Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 06, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | BLUE RIDGE BANKSHARES, INC. | |
Entity Central Index Key | 0000842717 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-39165 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1470908 | |
Entity Address, Address Line One | 1807 Seminole Trail | |
Entity Address, City or Town | Charlottesville | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22835 | |
City Area Code | 540 | |
Local Phone Number | 743-6521 | |
Trading Symbol | BRBS | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | 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 | 18,622,669 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | [1] | |
ASSETS | ||||
Cash and due from banks | $ 273,540 | $ 117,945 | ||
Federal funds sold | 5,238 | 775 | ||
Certificates of deposit | 1,018 | |||
Securities available for sale, at fair value | 278,734 | 109,475 | ||
Restricted equity and other investments | 14,821 | 11,173 | ||
Loans held for sale | 122,453 | 148,209 | ||
Paycheck Protection Program loans, net of deferred fees and costs | 597,626 | 288,533 | ||
Loans held for investment, net of deferred fees and costs | 1,706,916 | 732,883 | ||
Less allowance for loan losses | (13,402) | (13,827) | ||
Loans held for investment, net | 1,693,514 | 719,056 | ||
Accrued interest receivable | 10,507 | 5,428 | ||
Other real estate owned | 594 | |||
Premises and equipment, net | 29,677 | 14,831 | ||
Right-of-use asset | 6,805 | 5,328 | ||
Bank owned life insurance | 36,164 | 15,724 | ||
Goodwill | 27,098 | 19,892 | ||
Other intangible assets | 9,440 | 2,922 | ||
Mortgage derivative asset | 5,949 | 5,293 | ||
Mortgage servicing rights, net | 11,442 | 7,084 | ||
Mortgage brokerage receivable | 2,546 | 8,516 | ||
Interest rate swap asset | 7,248 | 1,716 | ||
Other assets | 32,960 | 16,358 | ||
Total assets | 3,167,374 | 1,498,258 | ||
Deposits: | ||||
Noninterest-bearing demand | 617,102 | 333,051 | ||
Interest-bearing demand and money market deposits | 751,390 | 282,263 | ||
Savings | 159,455 | 78,352 | ||
Time deposits | 612,171 | 251,443 | ||
Total deposits | 2,140,118 | 945,109 | ||
Securities sold under repurchase agreements | 1,198 | |||
FHLB borrowings | 183,122 | 115,000 | ||
FRB borrowings | 509,667 | 281,650 | ||
Subordinated notes, net | 54,588 | 24,506 | ||
Lease liability | 7,990 | 5,506 | ||
Interest rate swap liability | 1,593 | 2,735 | ||
Other liabilities | 29,364 | 15,552 | ||
Total liabilities | 2,927,640 | 1,390,058 | ||
Commitments and contingencies (Note 14) | ||||
Stockholders’ Equity: | ||||
Common stock, no par value; 37,500,000 shares authorized; 18,621,531 and 8,577,932 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | [2] | 192,974 | 66,771 | |
Additional paid-in capital | 252 | 252 | ||
Retained earnings | 42,239 | 40,688 | ||
Accumulated other comprehensive income, net of tax | 4,035 | 264 | ||
Total stockholders' equity | 239,500 | 107,975 | ||
Noncontrolling interest | 234 | 225 | ||
Total stockholders’ equity | 239,734 | 108,200 | ||
Total liabilities and stockholders’ equity | $ 3,167,374 | $ 1,498,258 | ||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. | |||
[2] | Common stock as of the periods presented is reflective of the Company’s 3-for-2 stock split effective April 30, 2021. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares |
Common stock, no par value | $ / shares | ||
Common stock, shares authorized | 37,500,000 | 37,500,000 |
Common stock, shares, issued | 18,621,531 | 8,577,932 |
Common stock, shares, outstanding | 18,621,531 | 8,577,932 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2019 | ||
INTEREST INCOME | |||
Interest and fees on loans | $ 21,363 | $ 9,544 | |
Interest on taxable securities | 1,130 | 829 | |
Interest on nontaxable securities | 52 | 48 | |
Interest on deposit accounts and federal funds sold | 31 | 2 | |
Total interest income | 22,576 | 10,423 | |
INTEREST EXPENSE | |||
Interest on deposits | 1,540 | 1,725 | |
Interest on subordinated notes | 630 | 177 | |
Interest on FHLB and FRB borrowings | 389 | 498 | |
Total interest expense | 2,559 | 2,400 | |
Net interest income | 20,017 | 8,023 | |
Provision for loan losses | 575 | ||
Net interest income after provision for loan losses | 20,017 | 7,448 | |
NONINTEREST INCOME | |||
Service charges on deposit accounts | 327 | 272 | |
Residential mortgage banking income, net | 9,301 | 3,861 | |
Mortgage servicing rights | 3,371 | ||
Gain on sale of guaranteed USDA loans | 1,074 | 20 | |
Wealth and trust management | 602 | ||
Increase in cash surrender value of bank owned life insurance | 164 | 93 | |
Payroll processing | 270 | 303 | |
Bank and purchase card, net | 300 | 129 | |
Other | 400 | 162 | |
Total noninterest income | 15,809 | 4,840 | |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 14,009 | 7,160 | |
Occupancy and equipment | 1,357 | 856 | |
Data processing | 845 | 382 | |
Legal, issuer, and regulatory filing | 576 | 194 | |
Advertising and marketing | 290 | 224 | |
Communications | 368 | 135 | |
Audit and accounting fees | 189 | 43 | |
FDIC insurance | 343 | 150 | |
Intangible amortization | 400 | 143 | |
Other contractual services | 853 | 175 | |
Other taxes and assessments | 348 | 224 | |
Merger-related | 9,019 | 269 | |
Other | 1,915 | 1,225 | |
Total noninterest expenses | 30,512 | 11,180 | |
Income before income tax | 5,314 | 1,108 | |
Income tax expense | 1,077 | 267 | |
Net income | 4,237 | 841 | |
Net income attributable to noncontrolling interest | (9) | (9) | |
Net income attributable to Blue Ridge Bankshares, Inc. | 4,228 | 832 | |
Net income available to common stockholders | $ 4,228 | $ 832 | |
Basic and diluted earnings per common share (EPS) | [1] | $ 0.28 | $ 0.10 |
[1] | EPS has been adjusted for all periods presented to reflect the Company’s 3-for-2 stock split effective April 30, 2021. |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) | Apr. 30, 2021 |
Subsequent Event [Member] | |
Stockholders equity reverse stock split | 3-for-2 |
Stockholders equity note reverse stocks split conversion ratio | 1.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 4,237 | $ 841 |
Other comprehensive income (loss): | ||
Gross unrealized losses on securities available for sale arising during the period | (3,142) | (612) |
Deferred income tax benefit | 660 | 128 |
Unrealized losses on securities available for sale arising during period, net of tax | (2,482) | (484) |
Unrealized gains (losses) on interest rate swaps | 7,915 | (3,164) |
Deferred income tax (expense) benefit | (1,662) | 665 |
Unrealized gains (losses) on interest rate swaps, net of tax | 6,253 | (2,499) |
Other comprehensive income (loss), net of tax | 3,771 | (2,983) |
Comprehensive income (loss), net of tax | 8,008 | (2,142) |
Comprehensive income attributable to noncontrolling interest | (9) | (9) |
Comprehensive income (loss) attributable to Blue Ridge Bankshares, Inc. | $ 7,999 | $ (2,151) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Noncontrolling Interest [Member] | |||
Beginning Balance at Dec. 31, 2019 | $ 92,337 | $ 66,204 | $ 252 | $ 25,428 | $ 229 | $ 224 | |||
Beginning Balance, Shares at Dec. 31, 2019 | [1] | 8,487,878 | |||||||
Net income | 841 | 832 | 9 | ||||||
Other comprehensive income (loss), net of tax | (2,983) | (2,983) | |||||||
Restricted stock awards, net of forfeitures | 79 | $ 79 | |||||||
Restricted stock awards, net of forfeitures, Shares | [1] | 3,600 | |||||||
Ending Balance at Mar. 31, 2020 | 90,274 | $ 66,283 | 252 | 26,260 | (2,754) | 233 | |||
Ending Balance, Shares at Mar. 31, 2020 | [1] | 8,491,478 | |||||||
Beginning Balance at Dec. 31, 2020 | 108,200 | [2] | $ 66,771 | 252 | 40,688 | 264 | 225 | ||
Beginning Balance, Shares at Dec. 31, 2020 | [1] | 8,577,932 | |||||||
Net income | 4,237 | 4,228 | 9 | ||||||
Other comprehensive income (loss), net of tax | 3,771 | 3,771 | |||||||
Dividends on common stock | (2,677) | (2,677) | |||||||
Issuance of common stock and other consideration paid in business combination | 125,403 | $ 125,403 | |||||||
Issuance of common stock and other consideration paid in business combination, Shares | [1] | 9,951,743 | |||||||
Stock option exercises | $ 633 | $ 633 | |||||||
Stock option exercises, Shares | 44,688 | 67,031 | [1] | ||||||
Restricted stock awards, net of forfeitures | $ 167 | $ 167 | |||||||
Restricted stock awards, net of forfeitures, Shares | [1] | 24,825 | |||||||
Ending Balance at Mar. 31, 2021 | $ 239,734 | $ 192,974 | $ 252 | $ 42,239 | $ 4,035 | $ 234 | |||
Ending Balance, Shares at Mar. 31, 2021 | [1] | 18,621,531 | |||||||
[1] | Common stock outstanding as of and for the periods presented is reflective of the Company’s 3-for-2 stock split effective April 30, 2021. | ||||||||
[2] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | Apr. 30, 2021 | Mar. 17, 2021 |
Stock split description | On March 17, 2021, the Company announced that its board of directors had approved a three-for-two stock split (“Stock Split”) effected in the form of a 50% stock dividend on its common stock outstanding paid on April 30, 2021 to shareholders of record as of April 20, 2021. | |
Stockholders equity note reverse stocks split conversion ratio | 1.5 | |
Subsequent Event [Member] | ||
Stock split description | 3-for-2 stock split | |
Stockholders equity note reverse stocks split conversion ratio | 1.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Cash Flows From Operating Activities | |||
Net income | $ 4,237 | $ 841 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 453 | 211 | |
Deferred income taxes | (1,002) | 85 | |
Provision for loan losses | 575 | ||
Accretion of fair value adjustments (discounts) on acquired loans | (359) | (388) | |
Accretion of fair value adjustments (premiums) on acquired time deposits | (697) | (23) | |
Accretion of fair value adjustments (premiums) on acquired subordinated notes | (35) | ||
Proceeds from sale of loans held for sale | 412,139 | 67,362 | |
Loans held for sale, originated | (377,854) | (104,815) | |
Gain on sale of loans held for sale, originated | (4,715) | (3,041) | |
Loss on disposal of premises and equipment | 32 | 4 | |
Investment amortization expense, net | 463 | 229 | |
Amortization of subordinated debt issuance costs | 17 | 8 | |
Intangible amortization | 400 | 143 | |
Increase in cash surrender value of bank owned life insurance | (164) | (93) | |
Increase in other assets | (2,873) | (12,248) | |
Increase in other liabilities | 5,674 | 5,618 | |
Net cash provided by (used in) operating activities | 35,716 | (45,532) | |
Cash Flows From Investing Activities | |||
Net (increase) decrease in federal funds sold | (2,731) | 316 | |
Purchases of securities available for sale | (107,057) | (200) | |
Proceeds from calls, sales, paydowns and maturities of securities available for sale | 12,490 | 9,012 | |
Proceeds from calls, sales, paydowns and maturities of securities held to maturity | 960 | ||
Proceeds from sale of other real estate owned | 4 | ||
Net change in restricted equity securities | 1,944 | (1,970) | |
Net increase in loans held for investment | (252,760) | (17,843) | |
Purchase of premises and equipment | (78) | (832) | |
Proceeds from sale of premises and equipment | 278 | 6 | |
Capital calls of small business investment company funds and other investments | (376) | (38) | |
Net cash acquired in acquisition of Bay Banks of Virginia, Inc. | 44,066 | ||
Nonincome distributions from limited liability companies | 107 | ||
Net cash used in investing activities | (304,113) | (10,589) | |
Cash Flows From Financing Activities: | |||
Net increase in demand, savings and other interest-bearing deposits | 181,850 | 45,358 | |
Net (decrease) increase in time deposits | (17,032) | 1,795 | |
Common stock dividends paid | (2,677) | ||
Federal Home Loan Bank advances | 200,000 | 147,300 | |
Federal Home Loan Bank repayments | (142,000) | (131,200) | |
Federal Reserve Bank advances | 265,908 | ||
Federal Reserve Bank repayments | (62,706) | ||
Stock option exercises | 633 | ||
Net increase in securities sold under repurchase agreements | 16 | ||
Net cash provided by financing activities | 423,992 | 63,253 | |
Net increase in cash and due from banks | 155,595 | 7,132 | |
Cash and due from banks at beginning of period | 117,945 | [1] | 60,026 |
Cash and due from banks at end of period | 273,540 | 67,158 | |
Supplemental Schedule of Cash Flow Information | |||
Cash paid for Interest | 2,039 | 2,289 | |
Cash paid for Income taxes | 1,000 | ||
Non-cash investing and financing activities: | |||
Unrealized loss on available-for-sale securities | (3,142) | (612) | |
Issuance of restricted stock awards, net of forfeitures | 167 | 79 | |
Assets acquired in business combination | 1,224,583 | ||
Liabilities assumed in business combination | 1,107,036 | ||
Effective settlement of subordinated notes in business combination | 650 | ||
Change in goodwill | $ 7,206 | $ 23 | |
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 – Organization and Basis of Presentation Blue Ridge Bankshares, Inc. (the "Company"), a Virginia corporation, was formed in 1988 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Company is headquartered in Charlottesville, Virginia and conducts its business activities primarily through the branch offices of its wholly-owned subsidiary bank, Blue Ridge Bank, National Association (the "Bank"). The Company exists primarily for the purposes of holding the stock of its subsidiary, the Bank. The Bank operates under a national charter and is subject to regulation by the Office of the Comptroller of the Currency (the “OCC”). Consequently, it undergoes periodic examinations by this regulatory authority. On January 31, 2021, the Company completed a merger with Bay Banks of Virginia, Inc. (“Bay Banks”), a bank holding company conducting substantially all its operations through its bank subsidiary, Virginia Commonwealth Bank, and its wealth and trust management subsidiary, VCB Financial Group, Inc. (the “Financial Group”). Immediately following the Company’s merger with Bay Banks, Bay Banks’ subsidiary bank was merged with and into the Bank, while the Financial Group became a subsidiary of the Company (collectively, the “Bay Banks Merger”). The Financial Group provides management services for personal and corporate trusts, including estate planning, estate settlement and trust administration, and investment and wealth management services from its Richmond and Kilmarnock, Virginia offices. Products and services include revocable and irrevocable living trusts, testamentary trusts, custodial accounts, investment planning, brokerage services, insurance investment managed accounts, and managed and self-directed individual retirement accounts. The accompanying unaudited consolidated financial statements of the Company include the accounts of the Bank, the Financial Group, 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 (“GAAP”) and to general practices within the banking industry. All significant intercompany balances and transactions have been eliminated in consolidation. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Information contained herein as of March 31, 2021 includes the balances of Bay Banks; information contained herein as of and for the year ended December 31, 2020 does not include the balances of Bay Banks. Information for the three months ended March 31, 2021 includes the operations of Bay Banks only for the period immediately following the effective date of the Bay Banks Merger (January 31, 2021) through March 31, 2021. On March 17, 2021, the Company announced that its board of directors had approved a three-for-two stock split (“Stock Split”) effected in the form of a 50% stock dividend on its common stock outstanding paid on April 30, 2021 to shareholders of record as of April 20, 2021. Cash was paid in lieu of fractional shares based on the closing price of common stock on the record date. References made to outstanding shares or per share amounts in the accompanying consolidated financial statements and disclosures have been adjusted to reflect the Stock Split for all periods presented, unless otherwise noted. Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current year presentations, including the following circumstance. The reclassifications had no effect on net income, net income per share, or shareholders’ equity as previously reported. Correction of Immaterial Classification Error During the first quarter of 2021, the Company determined a loan arrangement with a third-party financial institution for the purpose of residential mortgage loan originations, which had been reported on its consolidated balance sheets in loans held for sale, should be reported as loans held for investment. The Company has changed the classification of this loan on its December 31, 2020 consolidated balance sheet to reflect it as held for investment. The change in classification resulted in a $30.4 million decrease from what was previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 in loans held for sale with a corresponding increase of the same amount in loans held for investment as of December 31, 2020. The change in classification does not affect the Company’s reported earnings for 2020, as the Company does not believe any material allowance for loan losses (“ALL”) would have been necessary for this loan as of December 31, 2020, and the Company believes its ALL was adequate as of December 31, 2020. This reclassification does not change total loans or total assets on the Company’s consolidated balance sheets. The Company has evaluated the effect of the incorrect presentation, both qualitatively and quantitatively, and concluded that it did not materially misstate the Company’s previously issued financial statements. |
Amendments to the Accounting St
Amendments to the Accounting Standards Codification | 3 Months Ended |
Mar. 31, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Amendments to the Accounting Standards Codification | Note 2 – Amendments to the Accounting Standards Codification In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. As a “smaller reporting company” under Securities and Exchange Commission (“SEC”) rules, the Company will be required to apply the guidance for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company has formed a cross-functional working group to assess and implement the requirements of ASU 2016-13 by the adoption date. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. This ASU addresses issues raised by stakeholders during the implementation of ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Among other narrow-scope improvements, the new ASU clarifies guidance around how to report expected recoveries. “Expected recoveries” describes a situation in which an organization recognizes a full or partial write-off of the amortized cost basis of a financial asset, but then later determines that the amount written off, or a portion of that amount, will in fact be recovered. While applying the credit losses standard, stakeholders questioned whether expected recoveries were permitted on assets that had already shown credit deterioration at the time of purchase (also known as purchased credit-deteriorated (“PCD”) assets). In response to this question, the ASU permits organizations to record expected recoveries on PCD assets. In addition to other narrow technical improvements, the ASU also reinforces existing guidance that prohibits organizations from recording negative allowances for available-for-sale debt securities. The ASU includes effective dates and transition requirements that vary depending on whether or not an entity has already adopted ASU 2016-13. The Company is currently assessing the impact that ASU 2019-11 will have on its consolidated financial statements. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | Note 3 – Business Combinations On January 31, 2021, the Company completed its acquisition of Bay Banks, which was accounted for as a business combination. At the effective date of the merger, Bay Banks’ shareholders received 0.5000 shares of the Company’s common stock in exchange for each share of Bay Banks common stock held (“Exchange Ratio”), plus cash in lieu of any fractional shares, resulting in the Company issuing 6,634,495 shares (9,951,743 shares on a post Stock Split basis) with an aggregate fair market value of $124.9 million based on the closing price of the Company’s common stock at January 29, 2021, the last trading day prior to the effective date of the merger, and paying $3.4 thousand in lieu of fractional shares. In addition, options to purchase 198,362 shares of Bay Banks common stock, whether vested or unvested, were converted to options to acquire 99,176 shares of the Company’s common stock (148,764 shares on a post Stock Split basis) at an estimated fair value of $472 thousand as of the merger date. Finally, Bay Banks had previously acquired $1.75 million of the Company’s subordinated notes, while the Bank had previously acquired $1.10 million of Bay Banks’ subordinated notes. In the merger, an effective settlement of the notes occurred in the amount of $650 thousand, which reduced the consideration paid. The Bay Banks Merger combined two banks with complementary capabilities and geographical focus, thus provided the opportunity for the organization to leverage its existing infrastructure, including people, processes and systems, across a larger asset base. The Company has accounted for the Bay Banks Merger under the acquisition method of accounting, whereby the acquired assets and assumed liabilities are recorded by the Company at their estimated fair values as of the effective date of the merger. Fair value estimates were based on management’s assessment of the best information available at the time of determination and are highly subjective. The following table presents the consideration paid in the merger and the summary balance sheet of Bay Banks as of the date of the merger inclusive of estimated fair value adjustments and the allocation of consideration paid in the merger to the acquired assets and assumed liabilities. The goodwill resulting from the Bay Banks Merger was $7.2 million. (Dollars in thousands, except per share data) Consideration paid: Reference: Company's common shares issued 9,951,743 A Purchase price per share $ 12.55 A, B Value of common stock issued $ 124,928 Estimated fair value of stock options 472 Cash in lieu of fractional shares 3 Total consideration paid $ 125,403 Effective settlement of subordinated notes (650 ) Total consideration paid less effective settlement of subordinated notes $ 124,753 Fair value of assets acquired: Cash and due from banks $ 44,066 Federal funds sold 1,732 Certificates of deposit 1,018 Securities available for sale 79,505 Restricted securities 4,385 Loans held for investment 1,030,433 C Loans held for sale 3,814 Premises and equipment 15,532 D Right of use asset 1,864 Other real estate owned 598 Bank owned life insurance 20,259 Mortgage servicing rights 987 Core deposit intangible 6,850 E Deferred tax asset, net 2,685 F Other assets 10,855 G Total assets $ 1,224,583 Fair value of liabilities assumed: Deposits $ 1,030,888 H FHLB borrowings 10,124 I FRB borrowings 24,815 Subordinated notes 31,850 J Other liabilities 9,359 Total liabilities $ 1,107,036 Net identifiable assets acquired at fair value $ 117,547 Goodwill $ 7,206 Reference: Explanation of reference: A Common shares issued and purchase price per share are presented on a post Stock Split basis, which was effective April 30, 2021. B The value of the shares of the Company's common stock exchanged for shares of legacy Bay Banks common stock was based upon the closing price of the Company's common stock at January 29, 2021, the last trading day prior to the date of completion of the merger on January 31, 2021. C Reflective of a $17.9 million (or 1.70%) fair value adjustment (discount) to the amortized cost of the loan portfolio acquired. D Reflective of a $4.4 million fair value adjustment (premium) over the net book value of premises and equipment acquired. E Core deposit intangible asset recorded to reflect the fair value of nonmaturity deposits, except for time deposits over $100,000, assumed by the Company. F Reflective of a $2.1 million net deferred tax asset recorded on all fair value adjustments, excluding goodwill, at the statutory federal income tax rate of 21%. G Reflective of a $203 thousand fair vale adjustment (premium) on other assets acquired. H Reflective of a $5.8 million fair value adjustment (premium) over the book value of time deposits assumed. I Reflective of a $124 thousand fair value adjustment (premium) on the $10 million Federal Home Loan Bank of Atlanta ("FHLB") advance assumed. J Reflective of a $950 thousand fair value adjustment (premium) over the book value of subordinated notes assumed. Below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed in the acquisition. Cash and cash equivalents . The carrying amounts of cash, due from banks, federal funds sold, and certificates of deposit was deemed to be a reasonable estimate of fair value. Securities available for sale. The estimated fair value of investment securities acquired was based on quoted market and third-party broker provided prices as of the merger date. Restricted securities. The carrying amount of restricted equity securities was used as a reasonable estimate of fair value. These investments are carried at cost as no active trading market exists. Loans. The acquired loan portfolio was segregated into two categories for valuation purposes: purchased credit-impaired (“PCI”) and purchased performing loans. PCI loans were identified as those loans that were nonaccrual prior to the business combination and those loans that were identified as potentially impaired. Potentially impaired loans were those loans that were identified during the credit review process where there was an indication that the borrower did not have sufficient cash flows to service the loan in accordance with its terms. Specifically, loans with a risk rating of special mention or worse, loans that had been previously restructured as a troubled debt restructuring (“TDR”), or loans that had a history of delinquent payments were deemed PCI. Performing loans were those loans that were currently performing in accordance with the loan contract and did not exhibit any significant deterioration in credit quality since origination. For loans that were identified as performing, the fair values were determined using a discounted cash flow analysis (the "income approach"). Performing loans were segmented into pools based on loan type including commercial mortgages, multifamily, commercial and industrial, construction and land development, consumer residential, and consumer nonresidential, and further segmented based on payment structure (fully amortizing, non-fully amortizing balloon, or interest only), rate type (fixed versus variable), and remaining maturity. The estimated cash flows expected to be collected for each loan were determined using a valuation model that included the following key assumptions: prepayment speeds, expected credit loss rates, and discount rates. Prepayment speeds were influenced by many factors including, but not limited to, current yields, historic rate trends, payment types, interest rate type, and the duration of the individual loan. Expected credit loss rates were based on recent and historical default and loss rates observed for loans with similar characteristics, and further influenced by a third-party loan review on a selection of loans within the acquired portfolio. The discount rates used were based on rates market participants may require for cash flows with similar risk characteristics at the acquisition date. For loans that were identified as PCI, either the