Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Dec. 13, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | BLUE RIDGE BANKSHARES, INC. | |
Entity Central Index Key | 0000842717 | |
Current Fiscal Year End Date | --12-31 | |
Entity Address, State or Province | VA | |
Trading Symbol | BRBS | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
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 | 4,346,866 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 22,318 | $ 15,026 |
Federal funds sold | 285 | 546 |
Securities available for sale, at fair value | 121,740 | 38,047 |
Securities held to maturity, at cost | 13,117 | 15,565 |
Restricted equity securities, at cost | 7,855 | 5,138 |
Loans held for sale | 80,255 | 29,233 |
Loans, net of unearned income | 460,878 | 414,868 |
Less allowance for loan losses | (4,404) | (3,580) |
Loans, net | 456,474 | 411,288 |
Premises and equipment, net | 3,457 | 3,343 |
Cash surrender value of life insurance | 8,871 | 8,455 |
Goodwill | 3,307 | 2,694 |
Other assets | 18,559 | 10,255 |
Total assets | 736,238 | 539,590 |
Deposits: | ||
Noninterest-bearing | 91,840 | 88,265 |
Interest-bearing | 428,440 | 326,762 |
Total deposits | 520,280 | 415,027 |
Other borrowings | 129,600 | 73,100 |
Subordinated debentures, net of issuance costs | 9,792 | 9,766 |
Other liabilities | 10,970 | 2,076 |
Total liabilities | 670,642 | 499,969 |
Stockholders' Equity: | ||
Common stock, no par value; 10,000,000 shares authorized; 4,346,866 and 2,792,885 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 38,731 | 16,453 |
Additional paid-in capital | 252 | 252 |
Retained earnings | 25,516 | 23,321 |
Accumulated other comprehensive income | 876 | (618) |
Stockholders' Equity | 65,375 | 39,408 |
Noncontrolling interest | 221 | 213 |
Total stockholders' equity | 65,596 | 39,621 |
Total liabilities and stockholders' equity | $ 736,238 | $ 539,590 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares, Issued | 4,346,866 | 2,792,885 |
Common Stock, Shares, Outstanding | 4,346,866 | 2,792,885 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest income: | ||||
Interest and fees on loans | $ 6,927 | $ 5,285 | $ 19,640 | $ 14,625 |
Interest on taxable securities | 1,133 | 409 | 2,601 | 1,199 |
Interest on nontaxable securities | 56 | 73 | 183 | 226 |
Interest on federal funds sold | 2 | 3 | 6 | 13 |
Total interest income | 8,118 | 5,770 | 22,430 | 16,063 |
Interest expense: | ||||
Interest on deposits | 1,763 | 910 | 4,491 | 2,469 |
Interest on subordinated debentures | 169 | 169 | 532 | 532 |
Interest on other borrowings | 750 | 255 | 1,920 | 563 |
Total interest expense | 2,682 | 1,334 | 6,943 | 3,564 |
Net interest income | 5,436 | 4,436 | 15,487 | 12,499 |
Provision for loan losses | 570 | 225 | 1,465 | 640 |
Net interest income after provision for loan losses | 4,866 | 4,211 | 14,022 | 11,859 |
Non-interest income: | ||||
Service charges on deposit accounts | 171 | 155 | 459 | 479 |
Mortgage brokerage income | 1,648 | 904 | 3,511 | 1,914 |
Gain on sale of mortgages | 2,295 | 1,385 | 7,455 | 2,954 |
Income from investment in life insurance contracts | 59 | 50 | 874 | 148 |
Other income | 800 | 597 | 1,956 | 1,514 |
Total other income | 4,973 | 3,091 | 14,255 | 7,009 |
Non-interest expenses: | ||||
Salaries and employee benefits | 5,079 | 3,430 | 14,149 | 8,127 |
Occupancy and equipment expense | 627 | 414 | 1,868 | 1,117 |
Data processing fees | 413 | 265 | 1,069 | 803 |
Legal and other professional fees | 434 | 334 | 1,253 | 578 |
Advertising fees | 191 | 113 | 607 | 348 |
Audit and accounting fees | 37 | 29 | 125 | 114 |
FDIC insurance expense | 86 | 42 | 256 | 138 |
Director fees | 52 | 45 | 174 | 141 |
Other taxes and assessments | 171 | 159 | 490 | 397 |
Other operating | 1,117 | 872 | 3,226 | 2,574 |
Total other expenses | 8,207 | 5,703 | 23,217 | 14,337 |
Income before income tax | 1,632 | 1,599 | 5,060 | 4,531 |
Income tax expense | 379 | 329 | 989 | 944 |
Net income | 1,253 | 1,270 | 4,071 | 3,587 |
Net Income attributable to noncontrolling interest | (3) | (1) | (21) | (8) |
Net Income attributable to Blue Ridge Bankshares, Inc. | 1,250 | 1,269 | 4,050 | 3,579 |
Net Income available to Common Stockholders | $ 1,250 | $ 1,269 | $ 4,050 | $ 3,579 |
Basic earnings per common share | $ 0.29 | $ 0.45 | $ 1.01 | $ 1.29 |
Diluted earnings per common share | $ 0.29 | $ 0.45 | $ 1.01 | $ 1.29 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,253 | $ 1,270 | $ 4,071 | $ 3,587 |
Other comprehensive income: | ||||
Gross unrealized gains (losses) arising during the period | 1,256 | (110) | 2,288 | (500) |
Adjustment for income tax (expense) benefit | (264) | 23 | (480) | 101 |
Other comprehensive income loss gross unrealized gains losses | 992 | (87) | 1,808 | (399) |
Unrealized gains (losses) on interest rate swaps | (258) | (483) | ||
Adjustment for income tax benefit | 54 | 102 | ||
Other comprehensive income loss increase decrease excluding derivative component | (204) | (381) | ||
Reclassifications adjustment for gains included in net income | 2 | 86 | 5 | |
Adjustment for income tax expense | (1) | (20) | (1) | |
Reclassification adjustment for gains | 1 | 66 | 4 | |
Other comprehensive income (loss), net of tax | 788 | (86) | 1,493 | (395) |
Comprehensive income | 2,041 | 1,184 | 5,564 | 3,192 |
Comprehensive income attributable to noncontrolling interest | (3) | (1) | (21) | (8) |
Comprehensive income attributable to Blue Ridge Bankshares, Inc. | $ 2,038 | $ 1,183 | $ 5,543 | $ 3,184 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock & Related Surplus [Member] | Contributed Equity [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Unearned ESOP Shares [Member] |
Beginning Balance at Dec. 31, 2017 | $ 36,441 | $ 16,324 | $ 195 | $ 20,190 | $ (324) | $ 199 | $ (143) |
Net income | 3,587 | 3,579 | 8 | ||||
Other comprehensive income (loss) | (395) | (395) | |||||
Dividends on common stock | (1,110) | (1,110) | |||||
Issuance of restricted common stock, net of forfeitures | 89 | 89 | |||||
Release of unearned ESOP shares | 196 | 53 | 143 | ||||
Ending Balance at Sep. 30, 2018 | 38,808 | 16,413 | 248 | 22,660 | (719) | 207 | |
Beginning Balance at Jun. 30, 2018 | 37,936 | 16,375 | 237 | 21,782 | (633) | 206 | (31) |
Net income | 1,270 | 1,269 | 1 | ||||
Other comprehensive income (loss) | (86) | (86) | |||||
Dividends on common stock | (391) | (391) | |||||
Issuance of restricted common stock, net of forfeitures | 38 | 38 | |||||
Release of unearned ESOP shares | 41 | 10 | $ 31 | ||||
Ending Balance at Sep. 30, 2018 | 38,808 | 16,413 | 248 | 22,660 | (719) | 207 | |
Beginning Balance at Dec. 31, 2018 | 39,621 | 16,452 | 252 | 23,321 | (618) | 213 | |
Net income | 4,071 | 4,050 | 21 | ||||
Other comprehensive income (loss) | 1,493 | 1,494 | |||||
Noncontrolling interest capital distributions | (13) | (13) | |||||
Dividends on common stock | (1,855) | (1,855) | |||||
Issuance of common stock (1,536,731 shares), Net of capital raise expenses | 22,119 | 22,119 | |||||
Issuance of restricted common stock, net of forfeitures | 160 | 160 | |||||
Ending Balance at Sep. 30, 2019 | 65,596 | 38,731 | 252 | 25,516 | 876 | 221 | |
Beginning Balance at Jun. 30, 2019 | 64,134 | 38,690 | 252 | 24,886 | 88 | 218 | |
Net income | 1,253 | 1,250 | 3 | ||||
Other comprehensive income (loss) | 788 | 788 | |||||
Dividends on common stock | (620) | (620) | |||||
Issuance of restricted common stock, net of forfeitures | 41 | 41 | |||||
Ending Balance at Sep. 30, 2019 | $ 65,596 | $ 38,731 | $ 252 | $ 25,516 | $ 876 | $ 221 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends per share cash paid | $ 0.1425 | $ 0.14 | $ 0.1425 | $ 0.40 |
Stock issued during period shares new issues | 1,536,731 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 4,071 | $ 3,587 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation, amortization and accretion | 383 | 295 |
Deferred income taxes | 9 | (325) |
Provision for loan losses | 1,465 | 640 |
Proceeds from sale of loans held for sale, originated | 241,112 | 105,343 |
Gain on sale of loans held for sale, originated | (7,455) | (2,954) |
Gain on sale of securities | (86) | (5) |
Loans held for sale, originated | (264,625) | (108,773) |
(Gain) loss on disposal of premises and equipment | (2) | 5 |
Loss on sale of other real estate owned | 33 | |
Investment amortization expense, net | 356 | 182 |
Amortization of debt refinancing fees | 57 | |
Amortization of subordinated debt issuance costs | 25 | 25 |
Amortization of other intangibles | 352 | 390 |
Earnings on life insurance | (874) | (148) |
Increase in other assets | (9,677) | (2,392) |
Increase (decrease) in accrued expenses | 8,893 | (160) |
Release of unearned ESOP shares | 196 | |
Net cash used in operating activities | (26,020) | (4,037) |
Cash flows used in investing activities: | ||
Net (increase) decrease in federal funds sold | 261 | (138) |
Purchase of securities available for sale | (96,743) | (9,307) |
Purchase of securities held to maturity | (4,401) | |
Proceeds from calls, maturities, sales, paydowns and maturities of securities available for sale | 15,231 | 4,342 |
Proceeds from calls, maturities, sales, paydowns and maturities of securities held for investment | 2,370 | 1,915 |
Purchase of insurance policies | (600) | |
Redemption of insurance policies | 1,058 | |
Net change in restricted equity securities | (2,717) | (249) |
Net increase in loans held for investment | (46,650) | (45,484) |
Net increase in loans held for sale, participations | (20,053) | (4,719) |
Purchase of premises and equipment | (507) | (640) |
Proceeds from sale of premises and equipment | 13 | 4 |
Capital calls of SBIC funds and other investments | (665) | (310) |
Nonincome distributions from limited liability companies | 147 | 252 |
Net cash used in investing activities | (148,855) | (58,735) |
Cash flows from financing activities: | ||
Net increase in deposits | 105,254 | 53,683 |
Common stock dividends paid | (1,866) | (1,110) |
Federal Home Loan Bank advances | 257,100 | 106,100 |
Federal Home Loan Bank repayments | (200,600) | (92,700) |
Issuance of common stock | 22,279 | 89 |
Repayment of contingent ESOP liability | (151) | |
Net cash provided by financing activities | 182,167 | 65,911 |
Net increase in cash and due from banks | 7,292 | 3,139 |
Cash and due from banks at beginning of period | 15,026 | 10,319 |
Cash and due from banks at end of period | 22,318 | 13,458 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | $ 6,217 | $ 3,203 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 – Summary of Significant Accounting Policies Principles of Consolidation The accompanying unaudited consolidated financial statements of Blue Ridge Bankshares, Inc. (“the Company” or “Blue Ridge”) include the accounts of Blue Ridge Bank, N.A. (“the Bank”), PVB Properties, LLC, and MoneyWise Payroll Solutions, Inc. (net of noncontrolling interest) and were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Operating results for the quarter ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the joint proxy statement/prospectus filed with the Securities and Exchange Commission on October 31, 2019. The accompanying unaudited consolidated financial statements include the accounts of the Company, the Bank and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Nature of Operations The Company operates under the supervision and monitoring of the Federal Reserve Bank of Richmond while the Bank operates under a national charter subject to regulation by the Office of the Comptroller of the Currency. The Bank provides commercial banking services to customers located primarily in the Piedmont, Southside, and Shenandoah Valley regions of the Commonwealth of Virginia and also operates under the name Carolina State Bank in Greensboro, North Carolina. Mortgage lending services are provided in these regions as well with additional mortgage offices located in Northern Virginia, Maryland, North Carolina, and Florida. Basis of Presentation The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, goodwill and intangibles, fair value, the valuation of deferred tax assets and liabilities, and valuation of foreclosed real estate. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for fair presentation of the results of operations in these financial statements, have been made. Reclassification Certain reclassifications have been made to prior period amounts to conform to current period presentation. None of these reclassifications are considered material and have no impact on net income. Earnings Per Share Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. ESOP shares are considered outstanding for this calculation. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The Company had no dilutive common shares outstanding at September 30, 2019 and 2018. The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30. For the nine months ended September 30, For the three months ended September 30, 2019 2018 2019 2018 Net income $ 4,070,745 $ 3,587,096 $ 1,253,139 $ 1,269,659 Net income attributable to noncontrolling interest (21,251 ) (7,612 ) (3,075 ) (1,043 ) Net income available to common shareholders $ 4,049,494 $ 3,579,484 $ 1,250,064 $ 1,268,616 Weighted average common shares 3,998,267 2,774,441 4,346,866 2,795,303 Effect of dilutive securities — — — — Diluted average common shares 3,998,267 2,774,441 4,346,866 2,795,303 Earnings (losses) per common share $ 1.01 $ 1.29 $ 0.29 $ 0.45 Diluted earnings (losses) per common share $ 1.01 $ 1.29 $ 0.29 $ 0.45 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2019 | |
Schedule of Investments [Abstract] | |
