previously recognized allowance for loan loss for that pool of loans and then through an increase in the yield on the pool over its remaining life, while decreases in expected cash flows are recognized as impairment through a loss provision and an increase in the allowance for loan losses. Therefore, the allowance for loan losses on these impaired pools reflects only losses incurred after the acquisition (representing the present value of all cash flows that were expected at acquisition but currently are not expected to be received). The Company periodically evaluates the remaining contractual required payments due and estimates of cash flows expected to be collected for PCI loans. These evaluations, performed no less than semi-annually, require the continued use of key assumptions and estimates, similar to the initial estimate of fair value. Changes in the contractual required payments due and estimated cash flows expected to be collected may result in changes in the accretable yield and non-accretable difference or reclassifications between accretable yield and the non-accretable difference. On an aggregate basis, if the acquired pools of PCI loans perform better than originally expected, the Company would expect to receive more future cash flows than originally modeled at the acquisition date. For the pools with better than expected cash flows, the forecasted increase would be recorded as an additional accretable yield that is recognized as a prospective increase to the Company's interest income on loans. Loans are generally placed into nonaccrual status when they are past due 90 days or more as to either principal or interest or when, in the opinion of management, the collection of principal and/or interest is in doubt. A loan remains in nonaccrual status until the loan is current as to payment of both principal and interest or past due less than 90 days and the borrower demonstrates the ability to pay and remain current. When cash payments are received, they are applied to principal first, then to accrued interest. It is the Company's policy not to record interest income on nonaccrual loans until principal has become current. In certain instances, accruing loans that are past due 90 days or more as to principal or interest may not go on nonaccrual status if the Company determines that the loans are well secured and are in the process of collection. Loans are charged-off in whole or in part when a loan or a portion thereof is considered uncollectible. Nonperforming assets include nonaccrual loans, loans past due 90 days or more, and other real estate owned (“OREO”). The Company maintains an allowance for loan losses at a level that represents management's best estimate of known and inherent losses in the loan portfolio. Both the amount of the provision expense and the level of the allowance for loan losses are impacted by many factors, including general and industry-specific economic conditions, actual and expected credit losses, historical trends, and specific conditions of the individual borrowers. As a part of the analysis, the Company uses comparative peer group data and qualitative factors such as levels of and trends in delinquencies, nonaccrual loans, charged-off loans, changes in volume and terms of loans, effects of changes in lending policy, experience and ability and depth of management, national and local economic trends, and conditions and concentrations of credit, competition, and loan review results to support estimates. The allowance for loan losses is increased or decreased by provision for loan losses, increased by recoveries of loans previously charged off, and decreased by loans charged off. The Company also maintains an allowance for loan losses for acquired loans: (i) accounted for under ASC 310-30, when there is deterioration in credit quality subsequent to acquisition, and (ii) accounted for under ASC 310-20, when the inherent losses in the loans exceed the remaining discount recorded at the time of acquisition. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are determined to be impaired and, therefore, individually evaluated for impairment. The Company considers a loan to be impaired when 1) the risk grade of the loan is substandard or worse and the balance of the loan exceeds $ 500,000 , or 2) the loan is a troubled debt restructuring ("TDR"), regardless of balance. The Company determines and recognizes impairment of certain loans when, based on current information and events, it is probable that it will be unable to collect all amounts due according to the loan agreement. A loan is not considered impaired during a period of delay in payment if the Company expects to collect all amounts due, including past-due interest. The Company evaluates the impairment of certain loans on a loan-by-loan basis for those loans that are adversely risk rated. Measurement of impairment is based on the expected future cash flows of an impaired loan, discounted at the loan's effective interest rate, or measured on an observable market value, if one exists, or the fair value of the collateral underlying the loan, discounted to consider estimated costs to sell the collateral for collateral-dependent loans. If the net value is less than the loan's carrying value (including accrued interest and any unamortized premium or discount associated with the loan) an impairment is recognized and a specific reserve is established for the impaired loan. Loans classified as loss loans are fully reserved or charg ed-off. The general component of the allowance for loan losses covers those loans not classified as impaired and those loans classified as impaired that are not individually evaluated for impairment. Loans in the general component population are segmented into homogenous groups that share similar characteristics and receive a loss factor that is based on historical loss experience and adjusted for other internal or external influences on credit quality that are not fully reflected in the historical data. Internal and external factors include, but are not limited to, internal underwriting standards, loan portfolio composition and concentrations, and local and national economic conditions. Loans considered to be TDRs are loans that have their terms restructured (e.g., interest rates, loan maturity date, payment and amortization period, etc.) in circumstances that provide payment relief to a borrower experiencing financial difficulty. All restructured loans are considered impaired loans and may either be in accruing status or nonaccruing status. Nonaccruing restructured loans may return to accruing status provided doubt has been removed concerning the collectability of principal and interest as evidenced by a sufficient period of payment performance in accordance with the restructured terms. Loans may be removed from the restructured category in the year subsequent to the restructuring, if their revised loan terms are considered to be consistent with terms that can be obtained in the credit market for loans with comparable risk and if they meet certain performance criteria. |
Premises and Equipment | (f) Premises and Equipment Land is carried at cost. Premises and equipment, other than land, are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Estimated useful lives ranges from 39 to 40 years for buildings and from 3 to 15 years for furniture, fixtures, and equipment. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the useful life of the improvements or the lease term . Purchased computer software, which is capitalized, is amortized over estimated useful lives of one to three year s . |
Leases | (g) Leases In accordance with the requirements of ASC 842, Leases, the Company evaluates new real estate and equipment leases to determine whether the contractual arrangements constitute a lease, or contain an embedded lease, which would be in scope under ASC 842 and whether such leases would meet the requirements of an operating or financing lease under the standard. For operating leases, right-of-use assets (“ROU assets”) and lease liabilities are recognized at the commencement date of the lease. ROU assets represent the Company’s right to use leased assets over the term of the lease. Lease liabilities represent the Company’s contractual obligation to make lease payments over the lease term and are measured as the present value of the lease payments over the lease term. ROU assets are measured as the amount of the lease liability adjusted for certain items such as prepaid lease payments, unamortized lease incentives, and unamortized direct costs. ROU assets are amortized on a straight-line basis less the periodic interest expense adjustment of the lease liability and the amortization is included in occupancy expense in the Company’s consolidated statements of operations. The discount rate used for the present value calculations for lease liabilities was the rate implicit in the lease if determinable, and when the rate was not determinable, the Company used its incremental, collateralized borrowing rate with the Federal Home Loan Bank of Atlanta ("FHLB") for the period that most closely coincided with the respective lease term as of the commencement date of the lease. Most of the Company’s leases include renewal options, with renewal terms extending the lease obligation up to as much as eight years. Lease terms may include renewal or extension options to the extent they are reasonably certain to be exercised as assessed at lease commencement. As of and for the years ended December 31, 2022 and 2021, the Company did no t have any leases that met the standard definition of a finance lease nor did it engage in any sale-leaseback transactions or have any material sublease income. In accordance with the ASC, the Company elects not to recognize an ROU asset and lease obligation for contracts with an initial term of twelve months or less. The expense associated with these short-term leases is included in noninterest expense in the consolidated statements of operations. To the extent that a lease arrangement includes both lease and non-lease components, the Company has elected not to account for these separately. Rent expense on operating leases is recorded using the straight-line method over the appropriate lease term. |
Goodwill and Other Intangible Assets | (h) Goodwill and Other Intangible Assets Goodwill, which represents the excess of purchase price over fair value of net assets acquired, is not amortized but is evaluated at least annually for impairment by comparing its fair value with its carrying amount. Impairment is indicated when the carrying amount of a reporting unit exceeds its estimated fair value. Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. The Company performs the impairment test annually during the fourth quarter. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. Intangible assets with definite useful lives are amortized over their estimated useful lives and tested for impairment if events and circumstances exist that might indicate impairment may have occurred. The majority of the Company's intangible assets with definite useful lives is a core deposit intangible asset acquired as part of the Bay Banks Merger. No impairment was recorded for goodwill and other intangible assets in 2022 and 2021. |
Mortgage Servicing Rights (“MSR”) Assets | (i) Mortgage Servicing Rights (“MSR”) Assets MSR assets represent the economic value associated with servicing a mortgage loan during the life of the loan. The Company retains servicing rights on mortgages originated and sold to the secondary market. The assets are separate from the underlying mortgage and may be retained or sold by the Company when the related mortgage is sold. Under ASC 860, Transfers and Servicing, MSR assets are initially recognized at fair value and subsequently accounted for using either the amortization method or the fair value measurement method. Beginning January 1, 2022, the Company elected the fair value measurement method for accounting for MSR assets; prior to this, MSR assets were recorded under the amortization method. 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 2022. Consequently, a positive $ 3.5 million cumulative effect adjustment was recorded to stockholders’ equity as of January 1, 2022. MSR assets and servicing income are reported on the Company’s consolidated balance sheets and consolidated statements of income, respectively. |
Other Real Estate Owned | (j) Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and reported as OREO. At the time of acquisition these properties are recorded at estimated fair value less estimated selling costs, with any write down charged to the allowance for loan losses and any gain on foreclosure recorded in the allowance up to the amount previously charged off, establishing a new cost basis. Subsequent to foreclosure, valuations of the assets are periodically performed by management, and these assets are subsequently accounted for at the lower of cost or fair value, less estimated selling costs. Adjustments are made for subsequent declines in the fair value of the assets, less selling costs. Revenue and expenses from operations and valuation changes are charged to operating income in the period of the transaction. |
Cash Surrender Value of Life Insurance | (k) Cash Surrender Value of Life Insurance The Company has purchased life insurance policies on certain key employees. The cash surrender value of life insurance is recorded at the gross amount that can be realized under the insurance contract at the balance date, which is the cash surrender value. The increase in the cash surrender value over time is recorded as other noninterest income. The Company monitors the financial strength and condition of the counterparty. |
Income Taxes | (l) Income Taxes Income taxes are accounted for using the balance sheet method in accordance with ASC 740, Accounting for Income Taxes. Per ASC 740, the objective is to recognize (a) the amount of taxes payable or refundable for the current year, and (b) defer tax liabilities and assets for the future tax consequences of events that have been recognized in the financial statements or federal income tax returns. Deferred tax assets and liabilities are determined based on the tax effects of the temporary differences between the book (i.e., financial statement) and tax bases of the various balance sheet assets and liabilities and give current recognition to changes in tax rates and laws. Temporary differences are reversed in the period in which an amount or amounts become taxable or deductible. When the Company’s federal tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would ultimately be sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely to be realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties, if any, associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. |
Earnings Per Share | (m) Earnings Per Share Accounting guidance specifies the computation, presentation, and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities, or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. |
Derivatives | (n) Derivatives Derivatives are recognized as assets and liabilities on the Company’s consolidated balance sheets and measured at fair value. The Company’s derivatives consist of forward sales of to-be-announced mortgage-backed securities and interest rate lock commitments. The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk or to hedge specified assets and liabilities. All derivatives are recorded at fair value on the consolidated balance sheets. The Company may be required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. If derivative instruments are designated as hedges of fair values, both the change in the fair value of the hedge and the hedged item are included in current earnings. During the normal course of business, the Company enters into commitments to originate mortgage loans, whereby the interest rate on the loan is determined prior to funding (“rate lock commitments”). For commitments issued in connection with potential loans intended for sale, the Bank enters into positions of forward month mortgage-backed securities (“MBS”) to be announced (“TBA”) contracts on a mandatory basis or on a one-to-one forward sales contract on a best efforts basis. The Company enters into TBA contracts in order to control interest rate risk during the period between the rate lock commitment and mandatory sale of the mortgage loan. Both the rate lock commitment and the TBA contract are considered derivatives. A mortgage loan sold on a best efforts basis is locked into a forward sales contract with a counterparty on the same day as the rate lock commitment to control interest rate risk during the period between the commitment and the sale of the mortgage loan. Both the rate lock commitment and the forward sales contract are considered derivatives. The market values of rate lock commitments and best efforts forward delivery commitments is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments, delivery contracts, and forward sales contracts of MBS by measuring the change in the value of the underlying asset, while taking into consideration the probability that the rate lock commitments will close or will be funded. Certain risks arise from the forward delivery contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. Additional risks inherent in mandatory delivery programs include the risk that, if the Company does not close the loans subject to rate lock commitments, it will still be obligated to deliver MBS to the counterparty under the forward sales agreement. The Company enters into interest rate swap agreements to accommodate the needs of its banking customers. The Company mitigates the interest rate risk entering into these swap agreements by entering into equal and offsetting swap agreements with a highly-rated third-party financial institutions. These back-to-back swap agreements are a free-standing derivatives and are recorded at fair value in the Company’s consolidated balance sheets. The Company entered into various interest rate swaps in 2020 and 2019 that qualified as cash flow hedges as defined by ASC 815, Derivatives and Hedging. The hedging objective was to reduce the interest rate risk associated with the Company’s fixed rate advances from the designation date and going through the maturity date. The Company terminated these cash flow hedges during the fourth quarter of 2021 and recorded a gain on the termination. |
