Exhibit 99.1
Blue Ridge Bankshares, Inc. Announces Fourth Quarter and Full Year 2023 Results
During fourth quarter, announced commitments for $150 million pursuant to a private placement capital raise to help fund business line transformation, support the bank’s capital position, and support future growth
CHARLOTTESVILLE, VA, January 31, 2024 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (the “Company”) (NYSE American: BRBS), the holding company of Blue Ridge Bank, National Association (“Blue Ridge Bank” or the “Bank”) and BRB Financial Group, Inc. (“BRB Financial Group”), today announced financial results for the quarter and year ended December 31, 2023.
For the fourth quarter of 2023, the Company reported a net loss of $5.8 million, or $0.30 per diluted common share, compared to a net loss of $41.4 million, or $2.18 per diluted common share, for the third quarter of 2023, and a net loss of $4.3 million, or $0.23 per diluted common share, for the fourth quarter of 2022.
For the year ended December 31, 2023, the Company reported a net loss from continuing operations of $51.8 million, or $2.73 per diluted common share, compared to net income from continuing operations of $17.0 million, or $0.90 per diluted common share, for the year ended December 31, 2022.
The fourth quarter of 2023 net loss of $5.8 million included a $1.2 million after-tax loss on the sale of an equity investment in a fintech company and a $1.7 million after-tax loss on the fair value of mortgage servicing rights, while the third quarter of 2023 net loss of $41.4 million included an after-tax goodwill impairment charge of $26.8 million and a $4.8 million after-tax settlement reserve for the Employee Stock Ownership Plan ("ESOP") litigation assumed in the 2019 acquisition of Virginia Community Bankshares, Inc. Excluding these items and regulatory remediation costs, the net loss for the fourth and third quarters of 2023 was $0.4 million and $6.9 million, respectively.
A Message From Blue Ridge Bankshares, Inc. President and CEO, G. William “Billy” Beale:
“During 2023, we initiated a period of aggressive and essential transformation to restore Blue Ridge Bank to its fundamental strengths and position it for the future. These efforts, which continue into 2024, involve parallel initiatives across the entire organization to rationalize our businesses, tighten our lending focus, bolster our leadership talent, and assertively address our regulatory remediation efforts.
“To these ends, we made additional progress in the fourth quarter. Most notably, we announced capital commitments totaling $150 million pursuant to a private placement of our common stock. We intend to use this capital for a variety of purposes, from repositioning our business lines around our core strengths, to helping facilitate organic growth and supporting our capital position. We also continued our efforts to reinforce our risk management function through key hires: Harry Golliday, who joins us as Deputy Chief Credit Officer, and Rebecca Robertson, who serves as Bank Secrecy Act (BSA) Officer. Their talents and deep expertise will greatly enhance our compliance rigor and the integrity that these functions are meant to provide.
“While we have made many important steps forward, there is much more progress to be made. I have great confidence in the potential of Blue Ridge Bank and we are leaving no stone unturned in our efforts to return the bank to profitability and growth. Completing the private placement capital raise and diligently working to satisfy the most recent demands of our regulators will be important milestones on our journey over the next year. The goal of these collective efforts is a reinvigorated Blue Ridge Bank that is stronger and more resilient, has improved clarity of purpose, more focused business lines, and is well governed.”
OCC Consent Order and Private Placement Stock Offering:
On January 25, 2024, the Company announced that Blue Ridge Bank had consented to the issuance of a consent order (the “Order”) by the Office of the Comptroller of the Currency (the “OCC”), the Bank’s primary banking regulator. The Order replaces the formal written agreement entered into by the Bank and the OCC on August 29, 2022 (the “Written Agreement”). The Order generally incorporates the provisions of the Written Agreement, as well as adding new provisions. The Order requires the Bank to submit to the OCC a strategic plan and a capital plan, and places further restrictions on the Bank’s fintech operations. The Order also requires the Bank to maintain a leverage ratio of 10.00% and a total capital ratio of 13.00%. These individual minimum capital ratios (“IMCRs”) set forth in the Order are consistent with the IMCR directives previously disclosed by the Company. A complete copy of the Order was included in a Current Report on a Form 8-K filed by the Company with the Securities and Exchange Commission (“SEC”) on January 25, 2024 and can be accessed on the SEC’s website (www.sec.gov) and the Company’s website (www.mybrb.com).
On December 22, 2023, the Company announced the signing of a definitive Securities Purchase Agreement (the “Securities Purchase Agreement”) with Kenneth R. Lehman, Castle Creek Capital Partners VIII, L.P., other institutional investors, and certain directors and executive officers of the Company (collectively, the “Purchasers”) pursuant to which the Company has agreed to issue and sell to the Purchasers (i) 60 million shares of the Company’s common stock at a purchase price of $2.50 per share and, (ii) for the Purchasers other than directors and executive officers, warrants to purchase approximately 29.4 million shares of common stock at an exercise price of $2.50 per share in a private placement (the “Private Placement”), for gross proceeds of $150,000,000. The Private Placement is subject to the satisfaction or waiver of certain closing conditions set forth in the Securities Purchase Agreement, including approval of the Company’s shareholders, and is expected to close in March 2024.
Q4 2023 Highlights
(Comparisons for Fourth Quarter 2023 are relative to Third Quarter 2023 unless otherwise noted.)
Net Income:
Asset Quality:
Capital:
Net Interest Income / Net Interest Margin:
Balance Sheet:
Noninterest Income / Noninterest Expense:
Income Statement:
Net Interest Income
Net interest income was $21.8 million for the fourth quarter of 2023, compared to $22.2 million for the third quarter of 2023, and $28.1 million for the fourth quarter of 2022. Relative to both the prior quarter and year-ago period, net interest income declined due to the impact of higher interest rates on deposits and overall funding costs, and actions taken to add balance sheet liquidity following the early 2023 market events and as the Bank rationalizes its banking-as-a-service partners. Relative to the year-ago period, these developments were partially offset by an increase in average interest-earning asset balances at higher loan yields.
Total interest income was $43.2 million for the fourth quarter of 2023, $42.5 million for the third quarter of 2023, and $36.5 million for the fourth quarter of 2022. The increase relative to the prior year reflects higher average balances of and yields on interest-earning asset balances, partially offset by lower income from purchase accounting adjustments. The yield on average loans held for investment, excluding Paycheck Protection Program (“PPP”) loans, was 6.33% for the fourth quarter of 2023, compared to 6.19% for the third quarter of 2023, and 5.72% for the fourth quarter of 2022.
