[10-Q] BLUE RIDGE BANKSHARES, INC. Quarterly Earnings Report

Rhea-AI Filing Summary

Blue Ridge Bankshares (BRBS) reported improved profitability for Q3 2025. Net income was $5.6 million, up from $0.9 million a year ago, as lower funding costs and reduced operating expenses lifted results. Net interest income reached $21.9 million while the company recorded a $1.8 million recovery of credit losses, supporting earnings.

The balance sheet continued to streamline. Total assets were $2.50 billion versus $2.74 billion at year-end. Total deposits were $1.95 billion compared with $2.18 billion, with time deposits declining. Loans held for investment were $1.89 billion versus $2.09 billion as of December 31, 2024. Equity rose to $355.5 million, helped by an improvement in accumulated other comprehensive loss to $31.8 million from $42.5 million.

The company authorized a $15.0 million share repurchase program and bought 659,949 shares at a weighted average price of $4.16 (about $2.8 million) during the quarter. Subordinated notes declined to $14.7 million from $39.8 million, reflecting repayments. The bank remains under an OCC Consent Order but reported capital ratios above the required minimums as of September 30, 2025.

Insights

Banking analyst

Profitability improved on lower costs and credit recoveries.

BRBS delivered Q3 net income of $5.6M, with net interest income of $21.9M and a recovery of credit losses of $1.8M. Noninterest expense declined year over year, including lower FDIC insurance and the absence of prior regulatory remediation costs, aiding operating leverage.

The balance sheet shrank as loans and deposits decreased, while accumulated other comprehensive loss improved, lifting tangible equity; total stockholders’ equity reached $355.5M as of Sep 30, 2025. Subordinated debt fell to $14.7M after repayments, reducing interest expense.

The board approved a $15.0M repurchase program; $2.8M of stock was repurchased in Q3. The OCC Consent Order remains in place, and the company states capital ratios exceeded the required minimums as of Sep 30, 2025. Actual impact depends on sustained earnings and deposit trends in subsequent periods.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 001-39165

BLUE RIDGE BANKSHARES, INC.

(Exact name of registrant as specified in its charter)

Virginia	54-1838100
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1801 Bayberry Court, Suite 101 Richmond, Virginia	23226
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (888) 331-6521

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, no par value		BRBS		NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		☐		Accelerated filer		☒
Non-accelerated filer		☐		Smaller reporting company		☒
Emerging growth company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2025, the registrant had 91,488,661 shares of common stock, no par value per share, outstanding.

Blue Ridge Bankshares, Inc. Table of Contents
Item				Page
PART I		FINANCIAL INFORMATION
Item 1.		Financial Statements		3
		Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024		3
		Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)		4
		Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024 (unaudited)		5
		Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited)		6
		Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)		8
		Notes to Consolidated Financial Statements		9
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		35
Item 3.		Quantitative and Qualitative Disclosures about Market Risk		54
Item 4.		Controls and Procedures		54
PART II		OTHER INFORMATION		56
Item 1.		Legal Proceedings		56
Item 1A.		Risk Factors		56
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		56
Item 3.		Defaults Upon Senior Securities		56
Item 4.		Mine Safety Disclosures		56
Item 5.		Other Information		56
Item 6.		Exhibits		57
Signatures				58

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Blue Ridge Bankshares, Inc.

Consolidated Balance Sheets

		(unaudited)
(Dollars in thousands except share and per share data)		September 30, 2025				December 31, 2024 (1)
ASSETS
Cash and due from banks		$	121,032			$	173,533
Restricted cash			—				2,459
Federal funds sold			7,773				838
Securities available for sale, at fair value			341,354				312,035
Restricted equity investments			18,988				19,275
Other equity investments			4,853				4,834
Other investments			20,804				19,405
Loans held for sale			12,819				30,976
Loans held for investment, net of deferred fees and costs			1,912,726				2,111,797
Less: allowance for credit losses			(20,503	)			(23,023	)
Loans held for investment, net			1,892,223				2,088,774
Accrued interest receivable			11,012				12,537
Premises and equipment, net			21,087				21,394
Right-of-use asset			6,927				7,962
Other intangible assets			2,941				3,859
Deferred tax asset, net			24,171				27,312
Other assets			10,965				12,067
Total assets		$	2,496,949			$	2,737,260
LIABILITIES & STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand		$	411,100			$	452,690
Interest-bearing demand and money market			621,268				598,875
Savings			100,300				100,857
Time			818,411				1,027,020
Total deposits			1,951,079				2,179,442
FHLB borrowings			150,000				150,000
Subordinated notes, net			14,731				39,789
Lease liabilities			7,580				8,613
Other liabilities			18,054				31,628
Total liabilities			2,141,444				2,409,472
Commitments and contingencies (Note 7)
Stockholders’ Equity:
Common stock, no par value; 150,000,000 shares authorized at September 30, 2025 and December 31, 2024, respectively; and 91,636,533 and 84,972,610 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively			333,356				322,791
Additional paid-in capital			29,687				29,687
Retained earnings			24,237				17,772
Accumulated other comprehensive loss, net of tax			(31,775	)			(42,462	)
Total stockholders’ equity			355,505				327,788
Total liabilities and stockholders’ equity		$	2,496,949			$	2,737,260

(1)Derived from audited December 31, 2024 Consolidated Financial Statements.