above income approach or the asset approach was used. The income approach was used for PCI loans where there was an expectation that the borrower would more likely than not continue to pay based on the current terms of the loan contract. Management used the asset approach for all nonaccrual loans to reflect market participant assumptions. Under the asset approach, the fair value of each loan was determined based on the estimated fair values of the underlying collateral, less estimated costs to sell. The methods used to estimate the fair values of loans are sensitive to the assumptions and estimates used. While management attempted to use assumptions and estimates that best reflected the acquired loan portfolios and current market conditions, a greater degree of subjectivity is inherent in these values than in those determined in active markets. The following table presents the purchased performing and PCI loans receivable at the date of the Bay Banks Merger and the fair value adjustments (discounts) recorded immediately following the merger. As of January 31, 2021 (dollars in thousands) Purchased Performing PCI Total Principal payments receivable $ 936,523 $ 111,766 $ 1,048,289 Fair value adjustment - credit and interest (2,784 ) (15,072 ) (17,856 ) Fair value of acquired loans $ 933,739 $ 96,694 $ 1,030,433 Premises and equipment. Land and buildings (collectively, “premises”) acquired were recorded at estimated fair value as determined by third-party appraisals at or near the merger date. Equipment, including office furniture, computers, and similar assets, were recorded at the their net book values as of the merger date, which approximated fair value. Bank owned life insurance. The carrying value of bank owned life insurance was deemed to reasonably approximate fair value. These policies are recorded at their cash surrender value, using information provided by the insurance carriers. Core deposit intangible. Core deposit intangible ("CDI") is the measure of the value of noninterest-bearing checking, savings, interest-bearing checking, money market, and certain certificates of deposits assumed in a business combination. Certificates of deposit with balances over $100,000 and brokered deposits are excluded from evaluation, as the Company determined customer related intangible assets are non-existent for these accounts. The estimated fair value of CDI was based on the present value of the expected cost savings attributable to the core deposit funding relative to an alternative funding source. The CDI is being amortized over an estimated useful life of 10 years, which approximates the existing deposit relationships acquired. Deposits. The fair values of deposit liabilities with no stated maturity (noninterest-bearing checking, savings, interest-bearing checking, and money market deposits) are equal to the carrying amounts payable on demand. The estimated fair value of the certificates of deposit represents contractual cash flows, discounted to present value using interest rates currently offered by market participants on deposits with similar characteristics and remaining maturities. FHLB borrowings. The fair value of the FHLB borrowings was estimated by discounting the future cash flows using current interest rates offered for similar advances as of the acquisition date. FRB borrowings. The fair value of Federal Reserve Bank (“FRB”) borrowings was deemed to approximate its carrying value. These borrowings are pursuant to the FRB’s Paycheck Protection Plan Liquidity Facility (“PPPLF”) and there is no comparable borrowing to advances under this facility. Subordinated notes. The fair value of the subordinated notes was estimated by utilizing recent issuance rates for subordinated debt offerings of similar issuer size near the merger date. The fair value estimates are subject to change for up to one year after the effective date of the merger, if additional information relative to effective date fair values becomes available. Impact of Certain Fair Value Adjustments The net effect of the amortization and accretion of premiums and discounts associated with the Company’s fair value adjustments to assets acquired and liabilities assumed in the Bay Banks Merger had the following effect on the Company’s consolidated income statement for the three months ended March 31, 2021. For the three months ended March 31, (dollars in thousands) 2021 Loans (1) $ 272 Time deposits (2) 687 FHLB borrowings (3) 2 Subordinated notes (4) 35 CDI (5) (226 ) Net impact to income before income taxes $ 770 (1) Loan discount accretion is included in the “Interest and fees on loans” section of “Interest Income” in the consolidated income statements. (2) Time deposit premium amortization is included in the “Interest on deposits” section of “Interest Expense” in the consolidated income statements. (3) FHLB borrowing (4) Subordinated notes premium amortization is included in the “Interest on subordinated notes” section of “Interest Expense” in the consolidated income statements. (5) CDI amortization is included in the “Intangible amortization” section of “Noninterest Expense” in the consolidated income statements. Pro Forma Financial Information The following table presents the effect of the Bay Banks Merger on the Company on a pro forma basis, as if the merger had occurred at the beginning of the three-month periods ended March 31, 2021 and 2020. There were no merger-related expenses incurred in the first quarter of 2020 related to the Bay Banks Merger. Merger-related expenses of $9.0 million for the three months ended March 31, 2021, which are included in the Company’s consolidated income statements, are not included in the pro forma information below. Merger-related expenses incurred by Bay Banks prior to the completion of the Bay Banks Merger are not included in the Company’s consolidated income statements and are also not included in the pro forma information below. Net income includes pro forma adjustments for the accretion and amortization of estimated fair value adjustments on acquired loans and assumed time deposits and borrowings, as well as amortization of estimated CDI. An income tax rate of 21% was used in determining pro forma net income. For the three months ended March 31, (dollars in thousands, except per share data) 2021 2020 Revenue (net interest income plus noninterest income) $ 39,005 $ 24,098 Net income 11,944 3,928 Earnings per common share 0.64 0.21 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Schedule Of Investments [Abstract] | |
Investments | Investment securities available for sale are carried at fair value in the Company’s consolidated balance sheets. The following tables present amortized cost and fair values of investment securities available for sale as of the dates stated. March 31, 2021 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale State and municipal $ 31,630 $ 185 $ (339 ) $ 31,476 U.S. Treasury and agencies 54,477 56 (807 ) 53,726 Mortgage backed securities 159,239 440 (2,552 ) 157,127 Corporate bonds 35,716 738 (49 ) 36,405 Total investment securities $ 281,062 $ 1,419 $ (3,747 ) $ 278,734 December 31, 2020 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale State and municipal $ 14,069 $ 258 $ (68 ) $ 14,259 U.S. Treasury and agencies 2,500 — (91 ) 2,409 Mortgage backed securities 72,337 696 (398 ) 72,635 Corporate bonds 19,755 469 (52 ) 20,172 Total investment securities $ 108,661 $ 1,423 $ (609 ) $ 109,475 As of As of March 31, 2021 and December 31, 2020, securities with a market value of $23.6 million and $29.4 million, respectively, were pledged to secure the Bank’s borrowing facility with the FHLB. As a result of the Bay Banks Merger, the Company assumed a limited number of reverse repurchase agreements, all of which had remaining contractual maturities that were overnight and continuous. Securities sold under repurchase agreements were $1.2 million as of March 31, 2021 and are included in liabilities on the Company’s consolidated balance sheets. The securities pledged to each agreement are reviewed daily and can be changed at the option of the Bank with minimal risk of loss due to fair value changes. Securities with a fair value of $3.0 million were pledged as collateral for securities sold under repurchase agreements as of March 31, 2021, and all securities pledged were state and municipal obligations. The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date stated. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2021 (Dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 20,100 $ 19,986 Due after one year through five years 52,994 53,082 Due after five years through ten years 41,606 41,811 Due after ten years 166,362 163,855 Total $ 281,062 $ 278,734 The following tables present a summary of unrealized losses and the length of time in a continuous loss position, by security type, as of the dates stated. March 31, 2021 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses State and municipal 38 $ 17,258 $ (339 ) $ — $ — $ 17,258 $ (339 ) U.S. Treasury and agencies 46 31,377 (807 ) — — 31,377 (807 ) Mortgage backed securities 37 105,822 (2,381 ) 10,182 (171 ) 116,004 (2,552 ) Corporate bonds 4 5,005 (24 ) 976 (25 ) 5,981 (49 ) Total 125 $ 159,462 $ (3,551 ) $ 11,158 $ (196 ) $ 170,620 $ (3,747 ) December 31, 2020 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses State and municipal 6 $ 3,111 $ (68 ) $ — $ — $ 3,111 $ (68 ) U.S. Treasury and agencies 1 2,410 (91 ) — — 2,410 (91 ) Mortgage backed securities 22 20,545 (65 ) 8,592 (333 ) 29,137 (398 ) Corporate bonds 7 3,242 (7 ) 1,955 (45 ) 5,197 (52 ) Total 36 $ 29,308 $ (231 ) $ 10,547 $ (378 ) $ 39,855 $ (609 ) The Company reviews for other-than-temporary impairment of its investment securities portfolio at least quarterly. As of March 31, 2021 and December 31, 2020, only investment grade securities were in an unrealized loss position. Investment securities with unrealized losses are a result of pricing changes due to recent and negative conditions in the current market environment and not as a result of permanent credit impairment. Contractual cash flows for the agency mortgage-backed securities are guaranteed and/or funded by the U.S. government. Municipal securities show no indication that the contractual cash flows will not be received when due. The Company does not intend to sell nor does it believe that it will be required to sell any of its temporarily impaired securities prior to the recovery of the amortized cost. Restricted equity investments consisted of stock in the FHLB (carrying value of $8.2 million and $5.8 million as of March 31, 2021 and December 31, 2020, respectively), FRB stock (carrying value of $4.9 million and $2.2 million as of March 31, 2021 and December 31, 2020, respectively), and stock in the Company’s correspondent bank (carrying value of $468 thousand and $248 thousand as of March 31, 2021 and December 31, 2020, respectively). Restricted equity investments are carried at cost. The Company also has various other equity investments totaling $1.2 million and $3.0 million as of March 31, 2021 and December 31, 2020, respectively, which are marked to market through the consolidated income statement each reporting period. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 5 – Loans and Allowance for Loan Losses The following table presents loans held for investment as of the dates stated. (Dollars in thousands) March 31, 2021 December 31, 2020 Commercial and industrial $ 286,835 $ 123,675 Paycheck Protection Program 608,692 292,068 Real estate – construction, commercial 155,631 54,702 Real estate – construction, residential 49,338 18,040 Real estate – mortgage, commercial 649,474 273,499 Real estate – mortgage, residential 496,301 213,404 Real estate – mortgage, farmland 5,245 3,615 Consumer 65,210 46,684 Gross loans 2,316,726 1,025,687 Less: Deferred loan fees, net of costs (12,184 ) (4,271 ) Total $ 2,304,542 $ 1,021,416 In 2020, the Company participated in the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) (“PPP 1”). Through the PPP 1, which is administered by the Small Business Administration, the federal government partnered with banks, including the Bank, to provide over $650 billion to small businesses to support payrolls and other operating expenses. PPP 1 loans have a two-year term if originated prior to June 5, 2020 or a five-year term if originated on or subsequent to June 5, 2020 and earn an annual interest rate of 1%. Banks originating PPP 1 loans earned a processing fee of 1%, 3%, or 5% of the loan amount, depending on the size of the loan. The Company originated approximately $363.4 million in PPP 1 loans in 2020 and approximately $71.3 million were forgiven or paid back by the borrower by December 31, 2020. As of March 31, 2021, $261.0 million of PPP 1 loans were outstanding, including those acquired in the Bay Banks Merger. In the first quarter of 2021, the Company participated in the PPP pursuant to the Economic Aid Act, passed into law on December 27, 2020 (“PPP 2”), and through March 31, 2021, the Company had funded over 3,800 PPP 2 loans for approximately $348.0 million. PPP 2 loans have a contractual term of five years and earn an annual interest rate of 1%. Banks originating PPP 2 loans earn processing fees that are tiered depending on the size of the loan. Specifically, processing fees for loans of not more than $50,000 equal 50% of the loan balance or $2,500, whichever is less; processing fees for loans more than $50,000 and not more than $350,000 equal 5% of the loan balance, and processing fees for loans above $350,000 equal 3% of the loan balance. As of March 31, 2021, no PPP 2 loans had been forgiven. The Company believes that the majority of PPP 1 and PPP 2 loans will be forgiven, in accordance with the terms of the program, and will be paid in full pursuant to the U.S. government guarantee. The Company is accounting for the PPP processing fees in accordance with ASC 310-20, Receivables - Nonrefundable Fees and Other Costs, which requires fees, net of costs, to be deferred and amortized as a component of loan yield over the expected life of the loans, which the Company believes is 1.5 years for PPP 1 loans and one to three years for PPP 2 loans, depending on the loan balance. Of the $11.5 million of processing fees received in 2020 for PPP 1 loans, approximately $1.3 million of unamortized fees remain as of March 31, 2021, with $2.2 million recognized as a component of interest income in the first quarter of 2021. Of the $11.2 million of net processing fees received in the first quarter of 2021 for PPP 2 loans, approximately $10.1 million of unamortized fees remain as of March 31, 2021, with $1.1 million recognized as interest income in three months ended March 31, 2021. From the onset of the global COVID-19 pandemic, the Company has proactively addressed the needs of its commercial and individual borrowers by modifying loans allowing for the short-term deferral of principal payments or of principal and interest payments. Pursuant to the CARES Act, banks have the option to temporarily suspend certain requirements of GAAP related to TDRs for a limited period of time if certain conditions are met. All loan modifications made by the Company were made on a good faith basis to borrowers who met the requirements for modifications under the CARES Act. As a result of regulatory and accounting guidance regarding such modifications, the loans are not designated as TDRs, as of March 31, 2021 and December 31, 2020. In response to the COVID-19 pandemic, during 2020, the Company approved over 550 loan deferrals for a total of $110.6 million. In addition, Bay Banks approved nearly 400 loan deferrals for approximately $160.0 million. Most of these loans are now past the deferment period and are back on normal payment schedules, and as of March 31, 2021, 30 loans were in deferment for a total of approximately $31.0 million. The Company has pledged certain commercial and residential mortgages as collateral for borrowings with the FHLB. Loans totaling $567.0 million and $213.3 million were pledged as of March 31, 2021 and December 31, 2020, respectively. Additionally, PPP loans in the amount of $509.7 million and $281.6 million were pledged as collateral for PPPLF advances as of March 31, 2021 and December 31, 2020, respectively. As a result of the Bay Banks Merger and the 2019 acquisition of Virginia Community Bankshares, Inc., the acquired loan portfolios were initially measured at fair value as of the respective acquisition dates and subsequently accounted for as either purchased performing loans or PCI loans. The following table presents the outstanding principal balance and related recorded investment of these acquired loans included in the Company’s consolidated balance sheets as of the dates stated. (Dollars in thousands) March 31, 2021 December 31, 2020 PCI loans Outstanding principal balance $ 112,964 $ 1,278 Recorded investment 97,892 1,085 Purchased performing loans Outstanding principal balance 967,580 97,301 Recorded investment 964,056 96,317 Total acquired loans Outstanding principal balance 1,080,544 98,579 Recorded investment 1,061,948 97,402 The following table presents the changes in the accretable yield for PCI loans for the periods stated. For the three months ended (Dollars in thousands) March 31, 2021 March 31, 2020 Balance, beginning of period $ 123 $ 188 Additions 10,030 — Accretion (840 ) (16 ) Reclassification of nonaccretable difference due to improvement in expected cash flows 104 — Other changes, net 22 (1 ) Balance, end of period $ 9,439 $ 171 The following tables present the aging of the recorded investment of loans held for investment as of the dates stated. March 31, 2021 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due & Accruing Nonaccrual Total Past Due & Nonaccrual PCI Loans Current Loans Total Loans Commercial and industrial $ 1,166 $ 128 $ — $ 1,432 $ 2,726 $ 10,213 $ 273,896 $ 286,835 Paycheck Protection Program — — — — — — 608,692 608,692 Real estate – construction, commercial 310 — — — 310 31,049 124,272 155,631 Real estate – construction, residential 1,185 — — 262 1,447 — 47,891 49,338 Real estate – mortgage, commercial 3,287 685 — 2,032 6,004 47,520 595,950 649,474 Real estate – mortgage, residential 6,027 800 7 965 7,799 7,379 481,123 496,301 Real estate – mortgage, farmland — — — — — — 5,245 5,245 Consumer 752 145 — 655 1,552 1,731 61,927 65,210 Less: Deferred loan fees, net of costs — — — — — — (12,184 ) (12,184 ) Total Loans $ 12,727 $ 1,758 $ 7 $ 5,346 $ 19,838 $ 97,892 $ 2,186,812 $ 2,304,542 December 31, 2020 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due & Accruing Nonaccrual Total Past Due & Nonaccrual PCI Loans Current Loans Total Loans Commercial and industrial $ 1,117 $ — $ — $ 1,310 $ 2,427 $ — $ 121,248 $ 123,675 Paycheck Protection Program — — — — — — 292,068 292,068 Real estate – construction, commercial — — — — — 35 54,667 54,702 Real estate – construction, residential 262 — — — 262 — 17,778 18,040 Real estate – mortgage, commercial 771 211 — 3,643 4,625 808 268,066 273,499 Real estate – mortgage, residential 1,062 — 46 881 1,989 242 211,173 213,404 Real estate – mortgage, farmland — — — — — — 3,615 3,615 Consumer 935 334 — 714 1,983 — 44,701 46,684 Less: Deferred loan fees, net of costs — — — — (4,271 ) (4,271 ) Total Loans $ 4,147 $ 545 $ 46 $ 6,548 $ 11,286 $ 1,085 $ 1,009,045 $ 1,021,416 The following tables present the aging of the recorded investment of PCI loans as of the dates stated. March 31, 2021 (Dollars in thousands) 30-89 Days Past Due Greater than 90 Days Past Due & Accruing Current Loans Total Loans Commercial and industrial $ — $ 187 $ 10,026 $ 10,213 Real estate – construction, commercial 8 10 31,032 31,050 Real estate – mortgage, commercial 722 29 46,768 47,519 Real estate – mortgage, residential 739 978 5,662 7,379 Consumer — 4 1,727 1,731 Total PCI Loans $ 1,469 $ 1,208 $ 95,215 $ 97,892 December 31, 2020 (Dollars in thousands) 30-89 Days Past Due Greater than 90 Days Past Due & Accruing Current Loans Total Loans Real estate – construction, commercial — — 35 35 Real estate – mortgage, commercial 224 — 584 808 Real estate – mortgage, residential 35 — 207 242 Total PCI Loans $ 259 $ — $ 826 $ 1,085 T he Company prepares a quarterly analysis of the ALL, with the objective of quantifying portfolio risk into a dollar amount of inherent losses. The ALL is established as losses are estimated to have occurred through a provision for loan losses charged against income and decreased by loans charged-off (net of recoveries, if any). Management’s periodic evaluation of the adequacy of the ALL is based on past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, and current economic conditions. While management uses the best information available to make evaluations, future adjustments may be necessary, if economic or other conditions differ substantially from the assumptions used. The allowance consists of specific and general components. The specific component relates to loans that are identified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows or the net realizable value, which is equal to the estimated fair value less estimated costs to sell, of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and those loans classified that are not impaired and is based on historical loss experience adjusted for other internal or external influences on credit quality that are not fully reflected in the historical data. The Company follows applicable guidance issued by the Financial Accounting Standards Board. This guidance requires that losses be accrued when they are probable of occurring and can be estimated. It also requires that impaired loans, within its scope, be measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, a creditor may measure impairment based on a loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. PPP loans are fully guaranteed by the U.S. government; therefore, the Company recorded no ALL for these loans as of March 31, 2021 and December 31, 2020. In future periods, the Company may be required to establish an ALL for these loans, which would result in a provision for loan losses charged to earnings. The following tables present a summary of the loan portfolio individually and collectively evaluated for impairment as of the dates stated. (Dollars in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Total March 31, 2021 Originated and purchased performing loans: Commercial and industrial $ 3,169 $ 273,453 $ 276,622 Real estate – construction, commercial 540 124,041 124,581 Real estate – construction, residential — 49,338 49,338 Real estate – mortgage, commercial 1,391 600,564 601,955 Real estate – mortgage, residential 592 488,330 488,922 Real estate – mortgage, farmland — 5,245 5,245 Consumer — 63,479 63,479 Total originated and purchased performing loans 5,692 1,604,450 1,610,142 PCI loans: Commercial and industrial — 10,213 10,213 Real estate – construction, commercial — 31,050 31,050 Real estate – mortgage, commercial — 47,519 47,519 Real estate – mortgage, residential — 7,379 7,379 Consumer — 1,731 1,731 Total PCI loans — 97,892 97,892 Gross loans 5,692 1,702,342 1,708,034 Less: Deferred loan fees, net of costs — (1,118 ) (1,118 ) Total $ 5,692 $ 1,701,224 $ 1,706,916 (Dollars in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Total December 31, 2020 Originated and purchased performing loans: Commercial and industrial $ 234 $ 123,441 $ 123,675 Real estate – construction, commercial — 54,667 54,667 Real estate – construction, residential — 18,040 18,040 Real estate – mortgage, commercial 1,645 271,046 272,691 Real estate – mortgage, residential 452 212,710 213,162 Real estate – mortgage, farmland — 3,615 3,615 Consumer — 46,684 46,684 Total originated and purchased performing loans 2,331 730,203 732,534 PCI loans: Real estate – construction, commercial — 35 35 Real estate – mortgage, commercial — 808 808 Real estate – mortgage, residential — 242 242 Total PCI loans — 1,085 1,085 Gross loans 2,331 731,288 733,619 Less: Deferred loan fees, net of costs — (736 ) (736 ) Total $ 2,331 $ 730,552 $ 732,883 The tables above exclude gross PPP loans of $608.7 million and $292.1 million as of March 31, 2021 and December 2020, respectively. The Company carries no ALL on PPP loans as these loans are fully guaranteed by the U.S. government. The following tables present information related to impaired loans by loan type as of the dates presented. March 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no specific allowance recorded: Real estate – construction, commercial $ 540 $ 539 $ — $ 542 $ 8 Real estate – mortgage, commercial 1,391 1,460 — 1,384 14 Real estate – mortgage, residential 592 591 — 583 6 Commercial and industrial 3,169 3,162 — 3,250 35 $ 5,692 $ 5,752 $ — $ 5,217 $ 63 December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no specific allowance recorded: Real estate – mortgage, commercial $ 1,645 $ 2,030 $ — $ 2,091 $ 4 Real estate – mortgage, residential 452 571 — 538 2 With an allowance recorded: Commercial and industrial 234 234 144 362 — $ 2,331 $ 2,835 $ 144 $ 2,991 $ 6 Impaired loans also include certain loans that have been modified in TDRs where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. Certain TDRs are classified as non-performing at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. The Company had three TDRs in the amount of $293 thousand as of March 31, 2021, two of which were classified as a TDR due to a change in interest rate and payment terms and one of which was classified as a TDR due to a change in payment terms. The Company had two TDRs in the amount of $142 thousand as of December 31, 2020, one of which was classified as a TDR due to a change in interest rate and payment terms and the other loan was classified as a TDR due to a change in payment terms. The following table presents an analysis of the change in the ALL by loan type as of and for the periods stated. For the three months ended (Dollars in thousands) March 31, 2021 March 31, 2020 ALL, beginning of period $ 13,827 $ 4,572 Charge-offs Commercial and industrial $ (359 ) $ — Real estate – mortgage (12 ) — Consumer (263 ) (319 ) Total charge-offs (634 ) (319 ) Recoveries Commercial and industrial 56 1 Real estate – mortgage 16 — Consumer 137 68 Total recoveries 209 69 Net charge-offs (425 ) (250 ) Provision for loan losses — 575 ALL, end of period $ 13,402 $ 4,897 The following tables summarize the primary segments of the ALL, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment for the periods stated. For the three months ended March 31, 2021 (Dollars in thousands) Commercial and Industrial Real Estate – Construction Commercial Real Estate – Construction Residential Real Estate – Mortgage, Commercial Real Estate – Mortgage, Residential Real Estate – Mortgage, Farmland Consumer Total ALL, beginning of period $ 3,762 $ 960 $ 150 4,215 $ 1,481 $ 18 $ 3,241 $ 13,827 Charge-offs (359 ) — — — (12 ) — (263 ) (634 ) Recoveries 56 — — — 16 — 137 209 Provision for loan losses — — — — — — — — ALL, end of period $ 3,459 $ 960 $ 150 $ 4,215 $ 1,485 $ 18 $ 3,115 $ 13,402 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment $ 3,459 $ 960 $ 150 $ 4,215 $ 1,485 $ 18 $ 3,115 $ 13,402 For the three months ended March 31, 2020 (Dollars in thousands) Commercial and Industrial Real Estate – Construction Commercial Real Estate – Construction Residential Real Estate – Mortgage Commercial Real Estate – Mortgage Residential Real Estate – Mortgage, Farmland Consumer Total ALL, beginning of period $ 841 $ 220 $ 60 1,604 $ 510 $ 9 $ 1,328 $ 4,572 Charge-offs — — — — — — (319 ) (319 ) Recoveries 1 — — — — — 68 69 Provision for loan losses 86 27 11 62 16 — 373 575 ALL, end of period $ 928 $ 247 $ 71 $ 1,666 $ 526 $ 9 $ 1,450 $ 4,897 Individually evaluated for impairment $ 144 $ — $ — $ — $ — $ — $ — $ 144 Collectively evaluated for impairment $ 784 $ 247 $ 71 $ 1,666 $ 526 $ 9 $ 1,450 $ 4,753 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk (loan grade). This analysis typically includes larger non-homogeneous loans, such as commercial real estate and commercial and industrial loans. This analysis is performed on an ongoing basis as new information is obtained. The following tables present the Company’s loan portfolio by internal loan grade as of the dates stated. March 31, 2021 (Dollars in thousands) Grade 1 Prime Grade 2 Desirable Grade 3 Good Grade 4 Acceptable Grade 5 Pass/Watch Grade 6 Special Mention Grade 7 Substandard Total Commercial and industrial $ 1,218 $ 552 $ 125,985 $ 128,054 $ 13,434 $ 7,300 $ 10,292 $ 286,835 Paycheck Protection Program 608,692 — — — — — — 608,692 Real estate – construction, commercial — 650 36,028 78,234 9,045 29,605 2,069 155,631 Real estate – construction, residential 147 74 21,005 20,622 7,228 — 262 49,338 Real estate – mortgage, commercial — 2,645 316,340 228,523 47,630 45,092 9,244 649,474 Real estate – mortgage residential 536 9,561 329,777 131,986 15,773 2,870 5,798 496,301 Real estate – mortgage, farmland 410 — 1,220 3,615 — — — 5,245 Consumer 398 23 18,806 42,638 2,191 497 657 65,210 Gross loans $ 611,401 $ 13,505 $ 849,161 $ 633,672 $ 95,301 $ 85,364 $ 28,322 $ 2,316,726 Less: Deferred loan fees, net of costs (12,184 ) Total $ 2,304,542 December 31, 2020 (Dollars in thousands) Grade 1 Prime Grade 2 Desirable Grade 3 Good Grade 4 Acceptable Grade 5 Pass/Watch Grade 6 Special Mention Grade 7 Substandard Total Commercial and industrial $ 844 $ 484 $ 23,828 $ 85,928 $ 7,251 $ 4 $ 5,336 $ 123,675 Paycheck Protection Program 292,068 — — — — — — 292,068 Real estate – construction, commercial — 2,143 19,524 26,324 5,916 218 577 54,702 Real estate – construction, residential — — 3,073 8,247 6,458 — 262 18,040 Real estate – mortgage, commercial — 3,994 128,163 114,977 15,799 2,968 7,598 273,499 Real estate – mortgage residential — 3,583 101,078 100,601 5,750 158 2,234 213,404 Real estate – mortgage, farmland 444 — 1,175 1,996 — — — 3,615 Consumer 324 36 17,062 28,033 521 1 707 46,684 Gross loans $ 293,680 $ 10,240 $ 293,903 $ 366,106 $ 41,695 $ 3,349 $ 16,714 $ 1,025,687 Less: Deferred loan fees, net of costs (4,271 ) Total $ 1,021,416 |
