Blue Ridge Bankshares, Inc. Announces 2026 Second Quarter Results
Rhea-AI Summary
Blue Ridge Bankshares (NYSE American: BRBS) reported a Q2 2026 net loss of $0.2 million ($0.00 per diluted share), versus net income of $0.8 million in Q1 2026 and $1.3 million in Q2 2025. According to Blue Ridge Bankshares, results were driven by an after-tax $2.1 million provision for credit losses and $0.3 million in after-tax severance costs, including amounts tied to executive transitions. Excluding severance, pre-tax, pre-provision income rose to $2.9 million, up from $2.2 million in Q1 and $1.4 million a year earlier. Loans held for investment grew $19.6 million (4% annualized), the first growth in 13 quarters, while net interest margin edged up to 2.91% and cost of deposits declined to 2.25%. The company paid a $0.60 special cash dividend totaling about $54.1 million in April 2026, and reported a tangible common equity ratio of 11.8%. Nonperforming loans increased to $31.2 million (1.34% of assets), reflecting an $11.4 million out-of-market relationship placed on nonaccrual with a $1.5 million reserve.
Positive
- Pre-tax, pre-provision income ex-severance rose to $2.9 million, up 30% sequentially
- Loans held for investment increased $19.6 million (4% annualized), first growth in 13 quarters
- Net interest margin improved slightly to 2.91% while cost of deposits fell to 2.25%
- Noninterest expense decreased $2.8 million QoQ and $6.1 million YoY to $15.9 million
- Headcount reduced to 269 from 333 a year earlier, supporting lower salary and benefit costs
- Tangible common equity to tangible assets at 11.8% and bank tier 1 leverage at 11.27%
- Special cash dividend of $0.60 per share returned approximately $54.1 million to shareholders
Negative
- Q2 2026 net result was a $0.2 million loss versus prior-period profits
- Provision for credit losses on loans and unfunded commitments totaled $2.7 million in the quarter
- Nonperforming loans rose to $31.2 million (1.34% of assets) from $21.0 million (0.87%)
- Net interest income declined to $16.5 million from $16.9 million in Q1 and $19.8 million a year ago
- Noninterest income fell to $1.8 million, including a $0.6 million loss on an equity-method investment liquidation
- Total assets decreased $85.3 million sequentially to $2.33 billion, reflecting dividend payment and lower brokered deposits
- Core deposits excluding brokered declined $9.3 million in Q2 2026
News Explained
The completed quarter shows an $85.3 million asset decline after the dividend and deposit runoff, despite $19.6 million of loan growth.
Blue Ridge Bankshares has completed its reporting of results for the quarter ended
At
Brokered deposits of
The next quarterly balance-sheet disclosure will provide a dated read on total assets, brokered deposits, and loans held for investment after the company began purchasing adjustable-rate mortgage loans from a third-party originator.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | Market president hire | Positive | -1.5% | Robert J. Campbell joined to lead Central Virginia market strategy and portfolio expansion. |
| Apr 27 | Executive promotion | Positive | +0.8% | Margaret Hodges was promoted to chief human resources officer effective April 27. |
| Apr 23 | Quarterly earnings | Positive | +1.7% | First-quarter earnings included net income and a special cash dividend announcement. |
| Mar 12 | Executive transition | Negative | -2.3% | G. William Beale retired and Harry Golliday became interim CEO and president. |
| Jan 29 | Quarterly earnings | Positive | -2.5% | Full-year profitability and fourth-quarter earnings followed termination of the OCC Consent Order. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
BRBS historically showed mixed reactions to company news, including a positive reaction to first-quarter results but a negative reaction to fourth-quarter results.
Key Terms
nonaccrual financial
pre-tax, pre-provision income financial
net interest margin financial
tier 1 leverage ratio financial
common equity tier 1 capital ratio financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Loan Growth Returns, Improved Deposit Mix, and Continued Reduction in Operating Expenses
For the quarter ended June 30, 2026, the Company reported a net loss of
Excluding severance expense, pre-tax, pre-provision income for the second quarter of 2026 improved to
For the first half of 2026, the Company reported net income of
"After a couple years of de-risking the balance sheet and returning our focus
"We continue to have healthy economic conditions in our local markets driving business owners to invest and consumers to spend, and, as a result, our loan and deposit pipelines are encouraging. In addition, results of this quarters' expense reduction actions will be realized in the second half of 2026."