Investment Securities | Note 2 – Investment Securities Investment securities available for sale are carried in the consolidated balance sheets at their fair value and investment securities held to maturity are carried in the consolidated balance sheets at their amortized cost. The amortized cost and fair values of investment securities at September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale U.S. Treasury and agencies $ 3,375 $ 2 $ 46 $ 3,331 Mortgage backed securities 110,220 1,640 70 111,790 Corporate bonds 6,553 68 2 6,619 $ 120,148 $ 1,710 $ 118 $ 121,740 Held to maturity State and municipal $ 13,117 $ 506 $ 8 $ 13,615 $ 13,117 $ 506 $ 8 $ 13,615 Total Investment Securities $ 133,265 $ 2,216 $ 126 $ 135,355 December 31, 2018 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale State and municipal $ 1,000 $ 3 $ — $ 1,003 U.S. Treasury and agencies 3,375 — 208 3,167 Mortgage backed securities 28,976 22 628 28,370 Corporate bonds 5,477 78 48 5,507 $ 38,828 $ 103 $ 884 $ 38,047 Held to maturity State and municipal $ 15,565 $ 78 $ 140 $ 15,503 $ 15,565 $ 78 $ 140 $ 15,503 Total Investment Securities $ 54,393 $ 181 $ 1,024 $ 53,550 The amortized cost and fair value of securities at September 30, 2019, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2019 Securities Available for Securities Held to (In thousands) Amortized Cost Fair Value Amortized Fair Value Due in one year or less $ — $ — $ 461 $ 463 Due after one year through five years 2,500 2,499 2,590 2,641 Due after five years 8,794 8,781 3,761 3,863 Due after ten years 108,854 110,460 6,305 6,648 Total $ 120,148 $ 121,740 $ 13,117 $ 13,615 A summary of unrealized losses (in thousands) and the length of time in a continuous loss position, by security type at September 30, 2019 and December 31, 2018 is as follows: September 30, 2019 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Fair Value Unrealized State and Municipal $ 1,667 $ (8 ) $ — $ — $ 1,667 $ (8 ) U.S. Treasury and Agency — — 2,829 (46 ) 2,829 (46 ) Mortgage backed 6,251 (4 ) 6,986 (66 ) 13,237 (70 ) Corporate bonds 250 — 898 (2 ) 1,148 (2 ) Total $ 8,168 $ (12 ) $ 10,713 $ (114 ) $ 18,881 $ (126 ) December 31, 2018 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Fair Value Unrealized State and Municipal $ 6,278 $ (105 ) $ 2,402 $ (35 ) $ 8,680 $ (140 ) U.S. Treasury and Agency — — 3,167 (208 ) 3,167 (208 ) Mortgage backed 10,031 (51 ) 17,173 (577 ) 27,204 (628 ) Corporate bonds 2,114 (36 ) 488 (12 ) 2,602 (48 ) Total $ 18,423 $ (192 ) $ 23,230 $ (832 ) $ 41,653 $ (1,024 ) Other investments (in thousands) consist of stock in the Federal Home Loan Bank (carrying basis $5,993), Federal Reserve stock (carrying basis $963), and various other investments (carrying basis $899). The Company had pledged securities (in thousands) of $97,265 and $26,408 at September 30, 2019 and December 31, 2018, respectively. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | Note 3 – Loans Loans held for investment outstanding at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, 2019 December 31, 2018 (in thousands) Commercial and industrial $ 50,826 $ 49,076 Agricultural 175 216 Real estate – construction, commercial 19,876 14,666 Real estate – construction, residential 16,364 15,102 Real estate – mortgage, commercial 167,223 150,513 Real estate – mortgage, residential 165,865 149,856 Real estate – mortgage, farmland 3,754 4,179 Consumer installment loans 37,433 31,979 Gross loans 461,516 415,587 Less: Unearned income (638 ) (719 ) Total $ 460,878 $ 414,868 The Company has pledged loans held for investment (in thousands) as collateral for borrowings with the Federal Home Loan Bank of Atlanta totaling $126,125 and $104,791 as of September 30, 2019 and December 31, 2018, respectively. The following table presents the aging of the recorded investment of past due loans (in thousands) as of September 30, 2019 and December 31, 2018: September 30, 2019 (in thousands) 30-59 Days Past 60-89 Greater than 90 Days Past Nonaccrual Total Past Due & Nonaccrual Current Total Loans Commercial and industrial $ 126 $ — $ — $ 538 $ 664 $ 50,162 $ 50,826 Real estate – construction, commercial 141 363 — 942 1,446 18,430 19,876 Real estate – construction, residential 493 240 — — 733 15,631 16,364 Real estate – mortgage, commercial — — — 2,026 2,026 165,197 167,223 Real estate – mortgage, residential 1,482 — 708 947 3,137 162,728 165,865 Agricultural & Farmland — — — — — 3,929 3,929 Consumer installment loans 760 322 — 688 1,770 35,663 37,433 Less: Unearned income — — — — — (638 ) (638 ) $ 3,002 $ 925 $ 708 $ 5,141 $ 9,776 $ 451,102 $ 460,878 December 31, 2018 (in thousands) 30-59 Days Past 60-89 Greater than 90 Days Past Nonaccrual Total Past Due Current Total Loans Commercial and industrial $ 280 $ 29 $ — $ 312 $ 621 $ 48,455 $ 49,076 Real estate – construction, commercial — — — 979 979 13,687 14,666 Real estate – construction, residential — — 231 — 231 14,871 15,102 Real estate – mortgage, commercial 218 441 430 2,441 3,530 146,983 150,513 Real estate – mortgage, residential 760 7 1,079 1,441 3,287 146,569 149,856 Agricultural & Farmland 123 — 309 — 432 3,963 4,395 Consumer installment loans 1,017 408 4 357 1,786 30,193 31,979 Less: Unearned income — — — — — (719 ) (719 ) $ 2,398 $ 885 $ 2,053 $ 5,530 $ 10,866 $ 404,002 $ 414,868 |
Allowance for Loans Losses
Allowance for Loans Losses | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Allowance for Loans Losses | Note 4 – Allowance for Loans Losses A summary of changes in the allowance for loans losses (in thousands) for September 30, 2019 and December 31, 2018 is as follows: September 30, December 31, 2018 (Dollars in thousands) Allowance, beginning of period $ 3,580 $ 2,803 Charge-Offs Commercial and industrial $ 43 $ 6 Real estate, construction — — Real estate, mortgage 3 13 Consumer and other loans 733 545 Total charge-offs 779 564 Recoveries Commercial and industrial — — Real estate, construction — — Real estate, mortgage (6 ) (12 ) Consumer and other loans (132 ) (104 ) Total recoveries (138 ) (116 ) Net charge-offs (recoveries) 641 448 Provision for loan losses 1,465 1,225 Allowance, end of period $ 4,404 $ 3,580 Individually Collectively Evaluated for Impairment Total September 30, 2019 Commercial and industrial $ 291 $ 50,535 $ 50,826 Agricultural — 175 175 Real Estate – construction, commercial — 19,876 19,876 Real Estate – construction, residential — 16,364 16,364 Real Estate – mortgage, commercial 735 166,488 167,223 Real Estate – mortgage, residential 658 165,207 165,865 Real Estate – mortgage, farmland — 3,754 3,754 Consumer installment loans — 37,433 37,433 Gross loans 1,684 459,832 461,516 Less: Unearned income — (638 ) (638 ) Total $ 1,684 $ 459,194 $ 460,878 Individually Collectively Evaluated for Impairment Total December 31, 2018 Commercial and industrial $ — $ 49,076 $ 49,076 Agricultural — 216 216 Real Estate – construction, commercial — 14,666 14,666 Real Estate – construction, residential — 15,102 15,102 Real Estate – mortgage, commercial 1,258 149,255 150,513 Real Estate – mortgage residential 688 149,168 149,856 Real Estate – mortgage, farmland — 4,179 4,179 Consumer installment loans — 31,979 31,979 Gross loans 1,946 413,641 415,587 Less: Unearned income — (719 ) (719 ) Total $ 1,946 $ 412,922 $ 414,868 The following table presents information related to impaired loans, by portfolio segment, at the dates presented. September 30, 2019 (in thousands) Recorded Unpaid Related Average Interest With no specific allowance recorded: Real estate – mortgage, residential $ 658 $ 658 $ — $ 661 $ 7 With an allowance recorded: Commercial and industrial 291 291 151 146 2 Real estate – mortgage, commercial 735 735 100 735 5 $ 1,684 $ 1,684 $ 251 $ 1,542 $ 14 December 31, 2018 (in thousands) Recorded Unpaid Related Average Interest With no specific allowance recorded: Real estate – mortgage, residential $ 1,946 $ 1,946 $ — $ 2,067 $ 64 With an allowance recorded: Real estate – mortgage, commercial — — — — — $ 1,946 $ 1,946 $ — $ 2,067 $ 64 Purchased loans from the 2016 River Bancorp, Inc. acquisition had remaining balances (in thousands) of $25,091 and 34,672 as of September 30, 2019 and December 31, 2018, respectively. Of these balances three loan relationships were considered specifically impaired purchased credit-impaired loans. One of these relationships was resolved during 2018 and the Company recovered $200 of the balance previously written-off. written-off. September 30, December 31, Real Estate Construction loans and all land development and other land loans $ 1,415 $ 1,522 Secured by farmland 3 319 Revolving, open-end 1-4 properties and extended under lines of credit 2,814 3,376 Secured by first liens 7,803 10,448 Secured by junior liens 399 505 Secured by multifamily (5 or more) residential properties 95 250 Loans secured by owner-occupied, nonfarm nonresidential properties 4,146 7,344 Loans secured by other nonfarm nonresidential properties 5,395 6,239 Commercial and Industrial 2,906 4,457 Other Other revolving credit plans 37 89 Automobile loans 10 30 Other consumer loans 68 93 Total $ 25,091 $ 34,672 The following table presents the Company’s loan portfolio by internal loan grade (in thousands) as of September 30, 2019 and December 31, 2018: September 30, 2019 Grade Prime Grade 2 Desirable Grade 3 Good Grade 4 Acceptable Grade 5 Pass/Watch Grade 6 Special Grade 7 Total Commercial and industrial $ 406 $ 1,827 $ 21,936 $ 25,540 $ 579 $ — $ 538 $ 50,826 Agricultural — 103 66 6 — — — 175 Real Estate – construction, commercial — 659 10,210 7,923 104 — 980 19,876 Real Estate – construction, residential — — 4,295 8,011 4,058 — — 16,364 Real Estate – mortgage, commercial — 1,656 81,973 70,093 10,226 1,012 2,263 167,223 Real Estate – mortgage residential — 2,917 81,246 76,351 3,648 96 1,607 165,865 Real Estate – mortgage, farmland 1,565 100 1,418 218 453 — — 3,754 Consumer installment loans 297 32 23,863 12,447 106 — 688 37,433 Gross loans 2,268 7,294 225,007 200,589 19,174 1,108 6,076 461,516 Less: Unearned income (638 ) Total $ 460,878 December 31, 2018 Grade Prime Grade 2 Desirable Grade 3 Good Grade 4 Acceptable Grade 5 Pass/Watch Grade 6 Special Grade 7 Total Commercial and industrial $ 44 $ 2,660 $ 21,009 $ 24,254 $ 797 $ — $ 312 $ 49,076 Agricultural 9 99 105 3 — — — 216 Real Estate – construction, commercial — 485 7,118 5,937 106 — 1,020 14,666 Real Estate – construction, residential — — 4,305 5,059 5,738 — — 15,102 Real Estate – mortgage, commercial — 1,920 82,097 53,487 8,470 1,668 2,871 150,513 Real Estate – mortgage residential — 3,647 76,496 63,397 3,805 522 1,989 149,856 Real Estate – mortgage, farmland 1,700 100 1,340 730 — — 309 4,179 Consumer installment loans 213 29 16,174 15,081 123 — 359 31,979 Gross loans 1,966 8,940 208,644 167,948 19,039 2,190 6,860 415,587 Less: Unearned income (719 ) Total $ 414,868 The Company also utilizes the grades 8 (Doubtful) and 9 (Loss). There were no loans classified in these categories at September 30, 2019 and December 31, 2018. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Note 5 - Derivative Financial Instruments and Hedging Activities During the first quarter of 2019, the Company entered into an interest rate swap agreement (‘‘swap agreement’’) to facilitate the risk management strategies needed in order to accommodate the needs of its banking customers. The Company mitigates the risk of entering into these loan agreements by entering into equal and offsetting swap agreements with a highly rated third-party financial institution. This back-to-back September 30, 2019 Notional Amount Fair Value (Dollars in thousands) Interest Rate Swap Agreements Receive Fixed/Pay Variable Swaps $ 2,156 $ 244 Pay Fixed/Receive Variable Swaps 2,156 (244 ) The Bank also participates in a “mandatory” delivery program for its government guaranteed and conventional mortgage loans held for sale. Under the mandatory delivery system, loans with interest rate locks are paired with the sale of a TBA mortgage-backed security bearing similar attributes. Under the mandatory delivery program, the Bank commits to deliver loans to an investor at an agreed upon price prior to the close of such loans. This differs from a “best efforts” delivery, which sets the sale price with the investor on a loan-by-loan |
Employee Benefit Plan
Employee Benefit Plan | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Note 6 – Employee Benefit Plan The Company has a 401(k) Profit Sharing Plan that covers eligible employees. Employees may make voluntary contributions subject to certain limits based on federal tax laws. The Bank matches 100 percent of an employee’s contribution up to five percent of his or her salary following one year of continuous service and the benefits vest immediately. The Company’s Board of Directors may make additional contributions at its discretion. Employees become eligible to participate in the discretionary contributions after one year of continuous service and the benefits vest over a five-year period. For the nine months ended September 30, 2019 and the year ended December 31, 2018, total expenses attributable to this plan were $454,439 and $364,653, respectively. In 2013, the Company established an Employee Stock Ownership Plan (ESOP) that covers eligible employees. Benefits in the Plan vest over a five-year period. Contributions to the plan are made at the discretion of the Board of Directors and may include both the matching component to employees’ elective deferrals into the 401(k) plan and discretionary profit contributions. The Plan held 79,800 total shares of Company stock at September 30, 2019 and December 31, 2018. All shares issued to and held by the Plan are considered outstanding in the computation of earnings per share. The Plan or the Company is required to purchase shares from separated employees at a price determined by a third-party appraisal. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 7 – Stock-Based Compensation The Company has granted restricted stock awards to employees under the Blue Ridge Bank Equity Incentive Plan. The restricted stock awards are considered fixed awards as the number of shares and fair value is known at the date of grant and the fair value at the grant date is amortized over the vesting period. Non-cash |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 8– Fair Value The fair value of a financial instrument is the current amount that would be exchanged between willing parties in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The Company records fair value adjustments to certain assets and liabilities and determines fair value disclosures utilizing a definition of fair value of assets and liabilities that states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Additional considerations are involved to determine the fair value of financial assets in markets that are not active. The Company uses a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 – Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 – Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions and certain corporate, asset backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. The carrying value of restricted Federal Reserve Bank and Federal Home Loan Bank stock approximates fair value based upon the redemption provisions of each entity and is therefore excluded from the following table. The following tables present the balances of financial assets measured at fair value on a recurring basis: September 30, 2019 (In thousands) Total Level 1 Level 2 Level 3 Available for sale securities U.S. Treasury and agencies $ 3,331 $ — $ 3,331 $ — Mortgage backed securities 111,790 — 111,790 — Corporate bonds 6,619 — 6,619 — Total securities available for sale $ 121,740 $ — $ 121,740 $ — December 31, 2018 (In thousands) Total Level 1 Level 2 Level 3 Available for sale securities State and municipal $ 1,003 $ — $ 1,003 $ — U.S. Treasury and agencies 3,167 — 3,167 — Mortgage backed securities 28,370 — 28,370 — Corporate bonds 5,507 — 5,507 — Total securities available for sale $ 38,047 $ — $ 38,047 $ — Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market 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. Loans Held for Sale Mortgage loans originated or purchased and intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. The agreed upon sales price is considered fair value as all of these loans are under agreements to sell to investors at the time of origination. This amount is generally the loan’s principal amount. Changes in fair value are recognized in the Gain on Sale of Mortgages on the Consolidated Statements of Income. Other Real Estate Owned Certain assets such as other real estate owned (OREO) are measured at fair value less cost to sell. Valuation of other real estate owned is determined using current appraisals from independent parties, a level two input. 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 realtor, estimated selling costs reduce the fair value, resulting in a valuation based on Level 3 inputs. The Company markets other real estate owned both independently and with local realtors. Properties marketed by realtors are discounted by selling costs. Properties that the Company markets independently are not discounted by selling costs. The following table summarizes the Company’s other real estate owned that were measured at fair value on a nonrecurring basis during the period. September 30, 2019 (In thousands) Total Level 1 Level 2 Level 3 Other real estate owned $ — $ — $ — $ — December 31, 2018 (In thousands) Total Level 1 Level 2 Level 3 Other real estate owned $ 134 $ — $ — $ 134 Fair Value At September 30, Valuation Technique Significant Unobservable Inputs Range Other real estate owned $ — Discounted appraised value Discounted for selling costs N/A Fair Value At December 31, Valuation Technique Significant Unobservable Inputs Range Other real estate owned $ 134 Discounted appraised value Discounted for selling costs 15%-35% |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Disclosures About Fair Value of Financial Instruments [Abstract] | |
Disclosures About Fair Value of Financial Instruments | Note 9 – Disclosures About Fair Value of Financial Instruments The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows: Fair Value Measurements at September 30, 2019 Carrying Quoted Prices in Active Markets for Significant Significant (Level 3) Fair Value (in thousands) Financial Assets Cash and short-term investments $ 22,318 $ 22,318 $ — $ — $ 22,318 Federal funds sold 285 285 — — 285 Investment securities 142,712 — 143,210 — 143,210 Loans held for sale 80,255 — 80,255 — 80,255 Net loans held for investment 456,474 — — 462,414 462,414 Accrued interest receivable 2,162 — 2,162 — 2,162 Bank-owned life insurance 8,871 — 8,871 — 8,871 Financial Liabilities Deposits 520,280 — 428,908 85,162 514,070 Other borrowed funds 129,600 — 129,908 — 129,908 Subordinated debt, net 9,792 — — 9,792 9,792 Accrued interest payable 834 — 834 — 834 Fair Value Measurements at December 31, 2018 Carrying Quoted Prices in Active Significant Significant (Level 3) Fair Value (in thousands) Financial Assets Cash and short-term investments $ 15,026 $ 15,026 $ — $ — $ 15,026 Federal funds sold 546 546 — — 546 Investment securities 58,750 — 58,688 — 58,688 Loans held for sale 29,233 — 29,233 — 29,233 Net loans held for investment 411,288 — — 404,888 404,888 Accrued interest receivable 1,769 — 1,769 — 1,769 Bank-owned life insurance 8,455 — 8,455 — 8,455 Financial Liabilities Deposits 415,027 — 323,280 81,070 404,350 Other borrowed funds 73,100 — 73,113 — 73,113 Subordinated debt, net 9,766 — — 9,766 9,766 Accrued interest payable 395 — 395 — 395 |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Note 10 – Business Segments The Company utilizes its subsidiaries and divisions to provide multiple business segments including retail banking, mortgage banking, and payroll processing services. Revenues from retail banking operations consist primarily of interest earned on loans and investment securities and service charges on deposit accounts. Mortgage Banking operating revenues consist principally of gains on sales of loans in the secondary market, loan origination fee income and interest earned on mortgage loans held for sale. Revenues from payroll services consist of fees charged to customers for payroll services. Nine Months Ended September 30, 2019 (in thousands) Blue Ridge Blue MoneyWise Parent Only Eliminations Blue Ridge Consolidated Revenues: Interest income $ 21,582 $ 844 $ — $ 4 $ — $ 22,430 Service charges on deposit accounts 459 — — — — 459 Mortgage banking income, net — 10,967 — — — 10,967 Payroll processing revenue — — 743 — — 743 Other operating income 2,056 — — 48 (18 ) 2,086 Total income 24,097 11,811 743 52 (18 ) 36,685 Expenses: Interest expense 5,921 490 — 532 — 6,943 Provision for loan losses 1,465 — — — — 1,465 Salary and benefits 6,167 7,711 271 — — 14,149 Other operating expenses 5,194 2,697 344 851 (18 ) 9,068 Total expense 18,747 10,898 615 1,383 (18 ) 31,625 Income (loss) before income taxes 5,350 913 128 (1,331 ) — 5,060 Income tax expense 932 193 22 (158 ) — 989 Net income (loss) $ 4,418 $ 720 $ 106 $ (1,173 ) $ — $ 4,071 Net (income) loss attributable to noncontrolling interest $ — $ — $ (21 ) $ — $ — $ (21 ) Net income (loss) attributable to Blue Ridge Bankshares $ 4,418 $ 720 $ 85 $ (1,173 ) $ — $ 4,050 Three Months Ended September 30, 2019 (in thousands) Blue Ridge Blue MoneyWise Parent Only Eliminations Blue Ridge Revenues: Interest income $ 7,757 $ 359 $ — $ 2 $ — $ 8,118 Service charges on deposit accounts 171 — — — — 171 Mortgage banking income, net — 3,943 — — — 3,943 Payroll processing revenue — — 232 — — 232 Other operating income 609 — — 23 (6 ) 626 Total income 8,537 4,302 232 25 (6 ) 13,090 Expenses: Interest expense 2,289 215 — 178 — 2,682 Provision for loan losses 570 — — — — 570 Salary and benefits 2,126 2,858 95 — — 5,079 Other operating expenses 1,784 955 119 275 (6 ) 3,127 Total expense 6,769 4,028 214 453 (6 ) 11,458 Income (loss) before income taxes 1,768 274 18 (428 ) — 1,632 Income tax expense (benefit) 344 80 (1 ) (44 ) — 379 Net income (loss) $ 1,424 $ 194 $ 19 $ (384 ) $ — $ 1,253 Net (income) loss attributable to noncontrolling interest $ — $ — $ (3 ) $ — $ — $ (3 ) Net income (loss) attributable to Blue Ridge Bankshares $ 1,424 $ 194 $ 16 $ (384 ) $ — $ 1,250 Nine Months Ended September 30, 2018 (in thousands) Blue Ridge Blue MoneyWise Parent Only Eliminations Blue Ridge Consolidated Revenues: Interest income $ 15,738 $ 325 $ — $ 6 $ — $ 15,738 Service charges on deposit accounts 479 — — — — 479 Mortgage banking income, net — 4,868 — — — 4,868 Payroll processing revenue — — 739 — — 739 Other operating income 1,262 — — 4 (18 ) 1,248 Total income 17,479 5,193 739 10 (18 ) 23,072 Expenses: Interest expense 3,032 — — 532 — 3,564 Provision for loan losses 640 — — — — 640 Salary and benefits 3,851 3,980 296 — — 8,127 Other operating expenses 4,800 776 397 255 (18 ) 6,210 Total expense 12,323 4,756 693 787 (18 ) 18,541 Income (loss) before income taxes 4,825 437 46 (777 ) — 4,531 Income tax expense 999 92 8 (155 ) — 944 Net income (loss) $ 3,826 $ 345 $ 38 $ (622 ) $ — $ 3,587 Net (income) loss attributable to noncontrolling interest $ — $ — $ (8 ) $ — $ — $ (8 ) Net income (loss) attributable to Blue Ridge Bankshares $ 3,826 $ 345 $ 30 $ (622 ) $ — $ 3,579 Three Months Ended September 30, 2018 (in thousands) Blue Ridge Blue MoneyWise Parent Only Eliminations Blue Ridge Revenues: Interest income $ 5,255 $ 184 $ — $ 6 $ — $ 5,445 Service charges on deposit accounts 155 — — — — 155 Mortgage banking income, net — 2,289 — — — 2,289 Payroll processing revenue — — 220 — — 220 Other operating income 755 — — 4 (6 ) 753 Total income 6,165 2,473 220 10 (6 ) 8,862 Expenses: Interest expense 1,159 — — 176 — 1,335 Provision for loan losses 225 — — — — 225 Salary and benefits 963 1,745 103 — — 2,811 Other operating expenses 2,066 550 103 179 (6 ) 2,892 Total expense 4,413 2,295 206 355 (6 ) 7,263 Income (loss) before income taxes 1,752 178 14 (345 ) — 1,599 Income tax expense 366 33 1 (71 ) — 329 Net income (loss) $ 1,386 $ 145 $ 13 $ (274 ) $ — $ 1,270 Net (income) loss attributable to noncontrolling interest $ — $ — $ (1 ) $ — $ — $ (1 ) Net income (loss) attributable to Blue Ridge Bankshares $ 1,386 $ 145 $ 12 $ (274 ) $ — $ 1,269 |
Other Borrowed Funds
Other Borrowed Funds | 9 Months Ended |
Sep. 30, 2019 | |
Other Borrowed Funds [Abstract] | |
Other Borrowed Funds | Note 11 - Other Borrowed Funds Other Borrowings of $129.6 million at September 30, 2019 are composed of advances from the Federal Home Loan Bank of Atlanta (“FHLB”). The Company utilizes the FHLB advance programs to fund loan growth and provide liquidity. Other borrowings increased $56.5 million from $73.1 million at December 31, 2018. FHLB advances outstanding and related terms at September 30, 2019 and December 31, 2018 are shown in the following tables: (In thousands) FHLB Advances Outstanding September 30, 2019 Type advance Balance Interest rate Maturity date Fixed rate $ 15,000 2.31 % October 1, 2019 Fixed rate 5,000 2.58 % October 4, 2019 Fixed rate 5,000 2.15 % October 16, 2019 Fixed rate 4,000 2.59 % October 23, 2019 Fixed rate 3,500 2.58 % October 30, 2019 Fixed rate 25,000 2.24 % November 4, 2019 Fixed rate 10,000 2.13 % November 29, 2019 Fixed rate 7,000 2.51 % November 29, 2019 Fixed rate 10,000 2.46 % December 4, 2019 Daily rate 10,000 2.07 % December 30, 2019 Fixed rate 26,100 2.49 % May 4, 2020 Fixed rate 5,000 1.99 % May 6, 2020 Fixed rate 4,000 2.15 % September 9, 2020 FHLB Advances, net $ 129,600 (In thousands) FHLB Advances Outstanding December 31, 2018 Type advance Balance Interest rate Maturity date Fixed rate $ 5,000 2.42 % January 3, 2019 Fixed rate 2,800 2.40 % January 7, 2019 Fixed rate 4,500 2.38 % January 9, 2019 Fixed rate 5,000 2.46 % January 16, 2019 Fixed rate 1,200 2.49 % January 18, 2019 Fixed rate 8,000 2.47 % January 31, 2019 Fixed rate 3,000 2.51 % March 8, 2019 Fixed rate 2,000 2.54 % March 19, 2019 Fixed rate 5,000 2.55 % April 1, 2019 Fixed rate 3,500 2.62 % April 30, 2019 Fixed rate 4,000 1.34 % May 31, 2019 Fixed rate 2,000 2.66 % June 19, 2019 Fixed rate 1,000 3.95 % August 27, 2019 Daily rate 22,100 2.65 % August 30, 2019 Fixed rate 4,000 2.13 % September 30, 2019 FHLB Advances, net $ 73,100 |
Subordinated Debt
Subordinated Debt | 9 Months Ended |
Sep. 30, 2019 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debt | Note 12 - Subordinated Debt On November 20, 2015, the Company entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with 14 institutional accredited investors under which the Company issued an aggregate of $10,000,000 of subordinated notes (the “Notes”) to the institutional accredited investors. The Notes have a maturity date of December 1, 2025. The Notes bear interest, payable As part of the transaction, the Company incurred issuance costs totaling $338,813. These costs are being amortized over the life of the Notes. The following table summarizes the balance of the Notes and related issuance costs at September 30, 2019 and December 31, 2018: September 30, December 31, (In thousands) 2019 2018 Subordinated debt $ 10,000 $ 10,000 Unamortized issuance costs (208 ) (233 ) Subordinated debt, net $ 9,792 $ 9,767 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 13 - Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09 Interest income, loan fees, realized securities gains and losses, bank owned life insurance income, SBIC income, and mortgage banking revenue are not in the scope of ASC Topic 606. All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income in the consolidated statements of income. Incremental costs of obtaining a contract are expensed when incurred when the amortization period is one year or less. A description of the Company’s significant sources of revenue accounted for under ASC 606 is as follows: Service fees on deposit accounts Bank card revenue non-Bank Payroll processing income The following table illustrates our total non-interest Nine Months Ended September 30, 2019 2018 Service fees on deposit accounts $ 459 $ 479 Bank card revenue 408 356 Payroll processing income 743 739 Revenue from contracts with customers 1,610 1,574 Non-interest 12,645 5,435 Total noninterest income $ 14,255 $ 7,009 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 14 – Leases On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases (Topic 842)” 2018-11 right-of-use right-of-use Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use 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 the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The following tables present information about the Company’s leases: (Dollars in thousands) September 30, 2019 Lease liabilities $ 6,672 Right-of-use $ 6,575 Weighted average remaining lease term 6.26 years Weighted average discount rate 2.79 % For the Three Months Ended September 30, For the Nine Months Ended September 30, Lease Cost 2019 2018 2019 2018 Operating lease cost $ 369 $ 213 $ 1,104 $ 582 Total lease cost $ 369 $ 213 $ 1,104 $ 582 Cash paid for amounts included in the measurement of lease liabilities $ 218 $ 213 $ 874 $ 582 A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows: As of Lease payments due September 30, 2019 Three months ending December 31, 2019 $ 314 Twelve months ending December 31, 2020 1,305 Twelve months ending December 31, 2021 1,230 Twelve months ending December 31, 2022 1,022 Twelve months ending December 31, 2023 934 Twelve months ending December 31, 2024 640 Thereafter 1,979 Total undiscounted cash flows 7,425 Discount (753 ) Lease liabilities $ 6,672 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15 – Subsequent Events On November 20, 2019, the Company declared a quarterly dividend of $0.1425 per share payable on December 13, 2019 to shareholders of record as of December 6, 2019. Effective December 15, 2019, the Company completed its acquisition of Virginia Community Bankshares, Inc. (“VCB”). The merger of VCB with and into the Company (the “Merger”) was effected pursuant to the terms and conditions of the Agreement and Plan of Reorganization, dated as of May 13, 2019, between the Company and VCB, and a related Plan of Merger (the “Merger Agreement”). Immediately after the Merger, Virginia Community Bank, VCB’s wholly-owned bank subsidiary, merged with and into the Bank. Pursuant to the Merger Agreement, former holders of shares of VCB common stock had the right to elect to receive either $58.00 in cash or 3.05 shares of the Company’s common stock for each share of VCB common stock held, subject to adjustment so that the overall mix of consideration paid to VCB shareholders consists of approximately 60% the Company’s common stock and 40% cash. The Company expects to issue approximately 1,312,970 shares of its common stock and pay approximately $16.6 million in cash in connection with the Merger. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited consolidated financial statements of Blue Ridge Bankshares, Inc. (“the Company” or “Blue Ridge”) include the accounts of Blue Ridge Bank, N.A. (“the Bank”), PVB Properties, LLC, and MoneyWise Payroll Solutions, Inc. (net of noncontrolling interest) and were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Operating results for the quarter ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the joint proxy statement/prospectus filed with the Securities and Exchange Commission on October 31, 2019. The accompanying unaudited consolidated financial statements include the accounts of the Company, the Bank and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Nature of Operations | Nature of Operations The Company operates under the supervision and monitoring of the Federal Reserve Bank of Richmond while the Bank operates under a national charter subject to regulation by the Office of the Comptroller of the Currency. The Bank provides commercial banking services to customers located primarily in the Piedmont, Southside, and Shenandoah Valley regions of the Commonwealth of Virginia and also operates under the name Carolina State Bank in Greensboro, North Carolina. Mortgage lending services are provided in these regions as well with additional mortgage offices located in Northern Virginia, Maryland, North Carolina, and Florida. |
Basis of Presentation | Basis of Presentation The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, goodwill and intangibles, fair value, the valuation of deferred tax assets and liabilities, and valuation of foreclosed real estate. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for fair presentation of the results of operations in these financial statements, have been made. |
Reclassification | Reclassification Certain reclassifications have been made to prior period amounts to conform to current period presentation. None of these reclassifications are considered material and have no impact on net income. |
Earnings Per Share | Earnings Per Share Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. ESOP shares are considered outstanding for this calculation. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The Company had no dilutive common shares outstanding at September 30, 2019 and 2018. The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30. For the nine months ended September 30, For the three months ended September 30, 2019 2018 2019 2018 Net income $ 4,070,745 $ 3,587,096 $ 1,253,139 $ 1,269,659 Net income attributable to noncontrolling interest (21,251 ) (7,612 ) (3,075 ) (1,043 ) Net income available to common shareholders $ 4,049,494 $ 3,579,484 $ 1,250,064 $ 1,268,616 Weighted average common shares 3,998,267 2,774,441 4,346,866 2,795,303 Effect of dilutive securities — — — — Diluted average common shares 3,998,267 2,774,441 4,346,866 2,795,303 Earnings (losses) per common share $ 1.01 $ 1.29 $ 0.29 $ 0.45 Diluted earnings (losses) per common share $ 1.01 $ 1.29 $ 0.29 $ 0.45 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of computation of basic and diluted earning per share | The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30. For the nine months ended September 30, For the three months ended September 30, 2019 2018 2019 2018 Net income $ 4,070,745 $ 3,587,096 $ 1,253,139 $ 1,269,659 Net income attributable to noncontrolling interest (21,251 ) (7,612 ) (3,075 ) (1,043 ) Net income available to common shareholders $ 4,049,494 $ 3,579,484 $ 1,250,064 $ 1,268,616 Weighted average common shares 3,998,267 2,774,441 4,346,866 2,795,303 Effect of dilutive securities — — — — Diluted average common shares 3,998,267 2,774,441 4,346,866 2,795,303 Earnings (losses) per common share $ 1.01 $ 1.29 $ 0.29 $ 0.45 Diluted earnings (losses) per common share $ 1.01 $ 1.29 $ 0.29 $ 0.45 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Schedule of Investments [Abstract] | |
Summary of amortized cost and fair values of investment securities | Investment securities available for sale are carried in the consolidated balance sheets at their fair value and investment securities held to maturity are carried in the consolidated balance sheets at their amortized cost. The amortized cost and fair values of investment securities at September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale U.S. Treasury and agencies $ 3,375 $ 2 $ 46 $ 3,331 Mortgage backed securities 110,220 1,640 70 111,790 Corporate bonds 6,553 68 2 6,619 $ 120,148 $ 1,710 $ 118 $ 121,740 Held to maturity State and municipal $ 13,117 $ 506 $ 8 $ 13,615 $ 13,117 $ 506 $ 8 $ 13,615 Total Investment Securities $ 133,265 $ 2,216 $ 126 $ 135,355 December 31, 2018 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale State and municipal $ 1,000 $ 3 $ — $ 1,003 U.S. Treasury and agencies 3,375 — 208 3,167 Mortgage backed securities 28,976 22 628 28,370 Corporate bonds 5,477 78 48 5,507 $ 38,828 $ 103 $ 884 $ 38,047 Held to maturity State and municipal $ 15,565 $ 78 $ 140 $ 15,503 $ 15,565 $ 78 $ 140 $ 15,503 Total Investment Securities $ 54,393 $ 181 $ 1,024 $ 53,550 |
Summary of investments classified by contractual maturity date | The amortized cost and fair value of securities at September 30, 2019, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2019 Securities Available for Securities Held to (In thousands) Amortized Cost Fair Value Amortized Fair Value Due in one year or less $ — $ — $ 461 $ 463 Due after one year through five years 2,500 2,499 2,590 2,641 Due after five years 8,794 8,781 3,761 3,863 Due after ten years 108,854 110,460 6,305 6,648 Total $ 120,148 $ 121,740 $ 13,117 $ 13,615 |
Summary of unrealized losses | A summary of unrealized losses (in thousands) and the length of time in a continuous loss position, by security type at September 30, 2019 and December 31, 2018 is as follows: September 30, 2019 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Fair Value Unrealized State and Municipal $ 1,667 $ (8 ) $ — $ — $ 1,667 $ (8 ) U.S. Treasury and Agency — — 2,829 (46 ) 2,829 (46 ) Mortgage backed 6,251 (4 ) 6,986 (66 ) 13,237 (70 ) Corporate bonds 250 — 898 (2 ) 1,148 (2 ) Total $ 8,168 $ (12 ) $ 10,713 $ (114 ) $ 18,881 $ (126 ) December 31, 2018 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Fair Value Unrealized State and Municipal $ 6,278 $ (105 ) $ 2,402 $ (35 ) $ 8,680 $ (140 ) U.S. Treasury and Agency — — 3,167 (208 ) 3,167 (208 ) Mortgage backed 10,031 (51 ) 17,173 (577 ) 27,204 (628 ) Corporate bonds 2,114 (36 ) 488 (12 ) 2,602 (48 ) Total $ 18,423 $ (192 ) $ 23,230 $ (832 ) $ 41,653 $ (1,024 ) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Summary of loans held for investment | Loans held for investment outstanding at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, 2019 December 31, 2018 (in thousands) Commercial and industrial $ 50,826 $ 49,076 Agricultural 175 216 Real estate – construction, commercial 19,876 14,666 Real estate – construction, residential 16,364 15,102 Real estate – mortgage, commercial 167,223 150,513 Real estate – mortgage, residential 165,865 149,856 Real estate – mortgage, farmland 3,754 4,179 Consumer installment loans 37,433 31,979 Gross loans 461,516 415,587 Less: Unearned income (638 ) (719 ) Total $ 460,878 $ 414,868 |
Summary of financing receivable, past due | The following table presents the aging of the recorded investment of past due loans (in thousands) as of September 30, 2019 and December 31, 2018: September 30, 2019 (in thousands) 30-59 Days Past 60-89 Greater than 90 Days Past Nonaccrual Total Past Due & Nonaccrual Current Total Loans Commercial and industrial $ 126 $ — $ — $ 538 $ 664 $ 50,162 $ 50,826 Real estate – construction, commercial 141 363 — 942 1,446 18,430 19,876 Real estate – construction, residential 493 240 — — 733 15,631 16,364 Real estate – mortgage, commercial — — — 2,026 2,026 165,197 167,223 Real estate – mortgage, residential 1,482 — 708 947 3,137 162,728 165,865 Agricultural & Farmland — — — — — 3,929 3,929 Consumer installment loans 760 322 — 688 1,770 35,663 37,433 Less: Unearned income — — — — — (638 ) (638 ) $ 3,002 $ 925 $ 708 $ 5,141 $ 9,776 $ 451,102 $ 460,878 December 31, 2018 (in thousands) 30-59 Days Past 60-89 Greater than 90 Days Past Nonaccrual Total Past Due Current Total Loans Commercial and industrial $ 280 $ 29 $ — $ 312 $ 621 $ 48,455 $ 49,076 Real estate – construction, commercial — — — 979 979 13,687 14,666 Real estate – construction, residential — — 231 — 231 14,871 15,102 Real estate – mortgage, commercial 218 441 430 2,441 3,530 146,983 150,513 Real estate – mortgage, residential 760 7 1,079 1,441 3,287 146,569 149,856 Agricultural & Farmland 123 — 309 — 432 3,963 4,395 Consumer installment loans 1,017 408 4 357 1,786 30,193 31,979 Less: Unearned income — — — — — (719 ) (719 ) $ 2,398 $ 885 $ 2,053 $ 5,530 $ 10,866 $ 404,002 $ 414,868 |
Allowance for Loans Losses (Tab
Allowance for Loans Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Summary of allowance for loans losses | A summary of changes in the allowance for loans losses (in thousands) for September 30, 2019 and December 31, 2018 is as follows: September 30, December 31, 2018 (Dollars in thousands) Allowance, beginning of period $ 3,580 $ 2,803 Charge-Offs Commercial and industrial $ 43 $ 6 Real estate, construction — — Real estate, mortgage 3 13 Consumer and other loans 733 545 Total charge-offs 779 564 Recoveries Commercial and industrial — — Real estate, construction — — Real estate, mortgage (6 ) (12 ) Consumer and other loans (132 ) (104 ) Total recoveries (138 ) (116 ) Net charge-offs (recoveries) 641 448 Provision for loan losses 1,465 1,225 Allowance, end of period $ 4,404 $ 3,580 |
Summary of loans and leases receivable method of impairment evaluation | Individually Collectively Evaluated for Impairment Total September 30, 2019 Commercial and industrial $ 291 $ 50,535 $ 50,826 Agricultural — 175 175 Real Estate – construction, commercial — 19,876 19,876 Real Estate – construction, residential — 16,364 16,364 Real Estate – mortgage, commercial 735 166,488 167,223 Real Estate – mortgage, residential 658 165,207 165,865 Real Estate – mortgage, farmland — 3,754 3,754 Consumer installment loans — 37,433 37,433 Gross loans 1,684 459,832 461,516 Less: Unearned income — (638 ) (638 ) Total $ 1,684 $ 459,194 $ 460,878 Individually Collectively Evaluated for Impairment Total December 31, 2018 Commercial and industrial $ — $ 49,076 $ 49,076 Agricultural — 216 216 Real Estate – construction, commercial — 14,666 14,666 Real Estate – construction, residential — 15,102 15,102 Real Estate – mortgage, commercial 1,258 149,255 150,513 Real Estate – mortgage residential 688 149,168 149,856 Real Estate – mortgage, farmland — 4,179 4,179 Consumer installment loans — 31,979 31,979 Gross loans 1,946 413,641 415,587 Less: Unearned income — (719 ) (719 ) Total $ 1,946 $ 412,922 $ 414,868 |
Summary impaired financing receivables | The following table presents information related to impaired loans, by portfolio segment, at the dates presented. September 30, 2019 (in thousands) Recorded Unpaid Related Average Interest With no specific allowance recorded: Real estate – mortgage, residential $ 658 $ 658 $ — $ 661 $ 7 With an allowance recorded: Commercial and industrial 291 291 151 146 2 Real estate – mortgage, commercial 735 735 100 735 5 $ 1,684 $ 1,684 $ 251 $ 1,542 $ 14 December 31, 2018 (in thousands) Recorded Unpaid Related Average Interest With no specific allowance recorded: Real estate – mortgage, residential $ 1,946 $ 1,946 $ — $ 2,067 $ 64 With an allowance recorded: Real estate – mortgage, commercial — — — — — $ 1,946 $ 1,946 $ — $ 2,067 $ 64 |
Summary of purchased loans | September 30, December 31, Real Estate Construction loans and all land development and other land loans $ 1,415 $ 1,522 Secured by farmland 3 319 Revolving, open-end 1-4 properties and extended under lines of credit 2,814 3,376 Secured by first liens 7,803 10,448 Secured by junior liens 399 505 Secured by multifamily (5 or more) residential properties 95 250 Loans secured by owner-occupied, nonfarm nonresidential properties 4,146 7,344 Loans secured by other nonfarm nonresidential properties 5,395 6,239 Commercial and Industrial 2,906 4,457 Other Other revolving credit plans 37 89 Automobile loans 10 30 Other consumer loans 68 93 Total $ 25,091 $ 34,672 |