Business Segments | (o) B usiness Segments The Company has three reportable business segments consisting of 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 financial services to its customers. It is distinct from the Company's mortgage banking division, which concentrates on individual, wholesale, and participated mortgage lending, and sales activities. Activities at the holding company or parent level are primarily associated with investments, borrowings, and certain noninterest expenses. |
Recent Accounting Pronouncements | (p) Recent Accounting Pronouncements (Issued But Not Adopted) 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 (“ASU 2016-13”). In November 2019, the FASB issued ASU 2019-11 – Codification Improvements to Topic 326, Financial Instruments–Credit Losses. In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"). Together, these ASUs create a new standard that significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the current incurred loss approach with an expected loss model, referred to as the current expected credit loss (“CECL”) model. The new standard will apply to financial assets subject to credit losses and measured at amortized cost and certain off-balance-sheet credit exposures, which include, but are not limited to, loans, leases, held-to-maturity securities, loan commitments and financial guarantees. ASU 2016-13 simplifies the accounting for PCI debt securities and loans and expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (or vintage year). ASU 2022-02 eliminates existing TDR guidance for organizations that have adopted (or will adopt) ASU 2016-13 while also requiring additional disclosures for loan modifications and gross charge-offs by year of origination. For public business entities that meet the definition of an emerging growth company, such as the Company, implementation of the new CECL standard is effective for interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted in any interim period as long as the Company has adopted to the amendments in ASU 2016-13. Upon adoption, ASU 2016-13 provides for a modified retrospective transition by means of a cumulative effect adjustment to equity as of the beginning of the period in which the guidance is effective. The Company expects to finalize the adoption of ASU 2016-13 during the first quarter of 2023 effective as of January 1, 2023. The Company to date has selected the software vendor for implementation, sourced and tested required data from the Company’s loan systems, tested data feeds to the model, determined appropriate segmentations of its portfolio, selected a preliminary forecast period for reasonable and supportable forecasts, and has performed parallel runs of the model as of the second, third, and fourth quarters of 2022. Additionally, the Company contracted for and received results from an independent third party, which validated the CECL model and process. The Company is currently finalizing its assessment of current and forecasted macroeconomic factors and assumptions and is testing and finalizing internal controls. The increase to the allowance for loan losses and the liability for unfunded commitments will have no impact on the consolidated statement of operations upon the adoption of CECL. Instead, the increase in the allowance for loan losses will result in a corresponding increase in the carrying value of loans held for investment for those loans deemed to be purchased credit deteriorated (“PCD”) or a decrease to retained earnings through an after-tax cumulative effect adjustment for those loans deemed to be non-PCD. The increase in the liability for unfunded commitments, which is included in other liabilities on the consolidated balance sheets, will result in a corresponding decrease to retained earnings through an after-tax cumulative effec t adjustment. The Company currently estimates its allowance for loan losses as of January 1, 2023 will increase by a range of $ 8.5 million to $ 9.5 million while retained earnings will decrease by a range of $ 6.1 million to $ 6.8 million. In addition, the Company expects to recognize an increase to the liability for unfunded commitments by a range of $ 3.5 million to $ 4.5 million while retained earnings will decrease by a range of $ 2.7 million to $ 3.5 million. |
Investment Securities and Oth_2
Investment Securities and Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Investments [Abstract] | |
Summary of Amortized Cost and Fair Values of Investment Securities | Investment securities available for sale are carried on the Company's consolidated balance sheets at fair value. The following table presents amortized cost, fair values, and gross unrealized gains and losses of investment securities as of the dates stated. December 31, 2022 (Dollars in thousands) Amortized Gross Gross Fair Available for sale State and municipal $ 60,018 $ — $ ( 9,025 ) $ 50,993 U.S. Treasury and agencies 80,073 — ( 12,911 ) 67,162 Mortgage backed securities 230,015 51 ( 33,730 ) 196,336 Corporate bonds 42,909 124 ( 3,183 ) 39,850 Total investment securities $ 413,015 $ 175 $ ( 58,849 ) $ 354,341 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 Unrealized Losses | The following tables present fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. December 31, 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 $ 18,252 $ ( 2,178 ) $ 31,530 $ ( 6,847 ) $ 49,782 $ ( 9,025 ) U.S. Treasury and agencies 28 9,904 ( 1,039 ) 56,686 ( 11,872 ) 66,590 ( 12,911 ) Mortgage backed securities 78 39,006 ( 3,061 ) 148,449 ( 30,669 ) 187,455 ( 33,730 ) Corporate bonds 33 26,018 ( 2,283 ) 5,675 ( 900 ) 31,693 ( 3,183 ) Total 221 $ 93,180 $ ( 8,561 ) $ 242,340 $ ( 50,288 ) $ 335,520 $ ( 58,849 ) 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 ) |
Summary of Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the dates stated. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2022 (Dollars in thousands) Amortized Fair Due in one year or less $ 4,896 $ 4,880 Due after one year through five years 30,765 28,243 Due after five years through ten years 136,788 118,605 Due after ten years 240,566 202,613 Total $ 413,015 $ 354,341 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Loans Held for Investment | The following table presents loans held for investment, including Paycheck Protection Program ("PPP") loans, as of the dates stated. December 31, (Dollars in thousands) 2022 2021 Commercial and industrial $ 590,049 $ 320,827 Paycheck Protection Program 11,967 30,742 Real estate – construction, commercial 183,301 146,523 Real estate – construction, residential 76,599 58,857 Real estate – mortgage, commercial 864,989 701,503 Real estate – mortgage, residential 631,772 493,982 Real estate – mortgage, farmland 6,599 6,173 Consumer 47,423 49,877 Gross loans 2,412,699 1,808,484 Less: deferred loan fees, net of costs ( 1,640 ) ( 906 ) Total $ 2,411,059 $ 1,807,578 |
Summary of Financing Receivable, Past Due | The following tables present the aging of the recorded investment of loans held for investment as of the dates stated. December 31, 2022 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past PCI Loans Current Total Commercial and industrial $ 488 $ 279 $ — $ 2,314 $ 3,081 $ 1,481 $ 585,487 $ 590,049 Paycheck Protection Program — — — — — — 11,967 11,967 Real estate – construction, commercial 1,136 19 — 714 1,869 — 181,432 183,301 Real estate – construction, residential 1,416 1,204 — — 2,620 7 73,972 76,599 Real estate – mortgage, commercial 6,199 297 6,234 1,658 14,388 51,223 799,378 864,989 Real estate – mortgage, residential 4,544 231 1,998 5,143 11,916 5,678 614,178 631,772 Real estate – mortgage, farmland — 75 — — 75 — 6,524 6,599 Consumer 880 200 28 495 1,603 359 45,461 47,423 Less: deferred loan fees, net of costs — — — — — — ( 1,640 ) ( 1,640 ) Total Loans $ 14,663 $ 2,305 $ 8,260 $ 10,324 $ 35,552 $ 58,748 $ 2,316,759 $ 2,411,059 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 Acquired Loans Included in Consolidated Statement of Condition | The following table presents the outstanding principal balance and related recorded investment of these acquired loans included in the consolidated balance sheets as of the dates stated. December 31, (Dollars in thousands) 2022 2021 PCI loans Outstanding principal balance $ 64,911 $ 97,418 Recorded investment 58,748 84,029 Purchased performing loans Outstanding principal balance 513,461 706,147 Recorded investment 511,752 703,333 Total acquired loans Outstanding principal balance 578,372 803,565 Recorded investment 570,500 787,362 |
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. December 31, (Dollars in thousands) 2022 2021 Balance, beginning of period $ 16,849 $ 123 Additions — 10,030 Accretion ( 9,410 ) ( 5,381 ) Reclassification of nonaccretable difference due to improvement in expected cash flows 3,804 1,400 Other changes, net ( 71 ) 10,677 Balance, end of period $ 11,172 $ 16,849 |
Summary of Investment of PCI loans | The following tables present the aging of the recorded investment of PCI loans as of the dates stated. December 31, 2022 (Dollars in thousands) 30-89 Greater than Current Total Commercial and industrial $ — $ — $ 1,481 $ 1,481 Real estate – construction, commercial — — 7 7 Real estate – mortgage, commercial — — 51,223 51,223 Real estate – mortgage, residential 354 — 5,324 5,678 Consumer — — 359 359 Total PCI Loans $ 354 $ — $ 58,394 $ 58,748 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 Allowance for Loans Losses | The following table presents an analysis of the change in the allowance for loans losses by loan type as of the dates and for the periods stated. December 31, (Dollars in thousands) 2022 2021 2020 Allowance for loan losses, beginning of period $ 12,121 $ 13,827 $ 4,572 Charge-offs Commercial and industrial ( 4,779 ) ( 1,098 ) ( 6 ) Real estate – construction ( 162 ) ( 195 ) — Real estate – mortgage ( 1,824 ) ( 125 ) ( 505 ) Consumer ( 1,686 ) ( 1,123 ) ( 994 ) Total charge-offs ( 8,451 ) ( 2,541 ) ( 1,505 ) Recoveries Commercial and industrial 442 196 41 Real estate – construction 40 — — Real estate – mortgage 409 98 8 Consumer 492 424 261 Total recoveries 1,383 718 310 Net charge-offs ( 7,068 ) ( 1,823 ) ( 1,195 ) Provision for loan losses 17,886 117 10,450 Allowance for loan losses, end of period $ 22,939 $ 12,121 $ 13,827 |
Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment | The following tables present the allowance for loan losses and the amount of loans evaluated for impairment, individually and collectively, by loan type as of the dates stated. December 31, 2022 (Dollars in thousands) Individually Collectively Total Loan Balances Related Allowance for Loan Losses PCI loans: Commercial and industrial $ — $ 1,481 $ 1,481 $ — Real estate – construction, commercial — 7 7 — Real estate – mortgage, commercial — 51,223 51,223 3 Real estate – mortgage, residential — 5,678 5,678 — Consumer — 359 359 — Total PCI loans — 58,748 58,748 3 Originated and purchased performing loans: Commercial and industrial 39,247 549,321 588,568 15,272 Real estate – construction, commercial 521 182,773 183,294 1,637 Real estate – construction, residential — 76,599 76,599 628 Real estate – mortgage, commercial 4,567 809,199 813,766 2,353 Real estate – mortgage, residential 835 625,259 626,094 1,760 Real estate – mortgage, farmland — 6,599 6,599 4 Consumer — 47,064 47,064 1,282 Total originated and purchased performing loans 45,170 2,296,814 2,341,984 22,936 Gross loans 45,170 2,355,562 2,400,732 22,939 Less: deferred loan fees, net of costs — — ( 1,640 ) — Total $ 45,170 $ 2,355,562 $ 2,399,092 $ 22,939 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 presented. December 31, 2022 December 31, 2021 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related With no specific allowance recorded: Commercial and industrial $ 1,309 $ 1,289 $ — $ — $ — $ — Real estate – construction, commercial 521 521 — 527 527 — Real estate – mortgage, commercial 4,438 4,404 — — — — Real estate – mortgage, residential 835 834 — — — — With an allowance recorded: Commercial and industrial $ 37,938 $ 37,911 $ 3,178 $ 4,612 $ 4,612 $ 836 Real estate – mortgage, commercial 129 126 1 3,194 3,849 1 Real estate – mortgage, residential — — — 1,400 1,400 42 Total $ 45,170 $ 45,085 $ 3,179 $ 9,733 $ 10,388 $ 879 |
Summary of Accounts Notes Loans and Financing Receivable | The following tables present the Company's loan portfolio (PCI and originated and purchased performing) by internal loan grades as of the dates stated. PPP loans are risk graded strong because they are fully guaranteed by the U.S. government. December 31, 2022 (Dollars in thousands) Grade Grade Grade Grade Grade Grade Grade Grade Total PCI loans: Commercial and industrial $ — $ — $ — $ 1,369 $ — $ 112 $ — $ — $ 1,481 Real estate – construction, commercial — — — 7 — — — — 7 Real estate – mortgage, commercial — — — 22,778 26,059 1,700 686 — 51,223 Real estate – mortgage residential — — — 1,453 1,985 — 2,240 — 5,678 Consumer — — — — 353 — 6 — 359 Total PCI loans — — — 25,607 28,397 1,812 2,932 — 58,748 Originated and purchased performing loans: Commercial and industrial 318 885 193,144 312,278 38,552 2,834 40,557 — 588,568 Paycheck Protection Program 11,967 — — — — — — — 11,967 Real estate – construction, commercial — 361 14,223 156,027 8,504 3,365 814 — 183,294 Real estate – construction, residential — — 3,110 72,327 1,162 — — — 76,599 Real estate – mortgage, commercial — 2,330 187,648 561,554 54,352 2,048 5,834 — 813,766 Real estate – mortgage residential — 7,311 233,697 365,511 11,858 — 7,717 — 626,094 Real estate – mortgage, farmland 549 — 1,315 4,609 126 — — — 6,599 Consumer 197 — 21,330 24,731 256 — 550 — 47,064 Total originated and purchased performing loans: 13,031 10,887 654,467 1,497,037 114,810 8,247 55,472 — 2,353,951 Gross loans $ 13,031 $ 10,887 $ 654,467 $ 1,522,644 $ 143,207 $ 10,059 $ 58,404 $ — $ 2,412,699 Less: deferred loan fees, net of costs ( 1,640 ) Total $ 2,411,059 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 — — — — 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 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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following table presents premises and equipment, net of accumulated depreciation, as of the dates stated. December 31, (Dollars in thousands) 2022 2021 Buildings and land $ 23,134 $ 25,510 Furniture, fixtures and equipment 6,065 6,004 Software 262 324 Construction in progress — 41 Total cost 29,461 31,879 Less: Accumulated depreciation ( 6,309 ) ( 5,255 ) Premises and equipment, net $ 23,152 $ 26,624 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Amortizable Intangible Assets | The following tables present information on amortizable intangible assets included on the consolidated balance sheets as of the dates stated. December 31, 2022 (Dollars in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Core deposit intangibles $ 9,626 $ ( 4,330 ) $ 5,296 Other amortizable intangibles 3,282 ( 1,995 ) 1,287 Total $ 12,908 $ ( 6,325 ) $ 6,583 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 |
Schedule of Estimated Amortization Expense | The following table presents estimated intangible asset amortization expense of the core deposit intangibles and other amortizable intangibles for the next five years and thereafter from the date stated. (Dollars in thousands) December 31, 2022 2023 $ 1,355 2024 1,221 2025 1,046 2026 1,073 2027 627 Thereafter 1,261 Total $ 6,583 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Scheduled Maturities of Time Deposits | he following table presents the scheduled maturities of time deposits, with a minimum denomination of $ 250 thousand, for the next five years and thereafter from the date stated. (Dollars in thousands) December 31, 2022 2023 $ 40,764 2024 29,616 2025 2,109 2026 2,744 2027 606 Thereafter — Total $ 75,839 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Notional and Fair Value of Interest Rate Swaps | The following table presents the notational and fair values of the swap agreements as of the dates stated. December 31, 2022 (Dollars in thousands) Notional Fair Interest rate swap agreement Receive fixed/pay variable swaps $ 2,178 $ ( 95 ) Pay fixed/receive variable swaps 2,178 95 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 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of RSA activity | The following table presents time-based RSA and PSA activity as of the dates and for the periods stated. Time-based RSAs PSAs Shares Weighted Average Fair Value Shares Weighted Average Fair Value Shares unvested and outstanding, December 31, 2020 148,600 $ 10.70 — $ — Granted 174,634 17.35 — — Vested ( 85,037 ) 12.28 — — Forfeited ( 20,013 ) 13.45 — — Shares unvested and outstanding, December 31, 2021 218,184 $ 15.31 — $ — Granted 115,886 15.06 94,783 14.91 Vested ( 87,677 ) 15.40 — — Forfeited ( 27,737 ) 14.25 ( 2,478 ) 14.91 Shares unvested and outstanding, December 31, 2022 218,656 $ 15.27 92,305 14.91 |
Summary of Stock Option Activity | The following table presents stock option activity as of the dates and for the periods presented. Shares Weighted Average Exercise Price Weighted Aggregate Intrinsic Options outstanding and exercisable, December 31, 2020 — — — — Assumed in Bay Banks Merger 148,758 9.89 5.47 Granted — — Forfeited ( 808 ) 13.80 Exercised ( 89,786 ) 9.99 Expired ( 557 ) 6.47 Options outstanding and exercisable, December 31, 2021 57,607 11.75 6.18 $ 354,269 Granted — — Forfeited — — Exercised ( 1,183 ) 11.88 Expired ( 3,750 ) 12.30 Options outstanding and exercisable, December 31, 2022 52,674 $ 11.71 5.13 $ 66,754 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of Company's Leases | The following tables present information about the Company’s leases as of the dates and for the periods stated. December 31, (Dollars in thousands) 2022 2021 Lease liabilities $ 7,860 $ 7,651 Right-of-use asset $ 6,903 $ 6,317 Weighted average remaining lease term (years) 5.85 6.79 Weighted average discount rate 2.40 % 1.86 % |