Goodwill and Intangibles
Goodwill and Intangibles | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Note 6 – Goodwill and Intangibles Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. Intangible assets with definite useful lives are amortized over their estimated useful lives, which range from 5 to 12 years. Goodwill is the only intangible asset with an indefinite life on the Company’s consolidated balance sheets. The following table presents the components of goodwill as of the dates stated. (Dollars in thousands) Year of acquisition March 31, 2021 December 31, 2020 Charlottesville branch acquisition 2011 $ 366 $ 366 River Bancorp, Inc. acquisition 2016 1,728 1,728 Mortgage business acquisition 2018 600 600 Hammond Insurance Agency acquisition 2019 613 613 Virginia Community Bankshares, Inc. acquisition 2019 16,585 16,585 Bay Banks Merger 2021 7,206 — $ 27,098 $ 19,892 The following table presents information on amortizable intangible assets included on the Company’s consolidated balance sheets as of the dates stated. Gross Net (Dollars in thousands) Carrying Accumulated Carrying March 31, 2021 Value Amortization Value Core deposit intangibles $ 9,626 $ (1,683 ) $ 7,943 Other amortizable intangibles 2,528 (1,031 ) 1,497 Total $ 12,154 $ (2,714 ) $ 9,440 Gross Net (Dollars in thousands) Carrying Accumulated Carrying December 31, 2020 Value Amortization Value Core deposit intangibles $ 2,776 $ (1,366 ) $ 1,410 Other amortizable intangibles 2,528 (1,016 ) 1,512 Total $ 5,304 $ (2,382 ) $ 2,922 As a result of the Bay Banks Merger, a core deposit intangible asset of $6.9 million was recorded as of the acquisition date and is being amortized on an accelerated basis over 10 years using the sum-of-years digits method. Included in other amortizable intangibles were loan servicing assets of $277 thousand and $209 thousand at March 31, 2021 and December 31, 2020, respectively, related to the sale of the government guaranteed portion of certain loans that the Company continues to service. Loan servicing assets of $68 thousand and $189 thousand were added during the three months ended March 31, 2021 and the year ended December 31, 2020, respectively. The amortization of these intangibles is included in interest and fees on loans in the Company’s consolidated statement of income. The Company retains servicing rights on mortgages originated and sold to the secondary market. The Company records mortgage servicing rights (“MSR”) initially at fair value and subsequently accounts for them under the amortization method, pursuant to which an impairment assessment is performed each reporting period. The amortization method requires that the MSR assets be recorded at the lower of cost or fair value. As of March 31, 2021 and December 31, 2020, the carrying value of MSR assets were $11.4 million and $7.1 million, respectively. |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2021 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned | Note 7 – Other Real Estate Owned The following table presents the number and carrying values of properties included in other real estate owned (“OREO”) as of the dates stated. March 31, 2021 December 31, 2020 Number of Carrying Number of Carrying Properties Value Properties Value Residential 1 $ — 1 $ — Land 6 420 — — Commercial properties 1 174 — — Total other real estate owned 8 $ 594 1 $ — As a result of the Bay Banks Merger, the Company acquired $598 thousand of OREO as of the merger date. As of March 31, 2021, the carrying value of the OREO portfolio totaled $594 thousand. As of December 31, 2020, the Company had one OREO property with a carrying value of $0 that was acquired in 2019 as a result of the merger with Virginia Community Bankshares, Inc. No residential mortgage loans were in the process of foreclosure as of March 31, 2021. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 8 – Borrowings FHLB Borrowings The Bank has a borrowing facility from the FHLB secured by the Bank’s real estate loans and certain pledged securities. The FHLB will lend up to 30% of the Bank’s total assets as of the prior quarter end, subject to certain eligibility requirements, including adequate collateral. The available line of credit totaled $426.8 million as of March 31, 2021. The Bank had borrowings from the FHLB that totaled $183.1 million and $115.0 million as of March 31, 2021 and December 31, 2020, respectively. Of these advances, the Company assumed $10.1 million in the Bay Banks Merger. The borrowings also required the Bank to own $8.2 million of FHLB stock, as March 31, 2021, which is included in restricted equity investments on the Company’s consolidated balance sheets. The following table presents information regarding FHLB advances outstanding as of the date stated. March 31, 2021 Stated Originated Interest Maturity (Dollars in thousands) Balance Date Rate Date Convertible $ 10,122 2/28/2020 0.56 % 2/28/2030 Daily Rate Credit 31,000 11/6/2020 0.36 % 11/8/2021 Fixed Rate Credit 15,000 1/4/2021 0.23 % 4/1/2021 Fixed Rate Credit 25,000 2/2/2021 0.21 % 5/3/2021 Fixed Rate Credit 35,000 2/8/2021 0.18 % 5/6/2021 Fixed Rate Credit 10,000 2/26/2021 0.19 % 5/28/2021 Fixed Rate Credit 10,000 2/26/2021 0.19 % 5/28/2021 Fixed Rate Credit 27,000 3/8/2021 0.18 % 4/8/2021 Fixed Rate Credit 20,000 3/17/2021 0.17 % 6/17/2021 Total FHLB borrowings $ 183,122 As of March 31, 2021, 1-4 family residential loans held for investment with a lendable value of $229.3 million, multi-family residential loans with a lendable value of $34.4 million, commercial real estate loans with a lendable value of $117.3 million, 1-4 family residential loans held for sale with a lendable value of $23.3 million, and securities with a lendable value of $22.6 million were pledged against the available line of credit with the FHLB. The Bank also has letters of credit with the FHLB totaling $59.0 million for the purpose of collateral for public deposits with the Treasury Board of the Commonwealth of Virginia . FRB Borrowings In the second quarter of 2020, the Company began participating in the FRB’s PPPLF, which allows banks to pledge PPP loans as collateral in exchange for advances. The PPPLF advances are at 100% of the PPP loan value and term, have a fixed annual cost of 35 basis points, and receive favorable regulatory capital treatment. As of March 31, 2021, these FRB borrowings were composed of 77 PPPLF advances, totaling $509.7 million with maturities ranging from 1.0 to 4.9 years. Of this balance, 6 PPPLF advances totaling $24.8 million were assumed by the Company in the Bay Banks Merger. As of December 31, 2020, the Company’s FRB borrowings were composed of 23 PPPLF advances, totaling $281.6 million with maturities ranging from 1.2 years to 4.5 years. Other Borrowings The Company has unsecured lines of credit with correspondent banks, which totaled $79.0 million and $38.0 million at March 31, 2021 and December 31, 2020, respectively. These lines bear interest at the prevailing rates for such loans and are cancellable any time by the correspondent bank. As of March 31, 2021 and December 31, 2020, none of these lines of credit with correspondent banks were drawn upon. The Company had $54.6 million and $24.5 million of subordinated notes, net, outstanding as of March 31, 2021 and December 31, 2020, respectively. The Company assumed $30.9 million par value (or $31.9 million fair value) of subordinated notes in the Bay Banks Merger, which is composed of an issuance in October 2019 and maturing October 15, 2029 (the “2029 Bay Banks Notes”) and an issuance in May 2015 and maturing May 28, 2025 (the “2025 Bay Banks Notes”). The Bay Banks 2029 Notes bear interest at 5.625% per annum, through October 14, 2024, payable semi-annually in arrears. From October 15, 2024 through October 14, 2029, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Funding Rate (“SOFR”) (as defined in the 2029 Bay Banks Notes) plus 433.5 basis points, payable quarterly in arrears. The Bay Banks 2029 Notes are unsecured, subordinated obligations of the Company and rank junior in right of payment to the Company’s existing and future senior indebtedness and rank in parity with the other subordinated notes issued by the Company. Beginning on October 15, 2024 through maturity, the 2029 Bay Banks Notes may be redeemed, at the Company's option, on any scheduled interest payment date. As of March 31, 2021, the net carrying amount of the 2029 Bay Banks Notes was $25.4 million, inclusive of a $855 thousand purchase accounting adjustment (premium). For the three months ended March 31, 2021, the effective interest rate on the 2029 Bay Banks Notes was 4.74%, inclusive of the amortization of the purchase accounting adjustment (premium) recorded at the effective date of the Bay Banks Merger. The 2025 Bay Banks Notes bear interest, payable on the first of March and September of each year, at a fixed interest rate of 6.50% per year. The Company has the right to redeem the 2025 Bay Banks Notes, in whole or in part, without premium or penalty, at any interest payment date. The 2025 Bay Banks Notes are unsecured, subordinated obligations of the Company and rank junior in right of payment to the Company’s existing and future senior indebtedness and rank in parity with the other subordinated notes issued by the Company. As of March 31, 2021, the net carrying amount of the 2025 Bay Banks Notes was $6.5 million, inclusive of a $60 thousand purchase accounting adjustment (premium). For the three months ended March 31, 2021, the effective interest rate on the 2025 Bay Banks Notes was 4.84%, inclusive of the amortization of the purchase accounting adjustment (premium) recorded at the effective date of the Bay Banks Merger. On May 28, 2020, the Company issued a subordinated note with a principal amount of $15.0 million which matures on June 1, 2030 (the “2030 Note”). The aggregate carrying value of the 2030 Note, including capitalized, unamortized debt issuance costs, was $14.7 million as of March 31, 2021. For the three months ended March 31, 2021, the effective interest rate on the 2020 Note was 6.13%. On November 20, 2015, the Company issued an aggregate of $10.0 million of subordinated notes to institutional accredited investors, which mature on December 1, 2025 (the “2025 Notes”). The Company has the right to redeem the 2025 Notes, in whole or in part, without premium or penalty, at any interest payment date. The aggregate carrying value of the 2025 Notes, including capitalized, unamortized debt issuance costs, was $8.0 million as of March 31, 2021. For the three months ended March 31, 2021 and 2020, the effective interest rate on the 2025 notes was 5.56% and 6.88%, respectively. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 9 – Derivatives The Company enters into interest rate swap agreements (‘‘swap agreements’’) to facilitate the risk management strategies 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 highly rated third-party financial institutions. These back-to-back swap agreements are free-standing derivatives and are recorded at fair value in the Company’s consolidated balance sheets (asset positions are included in other assets and liability positions are included in other liabilities). The following tables present the notional and fair value of interest rate swaps recorded as other assets and other liabilities on the Company’s consolidated balance sheets as of the dates stated. March 31, 2021 (Dollars in thousands) Notional Amount Fair Value Interest rate swap agreement Receive fixed/pay variable swaps $ 2,088 $ 215 Pay fixed/receive variable swaps 2,088 (215 ) December 31, 2020 (Dollars in thousands) Notional Amount Fair Value Interest rate swap agreement Receive fixed/pay variable swaps $ 2,100 $ 339 Pay fixed/receive variable swaps 2,100 (339 ) The Company has entered into various cash flow hedges as defined by ASC 815-20, Derivatives and Hedging 3-Month LIBOR Cash & Securities Period Hedged Hedged Notional Exposure Hedged From To $ 15,000 $ 15,000 July 1, 2019 July 1, 2022 $ 25,000 $ 25,000 August 2, 2019 February 2, 2023 $ 10,000 $ 10,000 August 29, 2019 August 29, 2023 Each hedge layer has a variable receive leg of 3-month LIBOR and a fixed pay leg of 1.80%. At the time the hedges identified in the table above expire, new hedges will begin summarized as follows (in thousands): 3-Month LIBOR Cash & Securities Period Hedged Hedged Notional Exposure Hedged From To $ 15,000 $ 15,000 July 1, 2022 July 1, 2032 $ 25,000 $ 25,000 February 2, 2023 February 2, 2033 $ 10,000 $ 10,000 August 29, 2023 August 29, 2033 Each hedge layer has a variable receive leg of 3-month LIBOR and a fixed pay leg ranging from 0.92% to 0.95%. Beginning in 2020, the Company entered into three additional hedges summarized as follows (in thousands): 3-Month LIBOR Cash & Securities Period Hedged Hedged Notional Exposure Hedged From To $ 20,000 $ 20,000 March 13, 2020 March 13, 2030 $ 35,000 $ 35,000 May 6, 2020 May 6, 2027 $ 10,000 $ 10,000 May 29, 2020 May 29, 2027 Each hedge layer has a variable receive leg of 3-month LIBOR and a fixed pay leg ranging from 0.83% to 0.86%. The Company has the intent and ability to fund the 3-month rate advances during the term of these cash flow hedges. Interest rate swap assets and liabilities were $7.2 million and $1.6 million, respectively, as of March 31, 2021, and $1.7 million and $2.7 million, respectively, as of December 31, 2020. The Company had cash collateral with the counterparties of $6.0 million included within other assets on the consolidated balance sheets as of March 31, 2021 and December 31, 2020. The Bank also participates in a “mandatory” delivery program for its government guaranteed and conventional mortgage loans held for sale. Under the mandatory delivery program, loans with interest rate locks are paired with the sale of a to-be-announced 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 after the close of such loans. This differs from a “best efforts” delivery, which sets the sale price with the investor on a loan-by-loan basis when each loan is locked. The Bank had entered into $129.8 million and $154.3 million of rate lock commitments with borrowers, net of expected fallout, as of March 31, 2021 and December 31, 2020, respectively, and $87.7 million and $97.1 million of closed loan inventory waiting for sale, which were hedged by $182.5 million and $225.0 million in forward to-be-announced mortgage-backed securities as of March 31, 2021 and December 31, 2020, respectively. Mortgage derivative assets of $5.9 million and $5.3 million and mortgage derivative liabilities of $0 and $1.6 million were included in other liabilities on the consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 10 – Stock-Based Compensation The Company has granted restricted stock awards to employees and directors under the Company’s 2017 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 of the award at the grant date is amortized over the requisite service period. Compensation expense recognized in the consolidated statements of income related to restricted stock awards, net of forfeitures, was $167 thousand and $79 thousand for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, restricted stock awards relating to 115,617 shares of the Company’s common stock were outstanding (173,425 shares on a post Stock Split basis) totaling $1.4 million of unrecognized compensation expense as of the same date. The Company converted options to purchase 198,362 shares of Bay Banks common stock into options to acquire 99,176 shares (148,764 on a post Stock Split basis) of the Company’s common stock pursuant to the Bay Banks Merger. The converted stock options are fully vested, and the estimated fair value as of the effective date of the merger was $472 thousand and included in the Bay Banks Merger consideration. The estimated fair value of $472 thousand was determined using the Black-Scholes Model, which requires the use of assumptions including the risk-free interest rate, expected term, expected volatility (of the underlying stock), and expected dividend yield. The following table presents the ranges and weighted-averages of assumptions used in the Black-Scholes Model to determine the estimated fair value of the converted stock options from the Bay Banks Merger. As of January 31, 2021 Range Weighted-average Risk free interest rate (U.S. Treasury) 0.06% - 0.45% 0.32% Expected term (years) 0.14 - 5.00 3.89 Expected volatility 21.2% - 38.2% 32.8% Expected dividend yield 2.85% 2.85% The weighted-average exercise price and remaining contractual life (in years) of the stock options as of the date of the Bay Banks Merger was $14.83 per stock option ($9.89 on a post Stock Split basis) and 5.47 years, respectively. During the first quarter of 2021, 44,688 stock options were exercised (67,031 on a post Stock Split basis), resulting in 54,488 options outstanding (81,732 on a post Stock Split basis) as of March 31, 2021. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 11 – 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 FRB and FHLB stock approximates fair value based upon the redemption provisions of each entity and is therefore excluded from the following table. Rabbi trust assets As a result of the Bay Banks Merger, the Company acquired and assumed a rabbi trust and deferred compensation plan. The assets held by the rabbi trust are invested at the direction of the individual participants and are generally invested in marketable investment securities, such as common stocks and mutual funds or short-term investments (e.g., cash) (Level 1). Rabbi trust assets and the associated deferred compensation plan liability are included in other assets and other liabilities, respectively, in the Company’s consolidated balance sheets. Derivative financial instruments Derivative instruments used to hedge residential mortgage loans held for sale and the related interest rate lock commitments include forward commitments to sell mortgage loans and are reported at fair value utilizing Level 2 inputs. The fair values of derivative financial instruments are based on derivative market data inputs as of the valuation date and the underlying value of mortgage loans for rate lock commitments. Cash flow hedges (interest rate swaps) hedge against the risk of variability in cash flows attributable to changes in the 3-month LIBOR index rate component of forecasted 3-month fixed rate funding advances from the FHLB. These cash flow hedges are recorded at fair value utilizing Level 2 inputs. The following tables present the balances of financial assets measured at fair value on a recurring basis as of the dates stated. March 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale State and municipals $ 31,476 $ — $ 31,476 $ — U.S. Treasury and agencies 53,726 — 53,726 — Mortgage backed securities 157,128 — 157,128 — Corporate bonds 36,404 — 36,404 — Total securities available for sale $ 278,734 $ — $ 278,734 $ — Other assets Rabbi trust assets $ 1,130 $ 1,130 $ — $ — Mortgage derivative asset 5,949 — 5,949 — Interest rate swap asset 7,248 — 7,248 — Other liabilities Mortgage derivative liability $ — $ — $ — $ — Interest rate swap liability 1,593 — 1,593 — December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale State and municipals $ 14,259 $ — $ 14,259 $ — U.S. Treasury and agencies 2,409 — 2,409 — Mortgage backed securities 72,635 — 72,635 — Corporate bonds 20,172 — 20,172 — Total securities available for sale $ 109,475 $ — $ 109,475 $ — Other assets Mortgage derivative asset $ 5,293 $ — $ 5,293 $ — Interest rate swap asset 1,716 — 1,716 — Other liabilities Mortgage derivative liability $ 1,569 $ — $ 1,569 $ — Interest rate swap liability 2,735 — 2,735 — Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements. Mortgage Servicing Rights The Company records MSR assets initially at fair value and subsequently accounts for them under the amortization method and performs an impairment assessment each reporting period. The amortization method requires that the MSR assets be recorded at the lower of cost or fair value. The following tables present the change in MSR assets using Level 3 inputs as of and for the periods stated. (Dollars in thousands) MSRs Balance, December 31, 2020 $ 7,084 Acquired in Bay Banks Merger 987 Additions 3,935 Write-offs (122 ) Amortization (452 ) Impairments (1 ) Fair value adjustments 2,397 Balance, March 31, 2021 - fair value $ 13,828 Balance, March 31, 2021 - amortized cost $ 11,442 (Dollars in thousands) MSRs Balance, December 31, 2019 $ — Additions 7,539 Write-offs (61 ) Amortization (391 ) Impairments (3 ) Fair value adjustments 207 Balance, December 31, 2020 - fair value $ 7,291 Balance, December 31, 2020 - amortized cost $ 7,084 A third-party model is used to determine the fair value of the Company’s MSR assets. The model establishes pools of performing loans, calculates projected future cash flows for each pool, and applies a discount rate to each pool. As of March 31, 2021 and December 31, 2020, the Company was servicing approximately $1.38 billion and $846.5 million of loans, respectively. Loans are segregated into homogenous pools based on loan term, interest rates, and other similar characteristics. Cash flows are then estimated based on net servicing fee income and utilizing assumed servicing costs and prepayment speeds. The weighted average net servicing fee income of the portfolio was 27.5 basis points as of March 31, 2021. Estimated base annual servicing costs were $65.00 to $80.00 per loan depending on the guarantor. Prepayment speeds in the model are based on empirically derived data for mortgage pool factors and differences between a mortgage pool’s weighted average coupon and its current mortgage rate. The weighted average prepayment speed assumption used in the fair value model was 12.41% as of March 31, 2021. A base discount rate of 9.50% to 12.50% (9.74% weighted average discount rate) was then applied to each pool’s projected future cash flows as of March 31, 2021. The discount rate is intended to represent the estimated market yield for the highest quality grade of comparable servicing. MSR assets are classified as Level 3. Impaired Loans Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due will not be collected according to the contractual terms of the loan agreement. The measurement of loss associated with impaired loans can be based on either the discounted cash flows of the loan or the fair value of the collateral, if any, less estimated costs to sell, if the loan is collateral dependent. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. Any given loan may have multiple types of collateral; however, the majority of the Company’s loan collateral is real estate. The value of real estate collateral is generally determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). If the collateral value is significantly adjusted due to differences in the comparable properties or is discounted by the Company because of lack of marketability, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant or the net book value based on the borrower’s financial statements if not considered significant. Likewise, values for inventory and accounts receivables collateral are based on financial statements or aging reports (Level 3). Fair value adjustments are recorded in the period incurred as provision for loan losses on the consolidated statements of income. 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 OREO are measured at fair value less estimated costs to sell. Valuation of OREO is generally determined using current appraisals from independent appraisers, a Level 2 input. If current appraisals cannot be obtained prior to reporting dates, or if declines in value are identified after a recent appraisal is received, appraisal values are discounted, resulting in Level 3 estimates. If the Company markets the property with a real estate agent or broker, estimated selling costs reduce the listing price, resulting in a valuation based on Level 3 inputs. The Company had no OREO at December 31, 2020. The following tables summarize assets that were measured at fair value on a nonrecurring basis as of the dates stated. March 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 5,692 $ — $ — $ 5,692 Loans held for sale 122,453 — 122,453 — OREO 594 — — 594 December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 2,187 $ — $ — $ 2,187 Loans held for sale 148,209 — 148,209 — The following tables present quantitative information about Level 3 fair value measurements as of the dates stated. Balance as of Valuation Unobservable Weighted (Dollars in thousands) March 31, 2021 Technique Input Average Impaired loans, net $ 5,692 Discounted appraised value Selling costs 10 % OREO 594 Discounted appraised value Selling costs 7 % (Dollars in thousands) December 31, 2020 Technique Input Average Impaired loans, net $ 2,097 Discounted appraised value Selling costs 10 % 90 Discounted cash flows Discount rate 6 % Fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is The carrying values of cash and due from banks and federal funds sold are of such short duration that carrying value reasonably approximates fair value (Level 1). The carrying values of accrued interest receivable and accrued interest payable are of such short duration that carrying value reasonably approximates fair value (Level 2). The carrying value of restricted equity investments approximates fair value based on the redemption provisions of the issuer (Level 2). The fair value of the Company’s loan portfolio includes a credit risk assumption in the determination of the fair value of its loans. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. The Company’s loan portfolio is initially fair valued using a segmented approach. The Company divides its loan portfolio into the following categories: variable rate loans, impaired loans, and all other loans. The results are then adjusted to account for credit risk as described above. The fair value of the Company’s loan portfolio also considers illiquidity risk through the use of a discounted cash flow model to compensate for based on certain assumptions included within the discounted cash flow model, primarily the use of discount rates that better capture inherent credit risk over the lifetime of a loan. This consideration of both credit risk and illiquidity risk provides an estimated exit price for the Company’s loan portfolio. Loans held for investment are reported as Level 3. There is no credit risk associated with PPP loans as they are fully guaranteed by the U.S. government. Further, the Company believes the PPP loans will be forgiven within 1.5 years for PPP 1 loans and between one and three years for PPP 2 loans, depending on the loan’s balance, and any fair value adjustment for potential interest rate change was considered inconsequential as of March 31, 2021. As a result, the carrying value of PPP loans reasonably approximates fair value (Level 3). The carrying value of cash surrender value of life insurance reasonably approximates fair value. The Company records these policies at their cash surrender value, which is estimated using information by insurance carriers (Level 2). The carrying value of noninterest-bearing deposits approximates fair value (Level 1). The carrying values of interest-bearing demand, money market, and savings deposits approximates fair value based on their current pricing and are reported as Level 2. The fair value of certificates of deposits were valued using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for certificates of deposits that mature in the same period. Time deposits are reported as Level 3. The fair value of the FHLB borrowings is estimated by discounting the future cash flows using current interest rates offered for similar advances (Level 2). The fair value of FRB borrowings was approximated as its carrying value as there is no comparable debt to PPPLF advances (Level 2). The fair value of the Company’s subordinated notes was estimated by utilizing recent issuance rates for subordinated debt offerings of similar issuer size (Level 3). The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change, and these changes may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. Borrowers with fixed rate obligations, however, are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. The following tables present the estimated fair values, related carrying amounts, and valuation level of the Company’s financial instruments as of the dates stated. Carrying Value as of Fair Value as of Fair Value Measurements as of March 31, 2021 (Dollars in thousands) March 31, 2021 March 31, 2021 Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 273,540 $ 273,540 $ 273,540 $ — $ — Federal funds sold 5,238 5,238 5,238 — — Certificates of deposit 1,018 1,018 — 1,018 — Securities available for sale 278,734 278,734 — 278,734 — Restricted equity and other investments 14,821 14,821 — 14,821 — PPP loans receivable, net 597,626 597,626 — — 597,626 Loans held for investment, net 1,693,514 1,713,201 — — 1,713,201 Accrued interest receivable 10,507 10,507 — 10,507 — Bank owned life insurance 36,164 36,164 — 36,164 — Financial Liabilities Noninterest-bearing demand deposits $ 617,102 $ 617,102 $ 617,102 $ — $ — Interest-bearing demand and money market deposits 751,390 751,390 — 751,390 — Savings deposits 159,455 159,455 — 159,455 — Time deposits 612,171 618,166 — — 618,166 Securities sold under repurchase agreements 1,198 1,198 1,198 — — FHLB borrowings 183,122 182,890 — 182,890 — FRB borrowings 509,667 509,667 — 509,667 — Subordinated notes, net 54,588 56,342 — — 56,342 Carrying Value as of Fair Value as of Fair Value Measurements as of December 31, 2020 (Dollars in thousands) December 31, 2020 December 31, 2020 Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 117,945 $ 117,945 $ 117,945 $ — $ — Federal funds sold 775 775 775 — — Securities available for sale 109,475 109,475 — 109,475 — Restricted equity investments 11,173 11,173 — 11,173 — PPP loans receivable, net 288,533 288,533 — — 288,533 Loans held for investment, net 719,056 720,396 — — 720,396 Accrued interest receivable 5,428 5,428 — 5,428 — Bank owned life insurance 15,724 15,724 — 15,724 — Financial Liabilities Noninterest-bearing demand deposits $ 333,051 $ 333,051 $ 333,051 $ — $ — Interest-bearing demand and money market deposits 282,263 282,263 — 282,263 Savings deposits 78,352 78,352 — 78,352 — Time deposits 251,443 257,647 — — 257,647 FHLB borrowings 115,000 114,983 — 114,983 — FRB borrowings 281,650 281,650 — 281,650 — Subordinated notes, net 24,506 25,830 — — 25,830 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 12 – Leases 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 assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs, and any incentives received from the lessor. 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 Company assumed five operating leases for real estate in the Bay Banks Merger. In accordance with ASC 842–Leases, the original classification of each lease was retained and not re-evaluated as part of the accounting for the business combination. The Company measured each of the assumed lease liabilities as if the lease was new, determined the appropriate lease liability and right-of-use asset fair value based on the Company’s incremental borrowing rate at merger date, and obtained independent assessments of favorable or unfavorable market terms for each lease contract. The following tables present information about the Company’s leases as of and for the periods stated. (Dollars in thousands) March 31, 2021 Lease liabilities $ 7,990 Right-of-use asset $ 6,805 Weighted average remaining lease term (years) 6.22 Weighted average discount rate 2.94 % For the three months ended March 31, (Dollars in thousands) 2021 2020 Operating lease cost $ 646 $ 431 Total lease cost $ 646 $ 431 The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities as of the date stated. (Dollars in thousands) March 31, 2021 Nine months ending December 31, 2021 $ 1,636 Twelve months ending December 31, 2022 1,596 Twelve months ending December 31, 2023 1,268 Twelve months ending December 31, 2024 940 Twelve months ending December 31, 2025 786 Thereafter 2,403 Total undiscounted cash flows 8,629 Discount (639 ) Lease liabilities $ 7,990 |
Minimum Regulatory Capital
Minimum Regulatory Capital | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Matters [Abstract] | |
Minimum Regulatory Capital | Note 13 – Minimum Regulatory Capital Banks and bank holding companies are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, financial institutions must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. A financial institution's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The final rules implementing Basel Committee on Banking Supervision's capital guidelines for U.S. banks (the “Basel III rules”) became effective for the Bank on January 1, 2015 with full compliance with all of the requirements phased-in over a multi-year schedule and fully phased-in at January 1, 2019. Under the Basel III rules, the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios of 2.50% for all ratios, except the tier 1 leverage ratio. If a banking organization dips into its capital conservation buffer, it is subject to limitations on certain activities, including payment of dividends, share repurchases, and discretionary compensation to certain officers. Management believes as of March 31, 2021 and December 31, 202, the Bank met all capital adequacy requirement to which it is subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized; although, these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At March 31, 2021, the most recent regulatory notification categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution's category. The following tables present the capital and capital ratios to which the Bank is subject and the amounts and ratios to be adequately and well capitalized as of the dates stated. Adequately capitalized ratios include the conversation buffer. Actual For Capital Adequacy Purposes To Be Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of March 31, 2021 Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 236,932 13.67 % $ 182,013 10.50 % $ 173,345 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 223,428 12.89 % $ 147,343 8.50 % $ 138,676 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 223,428 12.89 % $ 121,342 7.00 % $ 112,674 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 223,428 10.69 % $ 83,617 4.00 % $ 104,521 5.00 % Actual For Capital Adequacy Purposes To Be Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020 Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 109,219 13.10 % $ 87,574 10.50 % $ 83,404 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 98,751 11.84 % $ 70,893 8.50 % $ 66,723 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 98,751 11.84 % $ 58,383 7.00 % $ 54,213 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 98,751 8.34 % $ 47,363 4.00 % $ 59,180 5.00 % The Company's principal source of funds for dividend payments is dividends received from the Bank. Banking regulations limit the amounts of dividends that may be paid without approval of regulatory agencies. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Commitments and Contingencies | Note 14 – Commitments & Contingencies In the ordinary course of operations, the Company is party to legal proceedings. Based upon information currently available, the Company’s management believes that such legal proceedings, in the aggregate, will not have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows. Also in the ordinary course of operations, the Company offers various financial products to its customers to meet their credit and liquidity needs. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and stand-by letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional commitments as it does for on-balance sheet commitments. Subject to its normal credit standards and risk monitoring procedures, the Company makes contractual commitments to extend credit. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. As of March 31, 2021 and December 31, 2020, the Company had outstanding loan commitments of $315.7 million and $126.0 million, respectively. Conditional commitments are issued by the Company in the form of performance stand-by letters of credit, which guarantee the performance of a customer to a third party. As of March 31, 2021 and December 31, 2020, commitments under outstanding performance stand-by letters of credit totaled $7.3 million and $0, respectively. Additionally, the Company issues financial stand-by letters of credit, which guarantee payment to the underlying beneficiary (i.e., third party) if the customer fails to meet its designated financial obligation. As of March 31, 2021 and December 31, 2020, commitments under outstanding financial stand-by letters of credit totaled $4.8 million and $6.1 million, respectively. The credit risk of issuing stand-by letters of credit is essentially the same as that involved in extending loans to customers. The Company had no reserve for unfunded commitments recorded as of March 31, 2021 and December 31, 2020. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 15 – Earnings Per Share The following table shows the calculation of basic and diluted EPS and the weighted average number of shares outstanding used in computing EPS and the effect on the weighted average number of shares outstanding of dilutive potential common stock. Basic EPS amounts are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding (the denominator). Diluted EPS amounts assume the conversion, exercise, or issuance of all potential common stock instruments, unless the effect is to reduce the loss or increase earnings per common share. Potential dilutive common stock instruments include exercisable stock options, including those converted and assumed in the Bay Banks Merger. For the three months ended March 31, 2021, stock options for 75,410 shares of the Company’s common stock were not included in the computation of diluted earnings per share because their effects would have been anti-dilutive. Weighted average common shares outstanding, basic and dilutive, for all periods presented are presented on a post Stock Split basis. For the three months ended March 31, (Dollars in thousands, except per share data) 2021 2020 Net income $ 4,237 $ 841 Net income attributable to noncontrolling interest (9 ) (9 ) Net income available to common shareholders $ 4,228 $ 832 Weighted average common shares outstanding, basic 15,137,446 8,496,581 Effect of dilutive securities 16,533 — Weighted average common shares outstanding, dilutive 15,153,979 8,496,581 Basic and diluted earnings per common share $ 0.28 $ 0.10 |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Note 16 – Business Segments The Company has identified two primary business segments which are commercial banking and mortgage banking. Revenues from commercial 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. The following tables present revenues and expenses by segment for the periods stated. For the three months ended March 31, 2021 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge Bankshares, Inc. Consolidated Revenues: Interest income $ 21,707 $ 820 $ 49 $ — $ 22,576 Service charges on deposit accounts 327 — — — 327 Residential mortgage banking income, net — 9,301 — — 9,301 Mortgage servicing rights — 3,371 — — 3,371 Gain on sale of guaranteed USDA loans 1,074 — — — 1,074 Wealth and trust management 602 — — — 602 Increase in cash surrender value of bank owned life insurance 164 — — — 164 Payroll processing revenue 270 — — — 270 Bank and purchase card, net 300 — — — 300 Other income 373 — 52 (25 ) 400 Total income 24,817 13,492 101 (25 ) 38,385 Expenses: Interest expense 1,871 58 630 — 2,559 Provision for loan losses — — — — — Salaries and employee benefits 5,741 8,268 — — 14,009 Merger-related expenses 8,137 — 882 — 9,019 Other operating expenses 5,170 2,181 158 (25 ) 7,484 Total expense 20,919 10,507 1,670 (25 ) 33,071 Income (loss) before income taxes 3,898 2,985 (1,569 ) — 5,314 Income tax expense 763 605 (291 ) — 1,077 Net income (loss) $ 3,135 $ 2,380 $ (1,278 ) $ — $ 4,237 Net (income) loss attributable to noncontrolling interest $ (9 ) $ — $ — $ — $ (9 ) Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 3,126 $ 2,380 $ (1,278 ) $ — $ 4,228 For the three months ended March 31, 2020 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge Bankshares, Inc. Consolidated Revenues: Interest income $ 10,057 $ 362 $ 4 $ — $ 10,423 Service charges on deposit accounts 272 — — — 272 Residential mortgage banking income, net — 3,861 — — 3,861 Gain on sale of guaranteed USDA loans 20 — — — 20 Increase in cash surrender value of bank owned life insurance 93 — — — 93 Payroll processing revenue 303 — — — 303 Bank and purchase card, net 129 — — — 129 Other income 168 — — (6 ) 162 Total income 11,042 4,223 4 (6 ) 15,263 Expenses: Interest expense 2,121 102 177 — 2,400 Provision for loan losses 575 — — — 575 Salaries and employee benefits 3,433 3,908 — — 7,341 Merger-related expenses 265 — 4 269 Other operating expenses 2,266 1,105 205 (6 ) 3,570 Total expense 8,660 5,115 386 (6 ) 14,155 Income (loss) before income taxes 2,382 (892 ) (382 ) — 1,108 Income tax expense 498 (188 ) (43 ) — 267 Net income (loss) $ 1,884 $ (704 ) $ (339 ) $ — $ 841 Net (income) loss attributable to noncontrolling interest $ (9 ) $ — $ — $ — $ (9 ) Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 1,875 $ (704 ) $ (339 ) $ — $ 832 |
Changes to Accumulated Other Co
Changes to Accumulated Other Comprehensive Income, Net | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Changes to Accumulated Other Comprehensive Income, Net | Note 17 – Changes to Accumulated Other Comprehensive Income, net The following tables present components of accumulated other comprehensive income (loss) for the periods stated. For the three months ended March 31, 2021 (Dollars in thousands) Net Unrealized Gains (Losses) on Available for Sale Securities Net Unrealized Gains (Losses) on Interest Rate Swaps Accumulated Other Comprehensive Income (Loss), net Balance as of January 1, 2021 $ 1,069 $ (805 ) $ 264 Change in net unrealized holding (losses) gains on securities available for sale, net of deferred tax benefit of $660 (2,482 ) — (2,482 ) Change in net unrealized holding gains (losses) on interest rate swaps, net of deferred tax expense of $1,662 — 6,253 6,253 Balance as of March 31, 2021 $ (1,413 ) $ 5,448 $ 4,035 For the three months ended March 31, 2020 (Dollars in thousands) Net Unrealized Gains (Losses) on Available for Sale Securities Net Unrealized Gains (Losses) on Interest Rate Swaps Accumulated Other Comprehensive Income (Loss), net Balance as of January 1, 2020 $ 423 $ (194 ) $ 229 Change in net unrealized holding (losses) gains on securities available for sale, net of deferred tax benefit of $128 (484 ) — (484 ) Change in net unrealized holding (losses) gains on interest rate swaps, net of deferred tax benefit of $665 — (2,499 ) (2,499 ) Balance as of March 31, 2020 $ (61 ) $ (2,693 ) $ (2,754 ) |
Legal Matters
Legal Matters | 3 Months Ended |
Mar. 31, 2021 | |
Loss Contingency [Abstract] | |
Legal Matters | Note 18 – Legal Matters On August 12, 2019, a former employee of Virginia Community Bankshares, Inc. (“VCB”) and participant in its Employee Stock Ownership Plan (the “VCB ESOP”) filed a class action complaint against VCB, Virginia Community Bank, and certain individuals associated with the VCB ESOP in the U.S. District Court for the Western District of Virginia, Charlottesville Division. The complaint alleges, among other things, that the defendants breached their fiduciary duties to VCB ESOP participants in violation of the Employee Retirement Income Security Act of 1974, as amended. The complaint alleges that the VCB ESOP incurred damages “that approach or exceed $12 million.” The Company automatically assumed any liability of VCB in connection with this litigation as a result of the Company’s 2019 acquisition of VCB. The outcome of this litigation is uncertain, and the plaintiff and other individuals may file additional lawsuits related to the VCB ESOP. The defense, settlement, or adverse outcome of any such lawsuit or claim could have a material adverse financial impact on the Company. The Company believes the claims are without merit and no loss has been accrued for this lawsuit. |
Business Combinations (Tables)
Business Combinations (Tables) - Bay Banks [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Estimated Fair Value Adjustments of Consideration Paid, Acquired Asset and Assumed Liabilities | The following table presents the consideration paid in the merger and the summary balance sheet of Bay Banks as of the date of the merger inclusive of estimated fair value adjustments and the allocation of consideration paid in the merger to the acquired assets and assumed liabilities. The goodwill resulting from the Bay Banks Merger was $7.2 million. (Dollars in thousands, except per share data) Consideration paid: Reference: Company's common shares issued 9,951,743 A Purchase price per share $ 12.55 A, B Value of common stock issued $ 124,928 Estimated fair value of stock options 472 Cash in lieu of fractional shares 3 Total consideration paid $ 125,403 Effective settlement of subordinated notes (650 ) Total consideration paid less effective settlement of subordinated notes $ 124,753 Fair value of assets acquired: Cash and due from banks $ 44,066 Federal funds sold 1,732 Certificates of deposit 1,018 Securities available for sale 79,505 Restricted securities 4,385 Loans held for investment 1,030,433 C Loans held for sale 3,814 Premises and equipment 15,532 D Right of use asset 1,864 Other real estate owned 598 Bank owned life insurance 20,259 Mortgage servicing rights 987 Core deposit intangible 6,850 E Deferred tax asset, net 2,685 F Other assets 10,855 G Total assets $ 1,224,583 Fair value of liabilities assumed: Deposits $ 1,030,888 H FHLB borrowings 10,124 I FRB borrowings 24,815 Subordinated notes 31,850 J Other liabilities 9,359 Total liabilities $ 1,107,036 Net identifiable assets acquired at fair value $ 117,547 Goodwill $ 7,206 Reference: Explanation of reference: A Common shares issued and purchase price per share are presented on a post Stock Split basis, which was effective April 30, 2021. B The value of the shares of the Company's common stock exchanged for shares of legacy Bay Banks common stock was based upon the closing price of the Company's common stock at January 29, 2021, the last trading day prior to the date of completion of the merger on January 31, 2021. C Reflective of a $17.9 million (or 1.70%) fair value adjustment (discount) to the amortized cost of the loan portfolio acquired. D Reflective of a $4.4 million fair value adjustment (premium) over the net book value of premises and equipment acquired. E Core deposit intangible asset recorded to reflect the fair value of nonmaturity deposits, except for time deposits over $100,000, assumed by the Company. F Reflective of a $2.1 million net deferred tax asset recorded on all fair value adjustments, excluding goodwill, at the statutory federal income tax rate of 21%. G Reflective of a $203 thousand fair vale adjustment (premium) on other assets acquired. H Reflective of a $5.8 million fair value adjustment (premium) over the book value of time deposits assumed. I Reflective of a $124 thousand fair value adjustment (premium) on the $10 million Federal Home Loan Bank of Atlanta ("FHLB") advance assumed. J Reflective of a $950 thousand fair value adjustment (premium) over the book value of subordinated notes assumed. |
Summary of Purchased Performing and PCI Loans Receivable | The following table presents the purchased performing and PCI loans receivable at the date of the Bay Banks Merger and the fair value adjustments (discounts) recorded immediately following the merger. As of January 31, 2021 (dollars in thousands) Purchased Performing PCI Total Principal payments receivable $ 936,523 $ 111,766 $ 1,048,289 Fair value adjustment - credit and interest (2,784 ) (15,072 ) (17,856 ) Fair value of acquired loans $ 933,739 $ 96,694 $ 1,030,433 |
Summary of Fair Value Adjustments of Acquired Asset and Assumed Liabilities | The net effect of the amortization and accretion of premiums and discounts associated with the Company’s fair value adjustments to assets acquired and liabilities assumed in the Bay Banks Merger had the following effect on the Company’s consolidated income statement for the three months ended March 31, 2021. For the three months ended March 31, (dollars in thousands) 2021 Loans (1) $ 272 Time deposits (2) 687 FHLB borrowings (3) 2 Subordinated notes (4) 35 CDI (5) (226 ) Net impact to income before income taxes $ 770 (1) Loan discount accretion is included in the “Interest and fees on loans” section of “Interest Income” in the consolidated income statements. (2) Time deposit premium amortization is included in the “Interest on deposits” section of “Interest Expense” in the consolidated income statements. (3) FHLB borrowing (4) Subordinated notes premium amortization is included in the “Interest on subordinated notes” section of “Interest Expense” in the consolidated income statements. (5) CDI amortization is included in the “Intangible amortization” section of “Noninterest Expense” in the consolidated income statements. |
Summary of Business Acquisition, Pro Forma Information | The following table presents the effect of the Bay Banks Merger on the Company on a pro forma basis, as if the merger had occurred at the beginning of the three-month periods ended March 31, 2021 and 2020. There were no merger-related expenses incurred in the first quarter of 2020 related to the Bay Banks Merger. Merger-related expenses of $9.0 million for the three months ended March 31, 2021, which are included in the Company’s consolidated income statements, are not included in the pro forma information below. Merger-related expenses incurred by Bay Banks prior to the completion of the Bay Banks Merger are not included in the Company’s consolidated income statements and are also not included in the pro forma information below. Net income includes pro forma adjustments for the accretion and amortization of estimated fair value adjustments on acquired loans and assumed time deposits and borrowings, as well as amortization of estimated CDI. An income tax rate of 21% was used in determining pro forma net income. For the three months ended March 31, (dollars in thousands, except per share data) 2021 2020 Revenue (net interest income plus noninterest income) $ 39,005 $ 24,098 Net income 11,944 3,928 Earnings per common share 0.64 0.21 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule Of Investments [Abstract] | |
Summary of Amortized Cost and Fair Values of Investment Securities Available for Sale | Investment securities available for sale are carried at fair value in the Company’s consolidated balance sheets. The following tables present amortized cost and fair values of investment securities available for sale as of the dates stated. March 31, 2021 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale State and municipal $ 31,630 $ 185 $ (339 ) $ 31,476 U.S. Treasury and agencies 54,477 56 (807 ) 53,726 Mortgage backed securities 159,239 440 (2,552 ) 157,127 Corporate bonds 35,716 738 (49 ) 36,405 Total investment securities $ 281,062 $ 1,419 $ (3,747 ) $ 278,734 December 31, 2020 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale State and municipal $ 14,069 $ 258 $ (68 ) $ 14,259 U.S. Treasury and agencies 2,500 — (91 ) 2,409 Mortgage backed securities 72,337 696 (398 ) 72,635 Corporate bonds 19,755 469 (52 ) 20,172 Total investment securities $ 108,661 $ 1,423 $ (609 ) $ 109,475 |
Summary of Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date stated. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2021 (Dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 20,100 $ 19,986 Due after one year through five years 52,994 53,082 Due after five years through ten years 41,606 41,811 Due after ten years 166,362 163,855 Total $ 281,062 $ 278,734 |
Summary of Unrealized Losses | The following tables present a summary of unrealized losses and the length of time in a continuous loss position, by security type, as of the dates stated. March 31, 2021 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses State and municipal 38 $ 17,258 $ (339 ) $ — $ — $ 17,258 $ (339 ) U.S. Treasury and agencies 46 31,377 (807 ) — — 31,377 (807 ) Mortgage backed securities 37 105,822 (2,381 ) 10,182 (171 ) 116,004 (2,552 ) Corporate bonds 4 5,005 (24 ) 976 (25 ) 5,981 (49 ) Total 125 $ 159,462 $ (3,551 ) $ 11,158 $ (196 ) $ 170,620 $ (3,747 ) December 31, 2020 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Number of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses State and municipal 6 $ 3,111 $ (68 ) $ — $ — $ 3,111 $ (68 ) U.S. Treasury and agencies 1 2,410 (91 ) — — 2,410 (91 ) Mortgage backed securities 22 20,545 (65 ) 8,592 (333 ) 29,137 (398 ) Corporate bonds 7 3,242 (7 ) 1,955 (45 ) 5,197 (52 ) Total 36 $ 29,308 $ (231 ) $ 10,547 $ (378 ) $ 39,855 $ (609 ) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Summary of Loans Held for Investment | The following table presents loans held for investment as of the dates stated. (Dollars in thousands) March 31, 2021 December 31, 2020 Commercial and industrial $ 286,835 $ 123,675 Paycheck Protection Program 608,692 292,068 Real estate – construction, commercial 155,631 54,702 Real estate – construction, residential 49,338 18,040 Real estate – mortgage, commercial 649,474 273,499 Real estate – mortgage, residential 496,301 213,404 Real estate – mortgage, farmland 5,245 3,615 Consumer 65,210 46,684 Gross loans 2,316,726 1,025,687 Less: Deferred loan fees, net of costs (12,184 ) (4,271 ) Total $ 2,304,542 $ 1,021,416 |