See accompanying notes to unaudited consolidated financial statements.

3

Blue Ridge Bankshares, Inc.

Consolidated Statements of Operations

(unaudited)

		For the three months ended								For the nine months ended
(Dollars in thousands, except per share data)		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
INTEREST INCOME
Interest and fees on loans		$	32,000			$	34,747			$	93,884			$	109,289
Interest on securities, deposit accounts, and federal funds sold			4,213				4,478				12,415				13,098
Total interest income			36,213				39,225				106,299				122,387
INTEREST EXPENSE
Interest on deposits			12,501				16,984				39,495				52,741
Interest on subordinated notes			338				566				1,720				1,678
Interest on FHLB and FRB borrowings			1,463				2,574				4,342				8,433
Total interest expense			14,302				20,124				45,557				62,852
Net interest income			21,911				19,101				60,742				59,535
Recovery of credit losses - loans			(1,800	)			(6,000	)			(2,500	)			(2,400	)
Recovery of credit losses - unfunded commitments			—				(200	)			—				(1,700	)
Total recovery of credit losses			(1,800	)			(6,200	)			(2,500	)			(4,100	)
Net interest income after recovery of credit losses			23,711				25,301				63,242				63,635
NONINTEREST INCOME
Fair value adjustments of other equity investments			163				160				8				(8,384	)
Residential mortgage banking income			5				2,746				847				8,214
Mortgage servicing rights ("MSRs")			(48	)			(2,915	)			(185	)			(166	)
Income (loss) on sale of MSRs			737				(1,011	)			1,026				(1,011	)
Wealth and trust management			458				730				1,321				1,873
Service charges on deposit accounts			725				376				1,903				1,123
Increase in cash surrender value of bank owned life insurance			9				127				25				797
Bank and purchase card, net			567				690				1,760				1,445
Loss on sale of securities available for sale			—				—				—				(67	)
Swap transaction fees			258				—				258				—
Other			959				1,795				3,186				6,934
Total noninterest income			3,833				2,698				10,149				10,758
NONINTEREST EXPENSE
Salaries and employee benefits			11,388				13,938				36,998				44,918
Occupancy and equipment			1,190				1,394				3,700				4,221
Technology and communication			2,314				2,767				7,663				7,378
Legal and regulatory filings			1,008				614				1,842				1,424
Advertising and marketing			267				222				586				702
Audit fees			161				498				1,198				1,948
FDIC insurance			239				1,130				2,363				4,324
Intangible amortization			223				265				701				828
Other contractual services			645				1,634				1,673				5,299
Other taxes and assessments			895				759				2,771				2,290
Regulatory remediation			—				357				—				4,398
Other			1,711				2,876				5,506				10,469
Total noninterest expense			20,041				26,454				65,001				88,199
Income (loss) before income tax expense			7,503				1,545				8,390				(13,806	)
Income tax expense (benefit)			1,900				599				1,925				(424	)
Net income (loss)		$	5,603			$	946			$	6,465			$	(13,382	)
Basic and diluted income (loss) per common share		$	0.06			$	0.01			$	0.07			$	(0.34	)

See accompanying notes to unaudited consolidated financial statements.

4

Blue Ridge Bankshares, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

		For the three months ended								For the nine months ended
(Dollars in thousands)		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Net income (loss)		$	5,603			$	946			$	6,465			$	(13,382	)
Other comprehensive income:
Gross unrealized gains on securities available for sale arising during the period			8,901				12,803				14,083				13,814
Deferred income tax expense			(1,986	)			(2,803	)			(3,396	)			(3,293	)
Reclassification of net loss on securities available for sale included in net loss			—				—				—				67
Deferred income tax benefit			—				—				—				(15	)
Other comprehensive income, net of tax			6,915				10,000				10,687				10,573
Comprehensive net income (loss)		$	12,518			$	10,946			$	17,152			$	(2,809	)

See accompanying notes to unaudited consolidated financial statements.

5

Blue Ridge Bankshares, Inc.