Q2 2026 Highlights
(Comparisons for Second Quarter 2026 are relative to First Quarter 2026 unless otherwise noted.)
Net Income:
- Net loss for the quarter was
$0.2 million $0.00 $0.8 million $0.01 $0.3 million $2.1 million $1.3 million ( , respectively, for the prior quarter.$0.5) million - Excluding severance expense, pre-tax, pre-provision income was
$2.9 million $2.2 million 30% improvement.
Net Interest Income / Net Interest Margin:
- Net interest income totaled
$16.5 million $16.9 million $0.5 million $45.7 million 5.54% and5.50% for the second and first quarters, respectively. Interest expense declined by$0.2 million $23.0 million 2.25% for the quarter, compared to2.27% for the prior quarter, while net interest margin ("NIM") was2.91% and2.90% for the respective periods.
Capital:
- On March 30, 2026, the Company announced a special cash dividend of
$0.60 $54.1 million - The ratio of tangible common stockholders' equity to tangible total assets was
11.8% 1 at the second quarter end compared to11.4% 1 at the prior quarter end, while tangible book value per common share was$3.10 $3.11 - At June 30, 2026, 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
11.27% ,15.16% ,15.16% , and16.40% , respectively, compared to11.01% ,15.33% ,15.33% , and16.47% respectively, at the prior quarter end.
Noninterest Income / Noninterest Expense:
- Noninterest income for the quarter was
$1.8 million $2.3 million $0.6 million $1.9 million - Noninterest expense for the quarter was
$15.9 million $18.7 million $2.8 million $2.0 million $1.2 million $0.4 million $0.3 million - Headcount as of June 30, 2026 was 269, compared to 281 at March 31, 2026, and 333 at June 30, 2025.
Income Tax:
- Income tax expense for the second and first quarters was
$0 $0.3 million 11.4% and24.9% . The decrease in the effective income tax rate was primarily the result of the Company's marginal pre-tax loss in the second quarter.
Balance Sheet:
- Total assets decreased to
$2.33 billion $2.41 billion $85.3 million $19.6 million 4% annualized rate of growth, the first growth in 13 quarters. - Total deposits, when excluding brokered deposits, decreased
$9.3 million $13.4 million $21.4 million 21.3% and20.7% as of June 30, 2026 and March 31, 2026, respectively. - Total stockholders' equity was
$276.5 million $277.0 million $0.5 million
Asset Quality:
- Nonperforming loans, which include nonaccrual loans and loans past due 90 days or more and accruing interest, were
$31.2 million 1.34% of total assets, at June 30, 2026, compared to$21.0 million 0.87% of total assets, at March 31, 2026. The increase in nonperforming loans primarily reflects the previously-mentioned out-of-market loans totaling$11.4 million $1.5 million $32.8 million 1.41% of total assets, at June 30, 2026, compared to$22.6 million 0.94% of total assets, at March 31, 2026. - Provision for credit losses on loans of
$2.1 million $0.6 million $0.6 million $0.6 million $0.3 million $0.8 million - Allowance for credit losses as a percentage of total loans held for investment was
1.11% at June 30, 2026, compared to1.05% at March 31, 2026. Net loan charge-offs were$0.6 million $0.3 million 0.14% and (0.07% ) for the second and first quarters, respectively.
Income Statement:
Net interest income was
Average balances of interest-earning assets were
Average balances of interest-bearing liabilities were
Cost of funds was
NIM was
Provision for (recoveries of) credit losses on loans of
Noninterest income was
Noninterest expense was
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 U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures, including tangible assets, tangible common equity, tangible book value per common share, and tangible common equity to tangible total assets to supplement the evaluation of the Company's financial condition and performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the financial condition and capital position of the Company's business. In addition, management uses pre-tax, pre-provision income, excluding severance expense to supplement the evaluation of the Company's statement of operations. These non-GAAP disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.
