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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.
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.
Blue Ridge Bankshares and FVCBankcorp have mutually agreed to terminate their merger agreement originally announced on July 14, 2021. This decision comes after both boards reviewed the progress made towards the merger and determined that it was not prudent to continue. The companies will now focus on their independent growth strategies without incurring termination fees or external costs. The joint statement emphasized their commitment to consistent growth and value creation separately.
Blue Ridge Bankshares and FVCBankcorp have mutually agreed to terminate their merger agreement originally announced on July 14, 2021. Following careful consideration, both companies' boards concluded it was imprudent to continue pursuing the merger. The decision allows each company to focus on consistent growth and value creation. Each party will bear its own expenses related to the terminated agreement, and no termination fees will be paid.
Blue Ridge Bankshares (NYSE American: BRBS) has committed to achieving carbon neutrality by 2040, joining the Net-Zero Banking Alliance. This initiative aligns its operations and investment portfolios with net-zero emissions by 2050. The 2022 executive cash incentive plan incorporates progress on carbon neutrality and diversity. Additionally, the bank has partnered with ChargePoint for electric vehicle charging stations. Recently, Blue Ridge was recognized as the Best Small Bank in Virginia by Newsweek and received a 5-star rating from Bauer Financial.
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Blue Ridge Bankshares, Inc. (NYSE American: BRBS) reported a net income of $6.8 million for Q3 2021, down from $28.6 million in Q2 2021. Year-to-date net income reached $39.7 million, influenced by a $19.2 million gain from the PPP loan sale. The company completed the merger with Bay Banks in January 2021 and announced an upcoming merger with FVCBankcorp, facing regulatory scrutiny. Total assets rose to $2.70 billion, with significant increases in loans and deposits. However, mortgage profitability was impacted by margin compression, signaling potential challenges ahead.