Summary of Lease Liabilities are Included within Other Liabilities | December 31, (Dollars in thousands) 2022 2021 2020 Operating lease cost $ 2,495 $ 2,383 $ 1,731 Total lease cost 2,495 2,383 1,731 Cash paid for amounts included in the measurement of lease liabilities 2,080 2,014 — |
Summary of Operating Lease Liabilities | The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities for periods following the date stated. (Dollars in thousands) December 31, 2022 2023 $ 2,058 2024 1,441 2025 1,169 2026 1,050 2027 984 Thereafter 1,786 Total undiscounted cash flows 8,488 Discount ( 628 ) Lease liabilities $ 7,860 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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. December 31, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale State and municipals $ 50,993 $ — $ 50,993 $ — U.S. Treasury and agencies 67,162 — 67,162 — Mortgage backed securities 196,336 — 188,719 7,617 Corporate bonds 39,850 — 35,561 4,289 Total securities available for sale $ 354,341 $ — $ 342,435 $ 11,906 Other assets MSR assets $ 28,991 $ — $ — $ 28,991 Rabbi trust assets 584 584 — — Mortgage derivative asset 112 — 112 — Interest rate swap asset 95 — 95 — Other liabilities Mortgage derivative liability $ 24 $ — $ 24 $ — Interest rate swap liability 95 — 95 — 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 incorporate bonds and mortgage backed securities using level 3 inputs | The following table presents the change in corporate bonds and mortgage backed securities using Level 3 inputs for the periods stated. (Dollars in thousands) Corporate Mortgage backed securities Balance as of December 31, 2020 $ — $ — Transfers from Level 2 to Level 3 14,041 7,915 Transfers from Level 3 to Level 2 ( 996 ) — Sales or paydowns ( 2,000 ) — Fair value adjustments 19 1 Balance as of December 31, 2021 $ 11,064 $ 7,916 Transfers from Level 3 to Level 2 ( 6,751 ) — Sales or paydowns — ( 300 ) Fair value adjustments ( 24 ) 1 Balance as of December 31, 2022 $ 4,289 $ 7,617 |
Summary of Change in MSR Assets | The following table presents the change in MSR assets as of the dates and for the periods stated. (Dollars in thousands) MSR Assets Balance as of December 31, 2020 $ 7,084 Acquired in Bay Banks Merger 997 Additions 11,809 Write-offs ( 959 ) Amortization ( 2,462 ) Balance as of December 31, 2021 - Amortized cost $ 16,469 Change in accounting method 4,484 Additions 5,791 Fair value adjustments 2,247 Balance as of December 31, 2022 - Fair value $ 28,991 |
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. December 31, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Other equity investments $ 23,776 $ — $ 23,776 $ — Impaired loans, net 34,888 — — 34,888 Loans held for sale 69,534 — 69,534 — OREO 195 — — 195 December 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Other equity investments $ 14,184 $ — $ 14,184 $ — 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 December 31, 2022 Unobservable Input Range Impaired loans, net Discounted appraised value technique 34,743 Selling Costs 7 % - 10 % Discounted cash flows technique 145 Discount Rate 4 % - 11 % OREO Discounted appraised value technique 195 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 of Financial Instruments | The following tables present estimated fair values and related carrying amounts of the Company’s financial instruments as of the dates stated. December 31, 2022 Fair Value Measurements (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 77,274 $ 77,274 $ 77,274 $ — $ — Federal funds sold 1,426 1,426 1,426 — — Securities available for sale 354,341 354,341 — 342,435 11,906 Restricted equity investments 21,257 21,257 — 21,257 — Other equity investments 23,776 23,776 — 23,776 — Other investments 24,672 24,672 — — 24,672 PPP loans receivable, net 11,967 11,967 — — 11,967 Loans held for investment, net 2,376,153 2,321,042 — — 2,321,042 Accrued interest receivable 12,393 12,393 — 12,393 — Bank owned life insurance 47,245 47,245 — 47,245 — MSR assets 28,991 28,991 — — 28,991 Financial Liabilities Noninterest-bearing deposits $ 640,101 $ 640,101 $ 640,101 $ — $ — Interest-bearing demand and money market deposits 1,318,799 1,318,799 — 1,318,799 — Savings deposits 151,646 151,646 — 151,646 — Time deposits 391,961 352,294 — — 352,294 FHLB borrowings 311,700 311,700 — 311,700 — FRB borrowings 51 51 — 51 — Subordinated notes, net 39,920 37,689 — — 37,689 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 — Other investments 12,681 12,681 — — 12,681 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 $ 685,801 $ 685,801 $ 685,801 $ — $ — Interest-bearing demand and money market deposits 962,092 962,092 — 962,092 — 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 Re_2
Minimum Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Summary of Capital Requirements Administered by Banking Agencies Capital Ratios | The following tables present capital ratios for the Bank as of the periods stated. Adequately capitalized ratios include the conservation buffer. December 31, 2022 Actual For Capital Adequacy Purposes To Be Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 303,876 11.15 % $ 286,161 10.50 % $ 272,535 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 279,125 10.25 % $ 231,470 8.50 % $ 217,854 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 279,125 10.25 % $ 190,622 7.00 % $ 177,006 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 279,125 9.25 % $ 120,703 4.00 % $ 150,878 5.00 % December 31, 2021 Actual For Capital Adequacy Purposes To Be Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 273,978 13.11 % $ 219,393 10.50 % $ 208,946 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 260,896 12.49 % $ 177,604 8.50 % $ 167,157 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 260,896 12.49 % $ 146,262 7.00 % $ 135,815 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 260,896 10.05 % $ 103,883 4.00 % $ 129,853 5.00 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Loan Transactions with Related Parties | The following table presents loan transactions with such related parties as of and for the periods stated. December 31, (Dollars in thousands) 2022 2021 Total loans, beginning of period $ 7,737 $ 13,957 Advances 4,703 6,699 Curtailments ( 4,322 ) ( 12,919 ) Total loans, end of period $ 8,118 $ 7,737 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted EPS | Weighted average common shares outstanding, basic and dilutive, for all periods presented are presented on a post Stock Split basis. The Company had 13,134 , 9,898 , and zero dilutive weighted average common shares outstanding for the years ended December 31, 2022, 2021, and 2020 respectively, which were attributable to exercisable stock options and time-based RSAs. For the years ended December 31, (Dollars in thousands, except per share data) 2022 2021 2020 Weighted average common shares outstanding, basic 18,811,484 17,840,675 8,535,606 Effect of dilutive securities 13,134 9,898 — Weighted average common shares outstanding, dilutive 18,824,618 17,850,573 8,535,606 Net income: Net income from continuing operations $ 27,577 $ 52,624 $ 17,837 Net income (loss) from discontinued operations 337 ( 144 ) ( 140 ) Net income from discontinued operations attributable to noncontrolling interest ( 1 ) ( 3 ) ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 27,913 $ 52,477 $ 17,696 Basic earnings per share: Earnings per share from continuing operations $ 1.46 $ 2.95 $ 2.07 Earnings (loss) per share from discontinued operations 0.02 ( 0.01 ) ( 0.02 ) Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 1.48 $ 2.94 $ 2.05 Diluted earnings per share: Earnings per share from continuing operations $ 1.46 $ 2.95 $ 2.07 Earnings (loss) per share from discontinued operations 0.02 ( 0.01 ) ( 0.02 ) Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 1.48 $ 2.94 $ 2.05 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Difference Between Provision for Income Taxes and Amounts Computed by Applying Statutory Federal Income Tax Rate to Income Before Income Taxes | The following table presents the differences between the provision for income taxes at the federal statutory rate and the amounts computed as reported for the periods stated. For the years ended December 31, (Dollars in thousands) 2022 2021 2020 Income tax at federal statutory rate $ 7,612 21.0 % $ 14,317 21.0 % $ 4,725 21.0 % Increase (decrease) resulting from: State income taxes, net of federal tax effect 625 1.7 % 1,499 2.2 % 34 0.2 % Tax-exempt interest income ( 121 ) ( 0.3 %) ( 105 ) ( 0.2 %) ( 20 ) ( 0.1 %) Income from life insurance ( 283 ) ( 0.8 %) ( 196 ) ( 0.3 %) ( 82 ) ( 0.4 %) Merger-related expenses — — 250 0.4 % 174 0.8 % Other permanent differences 500 1.4 % ( 64 ) ( 0.1 %) ( 31 ) ( 0.1 %) Provision for income taxes $ 8,333 23.0 % $ 15,701 23.0 % $ 4,800 21.4 % |
Schedule of Significant Components of Provision for Income Taxes | The following table presents the significant components of the provision for income taxes as of the dates stated. For the years ended December 31, (Dollars in thousands) 2022 2021 2020 Current tax provision Federal $ 4,762 $ 12,832 $ 6,437 State 546 946 43 Total current tax provision 5,308 13,778 6,480 Deferred tax provision (benefit) Federal 3,046 971 ( 1,680 ) State ( 21 ) 952 — Total deferred tax provision (benefit) 3,025 1,923 ( 1,680 ) Provision for income taxes $ 8,333 $ 15,701 $ 4,800 |
Schedule of Significant Components of Deferred Taxes | The following table presents significant components of deferred tax assets and liabilities as of the dates stated. December 31, (Dollars in thousands) 2022 2021 Deferred tax assets relating to: Allowance for loan losses $ 5,126 $ 2,470 Compensation differences 1,340 1,221 Reserve for loan sale buy backs 640 227 Acquisition accounting adjustments 1,522 3,463 Loan origination costs 160 67 Pass-through entities 114 487 Unrealized losses on securities available for sale 13,149 1,092 Other 555 872 Total deferred tax assets 22,606 9,899 Deferred tax liabilities relating to: Premises and equipment, net ( 2,191 ) ( 2,885 ) Core deposit and customer-based intangible assets ( 1,179 ) ( 1,549 ) Mortgage servicing rights ( 6,478 ) ( 3,711 ) Unrealized gains on other investments ( 3,491 ) ( 1,536 ) Other ( 85 ) ( 68 ) Total deferred tax liabilities ( 13,424 ) ( 9,749 ) Deferred tax asset, net $ 9,182 $ 150 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 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 periods stated. For the year ended December 31, 2022 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 125,582 $ 1,455 $ 439 $ — $ 127,476 Interest expense 14,122 419 2,544 — 17,085 Net interest income 111,460 1,036 ( 2,105 ) — 110,391 Provision for loan losses 17,886 — — — 17,886 Net interest income after provision for loan losses 93,574 1,036 ( 2,105 ) — 92,505 NONINTEREST INCOME Residential mortgage banking income, net — 12,609 — — 12,609 Mortgage servicing rights 147 7,891 — — 8,038 Gain on sale of guaranteed government loans 4,734 — — — 4,734 Service charges on deposit accounts 1,289 — — — 1,289 Increase in cash surrender value of bank owned life insurance 1,348 — — — 1,348 Other income 11,193 17 9,453 ( 589 ) 20,074 Total noninterest income 18,711 20,517 9,453 ( 589 ) 48,092 NONINTEREST EXPENSE Salaries and employee benefits 40,012 15,994 — — 56,006 Other operating expenses 42,571 4,875 1,913 ( 589 ) 48,770 Total noninterest expense 82,583 20,869 1,913 ( 589 ) 104,776 Income from continuing operations before income tax expense 29,702 684 5,435 — 35,821 Income tax expense 6,885 152 1,207 — 8,244 Net income from continuing operations $ 22,817 $ 532 $ 4,228 $ — $ 27,577 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 $ 23,154 $ 532 $ 4,228 $ — $ 27,914 Net income from discontinued operations attributable to noncontrolling interest ( 1 ) — — — ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 23,153 $ 532 $ 4,228 $ — $ 27,913 Total assets as of December 31, 2022 $ 3,069,861 $ 40,840 $ 300,440 $ ( 270,096 ) $ 3,141,045 For the year ended December 31, 2021 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 99,810 $ 3,596 $ 140 $ — $ 103,546 Interest expense 8,181 257 2,627 — 11,065 Net interest income 91,629 3,339 ( 2,487 ) — 92,481 Provision for loan losses 117 — — — 117 Net interest income after provision for loan losses 91,512 3,339 ( 2,487 ) — 92,364 NONINTEREST INCOME Gain on sale of Paycheck Protection Program loans 24,315 — — — 24,315 Residential mortgage banking income, net — 28,624 — — 28,624 Mortgage servicing rights — 8,398 — — 8,398 Gain on sale of guaranteed government loans 2,005 — — — 2,005 Service charges on deposit accounts 1,464 — — — 1,464 Increase in cash surrender value of bank owned life insurance 932 — — — 932 Other income 13,733 194 7,505 ( 182 ) 21,250 Total noninterest income 42,449 37,216 7,505 ( 182 ) 86,988 NONINTEREST EXPENSE Salaries and employee benefits 35,320 26,161 — — 61,481 Other operating expenses 37,601 8,428 3,660 ( 182 ) 49,507 Total noninterest expense 72,921 34,589 3,660 ( 182 ) 110,988 Income from continuing operations before income tax expense 61,040 5,966 1,358 — 68,364 Income tax expense 13,978 1,253 509 — 15,740 Net income from continuing operations $ 47,062 $ 4,713 $ 849 $ — $ 52,624 Discontinued Operations Loss from discontinued operations before income taxes ( 183 ) — — — ( 183 ) Income tax benefit ( 39 ) — — — ( 39 ) Net loss from discontinued operations ( 144 ) — — — ( 144 ) Net income $ 46,918 $ 4,713 $ 849 $ — $ 52,480 Net income from discontinued operations attributable to noncontrolling interest ( 3 ) — — — ( 3 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 46,915 $ 4,713 $ 849 $ — $ 52,477 Total assets as of December 31, 2021 $ 2,498,916 $ 142,537 $ 319,685 $ ( 295,999 ) $ 2,665,139 For the year ended December 31, 2020 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 51,020 $ 3,314 $ 126 $ — $ 54,460 Interest expense 8,331 354 1,265 — 9,950 Net interest income 42,689 2,960 ( 1,139 ) — 44,510 Provision for loan losses 10,450 — — — 10,450 Net interest income after provision for loan losses 32,239 2,960 ( 1,139 ) — 34,060 NONINTEREST INCOME Residential mortgage banking income, net — 44,460 — — 44,460 Mortgage servicing rights — 7,084 — — 7,084 Gain on sale of guaranteed government loans 880 — — — 880 Service charges on deposit accounts 905 — — — 905 Increase in cash surrender value of bank owned life insurance 390 — — — 390 Other income 2,165 — — ( 34 ) 2,131 Total noninterest income 4,340 51,544 — ( 34 ) 55,850 NONINTEREST EXPENSE Salaries and employee benefits 13,773 31,201 — — 44,974 Other operating expenses 11,867 8,075 2,354 ( 34 ) 22,262 Total noninterest expense 25,640 39,276 2,354 ( 34 ) 67,236 Income from continuing operations before income tax expense 10,939 15,228 ( 3,493 ) — 22,674 Income tax expense 2,199 3,337 ( 699 ) — 4,837 Net income from continuing operations $ 8,740 $ 11,891 $ ( 2,794 ) $ — $ 17,837 Discontinued Operations Loss from discontinued operations before income taxes ( 177 ) — — — ( 177 ) Income tax benefit ( 37 ) — — — ( 37 ) Net loss from discontinued operations ( 140 ) — — — ( 140 ) Net income $ 8,600 $ 11,891 $ ( 2,794 ) $ — $ 17,697 Net income from discontinued operations attributable to noncontrolling interest ( 1 ) — — — ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 8,599 $ 11,891 $ ( 2,794 ) $ — $ 17,696 Total assets as of December 31, 2020 $ 1,312,095 $ 177,074 $ 133,041 $ ( 123,952 ) $ 1,498,258 |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement of Financial Position [Abstract] | |
Summary of Parent Company Only Condensed Statements of Financial Condition | PARENT COMPANY ONLY CONDENSED BALANCE SHEETS As of December 31, (Dollars in thousands) 2022 2021 ASSETS Cash and due from banks $ 2,432 $ 3,156 Investment in subsidiaries 267,123 291,525 Securities available for sale, at fair value — 2,073 Other equity investments 23,590 14,184 Other investments 7,161 4,532 Accrued interest receivable — 24 Income tax receivable 2,747 906 Other assets 583 2,221 Total assets $ 303,636 $ 318,621 LIABILITIES & STOCKHOLDERS’ EQUITY Accrued expenses $ 3,971 $ 1,126 Accrued interest payable 372 370 Subordinated notes, net 39,920 39,986 Total liabilities 44,263 41,482 Stockholders’ equity 259,373 277,139 Total liabilities and stockholders’ equity $ 303,636 $ 318,621 |
Summary of Parent Company Only Condensed Statements of Income | PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME For the years ended December 31, (Dollars in thousands) 2022 2021 2020 INCOME Dividends from Bank subsidiary $ 10,000 $ 10,000 $ 800 Interest income 439 140 126 Fair value adjustments of other equity investments 9,306 7,316 — Other 147 250 — Total income 19,892 17,706 926 EXPENSES Interest on subordinated notes 2,215 2,627 1,265 Professional fees 1,371 890 455 Merger-related 50 2,642 1,732 Other 821 189 165 Total expenses 4,457 6,348 3,617 Income before income tax expense and equity in undistributed earnings of subsidiary 15,435 11,358 ( 2,691 ) Income tax expense (benefit) 1,207 509 ( 699 ) Equity in undistributed earnings of subsidiaries 13,685 41,628 19,688 Net income $ 27,913 $ 52,477 $ 17,696 |