Forward-Looking Statements:
This release of the Company contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of management'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 of similar meaning. The Company cautions that the forward-looking statements are based largely on management's expectations and are subject to a number of known and unknown risks and uncertainties that may change based on factors which are, in many instances, beyond its 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;
- 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 growing and retaining deposits and secondary funding sources, especially if the Company's or its industry's reputation becomes damaged;
- the emergence of digital assets and payment stablecoins, and evolving legislative or regulatory frameworks, which could alter deposit flows, competition, and credit intermediation and in turn, 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 usage of advances and changes in technological and social media to develop timely and competitive products and services, and the acceptance of these products and services by new and existing customers;
- the willingness of users to substitute competitors' products and services for the Company's products and services;
- the impact of unanticipated outflows of deposits;
- potential exposure to fraud, negligence, computer theft, and cyber-crime;
- adverse developments in the financial industry generally, such as bank failures, responsive measures to mitigate and manage such developments, 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 the 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 in the 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;
- the Company's involvement in, and the outcome of, any litigation, legal proceedings or enforcement actions that may be instituted against the Company; 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, 2025 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 | $ 61,691 | $ 115,949 | ||
Federal funds sold | 2,353 | 1,851 | ||
Securities available for sale, at fair value | 317,016 | 332,928 | ||
Restricted equity investments | 16,784 | 19,016 | ||
Other equity investments | 4,999 | 4,910 | ||
Other investments | 17,991 | 20,781 | ||
Loans held for sale | — | 14,769 | ||
Loans held for investment, net of deferred fees and costs | 1,853,461 | 1,865,717 | ||
Less: allowance for credit losses | (20,639) | (19,444) | ||
Loans held for investment, net | 1,832,822 | 1,846,273 | ||
Accrued interest receivable | 10,140 | 10,787 | ||
Other real estate owned | 1,601 | 1,683 | ||
Premises and equipment, net | 21,483 | 21,549 | ||
Right-of-use lease asset | 6,054 | 6,637 | ||
Other intangible assets | 2,165 | 2,642 | ||
Deferred tax asset, net | 22,943 | 22,721 | ||
Other assets | 10,675 | 10,093 | ||
Total assets | $ 2,328,717 | $ 2,432,589 | ||
Liabilities and Stockholders' Equity | ||||
Deposits: | ||||
Noninterest-bearing demand | $ 396,284 | $ 398,541 | ||
Interest-bearing demand and money market deposits | 592,450 | 612,648 | ||
Savings | 101,702 | 100,346 | ||
Time deposits | 771,897 | 799,627 | ||
Total deposits | 1,862,333 | 1,911,162 | ||
FHLB borrowings | 150,000 | 150,000 | ||
Subordinated notes, net | 14,688 | 14,716 | ||
Lease liability | 6,584 | 7,233 | ||
Other liabilities | 18,623 | 25,787 | ||
Total liabilities | 2,052,228 | 2,108,898 | ||
Commitments and contingencies | ||||
Stockholders' Equity: | ||||
Common stock, no par value; 150,000,000 shares authorized at June | 332,489 | 331,917 | ||
Additional paid-in capital | 23,552 | 23,552 | ||
Accumulated deficit | (47,643) | (659) | ||
Accumulated other comprehensive loss, net of tax | (31,909) | (31,119) | ||
