Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 18,942,513 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Cash and due from banks | $ 226,374 | $ 77,274 | [1] |
Federal funds sold | 1,976 | 1,426 | [1] |
Securities available for sale, at fair value | 351,990 | 354,341 | [1] |
Restricted equity investments | 18,388 | 21,257 | [1] |
Other equity investments | 22,960 | 23,776 | [1] |
Other investments | 26,538 | 24,672 | [1] |
Loans held for sale | 76,528 | 69,534 | [1] |
Paycheck Protection Program loans, net of deferred fees and costs | 7,988 | 11,967 | [1] |
Loans held for investment, net of deferred fees and costs | 2,448,992 | 2,399,092 | [1] |
Less allowance for loan losses | (29,974) | (22,939) | [1] |
Loans held for investment, net | 2,419,018 | 2,376,153 | [1] |
Accrued interest receivable | 14,915 | 12,393 | [1] |
Other real estate owned | 0 | 195 | [1] |
Premises and equipment, net | 23,244 | 23,152 | [1] |
Right-of-use asset | 6,470 | 6,903 | [1] |
Bank owned life insurance | 47,536 | 47,245 | [1] |
Goodwill | 26,826 | 26,826 | [1] |
Other intangible assets | 6,196 | 6,583 | [1] |
Mortgage servicing rights, net | 27,095 | 28,991 | [1] |
Deferred tax asset, net | 9,605 | 9,182 | [1] |
Other assets | 21,264 | 19,175 | [1] |
Total assets | 3,334,911 | 3,141,045 | [1] |
Deposits: | |||
Noninterest-bearing demand | 594,518 | 640,101 | [1] |
Interest-bearing demand and money market deposits | 1,326,655 | 1,318,799 | [1] |
Savings | 143,530 | 151,646 | [1] |
Time deposits | 696,344 | 391,961 | [1] |
Total deposits | 2,761,047 | 2,502,507 | [1] |
FHLB borrowings | 239,100 | 311,700 | [1] |
FRB borrowings | 0 | 51 | [1] |
Subordinated notes, net | 39,904 | 39,920 | [1] |
Lease liabilities | 7,398 | 7,860 | [1] |
Other liabilities | 29,876 | 19,634 | [1] |
Total liabilities | 3,077,325 | 2,881,672 | [1] |
Commitments and contingencies (Note 12) | |||
Stockholders’ Equity: | |||
Common stock, no par value; 50,000,000 shares authorized at March 31, 2023 and December 31, 2022; 18,942,091and18,774,082shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 196,498 | 195,960 | [1] |
Additional paid-in capital | 252 | 252 | [1] |
Retained earnings | 102,071 | 108,262 | [1] |
Accumulated other comprehensive loss, net of tax | (41,235) | (45,101) | [1] |
Total stockholders’ equity | 257,586 | 259,373 | [1] |
Total liabilities and stockholders’ equity | $ 3,334,911 | $ 3,141,045 | [1] |
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares, issued | 18,942,091 | 18,942,091 |
Stock option outstanding , Shares | 18,774,082 | 18,774,082 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 39,294 | $ 23,899 |
Interest on securities, deposit accounts, and federal funds sold | 3,759 | 1,903 |
Total interest income | 43,053 | 25,802 |
INTEREST EXPENSE | ||
Interest on deposits | 11,331 | 1,556 |
Interest on subordinated notes | 553 | 553 |
Interest on FHLB and FRB borrowings | 3,810 | 25 |
Total interest expense | 15,694 | 2,134 |
Net interest income | 27,359 | 23,668 |
Provision for loan losses | 4,100 | 2,500 |
Provision (benefit) for credit losses - unfunded commitments | (400) | 0 |
Total provision for credit losses | 3,700 | 2,500 |
Net interest income after provision for credit losses | 23,659 | 21,168 |
NONINTEREST INCOME | ||
Fair value adjustments of other equity investments | (51) | 9,364 |
Residential mortgage banking income, including MSRs | 1,303 | 9,559 |
Gain on sale of guaranteed government loans | 2,409 | 1,427 |
Wealth and trust management | 432 | 391 |
Service charges on deposit accounts | 343 | 315 |
Increase in cash surrender value of bank owned life insurance | 282 | 272 |
Bank and purchase card, net | 340 | 422 |
Other | 2,225 | 2,344 |
Total noninterest income | 7,283 | 24,094 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 15,289 | 14,096 |
Occupancy and equipment | 1,569 | 1,485 |
Data processing | 1,346 | 946 |
Legal and regulatory filing | 1,234 | 382 |
Advertising and marketing | 286 | 428 |
Communications | 1,131 | 799 |
Audit and accounting fees | 146 | 141 |
FDIC insurance | 729 | 231 |
Intangible amortization | 355 | 397 |
Other contractual services | 939 | 534 |
Other taxes and assessments | 802 | 570 |
Regulatory remediation | 1,134 | 0 |
Merger-related | 0 | 50 |
Other | 3,887 | 2,630 |
Total noninterest expenses | 28,847 | 22,689 |
Income from continuing operations before income tax expense | 2,095 | 22,573 |
Income tax expense | 491 | 5,153 |
Net income from continuing operations | 1,604 | 17,420 |
Income from discontinued operations before income taxes | 0 | 426 |
Income tax expense | 0 | 89 |
Net income from discontinued operations | 0 | 337 |
Net income | 1,604 | 17,757 |
Net Income from discontinued operations attributable to noncontrolling interest | 0 | (1) |
Net income attributable to Blue Ridge Bankshares, Inc. | 1,604 | 17,756 |
Net income available to common stockholders | $ 1,604 | $ 17,756 |
Basic EPS from continuing operations | $ 0.09 | $ 0.93 |
Diluted EPS from continuing operations | $ 0.09 | $ 0.93 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,604 | $ 17,757 |
Other comprehensive income (loss): | ||
Gross unrealized gains (losses) on securities available for sale arising during the period | 4,979 | (22,586) |
Deferred income tax (expense) benefit | (1,113) | 4,742 |
Unrealized gains (losses) on securities available for sale arising during the period, net of tax | 3,866 | (17,844) |
Other comprehensive gain (loss), net of tax | 3,866 | (17,844) |
Comprehensive net income (loss) | 5,470 | (87) |
Comprehensive net income from discontinued operations attributable to noncontrolling interest | 0 | 1 |
Comprehensive net income (loss) attributable to Blue Ridge Bankshares, Inc. | $ 5,470 | $ (88) |
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 (Loss) Income, net [Member] | Noncontrolling Interest [Member] | |
Cumulative effect adjustment | $ 277,139 | $ 3,542 | $ 194,309 | $ 252 | $ 85,982 | $ 3,542 | $ (3,632) | $ 228 | |
Beginning Balance at Dec. 31, 2021 | 277,139 | 3,542 | $ 194,309 | 252 | 85,982 | 3,542 | (3,632) | 228 | |
Beginning Balance, Shares at Dec. 31, 2021 | 18,774,082 | ||||||||
Net income | 17,757 | 17,756 | 1 | ||||||
Other comprehensive loss | (17,844) | (17,844) | |||||||
Dividends on common stock | (2,253) | (2,253) | |||||||
Stock option exercises | 15 | $ 15 | |||||||
Stock option exercises, Shares | 1,183 | ||||||||
Restricted stock awards, net of forfeitures | 355 | $ 355 | |||||||
Restricted stock awards, net of forfeitures, Shares | (4,200) | ||||||||
Disposition of noncontrolling interest | (229) | (229) | |||||||
Ending Balance at Mar. 31, 2022 | 278,482 | $ 194,679 | 252 | 105,027 | (21,476) | 0 | |||
Ending Balance, Shares at Mar. 31, 2022 | 18,771,065 | ||||||||
Cumulative effect adjustment | 278,482 | $ 194,679 | 252 | 105,027 | (21,476) | $ 0 | |||
Cumulative effect adjustment | 259,373 | [1] | (5,474) | 195,960 | 252 | 108,262 | (5,474) | (45,101) | |
Beginning Balance at Dec. 31, 2022 | 259,373 | [1] | $ (5,474) | $ 195,960 | 252 | 108,262 | $ (5,474) | (45,101) | |
Beginning Balance, Shares at Dec. 31, 2022 | 18,950,329 | ||||||||
Net income | 1,604 | 1,604 | |||||||
Other comprehensive loss | 3,866 | 3,866 | |||||||
Dividends on common stock | (2,321) | (2,321) | |||||||
Stock option exercises | $ 26 | $ 26 | |||||||
Stock option exercises, Shares | 3,750 | 3,750 | |||||||
Restricted stock awards, net of forfeitures | $ 479 | $ 479 | |||||||
Restricted stock awards, net of forfeitures, Shares | (14,632) | ||||||||
Dividend reinvestment plan issuances | 33 | $ 33 | |||||||
Dividend reinvestment plan issuances, shares | 2,644 | ||||||||
Ending Balance at Mar. 31, 2023 | 257,586 | $ 196,498 | 252 | 102,071 | (41,235) | ||||
Ending Balance, Shares at Mar. 31, 2023 | 18,942,091 | ||||||||
Cumulative effect adjustment | $ 257,586 | $ 196,498 | $ 252 | $ 102,071 | $ (41,235) | ||||
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows From Operating Activities | ||
Net income from continuing operations | $ 1,604 | $ 17,420 |
Net income from discontinued operations | 0 | 337 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 444 | 525 |
Deferred income tax (benefit) expense | (462) | 3,801 |
Provision for credit losses | 3,700 | 2,500 |
Accretion of fair value adjustments (discounts) on acquired loans | (688) | (2,691) |
Accretion of fair value adjustments (premiums) on acquired time deposits | (284) | (470) |
Accretion of fair value adjustments (premiums) on acquired subordinated notes | (25) | (25) |
Proceeds from sale of mortgage loans held for sale | 51,748 | 234,550 |
Mortgage loans held for sale, originated | (45,231) | (153,534) |
Gain on sale of mortgage loans | (364) | (77) |
Proceeds from sale of guaranteed government loans held for sale | 33,049 | 0 |
Guaranteed government loans held for sale, originated | (32,024) | 0 |
Gain on sale of guaranteed government loans | (2,409) | 0 |
Loss (gain) on disposal of premises and equipment | 11 | (405) |
Realized gains on sale of available for sale securities | (10) | 0 |
Investment amortization expense, net | 162 | 452 |
Amortization of subordinated debt issuance costs | 9 | 9 |
Intangible amortization | 355 | 397 |
Fair value adjustments of other equity investments | 51 | (9,364) |
Fair value adjustments attributable to mortgage servicing rights | 2,138 | (3,777) |
Increase in cash surrender value of bank owned life insurance | (282) | (272) |
Increase in accrued interest receivable | (2,522) | (2,820) |
(Increase) decrease in other assets | (4,374) | 3,971 |
Increase in reserve for unfunded commitments | 3,292 | 70 |
Increase in other liabilities | 6,488 | 4,430 |
Net cash provided by operating activities - continuing operations | 14,376 | 95,027 |
Net cash provided by operating activities - discontinued operations | 0 | 55 |
Cash provided by operating activities | 14,376 | 95,082 |
Cash Flows From Investing Activities | ||
Net increase in loans held for investment | (61,529) | (66,088) |
Net increase in federal funds sold | (550) | (30,391) |
Purchases of securities available for sale | 0 | (32,660) |
Proceeds from calls, sales, paydowns and maturities of securities available for sale | 7,972 | 7,743 |
Proceeds from sale of other real estate owned | 264 | 70 |
Net decrease in Paycheck Protection Program loans | 3,979 | 7,552 |
Net change in restricted equity and other investments | 2,561 | (283) |
Purchase of premises and equipment | (536) | (104) |
Proceeds from sale of other assets | 193 | 1,937 |
Capital calls of small business investment company funds and other investments | (1,682) | (3,553) |
Nonincome distributions from SBIC funds and other investments | 141 | 227 |
Net cash used in investing activities - continuing operations | (49,187) | (115,550) |
Net cash provided by investing activities - discontinued operations | 0 | 245 |
Cash used in investing activities | (49,187) | (115,305) |
Cash Flows From Financing Activities: | ||
Net (decrease) increase in demand, savings, and other interest-bearing deposits | (45,843) | 98,992 |
Net increase (decrease) in time deposits | 304,667 | (42,212) |
Common stock dividends paid | (2,321) | (2,253) |
FHLB advances | 510,000 | 0 |
FHLB repayments | (582,600) | 0 |
FRB repayments | (51) | (2,690) |
Stock option exercises | 26 | 15 |
Dividend reinvestment plan issuances | 33 | 0 |
Net cash provided by financing activities - continuing operations | 183,911 | 51,852 |
Net cash provided by financing activities - discontinued operations | 0 | 0 |
Cash provided by financing activities | 183,911 | 51,852 |
Net increase in cash and due from banks | 149,100 | 31,629 |
Cash and due from banks at beginning of period | 77,274 | 130,548 |
Cash and due from banks at end of period | 226,374 | 162,177 |
Supplemental Schedule of Cash Flow Information | ||
Interest | 13,203 | 1,598 |
Income taxes | 6 | 0 |
Non-cash investing and financing activities: | ||
Unrealized gains (losses) on securities available for sale | 4,979 | (22,586) |
Restricted stock awards, net of forfeitures | 479 | 355 |
Cumulative effect adjustment due to adoption of accounting standard, net of income taxes | $ (5,474) | $ 0 |
Cumulative effect adjustment of change in accounting method | — | 3,542 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 – Organization and Basis of Presentation Blue Ridge Bankshares, Inc. (the “Company”) conducts its business activities primarily through its wholly-owned subsidiary bank, Blue Ridge Bank, National Association (the “Bank”) and its wealth and trust management subsidiary, BRB Financial Group, Inc. (the “Financial Group”). The Company exists primarily for the purposes of holding the stock of its subsidiaries, the Bank and the Financial Group. The accompanying unaudited consolidated financial statements of the Company include the accounts of the Bank and the Financial Group and were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. All significant intercompany balances and transactions have been eliminated in consolidation. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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 relevant periods. On August 29, 2022, the Bank entered into a formal written agreement (the “Written Agreement”) with the Office of the Comptroller of the Currency (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 filed as an exhibit to a Form 8-K filed with the Securities and Exchange Commission (“SEC”) on September 1, 2022 and can be accessed on the SEC’s website ( www.sec.gov ) and the Company’s website ( www.blueridgebankshares.com . The Company is actively working to bring the Bank’s fintech policies, procedures, and operations into conformity with OCC directives. The Company reports that although work is progressing, many aspects of the Written Agreement require considerable time for completion, implementation, validation, and sustainability. Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current period presentations. The reclassifications had no effect on net income, net income per share, total assets, total liabilities, or stockholders’ equity as previously reported. The Company's significant accounting policies are disclosed in Note 2 of the audited financial statements and notes for the year ended December 31, 2022 and are contained in the Company's Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2022, except as described in Note 2 - Adoption of New Accounting Standard of this Form 10-Q. |
Adoption of New Accounting Stan
Adoption of New Accounting Standard | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Adoption of New Accounting Standard | Note 2 – Adoption of New Accounting Standard On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13 - Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) along with amendments ASU 2019-11 - Codification Improvements to Topic 326, Financial Instruments – Credit Losses, and ASU 2022-02 - Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). Together, these ASUs, referred to herein as Accounting Standards Codification (“ASC”) “ASC 326”, replace the incurred loss impairment methodology with the current expected credit loss methodology (“CECL”) and require consideration of a broader range of information to determine credit loss estimates at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASC 326 applies to financial assets subject to credit losses that are measured at amortized cost and certain off-balance sheet credit exposures, which include, but are not limited to, loans held for investment, leases, held to maturity (“HTM”) securities, loan commitments, and financial guarantees. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures, which included loans held for investment and commitments to extend credit (loan commitments and stand-by letters of credit), respectively. The Company does not have any securities classified as HTM. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts are reported in accordance with previously applicable GAAP. The following table presents the impact to the consolidated balance sheet as the result of adopting ASC 326 effective January 1, 2023. (Dollars in thousands) January 1, 2023 December 31, 2022 Impact of Assets: Loans held for investment, net of deferred fees and costs $ 2,399,757 $ 2,399,092 $ 665 Allowance for credit losses ( 26,961 ) ( 22,939 ) ( 4,022 ) Deferred tax asset, net 10,757 9,182 1,575 Liabilities: Reserve for unfunded commitments 1 5,504 1,812 3,692 Stockholders' Equity: Retained earnings 102,788 108,262 ( 5,474 ) 1 Included in other liabilities on the consolidated balance sheets Loans Held for Investment and Allowance for Credit Losses (“ACL”). Loans that management has the intent and ability to hold for the foreseeable future or until loan maturity or pay-off are reported held for investment at their outstanding principal balance adjusted for any charge-offs and net of any deferred fees (including purchase accounting adjustments) and origination costs (collectively referred to as "amortized cost"). 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. 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. In accordance with ASC 326, the Company elected to exclude accrued interest from the amortized cost basis in its determination of the ACL for loans held for investment, and will instead reverse accrued but unpaid interest through interest income in the period in which the loan is placed on nonaccrual status. The ACL represents management’s best estimate of credit losses over the remaining life of the loan portfolio. Loans are charged-off against the ACL when management believes the loan balance is no longer collectible. Subsequent recoveries of previously charged-off amounts (recoveries) are recorded as increases to the ACL. The provision for credit losses is an amount sufficient to bring the ACL to an estimated balance that management considers adequate to absorb lifetime expected losses in the Company’s held for investment loan portfolio. The ACL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Management’s determination of the adequacy of the ACL under ASC 326 is based on an evaluation of the composition of the loan portfolio current economic conditions, historical loan loss experience, reasonable and supportable forecasts, and other risk factors. The Company uses a third-party CECL model as part of its estimation of the ACL on a quarterly basis. Loans with similar risk characteristics are collectively assessed within pools (or segments). Loss estimates within the collectively assessed population are based on a combination of pooled assumptions and loan-level characteristics. The Company has determined that using federal call codes is an appropriate loan segmentation methodology, as it is generally based on risk characteristics of a loan's underlying collateral. Using federal call codes also allows the Company to utilize and assess publicly-available external information when developing its estimate of the ACL. The discounted cash flow ("DCF") method is the primary credit loss estimation methodology used by the Company and involves estimating future cash flows for each individual loan and discounting them back to their present value using the loan's contractual interest rate, which is adjusted for any net deferred fees, costs, premiums, or discounts existing at the loan's origination or acquisition date (also referred to as the effective interest rate). The DCF method also considers factors such as loan term, prepayment or curtailment assumptions, and other relevant economic factors that could affect future cash flows. By discounting the cash flows, the method incorporates the time value of money and reflects the credit risk inherent in the loan. In applying future economic forecasts, the Company utilizes a forecast period of one year and then reverts to the mean of historical loss rates on a straight-line basis over the following one-year period. The Company considers economic forecasts of national gross domestic product and unemployment rates from the Federal Open Market Committee to inform the model for loss estimation. Historical loss rates used in the quantitative model were derived using both the Bank's and peer bank data obtained from publicly-available sources (i.e., federal call reports). The Bank's peer group utilized is comprised of financial institutions of relatively similar size (i.e., $ 3 - $ 5 billion of total assets) and in similar markets. Management also considers qualitative adjustments when estimating loan losses to take into account the model's quantitative limitations. Qualitative adjustments to quantitative loss factors, either negative or positive, may include considerations of trends in delinquencies, nonaccrual loans, charged-off loans, changes in volume and terms of loans, effects of changes in lending policy, experience and depth of management, regional and local economic trends and conditions, and concentrations of credit, competition, and loan review results. For those loans that do not share similar risk characteristics, the Company evaluates the ACL needs on an individual (or loan by loan) basis. This population of individually evaluated loans (or loan relationships with the same primary source of repayment) is determined on a quarterly basis and is based on whether (1) the risk grade of the loan i s substandard or worse and the balance exceeds $ 500,000 or (2) the risk grade of the loan is special mention, the balance exceeds $ 3,000,000 , and the loan's terms differ significantly from other pooled loans. Measurement of credit loss is based on the expected future cash flows of an individually evaluated loan, discounted at the loan's effective interest rate, or measured on an observable market value, if one exists, or the estimated market 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 amortized cost, a specific reserve in the ACL is recorded, which is charged-off in the period when management believes the loan balance is no longer collectible. The Company’s Allowance Committee approves the key methodologies and assumptions, as well as the final ACL on a quarterly basis. While management uses available information at the time of estimation to determine expected credit losses on loans, future changes in the ACL may be necessary based on changes in portfolio composition, portfolio credit quality, and/or economic conditions. In addition, bank regulatory agencies and the Bank’s auditors periodically review its ACL and may require an increase in the provision for credit losses or the recognition of further loan charge-offs, based on judgments different than those of management. Upon the adoption of ASC 326, the Company recorded an increase in its ACL of $ 4.0 million, along with an after-tax cumulative effect adjustment, which reduced stockholders' equity by $ 2.6 million. Collateral-dependent Loans The Company has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral-dependent loans: • Commercial real estate loans may be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties occupied by operating companies. Repayment is generally from the cash flows of the business occupying the property. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. • Commercial and industrial loans may be secured by non-real estate collateral such as accounts receivable, inventory, equipment, or other similar assets. • Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage. • Home equity lines of credit are generally secured by second mortgages on residential real estate property. • Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured, have no underlying collateral, and would not be considered collateral-dependent. Acquired Loans The Company has acquired loans through its mergers with Bay Banks of Virginia, Inc. in 2021 (the "Bay Banks Merger") and Virginia Community Bankshares, Inc. in 2019. Prior to the adoption of ASC 326, a portion of these loans were classified as purchased-credit impaired ("PCI") under ASC 310-30 – Loans and Debt Securities Acquired with Deteriorated Credit Quality. Upon the adoption of ASC 326, the Company elected to designate its existing PCI loans as purchased credit deteriorated ("PCD") loans using the prospective transition approach. Previously established PCI loan "pools" were eliminated, and, as a result, an increase in the ACL for PCD loans of $ 665 thousand was recorded, and a corresponding increase in the amortized cost basis of loans held for investment was recorded. The amortized cost of PCD loans post ASC 326 adoption on January 1, 2023 was $ 59.3 million, which includes a non-credit discount of $ 5.6 million that will be accreted into interest income over the remaining contractual lives of the underlying loans. Modified Loans ASU 2022-22 eliminated the concept of troubled debt restructurings ("TDRs") from the accounting standards for companies that have adopted ASC 326. ASU 2022-02 also requires additional disclosures for certain loan modifications and disclosures of gross charge-offs by year of origination. Specifically, loan modification disclosures in periods subsequent to the adoption of ASC 326 must be made for modifications of existing loans to borrowers who were experiencing financial difficulties at the time of the modification. The modification type must include a direct change in the timing or amount of a loan's contractual cash flows. The additional disclosures are applicable to situations where there is: principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension, or any combination thereof. Available for Sale ("AFS") Securities. The Company evaluates the fair value and credit quality of its AFS securities portfolio on a quarterly basis. In the event the fair value of a security falls below its amortized cost basis, the security is evaluated to determine whether the decline in value was caused by changes in market interest rates or security credit quality. The primary indicators of credit quality for the Company’s AFS securities portfolio are security type and credit rating, which is influenced by a number of security-specific factors that may include obligor cash flow, geography, seniority, and others. If unrealized losses are related to credit quality, the Company estimates the credit-related loss by evaluating the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. Subsequent to the adoption of ASC 326, if the present value of cash flows expected to be collected is less than the amortized cost basis of the security and a credit loss exists, then an ACL is recorded for the credit loss, limited by the amount that the fair value is less than amortized cost basis. As of December 31, 2022, the Company did not have any other-than-temporarily impaired AFS securities. Therefore, upon adoption of ASC 326, the Company determined that an ACL on AFS securities was not warranted. Reserve for Unfunded Commitments . The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, the existence of any third-party guarantees, and an estimate of credit losses on commitments expected to be funded using the same loss rates of similar financial instruments derived in the estimation of ACL for loans held for investment. Upon the adoption of ASC 326, the Company recorded an increase in its reserve for unfunded commitments of $ 3.7 million, along with an after-tax cumulative effect adjustment, which reduced stockholders' equity by $ 2.9 million. |
Investment Securities and Other
Investment Securities and Other Investments | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
Investment Securities and Other Investments | Note 3 – In vestment Securities and Other Investments Investment securities classified as AFS are carried at fair value in the consolidated balance sheets. The following tables present amortized cost, fair values, and gross unrealized gains and losses of investment securities AFS as of the dates stated. March 31, 2023 (Dollars in thousands) Amortized Gross Gross Fair Available for sale State and municipal $ 59,408 $ — $ ( 7,747 ) $ 51,661 U.S. Treasury and agencies 72,051 — ( 9,898 ) 62,153 Mortgage backed securities 231,761 19 ( 32,461 ) 199,319 Corporate bonds 42,420 32 ( 3,595 ) 38,857 Total investment securities $ 405,640 $ 51 $ ( 53,701 ) $ 351,990 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 As of March 31, 2023 and December 31, 2022 , securities with a fair value of $ 242.8 million and $ 241.9 million, respectively, were pledged to secure the Bank’s line of credit with the Federal Home Loan Bank of Atlanta ("FHLB"). As of March 31, 2023, the Company pledged securities with $ 29.9 million of par value (amortized cost and fair value of $ 29.8 million and $ 25.5 million, respectively) as collateral for the Bank Term Funding Program (“BTFP”) established by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). The BTFP was created and announced on March 12, 2023 in response to industry events to provide banks with additional liquidity via a secured line of credit collateralized by eligible pledged securities. Available credit is equal to the current par value of the pledged securities. Advances under the BTFP are up to a one-year term and are priced at the one-year overnight index swap rate plus 10 basis points, which is fixed for the term on the advance date. The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date stated. Expected maturities may differ from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2023 (Dollars in thousands) Amortized Fair Due in one year or less $ 1,502 $ 1,499 Due after one year through five years 52,227 47,470 Due after five years through ten years 129,729 114,220 Due after ten years 222,182 188,801 Total $ 405,640 $ 351,990 The following tables present a summary of unrealized losses and the length of time securities have been in a continuous loss position, by security type and number of securities, as of the dates stated. March 31, 2023 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Unrealized Fair Unrealized Fair Unrealized State and municipal 80 $ 3,265 $ ( 92 ) $ 46,807 $ ( 7,655 ) $ 50,072 $ ( 7,747 ) U.S. Treasury and agencies 26 4,885 ( 115 ) 57,264 ( 9,783 ) 62,149 ( 9,898 ) Mortgage backed securities 81 11,475 ( 408 ) 179,759 ( 32,053 ) 191,234 ( 32,461 ) Corporate bonds 34 20,801 ( 1,729 ) 12,724 ( 1,866 ) 33,525 ( 3,595 ) Total 221 $ 40,426 $ ( 2,344 ) $ 296,554 $ ( 51,357 ) $ 336,980 $ ( 53,701 ) 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 ) The Company reviews its AFS securities portfolio for potential credit losses at least quarterly. At March 31, 2023 and December 31, 2022, 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 in the tables above. Investment securities with unrealized losses are generally a result of pricing changes due to changes in the interest rate environment since purchase and not as a result of permanent credit impairment. Contractual cash flows for mortgage backed securities are guaranteed and/or funded by the U.S. government. Municipal securities show no indication that the contractual cash flows will not be received when due. The Company does not intend to sell, nor does it believe that it will be required to sell, any of its temporarily impaired securities prior to the recovery of the amortized cost. As of March 31, 2023, there is no ACL against the Company's AFS securities portfolio. Restricted equity investments consiste d of stock in the FHLB (carrying value of $ 11.8 million and $ 14.7 million as of March 31, 2023 and December 31, 2022, respectively), stock in the Federal Reserve Bank of Richmond ("FRB") (carrying value of $ 6.1 m illion at both March 31, 2023 and December 31, 2022), and stock in the Bank’s correspondent bank (carrying value of $ 468 thousand at both March 31, 2023 and December 31, 2022). Restricted equity investments are carried at cost. The Company also has various other equity investments, including shares in other financial institutions and fintech companies, totaling $ 23.0 million and $ 23.8 million as of March 31, 2023 and December 31, 2022 , respectively, which are carried at fair value with any gain or loss reported in the consolidated statements of operations 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 ACL
Loans and ACL | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loans and ACL | Note 4 – Loans and ACL All loan and ACL information presented as of and for the three months ended March 31, 2023 is in accordance with ASC 326. All loan information presented prior to this period is presented in accordance with previously applicable GAAP. As a result, the presentation of information pre-ASC 326 and post-ASC 326 adoption will not be comparable for most disclosures. The following table presents the amortized cost of loans held for investment, including Paycheck Protection Program ("PPP") loans, as of the dates stated. (Dollars in thousands) March 31, 2023 December 31, 2022 Commercial and industrial $ 571,095 $ 590,049 Paycheck Protection Program 7,988 11,967 Real estate – construction, commercial 180,149 183,301 Real estate – construction, residential 92,403 76,599 Real estate – mortgage, commercial 867,916 864,989 Real estate – mortgage, residential 672,473 631,772 Real estate – mortgage, farmland 6,394 6,599 Consumer 58,907 47,423 Gross loans 2,457,325 2,412,699 Less: deferred loan fees, net of costs ( 345 ) ( 1,640 ) Total $ 2,456,980 $ 2,411,059 The Company has pledged certain commercial and residential mortgages as collateral for borrowings with the FHLB. Loans totaling $ 531.8 million and $ 436.0 million were pledged as of March 31, 2023 and December 31, 2022 , respectively. Additionally, PPP loans were pledged as collateral for the FRB's Paycheck Protection Program Liquidity Facility ("PPPLF") advances in the amount of $ 0 and $ 51 thousand as of March 31, 2023 and December 31, 2022, respectively. The following table presents the aging of the amortized cost of loans held for investment by loan category as of March 31, 2023. March 31, 2023 (Dollars in thousands) Current 30-59 60-89 Greater than Nonaccrual Total Commercial and industrial $ 561,261 $ 1,122 $ 61 $ — $ 8,651 $ 571,095 Paycheck Protection Program 7,988 — — — — 7,988 Real estate – construction, commercial 177,739 1,106 867 — 437 180,149 Real estate – construction, residential 91,616 399 388 — — 92,403 Real estate – mortgage, commercial 855,385 960 — — 11,571 867,916 Real estate – mortgage, residential 658,290 4,153 585 1,998 7,447 672,473 Real estate – mortgage, farmland 6,394 — — — — 6,394 Consumer 56,891 1,246 150 169 451 58,907 Less: Deferred loan fees, net of costs ( 345 ) — — — — ( 345 ) Total Loans $ 2,415,219 $ 8,986 $ 2,051 $ 2,167 $ 28,557 $ 2,456,980 The following table presents the amortized cost of nonaccrual loans held for investment by loan category as of the date stated. March 31, 2023 (Dollars in thousands) Nonaccrual Loans with No ACL Nonaccrual Loans with an ACL Total Nonaccrual Loans Commercial and industrial $ 186 $ 8,465 $ 8,651 Real estate – construction, commercial — 437 437 Real estate – mortgage, commercial 10,108 1,463 11,571 Real estate – mortgage, residential 592 6,855 7,447 Consumer 2 449 451 Total $ 10,888 $ 17,669 $ 28,557 The table above excludes PPP loans of $ 8.0 million as of March 31, 2023 . PPP loans are fully guaranteed by the U.S. government; therefore, the Company reports them as accruing loans. The Company received $ 378 thousand of interest payments from nonaccrual loans during the three months ended March 31, 2023. Credit Quality Indicators The Company categorizes loans held for investment 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. Management considers loan risk grades to be the best indication of credit quality of its portfolio of loans held for investment. 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. The 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 March 31, 2023. The following table presents the amortized cost of loans held for investment by internal loan risk grade by year of origination as of March 31, 2023. Also presented are current period gross charge-offs by loan type for the three months ended March 31, 2023. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial and industrial Risk Grades 1 - 4 $ 46,836 $ 145,311 $ 54,533 $ 36,707 $ 15,681 $ 20,557 $ 120,901 $ 440,526 Risk Grades 5 - 6 117 34,640 9,205 8,391 467 1,450 25,942 80,212 Risk Grade 7 — 40,262 — — 1,203 118 8,774 50,357 Total 46,953 220,213 63,738 45,098 17,351 22,125 155,617 571,095 Current period gross charge-offs — — 664 — — 9 126 799 Paycheck Protection Program Risk Grades 1 - 4 — — 7,988 — — — — 7,988 Total — — 7,988 — — — — 7,988 Real estate – construction, commercial Risk Grades 1 - 4 8,488 52,358 55,721 16,576 2,118 8,803 12,209 156,273 Risk Grades 5 - 6 — 5,571 6,301 722 — 710 10,282 23,586 Risk Grade 7 — — — — — 290 — 290 Total 8,488 57,929 62,022 17,298 2,118 9,803 22,491 180,149 Real estate – construction, residential Risk Grades 1 - 4 20,084 50,390 15,528 1,113 998 — 2,456 90,569 Risk Grades 5 - 6 — — 949 — — — — 949 Risk Grade 7 21 864 — — — — — 885 Total 20,105 51,254 16,477 1,113 998 — 2,456 92,403 Real estate – mortgage, commercial Risk Grades 1 - 4 28,993 250,028 117,823 153,436 44,957 151,324 20,171 766,732 Risk Grades 5 - 6 — 15,442 4,039 19,182 13,390 32,237 500 84,790 Risk Grade 7 — — 6,344 — 774 9,176 100 16,394 Total 28,993 265,470 128,206 172,618 59,121 192,737 20,771 867,916 Real estate – mortgage, residential Risk Grades 1 - 4 30,743 197,427 105,466 73,162 30,080 151,984 59,207 648,069 Risk Grades 5 - 6 22 1,282 24 2,112 2,508 6,852 878 13,678 Risk Grade 7 — 369 1,228 1,659 461 6,413 596 10,726 Total 30,765 199,078 106,718 76,933 33,049 165,249 60,681 672,473 Current period gross charge-offs — — — — — 13 — 13 Real estate – mortgage, farmland Risk Grades 1 - 4 — 729 1,328 — 1,657 2,372 184 6,270 Risk Grades 5 - 6 — — — — — 78 46 124 Total — 729 1,328 — 1,657 2,450 230 6,394 Consumer Risk Grades 1 - 4 18,113 18,718 5,544 4,515 2,292 1,320 7,284 57,786 Risk Grades 5 - 6 13 26 18 81 5 429 30 602 Risk Grade 7 — 50 109 115 104 141 — 519 Total 18,126 18,794 5,671 4,711 2,401 1,890 7,314 58,907 Current period gross charge-offs 38 97 39 12 36 6 269 497 Total Loans Risk Grades 1 - 4 $ 153,257 $ 714,961 $ 363,931 $ 285,509 $ 97,783 $ 336,360 $ 222,412 $ 2,174,213 Risk Grades 5 - 6 152 56,961 20,536 30,488 16,370 41,756 37,678 203,941 Risk Grade 7 21 41,545 7,681 1,774 2,542 16,138 9,470 79,171 Total $ 153,430 $ 813,467 $ 392,148 $ 317,771 $ 116,695 $ 394,254 $ 269,560 $ 2,457,325 Total current period gross charge-offs $ 38 $ 97 $ 703 $ 12 $ 36 $ 28 $ 395 $ 1,309 The following table presents an analysis of the change in the ACL by major loan segment for the period stated. Loan segments are presented as either commercial or consumer as follows: • Commercial – Commercial and industrial; PPP; real estate – construction, commercial; real estate – mortgage, commercial; and real estate – mortgage, farmland; and • Consumer – real estate – construction, residential; real estate – mortgage, residential; and consumer. For the three months ended March 31, 2023 (Dollars in thousands) Commercial Consumer Total Balance, beginning of period $ 19,269 $ 3,670 $ 22,939 Impact of ASC 326 adoption ( 470 ) 4,492 4,022 Charge-offs ( 799 ) ( 510 ) ( 1,309 ) Recoveries 118 104 222 Net charge-offs ( 681 ) ( 406 ) ( 1,087 ) Provision for credit losses - loans 3,161 939 4,100 Balance, end of period $ 21,279 $ 8,695 $ 29,974 There were no material changes to the assumptions, loss factors (both quantitative and qualitative), or reasonable and supportable forecasts used in the estimation of the ACL and the provision for credit losses for loans held for investment as of and for the three months ended March 31, 2023. The following table presents the amortized cost of collateral-dependent loans as of the date stated. (Dollars in thousands) March 31, 2023 Commercial and industrial $ 71,984 Real estate – construction, residential 580 Real estate – mortgage, commercial 12,641 Real estate – mortgage, residential 772 Total collateral-dependent loans $ 85,977 Acquired Loans As of March 31, 2023 , the amortized cost of PCD loans totaled $ 58.2 million with an estimated ACL of $ 639 thousand. The remaining non-credit discount on PCD loans was $ 5.3 million as of March 31, 2023. Modified Loans The Company closely monitors the performance of borrowers experiencing financial difficulty to understand the effectiveness of its loan modification efforts. The following table presents information on modified loans as of the date stated. March 31, 2023 All Modifications (Dollars in thousands) Number of Loans Amortized Cost Amortized Cost of Modified Loans to Gross Loans by Category Financial Effect Modification - term extension Commercial and industrial 1 $ 37,271 6.53 % 13-month extension through January 2024 Modification - interest-only Real estate – mortgage, commercial 2 3,381 0.39 % Interest-only payments for six months Total 3 $ 40,652 1.65 % The modified commercial and industrial loan was performing in accordance with its modified terms during the first quarter 2023. The loan is collateral-dependent, management is closely monitoring, and the loan is adequately collateralized as of March 31, 2023. The following table presents an aging analysis of the amortized cost of loans modified in the preceding 12 months as of the date stated. March 31, 2023 Payment Status (Amortized Cost) (Dollars in thousands) Current 30-89 90+ Commercial and industrial $ 37,271 $ — $ — Real estate – mortgage, commercial 3,360 — — Total modified loans $ 40,631 $ — $ — None of the loans in the preceding tables have had a payment default during the three months ended March 31, 2023. Six residential mortgage loans with a total amortized cost of $ 645 thousand we re in the process of foreclosure as of March 31, 2023 , compared to none as of December 31, 2022. Pre-ASC 326 Adoption Disclosures Prior to the adoption of ASC 326 on January 1, 2023, the Company calculated the allowance for loan losses under the incurred loss methodology. The following disclosures are presented under this previously applicable GAAP for the applicable prior periods. The following table presents the aging of the amortized cost of loans held for investment as of the date stated. December 31, 2022 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past Nonaccrual 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 The following table presents the aging of the amortized cost of PCI loans as of the date 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 The following table presents the outstanding principal balance and related recorded investment of acquired loans included in the consolidated balance sheets as of the date stated. (Dollars in thousands) December 31, 2022 PCI loans Outstanding principal balance $ 64,911 Recorded investment 58,748 Purchased performing loans Outstanding principal balance 513,461 Recorded investment 511,752 Total acquired loans Outstanding principal balance 578,372 Recorded investment 570,500 The following table presents the changes in accretable yield for PCI loans for the period stated. (Dollars in thousands) For the three months ended March 31, 2022 Balance, beginning of period $ 16,849 Accretion ( 3,512 ) Balance, end of period $ 13,337 The following table presents a summary of the loan portfolio individually and collectively evaluated for impairment as of the date 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 The table above excludes PPP loans of $ 12.0 million as of December 31, 2022. PPP loans are fully guaranteed by the U.S. government; therefore, the Company recorded no allowance for loan losses for these loans. The following tables present information related to impaired loans held for investment by loan type as of and for the dates presented. December 31, 2022 (Dollars in thousands) Recorded Unpaid Related With no specific allowance recorded: Commercial and industrial $ 1,309 $ 1,289 $ — Real estate – construction, commercial 521 521 — 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 Real estate – mortgage, commercial 129 126 1 Total $ 45,170 $ 45,085 $ 3,179 For the three months ended March 31, 2022 (Dollars in thousands) Average Interest With no specific allowance recorded: Commercial and industrial $ 5,305 $ 62 Real estate – construction, commercial 524 — Real estate – mortgage, commercial 11,880 48 Real estate – mortgage, residential 1,342 14 With an allowance recorded: Commercial and industrial $ 3,290 $ — Real estate – mortgage, commercial 88 — Real estate – mortgage, residential 59 — Total $ 22,488 $ 124 Impaired loans also include TDRs, and as of December 31, 2022, there were 11 TDRs totaling $ 1.1 million. The following table presents the analysis of the change in the allowance for loan losses by loan type for the period stated. (Dollars in thousands) For the three months ended March 31, 2022 Allowance for loan losses, beginning of period $ 12,121 Charge-offs Commercial and industrial ( 2,401 ) Real estate – construction ( 123 ) Real estate – mortgage ( 16 ) Consumer ( 279 ) Total charge-offs ( 2,819 ) Recoveries Commercial and industrial 74 Real estate – construction 12 Real estate – mortgage 4 Consumer 121 Total recoveries 211 Net charge-offs ( 2,608 ) Provision for loan losses 2,500 Allowance for loan losses, end of period $ 12,013 The following table presents the amortized cost of loans held for investment by internal loan grade as of the date stated. December 31, 2022 (Dollars in thousands) 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 There were no loans classified as doubtful or loss as of December 31, 2022. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 5 – Goodwill and Other Intangible Assets Goodwill and other intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that an impairment test should be performed. Intangible assets with definite useful lives are amortized over their estimated useful lives, which range from 5 to 12 years. Goodwill is the only intangible asset with an indefinite life on the consolidated balance sheets. As of March 31, 2023 and December 31, 2022 , the Company's goodwill totaled $ 26.8 million. The following table presents information on amortizable intangible assets included on the consolidated balance sheets as of the dates stated. March 31, 2023 (Dollars in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Core deposit intangibles $ 9,626 $ ( 4,659 ) $ 4,967 Other amortizable intangibles 3,337 ( 2,108 ) 1,229 Total $ 12,963 $ ( 6,767 ) $ 6,196 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 Included in other amortizable intangibles were loan servicing assets of $ 843 thousand and $ 876 thousand at March 31, 2023 and December 31, 2022 , respectively, related to the servicing of the government guaranteed portion of certain loans that the Company has sold. Loan servicing assets of $ 55 thousand were added during the three months ended March 31, 2023 . The amortization of these intangibles is included in interest and fees on loans in the consolidated statements of operations and totaled $ 87 thousand and $ 39 thousand for the three months ended March 31, 2023 and March 31, 2022, respectively. The Company retains servicing rights on residential mortgages originated and sold to the secondary market. The fair value of MSR assets was $ 27.1 million and $ 29.0 million as of March 31, 2023 and December 31, 2022 , respectively. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6 – Borrowings FHLB Borrowings The Bank has a line of credit from the FHLB secured by pledged qualifying real estate loans and securities. At March 31, 2023 and December 31, 2022 , based on pledged collateral, the line totaled $ 576.8 million and $ 525.1 million, respectively. The FHLB will lend up to 30 % of the Bank’s total assets as of the prior quarter end, subject to certain eligibility requirements, including adequate collateral. The Bank had borrowings from the FHLB totaling $ 239.1 million and $ 311.7 million at March 31, 2023 and December 31, 2022, respectively. FHL B borrowings required the Bank to hold $ 11.8 million and $ 14.7 million of FHLB stock at March 31, 2023 and December 31, 2022, respectively, which is included in restricted equity investments on the consolidated balance sheets. The Bank also has letters of credit with the FHLB in the amount of $ 67.6 million as of March 31, 2023 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 $ 270.1 million as of March 31, 2023. The following table presents information regarding FHLB advances outstanding as of the date stated. March 31, 2023 (Dollars in thousands) Balance Origination Date Stated Interest Rate Maturity Date Daily Rate Credit $ 189,100 5/6/2022 5.07 % 5/8/2023 Fixed Rate Credit 50,000 3/15/2023 4.07 % 3/15/2027 Total FHLB borrowings $ 239,100 Other Borrowings The Company had unsecured lines of credit with correspondent banks, which totaled $ 28.0 million as of both March 31, 2023 and December 31, 2022. These lines bear interest at the prevailing rates for such loans and are cancellable any time by the correspondent bank. As of March 31, 2023 and December 31, 2022, no ne of these lines of credit with correspondent banks were drawn upon. The Company had $ 39.9 million of subordinated notes, net, outstanding as of both March 31, 2023 and December 31, 2022 . The Company's subordinated notes are comprised of an issuance in October 2019 maturing October 15, 2029 (the “2029 Notes”) and an issuance in May 2020 maturing June 1, 2030 (the “2030 Note”). As of March 31, 2023 , the net carrying amount of the 2029 Notes was $ 25.2 million, inclusive of a $ 654 thousand purchase accounting adjustment (premium). For the three months ended March 31, 2023 and 2022, the effective interest rate on the 2029 Notes was 5.09 %, inclusive of the amortization of the purchase accounting adjustment (premium). As of March 31, 2023 , the net carrying amount of the 2030 Note, including capitalized, unamortized debt issuance costs, was $ 14.8 million. For the three months ended March 31, 2023 and 2022, the effective interest rate on the 2030 Note was 6.10 %. The Company has an immediately available and undrawn line with the BTFP of $ 29.8 million as of March 31, 2023. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Note 7 – 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 highly-rated third-party financial institutions. These back-to-back swap agreements are free-standing derivatives and are recorded at fair value in the consolidated balance sheets (asset positions are included in other assets and liability positions are included in other liabilities). The following tables present the notional and fair value of interest rate swap agreements as of the dates stated. March 31, 2023 (Dollars in thousands) Notional Fair Interest rate swap agreement Receive fixed/pay variable swaps $ 2,178 $ ( 57 ) Pay fixed/receive variable swaps 2,178 57 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 As part of its efforts to sell originated government guaranteed and conventional residential mortgages into the secondary market, the Bank had entered into $ 13.3 million and $ 11.7 million of rate lock commitments with borrowers, net of expected fallout, as of March 31, 2023 and December 31, 2022 , respectively, and $ 8.3 million and $ 12.8 million of closed loan inventory waiting for sale, which were hedged by $ 15.8 million and $ 21.5 million in forward to-be-announced mortgage-backed securities as of March 31, 2023 and December 31, 2022 , respectively. Mortgage derivative assets totaled $ 455 thousand and $ 112 thousand as of March 31, 2023 and December 31, 2022 , respectively, and mortgage derivative liabilities were $ 57 thousand and $ 24 thousand as of March 31, 2023 and December 31, 2022 , respectively. Mortgage derivative assets and liabilities are included in other assets and other liabilities, respectively, in the consolidated balance sheets. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 8 – Stock-Based Compensation The Company has granted time-based 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, in addition to time-based RSAs. 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. Time-based RSAs carry voting and dividend rights, while PSAs carry voting rights and 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 $ 479 thousand and $ 355 thousand f or the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023, no grants of time-based RSAs or PSAs were made, while forfeitures of time-based RSAs and PSAs relating to 14,632 shares of the Company's common stock were processed due to employee terminations. As of March 31, 2023, time-based RSAs and PSAs relating to 296,329 shares of the Company's common stock were outstanding, and unrecognized compensation expense related to these awards totaled $ 2.4 million . During the three months ended March 31, 2023 , stock options relating to 3,750 shares were exercised and stock options relating to 1,875 shares expired, resulting in stock options relating to 47,049 shares remaining outstanding as of March 31, 2023 . These options were assumed by the Company in connection with the Bay Banks Merger and expire between March 2024 and December 2029. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 9 – Leases The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and such extensions are included in the calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The following tables present information about the Company’s leases as of the dates and for the periods stated. (Dollars in thousands) March 31, 2023 December 31, 2022 Right-of-use assets $ 6,470 $ 6,903 Lease liabilities $ 7,398 $ 7,860 Weighted average remaining lease term (years) 5.62 5.85 Weighted average discount rate 2.42 % 2.40 % For the three months ended March 31, (Dollars in thousands) 2023 2022 Operating lease cost $ 715 $ 555 Total lease cost 715 555 Cash paid for amounts included in the measurement of lease liabilities 599 736 The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities as of the date stated. (Dollars in thousands) March 31, 2023 Nine months ending December 31, 2023 $ 1,484 Twelve months ending December 31, 2024 1,464 Twelve months ending December 31, 2025 1,191 Twelve months ending December 31, 2026 1,073 Twelve months ending December 31, 2027 990 Thereafter 1,786 Total undiscounted cash flows 7,988 Discount ( 590 ) Lease liabilities $ 7,398 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 10 – Fair Value The fair value of a financial instrument is the current amount that would be exchanged between willing parties in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The Company records fair value adjustments to certain assets and liabilities and determines fair value disclosures utilizing a definition of fair value of assets and liabilities that states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Additional considerations are involved to determine the fair value of financial assets in markets that are not active. The Company uses a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 – Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 – Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Securities Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly-liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. 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 The Company's rabbi trust is associated with a deferred compensation plan. The assets held by the rabbi trust are invested at the direction of the individual participants and are generally invested in marketable investment securities, such as common stocks and mutual funds or short-term investments (e.g., cash) (Level 1). Rabbi trust assets and the associated deferred compensation plan liability are included in other assets and other liabilities, respectively, in the consolidated balance sheets. Derivative financial instruments Derivative instruments used to hedge residential mortgage loans held for sale and the related interest rate lock commitments include forward commitments to sell mortgage loans and are reported at fair value utilizing Level 2 inputs. The fair values of derivative financial instruments are based on derivative market data inputs as of the valuation date and the underlying value of mortgage loans for rate lock commitments. The Company has interest rate swap assets and liabilities associated with certain customer commercial loans. The interest rate swap asset with the customer is offset with an equal swap agreement with a highly-rated third-party financial institution (i.e., “back-to-back”). Both the interest rate swap assets and liabilities are free-standing derivatives and are recorded at fair value utilizing Level 2 inputs. The following tables present the balances of financial assets measured at fair value on a recurring basis as of the dates stated. March 31, 2023 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale State and municipals $ 51,662 $ — $ 51,662 $ — U.S. Treasury and agencies 62,152 — 62,152 — Mortgage backed securities 199,320 — 191,816 7,504 Corporate bonds 38,856 — 34,557 4,299 Total securities available for sale $ 351,990 $ — $ 340,187 $ 11,803 Other assets MSR assets $ 27,095 $ — $ — $ 27,095 Rabbi trust assets 577 577 — — Mortgage derivative asset 455 — 455 — Interest rate swap asset 57 — 57 — Other liabilities Mortgage derivative liability $ 57 $ — $ 57 $ — Interest rate swap liability 57 — 57 — 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 — 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, 2022 $ 4,289 $ 7,617 Fair value adjustments 10 ( 113 ) Balance as of March 31, 2023 $ 4,299 $ 7,504 As of March 31, 2023 , 10 corporate bonds totaling $ 4.3 million and 6 mortgage backed securities totaling $ 7.5 million were reported at their respective purchase prices and as Level 3 assets in the fair value hierarchy, as there were no observable market prices for similar investments. Mortgage Servicing Rights A third-party model is used to determine the fair value of the Company’s MSR assets. The model establishes pools of performing loans, calculates projected future cash flows for each pool, and applies a discount rate to each pool. As of March 31, 2023 and December 31, 2022 , the Company was servicing approximately $ 2.15 billion and $ 2.16 billion of loans, respectively. Loans are segregated into homogenous pools based on loan term, interest rates, and other similar characteristics. Cash flows are then estimated based on net servicing fee income and utilizing assumed servicing costs and prepayment speeds. The weighted average net servicing fee income of the portfolio was 28.4 basis points as of March 31, 2023 . Estimated base annual servicing costs were $ 75.00 to $ 85.00 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 8.15 % as of March 31, 2023 . A base discount rate of 9.5 % to 11.5 % ( 9.81 % weighted average discount rate) was then applied to each pool’s projected future cash flows as of March 31, 2023. 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, 2022 $ 28,991 Additions 242 Fair value adjustments ( 2,138 ) Balance as of March 31, 2023 $ 27,095 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. 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). Collateral-dependent Loans Collateral-dependent loans with specific reserves are carried at fair value, which equals the estimated market value of the collateral less estimated costs to sell. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. A loan may have multiple types of collateral; however, the majority of the Company’s loan collateral is real estate. The value of real estate collateral is generally determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral value is significantly adjusted due to differences in the comparable properties or is discounted by the Company because of lack of marketability, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant or the net book value on the applicable borrower’s financial statements if not considered significant. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Fair value adjustments are recorded in the period incurred as provision for credit losses on the consolidated statements of operations. Loans Held for Sale Mortgage loans originated or purchased and intended for sale in the secondary market (i.e., loans held for sale) are carried at estimated market value in the aggregate. Changes in fair value are recognized in residential mortgage banking income, including MSRs on the consolidated statements of operations (Level 2). Certain consumer loans originated by the Bank and sourced by fintech partners are classified on the consolidated balance sheets as held for sale. After origination, these loans are sold directly to the applicable fintech partner or another investor at par, generally up to 10 days from origination. Due to the 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 ( “ OREO ” ) Certain assets such as OREO are measured at fair value less estimated costs to sell. Valuation of OREO is generally determined using current appraisals from independent appraisers (Level 2). If current appraisals cannot be obtained prior to reporting dates, or if declines in value are identified after a recent appraisal is received, appraisal values are discounted, resulting in Level 3 estimates. If the Company markets the property with a real estate agent or broker, estimated selling costs reduce the listing price, resulting in a valuation based on Level 3 inputs. The following tables summarize assets that were measured at fair value on a nonrecurring basis as of the dates stated. March 31, 2023 (Dollars in thousands) Total Level 1 Level 2 Level 3 Other equity investments $ 22,960 $ — $ 22,960 $ — Collateral-dependent loans 7,165 — — 7,165 Loans held for sale 76,528 — 76,528 — December 31, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Other equity investments $ 23,776 $ — $ 23,776 $ — Impaired loans - Pre-ASC 326 34,888 — — 34,888 Loans held for sale 69,534 — 69,534 — OREO 195 — — 195 The following tables present quantitative information about Level 3 fair value measurements as of the dates stated. (Dollars in thousands) Balance as of March 31, 2023 Unobservable Input Range Collateral-dependent loans Discounted appraised value technique 7,165 Selling Costs 7 % (Dollars in thousands) Balance as of December 31, 2022 Unobservable Input Range Impaired loans - Pre-ASC 326 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 % Fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practical to estimate the value is based upon the characteristics of the instruments and relevant market information. Financial instruments include cash, evidence of ownership in an entity, or contracts that convey or impose on an entity that contractual right or obligation to either receive or deliver cash for another financial instrument. The information used to determine fair value is highly subjective and judgmental in nature and, therefore, the results may not be precise. Subjective factors include, among other things, estimates of cash flows, risk characteristics, credit quality, and interest rates, all of which are subject to change. Since the fair value is estimated as of the balance sheet date, the amounts that will actually be realized or paid upon settlement or maturity on these various instruments could be significantly different. The following tables present the estimated fair values, related carrying amounts, and valuation level of the financial instruments as of the dates stated. March 31, 2023 Fair Value Measurements (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 226,374 $ 226,374 $ 226,374 $ — $ — Federal funds sold 1,976 1,976 1,976 — — Securities available for sale 351,990 351,990 — 340,187 11,803 Restricted equity investments 18,388 18,388 — 18,388 — Other equity investments 22,960 22,960 — 22,960 — Other investments 26,538 26,538 — — 26,538 PPP loans receivable, net 7,988 7,988 — — 7,988 Loans held for investment, net 2,419,018 2,382,220 — — 2,382,220 Accrued interest receivable 14,915 14,915 — 14,915 — Bank owned life insurance 47,536 47,536 — 47,536 — MSR assets 27,095 27,095 — — 27,095 Financial Liabilities Noninterest-bearing demand deposits $ 594,518 $ 594,518 $ 594,518 $ — $ — Interest-bearing demand and money market deposits 1,326,655 1,326,655 — 1,326,655 — Savings deposits 143,530 143,530 — 143,530 Time deposits 696,344 693,332 — — 693,332 FHLB borrowings 239,100 239,045 — 239,045 — Subordinated notes, net 39,904 37,610 — — 37,610 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 demand 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 |
Minimum Regulatory Capital Requ
Minimum Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2023 | |
Regulatory Matters [Abstract] | |
Minimum Regulatory Capital Requirements | Note 11 – 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. Pursuant to the final rules implementing the Basel Committee on Banking Supervision's capital guidelines for U.S. banks (the “Basel III rules”), the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios of 2.50 % for all ratios, except the tier 1 leverage ratio. If a banking organization dips into its capital conservation buffer, it is subject to limitations on certain activities, including payment of dividends, share repurchases, and discretionary compensation to certain officers. Management believes as of March 31, 2023 and December 31, 2022, the Bank met all capital adequacy requirements to which it is subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized; although, these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At March 31, 2023, the most recent regulatory notification categorized the Bank as well capitalized under the regulatory framework. There are no conditions or events since that notification that management believes have changed the institution's category. As previously noted, the Company adopted 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 at adoption to retained earnings ("CECL Transitional Amount") over a three-year period. The three-year phase-in of the CECL Transitional Amount to regulatory capital will be 25 %, 50 %, and 25 % in 2023, 2024, and 2025, respectively. The Bank made this irrevocable election effective with its first quarter 2023 call report. The following tables present the capital and capital ratios to which the Bank is subject and the amounts and ratios to be adequately and well capitalized as of the dates stated. Adequately capitalized ratios include the conversation buffer, if applicable. The CECL Transitional Amount was $ 5.5 million, of which $ 1.4 million reduced the regulatory capital amounts and capital ratios as of March 31, 2023. March 31, 2023 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. $ 307,024 11.12 % $ 289,940 10.50 % $ 276,133 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 277,898 10.06 % $ 234,711 8.50 % $ 220,905 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 277,898 10.06 % $ 193,368 7.00 % $ 179,556 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 277,898 8.50 % $ 130,776 4.00 % $ 163,469 5.00 % 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 11.22 % $ 286,161 10.50 % $ 272,535 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 279,125 10.31 % $ 231,470 8.50 % $ 217,854 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 279,125 10.31 % $ 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 % |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Commitments and Contingencies | Note 12 – Commitments and Contingencies In the ordinary course of operations, the Company is party to legal proceedings. Based upon information currently available, management believes that such legal proceedings, in the aggregate, will not have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows. Also, in the ordinary course of operations, the Company offers various financial products to its customers to meet their credit and liquidity needs. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and stand-by letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional commitments as it does for on-balance sheet commitments. Subject to its normal credit standards and risk monitoring procedures, the Company makes contractual commitments to extend credit. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. As of March 31, 2023 and December 31, 2022 , the Company had outstanding loan commitments of $ 707.9 million and $ 736.1 million , respectively. Conditional commitments are issued by the Company in the form of performance stand-by letters of credit, which guarantee the performance of a customer to a third party. As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, commitments under outstanding financial stand-by letters of credit totaled $ 29.3 million and $ 29.8 mil lion, respectively. The credit risk of issuing stand-by letters of credit can be greater than the risk involved in extending loans to customers. Upon the adoption of ASC 326 on January 1, 2023, the Company recorded an increase in its reserve for unfunded commitments of $ 3.7 million. Most of this increase was attributable to higher funding assumptions of the underlying credit commitments, based on industry data available. For the three months ended March 31, 2023 , the Company recorded a recovery of provision for credit losses for unfunded commitments of $ 400 thousand, which was primarily attributable to lower balances of conditionally cancellable loan commitments. As of March 31, 2023 , the reserve for unfunded commitments was $ 5.1 million compared to $ 1.8 million as of December 31, 2022. The Company invests in various partnerships, limited liability companies, and SBIC funds. Pursuant to these investments, the Company commits to an investment amount to be fulfilled in future periods. At March 31, 2023 , the Company had future commitments outstanding totaling $ 17.7 million related to these investments. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 13 – Earnings Per Share The following table shows the calculation of basic and diluted earnings per share ("EPS") and the weighted average number of shares outstanding used in computing EPS and the effect on the weighted average number of shares outstanding of dilutive potential common stock for the periods stated. Basic EPS amounts are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding (the denominator). Diluted EPS amounts assume the conversion, exercise, or issuance of all potential common stock instruments, unless the effect would be to reduce the loss or increase earnings per common share. Potential dilutive common stock instruments include exercisable stock options and PSAs. For the three months ended March 31, 2023 and 2022 , stock options and PSAs for 1,643 and 0 shares of the Company’s common stock, respectively, were considered anti-dilutive and excluded from the computation of diluted EPS. For the three months ended March 31, (Dollars in thousands, except per share data) 2023 2022 Weighted average common shares outstanding, basic 18,856,515 18,772,258 Effect of dilutive securities 3,506 17,087 Weighted average common shares outstanding, dilutive 18,860,021 18,789,345 Net income: Net income from continuing operations $ 1,604 $ 17,420 Net income from discontinued operations — 337 Net income from discontinued operations attributable to noncontrolling interest — ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 1,604 $ 17,756 Basic earnings per share: Earnings per share from continuing operations $ 0.09 $ 0.93 Earnings per share from discontinued operations — 0.02 Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 0.09 $ 0.95 Diluted earnings per share: Earnings per share from continuing operations $ 0.09 $ 0.93 Earnings per share from discontinued operations — 0.02 Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 0.09 $ 0.95 |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Note 14 – Business Segments The Company has three reportable business segments: commercial banking, mortgage banking, and holding company activities. The commercial banking business segment makes loans to and generates deposits from individuals and businesses, while offering a wide array of general banking activities to its customers. It is distinct from the Company's mortgage banking division, which concentrates on individual and wholesale mortgage lending and sales activities. Activities at the holding company (or parent level) are primarily associated with investments, borrowings, and certain noninterest expenses. The following tables present statement of operations items and assets by segment as of the dates and for the periods stated. As of and for the three months ended March 31, 2023 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 42,742 $ 305 $ 6 $ — $ 43,053 Interest expense 15,002 139 553 — 15,694 Net interest income 27,740 166 ( 547 ) — 27,359 Provision for credit losses 3,700 — — — 3,700 Net interest income after provision for credit losses 24,040 166 ( 547 ) — 23,659 NONINTEREST INCOME Residential mortgage banking income, including MSRs — 1,303 — — 1,303 Gain on sale of guaranteed government loans 2,409 — — — 2,409 Service charges on deposit accounts 343 — — — 343 Increase in cash surrender value of bank owned life insurance 282 — — — 282 Other income 3,088 — ( 43 ) ( 99 ) 2,946 Total noninterest income 6,122 1,303 ( 43 ) ( 99 ) 7,283 NONINTEREST EXPENSE Salaries and employee benefits 12,628 2,661 — — 15,289 Other operating expenses 11,210 1,485 962 ( 99 ) 13,558 Total noninterest expense 23,838 4,146 962 ( 99 ) 28,847 Income (loss) from continuing operations before income tax expense 6,324 ( 2,677 ) ( 1,552 ) — 2,095 Income tax expense (benefit) 1,400 ( 583 ) ( 326 ) — 491 Net income (loss) $ 4,924 $ ( 2,094 ) $ ( 1,226 ) $ — $ 1,604 Total assets as of March 31, 2023 $ 3,270,452 $ 34,083 $ 299,450 $ ( 269,074 ) $ 3,334,911 As of and for the three months ended March 31, 2022 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 25,183 $ 591 $ 28 $ — $ 25,802 Interest expense 1,546 35 553 — 2,134 Net interest income 23,637 556 ( 525 ) — 23,668 Provision for credit losses 2,500 — — — 2,500 Net interest income after provision for credit losses 21,137 556 ( 525 ) — 21,168 NONINTEREST INCOME Residential mortgage banking income, including MSRs — 9,559 — — 9,559 Gain on sale of guaranteed government loans 1,427 — — — 1,427 Service charges on deposit accounts 315 — — — 315 Increase in cash surrender value of bank owned life insurance 272 — — — 272 Other income 3,177 — 9,426 ( 82 ) 12,521 Total noninterest income 5,191 9,559 9,426 ( 82 ) 24,094 NONINTEREST EXPENSE Salaries and employee benefits 9,089 5,007 — — 14,096 Other operating expenses 6,581 1,936 158 ( 82 ) 8,593 Total noninterest expense 15,670 6,943 158 ( 82 ) 22,689 Income from continuing operations before income tax expense 10,658 3,172 8,743 — 22,573 Income tax expense 2,906 624 1,623 — 5,153 Net income from continuing operations $ 7,752 $ 2,548 $ 7,120 $ — $ 17,420 Discontinued Operations Income from discontinued operations before income taxes 426 — — — 426 Income tax expense 89 — — — 89 Net income from discontinued operations 337 — — — 337 Net income $ 8,089 $ 2,548 $ 7,120 $ — $ 17,757 Net income from discontinued operations attributable to noncontrolling interest ( 1 ) — — — ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 8,088 $ 2,548 $ 7,120 $ — $ 17,756 Total assets as of March 31, 2022 $ 2,628,323 $ 64,419 $ 334,424 $ ( 302,582 ) $ 2,724,584 |
Changes to Accumulated Other Co
Changes to Accumulated Other Comprehensive Income (Loss), net | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes to Accumulated Other Comprehensive Income (Loss), net | Note 15 – Changes to Accumulated Other Comprehensive Income (Loss), net The following tables present components of accumulated other comprehensive income (loss) for the periods stated. For the three months ended March 31, 2023 (Dollars in thousands) Net Unrealized (Losses) Gains on Available for Sale Securities Transfer of Securities Held to Maturity to Available For Sale Pension and Post-retirement Benefit Plans Accumulated Other Comprehensive (Loss) Income, net Balance as of December 31, 2022 $ ( 45,525 ) $ 425 $ ( 1 ) $ ( 45,101 ) Change in net unrealized holding gains on securities available for sale, net of deferred tax expense of $ 1,113 3,866 — — 3,866 Balance as of March 31, 2023 $ ( 41,659 ) $ 425 $ ( 1 ) $ ( 41,235 ) For the three months ended March 31, 2022 (Dollars in thousands) Net Unrealized Losses on Available for Sale Securities Transfer of Securities Held to Maturity to Available For Sale Pension and Post-retirement Benefit Plans Accumulated Other Comprehensive Loss, net 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 deferred tax benefit of $ 4,742 ( 17,844 ) — — ( 17,844 ) Balance as of March 31, 2022 $ ( 21,900 ) $ 425 $ ( 1 ) $ ( 21,476 ) |
Legal Matters
Legal Matters | 3 Months Ended |
Mar. 31, 2023 | |
Loss Contingency [Abstract] | |
Legal Matters | Note 16 – Legal Matters On August 12, 2019, a former employee of Virginia Community Bankshares, Inc. (“VCB”) and participant in its Employee Stock Ownership Plan (the “VCB ESOP”) filed a class action complaint against VCB, Virginia Community Bank, and certain individuals associated with the VCB ESOP in the U.S. District Court for the Western District of Virginia, Charlottesville Division. The complaint alleges, among other things, that the defendants breached their fiduciary duties to VCB ESOP participants in violation of the Employee Retirement Income Security Act of 1974, as amended. The complaint alleges that the VCB ESOP incurred damages “that approach or exceed $ 12 million.” The Company automatically assumed any liability of VCB in connection with this litigation as a result of its 2019 acquisition of VCB. The outcome of this litigation is uncertain, and the plaintiff and other individuals may file additional lawsuits related to the VCB ESOP. The Company believes the claims are without merit and no loss has been accrued for this lawsuit. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17 – Subsequent Events On April 6, 2023 , the board of directors of the Company declared a quarterly dividend of $ 0.1225 per share, which was paid on April 28, 2023 , to shareholders of record of the Company's common stock as of the close of business on April 18, 2023 . A commercial and industrial loan in the amount of $ 37.3 million, which was modified during the first quarter of 2023, did not make a contractually due payment at the end of April 2023. An amendment to the loan agreement is under negotiation, and the loan continues to be adequately collateralized. |
Adoption of New Accounting St_2
Adoption of New Accounting Standard (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Summary of Impact to the Consolidated Balance Sheet as the Result of Adopting ASC 326 | The following table presents the impact to the consolidated balance sheet as the result of adopting ASC 326 effective January 1, 2023. (Dollars in thousands) January 1, 2023 December 31, 2022 Impact of Assets: Loans held for investment, net of deferred fees and costs $ 2,399,757 $ 2,399,092 $ 665 Allowance for credit losses ( 26,961 ) ( 22,939 ) ( 4,022 ) Deferred tax asset, net 10,757 9,182 1,575 Liabilities: Reserve for unfunded commitments 1 5,504 1,812 3,692 Stockholders' Equity: Retained earnings 102,788 108,262 ( 5,474 ) 1 Included in other liabilities on the consolidated balance sheets |
Investment Securities and Oth_2
Investment Securities and Other Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
Summary of Amortized Cost and Fair Values of Investment Securities Available for Sale | The following tables present amortized cost, fair values, and gross unrealized gains and losses of investment securities AFS as of the dates stated. March 31, 2023 (Dollars in thousands) Amortized Gross Gross Fair Available for sale State and municipal $ 59,408 $ — $ ( 7,747 ) $ 51,661 U.S. Treasury and agencies 72,051 — ( 9,898 ) 62,153 Mortgage backed securities 231,761 19 ( 32,461 ) 199,319 Corporate bonds 42,420 32 ( 3,595 ) 38,857 Total investment securities $ 405,640 $ 51 $ ( 53,701 ) $ 351,990 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 |
Summary of Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date stated. Expected maturities may differ from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2023 (Dollars in thousands) Amortized Fair Due in one year or less $ 1,502 $ 1,499 Due after one year through five years 52,227 47,470 Due after five years through ten years 129,729 114,220 Due after ten years 222,182 188,801 Total $ 405,640 $ 351,990 |
Summary of Unrealized Losses | The following tables present a summary of unrealized losses and the length of time securities have been in a continuous loss position, by security type and number of securities, as of the dates stated. March 31, 2023 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Unrealized Fair Unrealized Fair Unrealized State and municipal 80 $ 3,265 $ ( 92 ) $ 46,807 $ ( 7,655 ) $ 50,072 $ ( 7,747 ) U.S. Treasury and agencies 26 4,885 ( 115 ) 57,264 ( 9,783 ) 62,149 ( 9,898 ) Mortgage backed securities 81 11,475 ( 408 ) 179,759 ( 32,053 ) 191,234 ( 32,461 ) Corporate bonds 34 20,801 ( 1,729 ) 12,724 ( 1,866 ) 33,525 ( 3,595 ) Total 221 $ 40,426 $ ( 2,344 ) $ 296,554 $ ( 51,357 ) $ 336,980 $ ( 53,701 ) 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 ) |
Loans and ACL - (Tables)
Loans and ACL - (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Summary of Amortized Cost of Loans Held for Investment | The following table presents the amortized cost of loans held for investment, including Paycheck Protection Program ("PPP") loans, as of the dates stated. (Dollars in thousands) March 31, 2023 December 31, 2022 Commercial and industrial $ 571,095 $ 590,049 Paycheck Protection Program 7,988 11,967 Real estate – construction, commercial 180,149 183,301 Real estate – construction, residential 92,403 76,599 Real estate – mortgage, commercial 867,916 864,989 Real estate – mortgage, residential 672,473 631,772 Real estate – mortgage, farmland 6,394 6,599 Consumer 58,907 47,423 Gross loans 2,457,325 2,412,699 Less: deferred loan fees, net of costs ( 345 ) ( 1,640 ) Total $ 2,456,980 $ 2,411,059 |
Summary of Aging of amortized cost of loans held for investment by loan category | The following table presents the aging of the amortized cost of loans held for investment by loan category as of March 31, 2023. March 31, 2023 (Dollars in thousands) Current 30-59 60-89 Greater than Nonaccrual Total Commercial and industrial $ 561,261 $ 1,122 $ 61 $ — $ 8,651 $ 571,095 Paycheck Protection Program 7,988 — — — — 7,988 Real estate – construction, commercial 177,739 1,106 867 — 437 180,149 Real estate – construction, residential 91,616 399 388 — — 92,403 Real estate – mortgage, commercial 855,385 960 — — 11,571 867,916 Real estate – mortgage, residential 658,290 4,153 585 1,998 7,447 672,473 Real estate – mortgage, farmland 6,394 — — — — 6,394 Consumer 56,891 1,246 150 169 451 58,907 Less: Deferred loan fees, net of costs ( 345 ) — — — — ( 345 ) Total Loans $ 2,415,219 $ 8,986 $ 2,051 $ 2,167 $ 28,557 $ 2,456,980 The following table presents the aging of the amortized cost of loans held for investment as of the date stated. December 31, 2022 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Past Nonaccrual 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 |
Summary of Amortized Cost of Loans Held for Investment by Internal Loan Grade by Year of Orgination | The following table presents the amortized cost of loans held for investment by internal loan risk grade by year of origination as of March 31, 2023. Also presented are current period gross charge-offs by loan type for the three months ended March 31, 2023. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial and industrial Risk Grades 1 - 4 $ 46,836 $ 145,311 $ 54,533 $ 36,707 $ 15,681 $ 20,557 $ 120,901 $ 440,526 Risk Grades 5 - 6 117 34,640 9,205 8,391 467 1,450 25,942 80,212 Risk Grade 7 — 40,262 — — 1,203 118 8,774 50,357 Total 46,953 220,213 63,738 45,098 17,351 22,125 155,617 571,095 Current period gross charge-offs — — 664 — — 9 126 799 Paycheck Protection Program Risk Grades 1 - 4 — — 7,988 — — — — 7,988 Total — — 7,988 — — — — 7,988 Real estate – construction, commercial Risk Grades 1 - 4 8,488 52,358 55,721 16,576 2,118 8,803 12,209 156,273 Risk Grades 5 - 6 — 5,571 6,301 722 — 710 10,282 23,586 Risk Grade 7 — — — — — 290 — 290 Total 8,488 57,929 62,022 17,298 2,118 9,803 22,491 180,149 Real estate – construction, residential Risk Grades 1 - 4 20,084 50,390 15,528 1,113 998 — 2,456 90,569 Risk Grades 5 - 6 — — 949 — — — — 949 Risk Grade 7 21 864 — — — — — 885 Total 20,105 51,254 16,477 1,113 998 — 2,456 92,403 Real estate – mortgage, commercial Risk Grades 1 - 4 28,993 250,028 117,823 153,436 44,957 151,324 20,171 766,732 Risk Grades 5 - 6 — 15,442 4,039 19,182 13,390 32,237 500 84,790 Risk Grade 7 — — 6,344 — 774 9,176 100 16,394 Total 28,993 265,470 128,206 172,618 59,121 192,737 20,771 867,916 Real estate – mortgage, residential Risk Grades 1 - 4 30,743 197,427 105,466 73,162 30,080 151,984 59,207 648,069 Risk Grades 5 - 6 22 1,282 24 2,112 2,508 6,852 878 13,678 Risk Grade 7 — 369 1,228 1,659 461 6,413 596 10,726 Total 30,765 199,078 106,718 76,933 33,049 165,249 60,681 672,473 Current period gross charge-offs — — — — — 13 — 13 Real estate – mortgage, farmland Risk Grades 1 - 4 — 729 1,328 — 1,657 2,372 184 6,270 Risk Grades 5 - 6 — — — — — 78 46 124 Total — 729 1,328 — 1,657 2,450 230 6,394 Consumer Risk Grades 1 - 4 18,113 18,718 5,544 4,515 2,292 1,320 7,284 57,786 Risk Grades 5 - 6 13 26 18 81 5 429 30 602 Risk Grade 7 — 50 109 115 104 141 — 519 Total 18,126 18,794 5,671 4,711 2,401 1,890 7,314 58,907 Current period gross charge-offs 38 97 39 12 36 6 269 497 Total Loans Risk Grades 1 - 4 $ 153,257 $ 714,961 $ 363,931 $ 285,509 $ 97,783 $ 336,360 $ 222,412 $ 2,174,213 Risk Grades 5 - 6 152 56,961 20,536 30,488 16,370 41,756 37,678 203,941 Risk Grade 7 21 41,545 7,681 1,774 2,542 16,138 9,470 79,171 Total $ 153,430 $ 813,467 $ 392,148 $ 317,771 $ 116,695 $ 394,254 $ 269,560 $ 2,457,325 Total current period gross charge-offs $ 38 $ 97 $ 703 $ 12 $ 36 $ 28 $ 395 $ 1,309 |
Summary of Change in the ACL by Major Loan Segment | For the three months ended March 31, 2023 (Dollars in thousands) Commercial Consumer Total Balance, beginning of period $ 19,269 $ 3,670 $ 22,939 Impact of ASC 326 adoption ( 470 ) 4,492 4,022 Charge-offs ( 799 ) ( 510 ) ( 1,309 ) Recoveries 118 104 222 Net charge-offs ( 681 ) ( 406 ) ( 1,087 ) Provision for credit losses - loans 3,161 939 4,100 Balance, end of period $ 21,279 $ 8,695 $ 29,974 There were no material changes to the assumptions, loss factors (both quantitative and qualitative), or reasonable and supportable forecasts used in the estimation of the ACL and the provision for credit losses for loans held for investment as of and for the three months ended March 31, 2023. The following table presents the analysis of the change in the allowance for loan losses by loan type for the period stated. (Dollars in thousands) For the three months ended March 31, 2022 Allowance for loan losses, beginning of period $ 12,121 Charge-offs Commercial and industrial ( 2,401 ) Real estate – construction ( 123 ) Real estate – mortgage ( 16 ) Consumer ( 279 ) Total charge-offs ( 2,819 ) Recoveries Commercial and industrial 74 Real estate – construction 12 Real estate – mortgage 4 Consumer 121 Total recoveries 211 Net charge-offs ( 2,608 ) Provision for loan losses 2,500 Allowance for loan losses, end of period $ 12,013 |
Summary of Amortized Cost of Collateral-Dependent Loans | The following table presents the amortized cost of collateral-dependent loans as of the date stated. (Dollars in thousands) March 31, 2023 Commercial and industrial $ 71,984 Real estate – construction, residential 580 Real estate – mortgage, commercial 12,641 Real estate – mortgage, residential 772 Total collateral-dependent loans $ 85,977 |
Summary of Modified Loans | The following table presents information on modified loans as of the date stated. March 31, 2023 All Modifications (Dollars in thousands) Number of Loans Amortized Cost Amortized Cost of Modified Loans to Gross Loans by Category Financial Effect Modification - term extension Commercial and industrial 1 $ 37,271 6.53 % 13-month extension through January 2024 Modification - interest-only Real estate – mortgage, commercial 2 3,381 0.39 % Interest-only payments for six months Total 3 $ 40,652 1.65 % The modified commercial and industrial loan was performing in accordance with its modified terms during the first quarter 2023. The loan is collateral-dependent, management is closely monitoring, and the loan is adequately collateralized as of March 31, 2023. The following table presents an aging analysis of the amortized cost of loans modified in the preceding 12 months as of the date stated. March 31, 2023 Payment Status (Amortized Cost) (Dollars in thousands) Current 30-89 90+ Commercial and industrial $ 37,271 $ — $ — Real estate – mortgage, commercial 3,360 — — Total modified loans $ 40,631 $ — $ — |
Summary of Acquired Loans Included in Consolidated Statement of Condition | The following table presents the outstanding principal balance and related recorded investment of acquired loans included in the consolidated balance sheets as of the date stated. (Dollars in thousands) December 31, 2022 PCI loans Outstanding principal balance $ 64,911 Recorded investment 58,748 Purchased performing loans Outstanding principal balance 513,461 Recorded investment 511,752 Total acquired loans Outstanding principal balance 578,372 Recorded investment 570,500 |
Summary of Changes in Accretable Yield on Purchased Credit Impaired Loans | The following table presents the changes in accretable yield for PCI loans for the period stated. (Dollars in thousands) For the three months ended March 31, 2022 Balance, beginning of period $ 16,849 Accretion ( 3,512 ) Balance, end of period $ 13,337 |
Summary of Investment of PCI loans | The following table presents the amortized cost of nonaccrual loans held for investment by loan category as of the date stated. March 31, 2023 (Dollars in thousands) Nonaccrual Loans with No ACL Nonaccrual Loans with an ACL Total Nonaccrual Loans Commercial and industrial $ 186 $ 8,465 $ 8,651 Real estate – construction, commercial — 437 437 Real estate – mortgage, commercial 10,108 1,463 11,571 Real estate – mortgage, residential 592 6,855 7,447 Consumer 2 449 451 Total $ 10,888 $ 17,669 $ 28,557 The following table presents the aging of the amortized cost of PCI loans as of the date 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 |
Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment | The following table presents a summary of the loan portfolio individually and collectively evaluated for impairment as of the date 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 |
Summary of Impaired Financing Receivables | The following tables present information related to impaired loans held for investment by loan type as of and for the dates presented. December 31, 2022 (Dollars in thousands) Recorded Unpaid Related With no specific allowance recorded: Commercial and industrial $ 1,309 $ 1,289 $ — Real estate – construction, commercial 521 521 — 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 Real estate – mortgage, commercial 129 126 1 Total $ 45,170 $ 45,085 $ 3,179 For the three months ended March 31, 2022 (Dollars in thousands) Average Interest With no specific allowance recorded: Commercial and industrial $ 5,305 $ 62 Real estate – construction, commercial 524 — Real estate – mortgage, commercial 11,880 48 Real estate – mortgage, residential 1,342 14 With an allowance recorded: Commercial and industrial $ 3,290 $ — Real estate – mortgage, commercial 88 — Real estate – mortgage, residential 59 — Total $ 22,488 $ 124 |