Summary of Parent Company Only Condensed Statements of Cashflows | PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS For the years ended December 31, (Dollars in thousands) 2022 2021 2020 Cash Flows From Operating Activities Net income $ 27,913 $ 52,477 $ 17,696 Equity in undistributed earnings of subsidiaries ( 13,685 ) ( 41,628 ) ( 19,688 ) Deferred income tax benefit ( 698 ) ( 1,208 ) ( 62 ) Amortization of subordinated note issuance costs 35 206 54 Fair value adjustments of other equity investments ( 9,306 ) ( 7,316 ) — Increase in other assets ( 180 ) ( 2,677 ) ( 140 ) Increase in accrued expenses 4,247 646 528 Net cash provided by operating activities 8,326 500 ( 1,612 ) Cash Flows From Investing Activities Net change in securities available for sale 2,073 ( 2,073 ) — Net change in other equity investments ( 9,406 ) ( 6,900 ) — Net change in other investments ( 2,629 ) ( 3,230 ) ( 7,363 ) Net cash acquired in Bay Banks Merger — 23,214 — Cash received from (contributed to) Bank subsidiary 10,000 10,000 ( 2,000 ) Net cash provided by investing activities 38 21,011 ( 9,363 ) Cash Flows From Financing Activities Dividends paid on common stock ( 9,175 ) ( 7,183 ) ( 2,436 ) Stock option exercises and dividend reinvestment plan issuances 87 804 — Redemption of subordinated notes — ( 14,150 ) — Issuance of subordinated notes — — 15,000 Payment of subordinated notes issuance costs — — ( 349 ) Net cash used in financing activities ( 9,088 ) ( 20,529 ) 12,215 Net (decrease) increase in cash and due from banks ( 724 ) 982 1,240 Cash and due from banks at beginning of period 3,156 2,174 934 Cash and due from banks at end of period $ 2,432 $ 3,156 $ 2,174 Supplemental Schedule of Cash Flow Information Cash paid for: Interest $ 2,213 $ 2,388 $ 1,190 Income taxes $ 1,475 $ 10,000 $ 2,000 Non-cash investing and financing activities: Unrealized gain on securities available for sale $ — $ 300 $ — Issuance of restricted stock awards, net of forfeitures $ 1,564 $ 1,331 $ 567 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 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. (Dollars in thousands) Securities Available For Sale Transfer of Securities Held to Maturity to Available For Sale Interest Rate Swaps Pension and Accumulated Balance as of December 31, 2020 $ 644 $ 425 $ ( 805 ) $ — $ 264 Change in net unrealized holding losses on securities available for sale, net of tax benefit of $ 1,279 ( 4,814 ) — — — ( 4,814 ) Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $ 30 114 — — — 114 Change in net unrealized holding gains on interest rate swaps, net of tax expense of $ 1,521 — — 5,719 — 5,719 Reclassification for previously unrealized net gains recognized in net income, net of tax expense of $ 1,307 — — ( 4,914 ) — ( 4,914 ) Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit of $ 1 — — — ( 1 ) ( 1 ) Balance as of December 31, 2021 ( 4,056 ) 425 — ( 1 ) ( 3,632 ) Change in net unrealized holding losses on securities available for sale, net of tax benefit of $ 11,936 ( 41,469 ) — — — ( 41,469 ) Balance as of December 31, 2022 $ ( 45,525 ) $ 425 $ — $ ( 1 ) $ ( 45,101 ) |
Organization and Basis of Prese
Organization and Basis of Presentation (Additional Information) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Revision of Prior Period, Reclassification, Adjustment [Member] | |
Organization And Basis Of Presentation [Line Items] | |
Decrease in noninterest-bearing demand deposits | $ 20.3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair value adjustments on other investments | $ 9,300,000 | $ 7,300,000 | |||
Other equity investments | 21,600,000 | 12,300,000 | |||
Other investments | 24,672,000 | 12,681,000 | |||
Loans held for sale | 69,534,000 | 121,943,000 | |||
Allowance for loan losses | 22,939,000 | 12,121,000 | $ 13,827,000 | $ 4,572,000 | |
Lease Income | 0 | 0 | |||
Impairment of goodwill | 0 | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 259,373,000 | 277,139,000 | $ 108,200,000 | $ 92,337,000 | |
Number of reportable business segments | Segment | 3 | ||||
Retained earnings | $ 108,262,000 | 85,982,000 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,542,000 | $ 3,500,000 | |||
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Allowance for loan losses | 8,500,000 | ||||
Financial Instruments and Commitments | 3,500,000 | ||||
Retained earnings | 6,100,000 | ||||
Minimum [Member] | Unfunded Commitments [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Retained earnings | 2,700,000 | ||||
Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Allowance for loan losses | 9,500,000 | ||||
Financial Instruments and Commitments | 4,500,000 | ||||
Retained earnings | 6,800,000 | ||||
Maximum [Member] | Unfunded Commitments [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Retained earnings | $ 3,500,000 | ||||
Leasehold Improvements [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | improvements or the lease term | ||||
Purchased Computer Software [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 1 year | ||||
Purchased Computer Software [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Building [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 39 years | ||||
Building [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 40 years | ||||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 15 years | ||||
Substandard [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Troubled debt restructuring | $ 500,000,000 | ||||
Virginia Community Bankshares, Inc [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Allowance for loan losses | 0 | ||||
Fintech [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Loans held for sale | 9,800,000 | 5,800,000 | |||
Government Guaranteed Loans [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Loans held for sale | $ 44,700,000 | $ 0 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Common Stock, Shares, Issued | 18,950,329 | 18,774,082 | |
Settlement of net debt | $ 0 | $ 0 | $ 349 |
Goodwill | $ 26,826 | $ 26,826 |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Value Adjustments of Consideration Paid, Acquired Asset and Assumed Liabil (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consideration paid: | |||
Effective settlement of subordinated notes | $ 0 | $ 0 | $ (349) |
Fair value of liabilities assumed: | |||
Goodwill | $ 26,826 | $ 26,826 |
Business Combinations - Summa_2
Business Combinations - Summary of Estimated Fair Value Adjustments of Consideration Paid, Acquired Asset (Parenthetical) (Details) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Stock split, description | 3-for-2 stock split | |||
Income tax at federal statutory rate | 21% | 21% | 21% |
Business Combinations - Summa_3
Business Combinations - Summary of Assets Received and Liabilities Assumed and Related Adjustments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Liabilities | ||
Goodwill | $ 26,826 | $ 26,826 |
Investment Securities and Oth_3
Investment Securities and Other Investments - Summary of Amortized Cost and Fair Values of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities available for sale | $ 354,341 | $ 373,532 |
Investment securities, Amortized Cost | 413,015 | 378,741 |
Investment securities, Gross Unrealized Gains | 175 | 1,513 |
Investment securities, Gross Unrealized Losses | (58,849) | (6,722) |
Investment securities, Fair Value | 354,341 | 373,532 |
State and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | 60,018 | 51,341 |
Available for sale, Gross Unrealized Gains | 302 | |
Available for sale, Gross Unrealized Losses | (9,025) | (530) |
Securities available for sale | 50,993 | 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 | 80,073 | 65,680 |
Available for sale, Gross Unrealized Losses | (12,911) | (1,614) |
Securities available for sale | 67,162 | 64,066 |
Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | 230,015 | 222,968 |
Available for sale, Gross Unrealized Gains | 51 | 403 |
Available for sale, Gross Unrealized Losses | (33,730) | (4,261) |
Securities available for sale | 196,336 | 219,110 |
Corporate Bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | 42,909 | 38,752 |
Available for sale, Gross Unrealized Gains | 124 | 808 |
Available for sale, Gross Unrealized Losses | (3,183) | (317) |
Securities available for sale | $ 39,850 | $ 39,243 |
Investment Securities and Oth_4
Investment Securities and Other Investments - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Investments [Line Items] | ||
Federal home loan bank stock | $ 14,700,000 | $ 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 |
Asset Pledged as Collateral without Right [Member] | FHLB [Member] | ||
Schedule Of Investments [Line Items] | ||
Securities pledged | 241,900,000 | 23,100,000 |
Treasury Board Commonwealth of Virginia [Member] | Asset Pledged as Collateral without Right [Member] | ||
Schedule Of Investments [Line Items] | ||
Securities pledged | $ 0 | $ 8,700,000 |
Investment Securities and Oth_5
Investment Securities and Other Investments - Summary of Unrealized Losses (Detail) $ in Thousands | Dec. 31, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number Of Securities | Security | 221 | 125 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 93,180 | $ 285,666 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (8,561) | (6,714) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 242,340 | 1,539 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (50,288) | (8) |
Fair Value, Total | 335,520 | 287,205 |
Unrealized Losses, Total | $ (58,849) | $ (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 | $ 18,252 | $ 27,905 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (2,178) | (530) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 31,530 | |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (6,847) | |
Fair Value, Total | 49,782 | 27,905 |
Unrealized Losses, Total | $ (9,025) | $ (530) |
U.S. Treasury and Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number Of Securities | Security | 28 | 22 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 9,904 | $ 64,067 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (1,039) | (1,614) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 56,686 | |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (11,872) | |
Fair Value, Total | 66,590 | 64,067 |
Unrealized Losses, Total | $ (12,911) | $ (1,614) |
Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number Of Securities | Security | 78 | 54 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 39,006 | $ 186,924 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (3,061) | (4,257) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 148,449 | 543 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (30,669) | (4) |
Fair Value, Total | 187,455 | 187,467 |
Unrealized Losses, Total | $ (33,730) | $ (4,261) |
Corporate Bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number Of Securities | Security | 33 | 11 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 26,018 | $ 6,770 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (2,283) | (313) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 5,675 | 996 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (900) | (4) |
Fair Value, Total | 31,693 | 7,766 |
Unrealized Losses, Total | $ (3,183) | $ (317) |
Investment Securities and Oth_6
Investment Securities and Other Investments - Summary of Investments Classified by Contractual Maturity Date (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Schedule of Investments [Abstract] | |
Debt Securities Available for Sale, Amortized Cost, Due in one year or less | $ 4,896 |
Debt Securities Available for Sale, Amortized Cost, Due after one year through five years | 30,765 |
Debt Securities Available for Sale, Amortized Cost, Due after five years through ten years | 136,788 |
Debt Securities Available for Sale, Amortized Cost, Due after ten years | 240,566 |
Total | 413,015 |
Debt Securities Available for Sale, Fair Value, Due in one year or less | 4,880 |
Debt Securities Available for Sale, Fair Value, Due after one year through five years | 28,243 |
Debt Securities Available for Sale, Fair Value, Due after five years through ten years | 118,605 |
Debt Securities Available for Sale, Fair Value, Due after ten years | 202,613 |
Total | $ 354,341 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary of Loans Held for Investment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 2,412,699 | $ 1,808,484 |
Less: deferred loan fees, net of costs | (1,640) | (906) |
Total | 2,411,059 | 1,807,578 |
Commercial and Industrial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 590,049 | 320,827 |
Paycheck Protection Program [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 11,967 | 30,742 |
Construction, Commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 183,301 | 146,523 |
Construction, Residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 76,599 | 58,857 |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 864,989 | 701,503 |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 631,772 | 493,982 |
Mortgage, Farmland [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 6,599 | 6,173 |
Consumer [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 47,423 | $ 49,877 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans | $ 2,412,699 | $ 1,808,484 | ||
Bad debts recovered | 1,383 | 718 | $ 310 | |
Allowance for loan losses | 22,939 | 12,121 | 13,827 | $ 4,572 |
Increase in impaired financing receivable with no related allowance recorded investment | 35,400 | |||
Nonperforming trouble debt restructuring | 1,100 | 688 | ||
Increase in originated and purchased performing loans graded substandard | (4,322) | (12,919) | ||
Gain on sale of Paycheck Protection Program loans | 0 | 24,315 | $ 0 | |
Commercial And Industrial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Impaired financing receivable, with an allowance recorded, recorded investment | 37,300 | |||
Maximum [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Allowance for loan losses | 9,500 | |||
Minimum [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Allowance for loan losses | 8,500 | |||
Doubtful [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans | 0 | 0 | ||
Grade 5 Watch [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans | $ 143,207 | 77,821 | ||
Grade 5 Watch [Member] | Minimum [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loan To Value Ratio | 90% | |||
Grade 7 Substandard [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans | $ 58,404 | 37,315 | ||
Allowance for loan losses [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Financing receivable, allowance for credit loss, writeoff | 2,900 | |||
Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans | 11,967 | 30,742 | ||
Federal Home Loan Bank Advances [Member] | Asset Pledged As Collateral Without Right [Member] | Paycheck Protection Plan Liquidity Facility Advances [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans pledged | 51 | 17,900 | ||
Federal Home Loan Bank Advances [Member] | Asset Pledged As Collateral Without Right [Member] | Commercial and Residential Mortgages [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans pledged | $ 436,000 | $ 478,300 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Acquired Loans Included in Consolidated Statement of Condition (Detail) - Virginia Community Bankshares, Inc [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | $ 578,372 | $ 803,565 |
Carrying amount | 570,500 | 787,362 |
PCI loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | 64,911 | 97,418 |
Carrying amount | 58,748 | 84,029 |
Purchased Performing Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | 513,461 | 706,147 |
Carrying amount | $ 511,752 | $ 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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | ||
Balance, beginning of period | $ 16,849 | $ 123 |
Additions | 0 | 10,030 |
Accretion | (9,410) | (5,381) |
Reclassification of nonaccretable difference due to improvement in expected cash flows | 3,804 | 1,400 |
Other changes, net | (71) | 10,677 |
Balance, end of period | $ 11,172 | $ 16,849 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Summary of Financing Receivable, Past Due (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 10,324 | $ 15,177 |
Total Past Due & Nonaccrual | 35,552 | 36,527 |
Gross loans | 2,412,699 | 1,808,484 |
Less: deferred loan fees, net of costs | (1,640) | (906) |
Total | 2,411,059 | 1,807,578 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 14,663 | 18,165 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,305 | 2,268 |
Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,260 | 917 |
Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 2,316,759 | 1,687,022 |
Less: deferred loan fees, net of costs | (1,640) | (906) |
PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 58,748 | 84,029 |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 2,314 | 6,066 |
Total Past Due & Nonaccrual | 3,081 | 8,434 |
Gross loans | 590,049 | 320,827 |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 488 | 2,338 |
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 279 | |
Commercial and Industrial [Member] | Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 30 | |
Commercial and Industrial [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 585,487 | 303,490 |
Commercial and Industrial [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 1,481 | 8,903 |
Paycheck Protection Program [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross loans | 11,967 | 30,742 |
Paycheck Protection Program [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 11,967 | 30,742 |
Construction, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 714 | 88 |
Total Past Due & Nonaccrual | 1,869 | 359 |
Gross loans | 183,301 | 146,523 |
Construction, Commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,136 | 271 |
Construction, Commercial [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 19 | |
Construction, Commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 181,432 | 131,410 |
Construction, Commercial [Member] | PCI Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 14,754 | |
Construction, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 413 | |
Total Past Due & Nonaccrual | 2,620 | 1,441 |
Gross loans | 76,599 | 58,857 |
Construction, Residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,416 | 651 |
Construction, Residential [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,204 | 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 | 73,972 | 57,416 |
Construction, Residential [Member] | PCI Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 7 | |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 1,658 | 3,024 |
Total Past Due & Nonaccrual | 14,388 | 3,077 |
Gross loans | 864,989 | 701,503 |
Mortgage, Commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 6,199 | 53 |
Mortgage, Commercial [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 297 | |