Total interest expense was $21.4 million for the fourth quarter of 2023, compared to $20.3 million for the third quarter of 2023, and $8.3 million for the fourth quarter of 2022. The increase relative to the prior quarter and the year-ago period reflects higher deposit costs and overall funding costs due to higher market interest rates and greater balances of and a shift in the mix of average interest-bearing liabilities, primarily to higher-cost wholesale funding.
Average balances of interest-earning assets decreased $59.7 million to $2.98 billion in the fourth quarter of 2023, relative to the prior quarter, and increased $166.2 million from the year-ago period. Relative to the prior quarter, the decrease reflected a decline in average balances of loans held for investment and total securities. Relative to the year-ago period, the increase in average interest-earning asset balances was due primarily to higher balances of loans held for investment and interest-earning deposits at other banks, partially offset by lower average balances of securities.
Average balances of interest-bearing liabilities increased $8.4 million to $2.36 billion in the fourth quarter of 2023, relative to the prior quarter, and increased $585.4 million from the year-ago period. Relative to the prior quarter, the increase reflected higher average balances of time deposits, primarily attributable to wholesale funding, partially offset by lower average balances of interest-bearing demand and money market deposits and FHLB borrowings. Relative to the prior year, the increase primarily reflected higher average balances of interest-bearing deposits.
Cost of funds was 2.91% for the fourth quarter of 2023, compared to 2.73% for the third quarter of 2023, and 1.22% for the fourth quarter of 2022, while cost of deposits was 2.73%, 2.46%, and 0.85%, for the same respective periods. Higher deposit costs and overall funding costs reflect the impact of higher market interest rates and a shift in the mix of funding. Cost of deposits excluding wholesale deposits was 2.26% for the quarter compared to 2.13% in the prior quarter and 0.82% in the year-ago period.
Net interest margin was 2.92% for the fourth and third quarters of 2023 compared to 4.00% for the fourth quarter of 2022. The decline in net interest margin relative to the prior year reflects the impact of
higher interest rates on funding costs and less benefit from purchase accounting adjustments. These declines were partially offset by higher yields on loans.
Provision for Credit Losses
The Company recorded a provision for credit losses of $2.8 million for the fourth quarter of 2023, compared to $11.1 million for the third quarter of 2023, and $11.8 million for the fourth quarter of 2022. Provision for the fourth quarter of 2023 was primarily resulting from charge-offs and reserve needs for a select group of purchased consumer loans, partially offset by a recovery of the allowance for credit losses on unfunded commitments due to lower available balances of commercial and construction lines of credit. Provision in the third quarter of 2023 and the fourth quarter of 2022 was primarily attributable to specific reserves on the aforementioned group of specialty finance loans.
Noninterest Income
Noninterest income was $4.1 million for the fourth quarter of 2023, compared to $7.4 million for the third quarter of 2023, and $5.8 million for the fourth quarter of 2022. The decline in the fourth quarter period was primarily due to negative fair value adjustments on mortgage servicing rights, recorded within residential mortgage banking income, and the $1.6 million loss on the sale of an equity investment in a fintech company, recorded in fair value adjustments of other equity investments. The declines were partially offset by a higher gain on sale of government guaranteed loans. The Company recorded a $5.8 million unrealized gain on the sold fintech investment in a prior year.
Noninterest Expense
Noninterest expense was $30.6 million for the fourth quarter of 2023, compared to $64.6 million for the third quarter of 2023, and $27.6 million for the fourth quarter of 2022. Excluding the $26.8 million goodwill impairment charge, the $6.0 million reserve for the proposed settlement of the ESOP litigation, and regulatory remediation costs, noninterest expense declined $0.6 million from the prior quarter and increased $2.8 million from the year-ago period, on a comparative basis. The increase relative to the year-ago period primarily reflects higher salaries and employee benefits, FDIC insurance assessments, audit and accounting fees, and other contractual services, partially offset by lower legal expenses. In the fourth quarter of 2023, the Company recorded a recovery of previously expensed legal costs in connection with the ESOP litigation.
Balance Sheet:
Loans
Loans held for investment, excluding PPP loans, were $2.43 billion at December 31, 2023, compared to $2.44 billion at September 30, 2023, and $2.40 billion at December 31, 2022. While loan balances were relatively flat with the prior quarter level, the Company selectively replaced the amortization of balances with higher yielding loans. Additionally, the Company reduced unfunded loan commitments to $474.9 million as of December 31, 2023 from $574.3 million as of September 30, 2023 and $744.8 million as of December 31, 2022.
Deposits
Total deposits were $2.57 billion at December 31, 2023, a decrease of $210.1 million from the prior quarter-end, and an increase of $63.5 million from the year-ago period. Relative to the prior quarter, the decrease reflected a decrease in interest-bearing demand and money market deposits, primarily attributable to fintech relationships, and, to a lesser extent, decreases in noninterest bearing deposits, partially offset by higher time deposits, primarily wholesale deposits. Fintech-related deposits declined $254.9 million in the fourth quarter, partially due to fewer banking-as-a-service partners and partially due to the timing of funds flows related to one of the Bank’s indirect lending partners. Excluding fintech-related deposits and wholesale funding, total deposits during the quarter decreased $61.2 million, or 3.7%, from the prior quarter-end.
Noninterest-bearing deposits represented 19.7%, 20.6%, and 25.6% of total deposits at December 31, 2023, September 30, 2023, and December 31, 2022, respectively. Fintech-related balances represented 18.2%, 26.0%, and 27.6% of total deposits as of the same respective periods.
The held for investment loan-to-deposit ratio was 94.7% at December 31, 2023, compared to 88.1% at the prior quarter-end, and 96.3% at the year-ago period-end.
Fintech Business:
Interest and fee income related to fintech partnerships represented approximately $3.7 million, $3.6 million, and $3.1 million of total revenue for the Company for the fourth quarter of 2023, the third quarter of 2023, and the fourth quarter of 2022, respectively.
Deposits related to fintech relationships were $465.9 million at December 31, 2023, compared to $720.8 million at the prior quarter-end. Included in deposits related to fintech relationships were assets managed by BRB Financial Group’s trust division of $71.8 million as of December 31, 2023.