Total stockholders' equity | 276,489 | 323,691 | ||
Total liabilities and stockholders' equity | $ 2,328,717 | $ 2,432,589 | ||
(1) Derived from audited December 31, 2025 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) | June 30, 2026 | March 31, 2026 | June 30, 2025 | |||
Interest income: | ||||||
Interest and fees on loans | $ 25,381 | $ 25,709 | $ 30,730 | |||
Interest on securities, deposit accounts, and federal funds sold | 3,465 | 3,680 | 4,006 | |||
Total interest income | 28,846 | 29,389 | 34,736 | |||
Interest expense: | ||||||
Interest on deposits | 10,583 | 10,760 | 12,802 | |||
Interest on subordinated notes | 273 | 291 | 646 | |||
Interest on FHLB borrowings | 1,447 | 1,432 | 1,447 | |||
Total interest expense | 12,303 | 12,483 | 14,895 | |||
Net interest income | 16,543 | 16,906 | 19,841 | |||
Provision for (recovery of) credit losses - loans | 2,100 | (600) | (700) | |||
Provision for credit losses - unfunded commitments | 550 | — | — | |||
Total provision for (recovery of) credit losses | 2,650 | (600) | (700) | |||
Net interest income after provision for (recovery of) credit losses | 13,893 | 17,506 | 20,541 | |||
Noninterest income: | ||||||
Service charges on deposit accounts | 642 | 632 | 721 | |||
Bank and purchase card interchange income, net | 620 | 545 | 626 | |||
Wealth and trust management fees | 520 | 464 | 409 | |||
Residential mortgage banking income | — | — | 117 | |||
Mortgage servicing rights ("MSRs") | — | — | (139) | |||
Income on sale of MSRs | — | — | 289 | |||
Other | (12) | 707 | 1,221 | |||
Total noninterest income | 1,770 | 2,348 | 3,244 | |||
Noninterest expense: | ||||||
Salaries and employee benefits | 9,028 | 11,057 | 13,000 | |||
Occupancy and equipment | 1,062 | 1,239 | 1,129 | |||
Technology and communications | 1,916 | 1,987 | 2,565 | |||
Legal and regulatory filings | 477 | 582 | 395 | |||
Advertising and marketing | 423 | 765 | 128 | |||
Audit fees | 226 | 255 | 459 | |||
FDIC insurance | 318 | 420 | 1,027 | |||
Intangible amortization | 191 | 202 | 234 | |||
Other contractual services | 344 | 202 | 433 | |||
Other taxes and assessments | 842 | 828 | 955 | |||
Other | 1,065 | 1,204 | 1,684 | |||
Total noninterest expense | 15,892 | 18,741 | 22,009 | |||
(Loss) income before income taxes | (229) | 1,113 | 1,776 | |||
Income tax (benefit) expense | (26) | 277 | 480 | |||
Net (loss) income | $ (203) | $ 836 | $ 1,296 | |||
Basic and diluted earnings per common share | $ — | $ 0.01 | $ 0.01 | |||
Blue Ridge Bankshares, Inc. | ||||
Consolidated Statements of Income (unaudited) | ||||
For the Six Months Ended | ||||
(Dollars in thousands, except per common share data) | June 30, 2026 | June 30, 2025 | ||
Interest income: | ||||
Interest and fees on loans | $ 51,090 | $ 61,884 | ||
Interest on securities, deposit accounts, and federal funds sold | 7,145 | 8,202 | ||
Total interest income | 58,235 | 70,086 | ||
Interest expense: | ||||
Interest on deposits | 21,343 | 26,994 | ||
Interest on subordinated notes | 564 | 1,382 | ||
Interest on FHLB borrowings | 2,879 | 2,879 | ||
Total interest expense | 24,786 | 31,255 | ||
Net interest income | 33,449 | 38,831 | ||
Provision for (recovery of) credit losses - loans | 1,500 | (700) | ||
Provision for credit losses - unfunded commitments | 550 | — | ||
Total provision for (recovery of) credit losses | 2,050 | (700) | ||
Net interest income after provision for (recovery of) credit losses | 31,399 | 39,531 | ||
Noninterest income: | ||||
Service charges on deposit accounts | 1,274 | 1,178 | ||
Bank and purchase card interchange income, net | 1,165 | 1,193 | ||
Wealth and trust management fees | 984 | 863 | ||
Residential mortgage banking income | — | 841 | ||
