Blue Ridge Bankshares, Inc. Announces 2025 Fourth Quarter and Full Year Results
Rhea-AI Summary
Blue Ridge Bankshares (NYSE American: BRBS) reported a return to profitability for 2025 with net income $10.7M for the year and Q4 net income $4.2M ($0.04 diluted). The Bank's OCC Consent Order was terminated effective Nov 13, 2025. The company paid a special $0.25/share dividend on Nov 21, 2025 and executed buybacks, repurchasing 802,735 shares for $3.4M and warrants for $6.1M. Q4 metrics: net interest margin 3.04%, tangible book value per share $3.65, nonperforming loans $23.8M (0.98% of assets), total assets $2.43B.
Positive
- Returned to profitability: $10.7M net income for 2025 vs a $15.4M loss in 2024
- Termination of OCC Consent Order effective Nov 13, 2025, easing regulatory constraints
- Special cash dividend of $0.25 per share paid Nov 21, 2025 (~$29.1M) and active capital returns
- Share repurchases executed: 802,735 shares for $3.4M and 3,229,000 warrants repurchased for $6.1M
Negative
- Sequential net interest margin declined from 3.60% to 3.04% (Q3 to Q4 2025)
- Loan portfolio contraction: loans held for investment down by approximately $47.0M in Q4 2025
- Tangible book value per share declined from $4.01 to $3.65 (Q3 to Q4 2025)
- Total deposits fell $39.9M quarter-over-quarter, including a $29.2M drop in brokered deposits
News Market Reaction
On the day this news was published, BRBS declined 2.52%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BRBS shows a reported 24h price change of 0.0%. Among close peers, FMAO, BWFG, BMRC, and GCBC show positive moves, while MSBI is negative. With BRBS flat and no momentum scanner hits, current trading appears more name-specific than part of a clear sector-wide swing.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Regulatory relief | Positive | +1.2% | OCC terminated January 2024 Consent Order, increasing perceived operating flexibility. |
| Oct 27 | Capital return | Positive | +2.1% | Board declared a special cash dividend of $0.25 per share to shareholders. |
| Oct 22 | Earnings results | Positive | -0.5% | Q3 2025 net income improved sharply, aided by one-time loan fee income. |
| Aug 25 | Share repurchase | Positive | +5.0% | Announced authorization to repurchase up to $15M of common stock. |
Recent BRBS news tied to capital actions and regulatory cleanup has mostly seen modest positive price alignment, with one divergence on Q3 earnings.
Over the past several months, BRBS has emphasized regulatory remediation, capital returns, and profitability. On Oct 22, 2025, Q3 results showed higher earnings and margin expansion, but shares slipped slightly. A $0.25 special dividend announcement on Oct 27, 2025 and an up to $15M buyback authorization in August both drew positive reactions. The Nov 13, 2025 consent order termination also saw shares rise. Today’s full-year 2025 results, highlighting a return to profitability and lower expenses, follow that same de-risking trajectory.
Market Pulse Summary
This announcement underscores BRBS’s transition from a $15.4M loss in 2024 to $10.7M in net income for 2025, aided by lower noninterest expenses and recoveries of credit losses. The termination of the OCC consent order and capital actions such as a $0.25 special dividend and buybacks mark a de-risking and shareholder-return phase. Investors may track loan growth after portfolio contraction, net interest margin trends around 3.04%, and how capital ratios evolve following these distributions.
Key Terms
consent order regulatory
tier 1 leverage ratio financial
tier 1 risk-based capital ratio financial
common equity tier 1 capital ratio financial
total risk-based capital ratio financial
nonperforming loans financial
allowance for credit losses financial
net interest margin financial
AI-generated analysis. Not financial advice.