Summary of Acquired Loans Included in Consolidated Statement of Condition | The following table presents the outstanding principal balance and related recorded investment of these acquired loans included in the Company’s consolidated balance sheets as of the dates stated. (Dollars in thousands) March 31, 2021 December 31, 2020 PCI loans Outstanding principal balance $ 112,964 $ 1,278 Recorded investment 97,892 1,085 Purchased performing loans Outstanding principal balance 967,580 97,301 Recorded investment 964,056 96,317 Total acquired loans Outstanding principal balance 1,080,544 98,579 Recorded investment 1,061,948 97,402 |
Summary of Changes in Accretable Yield on Purchased Credit Impaired Loans | The following table presents the changes in the accretable yield for PCI loans for the periods stated. For the three months ended (Dollars in thousands) March 31, 2021 March 31, 2020 Balance, beginning of period $ 123 $ 188 Additions 10,030 — Accretion (840 ) (16 ) Reclassification of nonaccretable difference due to improvement in expected cash flows 104 — Other changes, net 22 (1 ) Balance, end of period $ 9,439 $ 171 |
Summary of Financing Receivable, Past Due | The following tables present the aging of the recorded investment of loans held for investment as of the dates stated. March 31, 2021 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due & Accruing Nonaccrual Total Past Due & Nonaccrual PCI Loans Current Loans Total Loans Commercial and industrial $ 1,166 $ 128 $ — $ 1,432 $ 2,726 $ 10,213 $ 273,896 $ 286,835 Paycheck Protection Program — — — — — — 608,692 608,692 Real estate – construction, commercial 310 — — — 310 31,049 124,272 155,631 Real estate – construction, residential 1,185 — — 262 1,447 — 47,891 49,338 Real estate – mortgage, commercial 3,287 685 — 2,032 6,004 47,520 595,950 649,474 Real estate – mortgage, residential 6,027 800 7 965 7,799 7,379 481,123 496,301 Real estate – mortgage, farmland — — — — — — 5,245 5,245 Consumer 752 145 — 655 1,552 1,731 61,927 65,210 Less: Deferred loan fees, net of costs — — — — — — (12,184 ) (12,184 ) Total Loans $ 12,727 $ 1,758 $ 7 $ 5,346 $ 19,838 $ 97,892 $ 2,186,812 $ 2,304,542 December 31, 2020 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due & Accruing Nonaccrual Total Past Due & Nonaccrual PCI Loans Current Loans Total Loans Commercial and industrial $ 1,117 $ — $ — $ 1,310 $ 2,427 $ — $ 121,248 $ 123,675 Paycheck Protection Program — — — — — — 292,068 292,068 Real estate – construction, commercial — — — — — 35 54,667 54,702 Real estate – construction, residential 262 — — — 262 — 17,778 18,040 Real estate – mortgage, commercial 771 211 — 3,643 4,625 808 268,066 273,499 Real estate – mortgage, residential 1,062 — 46 881 1,989 242 211,173 213,404 Real estate – mortgage, farmland — — — — — — 3,615 3,615 Consumer 935 334 — 714 1,983 — 44,701 46,684 Less: Deferred loan fees, net of costs — — — — (4,271 ) (4,271 ) Total Loans $ 4,147 $ 545 $ 46 $ 6,548 $ 11,286 $ 1,085 $ 1,009,045 $ 1,021,416 |
Summary of Recorded Investment of PCI Loans, Past Due | The following tables present the aging of the recorded investment of PCI loans as of the dates stated. March 31, 2021 (Dollars in thousands) 30-89 Days Past Due Greater than 90 Days Past Due & Accruing Current Loans Total Loans Commercial and industrial $ — $ 187 $ 10,026 $ 10,213 Real estate – construction, commercial 8 10 31,032 31,050 Real estate – mortgage, commercial 722 29 46,768 47,519 Real estate – mortgage, residential 739 978 5,662 7,379 Consumer — 4 1,727 1,731 Total PCI Loans $ 1,469 $ 1,208 $ 95,215 $ 97,892 December 31, 2020 (Dollars in thousands) 30-89 Days Past Due Greater than 90 Days Past Due & Accruing Current Loans Total Loans Real estate – construction, commercial — — 35 35 Real estate – mortgage, commercial 224 — 584 808 Real estate – mortgage, residential 35 — 207 242 Total PCI Loans $ 259 $ — $ 826 $ 1,085 |
Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment | T he Company prepares a quarterly analysis of the ALL, with the objective of quantifying portfolio risk into a dollar amount of inherent losses. The ALL is established as losses are estimated to have occurred through a provision for loan losses charged against income and decreased by loans charged-off (net of recoveries, if any). Management’s periodic evaluation of the adequacy of the ALL is based on past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, and current economic conditions. While management uses the best information available to make evaluations, future adjustments may be necessary, if economic or other conditions differ substantially from the assumptions used. The allowance consists of specific and general components. The specific component relates to loans that are identified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows or the net realizable value, which is equal to the estimated fair value less estimated costs to sell, of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and those loans classified that are not impaired and is based on historical loss experience adjusted for other internal or external influences on credit quality that are not fully reflected in the historical data. The Company follows applicable guidance issued by the Financial Accounting Standards Board. This guidance requires that losses be accrued when they are probable of occurring and can be estimated. It also requires that impaired loans, within its scope, be measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, a creditor may measure impairment based on a loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. PPP loans are fully guaranteed by the U.S. government; therefore, the Company recorded no ALL for these loans as of March 31, 2021 and December 31, 2020. In future periods, the Company may be required to establish an ALL for these loans, which would result in a provision for loan losses charged to earnings. The following tables present a summary of the loan portfolio individually and collectively evaluated for impairment as of the dates stated. (Dollars in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Total March 31, 2021 Originated and purchased performing loans: Commercial and industrial $ 3,169 $ 273,453 $ 276,622 Real estate – construction, commercial 540 124,041 124,581 Real estate – construction, residential — 49,338 49,338 Real estate – mortgage, commercial 1,391 600,564 601,955 Real estate – mortgage, residential 592 488,330 488,922 Real estate – mortgage, farmland — 5,245 5,245 Consumer — 63,479 63,479 Total originated and purchased performing loans 5,692 1,604,450 1,610,142 PCI loans: Commercial and industrial — 10,213 10,213 Real estate – construction, commercial — 31,050 31,050 Real estate – mortgage, commercial — 47,519 47,519 Real estate – mortgage, residential — 7,379 7,379 Consumer — 1,731 1,731 Total PCI loans — 97,892 97,892 Gross loans 5,692 1,702,342 1,708,034 Less: Deferred loan fees, net of costs — (1,118 ) (1,118 ) Total $ 5,692 $ 1,701,224 $ 1,706,916 (Dollars in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Total December 31, 2020 Originated and purchased performing loans: Commercial and industrial $ 234 $ 123,441 $ 123,675 Real estate – construction, commercial — 54,667 54,667 Real estate – construction, residential — 18,040 18,040 Real estate – mortgage, commercial 1,645 271,046 272,691 Real estate – mortgage, residential 452 212,710 213,162 Real estate – mortgage, farmland — 3,615 3,615 Consumer — 46,684 46,684 Total originated and purchased performing loans 2,331 730,203 732,534 PCI loans: Real estate – construction, commercial — 35 35 Real estate – mortgage, commercial — 808 808 Real estate – mortgage, residential — 242 242 Total PCI loans — 1,085 1,085 Gross loans 2,331 731,288 733,619 Less: Deferred loan fees, net of costs — (736 ) (736 ) Total $ 2,331 $ 730,552 $ 732,883 |
Summary of Impaired Financing Receivables | The following tables present information related to impaired loans by loan type as of the dates presented. March 31, 2021 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no specific allowance recorded: Real estate – construction, commercial $ 540 $ 539 $ — $ 542 $ 8 Real estate – mortgage, commercial 1,391 1,460 — 1,384 14 Real estate – mortgage, residential 592 591 — 583 6 Commercial and industrial 3,169 3,162 — 3,250 35 $ 5,692 $ 5,752 $ — $ 5,217 $ 63 December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no specific allowance recorded: Real estate – mortgage, commercial $ 1,645 $ 2,030 $ — $ 2,091 $ 4 Real estate – mortgage, residential 452 571 — 538 2 With an allowance recorded: Commercial and industrial 234 234 144 362 — $ 2,331 $ 2,835 $ 144 $ 2,991 $ 6 |
Summary of Allowance for Loans Losses | The following table presents an analysis of the change in the ALL by loan type as of and for the periods stated. For the three months ended (Dollars in thousands) March 31, 2021 March 31, 2020 ALL, beginning of period $ 13,827 $ 4,572 Charge-offs Commercial and industrial $ (359 ) $ — Real estate – mortgage (12 ) — Consumer (263 ) (319 ) Total charge-offs (634 ) (319 ) Recoveries Commercial and industrial 56 1 Real estate – mortgage 16 — Consumer 137 68 Total recoveries 209 69 Net charge-offs (425 ) (250 ) Provision for loan losses — 575 ALL, end of period $ 13,402 $ 4,897 |
Summary of Primary Segments of ALLL, Loans Individually and Collectively Evaluated for Impairment | The following tables summarize the primary segments of the ALL, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment for the periods stated. For the three months ended March 31, 2021 (Dollars in thousands) Commercial and Industrial Real Estate – Construction Commercial Real Estate – Construction Residential Real Estate – Mortgage, Commercial Real Estate – Mortgage, Residential Real Estate – Mortgage, Farmland Consumer Total ALL, beginning of period $ 3,762 $ 960 $ 150 4,215 $ 1,481 $ 18 $ 3,241 $ 13,827 Charge-offs (359 ) — — — (12 ) — (263 ) (634 ) Recoveries 56 — — — 16 — 137 209 Provision for loan losses — — — — — — — — ALL, end of period $ 3,459 $ 960 $ 150 $ 4,215 $ 1,485 $ 18 $ 3,115 $ 13,402 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment $ 3,459 $ 960 $ 150 $ 4,215 $ 1,485 $ 18 $ 3,115 $ 13,402 For the three months ended March 31, 2020 (Dollars in thousands) Commercial and Industrial Real Estate – Construction Commercial Real Estate – Construction Residential Real Estate – Mortgage Commercial Real Estate – Mortgage Residential Real Estate – Mortgage, Farmland Consumer Total ALL, beginning of period $ 841 $ 220 $ 60 1,604 $ 510 $ 9 $ 1,328 $ 4,572 Charge-offs — — — — — — (319 ) (319 ) Recoveries 1 — — — — — 68 69 Provision for loan losses 86 27 11 62 16 — 373 575 ALL, end of period $ 928 $ 247 $ 71 $ 1,666 $ 526 $ 9 $ 1,450 $ 4,897 Individually evaluated for impairment $ 144 $ — $ — $ — $ — $ — $ — $ 144 Collectively evaluated for impairment $ 784 $ 247 $ 71 $ 1,666 $ 526 $ 9 $ 1,450 $ 4,753 |
Summary of Accounts Notes Loans and Financing Receivable | The following tables present the Company’s loan portfolio by internal loan grade as of the dates stated. March 31, 2021 (Dollars in thousands) Grade 1 Prime Grade 2 Desirable Grade 3 Good Grade 4 Acceptable Grade 5 Pass/Watch Grade 6 Special Mention Grade 7 Substandard Total Commercial and industrial $ 1,218 $ 552 $ 125,985 $ 128,054 $ 13,434 $ 7,300 $ 10,292 $ 286,835 Paycheck Protection Program 608,692 — — — — — — 608,692 Real estate – construction, commercial — 650 36,028 78,234 9,045 29,605 2,069 155,631 Real estate – construction, residential 147 74 21,005 20,622 7,228 — 262 49,338 Real estate – mortgage, commercial — 2,645 316,340 228,523 47,630 45,092 9,244 649,474 Real estate – mortgage residential 536 9,561 329,777 131,986 15,773 2,870 5,798 496,301 Real estate – mortgage, farmland 410 — 1,220 3,615 — — — 5,245 Consumer 398 23 18,806 42,638 2,191 497 657 65,210 Gross loans $ 611,401 $ 13,505 $ 849,161 $ 633,672 $ 95,301 $ 85,364 $ 28,322 $ 2,316,726 Less: Deferred loan fees, net of costs (12,184 ) Total $ 2,304,542 December 31, 2020 (Dollars in thousands) Grade 1 Prime Grade 2 Desirable Grade 3 Good Grade 4 Acceptable Grade 5 Pass/Watch Grade 6 Special Mention Grade 7 Substandard Total Commercial and industrial $ 844 $ 484 $ 23,828 $ 85,928 $ 7,251 $ 4 $ 5,336 $ 123,675 Paycheck Protection Program 292,068 — — — — — — 292,068 Real estate – construction, commercial — 2,143 19,524 26,324 5,916 218 577 54,702 Real estate – construction, residential — — 3,073 8,247 6,458 — 262 18,040 Real estate – mortgage, commercial — 3,994 128,163 114,977 15,799 2,968 7,598 273,499 Real estate – mortgage residential — 3,583 101,078 100,601 5,750 158 2,234 213,404 Real estate – mortgage, farmland 444 — 1,175 1,996 — — — 3,615 Consumer 324 36 17,062 28,033 521 1 707 46,684 Gross loans $ 293,680 $ 10,240 $ 293,903 $ 366,106 $ 41,695 $ 3,349 $ 16,714 $ 1,025,687 Less: Deferred loan fees, net of costs (4,271 ) Total $ 1,021,416 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Components of Goodwill | The following table presents the components of goodwill as of the dates stated. (Dollars in thousands) Year of acquisition March 31, 2021 December 31, 2020 Charlottesville branch acquisition 2011 $ 366 $ 366 River Bancorp, Inc. acquisition 2016 1,728 1,728 Mortgage business acquisition 2018 600 600 Hammond Insurance Agency acquisition 2019 613 613 Virginia Community Bankshares, Inc. acquisition 2019 16,585 16,585 Bay Banks Merger 2021 7,206 — $ 27,098 $ 19,892 |
Schedule of Amortizable Intangible Assets | The following table presents information on amortizable intangible assets included on the Company’s consolidated balance sheets as of the dates stated. Gross Net (Dollars in thousands) Carrying Accumulated Carrying March 31, 2021 Value Amortization Value Core deposit intangibles $ 9,626 $ (1,683 ) $ 7,943 Other amortizable intangibles 2,528 (1,031 ) 1,497 Total $ 12,154 $ (2,714 ) $ 9,440 Gross Net (Dollars in thousands) Carrying Accumulated Carrying December 31, 2020 Value Amortization Value Core deposit intangibles $ 2,776 $ (1,366 ) $ 1,410 Other amortizable intangibles 2,528 (1,016 ) 1,512 Total $ 5,304 $ (2,382 ) $ 2,922 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Real Estate [Abstract] | |
Summary of Number and Carrying Values of Properties in Other Real Estate Owned | The following table presents the number and carrying values of properties included in other real estate owned (“OREO”) as of the dates stated. March 31, 2021 December 31, 2020 Number of Carrying Number of Carrying Properties Value Properties Value Residential 1 $ — 1 $ — Land 6 420 — — Commercial properties 1 174 — — Total other real estate owned 8 $ 594 1 $ — |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Information Regarding FHLB Advances Outstanding | The following table presents information regarding FHLB advances outstanding as of the date stated. March 31, 2021 Stated Originated Interest Maturity (Dollars in thousands) Balance Date Rate Date Convertible $ 10,122 2/28/2020 0.56 % 2/28/2030 Daily Rate Credit 31,000 11/6/2020 0.36 % 11/8/2021 Fixed Rate Credit 15,000 1/4/2021 0.23 % 4/1/2021 Fixed Rate Credit 25,000 2/2/2021 0.21 % 5/3/2021 Fixed Rate Credit 35,000 2/8/2021 0.18 % 5/6/2021 Fixed Rate Credit 10,000 2/26/2021 0.19 % 5/28/2021 Fixed Rate Credit 10,000 2/26/2021 0.19 % 5/28/2021 Fixed Rate Credit 27,000 3/8/2021 0.18 % 4/8/2021 Fixed Rate Credit 20,000 3/17/2021 0.17 % 6/17/2021 Total FHLB borrowings $ 183,122 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Notional and Fair Value of Interest Rate Swaps | The following tables present the notional and fair value of interest rate swaps recorded as other assets and other liabilities on the Company’s consolidated balance sheets as of the dates stated. March 31, 2021 (Dollars in thousands) Notional Amount Fair Value Interest rate swap agreement Receive fixed/pay variable swaps $ 2,088 $ 215 Pay fixed/receive variable swaps 2,088 (215 ) December 31, 2020 (Dollars in thousands) Notional Amount Fair Value Interest rate swap agreement Receive fixed/pay variable swaps $ 2,100 $ 339 Pay fixed/receive variable swaps 2,100 (339 ) |
Summary of Identified Hedge Layers | The identified hedge layers are summarized as follows (in thousands): 3-Month LIBOR Cash & Securities Period Hedged Hedged Notional Exposure Hedged From To $ 15,000 $ 15,000 July 1, 2019 July 1, 2022 $ 25,000 $ 25,000 August 2, 2019 February 2, 2023 $ 10,000 $ 10,000 August 29, 2019 August 29, 2023 Each hedge layer has a variable receive leg of 3-month LIBOR and a fixed pay leg of 1.80%. At the time the hedges identified in the table above expire, new hedges will begin summarized as follows (in thousands): 3-Month LIBOR Cash & Securities Period Hedged Hedged Notional Exposure Hedged From To $ 15,000 $ 15,000 July 1, 2022 July 1, 2032 $ 25,000 $ 25,000 February 2, 2023 February 2, 2033 $ 10,000 $ 10,000 August 29, 2023 August 29, 2033 Each hedge layer has a variable receive leg of 3-month LIBOR and a fixed pay leg ranging from 0.92% to 0.95%. Beginning in 2020, the Company entered into three additional hedges summarized as follows (in thousands): 3-Month LIBOR Cash & Securities Period Hedged Hedged Notional Exposure Hedged From To $ 20,000 $ 20,000 March 13, 2020 March 13, 2030 $ 35,000 $ 35,000 May 6, 2020 May 6, 2027 $ 10,000 $ 10,000 May 29, 2020 May 29, 2027 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Assumptions to Determine Estimated Fair Value of Converted Stock Options | The following table presents the ranges and weighted-averages of assumptions used in the Black-Scholes Model to determine the estimated fair value of the converted stock options from the Bay Banks Merger. As of January 31, 2021 Range Weighted-average Risk free interest rate (U.S. Treasury) 0.06% - 0.45% 0.32% Expected term (years) 0.14 - 5.00 3.89 Expected volatility 21.2% - 38.2% 32.8% Expected dividend yield 2.85% 2.85% |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following tables present the balances of financial assets measured at fair value on a recurring basis as of the dates stated. March 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale State and municipals $ 31,476 $ — $ 31,476 $ — U.S. Treasury and agencies 53,726 — 53,726 — Mortgage backed securities 157,128 — 157,128 — Corporate bonds 36,404 — 36,404 — Total securities available for sale $ 278,734 $ — $ 278,734 $ — Other assets Rabbi trust assets $ 1,130 $ 1,130 $ — $ — Mortgage derivative asset 5,949 — 5,949 — Interest rate swap asset 7,248 — 7,248 — Other liabilities Mortgage derivative liability $ — $ — $ — $ — Interest rate swap liability 1,593 — 1,593 — December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale State and municipals $ 14,259 $ — $ 14,259 $ — U.S. Treasury and agencies 2,409 — 2,409 — Mortgage backed securities 72,635 — 72,635 — Corporate bonds 20,172 — 20,172 — Total securities available for sale $ 109,475 $ — $ 109,475 $ — Other assets Mortgage derivative asset $ 5,293 $ — $ 5,293 $ — Interest rate swap asset 1,716 — 1,716 — Other liabilities Mortgage derivative liability $ 1,569 $ — $ 1,569 $ — Interest rate swap liability 2,735 — 2,735 — |
Summary of Change in MSR Assets Using Level 3 Inputs | The following tables present the change in MSR assets using Level 3 inputs as of and for the periods stated. (Dollars in thousands) MSRs Balance, December 31, 2020 $ 7,084 Acquired in Bay Banks Merger 987 Additions 3,935 Write-offs (122 ) Amortization (452 ) Impairments (1 ) Fair value adjustments 2,397 Balance, March 31, 2021 - fair value $ 13,828 Balance, March 31, 2021 - amortized cost $ 11,442 (Dollars in thousands) MSRs Balance, December 31, 2019 $ — Additions 7,539 Write-offs (61 ) Amortization (391 ) Impairments (3 ) Fair value adjustments 207 Balance, December 31, 2020 - fair value $ 7,291 Balance, December 31, 2020 - amortized cost $ 7,084 |
Summary of Assets Measured at Fair Value | The following tables summarize assets that were measured at fair value on a nonrecurring basis as of the dates stated. March 31, 2021 (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 5,692 $ — $ — $ 5,692 Loans held for sale 122,453 — 122,453 — OREO 594 — — 594 December 31, 2020 (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 2,187 $ — $ — $ 2,187 Loans held for sale 148,209 — 148,209 — |
Summary of Quantitative Information about Level 3 Fair Value Measurements | The following tables present quantitative information about Level 3 fair value measurements as of the dates stated. Balance as of Valuation Unobservable Weighted (Dollars in thousands) March 31, 2021 Technique Input Average Impaired loans, net $ 5,692 Discounted appraised value Selling costs 10 % OREO 594 Discounted appraised value Selling costs 7 % (Dollars in thousands) December 31, 2020 Technique Input Average Impaired loans, net $ 2,097 Discounted appraised value Selling costs 10 % 90 Discounted cash flows Discount rate 6 % |
Summary of Estimated Fair Values and Related Carrying Amounts and Valuation Level of Financial Instruments | The following tables present the estimated fair values, related carrying amounts, and valuation level of the Company’s financial instruments as of the dates stated. Carrying Value as of Fair Value as of Fair Value Measurements as of March 31, 2021 (Dollars in thousands) March 31, 2021 March 31, 2021 Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 273,540 $ 273,540 $ 273,540 $ — $ — Federal funds sold 5,238 5,238 5,238 — — Certificates of deposit 1,018 1,018 — 1,018 — Securities available for sale 278,734 278,734 — 278,734 — Restricted equity and other investments 14,821 14,821 — 14,821 — PPP loans receivable, net 597,626 597,626 — — 597,626 Loans held for investment, net 1,693,514 1,713,201 — — 1,713,201 Accrued interest receivable 10,507 10,507 — 10,507 — Bank owned life insurance 36,164 36,164 — 36,164 — Financial Liabilities Noninterest-bearing demand deposits $ 617,102 $ 617,102 $ 617,102 $ — $ — Interest-bearing demand and money market deposits 751,390 751,390 — 751,390 — Savings deposits 159,455 159,455 — 159,455 — Time deposits 612,171 618,166 — — 618,166 Securities sold under repurchase agreements 1,198 1,198 1,198 — — FHLB borrowings 183,122 182,890 — 182,890 — FRB borrowings 509,667 509,667 — 509,667 — Subordinated notes, net 54,588 56,342 — — 56,342 Carrying Value as of Fair Value as of Fair Value Measurements as of December 31, 2020 (Dollars in thousands) December 31, 2020 December 31, 2020 Level 1 Level 2 Level 3 Financial Assets Cash and due from banks $ 117,945 $ 117,945 $ 117,945 $ — $ — Federal funds sold 775 775 775 — — Securities available for sale 109,475 109,475 — 109,475 — Restricted equity investments 11,173 11,173 — 11,173 — PPP loans receivable, net 288,533 288,533 — — 288,533 Loans held for investment, net 719,056 720,396 — — 720,396 Accrued interest receivable 5,428 5,428 — 5,428 — Bank owned life insurance 15,724 15,724 — 15,724 — Financial Liabilities Noninterest-bearing demand deposits $ 333,051 $ 333,051 $ 333,051 $ — $ — Interest-bearing demand and money market deposits 282,263 282,263 — 282,263 Savings deposits 78,352 78,352 — 78,352 — Time deposits 251,443 257,647 — — 257,647 FHLB borrowings 115,000 114,983 — 114,983 — FRB borrowings 281,650 281,650 — 281,650 — Subordinated notes, net 24,506 25,830 — — 25,830 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Summary of Company's Leases | The following tables present information about the Company’s leases as of and for the periods stated. (Dollars in thousands) March 31, 2021 Lease liabilities $ 7,990 Right-of-use asset $ 6,805 Weighted average remaining lease term (years) 6.22 Weighted average discount rate 2.94 % |
Summary of Lease Cost | For the three months ended March 31, (Dollars in thousands) 2021 2020 Operating lease cost $ 646 $ 431 Total lease cost $ 646 $ 431 |
Summary of Operating Lease Liabilities | The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities as of the date stated. (Dollars in thousands) March 31, 2021 Nine months ending December 31, 2021 $ 1,636 Twelve months ending December 31, 2022 1,596 Twelve months ending December 31, 2023 1,268 Twelve months ending December 31, 2024 940 Twelve months ending December 31, 2025 786 Thereafter 2,403 Total undiscounted cash flows 8,629 Discount (639 ) Lease liabilities $ 7,990 |
Minimum Regulatory Capital (Tab
Minimum Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Matters [Abstract] | |
Summary of Capital and Capital Ratios to The Bank | The following tables present the capital and capital ratios to which the Bank is subject and the amounts and ratios to be adequately and well capitalized as of the dates stated. Adequately capitalized ratios include the conversation buffer. Actual For Capital Adequacy Purposes To Be Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of March 31, 2021 Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 236,932 13.67 % $ 182,013 10.50 % $ 173,345 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 223,428 12.89 % $ 147,343 8.50 % $ 138,676 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 223,428 12.89 % $ 121,342 7.00 % $ 112,674 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 223,428 10.69 % $ 83,617 4.00 % $ 104,521 5.00 % Actual For Capital Adequacy Purposes To Be Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020 Total risk based capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 109,219 13.10 % $ 87,574 10.50 % $ 83,404 10.00 % Tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 98,751 11.84 % $ 70,893 8.50 % $ 66,723 8.00 % Common equity tier 1 capital (To risk-weighted assets) Blue Ridge Bank, N.A. $ 98,751 11.84 % $ 58,383 7.00 % $ 54,213 6.50 % Tier 1 leverage (To average assets) Blue Ridge Bank, N.A. $ 98,751 8.34 % $ 47,363 4.00 % $ 59,180 5.00 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted EPS | The following table shows the calculation of basic and diluted EPS and the weighted average number of shares outstanding used in computing EPS and the effect on the weighted average number of shares outstanding of dilutive potential common stock. Basic EPS amounts are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding (the denominator). Diluted EPS amounts assume the conversion, exercise, or issuance of all potential common stock instruments, unless the effect is to reduce the loss or increase earnings per common share. Potential dilutive common stock instruments include exercisable stock options, including those converted and assumed in the Bay Banks Merger. For the three months ended March 31, 2021, stock options for 75,410 shares of the Company’s common stock were not included in the computation of diluted earnings per share because their effects would have been anti-dilutive. Weighted average common shares outstanding, basic and dilutive, for all periods presented are presented on a post Stock Split basis. For the three months ended March 31, (Dollars in thousands, except per share data) 2021 2020 Net income $ 4,237 $ 841 Net income attributable to noncontrolling interest (9 ) (9 ) Net income available to common shareholders $ 4,228 $ 832 Weighted average common shares outstanding, basic 15,137,446 8,496,581 Effect of dilutive securities 16,533 — Weighted average common shares outstanding, dilutive 15,153,979 8,496,581 Basic and diluted earnings per common share $ 0.28 $ 0.10 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information by Segment | The following tables present revenues and expenses by segment for the periods stated. For the three months ended March 31, 2021 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge Bankshares, Inc. Consolidated Revenues: Interest income $ 21,707 $ 820 $ 49 $ — $ 22,576 Service charges on deposit accounts 327 — — — 327 Residential mortgage banking income, net — 9,301 — — 9,301 Mortgage servicing rights — 3,371 — — 3,371 Gain on sale of guaranteed USDA loans 1,074 — — — 1,074 Wealth and trust management 602 — — — 602 Increase in cash surrender value of bank owned life insurance 164 — — — 164 Payroll processing revenue 270 — — — 270 Bank and purchase card, net 300 — — — 300 Other income 373 — 52 (25 ) 400 Total income 24,817 13,492 101 (25 ) 38,385 Expenses: Interest expense 1,871 58 630 — 2,559 Provision for loan losses — — — — — Salaries and employee benefits 5,741 8,268 — — 14,009 Merger-related expenses 8,137 — 882 — 9,019 Other operating expenses 5,170 2,181 158 (25 ) 7,484 Total expense 20,919 10,507 1,670 (25 ) 33,071 Income (loss) before income taxes 3,898 2,985 (1,569 ) — 5,314 Income tax expense 763 605 (291 ) — 1,077 Net income (loss) $ 3,135 $ 2,380 $ (1,278 ) $ — $ 4,237 Net (income) loss attributable to noncontrolling interest $ (9 ) $ — $ — $ — $ (9 ) Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 3,126 $ 2,380 $ (1,278 ) $ — $ 4,228 For the three months ended March 31, 2020 (Dollars in thousands) Commercial Banking Mortgage Banking Parent Only Eliminations Blue Ridge Bankshares, Inc. Consolidated Revenues: Interest income $ 10,057 $ 362 $ 4 $ — $ 10,423 Service charges on deposit accounts 272 — — — 272 Residential mortgage banking income, net — 3,861 — — 3,861 Gain on sale of guaranteed USDA loans 20 — — — 20 Increase in cash surrender value of bank owned life insurance 93 — — — 93 Payroll processing revenue 303 — — — 303 Bank and purchase card, net 129 — — — 129 Other income 168 — — (6 ) 162 Total income 11,042 4,223 4 (6 ) 15,263 Expenses: Interest expense 2,121 102 177 — 2,400 Provision for loan losses 575 — — — 575 Salaries and employee benefits 3,433 3,908 — — 7,341 Merger-related expenses 265 — 4 269 Other operating expenses 2,266 1,105 205 (6 ) 3,570 Total expense 8,660 5,115 386 (6 ) 14,155 Income (loss) before income taxes 2,382 (892 ) (382 ) — 1,108 Income tax expense 498 (188 ) (43 ) — 267 Net income (loss) $ 1,884 $ (704 ) $ (339 ) $ — $ 841 Net (income) loss attributable to noncontrolling interest $ (9 ) $ — $ — $ — $ (9 ) Net income (loss) attributable to Blue Ridge Bankshares, Inc. $ 1,875 $ (704 ) $ (339 ) $ — $ 832 |