Consolidated Statements of Changes in Stockholders’ Equity

(unaudited)

	For the nine months ended September 30, 2025
(Dollars in thousands)	Shares of Common Stock				Common Stock				Additional Paid-in Capital				Retained Earnings				Accumulated Other Comprehensive (Loss) Income, net				Total
Balance at beginning of period		84,972,610			$	322,791			$	29,687			$	17,772			$	(42,462	)		$	327,788
Net income		—				—				—				6,465				—				6,465
Other comprehensive income		—				—				—				—				10,687				10,687
Exercises of warrants to purchase common stock		3,903,000				9,758				—				—				—				9,758
Repurchases of common stock		(659,949	)			(2,767	)			—				—				—				(2,767	)
Restricted stock awards, net of forfeitures		3,420,872				3,574				—				—				—				3,574
Balance at end of period		91,636,533			$	333,356			$	29,687			$	24,237			$	(31,775	)		$	355,505

	For the three months ended September 30, 2025
(Dollars in thousands)	Shares of Common Stock				Common Stock				Additional Paid-in Capital				Retained Earnings				Accumulated Other Comprehensive (Loss) Income, net				Total
Balance at beginning of period		92,174,530			$	334,634			$	29,687			$	18,634			$	(38,690	)		$	344,265
Net income		—				—				—				5,603				—				5,603
Other comprehensive income		—				—				—				—				6,915				6,915
Exercises of warrants to purchase common stock		125,000				313				—				—				—				313
Repurchases of common stock		(659,949	)			(2,767	)			—				—				—				(2,767	)
Restricted stock awards, net of forfeitures		(3,048	)			1,176				—				—				—				1,176
Balance at end of period		91,636,533			$	333,356			$	29,687			$	24,237			$	(31,775	)		$	355,505

6

	For the nine months ended September 30, 2024
(Dollars in thousands)	Shares of Common Stock				Shares of Series C Preferred Stock				Common Stock				Series C Preferred Stock				Additional Paid-in Capital				Retained Earnings				Accumulated Other Comprehensive (Loss) Income, net				Total
Balance at beginning of period		19,198,379				—			$	197,636			$	—			$	252			$	33,157			$	(45,056	)		$	185,989
Net loss		—				—				—				—				—				(13,382	)			—				(13,382	)
Other comprehensive income		—				—				—				—				—				—				10,573				10,573
Issuance of stock and warrants from Private Placements, net of issuance costs		53,922,000				2,732				102,108				137				49,903				—				—				152,148
Restricted stock awards, net of forfeitures		353,768				—				1,019				—				—				—				—				1,019
Balance at end of period		73,474,147				2,732			$	300,763			$	137			$	50,155			$	19,775			$	(34,483	)		$	336,347

	For the three months ended September 30, 2024
(Dollars in thousands)	Shares of Common Stock				Shares of Series C Preferred Stock				Common Stock				Series C Preferred Stock				Additional Paid-in Capital				Retained Earnings				Accumulated Other Comprehensive (Loss) Income, net				Total
Balance at beginning of period		73,503,647				2,732			$	300,976			$	137			$	50,155			$	18,829			$	(44,483	)		$	325,614
Net income		—				—				—				—				—				946				—				946
Other comprehensive income		—				—				—				—				—				—				10,000				10,000
Issuance costs from Private Placements		—				—				(326	)			—				—				—				—				(326	)
Restricted stock awards, net of forfeitures		(29,500	)			—				113				—				—				—				—				113
Balance at end of period		73,474,147				2,732			$	300,763			$	137			$	50,155			$	19,775			$	(34,483	)		$	336,347

See accompanying notes to unaudited consolidated financial statements.

7

Blue Ridge Bankshares, Inc.

Consolidated Statements of Cash Flows

(unaudited)

		For the nine months ended
(Dollars in thousands)		September 30, 2025				September 30, 2024
Cash Flows From Operating Activities
Net income (loss)		$	6,465			$	(13,382	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			1,028				1,171
Deferred income tax expense			3,396				3,308
Recovery of credit losses - loans			(2,500	)			(2,400	)
Recovery of credit losses - unfunded commitments			—				(1,700	)
Accretion of fair value adjustments on acquired loans, time deposits, and subordinated notes			(1,518	)			(1,238	)
Fair value adjustments of other equity investments			(8	)			8,384
Net adjustments attributable to MSRs			185				166
(Income) loss on sale of MSRs			(1,026	)			1,011
Realized loss on sale of securities available for sale			—				67
Increase in cash surrender value of bank owned life insurance			(25	)			(797	)
Proceeds from sale of other loans held for sale			—				25,250
Proceeds from sale of mortgage loans held for sale			42,370				183,868
Mortgage loans held for sale, originated			(34,168	)			(177,632	)
Gain on sale of mortgage loans			(532	)			(1,469	)
Proceeds from sale of guaranteed government loans held for sale			—				1,626
Guaranteed government loans held for sale, originated			—				(293	)
Gain on sale of guaranteed government loans			—				(102	)
Loss (gain) on disposal of premises and equipment, other investments, other assets, and other real estate owned			256				(252	)
Investment amortization expense, net			179				409
Amortization of subordinated debt issuance costs			189				26
Intangible amortization			701				828
Decrease in accrued interest receivable			1,525				1,796
Decrease in other assets			11,587				86
Decrease in other liabilities			(14,607	)			(16,932	)
Cash provided by operating activities			13,497				11,799
Cash Flows From Investing Activities
Purchase of securities available for sale			(34,509	)			—
Proceeds from calls, sales, paydowns, and maturities of securities available for sale			19,446				19,770
Net (increase) decrease in federal funds sold			(6,935	)			1,541
Proceeds from sale of premises and equipment, other investments, other assets, MSRs, and other real estate owned			1,132				18,252
Capital calls of SBIC funds and other investments			(1,886	)			(2,684	)
Nonincome distributions from limited liability companies			503				717
Net decrease in loans held for investment			200,462				236,445
Proceeds from surrender of bank owned life insurance policies			212				34,297
Net change in restricted equity and other investments			260				(2,832	)
Purchase of premises and equipment			(852	)			(454	)
Cash provided by investing activities			177,833				305,052
Cash Flows From Financing Activities
Net decrease in demand, savings, and other interest-bearing deposits			(19,754	)			(361,678	)
Net (decrease) increase in time deposits			(208,527	)			142,386
FHLB advances			—				726,000
FHLB repayments			—				(746,000	)
FRB repayments			—				(65,000	)
Subordinated note repayments			(25,000	)			—
Proceeds from Private Placements, net of issuance costs			—				152,148
Repurchases of common stock			(2,767	)			—
Exercises of warrants to purchase common stock			9,758				—
Cash used in financing activities			(246,290	)			(152,144	)
Net (decrease) increase in cash and due from banks			(54,960	)			164,707
Cash and due from banks and restricted cash at beginning of period			175,992				121,151
Cash and due from banks and restricted cash at end of period		$	121,032			$	285,858
Supplemental Schedule of Cash Flow Information
Cash paid for:
Interest		$	48,517			$	64,704
Income taxes		$	2,920			$	—
Non-cash investing and financing activities:
Loans held for investment transferred to other non-real estate owned		$	222			$	—
Unrealized gains on securities available for sale		$	14,083			$	13,814
Restricted stock awards, net of forfeitures		$	3,574			$	1,019