A Year of Return to Profitability and Termination of Consent Order
For the quarter ended December 31, 2025, the Company reported net income of
For the year ended December 31, 2025, the Company reported net income of
A Message From Blue Ridge Bankshares, Inc. President and CEO, G. William "Billy" Beale:
"2025 was a breakthrough year for Blue Ridge! The hard work and progress of the last 30 months was rewarded in November with termination of the January 2024 Consent Order issued by the Office of the Comptroller of the Currency ("OCC"). The termination of the Consent Order has a cascading impact on the Bank in areas such as borrowing costs, FDIC insurance premiums, and operating costs. It lessens barriers to capital decisions and strategic opportunities. In the quarter, we received regulatory approval to upstream capital from the Bank to pay a special
"We continue to make progress in reducing our noninterest expenses. For example, headcount was reduced by over
"We are disappointed that our loan portfolio continues to contract mostly because of non-footprint loans made under prior management. We are seeing our loan pipeline increase due to the efforts of our relationship management teams. Despite a very competitive market, we are projecting mid-single digit balance sheet growth and positive momentum as we start the new year."
Q4 2025 Highlights
(Comparisons for Fourth Quarter 2025 are relative to Third Quarter 2025 unless otherwise noted.)
Net Income:
- Net income for the quarter was
$4.2 million $0.04 $5.6 million $0.06 - Income before income taxes of
$5.4 million $1.5 million $0.4 million $7.5 million $1.8 million $0.7 million $3.0 million
Net Interest Income / Net Interest Margin:
- Net interest income totaled
$18.1 million $21.9 million $1.7 million $54.0 million $0.9 million 3.04% for the quarter compared to3.60% for the prior quarter. The aforementioned loan fee income in the prior quarter had a 49-basis-point positive effect on prior quarter net interest margin. Excluding the loan fee income, net interest margin declined 7 basis points from the prior to the current quarter.
Capital:
- On October 27, 2025, the Company announced a special cash dividend of
$0.25 $29.1 million - On August 25, 2025, the Company announced the adoption of a share repurchase program pursuant to which the Company may purchase up to
$15 million $4.17 $3.4 million $1.90 $6.1 million - The ratio of tangible common stockholders' equity to tangible total assets was
13.2% 1, compared to14.2% 1 at the prior quarter end. Tangible book value per common share ("TBV") was$3.65 $4.01 $0.13 $0.16 - At December 31, 2025, the Bank's tier 1 leverage ratio, tier 1 risk-based capital ratio, common equity tier 1 capital ratio, and total risk-based capital ratio were
13.04% ,18.18% ,18.18% , and19.16% , respectively, compared to13.67% ,18.95% ,18.95% , and19.96% , respectively, at the prior quarter end. Capital ratios for the Company at December 31, 2025 for tier 1 leverage ratio, tier 1 risk-based capital ratio, common equity tier 1 capital ratio, and total risk-based capital ratio were13.81% ,19.22% ,19.22% , and20.69% , respectively, compared to14.70% ,20.37% ,20.37% , and22.02% , respectively, at the prior quarter end. The decline in these ratios for both the Bank and the Company was a result of the aforementioned special cash dividend and share repurchase program activity. - Prior to the termination of the Bank's Consent Order with the OCC effective November 13, 2025, the Bank was required to maintain a minimum tier 1 leverage ratio of
10.00% and a total risk-based capital ratio of13.00% . For all quarters in which the Bank was subject to these minimum ratios, which began in the first quarter of 2024, the Bank's tier 1 leverage and total risk-based capital ratios exceeded the minimum capital ratios set forth in the Consent Order.
Asset Quality:
- Nonperforming loans, which include nonaccrual loans and loans past due 90 days or more and accruing interest, improved to
$23.8 million 0.98% of total assets, at December 31, 2025 compared to$28.6 million 1.14% of total assets, at the prior quarter end. The decline in nonperforming loans primarily reflects loan payoffs in the fourth quarter. Nonperforming assets, which includes other real estate owned, were$25.4 million 1.05% of total assets, at December 31, 2025 compared to$28.8 million 1.15% of total assets, at the prior quarter ended. - The recovery of credit losses of
$1.5 million $47.0 million $0.9 million $1.8 million $0.8 million - The allowance for credit losses as a percentage of total loans held for investment was
1.04% at December 31, 2025 compared to1.07% at the prior quarter end. Net loan recoveries were$0.3 million 0.07% for both the current and prior quarters.