Changes to Accumulated Other _2
Changes to Accumulated Other Comprehensive Income, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables present components of accumulated other comprehensive income (loss) for the periods stated. For the three months ended March 31, 2021 (Dollars in thousands) Net Unrealized Gains (Losses) on Available for Sale Securities Net Unrealized Gains (Losses) on Interest Rate Swaps Accumulated Other Comprehensive Income (Loss), net Balance as of January 1, 2021 $ 1,069 $ (805 ) $ 264 Change in net unrealized holding (losses) gains on securities available for sale, net of deferred tax benefit of $660 (2,482 ) — (2,482 ) Change in net unrealized holding gains (losses) on interest rate swaps, net of deferred tax expense of $1,662 — 6,253 6,253 Balance as of March 31, 2021 $ (1,413 ) $ 5,448 $ 4,035 For the three months ended March 31, 2020 (Dollars in thousands) Net Unrealized Gains (Losses) on Available for Sale Securities Net Unrealized Gains (Losses) on Interest Rate Swaps Accumulated Other Comprehensive Income (Loss), net Balance as of January 1, 2020 $ 423 $ (194 ) $ 229 Change in net unrealized holding (losses) gains on securities available for sale, net of deferred tax benefit of $128 (484 ) — (484 ) Change in net unrealized holding (losses) gains on interest rate swaps, net of deferred tax benefit of $665 — (2,499 ) (2,499 ) Balance as of March 31, 2020 $ (61 ) $ (2,693 ) $ (2,754 ) |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Detail) $ in Millions | Mar. 17, 2021 | Mar. 31, 2021USD ($) |
Organization And Basis Of Presentation [Line Items] | ||
Stockholders equity note reverse stocks split conversion ratio | 1.5 | |
Stock split description | On March 17, 2021, the Company announced that its board of directors had approved a three-for-two stock split (“Stock Split”) effected in the form of a 50% stock dividend on its common stock outstanding paid on April 30, 2021 to shareholders of record as of April 20, 2021. | |
Percentage of stock dividend payable on stock split of common stock. | 50.00% | |
Dividend, payment date | Apr. 30, 2021 | |
Dividend, record date | Apr. 20, 2021 | |
Correction of Prior Period Classification Error [Member] | ||
Organization And Basis Of Presentation [Line Items] | ||
Decrease in loans held for sale | $ 30.4 | |
Increase in loans held for investment | $ 30.4 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Business Acquisition [Line Items] | |||||
Common stock, shares, issued | 18,621,531 | 8,577,932 | |||
Options to acquire shares of common stock on post stock split basis | 148,764 | ||||
Goodwill | $ 27,098,000 | $ 19,892,000 | [1] | ||
Merger-related expense | $ 9,000,000 | ||||
Statutory federal tax rate | 21.00% | ||||
Core Deposits [Member] | |||||
Business Acquisition [Line Items] | |||||
Amortized over an estimated useful life | 10 years | ||||
Bay Banks [Member] | |||||
Business Acquisition [Line Items] | |||||
Common stock shares received by shareholders | 0.5000 | ||||
Common stock, shares, issued | 6,634,495 | ||||
Business acquisition, common stock issued post stock split basis | 9,951,743 | ||||
Fair value of consideration transferred | $ 124,900,000 | ||||
Cash paid in lieu of fractional shares to common shareholders | $ 3,400 | ||||
Option to purchase additional shares | 198,362 | ||||
Options to acquire shares of common stock | 99,176 | ||||
Options to acquire shares of common stock on post stock split basis | 148,764 | ||||
Estimated fair value of common stock | $ 472,000 | ||||
Settlement of net debt | 650,000 | ||||
Goodwill | $ 7,206,000 | $ 7,206,000 | |||
Merger-related expense | $ 0 | ||||
Statutory federal tax rate | 21.00% | ||||
Bay Banks [Member] | Subordinated Notes [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired subordinated notes | $ 1,750,000 | ||||
Bay Banks [Member] | Subordinated Notes [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired subordinated notes | $ 1,100,000 | ||||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Value Adjustments of Consideration Paid, Acquired Asset and Assumed Liabilities (Detail) - USD ($) | 1 Months Ended | |||
Jan. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | [1] | |
Fair value of liabilities assumed: | ||||
Goodwill | $ 27,098,000 | $ 19,892,000 | ||
Bay Banks [Member] | ||||
Consideration paid: | ||||
Company's common shares issued | 9,951,743 | |||
Purchase price per share | $ 12.55 | |||
Value of common stock issued | $ 124,928,000 | |||
Estimated fair value of common stock | 472,000 | |||
Cash in lieu of fractional shares | 3,400 | |||
Total consideration paid | 125,403,000 | |||
Effective settlement of subordinated notes | (650,000) | |||
Total consideration paid less effective settlement of subordinated notes | 124,753,000 | |||
Fair value of assets acquired: | ||||
Cash and due from banks | 44,066,000 | |||
Federal funds sold | 1,732,000 | |||
Certificates of deposit | 1,018,000 | |||
Securities available for sale | 79,505,000 | |||
Restricted securities | 4,385,000 | |||
Loans held for investment | 1,030,433,000 | |||
Loans held for sale | 3,814,000 | |||
Premises and equipment | 15,532,000 | |||
Right of use asset | 1,864,000 | |||
Other real estate owned | 598,000 | |||
Bank owned life insurance | 20,259,000 | |||
Mortgage servicing rights | 987,000 | |||
Core deposit intangible | 6,850,000 | |||
Deferred tax asset, net | 2,685,000 | |||
Other assets | 10,855,000 | |||
Total assets | 1,224,583,000 | |||
Fair value of liabilities assumed: | ||||
Deposits | 1,030,888,000 | |||
FHLB borrowings | 10,124,000 | |||
FRB borrowings | 24,815,000 | |||
Subordinated notes | 31,850,000 | |||
Other liabilities | 9,359,000 | |||
Total liabilities | 1,107,036,000 | |||
Net identifiable assets acquired at fair value | 117,547,000 | |||
Goodwill | $ 7,206,000 | $ 7,206,000 | ||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Business Combinations - Summa_2
Business Combinations - Summary of Estimated Fair Value Adjustments of Consideration Paid, Acquired Asset and Assumed Liabilities (Parenthetical) (Detail) - USD ($) | Apr. 30, 2021 | Mar. 17, 2021 | Jan. 31, 2021 | Mar. 31, 2021 |
Business Acquisition [Line Items] | ||||
Stock split description | On March 17, 2021, the Company announced that its board of directors had approved a three-for-two stock split (“Stock Split”) effected in the form of a 50% stock dividend on its common stock outstanding paid on April 30, 2021 to shareholders of record as of April 20, 2021. | |||
Statutory federal tax rate | 21.00% | |||
Subsequent Event [Member] | ||||
Business Acquisition [Line Items] | ||||
Stock split description | 3-for-2 stock split | |||
Bay Banks [Member] | ||||
Business Acquisition [Line Items] | ||||
Statutory federal tax rate | 21.00% | |||
FHLB advance assumed | $ 10,124,000 | |||
Bay Banks [Member] | Time Deposits [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 5,800,000 | |||
Bay Banks [Member] | FHLB [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 124,000 | |||
Bay Banks [Member] | Subordinated Notes [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 950,000 | |||
Bay Banks [Member] | Core Deposits [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 100,000 | |||
Bay Banks [Member] | Premises and Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 4,400,000 | |||
Bay Banks [Member] | Deferred Tax Asset, Net [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 2,100,000 | |||
Bay Banks [Member] | Core Deposits Intangible [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | 203,000 | |||
Bay Banks [Member] | Loan Held for Investment [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment (premium) | $ 17,900,000 | |||
Fair value adjustment percentage | 1.70% | |||
Bay Banks [Member] | Subsequent Event [Member] | ||||
Business Acquisition [Line Items] | ||||
Stock split description | Common shares issued and purchase price per share are presented on a post Stock Split basis, which was effective April 30, 2021. |
Business Combinations - Summa_3
Business Combinations - Summary of Purchased Performing and PCI Loans Receivable (Detail) - Bay Banks [Member] $ in Thousands | Jan. 31, 2021USD ($) |
Business Acquisition [Line Items] | |
Principal payments receivable | $ 1,048,289 |
Fair value adjustment - credit and interest | (17,856) |
Fair value of acquired loans | 1,030,433 |
Purchased Performing [Member] | |
Business Acquisition [Line Items] | |
Principal payments receivable | 936,523 |
Fair value adjustment - credit and interest | (2,784) |
Fair value of acquired loans | 933,739 |
PCI [Member] | |
Business Acquisition [Line Items] | |
Principal payments receivable | 111,766 |
Fair value adjustment - credit and interest | (15,072) |
Fair value of acquired loans | $ 96,694 |
Business Combinations - Summa_4
Business Combinations - Summary of Fair Value Adjustments of Acquired Asset and Assumed Liabilities (Detail) - Bay Banks [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Business Acquisition [Line Items] | |
Loans | $ 272 |
Time deposits | 687 |
FHLB borrowings | 2 |
Subordinated notes | 35 |
CDI | (226) |
Net impact to income before income taxes | $ 770 |
Business Combinations - Summa_5
Business Combinations - Summary of Business Acquisition, Pro Forma Information (Detail) - Bay Banks [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Business Acquisition [Line Items] | ||
Revenue (net interest income plus noninterest income) | $ 39,005 | $ 24,098 |
Net income | $ 11,944 | $ 3,928 |
Earnings per common share | $ 0.64 | $ 0.21 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost and Fair Values of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Investment securities, Amortized Cost | $ 281,062 | $ 108,661 |
Investment securities, Gross Unrealized Gains | 1,419 | 1,423 |
Investment securities, Gross Unrealized Losses | (3,747) | (609) |
Investment securities, Fair Value | 278,734 | 109,475 |
Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | 159,239 | 72,337 |
Available for sale, Gross Unrealized Gains | 440 | 696 |
Available for sale, Gross Unrealized Losses | (2,552) | (398) |
Available for sale, Fair Value | 157,127 | 72,635 |
U.S. Treasury and Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | 54,477 | 2,500 |
Available for sale, Gross Unrealized Gains | 56 | |
Available for sale, Gross Unrealized Losses | (807) | (91) |
Available for sale, Fair Value | 53,726 | 2,409 |
Corporate Bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | 35,716 | 19,755 |
Available for sale, Gross Unrealized Gains | 738 | 469 |
Available for sale, Gross Unrealized Losses | (49) | (52) |
Available for sale, Fair Value | 36,405 | 20,172 |
State and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for sale, Amortized Cost | 31,630 | 14,069 |
Available for sale, Gross Unrealized Gains | 185 | 258 |
Available for sale, Gross Unrealized Losses | (339) | (68) |
Available for sale, Fair Value | $ 31,476 | $ 14,259 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Investments [Line Items] | ||
Securities sold under repurchase agreements | $ 1,198 | |
Securities pledged as collateral fair value | 3,000 | |
Federal home loan bank stock | 8,200 | $ 5,800 |
Federal reserve bank stock | 4,900 | 2,200 |
Correspondent bank stock | 468 | 248 |
Other equity investments | 1,200 | 3,000 |
FHLB [Member] | ||
Schedule Of Investments [Line Items] | ||
Securities pledged | 23,600 | 29,400 |
Treasury Board Commonwealth of Virginia [Member] | ||
Schedule Of Investments [Line Items] | ||
Securities pledged | $ 11,900 | $ 12,500 |
Investments - Summary of Invest
Investments - Summary of Investments Classified by Contractual Maturity Date (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Schedule Of Investments [Abstract] | |
Debt Securities Available for Sale, Amortized Cost, Due in one year or less | $ 20,100 |
Debt Securities Available for Sale, Amortized Cost, Due after one year through five years | 52,994 |
Debt Securities Available for Sale, Amortized Cost, Due after five years through ten years | 41,606 |
Debt Securities Available for Sale, Amortized Cost, Due after ten years | 166,362 |
Total | 281,062 |
Debt Securities Available for Sale, Fair Value, Due in one year or less | 19,986 |
Debt Securities Available for Sale, Fair Value, Due after one year through five years | 53,082 |
Debt Securities Available for Sale, Fair Value, Due after five years through ten years | 41,811 |
Debt Securities Available for Sale, Fair Value, Due after ten years | 163,855 |
Total | $ 278,734 |
Investments - Summary of Unreal
Investments - Summary of Unrealized Losses (Detail) $ in Thousands | Mar. 31, 2021USD ($)Security | Dec. 31, 2020USD ($)Security |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 125 | 36 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 159,462 | $ 29,308 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (3,551) | (231) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 11,158 | 10,547 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (196) | (378) |
Fair Value, Total | 170,620 | 39,855 |
Unrealized Losses, Total | $ (3,747) | $ (609) |
State and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 38 | 6 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 17,258 | $ 3,111 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (339) | (68) |
Fair Value, Total | 17,258 | 3,111 |
Unrealized Losses, Total | $ (339) | $ (68) |
U.S. Treasury and Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 46 | 1 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 31,377 | $ 2,410 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (807) | (91) |
Fair Value, Total | 31,377 | 2,410 |
Unrealized Losses, Total | $ (807) | $ (91) |
Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 37 | 22 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 105,822 | $ 20,545 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (2,381) | (65) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 10,182 | 8,592 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (171) | (333) |
Fair Value, Total | 116,004 | 29,137 |
Unrealized Losses, Total | $ (2,552) | $ (398) |
Corporate Bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Securities | Security | 4 | 7 |
Available-for-sale Securities, Fair Value, Less Than 12 Months | $ 5,005 | $ 3,242 |
Available-for-sale Securities, Unrealized Losses, Less Than 12 Months | (24) | (7) |
Available-for-sale Securities, Fair Value, 12 Months or Greater | 976 | 1,955 |
Available-for-sale Securities, Unrealized Losses, 12 months or Greater | (25) | (45) |
Fair Value, Total | 5,981 | 5,197 |
Unrealized Losses, Total | $ (49) | $ (52) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary of Loans Held for Investment (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 2,316,726 | $ 1,025,687 |
Less: Deferred loan fees, net of costs | (12,184) | (4,271) |
Total | 2,304,542 | 1,021,416 |
Commercial and Industrial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 286,835 | 123,675 |
Paycheck Protection Program [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 608,692 | 292,068 |
Construction, Commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 155,631 | 54,702 |
Construction, Residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 49,338 | 18,040 |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 649,474 | 273,499 |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 496,301 | 213,404 |
Mortgage, Farmland [Member] | Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 5,245 | 3,615 |
Consumer [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 65,210 | $ 46,684 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2020USD ($) | Mar. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan | Jan. 31, 2021USD ($)Loan | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Gross loans | $ 2,316,726,000 | $ 1,025,687,000 | |||||
Allowance for loan losses | 13,402,000 | 13,827,000 | [1] | $ 4,897,000 | $ 4,572,000 | ||
Nonperforming trouble debt restructuring | 293,000 | 142,000 | |||||
Payment Deferral [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Gross loans | $ 31,000,000 | $ 110,600,000 | |||||
Number of loan deferrals | Loan | 30 | 550 | |||||
Payment Deferral [Member] | Bay Banks [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Gross loans | $ 160,000,000 | ||||||
Number of loan deferrals | Loan | 400 | ||||||
PPP 1 [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Payrolls and other operating expenses | $ 650,000,000,000 | ||||||
Loans and lease receivable prior period | 2 years | ||||||
Loans and lease receivable subsequent period | 5 years | ||||||
Percentage of Loans receivable interest rate | 1.00% | ||||||
Percentage of loan earned processing fee one rate | 1.00% | ||||||
Percentage of loan earned processing fee two rate | 3.00% | ||||||
Percentage of loan earned processing fee three rate | 5.00% | ||||||
Loans and leases receivable originated | $ 363,400,000 | ||||||
Loans and leases receivable forgiven | 71,300,000 | ||||||
Gross loans | $ 261,000,000 | ||||||
Nonrefundable fees and other costs deferred and amortized as component of loan yield over expected life of loans | 1 year 6 months | ||||||
Loans and leases receivable of processing fees, net of agent fees | 11,500,000 | ||||||
Loans and leases receivable unamortized fee | $ 1,300,000 | ||||||
Loans and leases receivable recognized interest income | $ 2,200,000 | ||||||
PPP 2 [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Percentage of Loans receivable interest rate | 1.00% | ||||||
Loans and leases receivable forgiven | $ 0 | ||||||
Gross loans | $ 348,000,000 | ||||||
Number of loans | Loan | 3,800 | ||||||
Loans and lease receivable contractual term | 5 years | ||||||
Loans and leases receivable of processing fees, net of agent fees | $ 11,200,000 | ||||||
Loans and leases receivable unamortized fee | 10,100,000 | ||||||
Loans and leases receivable recognized interest income | $ 1,100,000 | ||||||
PPP 2 [Member] | Minimum [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Nonrefundable fees and other costs deferred and amortized as component of loan yield over expected life of loans | 1 year | ||||||
PPP 2 [Member] | Maximum [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Nonrefundable fees and other costs deferred and amortized as component of loan yield over expected life of loans | 3 years | ||||||
PPP 2 [Member] | Scenario One [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Processing fee for loans not more than loan balance | $ 50,000 | ||||||
Processing fee for loans not more than loan balance percentage | 50.00% | ||||||
Processing fee for loans balance | $ 2,500 | ||||||
PPP 2 [Member] | Scenario Two [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Processing fee for loans not more than loan balance | $ 350,000 | ||||||
Processing fee for loans not more than loan balance percentage | 5.00% | ||||||
Processing fee for loans more than loan balance | $ 50,000 | ||||||
PPP 2 [Member] | Scenario Three [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Processing fee for loans more than loan balance | $ 350,000 | ||||||
Processing fee for loans more than loan balance percentage | 3.00% | ||||||
Commercial and Residential Mortgages [Member] | FHLB [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans pledged | $ 567,000,000 | 213,300,000 | |||||
Pay Check Protection Loans [Member] | Paycheck Protection Plan Liquidity Facility Advances [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans pledged | 509,700,000 | 281,600,000 | |||||
Paycheck Protection Program [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Gross loans | 608,692,000 | 292,068,000 | |||||
Allowance for loan losses | $ 0 | $ 0 | |||||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Acquired Loans Included in Consolidated Statement of Condition (Detail) - Bay Bank and Virginia Community Bankshares, Inc., [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | $ 1,080,544 | $ 98,579 |
Recorded investment | 1,061,948 | 97,402 |
PCI Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | 112,964 | 1,278 |
Recorded investment | 97,892 | 1,085 |
Purchased Performing Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Outstanding principal balance | 967,580 | 97,301 |
Recorded investment | $ 964,056 | $ 96,317 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Summary of Changes in Accretable Yield on Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Receivables [Abstract] | ||
Balance, beginning of period | $ 123 | $ 188 |
Additions | 10,030 | |
Accretion | (840) | (16) |
Reclassification of nonaccretable difference due to improvement in expected cash flows | 104 | |
Other changes, net | 22 | (1) |
Balance, end of period | $ 9,439 | $ 171 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Summary of Financing Receivable, Past Due (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 5,346 | $ 6,548 |
Total Past Due & Nonaccrual | 19,838 | 11,286 |
PCI Loans | 97,892 | 1,085 |
Gross loans | 2,316,726 | 1,025,687 |
Less: Deferred loan fees, net of costs | (12,184) | (4,271) |
Total | 2,304,542 | 1,021,416 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 12,727 | 4,147 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,758 | 545 |
Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 7 | 46 |
PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 97,892 | 1,085 |
Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 2,186,812 | 1,009,045 |
Less: Deferred loan fees, net of costs | (12,184) | (4,271) |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 1,432 | 1,310 |
Total Past Due & Nonaccrual | 2,726 | 2,427 |
PCI Loans | 10,213 | |
Gross loans | 286,835 | 123,675 |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,166 | 1,117 |
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 128 | |
Commercial and Industrial [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 10,213 | |
Commercial and Industrial [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 273,896 | 121,248 |
Paycheck Protection Program [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross loans | 608,692 | 292,068 |
Paycheck Protection Program [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 608,692 | 292,068 |
Construction, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due & Nonaccrual | 310 | |
PCI Loans | 31,050 | 35 |
Gross loans | 155,631 | 54,702 |
Construction, Commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 310 | |
Construction, Commercial [Member] | PCI Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 31,049 | 35 |
Construction, Commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 124,272 | 54,667 |
Construction, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 262 | |
Total Past Due & Nonaccrual | 1,447 | 262 |
Gross loans | 49,338 | 18,040 |
Construction, Residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,185 | 262 |
Construction, Residential [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 47,891 | 17,778 |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 2,032 | 3,643 |
Total Past Due & Nonaccrual | 6,004 | 4,625 |
PCI Loans | 47,519 | 808 |
Gross loans | 649,474 | 273,499 |
Mortgage, Commercial [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 3,287 | 771 |
Mortgage, Commercial [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 685 | 211 |
Mortgage, Commercial [Member] | PCI Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 47,520 | 808 |
Mortgage, Commercial [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 595,950 | 268,066 |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 965 | 881 |
Total Past Due & Nonaccrual | 7,799 | 1,989 |
PCI Loans | 7,379 | 242 |
Gross loans | 496,301 | 213,404 |
Mortgage, Residential [Member] | 30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 6,027 | 1,062 |
Mortgage, Residential [Member] | 60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 800 | |
Mortgage, Residential [Member] | Greater than 90 Days Past Due & Accruing [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 7 | 46 |
Mortgage, Residential [Member] | PCI Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 7,379 | 242 |
Mortgage, Residential [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 481,123 | 211,173 |
Mortgage, Farmland [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross loans | 5,245 | 3,615 |
Mortgage, Farmland [Member] | Current Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 5,245 | 3,615 |
Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 655 | 714 |
Total Past Due & Nonaccrual | 1,552 | 1,983 |
PCI Loans | 1,731 | |
Gross loans | 65,210 | 46,684 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 752 | 935 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 145 | 334 |
Consumer [Member] | PCI Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
PCI Loans | 1,731 | |
Consumer [Member] | Current Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | $ 61,927 | $ 44,701 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Recorded Investment of PCI Loans, Past Due (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Current Loans | $ 95,215 | $ 826 |
Total Loans | 97,892 | 1,085 |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 10,026 | |