See accompanying notes to unaudited consolidated financial statements.

8

Notes to Consolidated Financial Statements (Unaudited)

Note 1 – Organization and Basis of Presentation

Blue Ridge Bankshares, Inc. (the “Company”) conducts its business activities primarily through its wholly-owned subsidiary bank, Blue Ridge Bank, National Association (the “Bank”) and its wealth and trust management subsidiary, BRB Financial Group, Inc. (the “Financial Group”). The Company exists primarily for the purposes of holding the stock of its subsidiaries, the Bank and the Financial Group.

The accompanying unaudited consolidated financial statements of the Company include the accounts of the Bank and the Financial Group and were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. All significant intercompany balances and transactions have been eliminated in consolidation. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).

The Company's significant accounting policies are disclosed in Note 2 of the audited financial statements for the year ended December 31, 2024 included in the 2024 Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2024.

Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current year presentations. The reclassifications had no effect on net income, net income per share, total assets, total liabilities, or stockholders’ equity as previously reported.

Share Repurchase Program

On August 25, 2025, the Company announced the adoption of a share repurchase program (the “Repurchase Program”) pursuant to which the Company may purchase up to $15.0 million of the Company’s common stock.

Repurchases may be made in open market purchases, block trades, or privately negotiated transactions, including upon the exercise of outstanding warrants to purchase common stock. The Company cannot predict when or if it will repurchase additional shares of common stock as the Repurchase Program will depend on a number of factors, including constraints specified in any Securities and Exchange Commission Rule 10b5-1 trading plans, price, and general business and market conditions.

During the three months ended September 30, 2025, the Company repurchased 659,949 shares of common stock at a weighted average price of $4.16 per share totaling $2.8 million.

For additional information regarding the Repurchase Program, see Part II, Item 2 of this Form 10-Q.

Sale of Mortgage Division

On March 27, 2025, the Company completed the previously announced sale of its mortgage division operating as Monarch Mortgage. The sale, which included the transfer of certain assets and leases to an unrelated mortgage company, resulted in a $0.2 million loss, reported in other noninterest income.

This transaction did not meet the criteria for classification as a discontinued operation under Accounting Standards Codification ("ASC") 205-20, Presentation of Financial Statements – Discontinued Operations, and is therefore reported within continuing operations as of and for all periods stated herein.

Private Placements

In the second quarter of 2024, the Company closed private placements in which it issued and sold shares of its common and preferred stock for gross proceeds of $161.6 million (collectively, the "Private Placements"). In June 2024, the Company’s shareholders approved an amendment to the Company's articles of incorporation authorizing the issuance of additional shares of common stock, thus enabling the conversion of the preferred shares issued in the Private Placements into shares of the Company’s common stock. The conversion occurred on June 28, 2024 and November 7, 2024. Capital proceeds received, net of issuance costs, from the Private Placements totaled $152.1 million. The Private Placements also included the issuance of warrants to purchase common stock at $2.50 per share.

9

The table below presents information pertaining to warrants to purchase the Company’s common stock as of and for the period stated.