Noninterest Income / Noninterest Expense:
- Noninterest income for the quarter was
$2.7 million $3.8 million $0.4 million $0.7 million - Noninterest expense for the quarter was
$16 $20.0 million $3.1 million $0.9 million
Income Tax:
- Income tax expense for the fourth and third quarters was
$1.1 million $1.9 million 21.2% and25.3% .
Balance Sheet:
- Total assets decreased to
$2.43 billion $2.50 billion $64.3 million $47.0 million $8.4 million $27.8 million - Total deposits decreased to
$1.91 billion $1.95 billion $39.9 million $10.7 million $29.2 million 20.9% and21.1% as of December 31, 2025 and September 30, 2025, respectively. - Total stockholders' equity decreased to
$323.7 million $355.5 million $31.8 million $6.1 million $4.2 million
Income Statement:
Net interest income was
Average balances of interest-earning assets were
Average balances of interest-bearing liabilities were
Cost of funds was
Net interest margin was
Recoveries of credit losses of
Noninterest income was
Noninterest expense decreased
Balance Sheet:
Loans held for investment were
Total deposits were
Noninterest-bearing deposits represented
Subordinated notes were
About Blue Ridge Bankshares, Inc.:
Blue Ridge Bankshares, Inc. is the holding company for Blue Ridge Bank and BRB Financial Group, Inc. The Company, through its subsidiaries and affiliates, provides a wide range of financial services including retail and commercial banking, and retail mortgage lending. The Company also provides investment and wealth management services and management services for personal and corporate trusts, including estate planning and trust administration. Visit www.mybrb.com for more information.
Reclassifications:
Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current period presentations. The reclassifications had no effect on net income (loss), net income (loss) per share, or stockholders' equity, as previously reported.
Non-GAAP Financial Measures:
The accounting and reporting policies of the Company conform to
Forward-Looking Statements:
This release of the Company contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company's beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan," or words or phrases of similar meaning. The Company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.
The following factors, among others, could cause the Company's financial performance to differ materially from that expressed in such forward-looking statements:
- the strength of
the United States economy in general and the strength of the local economies in which the Company conducts operations; - the effects of, and changes in, the macroeconomic environment and financial market conditions, including monetary and fiscal policies, interest rates and inflation;
- the Company's involvement in, and the outcome of, any litigation, legal proceedings or enforcement actions that may be instituted against the Company;
- reputational risk and potential adverse reactions of the Company's customers, suppliers, employees, or other business partners;
- the quality and composition of the Company's loan and investment portfolios, including changes in the level of the Company's nonperforming assets and charge-offs;
- the Company's management of risks inherent in its loan portfolio, the credit quality of its borrowers, and the risk of a prolonged downturn in the real estate market, which could impair the value of the Company's collateral and its ability to sell collateral upon any foreclosure;
- the ability to maintain adequate liquidity by retaining deposits and secondary funding sources, especially if the Company's or the banking industry's reputation becomes damaged;