Mortgage, Commercial [Member] | Greater than 90 Days Past Due & Accruing [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 6,234 | |
Mortgage, Commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 799,378 | 646,554 |
Mortgage, Commercial [Member] | PCI Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 51,223 | 51,872 |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 5,143 | 5,190 |
Total Past Due & Nonaccrual | 11,916 | 21,086 |
Gross loans | 631,772 | 493,982 |
Mortgage, Residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 4,544 | 13,950 |
Mortgage, Residential [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 231 | 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 | 1,998 | 359 |
Mortgage, Residential [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 614,178 | 465,275 |
Mortgage, Residential [Member] | PCI Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 5,678 | 7,621 |
Mortgage, Farmland [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due & Nonaccrual | 75 | |
Gross loans | 6,599 | 6,173 |
Mortgage, Farmland [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 75 | |
Mortgage, Farmland [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 6,524 | 6,173 |
Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 495 | 396 |
Total Past Due & Nonaccrual | 1,603 | 2,130 |
Gross loans | 47,423 | 49,877 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 880 | 902 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 200 | 583 |
Consumer [Member] | Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 28 | 249 |
Consumer [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 45,461 | 46,868 |
Consumer [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | $ 359 | $ 879 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Purchased Loans (Detail) - Real Estate [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
30-89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | $ 354 | $ 147 |
30-89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | 0 |
30-89 Days Past Due [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | 0 |
30-89 Days Past Due [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | 0 |
30-89 Days Past Due [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 354 | 147 |
30-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | 0 |
Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | 4 |
Greater than 90 Days Past Due & Accruing [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 0 | 4 |
Current [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 58,394 | 83,878 |
Current [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 1,481 | 8,903 |
Current [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 7 | 14,754 |
Current [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 51,223 | 51,872 |
Current [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 5,324 | 7,474 |
Current [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 359 | 875 |
Total Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 58,748 | 84,029 |
Total Loan [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 1,481 | 8,903 |
Total Loan [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 7 | 14,754 |
Total Loan [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 51,223 | 51,872 |
Total Loan [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 5,678 | 7,621 |
Total Loan [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | $ 359 | $ 879 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Summary of Allowance for Loans Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | |||
Allowance, beginning of period | $ 12,121 | $ 13,827 | $ 4,572 |
Charge-offs | (8,451) | (2,541) | (1,505) |
Recoveries | 1,383 | 718 | 310 |
Net charge-offs | (7,068) | (1,823) | (1,195) |
Provision for loan losses | 17,886 | 117 | 10,450 |
Allowance, end of period | 22,939 | 12,121 | 13,827 |
Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Charge-offs | (4,779) | (1,098) | (6) |
Recoveries | 442 | 196 | 41 |
Consumer [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Charge-offs | (1,686) | (1,123) | (994) |
Recoveries | 492 | 424 | 261 |
Real estate construction [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Charge-offs | (162) | (195) | 0 |
Recoveries | 40 | 0 | 0 |
Real Estate, Mortgage [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Charge-offs | (1,824) | (125) | (505) |
Recoveries | $ 409 | $ 98 | $ 8 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Summary of Primary Segments of ALLL, Loans Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | |||
Allowance, beginning of period | $ 12,121 | $ 13,827 | $ 4,572 |
Charge-offs | (8,451) | (2,541) | (1,505) |
Recoveries | 1,383 | 718 | 310 |
Provision for loan losses | 17,886 | 117 | 10,450 |
Allowance, end of period | 22,939 | 12,121 | 13,827 |
Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Charge-offs | (4,779) | (1,098) | (6) |
Recoveries | 442 | 196 | 41 |
Consumer [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Charge-offs | (1,686) | (1,123) | (994) |
Recoveries | $ 492 | $ 424 | $ 261 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | $ 2,400,732 | $ 1,777,742 | ||
Less: Deferred loan fees, net of costs, excluding PPP loans | (1,640) | (570) | ||
Total, excluding PPP loans | 2,399,092 | 1,777,172 | ||
Allowance for loan losses | 22,939 | 12,121 | $ 13,827 | $ 4,572 |
PCI Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 58,748 | 84,029 | ||
PCI Loans [Member] | Commercial and Industrial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 1,481 | 8,903 | ||
PCI Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 7 | 14,754 | ||
PCI Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 51,223 | 51,872 | ||
PCI Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 5,678 | 7,621 | ||
PCI Loans [Member] | Consumer [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 359 | 879 | ||
Originated and Purchased Performing Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 2,341,984 | 1,693,713 | ||
Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 588,568 | 311,924 | ||
Originated and Purchased Performing Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 183,294 | 131,769 | ||
Originated and Purchased Performing Loans [Member] | Construction, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 76,599 | 58,857 | ||
Originated and Purchased Performing Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 813,766 | 649,631 | ||
Originated and Purchased Performing Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 626,094 | 486,361 | ||
Originated and Purchased Performing Loans [Member] | Mortgage, Farmland [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 6,599 | 6,173 | ||
Originated and Purchased Performing Loans [Member] | Consumer [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 47,064 | 48,998 | ||
Individually Evaluated for Impairment [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 45,170 | 9,733 | ||
Less: Deferred loan fees, net of costs, excluding PPP loans | 0 | |||
Total, excluding PPP loans | 45,170 | 9,733 | ||
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 0 | 0 | ||
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | Commercial and Industrial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 0 | 0 | ||
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 0 | 0 | ||
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 0 | 0 | ||
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 0 | 0 | ||
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | Consumer [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 0 | 0 | ||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 45,170 | 9,733 | ||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 39,247 | 4,612 | ||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 521 | 527 | ||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Construction, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 0 | 0 | ||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 4,567 | 3,194 | ||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 835 | 1,400 | ||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Farmland [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 0 | 0 | ||
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Consumer [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 | 2,355,562 | 1,768,009 | ||
Less: Deferred loan fees, net of costs, excluding PPP loans | (570) | |||
Total, excluding PPP loans | 2,355,562 | 1,767,439 | ||
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 58,748 | 84,029 | ||
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | Commercial and Industrial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 1,481 | 8,903 | ||
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 7 | 14,754 | ||
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 51,223 | 51,872 | ||
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 5,678 | 7,621 | ||
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | Consumer [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 359 | 879 | ||
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 2,296,814 | 1,683,980 | ||
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 549,321 | 307,312 | ||
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 182,773 | 131,242 | ||
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Construction, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 76,599 | 58,857 | ||
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 809,199 | 646,437 | ||
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 625,259 | 484,961 | ||
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Farmland [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 6,599 | 6,173 | ||
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | Consumer [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 47,064 | 48,998 | ||
Related allowance for loan losses [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 22,939 | 12,121 | ||
Less: Deferred loan fees, net of costs, excluding PPP loans | 0 | |||
Total, excluding PPP loans | 22,939 | 12,121 | ||
Related allowance for loan losses [Member] | PCI Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 3 | 117 | ||
Related allowance for loan losses [Member] | PCI Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 3 | |||
Related allowance for loan losses [Member] | PCI Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 117 | |||
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 22,936 | 12,004 | ||
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 15,272 | 7,133 | ||
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Construction, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 1,637 | 953 | ||
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Construction, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 628 | 395 | ||
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 2,353 | 1,403 | ||
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Residential [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 1,760 | 1,184 | ||
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Farmland [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | 4 | 23 | ||
Related allowance for loan losses [Member] | Originated and Purchased Performing Loans [Member] | Consumer [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans, excluding PPP loans | $ 1,282 | $ 913 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Summary of Impaired Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | $ 45,170 | $ 9,733 |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 45,085 | 10,388 |
Impaired financing receivable, related allowance | 3,179 | 879 |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 1,309 | |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 1,289 | |
Impaired financing receivable, related allowance | 3,178 | 836 |
Impaired financing receivable, with an allowance recorded, recorded investment | 37,938 | 4,612 |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 37,911 | 4,612 |
Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 835 | |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 834 | |
Impaired financing receivable, related allowance | 42 | |
Impaired financing receivable, with an allowance recorded, recorded investment | 0 | 1,400 |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 0 | 1,400 |
Real Estate [Member] | Commercial Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 521 | 527 |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 521 | 527 |
Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 4,438 | |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 4,404 | |
Impaired financing receivable, related allowance | 1 | 1 |
Impaired financing receivable, with an allowance recorded, recorded investment | 129 | 3,194 |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | $ 126 | $ 3,849 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Summary of Accounts Notes Loans and Financing Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 2,412,699 | $ 1,808,484 |
Less: deferred loan fees, net of costs | (1,640) | (906) |
Total | 2,411,059 | 1,807,578 |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 590,049 | 320,827 |
Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,967 | 30,742 |
Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 47,423 | 49,877 |
Grade 1 Strong [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 13,031 | 32,625 |
Grade 2 Minimal [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,887 | 12,575 |
Grade 3 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 654,467 | 802,148 |
Grade 4 Satisfactory [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,522,644 | 772,432 |
Grade 5 Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 143,207 | 77,821 |
Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,059 | 73,568 |
Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 58,404 | 37,315 |
Grade 8 Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Originated and Purchased Performing Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,353,951 | 1,724,455 |
Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 588,568 | 311,924 |
Originated and Purchased Performing Loans [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,967 | 30,742 |
Originated and Purchased Performing Loans [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 47,064 | 48,998 |
Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 13,031 | 32,625 |
Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 318 | 291 |
Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,967 | 30,742 |
Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 197 | 262 |
Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,887 | 12,575 |
Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 885 | 560 |
Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 3 |
Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 654,467 | 802,148 |
Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 193,144 | 156,519 |
Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 21,330 | 16,920 |
Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,497,037 | 765,658 |
Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 312,278 | 133,738 |
Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 24,731 | 30,691 |
Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 114,810 | 69,066 |
Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 38,552 | 11,256 |
Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 256 | 542 |
Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 8,247 | 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 | 2,834 | 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 | 0 |
Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 55,472 | 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 | 40,557 | 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 | 0 |
Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 550 | 580 |
Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
PCI Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 58,748 | 84,029 |
PCI Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,481 | 8,903 |
PCI Loans [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 359 | 879 |
PCI Loans [Member] | Grade 3 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
PCI Loans [Member] | Grade 3 Acceptable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
PCI Loans [Member] | Grade 3 Acceptable [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
PCI Loans [Member] | Grade 4 Satisfactory [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 25,607 | 6,774 |
PCI Loans [Member] | Grade 4 Satisfactory [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,369 | 1,567 |
PCI Loans [Member] | Grade 4 Satisfactory [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
PCI Loans [Member] | Grade 5 Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 28,397 | 8,755 |
PCI Loans [Member] | Grade 5 Watch [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 2,818 |
PCI Loans [Member] | Grade 5 Watch [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 353 | 388 |
PCI Loans [Member] | Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,812 | 50,435 |
PCI Loans [Member] | Grade 6 Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 112 | 2,748 |
PCI Loans [Member] | Grade 6 Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 481 |
PCI Loans [Member] | Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,932 | 18,065 |
PCI Loans [Member] | Grade 7 Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 1,770 |
PCI Loans [Member] | Grade 7 Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6 | 10 |
PCI Loans [Member] | Grade 8 Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
PCI Loans [Member] | Grade 8 Doubtful [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
PCI Loans [Member] | Grade 8 Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Real Estate [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 183,301 | 146,523 |
Real Estate [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 76,599 | 58,857 |
Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 864,989 | 701,503 |
Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 631,772 | 493,982 |