Total Loans | 10,213 | |
Construction, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 31,032 | 35 |
Total Loans | 31,050 | 35 |
Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 46,768 | 584 |
Total Loans | 47,519 | 808 |
Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 5,662 | 207 |
Total Loans | 7,379 | 242 |
Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current Loans | 1,727 | |
Total Loans | 1,731 | |
30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,469 | 259 |
30-89 Days Past Due [Member] | Construction, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 8 | |
30-89 Days Past Due [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 722 | 224 |
30-89 Days Past Due [Member] | Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 739 | $ 35 |
Greater than 90 Days Past Due & Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 1,208 | |
Greater than 90 Days Past Due & Accruing [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 187 | |
Greater than 90 Days Past Due & Accruing [Member] | Construction, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 10 | |
Greater than 90 Days Past Due & Accruing [Member] | Mortgage, Commercial [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 29 | |
Greater than 90 Days Past Due & Accruing [Member] | Mortgage, Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | 978 | |
Greater than 90 Days Past Due & Accruing [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days past due | $ 4 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | $ 1,708,034 | $ 733,619 |
Less: Deferred loan fees, net of costs, excluding PPP loans | (1,118) | (736) |
Total, excluding PPP loans | 1,706,916 | 732,883 |
Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 1,610,142 | 732,534 |
PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 97,892 | 1,085 |
Individually Evaluated for Impairment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 5,692 | 2,331 |
Total, excluding PPP loans | 5,692 | 2,331 |
Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 5,692 | 2,331 |
Collectively Evaluated for Impairment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 1,702,342 | 731,288 |
Less: Deferred loan fees, net of costs, excluding PPP loans | (1,118) | (736) |
Total, excluding PPP loans | 1,701,224 | 730,552 |
Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 1,604,450 | 730,203 |
Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 97,892 | 1,085 |
Commercial and Industrial [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 276,622 | 123,675 |
Commercial and Industrial [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 10,213 | |
Commercial and Industrial [Member] | Individually Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 3,169 | 234 |
Commercial and Industrial [Member] | Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 273,453 | 123,441 |
Commercial and Industrial [Member] | Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 10,213 | |
Construction, Commercial [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 35 | |
Construction, Commercial [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 124,581 | 54,667 |
Construction, Commercial [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 31,050 | |
Construction, Commercial [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 540 | |
Construction, Commercial [Member] | Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 35 | |
Construction, Commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 124,041 | 54,667 |
Construction, Commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 31,050 | |
Construction, Residential [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 49,338 | 18,040 |
Construction, Residential [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 49,338 | 18,040 |
Mortgage, Commercial [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 808 | |
Mortgage, Commercial [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 601,955 | 272,691 |
Mortgage, Commercial [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 47,519 | |
Mortgage, Commercial [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 1,391 | 1,645 |
Mortgage, Commercial [Member] | Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 808 | |
Mortgage, Commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 600,564 | 271,046 |
Mortgage, Commercial [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 47,519 | |
Mortgage, Residential [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 242 | |
Mortgage, Residential [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 488,922 | 213,162 |
Mortgage, Residential [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 7,379 | |
Mortgage, Residential [Member] | Individually Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 592 | 452 |
Mortgage, Residential [Member] | Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 242 | |
Mortgage, Residential [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 488,330 | 212,710 |
Mortgage, Residential [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 7,379 | |
Mortgage, Farmland [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 5,245 | 3,615 |
Mortgage, Farmland [Member] | Collectively Evaluated for Impairment [Member] | Real Estate [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 5,245 | 3,615 |
Consumer [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 63,479 | 46,684 |
Consumer [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 1,731 | |
Consumer [Member] | Collectively Evaluated for Impairment [Member] | Originated and Purchased Performing Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | 63,479 | $ 46,684 |
Consumer [Member] | Collectively Evaluated for Impairment [Member] | PCI Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans, excluding PPP loans | $ 1,731 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Summary of Impaired Financing Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, related allowance | $ 144 | |
Impaired financing receivable, recorded investment | $ 5,692 | 2,331 |
Impaired financing receivable, unpaid principal balance | 5,752 | 2,835 |
Impaired financing receivable, with an allowance recorded, average recorded investment | 5,217 | 2,991 |
Impaired financing receivable, interest income recognized | 63 | 6 |
Real Estate [Member] | Construction, Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 540 | |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 539 | |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 542 | |
Impaired financing receivable, with no specific allowance recorded, interest income, accrual method | 8 | |
Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 1,391 | 1,645 |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 1,460 | 2,030 |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 1,384 | 2,091 |
Impaired financing receivable, with no specific allowance recorded, interest income, accrual method | 14 | 4 |
Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 592 | 452 |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 591 | 571 |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 583 | 538 |
Impaired financing receivable, with no specific allowance recorded, interest income, accrual method | 6 | 2 |
Real Estate [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired financing receivable, with no specific allowance recorded, recorded investment | 3,169 | |
Impaired financing receivable, with no specific allowance recorded, unpaid principal balance | 3,162 | |
Impaired financing receivable, with no specific allowance recorded, average recorded investment | 3,250 | |
Impaired financing receivable, with no specific allowance recorded, interest income, accrual method | $ 35 | |
Impaired financing receivable, with an allowance recorded, recorded investment | 234 | |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 234 | |
Impaired financing receivable, related allowance | 144 | |
Impaired financing receivable, with an allowance recorded, average recorded investment | $ 362 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Summary of Allowance for Loans Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||
Financing Receivable Impaired [Line Items] | ||||
ALL, beginning of period | $ 13,827 | [1] | $ 4,572 | |
Charge-offs | (634) | (319) | ||
Recoveries | 209 | 69 | ||
Net charge-offs | (425) | (250) | ||
Provision for loan losses | 575 | $ 575 | ||
ALL, end of period | 13,402 | 4,897 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
ALL, beginning of period | 3,762 | 841 | ||
Charge-offs | (359) | |||
Recoveries | 56 | 1 | ||
Provision for loan losses | 86 | |||
ALL, end of period | 3,459 | 928 | ||
Real Estate, Mortgage [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Charge-offs | (12) | |||
Recoveries | 16 | |||
Consumer [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
ALL, beginning of period | 3,241 | 1,328 | ||
Charge-offs | (263) | (319) | ||
Recoveries | 137 | 68 | ||
Provision for loan losses | 373 | |||
ALL, end of period | $ 3,115 | $ 1,450 | ||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Summary of Primary Segments of ALLL, Loans Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||
Financing Receivable Impaired [Line Items] | ||||
ALL, beginning of period | $ 13,827 | [1] | $ 4,572 | |
Charge-offs | (634) | (319) | ||
Recoveries | 209 | 69 | ||
Provision for loan losses | 575 | $ 575 | ||
ALL, end of period | 13,402 | 4,897 | ||
Individually evaluated for impairment | 144 | |||
Collectively evaluated for impairment | 13,402 | 4,753 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
ALL, beginning of period | 3,762 | 841 | ||
Charge-offs | (359) | |||
Recoveries | 56 | 1 | ||
Provision for loan losses | 86 | |||
ALL, end of period | 3,459 | 928 | ||
Individually evaluated for impairment | 144 | |||
Collectively evaluated for impairment | 3,459 | 784 | ||
Construction, Commercial [Member] | Real Estate [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
ALL, beginning of period | 960 | 220 | ||
Provision for loan losses | 27 | |||
ALL, end of period | 960 | 247 | ||
Collectively evaluated for impairment | 960 | 247 | ||
Construction, Residential [Member] | Real Estate [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
ALL, beginning of period | 150 | 60 | ||
Provision for loan losses | 11 | |||
ALL, end of period | 150 | 71 | ||
Collectively evaluated for impairment | 150 | 71 | ||
Mortgage, Commercial [Member] | Real Estate [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
ALL, beginning of period | 4,215 | 1,604 | ||
Provision for loan losses | 62 | |||
ALL, end of period | 4,215 | 1,666 | ||
Collectively evaluated for impairment | 4,215 | 1,666 | ||
Mortgage, Residential [Member] | Real Estate [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
ALL, beginning of period | 1,481 | 510 | ||
Charge-offs | (12) | |||
Recoveries | 16 | |||
Provision for loan losses | 16 | |||
ALL, end of period | 1,485 | 526 | ||
Collectively evaluated for impairment | 1,485 | 526 | ||
Mortgage, Farmland [Member] | Real Estate [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
ALL, beginning of period | 18 | 9 | ||
ALL, end of period | 18 | 9 | ||
Collectively evaluated for impairment | 18 | 9 | ||
Consumer [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
ALL, beginning of period | 3,241 | 1,328 | ||
Charge-offs | (263) | (319) | ||
Recoveries | 137 | 68 | ||
Provision for loan losses | 373 | |||
ALL, end of period | 3,115 | 1,450 | ||
Collectively evaluated for impairment | $ 3,115 | $ 1,450 | ||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Summary of Accounts Notes Loans and Financing Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 2,316,726 | $ 1,025,687 |
Less: Deferred loan fees, net of costs | (12,184) | (4,271) |
Total | 2,304,542 | 1,021,416 |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 286,835 | 123,675 |
Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 608,692 | 292,068 |
Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 65,210 | 46,684 |
Grade 1 Prime [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 611,401 | 293,680 |
Grade 1 Prime [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,218 | 844 |
Grade 1 Prime [Member] | Paycheck Protection Program [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 608,692 | 292,068 |
Grade 1 Prime [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 398 | 324 |
Grade 2 Desirable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 13,505 | 10,240 |
Grade 2 Desirable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 552 | 484 |
Grade 2 Desirable [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 23 | 36 |
Grade 3 Good [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 849,161 | 293,903 |
Grade 3 Good [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 125,985 | 23,828 |
Grade 3 Good [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 18,806 | 17,062 |
Grade 4 Acceptable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 633,672 | 366,106 |
Grade 4 Acceptable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 128,054 | 85,928 |
Grade 4 Acceptable [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 42,638 | 28,033 |
Grade 5 Pass/Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 95,301 | 41,695 |
Grade 5 Pass/Watch [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 13,434 | 7,251 |
Grade 5 Pass/Watch [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,191 | 521 |
Grade 6 Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 85,364 | 3,349 |
Grade 6 Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,300 | 4 |
Grade 6 Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 497 | 1 |
Grade 7 Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 28,322 | 16,714 |
Grade 7 Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,292 | 5,336 |
Grade 7 Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 657 | 707 |
Real Estate [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 155,631 | 54,702 |
Real Estate [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 49,338 | 18,040 |
Real Estate [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 649,474 | 273,499 |
Real Estate [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 496,301 | 213,404 |
Real Estate [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,245 | 3,615 |
Real Estate [Member] | Grade 1 Prime [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 147 | |
Real Estate [Member] | Grade 1 Prime [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 536 | |
Real Estate [Member] | Grade 1 Prime [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 410 | 444 |
Real Estate [Member] | Grade 2 Desirable [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 650 | 2,143 |
Real Estate [Member] | Grade 2 Desirable [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 74 | |
Real Estate [Member] | Grade 2 Desirable [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,645 | 3,994 |
Real Estate [Member] | Grade 2 Desirable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 9,561 | 3,583 |
Real Estate [Member] | Grade 3 Good [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 36,028 | 19,524 |
Real Estate [Member] | Grade 3 Good [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 21,005 | 3,073 |
Real Estate [Member] | Grade 3 Good [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 316,340 | 128,163 |
Real Estate [Member] | Grade 3 Good [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 329,777 | 101,078 |
Real Estate [Member] | Grade 3 Good [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,220 | 1,175 |
Real Estate [Member] | Grade 4 Acceptable [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 78,234 | 26,324 |
Real Estate [Member] | Grade 4 Acceptable [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 20,622 | 8,247 |
Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 228,523 | 114,977 |
Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 131,986 | 100,601 |
Real Estate [Member] | Grade 4 Acceptable [Member] | Mortgage, Farmland [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,615 | 1,996 |
Real Estate [Member] | Grade 5 Pass/Watch [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 9,045 | 5,916 |
Real Estate [Member] | Grade 5 Pass/Watch [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 7,228 | 6,458 |
Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 47,630 | 15,799 |
Real Estate [Member] | Grade 5 Pass/Watch [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 15,773 | 5,750 |
Real Estate [Member] | Grade 6 Special Mention [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 29,605 | 218 |
Real Estate [Member] | Grade 6 Special Mention [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 45,092 | 2,968 |
Real Estate [Member] | Grade 6 Special Mention [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,870 | 158 |
Real Estate [Member] | Grade 7 Substandard [Member] | Construction, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,069 | 577 |
Real Estate [Member] | Grade 7 Substandard [Member] | Construction, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 262 | 262 |
Real Estate [Member] | Grade 7 Substandard [Member] | Mortgage, Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 9,244 | 7,598 |
Real Estate [Member] | Grade 7 Substandard [Member] | Mortgage, Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 5,798 | $ 2,234 |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||||
Net assets acquired | $ 9,440 | $ 2,922 | ||
Accumulated amortization of intangibles | 2,714 | 2,382 | ||
Amortization of intangibles | 400 | $ 143 | $ 143 | |
Mortgage servicing asset | 11,400 | 7,100 | ||
Core Deposits [Member] | ||||
Goodwill [Line Items] | ||||
Net assets acquired | 7,943 | 1,410 | ||
Accumulated amortization of intangibles | 1,683 | 1,366 | ||
Loan Servicing Assets Included in Other Amortization Intangibles [Member] | ||||
Goodwill [Line Items] | ||||
Accumulated amortization of intangibles | 277 | 209 | ||
Loan Servicing Assets Included in Interest and Fees on Loans [Member] | ||||
Goodwill [Line Items] | ||||
Amortization of intangibles | $ 68 | $ 189 | ||
Bay Banks [Member] | Core Deposits [Member] | ||||
Goodwill [Line Items] | ||||
Amortization of intangible assets | 10 years | |||
Net assets acquired | $ 6,900 | |||
Minimum [Member] | ||||
Goodwill [Line Items] | ||||
Amortization of intangible assets | 5 years | |||
Maximum [Member] | ||||
Goodwill [Line Items] | ||||
Amortization of intangible assets | 12 years |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Components of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | ||
Goodwill [Line Items] | ||||
Goodwill | $ 27,098 | $ 19,892 | [1] | |
Charlottesville Branch [Member] | ||||
Goodwill [Line Items] | ||||
Year of acquisition | 2011 | |||
Goodwill | $ 366 | 366 | ||
River Bancorp, Inc. [Member] | ||||
Goodwill [Line Items] | ||||
Year of acquisition | 2016 | |||
Goodwill | $ 1,728 | 1,728 | ||
Mortgage Business [Member] | ||||
Goodwill [Line Items] | ||||
Year of acquisition | 2018 | |||
Goodwill | $ 600 | 600 | ||
Hammond Insurance Agency [Member] | ||||
Goodwill [Line Items] | ||||
Year of acquisition | 2019 | |||
Goodwill | $ 613 | 613 | ||
Virginia Community Bankshares, Inc. [Member] | ||||
Goodwill [Line Items] | ||||
Year of acquisition | 2019 | |||
Goodwill | $ 16,585 | $ 16,585 | ||
Bay Banks [Member] | ||||
Goodwill [Line Items] | ||||
Year of acquisition | 2021 | |||
Goodwill | $ 7,206 | $ 7,206 | ||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Goodwill and Intangibles - Sc_2
Goodwill and Intangibles - Schedule of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 12,154 | $ 5,304 |
Accumulated Amortization | (2,714) | (2,382) |
Net Carrying Value | 9,440 | 2,922 |
Core Deposits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 9,626 | 2,776 |
Accumulated Amortization | (1,683) | (1,366) |
Net Carrying Value | 7,943 | 1,410 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 2,528 | 2,528 |
Accumulated Amortization | (1,031) | (1,016) |
Net Carrying Value | $ 1,497 | $ 1,512 |
Other Real Estate Owned - Summa
Other Real Estate Owned - Summary of Number and Carrying Values of Properties in Other Real Estate Owned (Detail) $ in Thousands | Mar. 31, 2021USD ($)Property | Dec. 31, 2020USD ($)Property |
Other Real Estate Owned [Line Items] | ||
Number of Properties | 8 | 1 |
Carrying Value | $ | $ 594 | $ 0 |
Residential | ||
Other Real Estate Owned [Line Items] | ||
Number of Properties | 1 | 1 |
Land | ||
Other Real Estate Owned [Line Items] | ||
Number of Properties | 6 | |
Carrying Value | $ | $ 420 | |
Commercial Properties | ||
Other Real Estate Owned [Line Items] | ||
Number of Properties | 1 | |
Carrying Value | $ | $ 174 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Other Real Estate [Abstract] | ||
Other real estate owned acquired | $ 598,000 | |
Carrying value of the OREO portfolio | 594,000 | $ 0 |
Mortgage loans in process of foreclosure, amount | $ 0 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2021USD ($)Advance | Jun. 30, 2020 | Dec. 31, 2020USD ($)Advance | Jan. 31, 2021USD ($)Advance | May 28, 2020USD ($) | Mar. 31, 2020 | Nov. 20, 2015USD ($) | ||
Debt Instrument [Line Items] | ||||||||
FHLB borrowings | $ 183,122,000 | $ 115,000,000 | [1] | |||||
Federal home loan bank stock | 8,200,000 | 5,800,000 | ||||||
Subordinated notes, net outstanding | 54,588,000 | 24,506,000 | [1] | |||||
Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated notes, net outstanding | $ 54,600,000 | 24,500,000 | ||||||
Subordinated debt instrument face value | $ 15,000,000 | $ 10,000,000 | ||||||
Subordinated Notes [Member] | 2029 Bay Banks Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated debt instrument maturity date | Oct. 15, 2029 | |||||||
Debt instrument interest rate stated percentage | 5.625% | |||||||
Maturity Date | Oct. 14, 2024 | |||||||
Debt Instrument, frequency of periodic payment | semi-annually | |||||||
Debt instrument carrying amount | $ 25,400,000 | |||||||
Debt instrument, unamortized premium | $ 855,000 | |||||||
Effective interest rate | 4.74% | |||||||
Subordinated Notes [Member] | 2029 Bay Banks Notes [Member] | SOFR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate1 | 433.50% | |||||||
Subordinated Notes [Member] | 2025 Bay Banks Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated debt instrument maturity date | May 28, 2025 | |||||||
Debt instrument interest rate stated percentage | 6.50% | |||||||
Debt instrument carrying amount | $ 6,500,000 | |||||||
Debt instrument, unamortized premium | $ 60,000 | |||||||
Effective interest rate | 4.84% | |||||||
Subordinated Notes [Member] | 2030 Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective interest rate | 6.13% | |||||||
Unamortized debt issuance cost | $ 14,700,000 | |||||||
Subordinated Notes [Member] | 2025 Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective interest rate | 5.56% | 6.88% | ||||||
Unamortized debt issuance cost | $ 8,000,000 | |||||||
Unsecured Lines of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum overnight line of credit facilities available | $ 79,000,000 | 38,000,000 | ||||||
Overnight line of credit facilities outstanding | $ 0 | $ 0 | ||||||
Federal Reserve Paycheck Protection Program Liquidity [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of advances on PPP loan value and term | 100.00% | |||||||
Fixed annual cost basis points | 35.00% | |||||||
Number of advances | Advance | 77 | 23 | ||||||
Total advances | $ 509,700,000 | $ 281,600,000 | ||||||
Federal Reserve Paycheck Protection Program Liquidity [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing maturity | 1 year | 1 year 2 months 12 days | ||||||
Federal Reserve Paycheck Protection Program Liquidity [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing maturity | 4 years 10 months 24 days | 4 years 6 months | ||||||
Bay Banks [Member] | Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated notes, net outstanding | $ 30,900,000 | |||||||
Subordinated debt instrument face value | $ 31,900,000 | |||||||
Bay Banks [Member] | Federal Reserve Paycheck Protection Program Liquidity [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of advances | Advance | 6 | |||||||
Total advances | $ 24,800,000 | |||||||
FHLB [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal home loan bank advances, maximum borrowing capacity percentage on assets | 30.00% | |||||||
FHLB borrowings | $ 183,100,000 | $ 115,000,000 | ||||||
FHLB [Member] | Bay Banks [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal home loan, advances assumed | $ 10,100,000 | |||||||
FHLB [Member] | Restricted Equity Investments [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal home loan bank stock | 8,200,000 | |||||||
FHLB [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal home loan bank, advances, general debt obligations, amount available | 426,800,000 | |||||||
FHLB [Member] | Line of Credit [Member] | 1-4 Family Residential Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | 229,300,000 | |||||||
FHLB [Member] | Line of Credit [Member] | Multi-Family Residential Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | 34,400,000 | |||||||
FHLB [Member] | Line of Credit [Member] | Commercial Real Estate Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | 117,300,000 | |||||||
FHLB [Member] | Line of Credit [Member] | 1-4 Family Residential Loans Held for Sale [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | 23,300,000 | |||||||
FHLB [Member] | Line of Credit [Member] | Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | 22,600,000 | |||||||
FHLB [Member] | Line of Credit [Member] | Public Deposits with Treasury Board of Virginia [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged with federal home loan bank against credit facilities | $ 59,000,000 | |||||||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Borrowings - Schedule of Inform
Borrowings - Schedule of Information Regarding FHLB Advances Outstanding (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | [1] | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Balance | $ 183,122 | $ 115,000 | |
Convertible [Member] | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Balance | $ 10,122 | ||
Originated Date | Feb. 28, 2020 | ||
Stated Interest Rate | 0.56% | ||
Maturity Date | Feb. 28, 2030 | ||
Daily Rate Credit [Member] | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Balance | $ 31,000 | ||
Originated Date | Nov. 6, 2020 | ||
Stated Interest Rate | 0.36% | ||
Maturity Date | Nov. 8, 2021 | ||
Fixed Rate Credit One [Member] | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Balance | $ 15,000 | ||
Originated Date | Jan. 4, 2021 | ||
Stated Interest Rate | 0.23% | ||
Maturity Date | Apr. 1, 2021 | ||
Fixed Rate Credit Two [Member] | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Balance | $ 25,000 | ||
Originated Date | Feb. 2, 2021 | ||
Stated Interest Rate | 0.21% | ||
Maturity Date | May 3, 2021 | ||
Fixed Rate Credit Three [Member] | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Balance | $ 35,000 | ||
Originated Date | Feb. 8, 2021 | ||
Stated Interest Rate | 0.18% | ||
Maturity Date | May 6, 2021 | ||
Fixed Rate Credit Four [Member] | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Balance | $ 10,000 | ||
Originated Date | Feb. 26, 2021 | ||
Stated Interest Rate | 0.19% | ||
Maturity Date | May 28, 2021 | ||
Fixed Rate Credit Five [Member] | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Balance | $ 10,000 | ||
Originated Date | Feb. 26, 2021 | ||
Stated Interest Rate | 0.19% | ||
Maturity Date | May 28, 2021 | ||
Fixed Rate Credit Six [Member] | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Balance | $ 27,000 | ||
Originated Date | Mar. 8, 2021 | ||
Stated Interest Rate | 0.18% | ||
Maturity Date | Apr. 8, 2021 | ||