- the emergence of digital assets and payment stablecoins, and evolving legislative or regulatory frameworks, may alter deposit flows, competition, and credit intermediation. Changes or gaps in these emerging rules could adversely affect the Company's funding, liquidity, or overall financial performance;
- the ability to maintain capital levels adequate to support the Company's business;
- the ability of the Company to implement cost-saving initiatives and efficiency measures, as well as increase earning assets, in order to yield acceptable levels of profitability;
- the ability to generate sufficient future taxable income for the Company to realize its deferred tax assets, including the net operating loss carryforward;
- the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers;
- changes in consumer spending and savings habits;
- the willingness of users to substitute competitors' products and services for the Company's products and services;
- the impact of unanticipated outflows of deposits;
- changes in technological and social media;
- potential exposure to fraud, negligence, computer theft, and cyber-crime;
- adverse developments in the banking industry generally, including recent bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer and client behavior;
- changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or Blue Ridge Bank in particular, more restrictive regulatory capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products;
- political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope and effectiveness of the federal government, its agencies and services;
- the impact of changes in financial services policies, laws, and regulations, including laws, regulations, and policies concerning taxes, banking, securities, real estate, and insurance, and the application thereof by bank regulatory bodies, and the three branches of the federal government;
- the effect of changes in accounting standards, policies, and practices as may be adopted from time to time;
- estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Company's assets and liabilities;
- geopolitical conditions, including acts or threats of terrorism and/or military conflicts, or actions taken by
the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions inthe United States and abroad; - the economic impact of duties, tariffs, or other barriers or restrictions on trade, any retaliatory countermeasures, and the volatility and uncertainty arising therefrom;
- the occurrence or continuation of widespread health emergencies or pandemics, significant natural disasters, severe weather conditions, floods and other catastrophic events; and
- other risks and factors identified in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections and elsewhere in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and in filings the Company makes from time to time with the
U.S. Securities and Exchange Commission ("SEC").
The foregoing factors should not be considered exhaustive and should be read together with other cautionary statements that are included in filings the Company makes from time to time with the SEC. Any one of these risks or factors could have a material adverse impact on the Company's results of operations or financial condition, or cause the Company's actual results, performance or achievements to differ materially from those expressed in, or implied by, forward-looking information and statements contained in this release. Moreover, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on its forward-looking statements. Therefore, the Company cautions not to place undue reliance on its forward-looking information and statements, which speak only as of the date of this release. The Company does not undertake to, and will not, update or revise these forward-looking statements after the date hereof, whether as a result of new information, future events, or otherwise.
