Blue Ridge Bnksh Stock Price, News & Analysis

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.

Blue Ridge Bank, N.A. (NYSE American: BRBS) announced the launch of its new middle market banking division on May 2, 2022. This division aims to establish commercial banking teams in key markets across the Mid-Atlantic and Southeast regions. The division will be led by C. Douglass Riddle, who has extensive commercial banking experience. Key hires include Robert A. Wilber and Dale C. Schuurman as Managing Directors overseeing Charlotte and Hampton Roads, respectively. The Bank has been recognized as the 'Best Small Bank in Virginia' by Newsweek and received a 5-star rating from Bauer Financial.

Blue Ridge Bankshares reported a net income of $17.4 million for Q1 2022, up from $12.8 million in Q4 2021 and $4.2 million in Q1 2021. Earnings per diluted share rose to $0.93. Total assets increased to $2.72 billion, with a 14.9% growth in loans held for investment. The company experienced significant deposit growth from fintech partnerships, reaching $329 million. However, provision for loan losses rose to $2.5 million. Total deposits grew to $2.35 billion.

Blue Ridge Bankshares, Inc. (NYSE American: BRBS) has announced a commitment to phase out single-use plastics by the end of 2024, aligning with its goal of achieving carbon neutrality by 2040. This initiative is part of the Company's broader environmental, social, and governance (ESG) efforts. Additionally, Blue Ridge Bank has partnered with ChargePoint to install electric vehicle charging stations in Virginia. The Bank has also received accolades, being named the "Best Small Bank in Virginia" by Newsweek and earning a 5-star rating from Bauer Financial.

Blue Ridge Bankshares, Inc. (NYSE American: BRBS) announced the promotion of Judy C. Gavant to President and Director of Blue Ridge Bank, effective immediately. Ms. Gavant will continue her roles as CFO and EVP at Blue Ridge. In her new capacity, she will lead commercial banking efforts and oversee bank operations. CEO Brian K. Plum praised her experience and decision-making ability. Ms. Gavant, who has been with Blue Ridge since its 2021 acquisition of Bay Banks, aims to maintain the bank's strong financial position while executing growth strategies.

Blue Ridge Bankshares (NYSE: BRBS) reported strong financial results for Q4 and the full year 2021. The Company achieved a net income of $12.8 million in Q4, a significant increase from $6.8 million in Q3 2021 and $5.6 million in Q4 2020. For 2021, net income rose to $52.5 million compared to $17.7 million in 2020, boosted by a $19.2 million gain from the sale of PPP loans. Total assets grew to $2.67 billion, with deposits reaching $2.30 billion. However, the mortgage division faced profitability challenges amid pricing pressures.