Real Estate [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,599 | 6,173 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 183,294 | 131,769 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 76,599 | 58,857 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 813,766 | 649,631 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 626,094 | 486,361 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,599 | 6,173 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 990 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 1 Strong [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 549 | 340 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 361 | 412 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,330 | 2,382 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,311 | 9,218 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 2 Minimal [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 14,223 | 28,973 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,110 | 14,610 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 187,648 | 307,067 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 233,697 | 276,992 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 3 Acceptable [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,315 | 1,067 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 156,027 | 91,900 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 72,327 | 40,418 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 561,554 | 283,165 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 365,511 | 180,980 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 4 Satisfactory [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 4,609 | 4,766 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 8,504 | 7,995 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,162 | 3,416 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 54,352 | 34,750 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,858 | 11,107 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 5 Watch [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 126 | 0 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,365 | 1,846 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,048 | 17,133 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 974 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 814 | 643 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 413 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,834 | 5,134 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,717 | 6,100 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Real Estate [Member] | Originated and Purchased Performing Loans [Member] | Grade 8 Doubtful [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Real Estate [Member] | PCI Loans [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7 | 14,754 |
Real Estate [Member] | PCI Loans [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 51,223 | 51,872 |
Real Estate [Member] | PCI Loans [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,678 | 7,621 |
Real Estate [Member] | PCI Loans [Member] | Grade 3 Acceptable [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Real Estate [Member] | PCI Loans [Member] | Grade 3 Acceptable [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Real Estate [Member] | PCI Loans [Member] | Grade 3 Acceptable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Real Estate [Member] | PCI Loans [Member] | Grade 4 Satisfactory [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7 | 2,423 |
Real Estate [Member] | PCI Loans [Member] | Grade 4 Satisfactory [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 22,778 | 2,642 |
Real Estate [Member] | PCI Loans [Member] | Grade 4 Satisfactory [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,453 | 142 |
Real Estate [Member] | PCI Loans [Member] | Grade 5 Watch [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Real Estate [Member] | PCI Loans [Member] | Grade 5 Watch [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 26,059 | 3,892 |
Real Estate [Member] | PCI Loans [Member] | Grade 5 Watch [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,985 | 1,657 |
Real Estate [Member] | PCI Loans [Member] | Grade 6 Special Mention [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 11,010 |
Real Estate [Member] | PCI Loans [Member] | Grade 6 Special Mention [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,700 | 33,487 |
Real Estate [Member] | PCI Loans [Member] | Grade 6 Special Mention [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 2,709 |
Real Estate [Member] | PCI Loans [Member] | Grade 7 Substandard [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 1,321 |
Real Estate [Member] | PCI Loans [Member] | Grade 7 Substandard [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 686 | 11,851 |
Real Estate [Member] | PCI Loans [Member] | Grade 7 Substandard [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,240 | $ 3,113 |
Real Estate [Member] | PCI Loans [Member] | Grade 8 Doubtful [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Real Estate [Member] | PCI Loans [Member] | Grade 8 Doubtful [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Real Estate [Member] | PCI Loans [Member] | Grade 8 Doubtful [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 0 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total cost | $ 29,461 | $ 31,879 |
Less: Accumulated depreciation | (6,309) | (5,255) |
Premises and equipment, net | 23,152 | 26,624 |
Buildings and Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost | 23,134 | 25,510 |
Furniture, Fixtures and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost | 6,065 | 6,004 |
Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost | 262 | 324 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost | $ 0 | $ 41 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 1,900 | $ 2,000 | $ 924 |
Software amortization expense | $ 96 | $ 137 | $ 55 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Goodwill | $ 26,826 | $ 26,826 | |
Intangible amortization | 1,525 | 1,671 | $ 629 |
Net assets acquired | 6,583 | 7,594 | |
Accumulated amortization of intangibles | 6,325 | 4,495 | |
Mortgage servicing asset | 29,000 | 16,500 | |
Core Deposits [Member] | |||
Goodwill [Line Items] | |||
Net assets acquired | 5,296 | 6,718 | |
Accumulated amortization of intangibles | 4,330 | 2,908 | |
Loan Servicing Assets Included In Other Amortization Intangibles [Member] | |||
Goodwill [Line Items] | |||
Accumulated amortization of intangibles | 876 | 362 | |
Loan Servicing Assets Included In Interest And Fees On Loans [Member] | |||
Goodwill [Line Items] | |||
Intangible amortization | 820 | $ 266 | |
Accumulated amortization of intangibles | $ 306 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 12,908 | $ 12,089 |
Accumulated amortization | (6,325) | (4,495) |
Net carrying value | 6,583 | 7,594 |
Core Deposits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 9,626 | 9,626 |
Accumulated amortization | (4,330) | (2,908) |
Net carrying value | 5,296 | 6,718 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 3,282 | 2,463 |
Accumulated amortization | (1,995) | (1,587) |
Net carrying value | $ 1,287 | $ 876 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 1,355 | |
2024 | 1,221 | |
2025 | 1,046 | |
2026 | 1,073 | |
2027 | 627 | |
Thereafter | 1,261 | |
Net carrying value | $ 6,583 | $ 7,594 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Line Items] | ||
Deposits | $ 2,502,507 | $ 2,297,771 |
Certificates of deposit with minimum denomination | 250 | |
Time deposits | 391,961 | 499,502 |
Deposits brokered | 45,300 | 53,700 |
Certificate Of Deposit Listing Service [Member] | ||
Deposits [Line Items] | ||
Deposits | 4,200 | 8,400 |
Certificates Of Deposit [Member] | ||
Deposits [Line Items] | ||
Deposits | $ 75,800 | $ 144,800 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Deposits [Abstract] | |
2023 | $ 40,764 |
2024 | 29,616 |
2025 | 2,109 |
2026 | 2,744 |
2027 | 606 |
Thereafter | 0 |
Total | $ 75,839 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2019 | May 31, 2015 | |
Debt Instrument [Line Items] | |||||
Federal home loan bank advance | $ 311,700,000 | $ 10,111,000 | |||
Federal home loan bank stock | 14,700,000 | 1,700,000 | |||
Subordinated notes, net | 39,920,000 | 39,986,000 | |||
Subordinated debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Subordinated notes, net | $ 39,900,000 | $ 40,000,000 | |||
Subordinated debt [Member] | 2030 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Subordinated debt instrument maturity date | Jun. 01, 2030 | ||||
Subordinated notes, net | $ 15,000,000 | ||||
Stated Interest Rate | 6% | ||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||||
Effective interest rate | 6.11% | 6.12% | 6.12% | ||
Unamortized debt issuance cost | $ 14,700,000 | $ 14,700,000 | |||
Subordinated debt [Member] | 2030 Notes [Member] | SOFR [Member] | |||||
Debt Instrument [Line Items] | |||||
Subordinated debt instrument variable interest rate spread | 5.87% | ||||
Subordinated debt [Member] | 2029 Bay Banks Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Interest Rate | 5.625% | ||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||||
Subordinated debt [Member] | 2029 Bay Banks Notes [Member] | SOFR [Member] | |||||
Debt Instrument [Line Items] | |||||
Subordinated debt instrument variable interest rate spread | 4.335% | ||||
Subordinated debt [Member] | 2029 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Subordinated debt instrument maturity date | Oct. 15, 2029 | ||||
Subordinated notes, net | $ 25,000,000 | ||||
Debt instrument carrying amount | $ 25,200,000 | ||||
Debt Instrument, Unamortized Premium | $ 678,000 | ||||
Effective interest rate | 5.08% | 4.73% | |||
Unsecured Lines of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum overnight line of credit facilities available | $ 28,000,000 | $ 44,000,000 | |||
Overnight line of credit facilities outstanding | $ 0 | 0 | |||
FHLB [Member] | |||||
Debt Instrument [Line Items] | |||||
Federal home loan bank advances, maximum borrowing capacity percentage on assets | 30% | ||||
Line of creidt | $ 525,100,000 | ||||
Federal home loan bank advance | $ 311,700,000 | $ 10,100,000 | |||
Federal home loan bank, advances, interest Rate | 4.57% | 0.56% | |||
Subordinated debt instrument maturity date | May 08, 2023 | Feb. 28, 2030 | |||
FHLB [Member] | Restricted Equity Investments [Member] | |||||
Debt Instrument [Line Items] | |||||
Federal home loan bank stock | $ 14,700,000 | $ 1,700,000 | |||
FHLB [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Federal home loan bank advance | 128,300,000 | ||||
FHLB [Member] | Line of Credit [Member] | 1-4 Family Residential Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Assets pledged with federal home loan bank against credit facilities | 104,600,000 | ||||
FHLB [Member] | Line of Credit [Member] | Multi-Family Residential Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Assets pledged with federal home loan bank against credit facilities | 42,200,000 | ||||
FHLB [Member] | Line of Credit [Member] | Commercial Real Estate Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Assets pledged with federal home loan bank against credit facilities | 147,100,000 | ||||
FHLB [Member] | Line of Credit [Member] | Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Assets pledged with federal home loan bank against credit facilities | 231,200,000 | ||||
FHLB [Member] | Line of Credit [Member] | Public Deposits with Treasury Board of Virginia [Member] | |||||
Debt Instrument [Line Items] | |||||
Assets pledged with federal home loan bank against credit facilities | $ 85,100,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities - Summary Notional and Fair Value of Interest Rate Swaps (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Notional Amount | $ 11,700 | $ 64,800 |
Interest Rate Swap Agreement [Member] | Receive Fixed/Pay Variable Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 2,178 | 2,052 |
Fair Value | (95) | 199 |
Interest Rate Swap Agreement [Member] | Pay Fixed/Receive Variable Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 2,178 | 2,052 |
Fair Value | $ 95 | $ (199) |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Notional Amount | $ 11,700 | $ 64,800 |
Derivative assets held for sale | 12,800 | 113,600 |
Mortgage derivative asset | 112 | 1,900 |
Mortgage derivative liability | 24 | 75 |
Hedged Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative assets held for sale | $ 21,500 | $ 169,500 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Stock Ownership Plan (ESOP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Shares Issued Under Employee Benefit plan | 361,500 | 361,500 | |
Blue Ridge ESOP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Shares Issued Under Employee Benefit plan | 192,066 | 192,066 | |
The 401k Profit Sharing Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Expense | $ 1.8 | $ 2.5 | $ 1.2 |
Maximum [Member] | The 401k Profit Sharing Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Employer Matching Contribution | 5% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Performance-based RSAs [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 94,783 | ||
RSAs and LTIP RSAs [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Compensation expense | $ 1,700 | $ 1,300 | $ 567 |
Employee Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 3,100 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 210,669 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSA and PSA Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
PSAs [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
RSA unvested and outstanding, Beginning balance | 0 | 0 |
Granted | 94,783 | 0 |
Vested | 0 | 0 |
Forfeited | (2,478) | 0 |
RSA unvested and outstanding, Ending balance | 92,305 | 0 |
RSA unvested and outstanding, Weighted Average Fair Value per RSA, Beginning Balance | $ 0 | $ 0 |
Granted | 14.91 | 0 |
Vested | 0 | 0 |
Forfeited | 14.91 | 0 |
RSA unvested and outstanding, Weighted Average Fair Value per RSA, Ending Balance | $ 14.91 | $ 0 |
Time-based RSAs [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
RSA unvested and outstanding, Beginning balance | 218,184 | 148,600 |
Granted | 115,886 | 174,634 |
Vested | (87,677) | (85,037) |
Forfeited | (27,737) | (20,013) |
RSA unvested and outstanding, Ending balance | 218,656 | 218,184 |
RSA unvested and outstanding, Weighted Average Fair Value per RSA, Beginning Balance | $ 15.31 | $ 10.70 |
Granted | 15.06 | 17.35 |
Vested | 15.40 | 12.28 |
Forfeited | 14.25 | 13.45 |
RSA unvested and outstanding, Weighted Average Fair Value per RSA, Ending Balance | $ 15.27 | $ 15.31 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Shares, Options outstanding and exercisable, Beginning Balance | 57,607 | 0 |
Shares, Assumed in Bay Banks Merger | 148,758 | |
Shares, Granted | 0 | 0 |
Shares, Forfeited | 0 | (808) |
Shares, Exercised | (1,183) | (89,786) |
Shares, Expired | (3,750) | (557) |
Shares, Options outstanding and exercisable, Ending Balance | 52,674 | 57,607 |
Weighted Average Exercise Price, Beginning Balance | $ 11.75 | $ 0 |
Weighted Average Exercise Price, Assumed In Bay Banks Merger | 9.89 | |
Weighted Average Exercise Price, Granted | 0 | 0 |
Weighted Average Exercise Price, Forfeited | 0 | 13.80 |
Weighted Average Exercise Price, Exercised | 11.88 | 9.99 |
Weighted Average Exercise Price, Expired | 12.30 | 6.47 |
Weighted Average Exercise Price, Ending Balance | $ 11.71 | $ 11.75 |
Weighted Average Remaining Contractual Life (in years) , Assumed In Bay Banks Merger | 5 years 5 months 19 days | |
Weighted Average Remaining Contractual Life (in years) , Options outstanding and exercisable | 5 years 1 month 17 days | 6 years 2 months 4 days |
Aggregate Intrinsic Value , Options outstanding and exercisable | $ 66,754 | $ 354,269 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating lease, option to extend | Certain of these leases offer the option to extend the lease terms and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. |
Operating lease, existence of to extend | true |
Leases - Summary of Company's L
Leases - Summary of Company's Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Lease liabilities | $ 7,860 | $ 7,651 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | |
Right-of-use asset | $ 6,903 | $ 6,317 |
Weighted average remaining lease term | 5 years 10 months 6 days | 6 years 9 months 14 days |
Weighted average discount rate | 2.40% | 1.86% |
Leases - Summary of Lease Liabi
Leases - Summary of Lease Liabilities are Included within Other Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 2,495 | $ 2,383 | $ 1,731 |
Total lease cost | 2,495 | 2,383 | 1,731 |
Cash paid for amounts included in the measurement of lease liabilities | $ 2,080 | $ 2,014 | $ 0 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 2,058 | |
2024 | 1,441 | |
2025 | 1,169 | |
2026 | 1,050 | |
2027 | 984 | |
Thereafter | 1,786 | |
Total undiscounted cash flows | 8,488 | |
Discount | (628) | |
Lease liabilities | $ 7,860 | $ 7,651 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities |
Fair Value - Summary of Financi
Fair Value - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | $ 354,341 | $ 373,532 |
Investment securities, Fair Value | 354,341 | 373,532 |
Mortgage derivative asset | 112 | 1,900 |
Mortgage derivative liability | 24 | 75 |
State and Municipal [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 50,993 | 51,113 |
U.S. Treasury and Agencies [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 67,162 | 64,066 |
Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 39,850 | 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 | 342,435 | 351,552 |
Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities available for sale | 11,906 | 18,980 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities, Fair Value | 354,341 | 373,532 |
MSR assets | 28,991 | |
Rabbi trust assets | 584 | 994 |
Mortgage derivative asset | 112 | 1,876 |
Interest rate swap asset | 95 | 199 |
Mortgage derivative liability | 24 | 75 |