Other Matters:
On May 15, 2023, the Company sold its wholesale mortgage business operating as LenderSelect Mortgage Group (“LSMG”) to a third-party for $250 thousand in cash. The Company recorded a loss on the sale of LSMG of $553 thousand, which is reported in other noninterest income in the consolidated statements of operations for the year ended December 31, 2023.
In the first quarter of 2022, the Company sold its majority interest in MoneyWise Payroll Solutions, Inc. (“MoneyWise”) to the holder of the minority interest in MoneyWise. Income statement amounts related to MoneyWise are reported as discontinued operations for all periods presented.
Non-GAAP Financial Measures:
The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. However, management uses certain non-GAAP measures, including tangible assets, tangible common equity, and tangible book value per share, to supplement the evaluation of the Company’s financial condition and performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental
information that is essential to a proper understanding of the financial condition, capital position, and operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.
Forward-Looking Statements:
This release of the Company contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.
The following factors, among others, could cause the Company’s financial performance to differ materially from that expressed in such forward-looking statements:
The foregoing factors should not be considered exhaustive and should be read together with other cautionary statements that are included in filings the Company makes from time to time with the SEC. Any one of these risks or factors could have a material adverse impact on the Company’s results of operations or financial condition, or cause the Company’s actual results, performance or achievements to differ materially from those expressed in, or implied by, forward-looking information and statements contained in this release. Moreover, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on its forward-looking statements. Therefore, the Company cautions not to place undue reliance on its forward-looking information and statements, which speak only as of the date of this release. The Company does not undertake to, and will not, update or revise these forward-looking statements after the date hereof, whether as a result of new information, future events, or otherwise.
1 Non-GAAP financial measure. Further information can be found at the end of this press release.
Blue Ridge Bankshares, Inc. |
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Consolidated Balance Sheets |
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(Dollars in thousands, except share data) |
| (Unaudited) |
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| (As restated) |
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Assets |
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Cash and due from banks |
| $ | 110,491 |
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| $ | 77,274 |
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Federal funds sold |
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| 4,451 |
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|
| 1,426 |
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Restricted cash |
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| 10,660 |
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|
| — |
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Securities available for sale, at fair value |
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| 321,081 |
|
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| 354,341 |
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Restricted equity investments |
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| 18,621 |
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| 21,257 |
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Other equity investments |
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| 12,905 |
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| 23,776 |
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Other investments |
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| 29,467 |
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| 24,672 |
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Loans held for sale |
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| 46,337 |
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| 69,534 |
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Paycheck Protection Program loans |
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| 2,386 |
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| 11,967 |
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Loans held for investment, net of deferred fees and costs |
|
| 2,428,561 |
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| 2,399,092 |
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Less: allowance for credit losses |
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| (35,893 | ) |
|
| (30,740 | ) |
Loans held for investment, net |
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| 2,392,668 |
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| 2,368,352 |
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Accrued interest receivable |
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| 14,967 |
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| 11,569 |
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Other real estate owned |
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| — |
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| 195 |
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Premises and equipment, net |
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| 22,348 |
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| 23,152 |
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Right-of-use asset |
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| 8,738 |
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| 6,903 |
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Bank owned life insurance |
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| 48,453 |
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| 47,245 |
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Goodwill |
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| — |
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| 26,826 |
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Other intangible assets |
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| 5,382 |
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| 6,583 |
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Mortgage servicing rights, net |
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| 27,114 |
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| 28,991 |
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Deferred tax asset, net |
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| 21,556 |
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| 12,227 |
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Other assets |
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| 19,929 |
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| 14,175 |