Summary of accounts notes loans and financing receivable | The following table presents the Company’s loan portfolio by internal loan grade (in thousands) as of September 30, 2019 and December 31, 2018: September 30, 2019 Grade Prime Grade 2 Desirable Grade 3 Good Grade 4 Acceptable Grade 5 Pass/Watch Grade 6 Special Grade 7 Total Commercial and industrial $ 406 $ 1,827 $ 21,936 $ 25,540 $ 579 $ — $ 538 $ 50,826 Agricultural — 103 66 6 — — — 175 Real Estate – construction, commercial — 659 10,210 7,923 104 — 980 19,876 Real Estate – construction, residential — — 4,295 8,011 4,058 — — 16,364 Real Estate – mortgage, commercial — 1,656 81,973 70,093 10,226 1,012 2,263 167,223 Real Estate – mortgage residential — 2,917 81,246 76,351 3,648 96 1,607 165,865 Real Estate – mortgage, farmland 1,565 100 1,418 218 453 — — 3,754 Consumer installment loans 297 32 23,863 12,447 106 — 688 37,433 Gross loans 2,268 7,294 225,007 200,589 19,174 1,108 6,076 461,516 Less: Unearned income (638 ) Total $ 460,878 December 31, 2018 Grade Prime Grade 2 Desirable Grade 3 Good Grade 4 Acceptable Grade 5 Pass/Watch Grade 6 Special Grade 7 Total Commercial and industrial $ 44 $ 2,660 $ 21,009 $ 24,254 $ 797 $ — $ 312 $ 49,076 Agricultural 9 99 105 3 — — — 216 Real Estate – construction, commercial — 485 7,118 5,937 106 — 1,020 14,666 Real Estate – construction, residential — — 4,305 5,059 5,738 — — 15,102 Real Estate – mortgage, commercial — 1,920 82,097 53,487 8,470 1,668 2,871 150,513 Real Estate – mortgage residential — 3,647 76,496 63,397 3,805 522 1,989 149,856 Real Estate – mortgage, farmland 1,700 100 1,340 730 — — 309 4,179 Consumer installment loans 213 29 16,174 15,081 123 — 359 31,979 Gross loans 1,966 8,940 208,644 167,948 19,039 2,190 6,860 415,587 Less: Unearned income (719 ) Total $ 414,868 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of derivative instruments | September 30, 2019 Notional Amount Fair Value (Dollars in thousands) Interest Rate Swap Agreements Receive Fixed/Pay Variable Swaps $ 2,156 $ 244 Pay Fixed/Receive Variable Swaps 2,156 (244 ) |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of financial assets measured at fair value on a recurring basis | The following tables present the balances of financial assets measured at fair value on a recurring basis: September 30, 2019 (In thousands) Total Level 1 Level 2 Level 3 Available for sale securities U.S. Treasury and agencies $ 3,331 $ — $ 3,331 $ — Mortgage backed securities 111,790 — 111,790 — Corporate bonds 6,619 — 6,619 — Total securities available for sale $ 121,740 $ — $ 121,740 $ — December 31, 2018 (In thousands) Total Level 1 Level 2 Level 3 Available for sale securities State and municipal $ 1,003 $ — $ 1,003 $ — U.S. Treasury and agencies 3,167 — 3,167 — Mortgage backed securities 28,370 — 28,370 — Corporate bonds 5,507 — 5,507 — Total securities available for sale $ 38,047 $ — $ 38,047 $ — |
Summary of other real estate owned measured at fair value on a nonrecurring basis | The following table summarizes the Company’s other real estate owned that were measured at fair value on a nonrecurring basis during the period. September 30, 2019 (In thousands) Total Level 1 Level 2 Level 3 Other real estate owned $ — $ — $ — $ — December 31, 2018 (In thousands) Total Level 1 Level 2 Level 3 Other real estate owned $ 134 $ — $ — $ 134 |
Summary of other real estate owned measured On nonrecurring basis valuation techniques | Fair Value At September 30, Valuation Technique Significant Unobservable Inputs Range Other real estate owned $ — Discounted appraised value Discounted for selling costs N/A Fair Value At December 31, Valuation Technique Significant Unobservable Inputs Range Other real estate owned $ 134 Discounted appraised value Discounted for selling costs 15%-35% |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosures About Fair Value of Financial Instruments [Abstract] | |
Summary of estimated fair values, and related carrying amounts of financial instruments | The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows: Fair Value Measurements at September 30, 2019 Carrying Quoted Prices in Active Markets for Significant Significant (Level 3) Fair Value (in thousands) Financial Assets Cash and short-term investments $ 22,318 $ 22,318 $ — $ — $ 22,318 Federal funds sold 285 285 — — 285 Investment securities 142,712 — 143,210 — 143,210 Loans held for sale 80,255 — 80,255 — 80,255 Net loans held for investment 456,474 — — 462,414 462,414 Accrued interest receivable 2,162 — 2,162 — 2,162 Bank-owned life insurance 8,871 — 8,871 — 8,871 Financial Liabilities Deposits 520,280 — 428,908 85,162 514,070 Other borrowed funds 129,600 — 129,908 — 129,908 Subordinated debt, net 9,792 — — 9,792 9,792 Accrued interest payable 834 — 834 — 834 Fair Value Measurements at December 31, 2018 Carrying Quoted Prices in Active Significant Significant (Level 3) Fair Value (in thousands) Financial Assets Cash and short-term investments $ 15,026 $ 15,026 $ — $ — $ 15,026 Federal funds sold 546 546 — — 546 Investment securities 58,750 — 58,688 — 58,688 Loans held for sale 29,233 — 29,233 — 29,233 Net loans held for investment 411,288 — — 404,888 404,888 Accrued interest receivable 1,769 — 1,769 — 1,769 Bank-owned life insurance 8,455 — 8,455 — 8,455 Financial Liabilities Deposits 415,027 — 323,280 81,070 404,350 Other borrowed funds 73,100 — 73,113 — 73,113 Subordinated debt, net 9,766 — — 9,766 9,766 Accrued interest payable 395 — 395 — 395 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of segment reporting information, by segment | Nine Months Ended September 30, 2019 (in thousands) Blue Ridge Blue MoneyWise Parent Only Eliminations Blue Ridge Consolidated Revenues: Interest income $ 21,582 $ 844 $ — $ 4 $ — $ 22,430 Service charges on deposit accounts 459 — — — — 459 Mortgage banking income, net — 10,967 — — — 10,967 Payroll processing revenue — — 743 — — 743 Other operating income 2,056 — — 48 (18 ) 2,086 Total income 24,097 11,811 743 52 (18 ) 36,685 Expenses: Interest expense 5,921 490 — 532 — 6,943 Provision for loan losses 1,465 — — — — 1,465 Salary and benefits 6,167 7,711 271 — — 14,149 Other operating expenses 5,194 2,697 344 851 (18 ) 9,068 Total expense 18,747 10,898 615 1,383 (18 ) 31,625 Income (loss) before income taxes 5,350 913 128 (1,331 ) — 5,060 Income tax expense 932 193 22 (158 ) — 989 Net income (loss) $ 4,418 $ 720 $ 106 $ (1,173 ) $ — $ 4,071 Net (income) loss attributable to noncontrolling interest $ — $ — $ (21 ) $ — $ — $ (21 ) Net income (loss) attributable to Blue Ridge Bankshares $ 4,418 $ 720 $ 85 $ (1,173 ) $ — $ 4,050 Three Months Ended September 30, 2019 (in thousands) Blue Ridge Blue MoneyWise Parent Only Eliminations Blue Ridge Revenues: Interest income $ 7,757 $ 359 $ — $ 2 $ — $ 8,118 Service charges on deposit accounts 171 — — — — 171 Mortgage banking income, net — 3,943 — — — 3,943 Payroll processing revenue — — 232 — — 232 Other operating income 609 — — 23 (6 ) 626 Total income 8,537 4,302 232 25 (6 ) 13,090 Expenses: Interest expense 2,289 215 — 178 — 2,682 Provision for loan losses 570 — — — — 570 Salary and benefits 2,126 2,858 95 — — 5,079 Other operating expenses 1,784 955 119 275 (6 ) 3,127 Total expense 6,769 4,028 214 453 (6 ) 11,458 Income (loss) before income taxes 1,768 274 18 (428 ) — 1,632 Income tax expense (benefit) 344 80 (1 ) (44 ) — 379 Net income (loss) $ 1,424 $ 194 $ 19 $ (384 ) $ — $ 1,253 Net (income) loss attributable to noncontrolling interest $ — $ — $ (3 ) $ — $ — $ (3 ) Net income (loss) attributable to Blue Ridge Bankshares $ 1,424 $ 194 $ 16 $ (384 ) $ — $ 1,250 Nine Months Ended September 30, 2018 (in thousands) Blue Ridge Blue MoneyWise Parent Only Eliminations Blue Ridge Consolidated Revenues: Interest income $ 15,738 $ 325 $ — $ 6 $ — $ 15,738 Service charges on deposit accounts 479 — — — — 479 Mortgage banking income, net — 4,868 — — — 4,868 Payroll processing revenue — — 739 — — 739 Other operating income 1,262 — — 4 (18 ) 1,248 Total income 17,479 5,193 739 10 (18 ) 23,072 Expenses: Interest expense 3,032 — — 532 — 3,564 Provision for loan losses 640 — — — — 640 Salary and benefits 3,851 3,980 296 — — 8,127 Other operating expenses 4,800 776 397 255 (18 ) 6,210 Total expense 12,323 4,756 693 787 (18 ) 18,541 Income (loss) before income taxes 4,825 437 46 (777 ) — 4,531 Income tax expense 999 92 8 (155 ) — 944 Net income (loss) $ 3,826 $ 345 $ 38 $ (622 ) $ — $ 3,587 Net (income) loss attributable to noncontrolling interest $ — $ — $ (8 ) $ — $ — $ (8 ) Net income (loss) attributable to Blue Ridge Bankshares $ 3,826 $ 345 $ 30 $ (622 ) $ — $ 3,579 Three Months Ended September 30, 2018 (in thousands) Blue Ridge Blue MoneyWise Parent Only Eliminations Blue Ridge Revenues: Interest income $ 5,255 $ 184 $ — $ 6 $ — $ 5,445 Service charges on deposit accounts 155 — — — — 155 Mortgage banking income, net — 2,289 — — — 2,289 Payroll processing revenue — — 220 — — 220 Other operating income 755 — — 4 (6 ) 753 Total income 6,165 2,473 220 10 (6 ) 8,862 Expenses: Interest expense 1,159 — — 176 — 1,335 Provision for loan losses 225 — — — — 225 Salary and benefits 963 1,745 103 — — 2,811 Other operating expenses 2,066 550 103 179 (6 ) 2,892 Total expense 4,413 2,295 206 355 (6 ) 7,263 Income (loss) before income taxes 1,752 178 14 (345 ) — 1,599 Income tax expense 366 33 1 (71 ) — 329 Net income (loss) $ 1,386 $ 145 $ 13 $ (274 ) $ — $ 1,270 Net (income) loss attributable to noncontrolling interest $ — $ — $ (1 ) $ — $ — $ (1 ) Net income (loss) attributable to Blue Ridge Bankshares $ 1,386 $ 145 $ 12 $ (274 ) $ — $ 1,269 |
Other Borrowed Funds (Tables)
Other Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Borrowed Funds [Abstract] | |
Summary of FHLB advances outstanding and related terms | FHLB advances outstanding and related terms at September 30, 2019 and December 31, 2018 are shown in the following tables: (In thousands) FHLB Advances Outstanding September 30, 2019 Type advance Balance Interest rate Maturity date Fixed rate $ 15,000 2.31 % October 1, 2019 Fixed rate 5,000 2.58 % October 4, 2019 Fixed rate 5,000 2.15 % October 16, 2019 Fixed rate 4,000 2.59 % October 23, 2019 Fixed rate 3,500 2.58 % October 30, 2019 Fixed rate 25,000 2.24 % November 4, 2019 Fixed rate 10,000 2.13 % November 29, 2019 Fixed rate 7,000 2.51 % November 29, 2019 Fixed rate 10,000 2.46 % December 4, 2019 Daily rate 10,000 2.07 % December 30, 2019 Fixed rate 26,100 2.49 % May 4, 2020 Fixed rate 5,000 1.99 % May 6, 2020 Fixed rate 4,000 2.15 % September 9, 2020 FHLB Advances, net $ 129,600 (In thousands) FHLB Advances Outstanding December 31, 2018 Type advance Balance Interest rate Maturity date Fixed rate $ 5,000 2.42 % January 3, 2019 Fixed rate 2,800 2.40 % January 7, 2019 Fixed rate 4,500 2.38 % January 9, 2019 Fixed rate 5,000 2.46 % January 16, 2019 Fixed rate 1,200 2.49 % January 18, 2019 Fixed rate 8,000 2.47 % January 31, 2019 Fixed rate 3,000 2.51 % March 8, 2019 Fixed rate 2,000 2.54 % March 19, 2019 Fixed rate 5,000 2.55 % April 1, 2019 Fixed rate 3,500 2.62 % April 30, 2019 Fixed rate 4,000 1.34 % May 31, 2019 Fixed rate 2,000 2.66 % June 19, 2019 Fixed rate 1,000 3.95 % August 27, 2019 Daily rate 22,100 2.65 % August 30, 2019 Fixed rate 4,000 2.13 % September 30, 2019 FHLB Advances, net $ 73,100 |
Subordinated Debt (Tables)
Subordinated Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Subordinated Borrowings [Abstract] | |
Summary of subordinated debt | The following table summarizes the balance of the Notes and related issuance costs at September 30, 2019 and December 31, 2018: September 30, December 31, (In thousands) 2019 2018 Subordinated debt $ 10,000 $ 10,000 Unamortized issuance costs (208 ) (233 ) Subordinated debt, net $ 9,792 $ 9,767 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of total non-interest income | The following table illustrates our total non-interest Nine Months Ended September 30, 2019 2018 Service fees on deposit accounts $ 459 $ 479 Bank card revenue 408 356 Payroll processing income 743 739 Revenue from contracts with customers 1,610 1,574 Non-interest 12,645 5,435 Total noninterest income $ 14,255 $ 7,009 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Summary of company's leases | The following tables present information about the Company’s leases: (Dollars in thousands) September 30, 2019 Lease liabilities $ 6,672 Right-of-use $ 6,575 Weighted average remaining lease term 6.26 years Weighted average discount rate 2.79 % |
Summary of lease cost | For the Three Months Ended September 30, For the Nine Months Ended September 30, Lease Cost 2019 2018 2019 2018 Operating lease cost $ 369 $ 213 $ 1,104 $ 582 Total lease cost $ 369 $ 213 $ 1,104 $ 582 Cash paid for amounts included in the measurement of lease liabilities $ 218 $ 213 $ 874 $ 582 |
Summary of operating lease liabilities | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows: As of Lease payments due September 30, 2019 Three months ending December 31, 2019 $ 314 Twelve months ending December 31, 2020 1,305 Twelve months ending December 31, 2021 1,230 Twelve months ending December 31, 2022 1,022 Twelve months ending December 31, 2023 934 Twelve months ending December 31, 2024 640 Thereafter 1,979 Total undiscounted cash flows 7,425 Discount (753 ) Lease liabilities $ 6,672 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of computation of basic and diluted earning per share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounting Policies [Abstract] | ||||
Net income | $ 1,253 | $ 1,270 | $ 4,071 | $ 3,587 |
Net Income attributable to noncontrolling interest | (3) | (1) | (21) | (8) |
Net Income attributable to Blue Ridge Bankshares, Inc. | $ 1,250 | $ 1,269 | $ 4,050 | $ 3,579 |
Weighted average common shares | 4,346,866 | 2,795,303 | 3,998,267 | 2,774,441 |
Effect of dilutive securities | 0 | 0 | 0 | 0 |
Diluted average common shares | 4,346,866 | 2,795,303 | 3,998,267 | 2,774,441 |
Earnings (losses) per common share | $ 0.29 | $ 0.45 | $ 1.01 | $ 1.29 |
Diluted earnings (losses) per common share | $ 0.29 | $ 0.45 | $ 1.01 | $ 1.29 |
Investment Securities - Summary
Investment Securities - Summary of amortized cost and fair values of investment securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | $ 120,148 | $ 38,828 |
Available for sale, Gross Unrealized Gains | 1,710 | 103 |
Available for sale, Gross Unrealized Losses | 118 | 884 |
Available for sale, Fair Value | 121,740 | 38,047 |
Held to maturity, Amortized Cost | 13,117 | 15,565 |
Held to maturity, Gross Unrealized Gains | 506 | 78 |
Held to maturity, Gross Unrealized Losses | 8 | 140 |
Held to maturity, Fair Value | 13,615 | 15,503 |
Investment Securities, Amortized Cost | 133,265 | 54,393 |