	As of and for the nine months ended September 30, 2025
	Warrants Issued April 3, 2024				Warrants Issued June 13, 2024				Total Warrants
Warrants outstanding at beginning of period		29,027,999				2,424,000				31,451,999
Warrants exercised during the period (1)		(3,903,000	)			—				(3,903,000	)
Warrants outstanding at end of period		25,124,999				2,424,000				27,548,999
Remaining exercise term (years)		3.51				3.70
(1) Warrants to purchase 125,000 shares of common stock were exercised during the three months ended September 30, 2025.

Regulatory Matters

The Bank entered into a consent order with the Office of the Comptroller of the Currency (the "OCC") on January 24, 2024 (the "Consent Order"), which generally incorporates the provisions of the formal written agreement (the "Written Agreement") entered into between the Bank and the OCC on August 29, 2022, as well as adding new provisions. The Written Agreement principally concerned the Bank’s fintech operations and required the Bank to continue enhancing its controls for assessing and managing the third-party, Bank Secrecy Act/Anti-Money Laundering, and information technology risks stemming from its fintech partnerships and adds time frames by which certain of the directives are required. The Consent Order also requires the Bank to maintain a leverage ratio of 10.0% and a total capital ratio of 13.0%, referred to as minimum capital ratios. As of September 30, 2025 and December 31, 2024, the Bank’s capital ratios exceeded these minimum capital ratios. The Company believes it has made significant progress towards meeting the requirements of the Consent Order. Complete copies of the Written Agreement and the Consent Order are included as Exhibits 10.9 and 10.10, respectively, to the 2024 Form 10-K.

Recent Accounting Pronouncements (Issued But Not Adopted)

Improvements to Income Tax Disclosures. In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09–Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. This standard was effective for annual periods beginning after December 15, 2024, with early adoption permitted. The ASU requires prospective application by providing the revised disclosures for the period ending December 31, 2025, and continuing to provide the pre-ASU disclosures for the prior periods, or alternately applying the amendments retrospectively by providing the revised disclosures for all periods presented. The Company does not expect the adoption of this ASU to have a material effect on its consolidated financial statements but will result in expanded income tax-related disclosures beginning with its 2025 Form 10-K.

Improvements to Expense Disaggregation Disclosures. In January 2025, the FASB issued ASU 2025-01–Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which amended the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements but will result in expanded income statement expense disaggregation disclosures beginning with its financial statements for the year ending December 31, 2027.

10

Note 2 – Investment Securities and Other Investments

Investment securities classified as available for sale ("AFS") are carried at fair value in the consolidated balance sheets. The following tables present amortized cost, fair values, and gross unrealized gains and losses of investment securities AFS as of the dates stated.

		September 30, 2025
(Dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available for sale
Mortgage backed securities		$	219,457			$	406			$	(27,369	)		$	192,494
U.S. Treasury and agencies			78,905				—				(6,866	)			72,039
State and municipal			49,352				1				(5,060	)			44,293
Corporate bonds			34,738				67				(2,277	)			32,528
Total investment securities		$	382,452			$	474			$	(41,572	)		$	341,354

		December 31, 2024
(Dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available for sale
Mortgage backed securities		$	199,453			$	—			$	(35,015	)		$	164,438
U.S. Treasury and agencies			79,430				—				(9,975	)			69,455
State and municipal			50,233				—				(7,296	)			42,937
Corporate bonds			38,453				—				(3,248	)			35,205
Total investment securities		$	367,569			$	—			$	(55,534	)		$	312,035

As of September 30, 2025 and December 31, 2024, securities with a fair value of $176.6 million and $268.9 million, respectively, were pledged to secure the Bank’s borrowings facility with the Federal Home Loan Bank of Atlanta ("FHLB").

As of September 30, 2025 and December 31, 2024, securities with fair values of $0 and $16.3 million, respectively, were pledged to secure borrowing capacity with the Federal Reserve Bank of Richmond ("FRB") Discount Window.

The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date stated. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

		September 30, 2025
(Dollars in thousands)		Amortized Cost				Fair Value
Due in one year or less		$	9,890			$	9,721
Due after one year through five years			60,979				57,503
Due after five years through ten years			95,584				85,934
Due after ten years			215,999				188,196
Total		$	382,452			$	341,354

The following tables present fair values and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. Excluded from the tables below were securities whose amortized cost equaled their fair value or were in an unrealized gain position as

11

of the dates stated totaling $39.4 million and $1.1 million as of September 30, 2025 and December 31, 2024, respectively.