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Total assets |
| $ | 3,117,554 |
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| $ | 3,130,465 |
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Liabilities and Stockholders’ Equity |
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Deposits: |
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Noninterest-bearing demand |
| $ | 506,248 |
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| $ | 640,101 |
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Interest-bearing demand and money market deposits |
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| 1,049,536 |
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| 1,318,799 |
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Savings |
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| 117,923 |
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| 151,646 |
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Time deposits |
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| 892,325 |
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| 391,961 |
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Total deposits |
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| 2,566,032 |
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| 2,502,507 |
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FHLB borrowings |
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| 210,000 |
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| 311,700 |
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FRB borrowings |
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| 65,000 |
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| 51 |
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Subordinated notes, net |
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| 39,855 |
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| 39,920 |
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Lease liability |
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| 9,619 |
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| 7,860 |
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Other liabilities |
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| 41,059 |
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| 19,634 |
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Total liabilities |
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| 2,931,565 |
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| 2,881,672 |
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Commitments and contingencies |
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Stockholders’ Equity: |
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Common stock, no par value; 50,000,000 shares authorized at December 31, 2023 and December 31, 2022; 19,198,379 and 18,950,329 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively |
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| 197,636 |
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| 195,960 |
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Additional paid-in capital |
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| 252 |
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| 252 |
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Retained earnings |
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| 33,157 |
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| 97,682 |
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Accumulated other comprehensive loss, net of tax |
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| (45,056 | ) |
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| (45,101 | ) |
Total stockholders’ equity |
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| 185,989 |
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| 248,793 |
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Total liabilities and stockholders’ equity |
| $ | 3,117,554 |
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| $ | 3,130,465 |
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(1) Derived from audited December 31, 2022 consolidated financial statements, as amended. |
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Blue Ridge Bankshares, Inc. |
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Consolidated Statements of Operations (unaudited) |
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| For the Three Months Ended |
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| As restated |
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(Dollars in thousands, except per share data) |
| December 31, 2023 |
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| September 30, 2023 |
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| December 31, 2022 |
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Interest income: |
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Interest and fees on loans |
| $ | 38,933 |
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| $ | 38,551 |
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| $ | 33,110 |
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Interest on taxable securities |
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| 2,457 |
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| 2,492 |
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| 2,508 |
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Interest on nontaxable securities |
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| 56 |
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| 72 |
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| 89 |
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Interest on deposit accounts and federal funds sold |
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| 1,714 |
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| 1,370 |
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| 754 |
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Total interest income |
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| 43,160 |
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| 42,485 |
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| 36,461 |
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Interest expense: |
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Interest on deposits |
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| 17,899 |
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| 16,115 |
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| 5,131 |
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Interest on subordinated notes |
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| 543 |
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| 566 |
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| 547 |
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Interest on FHLB and FRB borrowings |
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| 2,955 |
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| 3,612 |
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| 2,651 |
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Total interest expense |
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| 21,397 |