Summary of Accounts Notes Loans and Financing Receivable | The following table presents the amortized cost of loans held for investment by internal loan grade as of the date stated. December 31, 2022 (Dollars in thousands) 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 There were no loans classified as doubtful or loss as of December 31, 2022. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Amortizable Intangible Assets | The following table presents information on amortizable intangible assets included on the consolidated balance sheets as of the dates stated. March 31, 2023 (Dollars in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Core deposit intangibles $ 9,626 $ ( 4,659 ) $ 4,967 Other amortizable intangibles 3,337 ( 2,108 ) 1,229 Total $ 12,963 $ ( 6,767 ) $ 6,196 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 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Information Regarding FHLB Advances Outstanding | The following table presents information regarding FHLB advances outstanding as of the date stated. March 31, 2023 (Dollars in thousands) Balance Origination Date Stated Interest Rate Maturity Date Daily Rate Credit $ 189,100 5/6/2022 5.07 % 5/8/2023 Fixed Rate Credit 50,000 3/15/2023 4.07 % 3/15/2027 Total FHLB borrowings $ 239,100 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Notional and Fair Value of Interest Rate Swaps | The following tables present the notional and fair value of interest rate swap agreements as of the dates stated. March 31, 2023 (Dollars in thousands) Notional Fair Interest rate swap agreement Receive fixed/pay variable swaps $ 2,178 $ ( 57 ) Pay fixed/receive variable swaps 2,178 57 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 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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. March 31, 2023 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale State and municipals $ 51,662 $ — $ 51,662 $ — U.S. Treasury and agencies 62,152 — 62,152 — Mortgage backed securities 199,320 — 191,816 7,504 Corporate bonds 38,856 — 34,557 4,299 Total securities available for sale $ 351,990 $ — $ 340,187 $ 11,803 Other assets MSR assets $ 27,095 $ — $ — $ 27,095 Rabbi trust assets 577 577 — — Mortgage derivative asset 455 — 455 — Interest rate swap asset 57 — 57 — Other liabilities Mortgage derivative liability $ 57 $ — $ 57 $ — Interest rate swap liability 57 — 57 — 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 — |
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, 2022 $ 4,289 $ 7,617 Fair value adjustments 10 ( 113 ) Balance as of March 31, 2023 $ 4,299 $ 7,504 |
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, 2022 $ 28,991 Additions 242 Fair value adjustments ( 2,138 ) Balance as of March 31, 2023 $ 27,095 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. |
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. March 31, 2023 (Dollars in thousands) Total Level 1 Level 2 Level 3 Other equity investments $ 22,960 $ — $ 22,960 $ — Collateral-dependent loans 7,165 — — 7,165 Loans held for sale 76,528 — 76,528 — December 31, 2022 (Dollars in thousands) Total Level 1 Level 2 Level 3 Other equity investments $ 23,776 $ — $ 23,776 $ — Impaired loans - Pre-ASC 326 34,888 — — 34,888 Loans held for sale 69,534 — 69,534 — OREO 195 — — 195 |
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 March 31, 2023 Unobservable Input Range Collateral-dependent loans Discounted appraised value technique 7,165 Selling Costs 7 % (Dollars in thousands) Balance as of December 31, 2022 Unobservable Input Range Impaired loans - Pre-ASC 326 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 % |
Summary of Estimated Fair Values and Related Carrying Amounts and Valuation Level of Financial Instruments | The following tables present the estimated fair values, related carrying amounts, and valuation level of the financial instruments as of the dates stated. March 31, 2023 Fair Value Measurements (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 226,374 $ 226,374 $ 226,374 $ — $ — Federal funds sold 1,976 1,976 1,976 — — Securities available for sale 351,990 351,990 — 340,187 11,803 Restricted equity investments 18,388 18,388 — 18,388 — Other equity investments 22,960 22,960 — 22,960 — Other investments 26,538 26,538 — — 26,538 PPP loans receivable, net 7,988 7,988 — — 7,988 Loans held for investment, net 2,419,018 2,382,220 — — 2,382,220 Accrued interest receivable 14,915 14,915 — 14,915 — Bank owned life insurance 47,536 47,536 — 47,536 — MSR assets 27,095 27,095 — — 27,095 Financial Liabilities Noninterest-bearing demand deposits $ 594,518 $ 594,518 $ 594,518 $ — $ — Interest-bearing demand and money market deposits 1,326,655 1,326,655 — 1,326,655 — Savings deposits 143,530 143,530 — 143,530 Time deposits 696,344 693,332 — — 693,332 FHLB borrowings 239,100 239,045 — 239,045 — Subordinated notes, net 39,904 37,610 — — 37,610 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 demand 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 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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. (Dollars in thousands) March 31, 2023 December 31, 2022 Right-of-use assets $ 6,470 $ 6,903 Lease liabilities $ 7,398 $ 7,860 Weighted average remaining lease term (years) 5.62 5.85 Weighted average discount rate 2.42 % 2.40 % |
Summary of Lease Liabilities are Included within Other Liabilities | For the three months ended March 31, (Dollars in thousands) 2023 2022 Operating lease cost $ 715 $ 555 Total lease cost 715 555 Cash paid for amounts included in the measurement of lease liabilities 599 736 |
Summary of Operating Lease Liabilities | The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities as of the date stated. (Dollars in thousands) March 31, 2023 Nine months ending December 31, 2023 $ 1,484 Twelve months ending December 31, 2024 1,464 Twelve months ending December 31, 2025 1,191 Twelve months ending December 31, 2026 1,073 Twelve months ending December 31, 2027 990 Thereafter 1,786 Total undiscounted cash flows 7,988 Discount ( 590 ) Lease liabilities $ 7,398 |
Minimum Regulatory Capital Re_2
Minimum Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Regulatory Matters [Abstract] | |
Summary of Capital Requirements Administered by Banking Agencies Capital Ratios | The following tables present the capital and capital ratios to which the Bank is subject and the amounts and ratios to be adequately and well capitalized as of the dates stated. Adequately capitalized ratios include the conversation buffer, if applicable. The CECL Transitional Amount was $ 5.5 million, of which $ 1.4 million reduced the regulatory capital amounts and capital ratios as of March 31, 2023. March 31, 2023 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. $ 307,024 11.12 % $ 289,940 10.50 % $ 276,133 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 277,898 10.06 % $ 234,711 8.50 % $ 220,905 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 277,898 10.06 % $ 193,368 7.00 % $ 179,556 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 277,898 8.50 % $ 130,776 4.00 % $ 163,469 5.00 % 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 11.22 % $ 286,161 10.50 % $ 272,535 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 279,125 10.31 % $ 231,470 8.50 % $ 217,854 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 279,125 10.31 % $ 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 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted EPS | For the three months ended March 31, 2023 and 2022 , stock options and PSAs for 1,643 and 0 shares of the Company’s common stock, respectively, were considered anti-dilutive and excluded from the computation of diluted EPS. For the three months ended March 31, (Dollars in thousands, except per share data) 2023 2022 Weighted average common shares outstanding, basic 18,856,515 18,772,258 Effect of dilutive securities 3,506 17,087 Weighted average common shares outstanding, dilutive 18,860,021 18,789,345 Net income: Net income from continuing operations $ 1,604 $ 17,420 Net income from discontinued operations — 337 Net income from discontinued operations attributable to noncontrolling interest — ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 1,604 $ 17,756 Basic earnings per share: Earnings per share from continuing operations $ 0.09 $ 0.93 Earnings per share from discontinued operations — 0.02 Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 0.09 $ 0.95 Diluted earnings per share: Earnings per share from continuing operations $ 0.09 $ 0.93 Earnings per share from discontinued operations — 0.02 Earnings per share attributable to Blue Ridge Bankshares, Inc. $ 0.09 $ 0.95 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information by Segment | The following tables present statement of operations items and assets by segment as of the dates and for the periods stated. As of and for the three months ended March 31, 2023 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 42,742 $ 305 $ 6 $ — $ 43,053 Interest expense 15,002 139 553 — 15,694 Net interest income 27,740 166 ( 547 ) — 27,359 Provision for credit losses 3,700 — — — 3,700 Net interest income after provision for credit losses 24,040 166 ( 547 ) — 23,659 NONINTEREST INCOME Residential mortgage banking income, including MSRs — 1,303 — — 1,303 Gain on sale of guaranteed government loans 2,409 — — — 2,409 Service charges on deposit accounts 343 — — — 343 Increase in cash surrender value of bank owned life insurance 282 — — — 282 Other income 3,088 — ( 43 ) ( 99 ) 2,946 Total noninterest income 6,122 1,303 ( 43 ) ( 99 ) 7,283 NONINTEREST EXPENSE Salaries and employee benefits 12,628 2,661 — — 15,289 Other operating expenses 11,210 1,485 962 ( 99 ) 13,558 Total noninterest expense 23,838 4,146 962 ( 99 ) 28,847 Income (loss) from continuing operations before income tax expense 6,324 ( 2,677 ) ( 1,552 ) — 2,095 Income tax expense (benefit) 1,400 ( 583 ) ( 326 ) — 491 Net income (loss) $ 4,924 $ ( 2,094 ) $ ( 1,226 ) $ — $ 1,604 Total assets as of March 31, 2023 $ 3,270,452 $ 34,083 $ 299,450 $ ( 269,074 ) $ 3,334,911 As of and for the three months ended March 31, 2022 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge NET INTEREST INCOME Interest income $ 25,183 $ 591 $ 28 $ — $ 25,802 Interest expense 1,546 35 553 — 2,134 Net interest income 23,637 556 ( 525 ) — 23,668 Provision for credit losses 2,500 — — — 2,500 Net interest income after provision for credit losses 21,137 556 ( 525 ) — 21,168 NONINTEREST INCOME Residential mortgage banking income, including MSRs — 9,559 — — 9,559 Gain on sale of guaranteed government loans 1,427 — — — 1,427 Service charges on deposit accounts 315 — — — 315 Increase in cash surrender value of bank owned life insurance 272 — — — 272 Other income 3,177 — 9,426 ( 82 ) 12,521 Total noninterest income 5,191 9,559 9,426 ( 82 ) 24,094 NONINTEREST EXPENSE Salaries and employee benefits 9,089 5,007 — — 14,096 Other operating expenses 6,581 1,936 158 ( 82 ) 8,593 Total noninterest expense 15,670 6,943 158 ( 82 ) 22,689 Income from continuing operations before income tax expense 10,658 3,172 8,743 — 22,573 Income tax expense 2,906 624 1,623 — 5,153 Net income from continuing operations $ 7,752 $ 2,548 $ 7,120 $ — $ 17,420 Discontinued Operations Income from discontinued operations before income taxes 426 — — — 426 Income tax expense 89 — — — 89 Net income from discontinued operations 337 — — — 337 Net income $ 8,089 $ 2,548 $ 7,120 $ — $ 17,757 Net income from discontinued operations attributable to noncontrolling interest ( 1 ) — — — ( 1 ) Net income attributable to Blue Ridge Bankshares, Inc. $ 8,088 $ 2,548 $ 7,120 $ — $ 17,756 Total assets as of March 31, 2022 $ 2,628,323 $ 64,419 $ 334,424 $ ( 302,582 ) $ 2,724,584 |
Changes to Accumulated Other _2
Changes to Accumulated Other Comprehensive Income (Loss), net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables present components of accumulated other comprehensive income (loss) for the periods stated. For the three months ended March 31, 2023 (Dollars in thousands) Net Unrealized (Losses) Gains on Available for Sale Securities Transfer of Securities Held to Maturity to Available For Sale Pension and Post-retirement Benefit Plans Accumulated Other Comprehensive (Loss) Income, net Balance as of December 31, 2022 $ ( 45,525 ) $ 425 $ ( 1 ) $ ( 45,101 ) Change in net unrealized holding gains on securities available for sale, net of deferred tax expense of $ 1,113 3,866 — — 3,866 Balance as of March 31, 2023 $ ( 41,659 ) $ 425 $ ( 1 ) $ ( 41,235 ) For the three months ended March 31, 2022 (Dollars in thousands) Net Unrealized Losses on Available for Sale Securities Transfer of Securities Held to Maturity to Available For Sale Pension and Post-retirement Benefit Plans Accumulated Other Comprehensive Loss, net 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 deferred tax benefit of $ 4,742 ( 17,844 ) — — ( 17,844 ) Balance as of March 31, 2022 $ ( 21,900 ) $ 425 $ ( 1 ) $ ( 21,476 ) |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||
Common stock, shares, issued | 18,942,091 | 18,942,091 | |
Goodwill | $ 26,826 | $ 26,826 | [1] |
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Value Adjustments of Consideration Paid, Acquired Asset and Assumed Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Fair value of liabilities assumed: | |||
Goodwill | $ 26,826 | $ 26,826 | [1] |
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Adoption of New Accounting St_3
Adoption of New Accounting Standard - Summary of Impact to the Consolidated Balance Sheet as the Result of Adopting ASC 326 (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets: | ||||||
Loans held for investment, net of deferred fees and costs | $ 2,448,992 | $ 2,399,092 | [1] | |||
Allowance for credit losses | (29,974) | (22,939) | [1] | $ (12,013) | $ (12,121) | |
Deferred tax asset, net | 9,605 | 9,182 | [1] | |||
Liabilities: | ||||||
Reserve for unfunded commitments | $ 3,700 | 1,812 | ||||
Stockholders' Equity: | ||||||
Retained earnings | 102,071 | 108,262 | [1] | |||
January 1, 2023 Post-ASC 326 Adoption [Member] | ||||||
Assets: | ||||||
Loans held for investment, net of deferred fees and costs | 2,399,757 | |||||
Allowance for credit losses | $ 4,000 | (26,961) | ||||
Deferred tax asset, net | 10,757 | |||||
Liabilities: | ||||||
Reserve for unfunded commitments | 5,504 | |||||
Stockholders' Equity: | ||||||
Retained earnings | $ 102,788 | |||||
Impact of ASC 326 Adoption [Member] | ||||||
Assets: | ||||||
Loans held for investment, net of deferred fees and costs | 665 | |||||
Allowance for credit losses | (4,022) | |||||
Deferred tax asset, net | 1,575 | |||||
Liabilities: | ||||||
Reserve for unfunded commitments | 3,692 | |||||
Stockholders' Equity: | ||||||
Retained earnings | $ (5,474) | |||||
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Adoption of New Accounting St_4
Adoption of New Accounting Standard - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Jan. 01, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | [1] | Mar. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Purchased with Credit Deterioration, Amount at Par Value | $ 665 | |||||
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | $ 5,600 | |||||
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price | 59,300 | |||||
Allowance for credit losses | 29,974 | $ 22,939 | $ 12,013 | $ 12,121 | ||
ASC 326 [member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Reduced stockholders' equity | 2,900 | |||||
Allowance for credit losses | $ 26,961 | (4,000) | ||||
Fair value investments entities that calculate net asset value per share unfunded committments | 3,700 | |||||
ASC 326 [member] | Allowance for Credit Losses [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Reduced stockholders' equity | 2,600 | |||||
Maximum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Asset with financial institutions | 5,000,000 | |||||
Minimum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Asset with financial institutions | 3,000,000 | |||||
Special Mention [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Line Of credit facility current borrowing capacity | 500,000 | |||||
pooled loans member | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Line Of credit facility current borrowing capacity | $ 3,000,000 | |||||
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Investment Securities and Oth_3
Investment Securities and Other Investments - Summary of Amortized Cost and Fair Values of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Securities available for sale, at fair value | $ 351,990 | $ 354,341 | [1] |
Investment securities, Amortized Cost | 405,640 | 413,015 | |
Investment securities, Gross Unrealized Gains | 51 | 175 | |
Investment securities, Gross Unrealized Losses | (53,701) | (58,849) | |
Investment securities, Fair Value | 351,990 | 354,341 | |
State and Municipal [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available for sale, Amortized Cost | 59,408 | 60,018 | |
Available for sale, Gross Unrealized Losses | (7,747) | (9,025) | |
Securities available for sale, at fair value | 51,661 | 50,993 | |
U.S. Treasury and Agencies [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available for sale, Amortized Cost | 72,051 | 80,073 | |
Available for sale, Gross Unrealized Losses | (9,898) | (12,911) | |
Securities available for sale, at fair value | 62,153 | 67,162 | |
Mortgage Backed Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available for sale, Amortized Cost | 231,761 | 230,015 | |
Available for sale, Gross Unrealized Gains | 19 | 51 | |
Available for sale, Gross Unrealized Losses | (32,461) | (33,730) | |
Securities available for sale, at fair value | 199,319 | 196,336 | |
Corporate Bonds [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available for sale, Amortized Cost | 42,420 | 42,909 | |
Available for sale, Gross Unrealized Gains | 32 | 124 | |
Available for sale, Gross Unrealized Losses | (3,595) | (3,183) | |
Securities available for sale, at fair value | $ 38,857 | $ 39,850 | |
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Investment Securities and Oth_4
Investment Securities and Other Investments - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | |||
Securities available for sale, at fair value | $ 351,990 | $ 354,341 | [1] |
Federal home loan bank stock | 11,800 | 14,700 | |
Federal reserve bank stock | 6,100 | 6,100 | |
Correspondent bank stock | 468 | 468 | |
Other equity investments | 23,000 | 23,800 | |
Asset Pledged as Collateral without Right [Member] | FHLB [Member] | |||
Schedule Of Investments [Line Items] | |||
Securities pledged | 242,800 | $ 241,900 | |
Asset Pledged as Collateral without Right [Member] | BTFP [Member] | |||
Schedule Of Investments [Line Items] | |||
Securities pledged | 29,900 | ||
Debt securities, amortized cost | 29,800 | ||
Securities available for sale, at fair value | $ 25,500 | ||
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Investment Securities and Oth_5
Investment Securities and Other Investments - Summary of Investments Classified by Contractual Maturity Date (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Schedule of Investments [Abstract] | |
Debt Securities Available for Sale, Amortized Cost, Due in one year or less | $ 1,502 |
Debt Securities Available for Sale, Amortized Cost, Due after one year through five years | 52,227 |
Debt Securities Available for Sale, Amortized Cost, Due after five years through ten years | 129,729 |
Debt Securities Available for Sale, Amortized Cost, Due after ten years | 222,182 |
Total | 405,640 |
Debt Securities Available for Sale, Fair Value, Due in one year or less | 1,499 |
Debt Securities Available for Sale, Fair Value, Due after one year through five years | 47,470 |
Debt Securities Available for Sale, Fair Value, Due after five years through ten years | 114,220 |
Debt Securities Available for Sale, Fair Value, Due after ten years | 188,801 |
Total | $ 351,990 |
Investment Securities and Oth_6
Investment Securities and Other Investments - Summary of Unrealized Losses (Detail) $ in Thousands | Mar. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 221 | 221 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 40,426 | $ 93,180 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (2,344) | (8,561) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 296,554 | 242,340 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (51,357) | (50,288) |
Fair Value, Total | 336,980 | 335,520 |
Unrealized Losses, Total | $ (53,701) | $ (58,849) |
State and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 80 | 82 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 3,265 | $ 18,252 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (92) | (2,178) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 46,807 | 31,530 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (7,655) | (6,847) |
Fair Value, Total | 50,072 | 49,782 |
Unrealized Losses, Total | $ (7,747) | $ (9,025) |
U.S. Treasury and Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 26 | 28 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 4,885 | $ 9,904 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (115) | (1,039) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 57,264 | 56,686 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (9,783) | (11,872) |
Fair Value, Total | 62,149 | 66,590 |
Unrealized Losses, Total | $ (9,898) | $ (12,911) |
Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 81 | 78 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 11,475 | $ 39,006 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (408) | (3,061) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 179,759 | 148,449 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (32,053) | (30,669) |
Fair Value, Total | 191,234 | 187,455 |
Unrealized Losses, Total | $ (32,461) | $ (33,730) |
Corporate Bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 34 | 33 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 20,801 | $ 26,018 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (1,729) | (2,283) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 12,724 | 5,675 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (1,866) | (900) |
Fair Value, Total | 33,525 | 31,693 |
Unrealized Losses, Total | $ (3,595) | $ (3,183) |
Loans and ACL - Summary of Amor
Loans and ACL - Summary of Amortized Cost of Loans Held for Investment (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 2,457,325 | $ 2,412,699 |
Less: deferred loan fees, net of costs | (345) | (1,640) |
Total | 2,456,980 | 2,411,059 |
Commercial and Industrial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 571,095 | 590,049 |
Paycheck Protection Program [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 7,988 | 11,967 |
Construction, commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 180,149 | 183,301 |
Construction, Residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 92,403 | 76,599 |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 867,916 | 864,989 |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 672,473 | 631,772 |
Mortgage, Farmland [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 6,394 | 6,599 |
Consumer [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 58,907 | $ 47,423 |
Loans and ACL - Summary of Agin
Loans and ACL - Summary of Aging of amortized cost of loans held for investment by loan category (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Days past due | $ 2,457,325 | |
Nonaccrual | 28,557 | $ 10,324 |
Total Past Due & Nonaccrual | 35,552 | |
Gross loans | 2,457,325 | 2,412,699 |
Less: deferred loan fees, net of costs | (345) | (1,640) |