Interest rate swap liability | 95 | 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 | 50,993 | 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 | 67,162 | 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 | 196,336 | 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 | 39,850 | 39,243 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities, Fair Value | 3,000 | |
Rabbi trust assets | 584 | 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] | ||
Investment securities, Fair Value | 342,435 | 351,552 |
Mortgage derivative asset | 112 | 1,876 |
Interest rate swap asset | 95 | 199 |
Mortgage derivative liability | 24 | 75 |
Interest rate swap liability | 95 | 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 | 50,993 | 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 | 67,162 | 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 | 188,719 | 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 | 35,561 | 25,179 |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities, Fair Value | 11,906 | 18,980 |
MSR assets | 28,991 | |
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 | 7,617 | 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 | $ 4,289 | $ 11,064 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | |
Servicing Assets At Fair Value [Line Items] | ||
Servicing rights of sold loans | $ 2,160,000,000 | $ 1,910,000,000 |
Weighted average net servicing fee income, Basis points | 0.284% | |
Weighted average prepayment speed assumption used in the fair value | 8.17% | |
Weighted average discount rate | 9.43% | |
Paycheck Protection Program [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Credit risk | $ 0 | |
Minimum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Estimated base annual servicing costs | $ / shares | 65 | |
Base discount rate | 9% | |
Maximum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Estimated base annual servicing costs | $ / shares | 80 | |
Base discount rate | 14.50% | |
MSR Assets [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Amortized cost of assets | $ 28,991,000 |
Fair Value - Summary of changes
Fair Value - Summary of changes in corporate bonds and mortgage backed securities valued using level 3 inputs (Details) - Level 3 [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 11,064 | $ 0 |
Transfers from Level 2 to Level 3 | 14,041 | |
Transfers from Level 3 to Level 2 | (6,751) | (996) |
Sales or paydowns | (2,000) | |
Fair value adjustments | (24) | 19 |
Ending Balance | 4,289 | 11,064 |
Mortgage Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 7,916 | 0 |
Transfers from Level 2 to Level 3 | 7,915 | |
Sales or paydowns | (300) | |
Fair value adjustments | 1 | 1 |
Ending Balance | $ 7,617 | $ 7,916 |
Fair Value - Summary of Change
Fair Value - Summary of Change in MSR Assets (Detail) - MSR Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Servicing Assets At Amortized Value [Line Items] | ||
Beginning Balance | $ 16,469 | $ 7,084 |
Additions | 5,791 | 11,809 |
Write-offs | (959) | |
Amortization | (2,462) | |
Change in accounting method | 4,484 | |
Fair value adjustments | 2,247 | |
Ending Balance, fair value | $ 28,991 | |
Ending Balance, amortized cost | 16,469 | |
Bay Banks [Member] | ||
Servicing Assets At Amortized Value [Line Items] | ||
Additions | $ 997 |
Fair Value - Summary of Assets
Fair Value - Summary of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis Table [Line Items] | ||
Other equity investments | $ 23,776 | $ 14,184 |
Loans held for sale | 69,534 | 121,943 |
OREO | 195 | 157 |
Level 2 [Member] | ||
Disclosure of Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis Table [Line Items] | ||
Other equity investments | 23,776 | 14,184 |
Fair Value, Nonrecurring [Member] | ||
Disclosure of Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis Table [Line Items] | ||
Other equity investments | 23,776 | 14,184 |
Impaired loans, net | 34,888 | 8,344 |
Loans held for sale | 69,534 | 121,943 |
OREO | 195 | 157 |
Fair Value, Nonrecurring [Member] | Level 2 [Member] | ||
Disclosure of Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis Table [Line Items] | ||
Other equity investments | 23,776 | 14,184 |
Loans held for sale | 69,534 | 121,943 |
Fair Value, Nonrecurring [Member] | Level 3 [Member] | ||
Disclosure of Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis Table [Line Items] | ||
Impaired loans, net | 34,888 | 8,344 |
OREO | $ 195 | $ 157 |
Fair Value - Summary of Quantit
Fair Value - Summary of Quantitative Information about Level 3 Fair Value Measurements (Detail) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 34,888 | $ 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 | |
Range | 7% | 7% |
Valuation Technique | Discounted appraised value technique | |
Unobservable Input | Selling Costs | 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 | $ 34,743 | $ 8,108 |
Valuation Technique | Discounted appraised value technique | |
Unobservable Input | Selling Costs | Selling Costs |
Range | 7% | |
Selling Costs [Member] | Maximum [Member] | Appraised Value Technique Member] | ||
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Range | 10% | |
Selling Costs [Member] | Minimum [Member] | Appraised Value Technique Member] | ||
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Range | 7% | |
Discount Rate [Member] | ||
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 195 | $ 157 |
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] | ||
Valuation Technique | Discounted appraised value technique | |
Discount Rate [Member] | Cash Flows Technique [Member] | ||
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 145 | $ 236 |
Valuation Technique | Discounted cash flows technique | |
Unobservable Input | Discount Rate | Discount Rate |
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] | Cash Flows Technique [Member] | ||
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Range | 4% | 4% |
Fair Value - Summary of Estimat
Fair Value - Summary of Estimated Fair Values and Related Carrying amounts of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Assets | ||
Cash and due from banks | $ 77,274 | $ 130,548 |
Securities available for sale | 354,341 | 373,532 |
Restricted equity investments | 21,257 | 8,334 |
Other equity investments | 23,776 | 14,184 |
Other investments | 24,672 | 12,681 |
Financial Liabilities | ||
Noninterest-bearing deposits | 640,101 | 685,801 |
Savings | 151,646 | 150,376 |
Time deposits | 391,961 | 499,502 |
FHLB borrowings | 311,700 | 10,111 |
Subordinated debentures, net | 39,920 | 39,986 |
Carrying Value | ||
Financial Assets | ||
Cash and due from banks | 77,274 | 130,548 |
Federal funds sold | 1,426 | 43,903 |
Securities available for sale | 354,341 | 373,532 |
Restricted equity investments | 21,257 | 8,334 |
Other equity investments | 23,776 | 14,184 |
Other investments | 24,672 | 12,681 |
PPP loans receivable, net | 11,967 | 30,406 |
Loans held for investment, net | 2,376,153 | 1,765,051 |
Accrued interest receivable | 12,393 | 9,573 |
Bank owned life insurance | 47,245 | 46,545 |
MSR assets | 28,991 | |
Financial Liabilities | ||
Noninterest-bearing deposits | 640,101 | 685,801 |
Interest-bearing deposits | 1,318,799 | 962,092 |
Savings | 151,646 | 150,376 |
Time deposits | 391,961 | 499,502 |
FHLB borrowings | 311,700 | 10,111 |
FRB borrowings | 51 | 17,901 |
Subordinated debentures, net | 39,920 | 39,986 |
Fair Value | ||
Financial Assets | ||
Cash and due from banks | 77,274 | 130,548 |
Federal funds sold | 1,426 | 43,903 |
Securities available for sale | 354,341 | 373,532 |
Restricted equity investments | 21,257 | 8,334 |
Other equity investments | 23,776 | 14,184 |
Other investments | 24,672 | 12,681 |
PPP loans receivable, net | 11,967 | 30,406 |
Loans held for investment, net | 2,321,042 | 1,766,820 |
Accrued interest receivable | 12,393 | 9,573 |
Bank owned life insurance | 47,245 | 46,545 |
MSR assets | 28,991 | |
Financial Liabilities | ||
Noninterest-bearing deposits | 640,101 | 685,801 |
Interest-bearing deposits | 1,318,799 | 962,092 |
Savings | 151,646 | 150,376 |
Time deposits | 352,294 | 503,968 |
FHLB borrowings | 311,700 | 9,943 |
FRB borrowings | 51 | 17,901 |
Subordinated debentures, net | 37,689 | 41,388 |
Level 1 [Member] | ||
Financial Assets | ||
Cash and due from banks | 77,274 | 130,548 |
Federal funds sold | 1,426 | 43,903 |
Securities available for sale | 3,000 | |
Financial Liabilities | ||
Noninterest-bearing deposits | 640,101 | 685,801 |
Level 2 [Member] | ||
Financial Assets | ||
Securities available for sale | 342,435 | 351,552 |
Restricted equity investments | 21,257 | 8,334 |
Other equity investments | 23,776 | 14,184 |
Accrued interest receivable | 12,393 | 9,573 |
Bank owned life insurance | 47,245 | 46,545 |
Financial Liabilities | ||
Interest-bearing deposits | 1,318,799 | 962,092 |
Savings | 151,646 | 150,376 |
FHLB borrowings | 311,700 | 9,943 |
FRB borrowings | 51 | 17,901 |
Level 3 [Member] | ||
Financial Assets | ||
Securities available for sale | 11,906 | 18,980 |
Other investments | 24,672 | 12,681 |
PPP loans receivable, net | 11,967 | 30,406 |
Loans held for investment, net | 2,321,042 | 1,766,820 |
MSR assets | 28,991 | |
Financial Liabilities | ||
Time deposits | 352,294 | 503,968 |
Subordinated debentures, net | $ 37,689 | $ 41,388 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers - Summary of Total Non-interest Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Total noninterest income | $ 48,092 | $ 86,988 | $ 55,850 |
Minimum Regulatory Capital Re_3
Minimum Regulatory Capital Requirements - Additional Information (Detail) | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Minimum leverage ratio calculated as ratio of Tier 1 capital to average quarterly assets | 9% | |||
Forecast [Member] | CECL Adjustment to Regulatory Capital [Member] | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Adjustment to regulatory capital | 25% | 50% | 25% | |
Common Equity Tier 1 Capital [Member] | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Capital conservation buffer | 2.50% |
Minimum Regulatory Capital Re_4
Minimum Regulatory Capital Requirements - Summary of Capital Requirements Administered by Banking Agencies Capital Ratios (Detail) - Blue Ridge Bank, N.A [Member] $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total risk based capital, Actual Amount | $ 303,876 | $ 273,978 |
Total risk based capital, Actual Ratio | 0.1115 | 0.1311 |
Total risk based capital, For Capital Adequacy Purposes Amount | $ 286,161 | $ 219,393 |
Total risk based capital, For Capital Adequacy Purposes Ratio | 0.1050 | 0.1050 |
Total risk based capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 272,535 | $ 208,946 |
Total risk based capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 0.1000 | 0.1000 |
Tier 1 capital to risk-weighted assets, Actual Amount | $ 279,125 | $ 260,896 |
Tier 1 capital to risk-weighted assets, Actual Ratio | 0.1025 | 0.1249 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Amount | $ 231,470 | $ 177,604 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Ratio | 0.0850 | 0.0850 |
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 217,854 | $ 167,157 |
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 0.0800 | 0.0800 |
Common equity tier 1 capital, Actual Amount | $ 279,125 | $ 260,896 |
Common equity tier 1 capital, Actual Ratio | 10.25% | 12.49% |
Common equity tier 1 capital, For Capital Adequacy Purposes Amount | $ 190,622 | $ 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 | $ 177,006 | $ 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 | $ 279,125 | $ 260,896 |
Tier 1 leverage, Actual Ratio | 0.0925 | 0.1005 |
Tier 1 leverage, For Capital Adequacy Purposes Amount | $ 120,703 | $ 103,883 |
Tier 1 leverage, For Capital Adequacy Purposes Ratio | 0.0400 | 0.0400 |
Tier 1 leverage, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 150,878 | $ 129,853 |
Tier 1 leverage, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 0.0500 | 0.0500 |
Related Party Transactions - Su
Related Party Transactions - Summary of Loan Transactions with Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 7,737 | $ 13,957 |
Advances | 4,703 | 6,699 |
Curtailments | 4,322 | 12,919 |
Ending balance | $ 8,118 | $ 7,737 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transactions [Abstract] | ||
Related party deposits | $ 11.6 | $ 13.2 |
Earning Per Share - Additional
Earning Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | 0 |
Dilutive common shares outstanding | 13,134 | 9,898 | 0 |
Earning Per Share - Summary of
Earning Per Share - Summary of Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding, basic | 18,811,484 | 17,840,675 | 8,535,606 |
Effect of dilutive securities | 13,134 | 9,898 | 0 |
Weighted average common shares outstanding, dilutive | 18,824,618 | 17,850,573 | 8,535,606 |
Net income: | |||
Net income from continuing operations | $ 27,577 | $ 52,624 | $ 17,837 |
Net income (loss) from discontinued operations | 337 | (144) | (140) |
Net income from discontinued operations attributable to noncontrolling interest | (1) | (3) | (1) |
Net income attributable to Blue Ridge Bankshares, Inc. | $ 27,913 | $ 52,477 | $ 17,696 |
Basic earnings per share: | |||
Basic EPS from continuing operations | $ 1.46 | $ 2.95 | $ 2.07 |
Earnings (loss) per share from discontinued operations | 0.02 | (0.01) | (0.02) |
Earnings per share attributable to Blue Ridge Bankshares, Inc. | 1.48 | 2.94 | 2.05 |
Diluted earnings per share: | |||
Diluted EPS from continuing operations, Diluted | 1.46 | 2.95 | 2.07 |
Earnings (loss) per share from discontinued operations | 0.02 | (0.01) | (0.02) |
Earnings per share attributable to Blue Ridge Bankshares, Inc. | $ 1.48 | $ 2.94 | $ 2.05 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax rate | 21% | 21% | 21% |
Net operating loss carryforwards | $ 0 | $ 0 | |
Uncertain tax positions | 0 | 0 | |
Deferred tax asset | 22,600,000 | $ 9,900,000 | |
Valuation Allowance | $ 0 |
Income Taxes - Schedule of Diff
Income Taxes - Schedule of Difference Between Provision for Income Taxes and Amounts Computed by Applying Statutory Federal Income Tax Rate to Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income tax at federal statutory rate | $ 7,612 | $ 14,317 | $ 4,725 |
State income taxes, net of federal tax effect | 625 | 1,499 | 34 |
Tax-exempt interest income | (121) | (105) | (20) |
Income from life insurance | (283) | (196) | (82) |
Merger-related expenses | 0 | 250 | 174 |
Other permanent differences | 500 | (64) | (31) |
Income Tax Expense Benefit Continuing And Discontinuing | $ 8,333 | $ 15,701 | $ 4,800 |
Income tax at federal statutory rate | 21% | 21% | 21% |
State income taxes, net of federal tax effect | 1.70% | 2.20% | 0.20% |
Tax-exempt interest income | (0.30%) | (0.20%) | (0.10%) |
Income from life insurance | (0.80%) | (0.30%) | (0.40%) |
Merger-related expenses | 0% | 0.40% | 0.80% |
Other permanent differences | 1.40% | (0.10%) | (0.10%) |
Provision for income taxes | 23% | 23% | 21.40% |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax provision | |||
Federal | $ 4,762 | $ 12,832 | $ 6,437 |
State | 546 | 946 | 43 |
Total current tax provision | 5,308 | 13,778 | 6,480 |
Deferred tax provision (benefit) | |||
Federal | 3,046 | 971 | 1,680 |
State | (21) | 952 | 0 |
Total deferred tax provision (benefit) | 3,025 | 1,923 | 1,680 |
Income Tax Expense Benefit Continuing And Discontinuing | $ 8,333 | $ 15,701 | $ 4,800 |
Income Taxes - Schedule of Si_2
Income Taxes - Schedule of Significant Components of Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets relating to: | ||
Allowance for loan losses | $ 5,126 | $ 2,470 |
Compensation differences | 1,340 | 1,221 |
Reserve for loan sale buy backs | 640 | 227 |
Acquisition accounting adjustments | 1,522 | 3,463 |
Loan origination costs | 160 | 67 |
Pass-through entities | 114 | 487 |
Unrealized losses on swaps and securities available for sale | 13,149 | 1,092 |
Other | 555 | 872 |
Total deferred tax assets | 22,606 | 9,899 |
Deferred tax liabilities relating to: | ||
Premises and equipment | (2,191) | (2,885) |
Core deposit and customer based intangible assets | (1,179) | (1,549) |
Mortgage servicing rights | (6,478) | (3,711) |
Unrealized gains on other Investments | (3,491) | (1,536) |
Other | (85) | (68) |
Total deferred tax liabilities | (13,424) | (9,749) |
Deferred tax asset, net | $ 9,182 | $ 150 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Business Segments - Summary of
Business Segments - Summary of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
NET INTEREST INCOME | |||
Interest income | $ 127,476 | $ 103,546 | $ 54,460 |
Interest Expense | 17,085 | 11,065 | 9,950 |
Net interest income | 110,391 | 92,481 | 44,510 |
Provision for loan losses | 17,886 | 117 | 10,450 |
Net interest income after provision for loan losses | 92,505 | 92,364 | 34,060 |
NONINTEREST INCOME | |||
Gain on sale of Paycheck Protection Program loans | 0 | 24,315 | 0 |
Residential mortgage banking income, net | 12,609 | 28,624 | 44,460 |
Mortgage servicing rights | 8,038 | 8,398 | 7,084 |
Gain on sale of guaranteed government loans | 4,734 | 2,005 | 880 |
Service charges on deposit accounts | 1,289 | 1,464 | 905 |
Increase in cash surrender value of bank owned life insurance | 1,348 | 932 | 390 |
Total noninterest income | 48,092 | 86,988 | 55,850 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 56,006 | 61,481 | 44,974 |
Other operating expenses | 48,770 | 49,507 | 22,262 |
Total noninterest expenses | 104,776 | 110,988 | 67,236 |
Income from continuing operations before income tax expense | 35,821 | 68,364 | 22,674 |
Income tax expense | 8,244 | 15,740 | 4,837 |
Net income from continuing operations | 27,577 | 52,624 | 17,837 |
Discontinued Operations | |||
Income (loss) from discontinued operations before income taxes (including gain on disposal of $471 thousand for the year ended December 31, 2022) | 426 | (183) | (177) |
Income tax expense (benefit) | 89 | (39) | (37) |
Net income (loss) from discontinued operations | 337 | (144) | (140) |
Net income | 27,914 | 52,480 | 17,697 |
Net income from discontinued operations attributable to noncontrolling interest | (1) | (3) | (1) |