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| 20,293 |
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| 8,329 |
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Net interest income |
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| 21,763 |
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| 22,192 |
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| 28,132 |
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Provision for credit losses - loans |
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| 3,600 |
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| 11,600 |
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| 11,793 |
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Provision for (recovery of) credit losses - unfunded commitments |
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| (830 | ) |
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| (550 | ) |
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| — |
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Total provision for credit losses |
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| 2,770 |
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| 11,050 |
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| 11,793 |
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Net interest income after provision for credit losses |
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| 18,993 |
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| 11,142 |
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| 16,339 |
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Noninterest income: |
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Fair value adjustments of other equity investments |
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| (1,469 | ) |
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| 55 |
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| 78 |
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Residential mortgage banking income, including MSRs |
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| 591 |
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| 3,811 |
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| 1,961 |
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Gain on sale of government guaranteed loans |
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| 905 |
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| 6 |
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| 204 |
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Wealth and trust management |
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| 483 |
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| 462 |
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| 451 |
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Service charges on deposit accounts |
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| 366 |
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| 365 |
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| 293 |
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Increase in cash surrender value of BOLI |
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| 310 |
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| 311 |
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| 402 |
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Bank and purchase card, net |
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| 446 |
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| 357 |
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| 866 |
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Loss on sale of securities available for sale |
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| (71 | ) |
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| (442 | ) |
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| — |
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Other |
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| 2,546 |
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| 2,490 |
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| 1,585 |
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Total noninterest income |
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| 4,107 |
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| 7,415 |
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| 5,840 |
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Noninterest expense: |
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Salaries and employee benefits |
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| 13,711 |
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| 14,640 |
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| 11,863 |
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Occupancy and equipment |
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| 1,549 |
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| 1,475 |
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| 1,509 |
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Data processing |
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| 1,499 |
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| 1,710 |
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| 1,441 |
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Legal |
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| (286 | ) |
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| 912 |
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| 1,300 |
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Advertising and marketing |
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| 184 |
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| 350 |
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| 318 |
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Communications |
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| 927 |
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| 1,181 |
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| 1,064 |
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Audit and accounting fees |
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| 1,381 |
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|
| 791 |
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| 476 |
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FDIC insurance |
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| 1,762 |
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| 1,322 |
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| 543 |
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Intangible amortization |
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| 297 |
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| 308 |
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| 365 |
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Other contractual services |
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| 2,064 |
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| 1,492 |
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| 1,334 |
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Other taxes and assessments |
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| 809 |
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| 802 |
