Blue Ridge Bankshares, Inc. reports developments for a bank holding company whose subsidiaries include Blue Ridge Bank, National Association and BRB Financial Group, Inc. Company news centers on retail and commercial banking, loan and deposit activity, quarterly operating results, credit trends, capital ratios, and a return to community banking after the termination of an OCC consent order.
Recurring updates also cover capital actions such as special cash dividends, share repurchase authorization, and warrant-related matters, along with leadership and board changes at the holding company and bank. The company’s services include checking, savings, money market and cash management accounts; commercial, residential mortgage, home equity and consumer loans; and investment, wealth management and trust services.
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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.