Total | 2,456,980 | 2,411,059 |
Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 28,557 | |
Nonaccrual loans with no allowance | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 10,888 | |
Non accrual loans with an allowance | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 17,669 | |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,986 | 14,663 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,051 | 2,305 |
Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,167 | 8,260 |
PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 58,748 | |
Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 2,415,219 | 2,316,759 |
Less: deferred loan fees, net of costs | (345) | (1,640) |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 571,095 | |
Nonaccrual | 8,651 | 2,314 |
Total Past Due & Nonaccrual | 3,081 | |
Gross loans | 571,095 | 590,049 |
Commercial and Industrial [Member] | Nonaccrual loans with no allowance | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 186 | |
Commercial and Industrial [Member] | Non accrual loans with an allowance | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 8,465 | |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,122 | 488 |
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 61 | 279 |
Commercial and Industrial [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 1,481 | |
Commercial and Industrial [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 561,261 | 585,487 |
Paycheck Protection Program [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 7,988 | |
Gross loans | 7,988 | 11,967 |
Paycheck Protection Program [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 7,988 | 11,967 |
Construction, commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 437 | |
Construction, commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 180,149 | |
Nonaccrual | 437 | 714 |
Total Past Due & Nonaccrual | 1,869 | |
Gross loans | 180,149 | 183,301 |
Construction, commercial [Member] | Nonaccrual loans with no allowance | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | |
Construction, commercial [Member] | Non accrual loans with an allowance | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 437 | |
Construction, commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,106 | 1,136 |
Construction, commercial [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 867 | 19 |
Construction, commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 177,739 | 181,432 |
Construction, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 92,403 | |
Total Past Due & Nonaccrual | 2,620 | |
Gross loans | 92,403 | 76,599 |
Construction, Residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 399 | 1,416 |
Construction, Residential [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 388 | 1,204 |
Construction, Residential [Member] | PCI Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 7 | |
Construction, Residential [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 91,616 | 73,972 |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 867,916 | |
Nonaccrual | 11,571 | 1,658 |
Total Past Due & Nonaccrual | 14,388 | |
Gross loans | 867,916 | 864,989 |
Mortgage, Commercial [Member] | Nonaccrual loans with no allowance | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 10,108 | |
Mortgage, Commercial [Member] | Non accrual loans with an allowance | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 1,463 | |
Mortgage, Commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 960 | 6,199 |
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] | PCI Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 51,223 | |
Mortgage, Commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 855,385 | 799,378 |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 672,473 | |
Nonaccrual | 7,447 | 5,143 |
Total Past Due & Nonaccrual | 11,916 | |
Gross loans | 672,473 | 631,772 |
Mortgage, Residential [Member] | Nonaccrual loans with no allowance | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 592 | |
Mortgage, Residential [Member] | Non accrual loans with an allowance | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 6,855 | |
Mortgage, Residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 4,153 | 4,544 |
Mortgage, Residential [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 585 | 231 |
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 | 1,998 |
Mortgage, Residential [Member] | PCI Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 5,678 | |
Mortgage, Residential [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | 658,290 | 614,178 |
Mortgage, Farmland [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 6,394 | |
Total Past Due & Nonaccrual | 75 | |
Gross loans | 6,394 | 6,599 |
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 | 6,394 | 6,524 |
Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 58,907 | |
Nonaccrual | 451 | 495 |
Total Past Due & Nonaccrual | 1,603 | |
Gross loans | 58,907 | 47,423 |
Consumer [Member] | Nonaccrual loans with no allowance | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 2 | |
Consumer [Member] | Non accrual loans with an allowance | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 449 | |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,246 | 880 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 150 | 200 |
Consumer [Member] | Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 169 | 28 |
Consumer [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 359 | |
Consumer [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable Recorded Investments Current | $ 56,891 | $ 45,461 |
Loans and ACL - Summary of Am_2
Loans and ACL - Summary of Amortized Cost of Loans Held for Investment by Internal Loan Grade by Year of Orgination (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | $ 153,430 | |
2022 | 813,467 | |
2021 | 392,148 | |
2020 | 317,771 | |
2019 | 116,695 | |
Prior | 394,254 | |
Revolving Loans | 269,560 | |
Total | 2,457,325 | |
Current period gross charge-offs | 1,309 | $ 2,819 |
Current period gross charge-offs 2023 | 38 | |
Current period gross charge-offs 2022 | 97 | |
Current period gross charge-offs 2021 | 703 | |
Current period gross charge-offs 2020 | 12 | |
Current period gross charge-offs 2019 | 36 | |
Current period gross charge-offs prior | 28 | |
Current period gross charge-offs revolving | 395 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 46,953 | |
2022 | 220,213 | |
2021 | 63,738 | |
2020 | 45,098 | |
2019 | 17,351 | |
Prior | 22,125 | |
Revolving Loans | 155,617 | |
Total | 571,095 | |
Current period gross charge-offs | 799 | 2,401 |
Current period gross charge-offs 2021 | 664 | |
Current period gross charge-offs prior | 9 | |
Current period gross charge-offs revolving | 126 | |
Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 7,988 | |
Total | 7,988 | |
Construction, commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 8,488 | |
2022 | 57,929 | |
2021 | 62,022 | |
2020 | 17,298 | |
2019 | 2,118 | |
Prior | 9,803 | |
Revolving Loans | 22,491 | |
Total | 180,149 | |
Construction, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 20,105 | |
2022 | 51,254 | |
2021 | 16,477 | |
2020 | 1,113 | |
2019 | 998 | |
Revolving Loans | 2,456 | |
Total | 92,403 | |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 28,993 | |
2022 | 265,470 | |
2021 | 128,206 | |
2020 | 172,618 | |
2019 | 59,121 | |
Prior | 192,737 | |
Revolving Loans | 20,771 | |
Total | 867,916 | |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 30,765 | |
2022 | 199,078 | |
2021 | 106,718 | |
2020 | 76,933 | |
2019 | 33,049 | |
Prior | 165,249 | |
Revolving Loans | 60,681 | |
Total | 672,473 | |
Current period gross charge-offs | 13 | |
Current period gross charge-offs prior | 13 | |
Mortgage, Farmland [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 729 | |
2021 | 1,328 | |
2019 | 1,657 | |
Prior | 2,450 | |
Revolving Loans | 230 | |
Total | 6,394 | |
Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 18,126 | |
2022 | 18,794 | |
2021 | 5,671 | |
2020 | 4,711 | |
2019 | 2,401 | |
Prior | 1,890 | |
Revolving Loans | 7,314 | |
Total | 58,907 | |
Current period gross charge-offs | 497 | $ 279 |
Current period gross charge-offs 2023 | 38 | |
Current period gross charge-offs 2022 | 97 | |
Current period gross charge-offs 2021 | 39 | |
Current period gross charge-offs 2020 | 12 | |
Current period gross charge-offs 2019 | 36 | |
Current period gross charge-offs prior | 6 | |
Current period gross charge-offs revolving | 269 | |
Risk Grades 1 - 4 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 153,257 | |
2022 | 714,961 | |
2021 | 363,931 | |
2020 | 285,509 | |
2019 | 97,783 | |
Prior | 336,360 | |
Revolving Loans | 222,412 | |
Total | 2,174,213 | |
Risk Grades 1 - 4 | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 46,836 | |
2022 | 145,311 | |
2021 | 54,533 | |
2020 | 36,707 | |
2019 | 15,681 | |
Prior | 20,557 | |
Revolving Loans | 120,901 | |
Total | 440,526 | |
Risk Grades 1 - 4 | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 7,988 | |
Total | 7,988 | |
Risk Grades 1 - 4 | Construction, commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 8,488 | |
2022 | 52,358 | |
2021 | 55,721 | |
2020 | 16,576 | |
2019 | 2,118 | |
Prior | 8,803 | |
Revolving Loans | 12,209 | |
Total | 156,273 | |
Risk Grades 1 - 4 | Construction, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 20,084 | |
2022 | 50,390 | |
2021 | 15,528 | |
2020 | 1,113 | |
2019 | 998 | |
Revolving Loans | 2,456 | |
Total | 90,569 | |
Risk Grades 1 - 4 | Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 28,993 | |
2022 | 250,028 | |
2021 | 117,823 | |
2020 | 153,436 | |
2019 | 44,957 | |
Prior | 151,324 | |
Revolving Loans | 20,171 | |
Total | 766,732 | |
Risk Grades 1 - 4 | Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 30,743 | |
2022 | 197,427 | |
2021 | 105,466 | |
2020 | 73,162 | |
2019 | 30,080 | |
Prior | 151,984 | |
Revolving Loans | 59,207 | |
Total | 648,069 | |
Risk Grades 1 - 4 | Mortgage, Farmland [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 729 | |
2021 | 1,328 | |
2019 | 1,657 | |
Prior | 2,372 | |
Revolving Loans | 184 | |
Total | 6,270 | |
Risk Grades 1 - 4 | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 18,113 | |
2022 | 18,718 | |
2021 | 5,544 | |
2020 | 4,515 | |
2019 | 2,292 | |
Prior | 1,320 | |
Revolving Loans | 7,284 | |
Total | 57,786 | |
Risk Grades 5 - 6 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 152 | |
2022 | 56,961 | |
2021 | 20,536 | |
2020 | 30,488 | |
2019 | 16,370 | |
Prior | 41,756 | |
Revolving Loans | 37,678 | |
Total | 203,941 | |
Risk Grades 5 - 6 | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 117 | |
2022 | 34,640 | |
2021 | 9,205 | |
2020 | 8,391 | |
2019 | 467 | |
Prior | 1,450 | |
Revolving Loans | 25,942 | |
Total | 80,212 | |
Risk Grades 5 - 6 | Construction, commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 5,571 | |
2021 | 6,301 | |
2020 | 722 | |
Prior | 710 | |
Revolving Loans | 10,282 | |
Total | 23,586 | |
Risk Grades 5 - 6 | Construction, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 949 | |
Total | 949 | |
Risk Grades 5 - 6 | Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 15,442 | |
2021 | 4,039 | |
2020 | 19,182 | |
2019 | 13,390 | |
Prior | 32,237 | |
Revolving Loans | 500 | |
Total | 84,790 | |
Risk Grades 5 - 6 | Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 22 | |
2022 | 1,282 | |
2021 | 24 | |
2020 | 2,112 | |
2019 | 2,508 | |
Prior | 6,852 | |
Revolving Loans | 878 | |
Total | 13,678 | |
Risk Grades 5 - 6 | Mortgage, Farmland [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Prior | 78 | |
Revolving Loans | 46 | |
Total | 124 | |
Risk Grades 5 - 6 | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 13 | |
2022 | 26 | |
2021 | 18 | |
2020 | 81 | |
2019 | 5 | |
Prior | 429 | |
Revolving Loans | 30 | |
Total | 602 | |
Risk Grade 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 21 | |
2022 | 41,545 | |
2021 | 7,681 | |
2020 | 1,774 | |
2019 | 2,542 | |
Prior | 16,138 | |
Revolving Loans | 9,470 | |
Total | 79,171 | |
Risk Grade 7 | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 40,262 | |
2019 | 1,203 | |
Prior | 118 | |
Revolving Loans | 8,774 | |
Total | 50,357 | |
Risk Grade 7 | Construction, commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Prior | 290 | |
Total | 290 | |
Risk Grade 7 | Construction, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 21 | |
2022 | 864 | |
Total | 885 | |
Risk Grade 7 | Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 6,344 | |
2019 | 774 | |
Prior | 9,176 | |
Revolving Loans | 100 | |
Total | 16,394 | |
Risk Grade 7 | Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 369 | |
2021 | 1,228 | |
2020 | 1,659 | |
2019 | 461 | |
Prior | 6,413 | |
Revolving Loans | 596 | |
Total | 10,726 | |
Risk Grade 7 | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 50 | |
2021 | 109 | |
2020 | 115 | |
2019 | 104 | |
Prior | 141 | |
Total | $ 519 |
Loans and ACL - Summary of Chan
Loans and ACL - Summary of Change in the ACL by Major Loan Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Financing Receivable Impaired [Line Items] | |||
Balance, beginning of period | $ 22,939 | [1] | $ 12,121 |
Charge-offs | (1,309) | (2,819) | |
Recoveries | 211 | ||
Net charge-offs | (1,087) | (2,608) | |
Provision for loan losses | 4,100 | 2,500 | |
Balance, end of period | 29,974 | 12,013 | |
Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Balance, beginning of period | 19,269 | ||
Charge-offs | (799) | (2,401) | |
Recoveries | 74 | ||
Net charge-offs | (681) | ||
Provision for loan losses | 3,161 | ||
Balance, end of period | 21,279 | ||
Real estate construction [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Charge-offs | (123) | ||
Recoveries | 12 | ||
Real Estate Mortgage [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Charge-offs | (16) | ||
Recoveries | 4 | ||
Consumer [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Balance, beginning of period | 3,670 | ||
Charge-offs | (497) | (279) | |
Recoveries | $ 121 | ||
Net charge-offs | (406) | ||
Provision for loan losses | 939 | ||
Balance, end of period | 8,695 | ||
Impact of ASC 326 Adoption [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Balance, beginning of period | 4,022 | ||
Impact of ASC 326 adoption | 4,022 | ||
Charge-offs | (1,309) | ||
Recoveries | 222 | ||
Impact of ASC 326 Adoption [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Impact of ASC 326 adoption | (470) | ||
Charge-offs | (799) | ||
Recoveries | 118 | ||
Impact of ASC 326 Adoption [Member] | Consumer [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Impact of ASC 326 adoption | 4,492 | ||
Charge-offs | (510) | ||
Recoveries | $ 104 | ||
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Loans and ACL - Summary of Am_3
Loans and ACL - Summary of Amortized Cost of Collateral Dependent Loans (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | |
Amortized cost of collateral dependent loans | $ 85,977 |
Commercial and Industrial [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Amortized cost of collateral dependent loans | 71,984 |
Real Estate [Member] | Construction, Residential [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Amortized cost of collateral dependent loans | 580 |
Real Estate [Member] | Mortgage, Commercial [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Amortized cost of collateral dependent loans | 12,641 |
Real Estate [Member] | Mortgage, Residential [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Amortized cost of collateral dependent loans | $ 772 |
Loans and ACL - Summary of Modi
Loans and ACL - Summary of Modified Loans (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) Loan | |
Loans and Leases Receivable Disclosure [Line Items] | |
Modified Term Extension Amortized Cost of Modified Loans to Gross Loans by Category | 1.65% |
Total modified loan units | Loan | 3 |
Total modified loan, amortized cost | $ 40,652 |
Commercial and Industrial [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Modified term extension loan units | Loan | 1 |
Modified term extension amortization cost | $ 37,271 |
Modified Term Extension Amortized Cost of Modified Loans to Gross Loans by Category | 6.53% |
ModifiedTermExtension Financial Effect | 13-month extension through January 2024 |
Commercial and Industrial [Member] | Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Modified Term Extension Amortized Cost of Modified Loans to Gross Loans by Category | 0.39% |
ModifiedTermExtension Financial Effect | Interest-only payments for six months |
Mortgage, Commercial [Member] | Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Modified interest only loan units | Loan | 2 |
Modifiedinterest only amortization cost | $ 3,381 |
Current Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total modified loan, amortized cost | 40,631 |
Current Loans [Member] | Commercial and Industrial [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total modified loan, amortized cost | 37,271 |
Current Loans [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total modified loan, amortized cost | $ 3,360 |
Loans and ACL - Additional Info
Loans and ACL - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 USD ($) Loan | Dec. 31, 2022 USD ($) Loan | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 2,457,325 | $ 2,412,699 |
Interest Income on NonAccrual Loans | $ 378 | |
Number of doubtful loans | Loan | 0 | 0 |
Loans pledged | $ 2,457,325 | |
Nonperforming trouble debt restructuring | $ 1,100 | |
Amortized Cost of PCD Loans | 58,200 | |
Non-Credit Discount on PCD Loans | 5,300 | |
Mortgage loans with amortized cost | 645 | 0 |
Amortized cost of ACL related to PCD loans | 639 | |
Risk Grade 7 | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 58,404 | |
Loans pledged | 79,171 | |
Grade 5 Pass/Watch [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 143,207 | |
Paycheck Protection Plan Liquidity Facility Advances [Member] | Asset Pledged as Collateral without Right [Member] | Federal Home Loan Bank Advances [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans pledged | $ 0 | 51 |
Minimum [Member] | Grade 5 Pass/Watch [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loan To Value Ratio | 90% | |
Commercial and Residential Mortgages [Member] | Asset Pledged as Collateral without Right [Member] | Federal Home Loan Bank Advances [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans pledged | $ 531,800 | 436,000 |
Paycheck Protection Program [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 7,988 | $ 11,967 |
Loans pledged | $ 7,988 |
Loans and ACL - Acquired Loans
Loans and ACL - Acquired Loans Included in Consolidated Statement of Condition (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Virginia Community Bankshares, Inc. [Member] | |
Financing Receivable Impaired [Line Items] | |
Outstanding principal balance | $ 578,372 |
Recorded investment | 570,500 |
PCI Loans [Member] | |
Financing Receivable Impaired [Line Items] | |
Outstanding principal balance | 64,911 |
Recorded investment | 58,748 |
Purchased Performing Loans [Member] | Virginia Community Bankshares, Inc. [Member] | |
Financing Receivable Impaired [Line Items] | |
Outstanding principal balance | 513,461 |
Recorded investment | $ 511,752 |
Loans and ACL - Summary of Ch_2
Loans and ACL - Summary of Changes in Accretable Yield on Purchased Credit Impaired Loans (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Receivables [Abstract] | |
Balance, beginning of period | $ 16,849 |
Accretion | (3,512) |
Balance, end of period | $ 13,337 |
Loans and ACL - Summary of Inve
Loans and ACL - Summary of Investment of PCI Loans (Detail) - Real Estate [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
30-89 Days Past Due [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | $ 354 |
30-89 Days Past Due [Member] | Commercial And Industrial [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 0 |
30-89 Days Past Due [Member] | Commercial Construction [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 0 |
30-89 Days Past Due [Member] | Commercial Mortgage [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 0 |
30-89 Days Past Due [Member] | Residential Mortgages [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 354 |
30-89 Days Past Due [Member] | Consumer Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 0 |
Greater than 90 Days Past Due & Accruing [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Commercial And Industrial [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Commercial Construction [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Commercial Mortgage [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Residential Mortgages [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 0 |
Greater than 90 Days Past Due & Accruing [Member] | Consumer Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 0 |
Current Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 58,394 |
Current Loans [Member] | Commercial And Industrial [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 1,481 |
Current Loans [Member] | Commercial Construction [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 7 |
Current Loans [Member] | Commercial Mortgage [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 51,223 |
Current Loans [Member] | Residential Mortgages [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 5,324 |
Current Loans [Member] | Consumer Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 359 |
Total Loan [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 58,748 |
Total Loan [Member] | Commercial And Industrial [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 1,481 |
Total Loan [Member] | Commercial Construction [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 7 |
Total Loan [Member] | Commercial Mortgage [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 51,223 |
Total Loan [Member] | Residential Mortgages [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | 5,678 |
Total Loan [Member] | Consumer Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Purchase loans | $ 359 |
Loans and ACL - Summary of Loan
Loans and ACL - Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | $ 2,400,732 |
Less: Deferred loan fees, net of costs, excluding PPP loans | (1,640) |
Total, excluding PPP loans | 2,399,092 |
Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 2,341,984 |
PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 58,748 |
Individually Evaluated for Impairment [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 45,170 |
Less: Deferred loan fees, net of costs, excluding PPP loans | 0 |
Total, excluding PPP loans | 45,170 |
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 |
Individually Evaluated for Impairment [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Collectively Evaluated for Impairment [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 2,355,562 |
Less: Deferred loan fees, net of costs, excluding PPP loans | 0 |
Total, excluding PPP loans | 2,355,562 |
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 |
