Blue Ridge Bnksh Stock Price, News & Analysis

Blue Ridge Bankshares, Inc. (BRBS) reported a fourth-quarter net income of $6.3 million, translating to $0.33 per share, up from $2.7 million and $0.15 per share in Q3 2022. However, this is a decline from $12.8 million or $0.68 per share in Q4 2021. For the full year 2022, net income was $27.6 million, down from $52.6 million in 2021. The bank noted success in commercial banking but acknowledged challenges in its fintech operations. Key metrics include a 18.4% rise in net interest income to $34 million and a net interest margin increase to 4.83%. The bank is responding to a formal agreement with OCC, with remediation costs decreasing to $2.9 million.

Blue Ridge Bankshares, Inc. (NYSE: BRBS) announced a new sabbatical leave program and raised its minimum hourly pay to $18.00. The sabbatical program, starting at five years of service, offers three weeks of leave that increases to twelve weeks for those with twenty years of service. CEO Brian K. Plum emphasized the importance of disconnecting from work and supporting employee well-being. The pay increase aligns with the company's commitment to a living wage and aims to meet employees' daily needs and long-term goals. Blue Ridge Bank has received accolades as one of America's Best Small Banks and holds a 5-star rating from Bauer Financial.

Blue Ridge Bank has announced Penny Pratt as the winner of the 2022 BRB Jackpot Savings Account, receiving a grand prize of $100,000. This innovative savings account was introduced in 2015 to encourage personal savings, originally offering a $5,000 prize. In addition to the annual grand prize, the account features monthly drawings, rewarding one $200 winner and four $50 winners. Residents in Virginia and North Carolina can open a BRB Jackpot Savings account, providing them the chance to win substantial prizes.

Blue Ridge Bank has appointed Kirsten Muetzel as President of its Fintech Division, effective January 3, 2023. Muetzel will oversee a portfolio of partners, enhance regulatory compliance, and drive the bank's fintech strategy. With over ten years of experience in banking supervision at the Federal Reserve and roles in fintech firms, she aims to strengthen relationships with fintech partners, enhancing products and services while creating new revenue streams. Blue Ridge Bank is recognized for its community banking impact and received accolades such as being named one of America's Best Small Banks.

Blue Ridge Bankshares, Inc. (NYSE American: BRBS) reported a net income of $2.7 million for Q3 2022, up from $1.1 million in Q2 2022 but down from $6.9 million in Q3 2021. Earnings per share were $0.15, reflecting strong loan growth and net interest margin expansion. Net interest income increased by 19.1% quarter-over-quarter to $28.7 million. However, noninterest income fell 21.8% due to a decline in mortgage banking. The company faced regulatory costs increasing noninterest expenses by 15.4%. Total assets grew to $2.88 billion, with loan growth driven by fintech partnerships.

Blue Ridge Bankshares, Inc. (BRBS) reported a net income of $1.1 million for Q2 2022, a significant decline from $17.4 million in Q1 2022 and $28.7 million in Q2 2021. This drop is attributed to $9.4 million in fair value adjustments of equity investments and decreased income from the mortgage division, which reported $406 thousand net income in Q2 2022. Total assets rose to $2.80 billion, while loans held for investment grew to $2.05 billion, showing a 30.5% annualized growth rate. The company remains cautious amid macroeconomic headwinds.