1 Non-GAAP financial measure. Further information can be found at the end of this press release.
Blue Ridge Bankshares, Inc. | ||||
Consolidated Balance Sheets | ||||
(Dollars in thousands, except share data) | (unaudited) | December 31, | ||
Assets | ||||
Cash and due from banks | $ 115,949 | $ 173,533 | ||
Restricted cash | — | 2,459 | ||
Federal funds sold | 1,851 | 838 | ||
Securities available for sale, at fair value | 332,928 | 312,035 | ||
Restricted equity investments | 19,016 | 19,275 | ||
Other equity investments | 4,910 | 4,834 | ||
Other investments | 20,781 | 19,405 | ||
Loans held for sale | 14,769 | 30,976 | ||
Loans held for investment, net of deferred fees and costs | 1,865,717 | 2,111,797 | ||
Less: allowance for credit losses | (19,444) | (23,023) | ||
Loans held for investment, net | 1,846,273 | 2,088,774 | ||
Accrued interest receivable | 10,787 | 12,537 | ||
Premises and equipment, net | 21,549 | 21,394 | ||
Right-of-use lease asset | 6,637 | 7,962 | ||
Other intangible assets | 2,642 | 3,859 | ||
Deferred tax asset, net | 22,721 | 27,312 | ||
Other assets | 11,776 | 12,067 | ||
Total assets | $ 2,432,589 | $ 2,737,260 | ||
Liabilities and Stockholders' Equity | ||||
Deposits: | ||||
Noninterest-bearing demand | $ 398,541 | $ 452,690 | ||
Interest-bearing demand and money market deposits | 612,648 | 598,875 | ||
Savings | 100,346 | 100,857 | ||
Time deposits | 799,627 | 1,027,020 | ||
Total deposits | 1,911,162 | 2,179,442 | ||
FHLB borrowings | 150,000 | 150,000 | ||
Subordinated notes, net | 14,716 | 39,789 | ||
Lease liability | 7,233 | 8,613 | ||
Other liabilities | 25,787 | 31,628 | ||
Total liabilities | 2,108,898 | 2,409,472 | ||
Commitments and contingencies | ||||
Stockholders' Equity: | ||||
Common stock, no par value; 150,000,000 shares authorized at | 331,917 | 322,791 | ||
Additional paid-in capital | 23,552 | 29,687 | ||
(Accumulated deficit) retained earnings | (659) | 17,772 | ||
Accumulated other comprehensive loss, net of tax | (31,119) | (42,462) | ||
Total stockholders' equity | 323,691 | 327,788 | ||
Total liabilities and stockholders' equity | $ 2,432,589 | $ 2,737,260 |
(1) Derived from audited December 31, 2024 Consolidated Financial Statements. | |||||
Blue Ridge Bankshares, Inc. | ||||||
Consolidated Statements of Income (unaudited) | ||||||
For the Three Months Ended | ||||||
(Dollars in thousands, except per common share data) | December 31, 2025 | September 30, 2025 | December 31, 2024 | |||
Interest income: | ||||||
Interest and fees on loans | $ 27,529 | $ 32,000 | $ 33,050 | |||
Interest on securities, deposit accounts, and federal funds sold | 3,945 | 4,213 | 4,882 | |||
Total interest income | 31,474 | 36,213 | 37,932 | |||
Interest expense: | ||||||
Interest on deposits | 11,597 | 12,501 | 16,329 | |||
Interest on subordinated notes | 294 | 338 | 736 | |||
Interest on FHLB and FRB borrowings | 1,464 | 1,463 | 1,742 | |||
Total interest expense | 13,355 | 14,302 | 18,807 | |||
Net interest income | 18,119 | 21,911 | 19,125 | |||
Recovery of credit losses - loans | (1,400) | (1,800) | (500) | |||
Recovery of credit losses - unfunded commitments | (100) | — | (500) | |||