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 58,748 |
Related Allowance for Loan Losses [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 22,939 |
Less: Deferred loan fees, net of costs, excluding PPP loans | 0 |
Total, excluding PPP loans | 22,939 |
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 |
Related Allowance for Loan Losses [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 3 |
Commercial and Industrial [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 588,568 |
Commercial and Industrial [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 1,481 |
Commercial and Industrial [Member] | Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 39,247 |
Commercial and Industrial [Member] | Individually Evaluated for Impairment [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Commercial and Industrial [Member] | Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 549,321 |
Commercial and Industrial [Member] | Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 1,481 |
Commercial and Industrial [Member] | Related Allowance for Loan Losses [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 15,272 |
Commercial and Industrial [Member] | Related Allowance for Loan Losses [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Construction, commercial [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 183,294 |
Construction, commercial [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 7 |
Construction, commercial [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 521 |
Construction, commercial [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Construction, commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 182,773 |
Construction, commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 7 |
Construction, commercial [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 1,637 |
Construction, commercial [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Construction, Residential [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 76,599 |
Construction, Residential [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Construction, Residential [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 76,599 |
Construction, Residential [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 628 |
Mortgage, Commercial [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 813,766 |
Mortgage, Commercial [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 51,223 |
Mortgage, Commercial [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 4,567 |
Mortgage, Commercial [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Mortgage, Commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 809,199 |
Mortgage, Commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 51,223 |
Mortgage, Commercial [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 2,353 |
Mortgage, Commercial [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 3 |
Mortgage, Residential [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 626,094 |
Mortgage, Residential [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 5,678 |
Mortgage, Residential [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 835 |
Mortgage, Residential [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Mortgage, Residential [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 625,259 |
Mortgage, Residential [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 5,678 |
Mortgage, Residential [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 1,760 |
Mortgage, Residential [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Mortgage, Farmland [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 6,599 |
Mortgage, Farmland [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Mortgage, Farmland [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 6,599 |
Mortgage, Farmland [Member] | Related Allowance for Loan Losses [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 4 |
Consumer [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 47,064 |
Consumer [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 359 |
Consumer [Member] | Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Consumer [Member] | Individually Evaluated for Impairment [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 0 |
Consumer [Member] | Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 47,064 |
Consumer [Member] | Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 359 |
Consumer [Member] | Related Allowance for Loan Losses [Member] | Originated and Purchased Performing Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | 1,282 |
Consumer [Member] | Related Allowance for Loan Losses [Member] | PCI Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Gross loans, excluding PPP loans | $ 0 |
Loans and ACL - Summary of Impa
Loans and ACL - Summary of Impaired Financing Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | $ 45,170 | |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 45,085 | |
Impaired financing receivable, related allowance | 3,179 | |
Impaired financing receivable, average recorded investment | $ 22,488 | |
Impaired financing receivable, interest income recognized | 124 | |
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 | |
Impaired financing receivable, with an allowance recorded, recorded investment | 37,938 | |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 37,911 | |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 5,305 | |
Impaired financing receivable, with no specific allowance recorded, interest income recognized | 62 | |
Impaired financing receivable, with an allowance recorded, interest income recognized | 0 | |
Impaired financing receivable, with an allowance recorded, average recorded investment | 3,290 | |
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 | |
Impaired financing receivable, with an allowance recorded, recorded investment | 129 | |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 126 | |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 11,880 | |
Impaired financing receivable, with no specific allowance recorded, interest income recognized | 48 | |
Impaired financing receivable, with an allowance recorded, interest income recognized | 0 | |
Impaired financing receivable, with an allowance recorded, average recorded investment | 88 | |
Real Estate [Member] | Construction, commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 521 | |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 521 | |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 524 | |
Impaired financing receivable, with no specific allowance recorded, interest income recognized | 0 | |
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, with no specific allowance recorded, average recorded investment | 1,342 | |
Impaired financing receivable, with no specific allowance recorded, interest income recognized | 14 | |
Impaired financing receivable, with an allowance recorded, interest income recognized | 0 | |
Impaired financing receivable, with an allowance recorded, average recorded investment | $ 59 |
Loans and ACL - Summary of Acco
Loans and ACL - Summary of Accounts Notes Loans and Financing Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 2,457,325 | $ 2,412,699 |
Less: deferred loan fees, net of costs | (345) | (1,640) |
Total | 2,456,980 | 2,411,059 |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 571,095 | 590,049 |
Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,988 | 11,967 |
Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 58,907 | 47,423 |
Grade 1 Prime [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 13,031 | |
Grade 2 Desirable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,887 | |
Grade 3 Good [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 654,467 | |
Grade 4 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,522,644 | |
Grade 5 Pass/Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 143,207 | |
Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,059 | |
Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 58,404 | |
Real Estate [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 180,149 | 183,301 |
Real Estate [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 92,403 | 76,599 |
Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 867,916 | 864,989 |
Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 672,473 | 631,772 |
Real Estate [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 6,394 | 6,599 |
PCI Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 58,748 | |
PCI Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,481 | |
PCI Loans [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 359 | |
PCI Loans [Member] | Grade 4 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 25,607 | |
PCI Loans [Member] | Grade 4 Acceptable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,369 | |
PCI Loans [Member] | Grade 5 Pass/Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 28,397 | |
PCI Loans [Member] | Grade 5 Pass/Watch [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 353 | |
PCI Loans [Member] | Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,812 | |
PCI Loans [Member] | Grade 6 Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 112 | |
PCI Loans [Member] | Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,932 | |
PCI Loans [Member] | Grade 7 Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6 | |
PCI Loans [Member] | Real Estate [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7 | |
PCI Loans [Member] | Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 51,223 | |
PCI Loans [Member] | Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,678 | |
PCI Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7 | |
PCI Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 22,778 | |
PCI Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,453 | |
PCI Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 26,059 | |
PCI Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,985 | |
PCI Loans [Member] | Real Estate [Member] | Grade 6 Special Mention [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,700 | |
PCI Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 686 | |
PCI Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,240 | |
Originated and Purchased Performing Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,353,951 | |
Originated and Purchased Performing Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 588,568 | |
Originated and Purchased Performing Loans [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,967 | |
Originated and Purchased Performing Loans [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 47,064 | |
Originated and Purchased Performing Loans [Member] | Grade 1 Prime [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 13,031 | |
Originated and Purchased Performing Loans [Member] | Grade 1 Prime [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 318 | |
Originated and Purchased Performing Loans [Member] | Grade 1 Prime [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,967 | |
Originated and Purchased Performing Loans [Member] | Grade 1 Prime [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 197 | |
Originated and Purchased Performing Loans [Member] | Grade 2 Desirable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,887 | |
Originated and Purchased Performing Loans [Member] | Grade 2 Desirable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 885 | |
Originated and Purchased Performing Loans [Member] | Grade 3 Good [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 654,467 | |
Originated and Purchased Performing Loans [Member] | Grade 3 Good [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 193,144 | |
Originated and Purchased Performing Loans [Member] | Grade 3 Good [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 21,330 | |
Originated and Purchased Performing Loans [Member] | Grade 4 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,497,037 | |
Originated and Purchased Performing Loans [Member] | Grade 4 Acceptable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 312,278 | |
Originated and Purchased Performing Loans [Member] | Grade 4 Acceptable [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 24,731 | |
Originated and Purchased Performing Loans [Member] | Grade 5 Pass/Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 114,810 | |
Originated and Purchased Performing Loans [Member] | Grade 5 Pass/Watch [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 38,552 | |
Originated and Purchased Performing Loans [Member] | Grade 5 Pass/Watch [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 256 | |
Originated and Purchased Performing Loans [Member] | Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 8,247 | |
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 | |
Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 55,472 | |
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 | |
Originated and Purchased Performing Loans [Member] | Grade 7 Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 550 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 183,294 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 76,599 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 813,766 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 626,094 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,599 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 1 Prime [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 549 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 2 Desirable [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 361 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 2 Desirable [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,330 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 2 Desirable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,311 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 14,223 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,110 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 187,648 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 233,697 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 3 Good [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,315 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 156,027 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 72,327 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 561,554 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 365,511 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 4,609 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 8,504 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,162 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 54,352 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,858 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 126 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 6 Special Mention [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,365 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 6 Special Mention [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,048 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Construction, commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 814 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,834 | |
Originated and Purchased Performing Loans [Member] | Real Estate [Member] | Grade 7 Substandard [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 7,717 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Goodwill [Line Items] | ||||
Goodwill | $ 26,826 | $ 26,826 | [1] | |
Intangible amortization | 355 | $ 397 | ||
Accumulated amortization of intangibles | 6,767 | 6,325 | ||
Mortgage servicing asset | 27,100 | 29,000 | ||
Loan Servicing Assets Included in Other Amortization Intangibles [Member] | ||||
Goodwill [Line Items] | ||||
Accumulated amortization of intangibles | 843 | $ 876 | ||
Loan Servicing Assets Included in Interest and Fees on Loans [Member] | ||||
Goodwill [Line Items] | ||||
Intangible amortization | 55 | |||
Accumulated amortization of intangibles | $ 87 | $ 39 | ||
Minimum [Member] | ||||
Goodwill [Line Items] | ||||
Amortization of intangible assets | 5 years | |||
Maximum [Member] | ||||
Goodwill [Line Items] | ||||
Amortization of intangible assets | 12 years | |||
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 12,963 | $ 12,908 |
Accumulated Amortization | (6,767) | (6,325) |
Net Carrying Value | 6,196 | 6,583 |
Core Deposits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 9,626 | 9,626 |
Accumulated Amortization | (4,659) | (4,330) |
Net Carrying Value | 4,967 | 5,296 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 3,337 | 3,282 |
Accumulated Amortization | (2,108) | (1,995) |
Net Carrying Value | $ 1,229 | $ 1,287 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | ||||
Federal home loan bank advance | $ 239,100 | $ 311,700 | [1] | |
Federal home loan bank stock | 11,800 | 14,700 | ||
Subordinated notes, net | 39,904 | 39,920 | [1] | |
Subordinated Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes, net | $ 39,900 | 39,900 | ||
Subordinated Notes [Member] | 2030 Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated debt instrument maturity date | Jun. 01, 2030 | |||
Effective interest rate | 6.10% | 6.10% | ||
Unamortized debt issuance cost | $ 14,800 | |||
Subordinated Notes [Member] | 2029 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated debt instrument maturity date | Oct. 15, 2029 | |||
Debt instrument carrying amount | $ 25,200 | |||
Debt instrument, unamortized premium | $ 654 | |||
Effective interest rate | 5.09% | 5.09% | ||
Unsecured Lines of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum overnight line of credit facilities available | $ 28,000 | 28,000 | ||
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 | $ 576,800 | 525,100 | ||
Federal home loan bank advance | 239,100 | 311,700 | ||
FHLB [Member] | Restricted Equity Investments [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal home loan bank stock | 11,800 | $ 14,700 | ||
FHLB [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal home loan bank advance | 270,100 | |||
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 | 67,600 | |||
BTFP [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of creidt | $ 29,800 | |||
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Borrowings - Schedule of Princi
Borrowings - Schedule of Principal on FHLB Borrowings Maturities (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Balance | $ 239,100 |
Daily Rate Credit [Member] | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Balance | $ 189,100 |
Originated Date | May 06, 2022 |
Stated Interest Rate | 5.07% |
Maturity Date | May 08, 2023 |
Fixed Rate Credit [Member] | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Balance | $ 50,000 |
Originated Date | Mar. 15, 2023 |
Stated Interest Rate | 4.07% |
Maturity Date | Mar. 15, 2027 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities - Summary Notional and Fair Value of Interest Rate Swaps (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Notional Amount | $ 13,300 | $ 11,700,000 |
Interest Rate Swap Agreement [Member] | Receive Fixed/Pay Variable Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 2,178,000 | 2,178,000 |
Fair Value | (57,000) | (95,000) |
Interest Rate Swap Agreement [Member] | Pay Fixed/Receive Variable Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 2,178,000 | 2,178,000 |
Fair Value | $ 57,000 | $ 95,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Notional Amount | $ 13,300 | $ 11,700,000 |
Derivative assets held for sale | 8,300,000 | 12,800,000 |
Mortgage derivative asset | 455,000,000 | 112,000 |
Mortgage derivative liability | 57,000,000 | 24,000 |
Hedged Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative assets held for sale | $ 15,800,000 | $ 21,500,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Restricted stock awards outstanding | 296,329 | ||
Stock option exercises, Shares | 3,750 | ||
Stock option outstanding , Shares | 18,774,082 | 18,774,082 | |
Stock options outstanding | 1,875 | ||
RSAs and LTIP RSAs Member | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Forfeited restricted stock units | 14,632 | ||
Compensation expense | $ 479 | $ 355 | |
Employee Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 2,400 | ||
Bay Banks Of Virginia Inc [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock option outstanding , Shares | 47,049 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Operating lease, option to extend | Certain of these leases offer the option to extend the lease term and such extensions are included in the calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. |
Operating lease, existence of to extend | true |
Leases - Summary of Company's L
Leases - Summary of Company's Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | |||
Right-of-use asset | $ 6,470 | $ 6,903 | [1] |
Lease liabilities | $ 7,398 | $ 7,860 | [1] |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | ||
Weighted average remaining lease term (years) | 5 years 7 months 13 days | 5 years 10 months 6 days | |
Weighted average discount rate | 2.42% | 2.40% | |
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Leases - Summary of Lease Liabi
Leases - Summary of Lease Liabilities are Included within Other Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 715 | $ 555 |
Total lease cost | 715 | 555 |
Cash paid for amounts included in the measurement of lease liabilities | $ 599 | $ 736 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | [1] |
Leases [Abstract] | |||
Nine months ending December 31, 2023 | $ 1,484 | ||
Twelve months ending December 31, 2024 | 1,464 | ||
Twelve months ending December 31, 2025 | 1,191 | ||
Twelve months ending December 31, 2026 | 1,073 | ||
Twelve months ending December 31, 2027 | 990 | ||
Thereafter | 1,786 | ||
Total undiscounted cash flows | 7,988 | ||
Discount | (590) | ||
Lease liabilities | $ 7,398 | $ 7,860 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | ||
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Fair Value - Summary of Financi
Fair Value - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | $ 351,990 | $ 354,341 | [1] |
Total securities available for sale | 351,990 | 354,341 | |
Mortgage derivative asset | 455,000 | 112 | |
Mortgage derivative liability | 57,000 | 24 | |
State and Municipal [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 51,661 | 50,993 | |
U.S. Treasury and Agencies [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 62,153 | 67,162 | |
Corporate Bonds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 38,857 | 39,850 | |
Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 340,187 | 342,435 | |
Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 11,803 | 11,906 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total securities available for sale | 351,990 | 354,341 | |
MSR assets | 27,095 | 28,991 | |
Rabbi trust assets | 577 | 584 | |
Mortgage derivative asset | 455 | 112 | |
Interest rate swap asset | 57 | 95 | |
Mortgage derivative liability | 57 | 24 | |
Interest rate swap liability | 57 | 95 | |