Investment Securities, Gross Unrealized Gains | 2,216 | 181 |
Investment Securities, Gross Unrealized Losses | 126 | 1,024 |
Investment Securities, Fair Value | 135,355 | 53,550 |
U.S. Treasury and agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 3,375 | 3,375 |
Available for sale, Gross Unrealized Gains | 2 | |
Available for sale, Gross Unrealized Losses | 46 | 208 |
Available for sale, Fair Value | 3,331 | 3,167 |
Mortgage backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 110,220 | 28,976 |
Available for sale, Gross Unrealized Gains | 1,640 | 22 |
Available for sale, Gross Unrealized Losses | 70 | 628 |
Available for sale, Fair Value | 111,790 | 28,370 |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 6,553 | 5,477 |
Available for sale, Gross Unrealized Gains | 68 | 78 |
Available for sale, Gross Unrealized Losses | 2 | 48 |
Available for sale, Fair Value | 6,619 | 5,507 |
State and municipal [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 1,000 | |
Available for sale, Gross Unrealized Gains | 3 | |
Available for sale, Fair Value | 1,003 | |
Held to maturity, Amortized Cost | 13,117 | 15,565 |
Held to maturity, Gross Unrealized Gains | 506 | 78 |
Held to maturity, Gross Unrealized Losses | 8 | 140 |
Held to maturity, Fair Value | $ 13,615 | $ 15,503 |
Investment Securities - Summa_2
Investment Securities - Summary of investments classified by contractual maturity date (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Investments [Abstract] | ||
Securities Available for Sale, Amortized Cost, Due after one year through five years | $ 2,500 | |
Securities Available for Sale, Amortized Cost, Due after five years | 8,794 | |
Securities Available for Sale, Amortized Cost, Due after ten years | 108,854 | |
Securities Available for Sale, Amortized Cost, Total | 120,148 | $ 38,828 |
Securities Available for Sale, Fair Value, Due after one year through five years | 2,499 | |
Securities Available for Sale, Fair Value, Due after five years | 8,781 | |
Securities Available for Sale, Fair Value, Due after ten years | 110,460 | |
Securities Available for Sale, Fair Value, Total | 121,740 | 38,047 |
Securities Held to Maturity, Amortized Cost, Due in one year or less | 461 | |
Securities Held to Maturity, Amortized Cost, Due after one year through five years | 2,590 | |
Securities Held to Maturity, Amortized Cost, Due after five years | 3,761 | |
Securities Held to Maturity, Amortized Cost, Due after ten years | 6,305 | |
Securities Held to Maturity, Amortized Cost, Total | 13,117 | 15,565 |
Securities Held to Maturity, Fair Value, Due in one year or less | 463 | |
Securities Held to Maturity, Fair Value, Due after one year through five years | 2,641 | |
Securities Held to Maturity, Fair Value, Due after five years | 3,863 | |
Securities Held to Maturity, Fair Value, Due after ten years | 6,648 | |
Securities Held to Maturity, Fair Value, Total | $ 13,615 | $ 15,503 |
Investment Securities - Summa_3
Investment Securities - Summary of unrealized losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, Less Than 12 Months, Total | $ 8,168 | $ 18,423 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months, Total | (12) | (192) |
Available-for-sale Securities, Fair Value, 12 Months or Greater, Total | 10,713 | 23,230 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater, Total | (114) | (832) |
Fair Value, Total | 18,881 | 41,653 |
Unrealized Losses, Total | (126) | (1,024) |
State and municipal [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Fair Value, Less Than 12 Months | 1,667 | 6,278 |
Held to maturity, Unrealized Losses, Less Than 12 Months | (8) | (105) |
Held to maturity, Fair Value 12 Months or Greater | 2,402 | |
Held to maturity, Unrealized Losses, 12 Months or Greater | (35) | |
Fair Value, Total | 1,667 | 8,680 |
Unrealized Losses, Total | (8) | (140) |
U.S. Treasury and agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, 12 Months or Greater | 2,829 | 3,167 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (46) | (208) |
Fair Value, Total | 2,829 | 3,167 |
Unrealized Losses, Total | (46) | (208) |
Mortgage backed [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, Less Than 12 Months | 6,251 | 10,031 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (4) | (51) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 6,986 | 17,173 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (66) | (577) |
Fair Value, Total | 13,237 | 27,204 |
Unrealized Losses, Total | (70) | (628) |
Corporate bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, Less Than 12 Months | 250 | 2,114 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (36) | |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 898 | 488 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (2) | (12) |
Fair Value, Total | 1,148 | 2,602 |
Unrealized Losses, Total | $ (2) | $ (48) |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Investments [Abstract] | ||
Federal home loan bank stock | $ 5,993 | |
Federal reserve stock | 963 | |
Other investments | 899 | |
Securities Pledged | $ 97,265 | $ 26,408 |
Loans - Summary of loans held f
Loans - Summary of loans held for investment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 461,516 | $ 415,587 |
Less: Unearned income | (638) | (719) |
Total | 460,878 | 414,868 |
Commercial and industrial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 50,826 | 49,076 |
Agricultural [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 175 | 216 |
Construction, commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 19,876 | 14,666 |
Construction, residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 16,364 | 15,102 |
Mortgage, commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 167,223 | 150,513 |
Mortgage, residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 165,865 | 149,856 |
Mortgage, farmland [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 3,754 | 4,179 |
Consumer installment loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 37,433 | $ 31,979 |
Loans - Summary of financing re
Loans - Summary of financing receivable, past due (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 5,141 | $ 5,530 |
Total past due and nonaccrual | 9,776 | 10,866 |
Gross loans | 461,516 | 415,587 |
Less: Unearned income | (638) | (719) |
Total | 460,878 | 414,868 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 3,002 | 2,398 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 925 | 885 |
Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 708 | 2,053 |
Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 451,102 | 404,002 |
Less: Unearned income | (638) | (719) |
Commercial and industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 538 | 312 |
Total past due and nonaccrual | 664 | 621 |
Gross loans | 50,826 | 49,076 |
Commercial and industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 126 | 280 |
Commercial and industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 29 | |
Commercial and industrial [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 50,162 | 48,455 |
Construction, commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 942 | 979 |
Total past due and nonaccrual | 1,446 | 979 |
Gross loans | 19,876 | 14,666 |
Construction, commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 141 | |
Construction, commercial [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 363 | |
Construction, commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 18,430 | 13,687 |
Construction, residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due and nonaccrual | 733 | 231 |
Gross loans | 16,364 | 15,102 |
Construction, residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 493 | |
Construction, residential [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 240 | |
Construction, residential [Member] | Greater than 90 Days Past Due & Accruing [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 231 | |
Construction, residential [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 15,631 | 14,871 |
Mortgage, commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 2,026 | 2,441 |
Total past due and nonaccrual | 2,026 | 3,530 |
Gross loans | 167,223 | 150,513 |
Mortgage, commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 218 | |
Mortgage, commercial [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 441 | |
Mortgage, commercial [Member] | Greater than 90 Days Past Due & Accruing [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 430 | |
Mortgage, commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 165,197 | 146,983 |
Mortgage, residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 947 | 1,441 |
Total past due and nonaccrual | 3,137 | 3,287 |
Gross loans | 165,865 | 149,856 |
Mortgage, residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,482 | 760 |
Mortgage, residential [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 7 | |
Mortgage, residential [Member] | Greater than 90 Days Past Due & Accruing [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 708 | 1,079 |
Mortgage, residential [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 162,728 | 146,569 |
Agricultural and Farmland [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due and nonaccrual | 432 | |
Gross loans | 3,929 | 4,395 |
Agricultural and Farmland [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 123 | |
Agricultural and Farmland [Member] | Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 309 | |
Agricultural and Farmland [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 3,929 | 3,963 |
Consumer installment loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 688 | 357 |
Total past due and nonaccrual | 1,770 | 1,786 |
Gross loans | 37,433 | 31,979 |
Consumer installment loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 760 | 1,017 |
Consumer installment loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 322 | 408 |
Consumer installment loans [Member] | Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 4 | |
Consumer installment loans [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | $ 35,663 | $ 30,193 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank of Atlanta [Member] | ||
Loans held for investment pledged | $ 126,125 | $ 104,791 |
Allowance for Loans Losses - Su
Allowance for Loans Losses - Summary of allowance for loans losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Allowance, beginning of period | $ 3,580 | $ 2,803 | $ 2,803 | ||
Charge-Offs | 779 | 564 | |||
Recoveries | (138) | (116) | |||
Net charge-offs (recoveries) | 641 | 448 | |||
Provision for loan losses | $ 570 | $ 225 | 1,465 | $ 640 | 1,225 |
Allowance, end of period | $ 4,404 | 4,404 | 3,580 | ||
Commercial and industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Charge-Offs | 43 | 6 | |||
Real estate, mortgage [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Charge-Offs | 3 | 13 | |||
Recoveries | (6) | (12) | |||
Consumer and other loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Charge-Offs | 733 | 545 | |||
Recoveries | $ (132) | $ (104) |
Allowance for Loans Losses - _2
Allowance for Loans Losses - Summary of loans and leases receivable method of impairment evaluation (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 461,516 | $ 415,587 |
Less: Unearned income | (638) | (719) |
Total | 460,878 | 414,868 |
Individually Evaluated for Impairment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 1,684 | 1,946 |
Total | 1,684 | 1,946 |
Collectively Evaluated for Impairment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 459,832 | 413,641 |
Less: Unearned income | (638) | (719) |
Total | 459,194 | 412,922 |
Commercial and industrial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 50,826 | 49,076 |
Commercial and industrial [Member] | Individually Evaluated for Impairment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 291 | |
Commercial and industrial [Member] | Collectively Evaluated for Impairment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 50,535 | 49,076 |
Agricultural [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 175 | 216 |
Agricultural [Member] | Collectively Evaluated for Impairment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 175 | 216 |
Construction, commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 19,876 | 14,666 |
Construction, commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 19,876 | 14,666 |
Construction, residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 16,364 | 15,102 |
Construction, residential [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 16,364 | 15,102 |
Mortgage, commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 167,223 | 150,513 |
Mortgage, commercial [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 735 | 1,258 |
Mortgage, commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 166,488 | 149,255 |
Mortgage, residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 165,865 | 149,856 |
Mortgage, residential [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 658 | 688 |
Mortgage, residential [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 165,207 | 149,168 |
Mortgage, farmland [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 3,754 | 4,179 |
Mortgage, farmland [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 3,754 | 4,179 |
Consumer installment loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 37,433 | 31,979 |
Consumer installment loans [Member] | Collectively Evaluated for Impairment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 37,433 | $ 31,979 |
Allowance for Loans Losses - _3
Allowance for Loans Losses - Summary of impaired financing receivables (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, recorded investment | $ 1,684 | $ 1,946 |
Impaired financing receivable, unpaid principal balance | 1,684 | 1,946 |
Impaired financing receivable, related allowance | 251 | |
Impaired financing receivable, average recorded investment | 1,542 | 2,067 |
Impaired financing receivable, interest income recognized | 14 | 64 |
Mortgage, residential [Member] | Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 658 | 1,946 |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 658 | 1,946 |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 661 | 2,067 |
Impaired financing receivable, with no specific allowance recorded, interest income, accrual method | 7 | $ 64 |