						September 30, 2025
						Less than 12 Months								12 Months or Greater								Total
(Dollars in thousands)		Number of Securities				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Mortgage backed securities			82			$	11,218			$	(9	)		$	149,494			$	(27,360	)		$	160,712			$	(27,369	)
U.S. Treasury and agencies			29				—				—				72,039				(6,866	)			72,039				(6,866	)
State and municipal			56				—				—				41,417				(5,060	)			41,417				(5,060	)
Corporate bonds			33				1,298				(100	)			26,448				(2,177	)			27,746				(2,277	)
Total			200			$	12,516			$	(109	)		$	289,398			$	(41,463	)		$	301,914			$	(41,572	)

						December 31, 2024
						Less than 12 Months								12 Months or Greater								Total
(Dollars in thousands)		Number of Securities				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Mortgage backed securities			85			$	11,637			$	(107	)		$	152,802			$	(34,908	)		$	164,439			$	(35,015	)
U.S. Treasury and agencies			29				—				—				69,453				(9,975	)			69,453				(9,975	)
State and municipal			70				2,040				(42	)			40,531				(7,254	)			42,571				(7,296	)
Corporate bonds			42				3,803				(21	)			30,653				(3,227	)			34,456				(3,248	)
Total			226			$	17,480			$	(170	)		$	293,439			$	(55,364	)		$	310,919			$	(55,534	)

At September 30, 2025 and December 31, 2024, the majority of securities in an unrealized loss position were of investment grade; however, a portion of the portfolio does not have a third-party investment grade available (securities with fair values of $24.2 million and $29.3 million, respectively). These securities were primarily subordinated debt instruments issued by bank holding companies that are classified as corporate bonds in the tables above. The Company evaluated the issuers of these individually, observing that each issuer had strong capital ratios and profitability, thereby indicating limited exposure to asset quality or liquidity issues and resulted in no identifiable credit losses. Contractual cash flows for mortgage backed securities and U.S. Treasury and agencies are guaranteed and/or funded by the U.S. government and government agencies. State and municipal securities showed no indication that the contractual cash flows would not be received when due. The Company does not intend to sell, nor does it believe that it will be required to sell, any of its impaired securities prior to the recovery of the amortized cost. As of September 30, 2025 and December 31, 2024, there was no allowance for credit losses ("ACL") for the Company's securities AFS portfolio. Any impairment that has not been recorded through an ACL is recognized in accumulated other comprehensive income (loss).

Restricted equity investments consisted of stock in the FHLB (carrying value of $9.1 million and $9.4 million as of September 30, 2025 and December 31, 2024, respectively), FRB stock (carrying value of $9.4 million at both September 30, 2025 and December 31, 2024), and stock in the Company’s correspondent bank (carrying value of $0.5 million at both September 30, 2025 and December 31, 2024). Restricted equity investments are carried at cost.

The Company has various other equity investments, including an investment in a fintech company and limited partnerships, totaling $4.9 million and $4.8 million as of September 30, 2025 and December 31, 2024, respectively.

The Company also holds other investments, primarily in early-stage focused investment funds, which totaled $20.8 million and $19.4 million as of September 30, 2025 and December 31, 2024, respectively, and are reported in other investments on the consolidated balance sheets.

12

Note 3 – Loans and ACL

The following table presents the amortized cost of loans held for investment as of the dates stated.

(Dollars in thousands)		September 30, 2025				December 31, 2024
Commercial and industrial		$	276,609			$	354,904
Real estate – construction, commercial			73,473				114,491
Real estate – construction, residential			50,892				51,807
Real estate – commercial			818,101				847,842
Real estate – residential			654,030				692,253
Real estate – farmland			4,645				5,520
Consumer			33,778				43,938
Gross loans held for investment			1,911,528				2,110,755
Deferred costs, net of loan fees			1,198				1,042
Total		$	1,912,726			$	2,111,797

The Company has pledged certain commercial and residential mortgage loans as collateral for borrowings with the FHLB. Loans totaling $736.0 million and $797.7 million were pledged with the FHLB as of September 30, 2025 and December 31, 2024, respectively. Additionally, the Company has pledged certain construction and commercial and industrial loans totaling $75.4 million and $91.6 million as of September 30, 2025 and December 31, 2024, respectively, as collateral for borrowings with the FRB Discount Window.

The following tables present the aging of the recorded investment of loans held for investment by loan category as of the dates stated.

		September 30, 2025
(Dollars in thousands)		Current Loans				30-59 Days Past Due				60-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Nonaccrual				Total Loans
Commercial and industrial		$	263,961			$	1,328			$	1,171			$	1,700			$	8,449			$	276,609
Real estate – construction, commercial			73,237				236				—				—				—				73,473
Real estate – construction, residential			50,738				154				—				—				—				50,892
Real estate – commercial			809,216				303				831				—				7,751				818,101
Real estate – residential			642,241				536				1,351				2,350				7,552				654,030
Real estate – farmland			4,645				—				—				—				—				4,645
Consumer			31,831				995				175				202				575				33,778
Deferred costs, net of loan fees			1,198				—				—				—				—				1,198
Total		$	1,877,067			$	3,552			$	3,528			$	4,252			$	24,327			$	1,912,726

		December 31, 2024
(Dollars in thousands)		Current Loans				30-59 Days Past Due				60-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Nonaccrual				Total Loans
Commercial and industrial		$	339,893			$	1,335			$	1,232			$	2,259			$	10,185			$	354,904
Real estate – construction, commercial			114,238				—				33				—				220				114,491
Real estate – construction, residential			51,807				—				—				—				—				51,807
Real estate – commercial			842,982				625				—				—				4,235				847,842
Real estate – residential			680,406				3,874				476				—				7,497				692,253
Real estate – farmland			5,520				—				—				—				—				5,520
Consumer			41,295				1,296				300				227				820				43,938
Deferred costs, net of loan fees			1,042				—				—				—				—				1,042
Total		$	2,077,183			$	7,130			$	2,041			$	2,486			$	22,957			$	2,111,797

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The following tables present the recorded investment of nonaccrual loans held for investment with and without an ACL by loan category as of the dates stated.