Net income attributable to Blue Ridge Bankshares, Inc. | 27,913 | 52,477 | 17,696 |
Total assets | 3,141,045 | 2,665,139 | 1,498,258 |
Other Income [Member] | |||
NONINTEREST INCOME | |||
Other income | 20,074 | 21,250 | 2,131 |
Commercial Banking [Member] | |||
NET INTEREST INCOME | |||
Interest income | 125,582 | 99,810 | 51,020 |
Interest Expense | 14,122 | 8,181 | 8,331 |
Net interest income | 111,460 | 91,629 | 42,689 |
Provision for loan losses | 17,886 | 117 | 10,450 |
Net interest income after provision for loan losses | 93,574 | 91,512 | 32,239 |
NONINTEREST INCOME | |||
Gain on sale of Paycheck Protection Program loans | 24,315 | ||
Residential mortgage banking income, net | 0 | 0 | 0 |
Mortgage servicing rights | 147 | 0 | 0 |
Gain on sale of guaranteed government loans | 4,734 | 2,005 | 880 |
Service charges on deposit accounts | 1,289 | 1,464 | 905 |
Increase in cash surrender value of bank owned life insurance | 1,348 | 932 | 390 |
Total noninterest income | 18,711 | 42,449 | 4,340 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 40,012 | 35,320 | 13,773 |
Other operating expenses | 42,571 | 37,601 | 11,867 |
Total noninterest expenses | 82,583 | 72,921 | 25,640 |
Income from continuing operations before income tax expense | 29,702 | 61,040 | 10,939 |
Income tax expense | 6,885 | 13,978 | 2,199 |
Net income from continuing operations | 22,817 | 47,062 | 8,740 |
Discontinued Operations | |||
Income (loss) from discontinued operations before income taxes (including gain on disposal of $471 thousand for the year ended December 31, 2022) | 426 | (183) | (177) |
Income tax expense (benefit) | 89 | (39) | (37) |
Net income (loss) from discontinued operations | 337 | (144) | (140) |
Net income | 23,154 | 46,918 | 8,600 |
Net income from discontinued operations attributable to noncontrolling interest | (1) | (3) | (1) |
Net income attributable to Blue Ridge Bankshares, Inc. | 23,153 | 46,915 | 8,599 |
Total assets | 3,069,861 | 2,498,916 | 1,312,095 |
Commercial Banking [Member] | Other Income [Member] | |||
NONINTEREST INCOME | |||
Other income | 11,193 | 13,733 | 2,165 |
Mortgage Banking [Member] | |||
NET INTEREST INCOME | |||
Interest income | 1,455 | 3,596 | 3,314 |
Interest Expense | 419 | 257 | 354 |
Net interest income | 1,036 | 3,339 | 2,960 |
Provision for loan losses | 0 | 0 | 0 |
Net interest income after provision for loan losses | 1,036 | 3,339 | 2,960 |
NONINTEREST INCOME | |||
Gain on sale of Paycheck Protection Program loans | 0 | ||
Residential mortgage banking income, net | 12,609 | 28,624 | 44,460 |
Mortgage servicing rights | 7,891 | 8,398 | 7,084 |
Gain on sale of guaranteed government loans | 0 | 0 | 0 |
Service charges on deposit accounts | 0 | 0 | 0 |
Increase in cash surrender value of bank owned life insurance | 0 | 0 | 0 |
Total noninterest income | 20,517 | 37,216 | 51,544 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 15,994 | 26,161 | 31,201 |
Other operating expenses | 4,875 | 8,428 | 8,075 |
Total noninterest expenses | 20,869 | 34,589 | 39,276 |
Income from continuing operations before income tax expense | 684 | 5,966 | 15,228 |
Income tax expense | 152 | 1,253 | 3,337 |
Net income from continuing operations | 532 | 4,713 | 11,891 |
Discontinued Operations | |||
Income (loss) from discontinued operations before income taxes (including gain on disposal of $471 thousand for the year ended December 31, 2022) | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 |
Net income (loss) from discontinued operations | 0 | 0 | 0 |
Net income | 532 | 4,713 | 11,891 |
Net income from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 |
Net income attributable to Blue Ridge Bankshares, Inc. | 532 | 4,713 | 11,891 |
Total assets | 40,840 | 142,537 | 177,074 |
Mortgage Banking [Member] | Other Income [Member] | |||
NONINTEREST INCOME | |||
Other income | 17 | 194 | 0 |
Parents Only [Member] | |||
NET INTEREST INCOME | |||
Interest income | 439 | 140 | 126 |
Interest Expense | 2,544 | 2,627 | 1,265 |
Net interest income | (2,105) | (2,487) | (1,139) |
Provision for loan losses | 0 | 0 | 0 |
Net interest income after provision for loan losses | (2,105) | (2,487) | (1,139) |
NONINTEREST INCOME | |||
Gain on sale of Paycheck Protection Program loans | 0 | ||
Residential mortgage banking income, net | 0 | 0 | 0 |
Mortgage servicing rights | 0 | 0 | 0 |
Gain on sale of guaranteed government loans | 0 | 0 | 0 |
Service charges on deposit accounts | 0 | 0 | 0 |
Increase in cash surrender value of bank owned life insurance | 0 | 0 | 0 |
Total noninterest income | 9,453 | 7,505 | 0 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 0 | 0 | 0 |
Other operating expenses | 1,913 | 3,660 | 2,354 |
Total noninterest expenses | 1,913 | 3,660 | 2,354 |
Income from continuing operations before income tax expense | 5,435 | 1,358 | (3,493) |
Income tax expense | 1,207 | 509 | (699) |
Net income from continuing operations | 4,228 | 849 | (2,794) |
Discontinued Operations | |||
Income (loss) from discontinued operations before income taxes (including gain on disposal of $471 thousand for the year ended December 31, 2022) | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 |
Net income (loss) from discontinued operations | 0 | 0 | 0 |
Net income | 4,228 | 849 | (2,794) |
Net income from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 |
Net income attributable to Blue Ridge Bankshares, Inc. | 4,228 | 849 | (2,794) |
Total assets | 300,440 | 319,685 | 133,041 |
Parents Only [Member] | Other Income [Member] | |||
NONINTEREST INCOME | |||
Other income | 9,453 | 7,505 | 0 |
Eliminations [Member] | |||
NET INTEREST INCOME | |||
Interest income | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 0 |
Net interest income | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 |
Net interest income after provision for loan losses | 0 | 0 | 0 |
NONINTEREST INCOME | |||
Gain on sale of Paycheck Protection Program loans | 0 | ||
Residential mortgage banking income, net | 0 | 0 | 0 |
Mortgage servicing rights | 0 | 0 | 0 |
Gain on sale of guaranteed government loans | 0 | 0 | 0 |
Service charges on deposit accounts | 0 | 0 | 0 |
Increase in cash surrender value of bank owned life insurance | 0 | 0 | 0 |
Total noninterest income | (589) | (182) | (34) |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 0 | 0 | 0 |
Other operating expenses | (589) | (182) | (34) |
Total noninterest expenses | (589) | (182) | (34) |
Income from continuing operations before income tax expense | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 |
Net income from continuing operations | 0 | 0 | 0 |
Discontinued Operations | |||
Income (loss) from discontinued operations before income taxes (including gain on disposal of $471 thousand for the year ended December 31, 2022) | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 |
Net income (loss) from discontinued operations | 0 | 0 | 0 |
Net income | 0 | 0 | 0 |
Net income from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 |
Net income attributable to Blue Ridge Bankshares, Inc. | 0 | 0 | 0 |
Total assets | (270,096) | (295,999) | (123,952) |
Eliminations [Member] | Other Income [Member] | |||
NONINTEREST INCOME | |||
Other income | $ (589) | $ (182) | $ (34) |
Business Segments - Summary o_2
Business Segments - Summary of Segment Reporting Information by Segment (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Segment Reporting [Abstract] | |
Gain on disposal from discontinued operations before income taxes | $ 471 |
Parent Company Only Financial_3
Parent Company Only Financial Statements - Summary of Parent Company Only Condensed Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | |||
Cash and due from banks | $ 77,274 | $ 130,548 | |
Securities available for sale, at fair value | 354,341 | 373,532 | |
Restricted equity investments | 21,257 | 8,334 | |
Other equity investments | 23,776 | 14,184 | |
Other Investments | 24,672 | 12,681 | |
Accrued interest receivable | 12,393 | 9,573 | |
Other assets | 19,175 | 23,001 | |
Total assets | 3,141,045 | 2,665,139 | $ 1,498,258 |
Liabilities | |||
Subordinated notes, net | 39,920 | 39,986 | |
Total liabilities | 2,881,672 | 2,388,000 | |
Stockholders' equity | 259,373 | 276,911 | |
Total liabilities and stockholders’ equity | 3,141,045 | 2,665,139 | |
Parent Company [Member] | |||
Assets | |||
Cash and due from banks | 2,432 | 3,156 | |
Investment in subsidiary | 267,123 | 291,525 | |
Securities available for sale, at fair value | 0 | 2,073 | |
Other equity investments | 23,590 | 14,184 | |
Other Investments | 7,161 | 4,532 | |
Accrued interest receivable | 0 | 24 | |
Income Taxes Receivable | 2,747 | 906 | |
Other assets | 583 | 2,221 | |
Total assets | 303,636 | 318,621 | |
Liabilities | |||
Accrued expenses | 3,971 | 1,126 | |
Accrued interest payable | 372 | 370 | |
Subordinated notes, net | 39,920 | 39,986 | |
Total liabilities | 44,263 | 41,482 | |
Stockholders' equity | 259,373 | 277,139 | |
Total liabilities and stockholders’ equity | $ 303,636 | $ 318,621 |
Parent Company Only Financial_4
Parent Company Only Financial Statements - Summary of Parent Company Only Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | $ 110,391 | $ 92,481 | $ 44,510 |
Fair value adjustments of other equity investments | 9,306 | 7,316 | 0 |
Total interest income | 127,476 | 103,546 | 54,460 |
Interest on subordinated notes | 2,215 | 2,627 | 1,265 |
Other | 12,506 | 12,106 | 5,575 |
Total noninterest expenses | 104,776 | 110,988 | 67,236 |
Income tax expense (benefit) | 8,244 | 15,740 | 4,837 |
Net income attributable to Blue Ridge Bankshares, Inc. | 27,913 | 52,477 | 17,696 |
Parent Company [Member] | |||
Dividends from Bank subsidiary | 10,000 | 10,000 | 800 |
Interest income | 439 | 140 | 126 |
Fair value adjustments of other equity investments | 9,306 | 7,316 | 0 |
Other | 147 | 250 | 0 |
Total interest income | 19,892 | 17,706 | 926 |
Interest on subordinated notes | 2,215 | 2,627 | 1,265 |
Professional fees | 1,371 | 890 | 455 |
Merger Related expenses | 50 | 2,642 | 1,732 |
Other | 821 | 189 | 165 |
Total noninterest expenses | 4,457 | 6,348 | 3,617 |
Income before income tax expense | 15,435 | 11,358 | (2,691) |
Income tax expense (benefit) | 1,207 | 509 | (699) |
Equity in undistributed earnings of subsidiary | 13,685 | 41,628 | 19,688 |
Net income attributable to Blue Ridge Bankshares, Inc. | $ 27,913 | $ 52,477 | $ 17,696 |
Parent Company Only Financial_5
Parent Company Only Financial Statements - Summary of Parent Company Only Condensed Statements of Cashflows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income from continuing operations | $ 27,914 | $ 52,480 | $ 17,697 |
Deferred income tax benefit | 3,025 | 1,923 | (1,680) |
Amortization of subordinated debt issuance costs | 35 | 206 | 55 |
Increase in other assets | (5,431) | 12,347 | (26,332) |
Cash provided by (used in) operating activities | 93,931 | 59,213 | (108,340) |
Cash flows used in investing activities: | |||
Capital calls of small business investment company funds and other investments | (11,310) | (11,582) | (609) |
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. | 0 | 44,066 | 0 |
Cash (used in) provided by investing activities | (628,183) | 52,484 | (340,885) |
Cash flows from financing activities: | |||
Dividends paid on common stock | (9,175) | (7,183) | (2,436) |
Redemption of subordinated notes | 0 | (14,150) | 0 |
Issuance of subordinated notes | 0 | 0 | 15,000 |
Payment of subordinated notes issuance costs | 0 | 0 | (349) |
Cash provided by (used in) financing activities | 480,978 | (99,094) | 507,144 |
Net (decrease) increase in cash and due from banks | (53,274) | 12,603 | 57,919 |
Supplemental Schedule of Cash Flow Information | |||
Interest | 16,011 | 11,583 | 10,030 |
Income taxes | 2,077 | 10,131 | 2,000 |
Non-cash investing and financing activities: | |||
Unrealized gain on securities available for sale | (53,405) | (6,024) | 1,029 |
Restricted stock awards, net of forfeitures | 1,564 | 1,331 | 567 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income from continuing operations | 27,913 | 52,477 | 17,696 |
Equity in undistributed earnings of subsidiary | (13,685) | (41,628) | (19,688) |
Deferred income tax benefit | (698) | (1,208) | (62) |
Amortization of subordinated debt issuance costs | 35 | 206 | 54 |
Fair value adjustments of other equity investments | (9,306) | (7,316) | 0 |
Increase in other assets | (180) | (2,677) | (140) |
Increase in accrued expenses | 4,247 | 646 | 528 |
Cash provided by (used in) operating activities | 8,326 | 500 | (1,612) |
Cash flows used in investing activities: | |||
Net change in securities available for sale | 2,073 | (2,073) | 0 |
Net change in other equity investments | (9,406) | (6,900) | 0 |
Capital calls of small business investment company funds and other investments | (2,629) | (3,230) | (7,363) |
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. | 0 | 23,214 | 0 |
Cash received from (contributed to) Bank subsidiary | 10,000 | 10,000 | (2,000) |
Cash (used in) provided by investing activities | 38 | 21,011 | (9,363) |
Cash flows from financing activities: | |||
Dividends paid on common stock | (9,175) | (7,183) | (2,436) |
Stock option exercises and dividend reinvestment plan issuances | 87 | 804 | 0 |
Redemption of subordinated notes | 0 | (14,150) | 0 |
Issuance of subordinated notes | 0 | 0 | 15,000 |
Payment of subordinated notes issuance costs | 0 | 0 | (349) |
Cash provided by (used in) financing activities | (9,088) | (20,529) | 12,215 |
Net (decrease) increase in cash and due from banks | (724) | 982 | 1,240 |
Cash and due from banks at beginning of period | 3,156 | 2,174 | 934 |
Cash and due from banks at end of period | 2,432 | 3,156 | 2,174 |
Supplemental Schedule of Cash Flow Information | |||
Interest | 2,213 | 2,388 | 1,190 |
Income taxes | 1,475 | 10,000 | 2,000 |
Non-cash investing and financing activities: | |||
Unrealized gain on securities available for sale | 0 | 300 | 0 |
Restricted stock awards, net of forfeitures | $ 1,564 | $ 1,331 | $ 567 |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) | Aug. 12, 2019 USD ($) |
Loss Contingency [Abstract] | |
Loss contingency, damages value | $ 12,000,000 |
Loss accrued for lawsuit | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss), Net - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning Balance | $ 277,139 | $ 108,200 | $ 92,337 |
Unrealized (losses) gains on securities available for sale arising during the period, net of tax | (41,469) | (4,700) | 221 |
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $30 | 30 | ||
Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit of $1 | 1 | ||
Ending Balance | 259,373 | 277,139 | 108,200 |
Net Unrealized Gains (Losses) on Available-For-Sale Securities [Member] | |||
Beginning Balance | 4,056 | 644 | |
Unrealized (losses) gains on securities available for sale arising during the period, net of tax | (41,469) | (4,814) | |
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $30 | 114 | ||
Ending Balance | (45,525) | 4,056 | 644 |
Transfer of Held-To-Maturity Securities to Available-For-Sale [Member] | |||
Beginning Balance | 425 | 425 | |
Ending Balance | 425 | 425 | 425 |
Net Unrealized Gains (Losses) on Interest Rate Swaps [Member | |||
Beginning Balance | 0 | (805) | |
Reclassification for previously unrealized net gains recognized in net income, net of tax expense | (4,914) | ||
Change in net unrealized holding losses on interest rate swaps, net of tax benefit of $163 | 5,719 | ||
Change in net unrealized holding gains on interest rate swaps, net of tax expense of $1,521 | 5,719 | ||
Gains realized in income, net of tax expense | (4,914) | ||
Ending Balance | 0 | (805) | |
Pension and Post-retirement Benefit Plans[Member] | |||
Beginning Balance | (1) | 0 | |
Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit of $1 | (1) | ||
Ending Balance | (1) | (1) | 0 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Beginning Balance | (3,632) | 264 | 229 |
Unrealized (losses) gains on securities available for sale arising during the period, net of tax | (41,469) | (4,814) | |
Reclassification for previously unrealized net gains recognized in net income, net of tax expense | (4,914) | ||
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $30 | 114 | ||
Change in net unrealized holding losses on interest rate swaps, net of tax benefit of $163 | 5,719 | ||
Change in net unrealized holding gains on interest rate swaps, net of tax expense of $1,521 | 5,719 | ||
Gains realized in income, net of tax expense | (4,914) | ||
Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit of $1 | (1) | ||
Ending Balance | $ (45,101) | $ (3,632) | $ 264 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss), net - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in net unrealized holding gains on securities available-for-sale, tax expense | $ (11,936) | $ (1,279) | $ 103 |
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit | 30 | ||
Change in net unrealized holding losses on interest rate swaps, tax benefit | (1,521) | ||
Transfer of securities held-to-maturity to available-for-sale, tax expense | 0 | 0 | 113 |
Change in net unrealized losses on pension and post-retirement benefit plans, net of tax benefit | 1 | ||
Gains realized in income, tax expense | $ 0 | (1,307) | $ 0 |
Net Unrealized Gains (Losses) on Available-For-Sale Securities [Member] | |||
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit | $ 114 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Outstanding Loan Commitments | $ 719,200 | $ 475,100 |
Cancellable Amounts | 107,900 | 88,100 |
Future commitments outstanding related to investments | 19,000 | |
Other Liabilities [Member] | ||
Other Commitments [Line Items] | ||
Reserves for unfunded commitments to borrowers | 1,800 | 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 | $ 29,800 | $ 4,500 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] | Jan. 10, 2023 $ / shares |
Subsequent Event [Line Items] | |
Quarterly cash dividend, declared date | Jan. 10, 2023 |
Common stock dividends per share cash paid | $ 0.1225 |
Dividend, payment date | Jan. 31, 2023 |
Dividend, record date | Jan. 23, 2023 |