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| 716 |
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Regulatory remediation |
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| 3,155 |
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| 3,782 |
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| 2,884 |
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Goodwill impairment |
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| — |
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| 26,826 |
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| — |
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ESOP litigation |
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| — |
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| 6,000 |
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| — |
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Other |
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| 3,531 |
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| 3,030 |
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| 3,739 |
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Total noninterest expense |
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| 30,583 |
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| 64,621 |
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| 27,552 |
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Loss before income tax |
| $ | (7,483 | ) |
| $ | (46,064 | ) |
| $ | (5,373 | ) |
Income tax benefit |
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| (1,724 | ) |
|
| (4,693 | ) |
|
| (1,097 | ) |
Net loss |
| $ | (5,759 | ) |
| $ | (41,371 | ) |
| $ | (4,276 | ) |
Basic and diluted loss per common share |
| $ | (0.30 | ) |
| $ | (2.18 | ) |
| $ | (0.23 | ) |
Blue Ridge Bankshares, Inc. |
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|
| ||
Consolidated Statements of Operations |
|
|
|
|
|
| ||
|
| For the Twelve Months Ended |
| |||||
|
| (unaudited) |
|
| As restated (1) |
| ||
(Dollars in thousands, except per share data) |
| December 31, 2023 |
|
| December 31, 2022 |
| ||
Interest income: |
|
|
|
|
|
| ||
Interest and fees on loans |
| $ | 152,942 |
|
| $ | 111,002 |
|
Interest on taxable securities |
|
| 10,120 |
|
|
| 8,744 |
|
Interest on nontaxable securities |
|
| 313 |
|
|
| 334 |
|
Interest on deposit accounts and federal funds sold |
|
| 5,620 |
|
|
| 1,572 |
|
Total interest income |
|
| 168,995 |
|
|
| 121,652 |
|
Interest expense: |
|
|
|
|
|
| ||
Interest on deposits |
|
| 59,969 |
|
|
| 11,260 |
|
Interest on subordinated notes |
|
| 2,209 |
|
|
| 2,215 |
|
Interest on FHLB and FRB borrowings |
|
| 13,776 |
|
|
| 3,610 |
|
Total interest expense |
|
| 75,954 |
|
|
| 17,085 |
|
Net interest income |
|
| 93,041 |
|
|
| 104,567 |
|
Provision for credit losses - loans |
|
| 24,703 |
|
|
| 25,687 |
|
Provision for (recovery of) credit losses - unfunded commitments |
|
| (2,380 | ) |
|
| — |
|
Total provision for credit losses |
|
| 22,323 |
|
|
| 25,687 |
|
Net interest income after provision for credit losses |
|
| 70,718 |
|
|
| 78,880 |
|
Noninterest income: |
|
|
|
|
|
| ||
Fair value adjustments of other equity investments |
|
| (1,746 | ) |
|
| 9,306 |
|
Residential mortgage banking income, including MSRs |
|
| 10,000 |
|
|
| 20,647 |
|
Gain on sale of government guaranteed loans |
|
| 5,704 |
|
|
| 4,734 |
|
Wealth and trust management |
|
| 1,839 |
|
|
| 1,769 |
|
Service charges on deposit accounts |
|
| 1,423 |
|
|
| 1,289 |
|
Increase in cash surrender value of BOLI |
|
| 1,195 |
|
|
| 1,348 |
|
Bank and purchase card, net |
|
| 1,703 |
|
|
| 2,240 |
|
Loss on sale of securities available for sale |
|
| (513 | ) |
|
| — |
|
Other |
|
| 8,936 |
|
|
| 6,759 |
|
Total noninterest income |
|
| 28,541 |
|
|
| 48,092 |
|
Noninterest expense: |
|
|
|
|
|
| ||
Salaries and employee benefits |
|
| 58,158 |
|
|
| 56,006 |
|
Occupancy and equipment |
|
| 6,506 |
|
|
| 5,916 |
|
Data processing |
|
| 5,686 |
|
|
| 4,593 |
|
Legal |
|
| 4,613 |
|
|
| 3,004 |
|
Advertising and marketing |
|
| 1,157 |
|
|
| 1,460 |
|
Communications |
|
| 4,410 |
|
|
| 3,825 |
|
Audit and accounting fees |
|
| 2,821 |
|
|
| 1,304 |
|
FDIC insurance |
|
| 5,059 |
|
|
| 1,340 |
|
Intangible amortization |
|
| 1,295 |
|
|
| 1,525 |
|
Other contractual services |
|
| 7,713 |
|
|
| 3,137 |
|
Other taxes and assessments |
|
| 3,216 |
|
|
| 2,668 |
|
Regulatory remediation |
|
| 10,459 |
|
|
| 7,442 |
|
Merger-related |
|
| — |
|
|
| 50 |
|
Goodwill impairment |
|
| 26,826 |
|
|
| — |
|
ESOP litigation |
|
| 6,000 |
|
|
| — |
|
Other |
|
| 14,184 |
|
|
| 12,506 |
|
Total noninterest expense |
|
| 158,103 |
|
|
| 104,776 |
|
(Loss) income from continuing operations before income tax |
|
| (58,844 | ) |
|
| 22,196 |
|
Income tax (benefit) expense |
|
| (7,071 | ) |
|
| 5,199 |
|
Net (loss) income from continuing operations |
| $ | (51,773 | ) |
| $ | 16,997 |
|
Discontinued operations: |
|
|
|
|
|
| ||
Income from discontinued operations before income taxes |
|
| — |
|
|
| 426 |
|
Income tax expense |
|
| — |
|
|
| 89 |
|
Net income from discontinued operations |
| $ | — |
|
| $ | 337 |
|
Net (loss) income |
| $ | (51,773 | ) |
| $ | 17,334 |
|
Net income from discontinued operations attributable to noncontrolling interest |
|
| — |
|
|
| (1 | ) |
Net (loss) income attributable to Blue Ridge Bankshares, Inc. |
| $ | (51,773 | ) |
| $ | 17,333 |
|
Net (loss) income available to common stockholders |
| $ | (51,773 | ) |
| $ | 17,333 |
|
Basic and diluted (loss) earnings per common share from continuing operations |
| $ | (2.73 | ) |
| $ | 0.90 |
|
(1) Derived from audited December 31, 2022 consolidated financial statements, as amended. |
|
Blue Ridge Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Quarter Summary of Selected Financial Data (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| As of and for the Three Months Ended |
| |||||||||||||||||
|
|
|
|
|
|
|
| As restated |
|
| As restated |
|
| As restated |
| |||||
(Dollars and shares in thousands, except per share data) |
| December 31, |
|
| September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
| |||||
Income Statement Data: |
| 2023 |
|
| 2023 |
|
| 2023 |
|
| 2023 |
|
| 2022 |
| |||||
Interest income |
| $ | 43,160 |
|
| $ | 42,485 |
|
| $ | 42,460 |
|
| $ | 40,890 |
|
| $ | 36,461 |
|
Interest expense |
|
| 21,397 |
|
|
| 20,293 |
|
|
| 18,570 |
|
|
| 15,694 |
|
|
| 8,329 |
|
Net interest income |
|
| 21,763 |
|
|
| 22,192 |
|
|
| 23,890 |
|
|
| 25,196 |
|
|
| 28,132 |
|
Provision for (recovery of) credit losses |
|
| 2,770 |
|
|
| 11,050 |
|
|
| 10,013 |
|
|
| (1,510 | ) |
|
| 11,793 |
|
Net interest income after provision for credit losses |
|
| 18,993 |
|
|
| 11,142 |
|
|
| 13,877 |
|
|
| 26,706 |
|
|
| 16,339 |
|
Noninterest income |
|
| 4,107 |
|
|
| 7,415 |
|
|
| 9,736 |
|
|
| 7,283 |
|
|
| 5,840 |
|
Noninterest expense, excluding goodwill impairment |
|
| 30,583 |
|
|
| 37,795 |
|
|
| 34,052 |
|
|
| 28,847 |
|
|
| 27,552 |
|
Goodwill impairment |
|
| — |
|
|
| 26,826 |
|
|
| — |
|
|
| — |
|
|
| — |
|
(Loss) income before income taxes |
|
| (7,483 | ) |
|
| (46,064 | ) |
|
| (10,439 | ) |
|
| 5,142 |
|
|
| 5,373 |
|
Income tax (benefit) expense |
|
| (1,724 | ) |