Commercial and industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, with an allowance recorded, recorded investment | 291 | |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 291 | |
Impaired financing receivable, with an allowance recorded, average recorded investment | 146 | |
Impaired financing receivable, with an allowance recorded, interest income recognized | 2 | |
Impaired financing receivable, related allowance | 151 | |
Mortgage, commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, with an allowance recorded, recorded investment | 735 | |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 735 | |
Impaired financing receivable, with an allowance recorded, average recorded investment | 735 | |
Impaired financing receivable, with an allowance recorded, interest income recognized | 5 | |
Impaired financing receivable, related allowance | $ 100 |
Allowance for Loans Losses - _4
Allowance for Loans Losses - Summary of purchased loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | $ 25,091 | $ 34,672 |
Commercial and Industrial [member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 2,906 | 4,457 |
Other revolving credit plans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 37 | 89 |
Automobile loans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 10 | 30 |
Other consumer loans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 68 | 93 |
Construction loans and all land development and other land loans [Member] | Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 1,415 | 1,522 |
Secured by farmland [Member] | Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 3 | 319 |
Secured by 1-4 family residential [Member] | Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 2,814 | 3,376 |
Secured by first liens [Member] | Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 7,803 | 10,448 |
Secured by junior liens [Member] | Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 399 | 505 |
Secured by multifamily [Member] | Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 95 | 250 |
Loans secured by owner-occupied, nonfarm nonresidential properties [Member] | Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | 4,146 | 7,344 |
Loans secured by other nonfarm nonresidential properties [Member] | Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchase loans | $ 5,395 | $ 6,239 |
Allowance for Loans Losses - Ad
Allowance for Loans Losses - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Purchase loans | $ 25,091 | $ 34,672 | |
Bad debts recovered | 138 | 116 | |
Outstanding specifically impaired loans | 456,474 | 411,288 | |
Specific impairment | 1,684 | 1,946 | |
Specifically impaired loans [Member] | |||
Bad debts recovered | $ 200 | $ 200 | |
Specifically impaired loans [Member] | PCI loans [Member] | |||
Outstanding specifically impaired loans | 2,318 | ||
Specific impairment | $ 190 |
Allowance for Loans Losses - _5
Allowance for Loans Losses - Summary of accounts notes loans and financing receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 461,516 | $ 415,587 |
Less: Unearned income | (638) | (719) |
Total | 460,878 | 414,868 |
Grade 1 Prime [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,268 | 1,966 |
Grade 2 Desirable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,294 | 8,940 |
Grade 3 Good [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 225,007 | 208,644 |
Grade 4 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 200,589 | 167,948 |
Grade 5 Pass/Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 19,174 | 19,039 |
Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,108 | 2,190 |
Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,076 | 6,860 |
Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial and industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 50,826 | 49,076 |
Commercial and industrial [Member] | Grade 1 Prime [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 406 | 44 |
Commercial and industrial [Member] | Grade 2 Desirable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,827 | 2,660 |
Commercial and industrial [Member] | Grade 3 Good [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 21,936 | 21,009 |
Commercial and industrial [Member] | Grade 4 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 25,540 | 24,254 |
Commercial and industrial [Member] | Grade 5 Pass/Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 579 | 797 |
Commercial and industrial [Member] | Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 538 | 312 |
Agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 175 | 216 |
Agricultural [Member] | Grade 1 Prime [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 9 | |
Agricultural [Member] | Grade 2 Desirable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 103 | 99 |
Agricultural [Member] | Grade 3 Good [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 66 | 105 |
Agricultural [Member] | Grade 4 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6 | 3 |
Construction, commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 19,876 | 14,666 |
Construction, commercial [Member] | Grade 2 Desirable [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 659 | 485 |
Construction, commercial [Member] | Grade 3 Good [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,210 | 7,118 |
Construction, commercial [Member] | Grade 4 Acceptable [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,923 | 5,937 |
Construction, commercial [Member] | Grade 5 Pass/Watch [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 104 | 106 |
Construction, commercial [Member] | Grade 7 Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 980 | 1,020 |
Construction, residential [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 16,364 | 15,102 |
Construction, residential [Member] | Grade 3 Good [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 4,295 | 4,305 |
Construction, residential [Member] | Grade 4 Acceptable [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 8,011 | 5,059 |
Construction, residential [Member] | Grade 5 Pass/Watch [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 4,058 | 5,738 |
Mortgage, commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 167,223 | 150,513 |
Mortgage, commercial [Member] | Grade 2 Desirable [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,656 | 1,920 |
Mortgage, commercial [Member] | Grade 3 Good [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 81,973 | 82,097 |
Mortgage, commercial [Member] | Grade 4 Acceptable [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 70,093 | 53,487 |
Mortgage, commercial [Member] | Grade 5 Pass/Watch [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,226 | 8,470 |
Mortgage, commercial [Member] | Grade 6 Special Mention [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,012 | 1,668 |
Mortgage, commercial [Member] | Grade 7 Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,263 | 2,871 |
Mortgage, residential [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 165,865 | 149,856 |
Mortgage, residential [Member] | Grade 2 Desirable [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,917 | 3,647 |
Mortgage, residential [Member] | Grade 3 Good [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 81,246 | 76,496 |
Mortgage, residential [Member] | Grade 4 Acceptable [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 76,351 | 63,397 |
Mortgage, residential [Member] | Grade 5 Pass/Watch [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,648 | 3,805 |
Mortgage, residential [Member] | Grade 6 Special Mention [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 96 | 522 |
Mortgage, residential [Member] | Grade 7 Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,607 | 1,989 |
Mortgage, farmland [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,754 | 4,179 |
Mortgage, farmland [Member] | Grade 1 Prime [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,565 | 1,700 |
Mortgage, farmland [Member] | Grade 2 Desirable [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 100 | 100 |
Mortgage, farmland [Member] | Grade 3 Good [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,418 | 1,340 |
Mortgage, farmland [Member] | Grade 4 Acceptable [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 218 | 730 |
Mortgage, farmland [Member] | Grade 5 Pass/Watch [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 453 | |
Mortgage, farmland [Member] | Grade 7 Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 309 | |
Consumer installment loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 37,433 | 31,979 |
Consumer installment loans [Member] | Grade 1 Prime [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 297 | 213 |
Consumer installment loans [Member] | Grade 2 Desirable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 32 | 29 |
Consumer installment loans [Member] | Grade 3 Good [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 23,863 | 16,174 |
Consumer installment loans [Member] | Grade 4 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 12,447 | 15,081 |
Consumer installment loans [Member] | Grade 5 Pass/Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 106 | 123 |
Consumer installment loans [Member] | Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 688 | $ 359 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities - Summary of derivative instruments (Detail) - Interest Rate Swap Agreement [Member] $ in Thousands | Sep. 30, 2019USD ($) |
Receive Fixed/Pay Variable Swaps [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 2,156 |
Fair Value | 244 |
Pay Fixed/Receive Variable Swaps [Member] | |
Derivative [Line Items] | |
Notional Amount | 2,156 |
Fair Value | $ (244) |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
The 401k profit sharing plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Expense | $ 454,439 | $ 364,653 |
Defined contribution Plan Eligibility | Employees become eligible to participate in the discretionary contributions after one year of continuous service and the benefits vest over a five-year period | |
Employee stock ownership plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares Issued Under Employee Benefit plan | 79,800 | 79,800 |
Maximum [Member] | The 401k profit sharing plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Employer Matching Contribution | 5.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||||
Non-cash compensation expense | $ 40 | $ 67 | $ 160 | $ 89 |
Fair value of restricted stock awards | $ 1,000 |
Fair Value - Summary of financi
Fair Value - Summary of financial assets measured at fair value on a recurring basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities | $ 121,740 | $ 38,047 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities | 121,740 | 38,047 |
Fair Value, Recurring [Member] | U.S. Treasury and agencies [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities | 3,331 | 3,167 |
Fair Value, Recurring [Member] | Mortgage backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities | 111,790 | 28,370 |
Fair Value, Recurring [Member] | Corporate bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities | 6,619 | 5,507 |
Fair Value, Recurring [Member] | State and municipal [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities | 1,003 | |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities | 121,740 | 38,047 |
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] | ||
Available for sale securities | 3,331 | 3,167 |
Fair Value, Recurring [Member] | Level 2 [Member] | Mortgage backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities | 111,790 | 28,370 |
Fair Value, Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities | $ 6,619 | 5,507 |
Fair Value, Recurring [Member] | Level 2 [Member] | State and municipal [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities | $ 1,003 |
Fair Value - Summary of other r
Fair Value - Summary of other real estate owned measured at fair value on a nonrecurring basis (Detail) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Disclosure of Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis Table [Line Items] | ||
Other real estate owned, fair value | $ 134 | |
Level 3 [Member] | ||
Disclosure of Other Real Estate Owned Measured at Fair Value on a Nonrecurring Basis Table [Line Items] | ||
Other real estate owned, fair value | $ 134 |
Fair Value - Summary of other_2
Fair Value - Summary of other real estate owned measured on nonrecurring basis valuation techniques (Detail) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Other real estate owned, fair value | $ 134 | |
Other real estate owned, valuation technique | Discounted appraised value | Discounted appraised value |
Other real estate owned, significant unobservable inputs | Discounted for selling costs | Discounted for selling costs |
Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Other real estate owned, range | 15.00% | |
Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Disclosure of Other Real Estate Owned Measured on Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Other real estate owned, range | 35.00% |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Summary of estimated fair values, and related carrying amounts of financial instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Financial Assets | ||||
Cash and short-term investments | $ 22,318 | $ 15,026 | $ 13,458 | $ 10,319 |
Federal funds sold | 285 | 546 | ||
Investment securities | 142,712 | 58,750 | ||
Loans held for sale | 80,255 | 29,233 | ||
Net loans held for investment | 456,474 | 411,288 | ||
Accrued interest receivable | 2,162 | 1,769 | ||
Bank-owned life insurance | 8,871 | 8,455 | ||
Financial Liabilities | ||||
Deposits | 520,280 | 415,027 | ||
Other borrowed funds | 129,600 | 73,100 | ||
Subordinated debt, net | 9,792 | 9,766 | ||
Accrued interest payable | 834 | 395 | ||
Financial Assets | ||||
Cash and short-term investments | 22,318 | 15,026 | ||
Federal funds sold | 285 | 546 | ||
Investment securities | 143,210 | 58,688 | ||
Loans held for sale | 80,255 | 29,233 | ||
Net loans held for investment | 462,414 | 404,888 | ||
Accrued interest receivable | 2,162 | 1,769 | ||
Bank-owned life insurance | 8,871 | 8,455 | ||
Financial Liabilities | ||||