Mortgage servicing rights ("MSRs") | — | (137) | ||
Income on sale of MSRs | — | 289 | ||
Other | 695 | 2,089 | ||
Total noninterest income | 4,118 | 6,316 | ||
Noninterest expense: | ||||
Salaries and employee benefits | 20,085 | 25,610 | ||
Occupancy and equipment | 2,301 | 2,510 | ||
Technology and communications | 3,903 | 5,349 | ||
Legal and regulatory filings | 1,059 | 834 | ||
Advertising and marketing | 1,188 | 319 | ||
Audit fees | 481 | 1,037 | ||
FDIC insurance | 738 | 2,124 | ||
Intangible amortization | 393 | 478 | ||
Other contractual services | 546 | 1,028 | ||
Other taxes and assessments | 1,670 | 1,876 | ||
Other | 2,269 | 3,795 | ||
Total noninterest expense | 34,633 | 44,960 | ||
Income before income taxes | 884 | 887 | ||
Income tax expense | 251 | 25 | ||
Net income | $ 633 | $ 862 | ||
Basic and diluted earnings per common share | $ 0.01 | $ 0.01 | ||
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) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||
Income Statement Data: | 2026 | 2026 | 2025 | 2025 | 2025 | |||||
Interest income | $ 28,846 | $ 29,389 | $ 31,474 | $ 36,213 | $ 34,736 | |||||
Interest expense | 12,303 | 12,483 | 13,355 | 14,302 | 14,895 | |||||
Net interest income | 16,543 | 16,906 | 18,119 | 21,911 | 19,841 | |||||
Provision for (recovery of) credit losses | 2,650 | (600) | (1,500) | (1,800) | (700) | |||||
Net interest income after provision for (recovery of) credit losses | 13,893 | 17,506 | 19,619 | 23,711 | 20,541 | |||||
Noninterest income | 1,770 | 2,348 | 2,687 | 3,833 | 3,244 | |||||
Noninterest expense | 15,892 | 18,741 | 16,921 | 20,041 | 22,009 | |||||
(Loss) income before income taxes | (229) | 1,113 | 5,385 | 7,503 | 1,776 | |||||
Income tax (benefit) expense | (26) | 277 | 1,141 | 1,900 | 480 | |||||
Net (loss) income | (203) | 836 | 4,244 | 5,603 | 1,296 | |||||
Per Common Share Data: | ||||||||||
Earnings per common share - basic | $ — | $ 0.01 | $ 0.05 | $ 0.06 | $ 0.01 | |||||
Earnings per common share - diluted | — | 0.01 | 0.04 | 0.06 | 0.01 | |||||
Cash dividends per common share | — | 0.60 | 0.25 | — | — | |||||
Book value per common share | 3.12 | 3.13 | 3.68 | 4.03 | 3.88 | |||||
Tangible book value per common share - Non-GAAP | 3.10 | 3.11 | 3.65 | 4.01 | 3.85 | |||||
Balance Sheet Data: | ||||||||||
Total assets | $ 2,432,589 | $ 2,496,949 | ||||||||
Average assets | 2,367,772 | 2,423,491 | 2,473,241 | 2,535,853 | 2,630,898 | |||||
Average interest-earning assets | 2,280,890 | 2,334,674 | 2,383,573 | 2,437,542 | 2,525,835 | |||||
Loans held for investment ("LHFI") | 1,853,461 | 1,833,899 | 1,865,717 | 1,912,726 | 1,978,585 | |||||
Allowance for credit losses | 20,639 | 19,184 | 19,444 | 20,503 | 21,974 | |||||
Purchase accounting adjustments (discounts) on acquired loans | 2,350 | 2,473 | 2,608 | 2,984 | 3,388 | |||||
Loans held for sale | — | — | 14,769 | 12,819 | 12,380 | |||||
Securities available for sale, at fair value | 317,016 | 331,914 | 332,928 | 341,354 | 327,958 | |||||
Noninterest-bearing demand deposits | 396,284 | 392,067 | 398,541 | 411,100 | 432,939 | |||||
Total deposits | 1,862,333 | 1,893,074 | 1,911,162 | 1,951,079 | 2,010,266 | |||||
Subordinated notes, net | 14,688 | 14,702 | 14,716 | 14,731 | 24,928 | |||||
FHLB advances | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | |||||
Average interest-bearing liabilities | 1,649,331 | 1,673,077 | 1,697,083 | 1,739,014 | 1,819,735 | |||||
Total stockholders' equity | 276,489 | 276,964 | 323,691 | 355,505 | 344,265 | |||||
Average stockholders' equity | 277,936 | 324,390 | 331,888 | 345,358 | 339,131 | |||||
Weighted average common shares outstanding - basic | 88,494 | 88,343 | 88,037 | 88,548 | 88,258 | |||||