Total recovery of credit losses | (1,500) | (1,800) | (1,000) | |||
Net interest income after recovery of credit losses | 19,619 | 23,711 | 20,125 | |||
Noninterest income: | ||||||
Fair value adjustments of other equity investments | (120) | 163 | 232 | |||
Residential mortgage banking income | 13 | 5 | 1,538 | |||
Mortgage servicing rights ("MSRs") | (200) | (48) | 795 | |||
Income (loss) on sale of MSRs | 401 | 737 | (2,596) | |||
Wealth and trust management | 561 | 458 | 561 | |||
Service charges on deposit accounts | 670 | 725 | 402 | |||
Bank and purchase card, net | 499 | 567 | 615 | |||
Swap transaction fees | 282 | 258 | — | |||
Other | 581 | 968 | 1,267 | |||
Total noninterest income | 2,687 | 3,833 | 2,814 | |||
Noninterest expense: | ||||||
Salaries and employee benefits | 9,176 | 11,388 | 13,246 | |||
Occupancy and equipment | 1,219 | 1,190 | 1,357 | |||
Technology and communications | 2,077 | 2,314 | 2,645 | |||
Legal and regulatory filings | 556 | 1,008 | 626 | |||
Advertising and marketing | 617 | 267 | 231 | |||
Audit fees | 215 | 161 | 1,071 | |||
FDIC insurance | 421 | 239 | 1,139 | |||
Intangible amortization | 213 | 223 | 255 | |||
Other contractual services | 222 | 645 | 1,276 | |||
Other taxes and assessments | 907 | 895 | 747 | |||
Regulatory remediation | — | — | 273 | |||
Other | 1,298 | 1,711 | 2,774 | |||
Total noninterest expense | 16,921 | 20,041 | 25,640 | |||
Income (loss) before income taxes | 5,385 | 7,503 | (2,701) | |||
Income tax expense (benefit) | 1,141 | 1,900 | (698) | |||
Net income (loss) | $ 4,244 | $ 5,603 | $ (2,003) | |||
Diluted earnings (loss) per common share | $ 0.04 | $ 0.06 | $ (0.03) | |||
Blue Ridge Bankshares, Inc. | ||||
Consolidated Statements of Income (unaudited) | ||||
For the Twelve Months Ended | ||||
(Dollars in thousands, except per common share data) | December 31, 2025 | December 31, 2024 | ||
Interest income: | ||||
Interest and fees on loans | $ 121,413 | $ 142,339 | ||
Interest on securities, deposit accounts, and federal funds sold | 16,360 | 17,981 | ||
Total interest income | 137,773 | 160,320 | ||
Interest expense: | ||||
Interest on deposits | 51,092 | 69,070 | ||
Interest on subordinated notes | 2,014 | 2,414 | ||
Interest on FHLB and FRB borrowings | 5,806 | 10,175 | ||
Total interest expense | 58,912 | 81,659 | ||
Net interest income | 78,861 | 78,661 | ||
Recovery of credit losses - loans | (3,900) | (2,900) | ||
Recovery of credit losses - unfunded commitments | (100) | (2,200) | ||
Total recovery of credit losses | (4,000) | (5,100) | ||
Net interest income after recovery of credit losses | 82,861 | 83,761 | ||
Noninterest income: | ||||
Fair value adjustments of other equity investments | (112) | (8,152) | ||
Residential mortgage banking income | 860 | 9,752 | ||
Mortgage servicing rights ("MSRs") | (385) | 629 | ||
Income (loss) on sale of MSRs | 1,427 | (3,607) | ||
Wealth and trust management | 1,882 | 2,434 | ||
Service charges on deposit accounts | 2,573 | 1,526 | ||
Increase in cash surrender value of BOLI | 33 | 855 | ||
Bank and purchase card, net | 2,259 | 2,060 | ||
Swap transaction fees | 540 | — | ||
Other | 3,759 | 8,076 | ||
Total noninterest income | 12,836 | 13,573 | ||
Noninterest expense: | ||||
Salaries and employee benefits | 46,174 | 58,161 | ||
Occupancy and equipment | 4,919 | 5,577 | ||
Technology and communications | 9,740 | 10,024 | ||
Legal and regulatory filings | 2,398 | 2,050 | ||
Advertising and marketing | 1,203 | 933 | ||
Audit fees | 1,413 | 3,019 | ||
FDIC insurance | 2,784 | 5,463 | ||