		September 30, 2025
(Dollars in thousands)		Nonaccrual Loans with No ACL				Nonaccrual Loans with an ACL				Total Nonaccrual Loans
Commercial and industrial		$	481			$	7,968			$	8,449
Real estate – commercial			5,699				2,052				7,751
Real estate – residential			2,875				4,677				7,552
Consumer			—				575				575
Total		$	9,055			$	15,272			$	24,327

		December 31, 2024
(Dollars in thousands)		Nonaccrual Loans with No ACL				Nonaccrual Loans with an ACL				Total Nonaccrual Loans
Commercial and industrial		$	778			$	9,407			$	10,185
Real estate – construction, commercial			—				220				220
Real estate – commercial			—				4,235				4,235
Real estate – residential			1,669				5,828				7,497
Consumer			—				820				820
Total		$	2,447			$	20,510			$	22,957

The Company recognized $289 thousand and $437 thousand of interest income on nonaccrual loans during the three and nine months ended September 30, 2025, respectively, compared to $275 thousand and $463 thousand for the same respective periods in 2024.

The following table presents accrued interest receivable by loan type reversed from interest income associated with loans held for investment that were placed on nonaccrual status for the periods stated.

		For the three months ended September 30,								For the nine months ended September 30,
(Dollars in thousands)		2025				2024				2025				2024
Commercial and industrial		$	28			$	165			$	86			$	381
Real estate – construction, commercial			—				35				—				60
Real estate – commercial			27				77				29				175
Real estate – residential			35				52				102				104
Consumer			7				5				14				10
Total		$	97			$	334			$	231			$	730

Credit Quality Indicators

The Company segments loans held for investment into risk categories based on relevant information about the expected ability of borrowers to repay debt, such as current financial information, historical payment performance, experience, collateral adequacy, credit documentation, and current economic trends, among other factors. Management assigns loan risk grades by a numerical system as an indication of credit quality of its portfolio of loans held for investment. The Company uses the following definitions for loan risk ratings and periodically evaluates the appropriateness of these ratings across its loan portfolio. Independent third-party loan reviews are performed periodically on the Company's loan portfolio and such reviews validate management's determination of loan risk grades. Bank regulatory agencies also periodically review the Company's loan portfolio, including loan risk grades and may, on occasion, change a grade based on their judgment of the facts at the time of review.

Risk Grade 1 – Strong: This grade is for the strongest of loans. These loans are extended to individuals or businesses where the probability of default is extremely low to the Bank and secured with liquid collateral where the loss given default is unlikely because of the source of repayment such as a lien on a deposit account held at the Bank. Character, credit history, and ability of individuals or company principals are excellent. High liquidity, minimum risk, strong ratios, and low servicing cost are present.

Risk Grade 2 – Minimal: This grade is for loans deemed exceptionally strong. These loans are within established guidelines and where the borrowers have documented significant overall financial strength with consistent and

14

predictable cash flows. These loans have excellent sources of repayment, significant balance sheet liquidity, no significant identifiable risk of collection, and conform in all respects to policy, underwriting standards, and federal and state regulations (no exceptions of any kind). In addition, guarantor support, when provided, is deemed as excellent.

Risk Grade 3 – Acceptable: This grade is for loans deemed strong. These loans have adequate sources of repayment, with a minimal identifiable risk of collection. Generally, loans assigned this risk grade will demonstrate the following characteristics: (1) conformity in all respects with policy, guidelines, underwriting standards, and federal and state regulations (no exceptions of any kind), (2) documented historical cash flow that meets or exceeds required minimum guidelines, or that can be supplemented with verifiable cash flow from other sources, and (3) adequate secondary sources to liquidate the debt. In addition, guarantor support, when provided, is deemed strong.

Risk Grade 4 – Satisfactory: This grade is for satisfactory loans containing more but deemed acceptable risk, and where the borrower is deemed as sound. These loans have adequate sources of repayment, with minimal identifiable risk of collection. Loans assigned with this risk grade will demonstrate the following characteristics: (1) general conformity to the Bank's underwriting requirements, with limited exceptions to policy, product, or underwriting guidelines, and all exceptions noted have documented mitigating factors that offset any additional risk associated with the exceptions noted, (2) documented historical cash flow that meets or exceeds required minimum guidelines, or that can be supplemented with verifiable cash flow from other sources, and (3) adequate secondary sources to liquidate the debt. In addition, guarantor support, when provided, is deemed as satisfactory.