Fair Value, Recurring [Member] | State and Municipal [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 51,662 | 50,993 | |
Fair Value, Recurring [Member] | U.S. Treasury and Agencies [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 62,152 | 67,162 | |
Fair Value, Recurring [Member] | Mortgage Backed Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 199,320 | 196,336 | |
Fair Value, Recurring [Member] | Corporate Bonds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 38,856 | 39,850 | |
Fair Value, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Rabbi trust assets | 577 | 584 | |
Fair Value, Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total securities available for sale | 340,187 | 342,435 | |
Mortgage derivative asset | 455 | 112 | |
Interest rate swap asset | 57 | 95 | |
Mortgage derivative liability | 57 | 24 | |
Interest rate swap liability | 57 | 95 | |
Fair Value, Recurring [Member] | Level 2 [Member] | State and Municipal [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 51,662 | 50,993 | |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. Treasury and Agencies [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 62,152 | 67,162 | |
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 | 191,816 | 188,719 | |
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 | 34,557 | 35,561 | |
Fair Value, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total securities available for sale | 11,803 | 11,906 | |
MSR assets | 27,095 | 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 | 7,504 | 7,617 | |
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 | $ 4,299 | $ 4,289 | |
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Fair Value - Summary of changes
Fair Value - Summary of changes incorporate bonds and mortgage backed securities using level 3 inputs (Details) - Level 3 [Member] - Fair Value, Recurring [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Corporate Bonds [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2022 | $ 4,289 |
Fair value adjustments | 10 |
Balance as of March 31, 2023 | 4,299 |
Mortgage Backed Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2022 | 7,617 |
Fair value adjustments | (113) |
Balance as of March 31, 2023 | $ 7,504 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | |
Servicing Assets At Fair Value [Line Items] | ||
Servicing rights of sold loans | $ 2,150 | $ 2,160 |
Weighted average net servicing fee income, Basis points | 0.284% | |
Weighted average prepayment speed assumption used in the fair value | 8.15% | |
Weighted average discount rate | 9.81% | |
Minimum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Estimated base annual servicing costs | $ / shares | 75 | |
Base discount rate | 9.50% | |
Maximum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Estimated base annual servicing costs | $ / shares | 85 | |
Base discount rate | 11.50% | |
10 Corporate Bonds | Level 3 [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Purchase price | $ 4.3 | |
6 Mortgage Backed Securities | Level 3 [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Purchase price | $ 7.5 |
Fair Value - Summary of Change
Fair Value - Summary of Change in MSR Assets (Detail) - MSR Assets [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Servicing Asset at Amortized Cost [Line Items] | |
Balance as of December 31, 2022 | $ 28,991 |
Additions | 242 |
Fair value adjustments | (2,138) |
Balance as of March 31, 2023 | $ 27,095 |
Fair Value - Summary of Assets
Fair Value - Summary of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Other equity investments | $ 22,960 | $ 23,776 | [1] |
Loans held for sale | 76,528 | 69,534 | [1] |
OREO | 0 | 195 | [1] |
Level 2 [Member] | |||
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Other equity investments | 22,960 | 23,776 | |
Fair Value, Nonrecurring [Member] | |||
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Other equity investments | 22,960 | 23,776 | |
Collateral dependent loans | 7,165 | ||
Impaired loans - Pre-ASC 326 | 34,888 | ||
Loans held for sale | 76,528 | 69,534 | |
OREO | 195 | ||
Fair Value, Nonrecurring [Member] | Level 2 [Member] | |||
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Other equity investments | 22,960 | 23,776 | |
Loans held for sale | 76,528 | 69,534 | |
Fair Value, Nonrecurring [Member] | Level 3 [Member] | |||
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Collateral dependent loans | $ 7,165 | ||
Impaired loans - Pre-ASC 326 | 34,888 | ||
OREO | $ 195 | ||
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Fair Value - Summary of Quantit
Fair Value - Summary of Quantitative Information about Level 3 Fair Value Measurements (Detail) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 34,888 | |
Selling Costs [Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Range | 7% | |
OREO | $ 195 | |
Valuation Technique | Discounted appraised value technique | |
Unobservable Input | Selling Costs | |
Selling Costs [Member] | Appraised Value Technique Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Collateral dependent loans | $ 7,165 | |
Unobservable Input | Selling Costs | |
Range | 7% | |
Impaired loans, net | $ 34,743 | |
Valuation Technique | Discounted appraised value technique | |
Unobservable Input | Selling Costs | |
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 | |
Valuation Technique | Discounted cash flows technique | |
Unobservable Input | Discount Rate | |
Discount Rate [Member] | Maximum [Member] | Appraised Value Technique Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Range | 10% | |
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% | |
Discount Rate [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] | Minimum [Member] | Cash Flows Technique [Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Range | 4% |
Fair Value - Summary of Estimat
Fair Value - Summary of Estimated Fair Values and Related Carrying Amounts and Valuation Level of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Financial Assets | |||
Cash and due from banks | $ 226,374 | $ 77,274 | [1] |
Securities available for sale | 351,990 | 354,341 | [1] |
Restricted equity investments | 18,388 | 21,257 | [1] |
Other equity investments | 22,960 | 23,776 | [1] |
Other investments | 26,538 | 24,672 | [1] |
Financial Liabilities | |||
Noninterest-bearing demand | 594,518 | 640,101 | [1] |
Savings deposits | 143,530 | 151,646 | [1] |
Time deposits | 696,344 | 391,961 | [1] |
FHLB borrowings | 239,100 | 311,700 | [1] |
Subordinated notes, net | 39,904 | 39,920 | [1] |
Carrying Value | |||
Financial Assets | |||
Cash and due from banks | 226,374 | 77,274 | |
Federal funds sold | 1,976 | 1,426 | |
Securities available for sale | 351,990 | 354,341 | |
Restricted equity investments | 18,388 | 21,257 | |
Other equity investments | 22,960 | 23,776 | |
Other investments | 26,538 | 24,672 | |
PPP loans receivable, net | 7,988 | 11,967 | |
Loans held for investment, net | 2,419,018 | 2,376,153 | |
Accrued interest receivable | 14,915 | 12,393 | |
Bank owned life insurance | 47,536 | 47,245 | |
MSR assets | 27,095 | 28,991 | |
Financial Liabilities | |||
Noninterest-bearing demand | 594,518 | 640,101 | |
Interest-bearing demand and money market deposits | 1,326,655 | 1,318,799 | |
Savings deposits | 143,530 | 151,646 | |
Time deposits | 696,344 | 391,961 | |
FHLB borrowings | 239,100 | 311,700 | |
FRB borrowings | 51 | ||
Subordinated notes, net | 39,904 | 39,920 | |
Fair Value | |||
Financial Assets | |||
Cash and due from banks | 226,374 | 77,274 | |
Federal funds sold | 1,976 | 1,426 | |
Securities available for sale | 351,990 | 354,341 | |
Restricted equity investments | 18,388 | 21,257 | |
Other equity investments | 22,960 | 23,776 | |
Other investments | 26,538 | 24,672 | |
PPP loans receivable, net | 7,988 | 11,967 | |
Loans held for investment, net | 2,382,220 | 2,321,042 | |
Accrued interest receivable | 14,915 | 12,393 | |
Bank owned life insurance | 47,536 | 47,245 | |
MSR assets | 27,095 | 28,991 | |
Financial Liabilities | |||
Noninterest-bearing demand | 594,518 | 640,101 | |
Interest-bearing demand and money market deposits | 1,326,655 | 1,318,799 | |
Savings deposits | 143,530 | 151,646 | |
Time deposits | 693,332 | 352,294 | |
FHLB borrowings | 239,045 | 311,700 | |
FRB borrowings | 51 | ||
Subordinated notes, net | 37,610 | 37,689 | |
Level 1 [Member] | |||
Financial Assets | |||
Cash and due from banks | 226,374 | 77,274 | |
Federal funds sold | 1,976 | 1,426 | |
Financial Liabilities | |||
Noninterest-bearing demand | 594,518 | 640,101 | |
Level 2 [Member] | |||
Financial Assets | |||
Securities available for sale | 340,187 | 342,435 | |
Restricted equity investments | 18,388 | 21,257 | |
Other equity investments | 22,960 | 23,776 | |
Accrued interest receivable | 14,915 | 12,393 | |
Bank owned life insurance | 47,536 | 47,245 | |
Financial Liabilities | |||
Interest-bearing demand and money market deposits | 1,326,655 | 1,318,799 | |
Savings deposits | 143,530 | 151,646 | |
FHLB borrowings | 239,045 | 311,700 | |
FRB borrowings | 51 | ||
Level 3 [Member] | |||
Financial Assets | |||
Securities available for sale | 11,803 | 11,906 | |
Other investments | 26,538 | 24,672 | |
PPP loans receivable, net | 7,988 | 11,967 | |
Loans held for investment, net | 2,382,220 | 2,321,042 | |
MSR assets | 27,095 | 28,991 | |
Financial Liabilities | |||
Time deposits | 693,332 | 352,294 | |
Subordinated notes, net | $ 37,610 | $ 37,689 | |
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Minimum Regulatory Capital Re_3
Minimum Regulatory Capital Requirements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Banking regulation capital transitional amount | $ 5.5 | |||
Banking regulation capital transitional amount substracted | $ 1.4 | |||
CECL Adjustment to Regulatory Capital [Member] | Forecast [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 | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total risk based capital, Actual Amount | $ 307,024 | $ 303,876 |
Total risk based capital, Actual Ratio | 0.1112 | 0.1122 |
Total risk based capital, For Capital Adequacy Purposes Amount | $ 289,940 | $ 286,161 |
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 | $ 276,133 | $ 272,535 |
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 | $ 277,898 | $ 279,125 |
Tier 1 capital to risk-weighted assets, Actual Ratio | 0.1006 | 0.1031 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Amount | $ 234,711 | $ 231,470 |
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 | $ 220,905 | $ 217,854 |
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 | $ 277,898 | $ 279,125 |
Common equity tier 1 capital, Actual Ratio | 10.06% | 10.31% |
Common equity tier 1 capital, For Capital Adequacy Purposes Amount | $ 193,368 | $ 190,622 |
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 | $ 179,556 | $ 177,006 |
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 | $ 277,898 | $ 279,125 |
Tier 1 leverage, Actual Ratio | 0.0850 | 0.0925 |
Tier 1 leverage, For Capital Adequacy Purposes Amount | $ 130,776 | $ 120,703 |
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 | $ 163,469 | $ 150,878 |
Tier 1 leverage, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 0.0500 | 0.0500 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | |||
Outstanding loan commitments | $ 707,900 | $ 736,100 | |
Outstanding stand-by letters of credit | 29,300 | 29,800 | |
Reserve for unfunded commitments | $ 3,700 | 1,812 | |
Credit losses for unfunded commitments | 400 | ||
Future commitments outstanding related to investments | 17,700 | ||
Other Liabilities [Member] | |||
Other Commitments [Line Items] | |||
Reserve for unfunded commitments | 5,100 | 1,800 | |
Performance Stand-by Letters of Credit [Member] | |||
Other Commitments [Line Items] | |||
Outstanding stand-by letters of credit | $ 0 | $ 655 |
Earning Per Share - Additional
Earning Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,643 | 0 |
Earning Per Share - Summary of
Earning Per Share - Summary of Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding, basic | 18,856,515 | 18,772,258 |
Effect of dilutive securities | 3,506 | 17,087 |
Weighted average common shares outstanding, dilutive | 18,860,021 | 18,789,345 |
Net income: | ||
Net income from continuing operations | $ 1,604 | $ 17,420 |
Net income from discontinued operations | 0 | 337 |
Net Income from discontinued operations attributable to noncontrolling interest | 0 | (1) |
Net income attributable to Blue Ridge Bankshares, Inc. | $ 1,604 | $ 17,756 |
Basic earnings per share: | ||
Earnings per share from continuing operations | $ 0.09 | $ 0.93 |
Earnings per share from discontinued operations | 0 | 0.02 |
Earnings per share attributable to Blue Ridge Bankshares, Inc. | 0.09 | 0.95 |
Diluted earnings per share: | ||
Earnings per share from continuing operations | 0.09 | 0.93 |
Earnings per share from discontinued operations | 0 | 0.02 |
Earnings per share attributable to Blue Ridge Bankshares, Inc. | $ 0.09 | $ 0.95 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 3 |
Business Segments - Summary of
Business Segments - Summary of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | [1] | |
INTEREST INCOME | ||||
Interest income | $ 43,053 | $ 25,802 | ||
Interest expense | 15,694 | 2,134 | ||
Net interest income | 27,359 | 23,668 | ||
Provision for credit losses | 3,700 | 2,500 | ||
Net interest income after provision for credit losses | 23,659 | 21,168 | ||
NONINTEREST INCOME | ||||
Residential mortgage banking income, including MSRs | 1,303 | 9,559 | ||
Residential Mortgage Banking Income including Mortgage servicing rights | 1,303 | 9,559 | ||
Gain on sale of guaranteed government loans | 2,409 | 1,427 | ||
Service Charges On Deposit Accounts | 343 | 315 | ||
Increase in cash surrender value of bank owned life insurance | 282 | 272 | ||
Total noninterest income | 7,283 | 24,094 | ||
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 15,289 | 14,096 | ||
Other operating expenses | 13,558 | 8,593 | ||
Total noninterest expenses | 28,847 | 22,689 | ||
Income (loss) from continuing operations before income tax expense | 2,095 | 22,573 | ||
Income tax expense (benefit) | 491 | 5,153 | ||
Net income from continuing operations | 1,604 | 17,420 | ||
Discontinued Operations | ||||
Income from discontinued operations before income taxes | 0 | 426 | ||
Income tax expense | 0 | 89 | ||
Net income from discontinued operations | 0 | 337 | ||
Net income | 1,604 | 17,757 | ||
Net Income from discontinued operations attributable to noncontrolling interest | 0 | (1) | ||
Net income attributable to Blue Ridge Bankshares, Inc. | 1,604 | 17,756 | ||
Total assets | 3,334,911 | 2,724,584 | $ 3,141,045 | |
Other Income [Member] | ||||
NONINTEREST INCOME | ||||
Other income | 2,946 | 12,521 | ||
Commercial Banking [Member] | ||||
INTEREST INCOME | ||||
Interest income | 42,742 | 25,183 | ||
Interest expense | 15,002 | 1,546 | ||
Net interest income | 27,740 | 23,637 | ||
Provision for credit losses | 3,700 | 2,500 | ||
Net interest income after provision for credit losses | 24,040 | 21,137 | ||
NONINTEREST INCOME | ||||
Residential Mortgage Banking Income including Mortgage servicing rights | 0 | 0 | ||
Gain on sale of guaranteed government loans | 2,409 | 1,427 | ||
Service Charges On Deposit Accounts | 343 | 315 | ||
Increase in cash surrender value of bank owned life insurance | 282 | 272 | ||
Total noninterest income | 6,122 | 5,191 | ||
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 12,628 | 9,089 | ||
Other operating expenses | 11,210 | 6,581 | ||
Total noninterest expenses | 23,838 | 15,670 | ||
Income (loss) from continuing operations before income tax expense | 6,324 | 10,658 | ||
Income tax expense (benefit) | 1,400 | 2,906 | ||
Net income from continuing operations | 7,752 | |||
Discontinued Operations | ||||
Income from discontinued operations before income taxes | 426 | |||
Income tax expense | 89 | |||
Net income from discontinued operations | 337 | |||
Net income | 4,924 | 8,089 | ||
Net Income from discontinued operations attributable to noncontrolling interest | (1) | |||
Net income attributable to Blue Ridge Bankshares, Inc. | 8,088 | |||
Total assets | 3,270,452 | 2,628,323 | ||
Commercial Banking [Member] | Other Income [Member] | ||||
NONINTEREST INCOME | ||||
Other income | 3,088 | 3,177 | ||
Mortgage Banking [Member] | ||||
INTEREST INCOME | ||||
Interest income | 305 | 591 | ||
Interest expense | 139 | 35 | ||
Net interest income | 166 | 556 | ||
Provision for credit losses | 0 | 0 | ||
Net interest income after provision for credit losses | 166 | 556 | ||
NONINTEREST INCOME | ||||
Residential Mortgage Banking Income including Mortgage servicing rights | 1,303 | 9,559 | ||
Gain on sale of guaranteed government loans | 0 | 0 | ||
Service Charges On Deposit Accounts | 0 | 0 | ||
Increase in cash surrender value of bank owned life insurance | 0 | 0 | ||
Total noninterest income | 1,303 | 9,559 | ||
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 2,661 | 5,007 | ||
Other operating expenses | 1,485 | 1,936 | ||
Total noninterest expenses | 4,146 | 6,943 | ||
Income (loss) from continuing operations before income tax expense | (2,677) | 3,172 | ||
Income tax expense (benefit) | (583) | 624 | ||
Net income from continuing operations | 2,548 | |||
Discontinued Operations | ||||
Income from discontinued operations before income taxes | 0 | |||
Income tax expense | 0 | |||
Net income from discontinued operations | 0 | |||
Net income | (2,094) | 2,548 | ||
Net Income from discontinued operations attributable to noncontrolling interest | 0 | |||
Net income attributable to Blue Ridge Bankshares, Inc. | 2,548 | |||
Total assets | 34,083 | 64,419 | ||
Mortgage Banking [Member] | Other Income [Member] | ||||
NONINTEREST INCOME | ||||
Other income | 0 | 0 | ||
Parents Only [Member] | ||||
INTEREST INCOME | ||||
Interest income | 6 | 28 | ||
Interest expense | 553 | 553 | ||
Net interest income | (547) | (525) | ||
Provision for credit losses | 0 | 0 | ||
Net interest income after provision for credit losses | (547) | (525) | ||
NONINTEREST INCOME | ||||
Residential Mortgage Banking Income including Mortgage servicing rights | 0 | 0 | ||
Gain on sale of guaranteed government loans | 0 | 0 | ||
Service Charges On Deposit Accounts | 0 | 0 | ||
Increase in cash surrender value of bank owned life insurance | 0 | 0 | ||
Total noninterest income | (43) | 9,426 | ||
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 0 | 0 | ||
Other operating expenses | 962 | 158 | ||
Total noninterest expenses | 962 | 158 | ||
Income (loss) from continuing operations before income tax expense | (1,552) | 8,743 | ||
Income tax expense (benefit) | (326) | 1,623 | ||
Net income from continuing operations | 7,120 | |||
Discontinued Operations | ||||
Income from discontinued operations before income taxes | 0 | |||
Income tax expense | 0 | |||
Net income from discontinued operations | 0 | |||
Net income | (1,226) | 7,120 | ||
Net Income from discontinued operations attributable to noncontrolling interest | 0 | |||
Net income attributable to Blue Ridge Bankshares, Inc. | 7,120 | |||
Total assets | 299,450 | 334,424 | ||
Parents Only [Member] | Other Income [Member] | ||||
NONINTEREST INCOME | ||||
Other income | (43) | 9,426 | ||
Eliminations [Member] | ||||
INTEREST INCOME | ||||
Interest income | 0 | 0 | ||
Interest expense | 0 | 0 | ||
Net interest income | 0 | 0 | ||
Provision for credit losses | 0 | 0 | ||
Net interest income after provision for credit losses | 0 | 0 | ||
NONINTEREST INCOME | ||||
Residential Mortgage Banking Income including Mortgage servicing rights | 0 | 0 | ||
Gain on sale of guaranteed government loans | 0 | 0 | ||
Service Charges On Deposit Accounts | 0 | 0 | ||
Increase in cash surrender value of bank owned life insurance | 0 | 0 | ||
Total noninterest income | (99) | (82) | ||
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 0 | 0 | ||
Other operating expenses | (99) | (82) | ||
Total noninterest expenses | (99) | (82) | ||
Income (loss) from continuing operations before income tax expense | 0 | 0 | ||
Income tax expense (benefit) | 0 | 0 | ||
Net income from continuing operations | 0 | |||
Discontinued Operations | ||||
Income tax expense | 0 | |||
Net income from discontinued operations | 0 | |||
Net income | 0 | 0 | ||
Net Income from discontinued operations attributable to noncontrolling interest | 0 | |||
Net income attributable to Blue Ridge Bankshares, Inc. | 0 | |||
Total assets | (269,074) | (302,582) | ||
Eliminations [Member] | Other Income [Member] | ||||
NONINTEREST INCOME | ||||
Other income | $ (99) | $ (82) | ||
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Changes to Accumulated Other _3
Changes to Accumulated Other Comprehensive Income (Loss), net - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Beginning Balance | $ 259,373 | [1] | $ 277,139 |
Change in net unrealized holding gains (losses) on securities available for sale, net of deferred tax expense (benefit) | 3,866 | (17,844) | |
Ending Balance | 257,586 | 278,482 | |
Net Unrealized (Losses) Gains on Available for Sale Securities [Member] | |||
Beginning Balance | (45,525) | (4,056) | |
Change in net unrealized holding gains (losses) on securities available for sale, net of deferred tax expense (benefit) | 3,866 | (17,844) | |
Ending Balance | (41,659) | (21,900) | |
Transfer of Securities Held to Maturity to Available For Sale [Member] | |||
Beginning Balance | 425 | 425 | |
Change in net unrealized holding gains (losses) on securities available for sale, net of deferred tax expense (benefit) | 0 | 0 | |
Ending Balance | 425 | 425 | |
Pension and Post-retirement Benefit Plans[Member] | |||
Beginning Balance | (1) | (1) | |
Change in net unrealized holding gains (losses) on securities available for sale, net of deferred tax expense (benefit) | 0 | 0 | |
Ending Balance | (1) | (1) | |
Accumulated Other Comprehensive (Loss) Income, net [Member] | |||
Beginning Balance | (45,101) | (3,632) | |
Change in net unrealized holding gains (losses) on securities available for sale, net of deferred tax expense (benefit) | 3,866 | (17,844) | |
Ending Balance | $ (41,235) | $ (21,476) | |
[1] Derived from audited December 31, 2022 Consolidated Financial Statements. |
Changes to Accumulated Other _4
Changes to Accumulated Other Comprehensive Income (Loss), net - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Change in net unrealized holding (losses) gains on securities available-for-sale, net of deferred tax expense (benefit) | $ (1,113) | $ 4,742 |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) | Aug. 12, 2019 USD ($) |
Loss Contingencies [Line Items] | |
Loss contingency, damages value | $ 12,000,000 |
Loss accrued for lawsuit | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |
Apr. 06, 2023 | Apr. 30, 2023 | |
Subsequent Event [Line Items] | ||
Quarterly cash dividend, declared date | Apr. 06, 2023 | |
Common stock dividends per share cash paid | $ 0.1225 | |
Dividend, payment date | Apr. 28, 2023 | |
Dividend, record date | Apr. 18, 2023 | |
Commercial and industrial loan amount | $ 37.3 |