Intangible amortization | 914 | 1,083 | ||
Other contractual services | 1,895 | 6,576 | ||
Other taxes and assessments | 3,678 | 3,037 | ||
Regulatory remediation | — | 4,671 | ||
Other | 6,804 | 13,247 | ||
Total noninterest expense | 81,922 | 113,841 | ||
Income (loss) before income taxes | 13,775 | (16,507) | ||
Income tax expense (benefit) | 3,066 | (1,122) | ||
Net income (loss) | $ 10,709 | $ (15,385) | ||
Diluted earnings (loss) per common share | $ 0.11 | $ (0.31) | ||
Blue Ridge Bankshares, Inc. | ||||||||||
Quarter Summary of Selected Financial Data (unaudited) | ||||||||||
As of and for the Three Months Ended | ||||||||||
(Dollars and shares in thousands, except per common share data) | December 31, | September 30, | June 30, | March 31, | December 31, | |||||
Income Statement Data: | 2025 | 2025 | 2025 | 2025 | 2024 | |||||
Interest income | $ 31,474 | $ 36,213 | $ 34,736 | $ 35,350 | $ 37,932 | |||||
Interest expense | 13,355 | 14,302 | 14,895 | 16,360 | 18,807 | |||||
Net interest income | 18,119 | 21,911 | 19,841 | 18,990 | 19,125 | |||||
Recovery of credit losses | (1,500) | (1,800) | (700) | — | (1,000) | |||||
Net interest income after recovery of credit losses | 19,619 | 23,711 | 20,541 | 18,990 | 20,125 | |||||
Noninterest income | 2,687 | 3,833 | 3,244 | 3,072 | 2,814 | |||||
Noninterest expense | 16,921 | 20,041 | 22,009 | 22,951 | 25,640 | |||||
Income (loss) before income taxes | 5,385 | 7,503 | 1,776 | (889) | (2,701) | |||||
Income tax expense (benefit) | 1,141 | 1,900 | 480 | (455) | (698) | |||||
Net income (loss) | 4,244 | 5,603 | 1,296 | (434) | (2,003) | |||||
Per Common Share Data: | ||||||||||
Earnings (loss) per common share - basic | $ 0.04 | $ 0.06 | $ 0.01 | $ (0.01) | $ (0.03) | |||||
Earnings (loss) per common share - diluted | 0.05 | 0.06 | 0.01 | (0.01) | (0.03) | |||||
Cash dividends per common share | 0.25 | — | — | — | — | |||||
Book value per common share | 3.68 | 4.03 | 3.88 | 3.86 | 3.86 | |||||
Tangible book value per common share - Non-GAAP | 3.65 | 4.01 | 3.85 | 3.83 | 3.83 | |||||
Balance Sheet Data: | ||||||||||
Total assets | $ 2,432,589 | $ 2,496,949 | $ 2,555,439 | $ 2,685,084 | $ 2,737,260 | |||||
Average assets | 2,473,241 | 2,535,853 | 2,630,898 | 2,721,714 | 2,863,014 | |||||
Average interest-earning assets | 2,383,573 | 2,437,542 | 2,525,835 | 2,620,725 | 2,736,834 | |||||
Loans held for investment ("LHFI") | 1,865,717 | 1,912,726 | 1,978,585 | 2,059,710 | 2,111,797 | |||||
Allowance for credit losses | 19,444 | 20,503 | 21,974 | 23,126 | 23,023 | |||||
Purchase accounting adjustments (discounts) on acquired loans | 2,608 | 2,984 | 3,388 | 3,710 | 3,996 | |||||
Loans held for sale | 14,769 | 12,819 | 12,380 | 23,624 | 30,976 | |||||
Securities available for sale, at fair value | 332,928 | 341,354 | 327,958 | 325,401 | 312,035 | |||||
Noninterest-bearing demand deposits | 398,541 | 411,100 | 432,939 | 452,590 | 452,690 | |||||
Total deposits | 1,911,162 | 1,951,079 | 2,010,266 | 2,129,477 | 2,179,442 | |||||
Subordinated notes, net | 14,716 | 14,731 | 24,928 | 39,773 | 39,789 | |||||
FHLB advances | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | |||||
Average interest-bearing liabilities | 1,697,083 | 1,739,014 | 1,819,735 | 1,899,315 | 2,021,814 | |||||
Total stockholders' equity | 323,691 | 355,505 | 344,265 | 338,289 | 327,788 | |||||
Average stockholders' equity | 331,888 | 345,358 | 339,131 | 329,684 | 330,343 | |||||
Weighted average common shares outstanding - basic | 88,037 | 88,548 | 88,258 | 86,003 | 78,881 | |||||