|
| (4,693 | ) |
|
| (1,826 | ) |
|
| 1,172 |
|
|
| (1,097 | ) |
Net (loss) income |
| $ | (5,759 | ) |
| $ | (41,371 | ) |
| $ | (8,613 | ) |
| $ | 3,970 |
|
| $ | (4,276 | ) |
Per Common Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(Loss) earnings per common share - basic and diluted |
| $ | (0.30 | ) |
| $ | (2.18 | ) |
| $ | (0.45 | ) |
| $ | 0.21 |
|
| $ | (0.23 | ) |
Dividends declared per common share |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 0.1225 |
|
|
| 0.1225 |
|
Book value per common share |
|
| 9.69 |
|
|
| 9.53 |
|
|
| 12.21 |
|
|
| 13.03 |
|
|
| 13.13 |
|
Tangible book value per common share - Non-GAAP |
|
| 9.47 |
|
|
| 9.30 |
|
|
| 10.55 |
|
|
| 11.36 |
|
|
| 11.44 |
|
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
| $ | 3,117,554 |
|
| $ | 3,262,713 |
|
| $ | 3,214,424 |
|
| $ | 3,324,060 |
|
| $ | 3,130,465 |
|
Average assets |
|
| 3,165,886 |
|
|
| 3,249,112 |
|
|
| 3,277,282 |
|
|
| 3,270,110 |
|
|
| 3,020,371 |
|
Average interest-earning assets |
|
| 2,979,065 |
|
|
| 3,038,795 |
|
|
| 3,064,103 |
|
|
| 3,060,534 |
|
|
| 2,812,898 |
|
Loans held for investment (including PPP loans) |
|
| 2,430,947 |
|
|
| 2,446,370 |
|
|
| 2,454,431 |
|
|
| 2,452,783 |
|
|
| 2,411,059 |
|
Loans held for investment (excluding PPP loans) |
|
| 2,428,561 |
|
|
| 2,439,956 |
|
|
| 2,447,197 |
|
|
| 2,444,795 |
|
|
| 2,399,092 |
|
Allowance for credit losses |
|
| 35,893 |
|
|
| 49,631 |
|
|
| 38,567 |
|
|
| 35,961 |
|
|
| 30,740 |
|
Purchase accounting adjustments (discounts) on acquired loans |
|
| 5,117 |
|
|
| 5,831 |
|
|
| 6,381 |
|
|
| 6,724 |
|
|
| 7,872 |
|
Loans held for sale |
|
| 46,337 |
|
|
| 69,640 |
|
|
| 64,102 |
|
|
| 76,528 |
|
|
| 69,534 |
|
Securities available for sale, at fair value |
|
| 321,081 |
|
|
| 313,930 |
|
|
| 340,617 |
|
|
| 351,990 |
|
|
| 354,341 |
|
Noninterest-bearing demand deposits |
|
| 506,248 |
|
|
| 572,969 |
|
|
| 575,989 |
|
|
| 594,518 |
|
|
| 640,101 |
|
Total deposits |
|
| 2,566,032 |
|
|
| 2,776,152 |
|
|
| 2,613,094 |
|
|
| 2,761,047 |
|
|
| 2,502,507 |
|
Subordinated notes, net |
|
| 39,855 |
|
|
| 39,871 |
|
|
| 39,888 |
|
|
| 39,904 |
|
|
| 39,920 |
|
FHLB and FRB advances |
|
| 275,000 |
|
|
| 215,000 |
|
|
| 284,100 |
|
|
| 239,100 |
|
|
| 311,751 |
|
Average interest-bearing liabilities |
|
| 2,362,774 |
|
|
| 2,354,360 |
|
|
| 2,346,722 |
|
|
| 2,169,643 |
|
|
| 1,777,391 |
|
Total stockholders' equity |
|
| 185,989 |
|
|
| 182,837 |
|
|
| 231,271 |
|
|
| 246,735 |
|
|
| 248,793 |
|
Average stockholders' equity |
|
| 223,840 |
|
|
| 238,530 |
|
|
| 257,117 |
|
|
| 259,911 |
|
|
| 263,826 |
|
Weighted average common shares outstanding - basic |
|
| 19,033 |
|
|
| 19,015 |
|
|
| 18,851 |
|
|
| 18,856 |
|
|
| 18,857 |
|
Weighted average common shares outstanding - diluted |
|
| 19,033 |
|
|
| 19,015 |
|
|
| 18,851 |
|
|
| 18,860 |
|
|
| 18,857 |
|
Financial Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average assets (1) |
|
| -0.73 | % |
|
| -5.09 | % |
|
| -1.05 | % |
|
| 0.49 | % |
|
| -0.57 | % |
Return on average equity (1) |
|
| -10.29 | % |
|
| -69.38 | % |
|
| -13.40 | % |
|
| 6.11 | % |
|
| -6.48 | % |
Total loan to deposit ratio |
|
| 96.5 | % |
|
| 90.6 | % |
|
| 96.4 | % |
|
| 91.6 | % |
|
| 99.1 | % |
Held for investment loan to deposit ratio |
|
| 94.7 | % |
|
| 88.1 | % |
|
| 93.9 | % |
|
| 88.8 | % |
|
| 96.3 | % |
Net interest margin (1) |
|
| 2.92 | % |
|
| 2.92 | % |
|
| 3.12 | % |
|
| 3.30 | % |
|
| 4.00 | % |
Cost of deposits (1) |
|
| 2.73 | % |
|
| 2.46 | % |
|
| 2.21 | % |
|
| 1.74 | % |
|
| 0.85 | % |
Cost of funds (1) |
|
| 2.91 | % |
|
| 2.73 | % |
|
| 2.49 | % |
|
| 2.11 | % |
|
| 1.22 | % |
Efficiency ratio |
|
| 118.2 | % |
|
| 127.7 | % |
|
| 101.3 | % |
|
| 88.8 | % |
|
| 81.1 | % |
Regulatory remediation expenses |
|
| 3,155 |
|
|
| 3,782 |
|
|
| 2,388 |
|
|
| 1,134 |
|
|
| 2,884 |
|
Capital and Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average stockholders' equity to average assets |
|
| 7.1 | % |
|
| 7.3 | % |
|
| 7.8 | % |
|
| 7.9 | % |
|
| 8.7 | % |
Allowance for credit losses to loans held for investment, excluding PPP loans |
|
| 1.48 | % |
|
| 2.03 | % |
|
| 1.58 | % |
|
| 1.47 | % |
|
| 1.28 | % |
Ratio of net charge-offs to average loans outstanding (1) |
|
| 2.84 | % |
|
| 0.09 | % |
|
| 1.29 | % |
|
| 0.17 | % |
|
| 0.28 | % |
Nonperforming loans to total assets |
|
| 2.01 | % |
|
| 2.51 | % |
|
| 2.54 | % |
|
| 2.63 | % |
|
| 2.69 | % |
Nonperforming assets to total assets |
|
| 2.01 | % |
|
| 2.51 | % |
|
| 2.54 | % |
|
| 2.63 | % |
|
| 2.70 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reconciliation of Non-GAAP Financial Measures (unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible Common Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total stockholders' equity |
| $ | 185,989 |
|
| $ | 182,837 |
|
| $ | 231,271 |
|
| $ | 246,735 |
|
| $ | 248,793 |
|
Less: Goodwill and other intangibles, net of deferred tax liability (2) |
|
| (4,179 | ) |
|
| (4,286 | ) |
|
| (31,427 | ) |
|
| (31,637 | ) |
|
| (32,027 | ) |
Tangible common equity (Non-GAAP) |
| $ | 181,810 |
|
| $ | 178,551 |
|
| $ | 199,844 |
|
| $ | 215,098 |
|
| $ | 216,766 |
|
Total shares outstanding |
|
| 19,198 |
|
|
| 19,192 |
|
|
| 18,934 |
|
|
| 18,942 |
|
|
| 18,950 |
|
Book value per common share |
| $ | 9.69 |
|
| $ | 9.53 |
|
| $ | 12.21 |
|
| $ | 13.03 |
|
| $ | 13.13 |
|
Tangible book value per common share (Non-GAAP) |
|
| 9.47 |
|
|
| 9.30 |
|
|
| 10.55 |
|
|
| 11.36 |
|
|
| 11.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible stockholders' equity to tangible total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
| $ | 3,117,554 |
|
| $ | 3,262,713 |
|
| $ | 3,214,424 |
|
| $ | 3,324,060 |
|
| $ | 3,130,465 |
|
Less: Goodwill and other intangibles, net of deferred tax liability (2) |
|
| (4,179 | ) |
|
| (4,286 | ) |
|
| (31,427 | ) |
|
| (31,637 | ) |
|
| (32,027 | ) |
Tangible total assets (Non-GAAP) |
| $ | 3,113,375 |
|
| $ | 3,258,427 |
|
| $ | 3,182,997 |
|
| $ | 3,292,423 |
|
| $ | 3,098,438 |
|
Tangible common equity (Non-GAAP) |
| $ | 181,810 |
|
| $ | 178,551 |
|
| $ | 199,844 |
|
| $ | 215,098 |
|
| $ | 216,766 |
|
Tangible stockholders' equity to tangible total assets (Non-GAAP) |
|
| 5.8 | % |
|
| 5.5 | % |
|
| 6.3 | % |
|
| 6.5 | % |
|
| 7.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(1) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(2) Excludes mortgage servicing rights. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Ridge Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Quarter Summary of Selected Financial Data (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| As of and for the Three Months Ended |
| |||||||||||||||||
|
|
|
|
|
|
|
| As restated |
|
| As restated |
|
| As restated |
| |||||
(Dollars and shares in thousands, except per share data) |
| December 31, |
|
| September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
| |||||
Income Statement Data: |
| 2023 |
|
| 2023 |
|
| 2023 |
|
| 2023 |
|
| 2022 |
| |||||
Interest income |
| $ | 43,160 |
|
| $ | 42,485 |
|
| $ | 42,460 |
|
| $ | 40,890 |
|
| $ | 36,461 |
|
Interest expense |
|
| 21,397 |
|
|
| 20,293 |
|
|
| 18,570 |
|
|
| 15,694 |
|
|
| 8,329 |
|
Net interest income |
|
| 21,763 |
|
|