Deposits | 514,070 | 404,350 | ||
Other borrowed funds | 129,908 | 73,113 | ||
Subordinated debt, net | 9,792 | 9,766 | ||
Accrued interest payable | 834 | 395 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial Assets | ||||
Cash and short-term investments | 22,318 | 15,026 | ||
Federal funds sold | 285 | 546 | ||
Significant Observable Inputs (Level 2) [Member] | ||||
Financial Assets | ||||
Investment securities | 143,210 | 58,688 | ||
Loans held for sale | 80,255 | 29,233 | ||
Accrued interest receivable | 2,162 | 1,769 | ||
Bank-owned life insurance | 8,871 | 8,455 | ||
Financial Liabilities | ||||
Deposits | 428,908 | 323,280 | ||
Other borrowed funds | 129,908 | 73,113 | ||
Accrued interest payable | 834 | 395 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial Assets | ||||
Net loans held for investment | 462,414 | 404,888 | ||
Financial Liabilities | ||||
Deposits | 85,162 | 81,070 | ||
Subordinated debt, net | $ 9,792 | $ 9,766 |
Business Segments - Summary of
Business Segments - Summary of segment reporting information, by segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 13,090 | $ 8,862 | $ 36,685 | $ 23,072 |
Expenses | 11,458 | 7,263 | 31,625 | 18,541 |
Income (loss) before income taxes | 1,632 | 1,599 | 5,060 | 4,531 |
Income tax expense | 379 | 329 | 989 | 944 |
Net income (loss) | 1,253 | 1,270 | 4,071 | 3,587 |
Net (income) loss attributable to noncontrolling interest | (3) | (1) | (21) | (8) |
Net Income attributable to Blue Ridge Bankshares, Inc. | 1,250 | 1,269 | 4,050 | 3,579 |
Interest income [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,118 | 5,445 | 22,430 | 15,738 |
Service charge on deposit accounts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 171 | 155 | 459 | 479 |
Mortgage banking income, net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,943 | 2,289 | 10,967 | 4,868 |
Payroll processing revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 232 | 220 | 743 | 739 |
Other operating income (expense) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 626 | 753 | 2,086 | 1,248 |
Expenses | 3,127 | 2,892 | 9,068 | 6,210 |
Interest expense [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 2,682 | 1,335 | 6,943 | 3,564 |
Provision for loan losses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 570 | 225 | 1,465 | 640 |
Salary and benefits [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 5,079 | 2,811 | 14,149 | 8,127 |
Blue Ridge Bank [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,537 | 6,165 | 24,097 | 17,479 |
Expenses | 6,769 | 4,413 | 18,747 | 12,323 |
Income (loss) before income taxes | 1,768 | 1,752 | 5,350 | 4,825 |
Income tax expense | 344 | 366 | 932 | 999 |
Net income (loss) | 1,424 | 1,386 | 4,418 | 3,826 |
Net Income attributable to Blue Ridge Bankshares, Inc. | 1,424 | 1,386 | 4,418 | 3,826 |
Blue Ridge Bank [Member] | Interest income [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,757 | 5,255 | 21,582 | 15,738 |
Blue Ridge Bank [Member] | Service charge on deposit accounts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 171 | 155 | 459 | 479 |
Blue Ridge Bank [Member] | Other operating income (expense) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 609 | 755 | 2,056 | 1,262 |
Expenses | 1,784 | 2,066 | 5,194 | 4,800 |
Blue Ridge Bank [Member] | Interest expense [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 2,289 | 1,159 | 5,921 | 3,032 |
Blue Ridge Bank [Member] | Provision for loan losses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 570 | 225 | 1,465 | 640 |
Blue Ridge Bank [Member] | Salary and benefits [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 2,126 | 963 | 6,167 | 3,851 |
Blue Ridge Bank Mortgage Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,302 | 2,473 | 11,811 | 5,193 |
Expenses | 4,028 | 2,295 | 10,898 | 4,756 |
Income (loss) before income taxes | 274 | 178 | 913 | 437 |
Income tax expense | 80 | 33 | 193 | 92 |
Net income (loss) | 194 | 145 | 720 | 345 |
Net Income attributable to Blue Ridge Bankshares, Inc. | 194 | 145 | 720 | 345 |
Blue Ridge Bank Mortgage Division [Member] | Interest income [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 359 | 184 | 844 | 325 |
Blue Ridge Bank Mortgage Division [Member] | Mortgage banking income, net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,943 | 2,289 | 10,967 | 4,868 |
Blue Ridge Bank Mortgage Division [Member] | Other operating income (expense) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 955 | 550 | 2,697 | 776 |
Blue Ridge Bank Mortgage Division [Member] | Interest expense [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 215 | 490 | ||
Blue Ridge Bank Mortgage Division [Member] | Salary and benefits [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 2,858 | 1,745 | 7,711 | 3,980 |
Money Wise Payroll Solutions, Inc. [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 232 | 220 | 743 | 739 |
Expenses | 214 | 206 | 615 | 693 |
Income (loss) before income taxes | 18 | 14 | 128 | 46 |
Income tax expense | (1) | 1 | 22 | 8 |
Net income (loss) | 19 | 13 | 106 | 38 |
Net (income) loss attributable to noncontrolling interest | (3) | (1) | (21) | (8) |
Net Income attributable to Blue Ridge Bankshares, Inc. | 16 | 12 | 85 | 30 |
Money Wise Payroll Solutions, Inc. [Member] | Payroll processing revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 232 | 220 | 743 | 739 |
Money Wise Payroll Solutions, Inc. [Member] | Other operating income (expense) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 119 | 103 | 344 | 397 |
Money Wise Payroll Solutions, Inc. [Member] | Salary and benefits [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 95 | 103 | 271 | 296 |
Parents Only [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 25 | 10 | 52 | 10 |
Expenses | 453 | 355 | 1,383 | 787 |
Income (loss) before income taxes | (428) | (345) | (1,331) | (777) |
Income tax expense | (44) | (71) | (158) | (155) |
Net income (loss) | (384) | (274) | (1,173) | (622) |
Net Income attributable to Blue Ridge Bankshares, Inc. | (384) | (274) | (1,173) | (622) |
Parents Only [Member] | Interest income [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2 | 6 | 4 | 6 |
Parents Only [Member] | Other operating income (expense) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 23 | 4 | 48 | 4 |
Expenses | 275 | 179 | 851 | 255 |
Parents Only [Member] | Interest expense [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Expenses | 178 | 176 | 532 | 532 |
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (6) | (6) | (18) | (18) |
Expenses | (6) | (6) | (18) | (18) |
Eliminations [Member] | Other operating income (expense) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (6) | (6) | (18) | (18) |
Expenses | $ (6) | $ (6) | $ (18) | $ (18) |
Other Borrowed Funds - Addition
Other Borrowed Funds - Additional Information (Detail) - Federal Home Loan Bank of Atlanta [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal home loan bank advance | $ 129.6 | $ 73.1 |
Increase in other borrowings | $ 56.5 |
Other Borrowed Funds - Summary
Other Borrowed Funds - Summary of federal home loan bank, advances, by branch of FHLB bank (Detail) - Federal Home Loan Bank of Atlanta [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 129,600 | $ 73,100 |
Federal Home Loan Bank Advance Fixed Rate One [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 15,000 | $ 5,000 |
Interest rate | 2.31% | 2.42% |
Maturity date | Oct. 1, 2019 | Jan. 3, 2019 |
Federal Home Loan Bank Advance Fixed Rate Two [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 5,000 | $ 2,800 |
Interest rate | 2.58% | 2.40% |
Maturity date | Oct. 4, 2019 | Jan. 7, 2019 |
Federal Home Loan Bank Advance Fixed Rate Three [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 5,000 | $ 4,500 |
Interest rate | 2.15% | 2.38% |
Maturity date | Oct. 16, 2019 | Jan. 9, 2019 |
Federal Home Loan Bank Advance Fixed Rate Four [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 4,000 | $ 5,000 |
Interest rate | 2.59% | 2.46% |
Maturity date | Oct. 23, 2019 | Jan. 16, 2019 |
Federal Home Loan Bank Advance Fixed Rate Five [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 3,500 | $ 1,200 |
Interest rate | 2.58% | 2.49% |
Maturity date | Oct. 30, 2019 | Jan. 18, 2019 |
Federal Home Loan Bank Advance Fixed Rate Six [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 25,000 | $ 8,000 |
Interest rate | 2.24% | 2.47% |
Maturity date | Nov. 4, 2019 | Jan. 31, 2019 |
Federal Home Loan Bank Advance Fixed Rate Seven [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 10,000 | $ 3,000 |
Interest rate | 2.13% | 2.51% |
Maturity date | Nov. 29, 2019 | Mar. 8, 2019 |
Federal Home Loan Bank Advance Fixed Rate Eight [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 7,000 | $ 2,000 |
Interest rate | 2.51% | 2.54% |
Maturity date | Nov. 29, 2019 | Mar. 19, 2019 |
Federal Home Loan Bank Advance Fixed Rate Nine [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 10,000 | $ 5,000 |
Interest rate | 2.46% | 2.55% |
Maturity date | Dec. 4, 2019 | Apr. 1, 2019 |
Federal Home Loan Bank Advance Daily Rate Ten [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 10,000 | |
Interest rate | 2.07% | |
Maturity date | Dec. 30, 2019 | |
Federal Home Loan Bank Advance Fixed Rate Ten [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 3,500 | |
Interest rate | 2.62% | |
Maturity date | Apr. 30, 2019 | |
Federal Home Loan Bank Advance Fixed Rate Eleven [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 26,100 | $ 4,000 |
Interest rate | 2.49% | 1.34% |
Maturity date | May 4, 2020 | May 31, 2019 |
Federal Home Loan Bank Advance Fixed Rate Twelve [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 5,000 | $ 2,000 |
Interest rate | 1.99% | 2.66% |
Maturity date | May 6, 2020 | Jun. 19, 2019 |
Federal Home Loan Bank Advance Fixed Rate Thirteen [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 4,000 | $ 1,000 |
Interest rate | 2.15% | 3.95% |
Maturity date | Sep. 9, 2020 | Aug. 27, 2019 |
Federal Home Loan Bank Advance Daily Rate Fourteen [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 22,100 | |
Interest rate | 2.65% | |
Maturity date | Aug. 30, 2019 | |
Federal Home Loan Bank Advance Fixed Rate Fifteen [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Balance | $ 4,000 | |
Interest rate | 2.13% | |
Maturity date | Sep. 30, 2019 |
Subordinated Debt - Additional
Subordinated Debt - Additional Information (Detail) - Subordinated debt [Member] | 1 Months Ended |
Nov. 20, 2015USD ($) | |
Subordinated Borrowing [Line Items] | |
Subordinated debt instrument face value | $ 10,000,000 |
Subordinated debt instrument maturity date | Dec. 1, 2025 |
Subordinated debt interest rate terms | The Notes bear interest, payable on the 1st of June and December of each year, commencing June 1, 2016, at a fixed rate of 6.75% per year for the first five years, and thereafter will bear a floating interest rate of LIBOR plus 512.8 basis points. |
Subordinated debt instrument fixed rate of interest | 6.75% |
Subordinated debt instrument variable interest rate spread | 5.13% |
Subordinated debt instrument call feature | The Company has the right to redeem the Notes, in whole or in part, without premium or penalty, at any interest payment date on or after December 1, 2020 and prior to the maturity date, but in all cases in a principal amount with integral multiples of $1,000, plus interest accrued and unpaid through the date of redemption. |
Subordinated debt instrument date of first required payment | Jun. 1, 2016 |
Subordinated debt issuance costs | $ 338,813 |
Subordinated Debt - Summary of
Subordinated Debt - Summary of subordinated debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Subordinated Borrowing [Line Items] | ||
Subordinated debt | $ 10,000 | $ 10,000 |
Unamortized issuance costs | (208) | (233) |
Subordinated debt, net | $ 9,792 | $ 9,767 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of total non-interest income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 1,610 | $ 1,574 | ||
Non-interest income within scope of other ASC topics | 12,645 | 5,435 | ||
Total other income | $ 4,973 | $ 3,091 | 14,255 | 7,009 |
Service fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 459 | 479 | ||
Bank card revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 408 | 356 | ||
Payroll processing income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 743 | $ 739 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right of use assets | $ 6,575 | |
Operating lease liabilities | $ 6,672 | |
Accounting Standards Update 2016-02 [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right of use assets | $ 7,000 | |
Operating lease liabilities | $ 7,000 |
Leases - Summary of company's l
Leases - Summary of company's leases (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Lease liabilities | $ 6,672 |
Right-of-use assets | $ 6,575 |
Weighted average remaining lease term | 6 years 3 months 3 days |
Weighted average discount rate | 2.79% |
Leases - Summary of lease cost
Leases - Summary of lease cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Abstract] | ||||
Operating lease cost | $ 369 | $ 213 | $ 1,104 | $ 582 |
Total lease cost | 369 | 213 | 1,104 | 582 |
Cash paid for amounts included in the measurement of lease liabilities | $ 218 | $ 213 | $ 874 | $ 582 |
Leases - Summary of operating l
Leases - Summary of operating lease liabilities (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Three months ending December 31, 2019 | $ 314 |
Twelve months ending December 31, 2020 | 1,305 |
Twelve months ending December 31, 2021 | 1,230 |
Twelve months ending December 31, 2022 | 1,022 |
Twelve months ending December 31, 2023 | 934 |
Twelve months ending December 31, 2024 | 640 |
Thereafter | 1,979 |
Total undiscounted cash flows | 7,425 |
Discount | (753) |
Lease liabilities | $ 6,672 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Dec. 15, 2019 | Nov. 20, 2019 |
Dividend per common stock | $ 0.1425 | |
Virginia Community Bankshares, Inc [Member] | ||
Cash paid per share | $ 58 | |
Shares issued per share | $ 3.05 | |
Percentage of stock issued under business combination | 60.00% | |
Percentage of cash paid under business combination | 40.00% | |
Number of shares expected to issue | 1,312,970 | |
Expected payments under business combination | $ 16.6 |