Weighted average common shares outstanding - diluted | 99,207 | 99,384 | 95,903 | 86,003 | 78,881 | |||||
Outstanding warrants to purchase common stock | ` | 24,320 | 27,549 | 27,674 | 28,690 | 31,452 | ||||
Financial Ratios: | ||||||||||
Return on average assets (1) | 0.69 % | 0.88 % | 0.20 % | -0.06 % | -0.28 % | |||||
Return on average equity (1) | 5.11 % | 6.49 % | 1.53 % | -0.53 % | -2.43 % | |||||
Total loan to deposit ratio | 98.4 % | 98.7 % | 99.0 % | 97.8 % | 98.3 % | |||||
Held for investment loan-to-deposit ratio | 97.6 % | 98.0 % | 98.4 % | 96.7 % | 96.9 % | |||||
Net interest margin (1) | 3.04 % | 3.60 % | 3.15 % | 2.90 % | 2.80 % | |||||
Yield of LHFI (1) | 5.66 % | 6.40 % | 5.80 % | 5.70 % | 5.83 % | |||||
Cost of deposits (1) | 2.40 % | 2.51 % | 2.47 % | 2.62 % | 2.86 % | |||||
Cost of funds (1) | 2.54 % | 2.65 % | 2.63 % | 2.78 % | 3.01 % | |||||
Efficiency ratio | 81.3 % | 77.8 % | 95.3 % | 104.0 % | 116.9 % | |||||
Noninterest expense to total assets (1) | 2.78 % | 3.21 % | 3.45 % | 3.42 % | 3.75 % | |||||
Capital and Asset Quality Ratios: | ||||||||||
Average stockholders' equity to average assets | 13.4 % | 13.6 % | 12.9 % | 12.1 % | 11.5 % | |||||
Allowance for credit losses to LHFI | 1.04 % | 1.07 % | 1.11 % | 1.12 % | 1.09 % | |||||
Ratio of net (recoveries) charge-offs to average loans outstanding (1) | -0.07 % | -0.07 % | 0.09 % | -0.02 % | 0.36 % | |||||
Nonperforming loans to total assets | 0.98 % | 1.14 % | 0.94 % | 0.93 % | 0.93 % | |||||
Nonperforming assets to total assets | 1.05 % | 1.15 % | 0.95 % | 0.94 % | 0.94 % | |||||
Nonperforming loans to total loans | 1.26 % | 1.48 % | 1.20 % | 1.19 % | 1.20 % | |||||
Reconciliation of Non-GAAP Financial Measures (unaudited): | ||||||||||
As of and for the Three Months Ended | ||||||||||
(Dollars and shares in thousands, except per common share data) | December 31, | September 30, | June 30, | March 31, | December 31, | |||||
Tangible Common Equity and Tangible Book Value Per Common Share: | 2025 | 2025 | 2025 | 2025 | 2024 | |||||
Common stockholders' equity | $ 323,691 | $ 355,505 | $ 344,265 | $ 338,289 | $ 327,788 | |||||
Less: other intangibles, net of deferred tax liability (2) | (2,052) | (2,285) | (2,509) | (2,740) | (2,998) | |||||
Tangible common equity (Non-GAAP) | $ 321,639 | $ 353,220 | $ 341,756 | $ 335,549 | $ 324,790 | |||||
Total common shares outstanding | 91,475 | 91,637 | 92,175 | 87,778 | 84,973 | |||||
Less: unvested performance-based restricted stock awards | (3,453) | (3,460) | (3,496) | (109) | (117) | |||||
Total common shares outstanding, adjusted | 88,022 | 88,177 | 88,679 | 87,669 | 84,856 | |||||
Book value per common share | $ 3.68 | $ 4.03 | $ 3.88 | $ 3.86 | $ 3.86 | |||||
Tangible book value per common share (Non-GAAP) | 3.65 | 4.01 | 3.85 | 3.83 | 3.83 | |||||
Tangible Common Equity to Tangible Total Assets | ||||||||||
Total assets | $ 2,432,589 | $ 2,496,949 | $ 2,555,439 | $ 2,685,084 | $ 2,737,260 | |||||
Less: other intangibles, net of deferred tax liability (2) | (2,052) | (2,285) | (2,509) | (2,740) | (2,998) | |||||
Tangible total assets (Non-GAAP) | $ 2,430,537 | $ 2,494,664 | $ 2,552,930 | $ 2,682,344 | $ 2,734,262 | |||||
Tangible common equity (Non-GAAP) | $ 321,639 | $ 353,220 | $ 341,756 | $ 335,549 | $ 324,790 | |||||
Tangible common equity to tangible total assets (Non-GAAP) | 13.2 % | 14.2 % | 13.4 % | 12.5 % | 11.9 % | |||||
(1) Annualized. | ||||||||||
(2) Excludes mortgage servicing rights. | ||||||||||
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SOURCE Blue Ridge Bankshares, Inc.
FAQ
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