| 22,192 |
|
|
| 23,890 |
|
|
| 25,196 |
|
|
| 28,132 |
|
Provision for (recovery of) credit losses |
|
| 2,770 |
|
|
| 11,050 |
|
|
| 10,013 |
|
|
| (1,510 | ) |
|
| 11,793 |
|
Net interest income after provision for credit losses |
|
| 18,993 |
|
|
| 11,142 |
|
|
| 13,877 |
|
|
| 26,706 |
|
|
| 16,339 |
|
Noninterest income |
|
| 4,107 |
|
|
| 7,415 |
|
|
| 9,736 |
|
|
| 7,283 |
|
|
| 5,840 |
|
Noninterest expense, excluding goodwill impairment |
|
| 30,583 |
|
|
| 37,795 |
|
|
| 34,052 |
|
|
| 28,847 |
|
|
| 27,552 |
|
Goodwill impairment |
|
| — |
|
|
| 26,826 |
|
|
| — |
|
|
| — |
|
|
| — |
|
(Loss) income before income taxes |
|
| (7,483 | ) |
|
| (46,064 | ) |
|
| (10,439 | ) |
|
| 5,142 |
|
|
| 5,373 |
|
Income tax (benefit) expense |
|
| (1,724 | ) |
|
| (4,693 | ) |
|
| (1,826 | ) |
|
| 1,172 |
|
|
| (1,097 | ) |
Net (loss) income |
| $ | (5,759 | ) |
| $ | (41,371 | ) |
| $ | (8,613 | ) |
| $ | 3,970 |
|
| $ | (4,276 | ) |
Per Common Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(Loss) earnings per common share - basic and diluted |
| $ | (0.30 | ) |
| $ | (2.18 | ) |
| $ | (0.45 | ) |
| $ | 0.21 |
|
| $ | (0.23 | ) |
Dividends declared per common share |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 0.1225 |
|
|
| 0.1225 |
|
Book value per common share |
|
| 9.69 |
|
|
| 9.53 |
|
|
| 12.21 |
|
|
| 13.03 |
|
|
| 13.13 |
|
Tangible book value per common share - Non-GAAP |
|
| 9.47 |
|
|
| 9.30 |
|
|
| 10.55 |
|
|
| 11.36 |
|
|
| 11.44 |
|
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
| $ | 3,117,554 |
|
| $ | 3,262,713 |
|
| $ | 3,214,424 |
|
| $ | 3,324,060 |
|
| $ | 3,130,465 |
|
Average assets |
|
| 3,165,886 |
|
|
| 3,249,112 |
|
|
| 3,277,282 |
|
|
| 3,270,110 |
|
|
| 3,020,371 |
|
Average interest-earning assets |
|
| 2,979,065 |
|
|
| 3,038,795 |
|
|
| 3,064,103 |
|
|
| 3,060,534 |
|
|
| 2,812,898 |
|
Loans held for investment (including PPP loans) |
|
| 2,430,947 |
|
|
| 2,446,370 |
|
|
| 2,454,431 |
|
|
| 2,452,783 |
|
|
| 2,411,059 |
|
Loans held for investment (excluding PPP loans) |
|
| 2,428,561 |
|
|
| 2,439,956 |
|
|
| 2,447,197 |
|
|
| 2,444,795 |
|
|
| 2,399,092 |
|
Allowance for credit losses |
|
| 35,893 |
|
|
| 49,631 |
|
|
| 38,567 |
|
|
| 35,961 |
|
|
| 30,740 |
|
Purchase accounting adjustments (discounts) on acquired loans |
|
| 5,117 |
|
|
| 5,831 |
|
|
| 6,381 |
|
|
| 6,724 |
|
|
| 7,872 |
|
Loans held for sale |
|
| 46,337 |
|
|
| 69,640 |
|
|
| 64,102 |
|
|
| 76,528 |
|
|
| 69,534 |
|
Securities available for sale, at fair value |
|
| 321,081 |
|
|
| 313,930 |
|
|
| 340,617 |
|
|
| 351,990 |
|
|
| 354,341 |
|
Noninterest-bearing demand deposits |
|
| 506,248 |
|
|
| 572,969 |
|
|
| 575,989 |
|
|
| 594,518 |
|
|
| 640,101 |
|
Total deposits |
|
| 2,566,032 |
|
|
| 2,776,152 |
|
|
| 2,613,094 |
|
|
| 2,761,047 |
|
|
| 2,502,507 |
|
Subordinated notes, net |
|
| 39,855 |
|
|
| 39,871 |
|
|
| 39,888 |
|
|
| 39,904 |
|
|
| 39,920 |
|
FHLB and FRB advances |
|
| 275,000 |
|
|
| 215,000 |
|
|
| 284,100 |
|
|
| 239,100 |
|
|
| 311,751 |
|
Average interest-bearing liabilities |
|
| 2,362,774 |
|
|
| 2,354,360 |
|
|
| 2,346,722 |
|
|
| 2,169,643 |
|
|
| 1,777,391 |
|
Total stockholders' equity |
|
| 185,989 |
|
|
| 182,837 |
|
|
| 231,271 |
|
|
| 246,735 |
|
|
| 248,793 |
|
Average stockholders' equity |
|
| 223,840 |
|
|
| 238,530 |
|
|
| 257,117 |
|
|
| 259,911 |
|
|
| 263,826 |
|
Weighted average common shares outstanding - basic |
|
| 19,033 |
|
|
| 19,015 |
|
|
| 18,851 |
|
|
| 18,856 |
|
|
| 18,857 |
|
Weighted average common shares outstanding - diluted |
|
| 19,033 |
|
|
| 19,015 |
|
|
| 18,851 |
|
|
| 18,860 |
|
|
| 18,857 |
|
Financial Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average assets (1) |
|
| -0.73 | % |
|
| -5.09 | % |
|
| -1.05 | % |
|
| 0.49 | % |
|
| -0.57 | % |
Return on average equity (1) |
|
| -10.29 | % |
|
| -69.38 | % |
|
| -13.40 | % |
|
| 6.11 | % |
|
| -6.48 | % |
Total loan to deposit ratio |
|
| 96.5 | % |
|
| 90.6 | % |
|
| 96.4 | % |
|
| 91.6 | % |
|
| 99.1 | % |
Held for investment loan to deposit ratio |
|
| 94.7 | % |
|
| 88.1 | % |
|
| 93.9 | % |
|
| 88.8 | % |
|
| 96.3 | % |
Net interest margin (1) |
|
| 2.92 | % |
|
| 2.92 | % |
|
| 3.12 | % |
|
| 3.30 | % |
|
| 4.00 | % |
Cost of deposits (1) |
|
| 2.73 | % |
|
| 2.46 | % |
|
| 2.21 | % |
|
| 1.74 | % |
|
| 0.85 | % |
Cost of funds (1) |
|
| 2.91 | % |
|
| 2.73 | % |
|
| 2.49 | % |
|
| 2.11 | % |
|
| 1.22 | % |
Efficiency ratio |
|
| 118.2 | % |
|
| 127.7 | % |
|
| 101.3 | % |
|
| 88.8 | % |
|
| 81.1 | % |
Regulatory remediation expenses |
|
| 3,155 |
|
|
| 3,782 |
|
|
| 2,388 |
|
|
| 1,134 |
|
|
| 2,884 |
|
Capital and Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average stockholders' equity to average assets |
|
| 7.1 | % |
|
| 7.3 | % |
|
| 7.8 | % |
|
| 7.9 | % |
|
| 8.7 | % |
Allowance for credit losses to loans held for investment, excluding PPP loans |
|
| 1.48 | % |
|
| 2.03 | % |
|
| 1.58 | % |
|
| 1.47 | % |
|
| 1.28 | % |
Ratio of net charge-offs to average loans outstanding (1) |
|
| 2.84 | % |
|
| 0.09 | % |
|
| 1.29 | % |
|
| 0.17 | % |
|
| 0.28 | % |
Nonperforming loans to total assets |
|
| 2.01 | % |
|
| 2.51 | % |
|
| 2.54 | % |
|
| 2.63 | % |
|
| 2.69 | % |
Nonperforming assets to total assets |
|
| 2.01 | % |
|
| 2.51 | % |
|
| 2.54 | % |
|
| 2.63 | % |
|
| 2.70 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reconciliation of Non-GAAP Financial Measures (unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible Common Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total stockholders' equity |
| $ | 185,989 |
|
| $ | 182,837 |
|
| $ | 231,271 |
|
| $ | 246,735 |
|
| $ | 248,793 |
|
Less: Goodwill and other intangibles, net of deferred tax liability (2) |
|
| (4,179 | ) |
|
| (4,286 | ) |
|
| (31,427 | ) |
|
| (31,637 | ) |
|
| (32,027 | ) |
Tangible common equity (Non-GAAP) |
| $ | 181,810 |
|
| $ | 178,551 |
|
| $ | 199,844 |
|
| $ | 215,098 |
|
| $ | 216,766 |
|
Total shares outstanding |
|
| 19,198 |
|
|
| 19,192 |
|
|
| 18,934 |
|
|
| 18,942 |
|
|
| 18,950 |
|
Book value per common share |
| $ | 9.69 |
|
| $ | 9.53 |
|
| $ | 12.21 |
|
| $ | 13.03 |
|
| $ | 13.13 |
|
Tangible book value per common share (Non-GAAP) |
|
| 9.47 |
|
|
| 9.30 |
|
|
| 10.55 |
|
|
| 11.36 |
|
|
| 11.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible stockholders' equity to tangible total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
| $ | 3,117,554 |
|
| $ | 3,262,713 |
|
| $ | 3,214,424 |
|
| $ | 3,324,060 |
|
| $ | 3,130,465 |
|
Less: Goodwill and other intangibles, net of deferred tax liability (2) |
|
| (4,179 | ) |
|
| (4,286 | ) |
|
| (31,427 | ) |
|
| (31,637 | ) |
|
| (32,027 | ) |
Tangible total assets (Non-GAAP) |
| $ | 3,113,375 |
|
| $ | 3,258,427 |
|
| $ | 3,182,997 |
|
| $ | 3,292,423 |
|
| $ | 3,098,438 |
|
Tangible common equity (Non-GAAP) |
| $ | 181,810 |
|
| $ | 178,551 |
|
| $ | 199,844 |
|
| $ | 215,098 |
|
| $ | 216,766 |
|
Tangible stockholders' equity to tangible total assets (Non-GAAP) |
|
| 5.8 | % |
|
| 5.5 | % |
|
| 6.3 | % |
|
| 6.5 | % |
|
| 7.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(1) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(2) Excludes mortgage servicing rights. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|