Weighted average common shares outstanding - diluted | 88,494 | 99,758 | 99,207 | 99,384 | 95,903 | |||||
Outstanding warrants to purchase common stock | 24,116 | 24,320 | 24,320 | 27,549 | 27,674 | |||||
Financial Ratios: | ||||||||||
Return on average assets (2) | -0.03 % | 0.14 % | 0.69 % | 0.88 % | 0.20 % | |||||
Return on average equity (2) | -0.29 % | 1.03 % | 5.11 % | 6.49 % | 1.53 % | |||||
Total loan to deposit ratio | 99.5 % | 96.9 % | 98.4 % | 98.7 % | 99.0 % | |||||
Held for investment loan-to-deposit ratio | 99.5 % | 96.9 % | 97.6 % | 98.0 % | 98.4 % | |||||
Net interest margin (2) | 2.91 % | 2.90 % | 3.04 % | 3.60 % | 3.15 % | |||||
Yield of LHFI (2) | 5.54 % | 5.50 % | 5.66 % | 6.40 % | 5.80 % | |||||
Cost of deposits (2) | 2.25 % | 2.27 % | 2.40 % | 2.51 % | 2.47 % | |||||
Cost of funds (2) | 2.41 % | 2.42 % | 2.54 % | 2.65 % | 2.63 % | |||||
Efficiency ratio | 86.8 % | 97.3 % | 81.3 % | 77.8 % | 95.3 % | |||||
Noninterest expense to total assets (2) | 2.73 % | 3.11 % | 2.78 % | 3.21 % | 3.45 % | |||||
Capital and Asset Quality Ratios: | ||||||||||
Average stockholders' equity to average assets | 11.7 % | 13.4 % | 13.4 % | 13.6 % | 12.9 % | |||||
Allowance for credit losses to LHFI | 1.11 % | 1.05 % | 1.04 % | 1.07 % | 1.11 % | |||||
Ratio of net (recoveries) charge-offs to average loans outstanding (2) | 0.14 % | -0.07 % | -0.07 % | -0.07 % | 0.09 % | |||||
Nonperforming loans to total assets | 1.34 % | 0.87 % | 0.98 % | 1.14 % | 0.94 % | |||||
Nonperforming assets to total assets | 1.41 % | 0.94 % | 1.05 % | 1.15 % | 0.95 % | |||||
Nonperforming loans to total loans | 1.68 % | 1.15 % | 1.26 % | 1.48 % | 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) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||
Tangible Common Equity and Tangible Book Value Per Common Share: | 2026 | 2026 | 2025 | 2025 | 2025 | |||||
Common stockholders' equity | $ 276,489 | $ 276,964 | $ 323,691 | $ 355,505 | $ 344,265 | |||||
Less: other intangibles, net of deferred tax liability (3) | (1,690) | (1,868) | (2,052) | (2,285) | (2,509) | |||||
Tangible common equity (Non-GAAP) | $ 274,799 | $ 275,096 | $ 321,639 | $ 353,220 | $ 341,756 | |||||
Total common shares outstanding | 89,655 | 89,797 | 91,475 | 91,637 | 92,175 | |||||
Less: unvested performance-based restricted stock awards | (1,092) | (1,412) | (3,453) | (3,460) | (3,496) | |||||
Total common shares outstanding, adjusted | 88,563 | 88,385 | 88,022 | 88,177 | 88,679 | |||||
Book value per common share | $ 3.12 | $ 3.13 | $ 3.68 | $ 4.03 | $ 3.88 | |||||
Tangible book value per common share (Non-GAAP) | 3.10 | 3.11 | 3.65 | 4.01 | 3.85 | |||||
Tangible Common Equity to Tangible Total Assets: | ||||||||||
Total assets | $ 2,432,589 | $ 2,496,949 | ||||||||
Less: other intangibles, net of deferred tax liability (3) | (1,690) | (1,868) | (2,052) | (2,285) | (2,509) | |||||
Tangible total assets (Non-GAAP) | $ 2,430,537 | $ 2,494,664 | ||||||||
Tangible common equity (Non-GAAP) | $ 274,799 | $ 275,096 | $ 321,639 | $ 353,220 | $ 341,756 | |||||
Tangible common equity to tangible total assets (Non-GAAP) | 11.8 % | 11.4 % | 13.2 % | 14.2 % | 13.4 % | |||||
Pre-tax, Pre-provision Income, Excluding Severance Expense: | ||||||||||
(Loss) income before income taxes | $ (229) | $ 1,113 | $ 5,385 | $ 7,503 | $ 1,776 | |||||
Add: Provision for (recovery of) credit losses | 2,650 | (600) | (1,500) | (1,800) | (700) | |||||
Add : Severance expense | 436 | 1,682 | 45 | 131 | 314 | |||||
Pre-tax, Pre-provision Income, Excluding Severance Expense (Non-GAAP) | $ 2,857 | $ 2,195 | $ 3,930 | $ 5,834 | $ 1,390 | |||||
(2) Annualized. |
(3) Excludes mortgage servicing rights. |
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SOURCE Blue Ridge Bankshares, Inc.