Fixed Rate Credit Seven [Member] | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Balance | $ 20,000 | ||
Originated Date | Mar. 17, 2021 | ||
Stated Interest Rate | 0.17% | ||
Maturity Date | Jun. 17, 2021 | ||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Derivatives - Summary Notional
Derivatives - Summary Notional and Fair Value of Interest Rate Swaps (Detail) - Interest Rate Swap Agreement [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Receive Fixed/Pay Variable Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 2,088 | $ 2,100 |
Fair Value | 215 | 339 |
Pay Fixed/Receive Variable Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 2,088 | 2,100 |
Fair Value | $ (215) | $ (339) |
Derivatives - Summary of Identi
Derivatives - Summary of Identified Hedge Layers (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Identified Hedge [Member] | 3-Month LIBOR Hedged Agreement One [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 15,000 |
Cash & securities exposure hedged amount | $ 15,000 |
Derivative, inception date | Jul. 1, 2019 |
Derivative, maturity date | Jul. 1, 2022 |
Identified Hedge [Member] | 3-Month LIBOR Hedged Agreement Two [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 25,000 |
Cash & securities exposure hedged amount | $ 25,000 |
Derivative, inception date | Aug. 2, 2019 |
Derivative, maturity date | Feb. 2, 2023 |
Identified Hedge [Member] | 3-Month LIBOR Hedged Agreement Three [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 10,000 |
Cash & securities exposure hedged amount | $ 10,000 |
Derivative, inception date | Aug. 29, 2019 |
Derivative, maturity date | Aug. 29, 2023 |
New Hedges [Member] | 3-Month LIBOR Hedged Agreement One [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 15,000 |
Cash & securities exposure hedged amount | $ 15,000 |
Derivative, inception date | Jul. 1, 2022 |
Derivative, maturity date | Jul. 1, 2032 |
New Hedges [Member] | 3-Month LIBOR Hedged Agreement Two [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 25,000 |
Cash & securities exposure hedged amount | $ 25,000 |
Derivative, inception date | Feb. 2, 2023 |
Derivative, maturity date | Feb. 2, 2033 |
New Hedges [Member] | 3-Month LIBOR Hedged Agreement Three [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 10,000 |
Cash & securities exposure hedged amount | $ 10,000 |
Derivative, inception date | Aug. 29, 2023 |
Derivative, maturity date | Aug. 29, 2033 |
Additional Hedges [Member] | 3-Month LIBOR Hedged Agreement One [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 20,000 |
Cash & securities exposure hedged amount | $ 20,000 |
Derivative, inception date | Mar. 13, 2020 |
Derivative, maturity date | Mar. 13, 2030 |
Additional Hedges [Member] | 3-Month LIBOR Hedged Agreement Two [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 35,000 |
Cash & securities exposure hedged amount | $ 35,000 |
Derivative, inception date | May 6, 2020 |
Derivative, maturity date | May 6, 2027 |
Additional Hedges [Member] | 3-Month LIBOR Hedged Agreement Three [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 10,000 |
Cash & securities exposure hedged amount | $ 10,000 |
Derivative, inception date | May 29, 2020 |
Derivative, maturity date | May 29, 2027 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Interest rate swap asset | $ 7,248,000 | $ 1,716,000 | [1] |
Interest rate swap liability | 1,593,000 | 2,735,000 | [1] |
Cash collateral with counterparties | 6,000,000 | 6,000,000 | |
Derivative assets held for sale | 87,700,000 | 97,100,000 | |
Mortgage derivative asset | 5,949,000 | 5,293,000 | [1] |
Mortgage derivative liabilities including in other liabilities | 0 | 1,600,000 | |
Interest Rate Lock Commitments [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 129,800,000 | 154,300,000 | |
Hedged Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative assets held for sale | $ 182,500,000 | $ 225,000,000 | |
Identified Hedge [Member] | |||
Derivative [Line Items] | |||
Derivative, fixed interest rate | 1.80% | ||
New Hedges [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative, fixed interest rate | 0.92% | ||
New Hedges [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative, fixed interest rate | 0.95% | ||
Additional Hedges [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative, fixed interest rate | 0.83% | ||
Additional Hedges [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative, fixed interest rate | 0.86% | ||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Non-cash equity compensation | $ 167 | $ 79 | |
Restricted stock awards outstanding | 115,617 | ||
Unrecognized compensation expense | $ 1,400 | ||
Share-based compensation arrangement by share-based payment award, converted options to purchase common stock | 198,362 | ||
Share-based compensation arrangement by share-based payment award options to acquire common stock | 99,176 | ||
Options to acquire shares of common stock on post stock split basis | 148,764 | ||
Estimated fair value | $ 472 | ||
Stock option exercises, Shares | 44,688 | ||
Stock options outstanding | 54,488 | ||
Bay Banks [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options to acquire shares of common stock on post stock split basis | 148,764 | ||
Weighted-average exercise price per stock option | $ 14.83 | ||
Remaining contractual life (in years) | 5 years 5 months 19 days | ||
Post Stock Split basis [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock awards outstanding | 173,425 | ||
Stock option exercises, Shares | 67,031 | ||
Stock options outstanding | 81,732 | ||
Post Stock Split basis [Member] | Bay Banks [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average exercise price per stock option | $ 9.89 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Assumptions to Determine Estimated Fair Value of Converted Stock Options (Detail) | 1 Months Ended |
Jan. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Risk free interest rate (U.S. Treasury) | 0.06% |
Risk free interest rate (U.S. Treasury) | 0.45% |
Expected volatility | 21.20% |
Expected volatility | 38.20% |
Expected dividend yield | 2.85% |
Risk free interest rate (U.S. Treasury) | 0.32% |
Expected term (years) | 3 years 10 months 20 days |
Expected volatility | 32.80% |
Expected dividend yield | 2.85% |
Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (years) | 1 month 20 days |
Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (years) | 5 years |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | |
Servicing Assets At Fair Value [Line Items] | ||
Other real estate owned fair value disclosure | $ 0 | |
Servicing rights of sold loans | $ 1,380,000,000 | $ 846,500,000 |
Weighted average net servicing fee income, Basis points | 0.275% | |
Weighted average prepayment speed assumption used in the fair value | 12.41% | |
Weighted average discount rate | 9.74% | |
Paycheck Protection Program [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Credit risk | $ 0 | |
PPP 1 [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Loan forgiveness period | 1 year 6 months | |
Minimum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Estimated base annual servicing costs | $ / shares | 65 | |
Base discount rate | 9.50% | |
Minimum [Member] | PPP 2 [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Loan forgiveness period | 1 year | |
Maximum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Estimated base annual servicing costs | $ / shares | 80 | |
Base discount rate | 12.50% | |
Maximum [Member] | PPP 2 [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Loan forgiveness period | 3 years |
Fair Value - Summary of Financi
Fair Value - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total securities available for sale | $ 278,734,000 | $ 109,475,000 | |
Mortgage derivative asset | 5,949,000 | 5,293,000 | [1] |
Mortgage derivative liability | 0 | 1,600,000 | |
State and Municipal [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 31,476,000 | 14,259,000 | |
U.S. Treasury and Agencies [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 53,726,000 | 2,409,000 | |
Corporate Bonds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 36,405,000 | 20,172,000 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total securities available for sale | 278,734,000 | 109,475,000 | |
Rabbi trust assets | 1,130,000 | ||
Mortgage derivative asset | 5,949,000 | 5,293,000 | |
Mortgage derivative liability | 1,569,000 | ||
Fair Value, Recurring [Member] | State and Municipal [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 31,476,000 | 14,259,000 | |
Fair Value, Recurring [Member] | U.S. Treasury and Agencies [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 53,726,000 | 2,409,000 | |
Fair Value, Recurring [Member] | Mortgage Backed Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 157,128,000 | 72,635,000 | |
Fair Value, Recurring [Member] | Corporate Bonds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 36,404,000 | 20,172,000 | |
Fair Value, Recurring [Member] | Interest Rate Swap Agreement [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Interest rate swap asset | 7,248,000 | 1,716,000 | |
Interest rate swap liability | 1,593,000 | 2,735,000 | |
Fair Value, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Rabbi trust assets | 1,130,000 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total securities available for sale | 278,734,000 | 109,475,000 | |
Mortgage derivative asset | 5,949,000 | 5,293,000 | |
Mortgage derivative liability | 1,569,000 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | State and Municipal [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 31,476,000 | 14,259,000 | |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. Treasury and Agencies [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 53,726,000 | 2,409,000 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Mortgage Backed Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 157,128,000 | 72,635,000 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Corporate Bonds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Securities available for sale | 36,404,000 | 20,172,000 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Interest Rate Swap Agreement [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Interest rate swap asset | 7,248,000 | 1,716,000 | |
Interest rate swap liability | $ 1,593,000 | $ 2,735,000 | |
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Fair Value - Summary of Change
Fair Value - Summary of Change in MSR Assets Using Level 3 Inputs (Detail) - MSR Assets [Member] - Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Servicing Assets At Amortized Value [Line Items] | ||
Beginning Balance | $ 7,084 | |
Additions | 3,935 | $ 7,539 |
Write-offs | (122) | (61) |
Amortization | (452) | (391) |
Impairments | (1) | (3) |
Fair value adjustments | 2,397 | 207 |
Ending Balance, fair value | 13,828 | 7,291 |
Ending Balance, amortized cost | 11,442 | $ 7,084 |
Bay Banks [Member] | ||
Servicing Assets At Amortized Value [Line Items] | ||
Additions | $ 987 |
Fair Value - Summary of Assets
Fair Value - Summary of Assets Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Impaired loans, net | $ 5,692 | $ 2,187 | |
Loans held for sale | 122,453 | 148,209 | [1] |
OREO | 594 | ||
Level 2 [Member] | |||
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Loans held for sale | 122,453 | 148,209 | |
Level 3 [Member] | |||
Disclosure Of Other Real Estate Owned Measured At Fair Value On A Recurring And Nonrecurring Basis Table [Line Items] | |||
Impaired loans, net | 5,692 | $ 2,187 | |
OREO | $ 594 | ||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Fair Value - Summary of Quantit
Fair Value - Summary of Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 5,692 | $ 2,187 |
Balance as of March 31, 2021 | 0 | |
Fair Value, Nonrecurring [Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Balance as of March 31, 2021 | $ 594 | |
Valuation Technique | Discounted appraised value | |
Unobservable Input | Selling costs | |
Weighted Average | 7.00% | |
Fair Value, Nonrecurring [Member] | Selling Costs [Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 5,692 | $ 2,097 |
Valuation Technique | Discounted appraised value | Discounted appraised value |
Unobservable Input | Selling costs | Selling costs |
Weighted Average | 10.00% | 10.00% |
Fair Value, Nonrecurring [Member] | Discount Rate [Member] | ||
Disclosure Of Other Real Estate Owned Measured On Nonrecurring Vasis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 90 | |
Valuation Technique | Discounted cash flows | |
Unobservable Input | Discount rate | |
Weighted Average | 6.00% |
Fair Value - Summary of Estimat
Fair Value - Summary of Estimated Fair Values and Related Carrying Amounts and Valuation Level of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Financial Assets | |||||
Cash and due from banks | $ 273,540 | $ 117,945 | [1] | $ 67,158 | $ 60,026 |
Securities available for sale | 278,734 | 109,475 | [1] | ||
Restricted equity and other investments | 14,821 | 11,173 | [1] | ||
Financial Liabilities | |||||
Noninterest-bearing demand deposits | 617,102 | 333,051 | [1] | ||
Savings | 159,455 | 78,352 | [1] | ||
Time deposits | 612,171 | 251,443 | [1] | ||
Securities sold under repurchase agreements | 1,198 | ||||
FHLB borrowings | 183,122 | 115,000 | [1] | ||
Subordinated notes, net | 54,588 | 24,506 | [1] | ||
Carrying Value | |||||
Financial Assets | |||||
Cash and due from banks | 273,540 | 117,945 | |||
Federal funds sold | 5,238 | 775 | |||
Certificates of deposit | 1,018 | ||||
Securities available for sale | 278,734 | 109,475 | |||
Restricted equity and other investments | 14,821 | 11,173 | |||
PPP loans receivable, net | 597,626 | 288,533 | |||
Loans held for investment, net | 1,693,514 | 719,056 | |||
Accrued interest receivable | 10,507 | 5,428 | |||
Bank owned life insurance | 36,164 | 15,724 | |||
Financial Liabilities | |||||
Noninterest-bearing demand deposits | 617,102 | 333,051 | |||
Interest-bearing demand and money market deposits | 751,390 | 282,263 | |||
Savings | 159,455 | 78,352 | |||
Time deposits | 612,171 | 251,443 | |||
Securities sold under repurchase agreements | 1,198 | ||||
FHLB borrowings | 183,122 | 115,000 | |||
FRB borrowings | 509,667 | 281,650 | |||
Subordinated notes, net | 54,588 | 24,506 | |||
Fair Value | |||||
Financial Assets | |||||
Cash and due from banks | 273,540 | 117,945 | |||
Federal funds sold | 5,238 | 775 | |||
Certificates of deposit | 1,018 | ||||
Securities available for sale | 278,734 | 109,475 | |||
Restricted equity and other investments | 14,821 | 11,173 | |||
PPP loans receivable, net | 597,626 | 288,533 | |||
Loans held for investment, net | 1,713,201 | 720,396 | |||
Accrued interest receivable | 10,507 | 5,428 | |||
Bank owned life insurance | 36,164 | 15,724 | |||
Financial Liabilities | |||||
Noninterest-bearing demand deposits | 617,102 | 333,051 | |||
Interest-bearing demand and money market deposits | 751,390 | 282,263 | |||
Savings | 159,455 | 78,352 | |||
Time deposits | 618,166 | 257,647 | |||
Securities sold under repurchase agreements | 1,198 | ||||
FHLB borrowings | 182,890 | 114,983 | |||
FRB borrowings | 509,667 | 281,650 | |||
Subordinated notes, net | 56,342 | 25,830 | |||
Level 1 [Member] | |||||
Financial Assets | |||||
Cash and due from banks | 273,540 | 117,945 | |||
Federal funds sold | 5,238 | 775 | |||
Financial Liabilities | |||||
Noninterest-bearing demand deposits | 617,102 | 333,051 | |||
Securities sold under repurchase agreements | 1,198 | ||||
Level 2 [Member] | |||||
Financial Assets | |||||
Certificates of deposit | 1,018 | ||||
Securities available for sale | 278,734 | 109,475 | |||
Restricted equity and other investments | 14,821 | 11,173 | |||
Accrued interest receivable | 10,507 | 5,428 | |||
Bank owned life insurance | 36,164 | 15,724 | |||
Financial Liabilities | |||||
Interest-bearing demand and money market deposits | 751,390 | 282,263 | |||
Savings | 159,455 | 78,352 | |||
FHLB borrowings | 182,890 | 114,983 | |||
FRB borrowings | 509,667 | 281,650 | |||
Level 3 [Member] | |||||
Financial Assets | |||||
PPP loans receivable, net | 597,626 | 288,533 | |||
Loans held for investment, net | 1,713,201 | 720,396 | |||
Financial Liabilities | |||||
Time deposits | 618,166 | 257,647 | |||
Subordinated notes, net | $ 56,342 | $ 25,830 | |||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021Lease | |
Leases [Abstract] | |
Operating lease, option to extend | 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. |
Operating lease, existence of to extend | true |
Number of operating leases assumed | 5 |
Leases - Summary of Company's L
Leases - Summary of Company's Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | [1] |
Leases [Abstract] | |||
Lease liabilities | $ 7,990 | $ 5,506 | |
Right-of-use asset | $ 6,805 | $ 5,328 | |
Weighted average remaining lease term (years) | 6 years 2 months 19 days | ||
Weighted average discount rate | 2.94% | ||
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 646 | $ 431 |
Total lease cost | $ 646 | $ 431 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | [1] |
Leases [Abstract] | |||
Nine months ending December 31, 2021 | $ 1,636 | ||
Twelve months ending December 31, 2022 | 1,596 | ||
Twelve months ending December 31, 2023 | 1,268 | ||
Twelve months ending December 31, 2024 | 940 | ||
Twelve months ending December 31, 2025 | 786 | ||
Thereafter | 2,403 | ||
Total undiscounted cash flows | 8,629 | ||
Discount | (639) | ||
Lease liabilities | $ 7,990 | $ 5,506 | |
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Minimum Regulatory Capital - Ad
Minimum Regulatory Capital - Additional Information (Detail) | Mar. 31, 2021 |
Common Equity Tier One Capital | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Capital conservation buffer | 2.50% |
Minimum Regulatory Capital - Su
Minimum Regulatory Capital - Summary of Capital and Capital Ratios to The Bank (Detail) - Blue Ridge Bank, N.A [Member] $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total risk based capital, Actual Amount | $ 236,932 | $ 109,219 |
Total risk based capital, Actual Ratio | 13.67 | 13.10 |
Total risk based capital, For Capital Adequacy Purposes Amount | $ 182,013 | $ 87,574 |
Total risk based capital, For Capital Adequacy Purposes Ratio | 10.50 | 10.50 |
Total risk based capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 173,345 | $ 83,404 |
Total risk based capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 10 | 10 |
Tier 1 capital to risk-weighted assets, Actual Amount | $ 223,428 | $ 98,751 |
Tier 1 capital to risk-weighted assets, Actual Ratio | 12.89 | 11.84 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Amount | $ 147,343 | $ 70,893 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes Ratio | 8.50 | 8.50 |
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 138,676 | $ 66,723 |
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 8 | 8 |
Common equity tier 1 capital, Actual Amount | $ 223,428 | $ 98,751 |
Common equity tier 1 capital, Actual Ratio | 12.89% | 11.84% |
Common equity tier 1 capital, For Capital Adequacy Purposes Amount | $ 121,342 | $ 58,383 |
Common equity tier 1 capital, For Capital Adequacy Purposes Ratio | 7.00% | 7.00% |
Common equity tier 1 capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 112,674 | $ 54,213 |
Common equity tier 1 capital, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 leverage, Actual Amount | $ 223,428 | $ 98,751 |
Tier 1 leverage, Actual Ratio | 10.69 | 8.34 |
Tier 1 leverage, For Capital Adequacy Purposes Amount | $ 83,617 | $ 47,363 |
Tier 1 leverage, For Capital Adequacy Purposes Ratio | 4 | 4 |
Tier 1 leverage, To Be Well Capitalized Under the Prompt Corrective Action Provisions Amount | $ 104,521 | $ 59,180 |
Tier 1 leverage, To Be Well Capitalized Under the Prompt Corrective Action Provisions Ratio | 5 | 5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Outstanding loan commitments | $ 315,700,000 | $ 126,000,000 |
Reserve for unfunded commitments | 0 | 0 |
Performance Stand-by Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Outstanding stand-by letters of credit | 7,300,000 | 0 |
Financial Stand-by Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Outstanding stand-by letters of credit | $ 4,800,000 | $ 6,100,000 |
Earning Per Share - Additional
Earning Per Share - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021shares | |
Earnings Per Share [Abstract] | |
Antidilutive securities excluded from computation of earnings per share, amount | 75,410 |
Earning Per Share - Summary of
Earning Per Share - Summary of Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |||
Earnings Per Share [Abstract] | |||||
Net income | $ 4,237 | $ 841 | |||
Net income attributable to noncontrolling interest | (9) | (9) | $ (9) | ||
Net income attributable to Blue Ridge Bankshares, Inc. | $ 4,228 | $ 832 | $ 832 | ||
Weighted average common shares outstanding, basic | 15,137,446 | 8,496,581 | |||
Effect of dilutive securities | 16,533 | ||||
Weighted average common shares outstanding, dilutive | 15,153,979 | 8,496,581 | |||
Basic and diluted earnings per common share (EPS) | $ 0.28 | [1] | $ 0.10 | $ 0.10 | [1] |
[1] | EPS has been adjusted for all periods presented to reflect the Company’s 3-for-2 stock split effective April 30, 2021. |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of business segments | 2 |
Business Segments - Summary of
Business Segments - Summary of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 22,576 | $ 10,423 | $ 10,423 |
Residential mortgage banking income, net | 9,301 | 3,861 | 3,861 |
Gain on sale of guaranteed USDA loans | 1,074 | 20 | 20 |
Increase in cash surrender value of bank owned life insurance | 164 | 93 | 93 |
Bank and purchase card, net | 300 | 129 | |
Revenues | 38,385 | 15,263 | |
Interest expense | 2,559 | 2,400 | 2,400 |
Provision for loan losses | 575 | 575 | |
Salaries and employee benefits | 14,009 | 7,341 | 7,160 |
Merger-related expenses | 9,019 | 269 | 269 |
Other operating expenses | 7,484 | 3,570 | |
Total expense | 33,071 | 14,155 | |
Income (loss) before income taxes | 5,314 | 1,108 | |
Income tax expense | 1,077 | 267 | 267 |
Net income (loss) | 4,237 | 841 | |
Net income attributable to noncontrolling interest | (9) | (9) | (9) |
Net income attributable to Blue Ridge Bankshares, Inc. | 4,228 | 832 | $ 832 |
Wealth and Trust Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 602 | ||
Wealth and trust management | 602 | ||
Mortgage Servicing Rights [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,371 | ||
Other Income [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 400 | 162 | |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 21,707 | 10,057 | |
Gain on sale of guaranteed USDA loans | 1,074 | 20 | |
Increase in cash surrender value of bank owned life insurance | 164 | 93 | |
Bank and purchase card, net | 300 | 129 | |
Revenues | 24,817 | 11,042 | |
Interest expense | 1,871 | 2,121 | |
Provision for loan losses | 575 | ||
Salaries and employee benefits | 5,741 | 3,433 | |
Merger-related expenses | 8,137 | 265 | |
Other operating expenses | 5,170 | 2,266 | |
Total expense | 20,919 | 8,660 | |
Income (loss) before income taxes | 3,898 | 2,382 | |
Income tax expense | 763 | 498 | |
Net income (loss) | 3,135 | 1,884 | |
Net income attributable to noncontrolling interest | (9) | (9) | |
Net income attributable to Blue Ridge Bankshares, Inc. | 3,126 | 1,875 | |
Commercial Banking [Member] | Wealth and Trust Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 602 | ||
Wealth and trust management | 602 | ||
Commercial Banking [Member] | Other Income [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 373 | 168 | |
Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 820 | 362 | |
Residential mortgage banking income, net | 9,301 | 3,861 | |
Revenues | 13,492 | 4,223 | |
Interest expense | 58 | 102 | |
Salaries and employee benefits | 8,268 | 3,908 | |
Other operating expenses | 2,181 | 1,105 | |
Total expense | 10,507 | 5,115 | |
Income (loss) before income taxes | 2,985 | (892) | |
Income tax expense | 605 | (188) | |
Net income (loss) | 2,380 | (704) | |
Net income attributable to Blue Ridge Bankshares, Inc. | 2,380 | (704) | |
Mortgage Banking [Member] | Mortgage Servicing Rights [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,371 | ||
Parents Only [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 49 | 4 | |
Revenues | 101 | 4 | |
Interest expense | 630 | 177 | |
Merger-related expenses | 882 | 4 | |
Other operating expenses | 158 | 205 | |
Total expense | 1,670 | 386 | |
Income (loss) before income taxes | (1,569) | (382) | |
Income tax expense | (291) | (43) | |
Net income (loss) | (1,278) | (339) | |
Net income attributable to Blue Ridge Bankshares, Inc. | (1,278) | (339) | |
Parents Only [Member] | Other Income [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 52 | ||
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | (25) | (6) | |
Other operating expenses | (25) | (6) | |
Total expense | (25) | (6) | |
Eliminations [Member] | Other Income [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | (25) | (6) | |
Service Charge on Deposit Accounts [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 327 | 272 | |
Wealth and trust management | 327 | 272 | |
Service Charge on Deposit Accounts [Member] | Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 327 | 272 | |
Wealth and trust management | 327 | 272 | |
Payroll Processing Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 270 | 303 | |
Wealth and trust management | 270 | 303 | |
Payroll Processing Revenue [Member] | Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 270 | 303 | |
Wealth and trust management | $ 270 | $ 303 |
Changes to Accumulated Other _3
Changes to Accumulated Other Comprehensive Income, Net - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Beginning Balance | $ 108,200 | [1] | $ 92,337 |
Change in net unrealized holding (losses) gains on securities available for sale, net of deferred tax benefit | (2,482) | (484) | |
Change in net unrealized holding gains (losses) on interest rate swaps, net of deferred tax expense | 6,253 | (2,499) | |
Ending Balance | 239,734 | 90,274 | |
Net Unrealized Gains (Losses) on Available-For-Sale Securities [Member] | |||
Beginning Balance | 1,069 | 423 | |
Change in net unrealized holding (losses) gains on securities available for sale, net of deferred tax benefit | (2,482) | (484) | |
Ending Balance | (1,413) | (61) | |
Net Unrealized Gains (Losses) on Interest Rate Swaps [Member | |||
Beginning Balance | (805) | (194) | |
Change in net unrealized holding gains (losses) on interest rate swaps, net of deferred tax expense | 6,253 | (2,499) | |
Ending Balance | 5,448 | (2,693) | |
Accumulated Other Comprehensive Income (Loss), Net [Member] | |||
Beginning Balance | 264 | 229 | |
Change in net unrealized holding (losses) gains on securities available for sale, net of deferred tax benefit | (2,482) | (484) | |
Change in net unrealized holding gains (losses) on interest rate swaps, net of deferred tax expense | 6,253 | (2,499) | |
Ending Balance | $ 4,035 | $ (2,754) | |
[1] | Derived from audited December 31, 2020 Consolidated Financial Statements. |
Changes to Accumulated Other _4
Changes to Accumulated Other Comprehensive Income, Net - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||
Change in net unrealized holding (losses) gains on securities available-for-sale,net of deferred tax benefit | $ 660 | $ 128 |
Change in net unrealized holding gains (losses) on interest rate swaps, net of deferred tax (expense) benefit | $ (1,662) | $ 665 |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) | Aug. 12, 2019USD ($) |
Loss Contingency [Abstract] | |
Loss contingency, damages value | $ 12,000,000 |
Loss accrued for lawsuit | $ 0 |