Risk Grade 5 – Watch: This grade is for satisfactory loans containing acceptable but elevated risk. These loans are characterized by borrowers who exhibit signs of financial stress or are experiencing unstable or unfavorable change(s) adversely impacting the current or expected financial condition. The borrower's management is considered to be satisfactory; however, the collateral securing the loan may have decreased in value, the debt service coverage ratio is inconsistent or breakeven but mostly positive, and/or guarantor support, if any, is deemed limited or marginal. Loans classified as Watch warrant additional monitoring by management.

Risk Grade 6 – Special Mention: This grade is for loans that have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the Bank's credit position potentially at a future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Special Mention credits typically do not conform to established guidelines and/or exceptions without mitigating factors, or have emerging weaknesses that may or may not be remedied with the passage of time.

Risk Grade 7 – Substandard: This grade is for loans inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as Substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. The probability of default is highly likely and may have already occurred. Loans in this category are characterized by deterioration in quality exhibited by any number of well-defined weaknesses requiring corrective action. The weaknesses may include, but are not limited to: (1) current or expected unprofitable operations, (2) inadequate debt service coverage, (3) declining or inadequate liquidity, (4) improper loan structure, (5) questionable or weak repayment sources, and (6) lack of well-defined secondary repayment source. There is a distinct possibility of loss and the Bank will sustain loss if the deficiencies remain uncorrected.

Risk Grade 8 – Doubtful: Loans classified Doubtful have all the weaknesses inherent in loans classified Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the Bank's position, which can include, but not limited to (1) an injection of capital, (2) alternative financing, and (3) liquidation of assets or the pledging of additional collateral. Doubtful is a temporary grade, where the Bank expects a loss but is presently not quantified with any degree of accuracy. Once the loss position is determined, the amount is recorded and charged off against the ACL.

Risk Grade 9 – Loss: Loans classified Loss are deemed uncollectible and of such little value that continuance as assets held for investment is no longer warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer charging off the worthless loan, even though partial recovery may occur in the future. Probable loss amounts, either principal or interest, deemed uncollectible are charged off promptly against the ACL.

The following table presents the recorded investment of loans held for investment by internal loan risk grade by year of origination as of September 30, 2025. There were no loans classified as doubtful or loss (risk grades 8 and 9,

15

respectively) as of the same date. Also presented are current period gross charge-offs by loan type for the nine months ended September 30, 2025.

		Term Loans Recorded Investment Basis by Origination Year
(Dollars in thousands)		2025				2024				2023				2022				2021				Prior				Revolving Loans				Total
Commercial and industrial
Risk Grades 1 - 4		$	17,449			$	8,903			$	11,166			$	45,179			$	10,938			$	23,464			$	98,045			$	215,144
Risk Grades 5 - 6			671				353				1,030				23,518				3,881				4,013				5,046				38,512
Risk Grade 7			—				—				1,804				4,702				12,801				1,879				1,767				22,953
Total			18,120				9,256				14,000				73,399				27,620				29,356				104,858				276,609
Current period gross charge-offs			—				346				368				5,505				12				161				50				6,442
Real estate – construction, commercial
Risk Grades 1 - 4			13,619				5,497				2,191				32,029				3,660				4,332				56				61,384
Risk Grades 5 - 6			176				—				1,078				—				690				10,136				—				12,080
Risk Grade 7			—				—				—				—				9				—				—				9
Total			13,795				5,497				3,269				32,029				4,359				14,468				56				73,473
Current period gross charge-offs			—				—				—				—				—				—				—				—
Real estate – construction, residential
Risk Grades 1 - 4			15,774				10,066				519				75				94				73				300				26,901
Risk Grades 5 - 6			338				—				—				3,186				20,000				—				—				23,524
Risk Grade 7			—				—				—				467				—				—				—				467
Total			16,112				10,066				519				3,728				20,094				73				300				50,892
Current period gross charge-offs			—				—				—				—				—				—				—				—
Real estate – commercial
Risk Grades 1 - 4			40,542				4,554				29,808				200,617				103,935				232,286				17,397				629,139
Risk Grades 5 - 6			—				513				3,368				81,731				8,416				47,878				4,862				146,768
Risk Grade 7			—				1,555				—				31,354				8,566				719				—				42,194
Total			40,542				6,622				33,176				313,702				120,917				280,883				22,259				818,101
Current period gross charge-offs			—				—				—				—				374				63				—				437
Real estate – residential
Risk Grades 1 - 4			4,004				3,062				68,780				210,258				105,871				185,953				54,206				632,134
Risk Grades 5 - 6			805				453				266				781				1,394				5,390				209				9,298
Risk Grade 7			319				—				1,104				3,492				1,264				5,823				596				12,598
Total			5,128				3,515				70,150				214,531				108,529				197,166				55,011				654,030
Current period gross charge-offs			—				—				65				—				—				43				107				215
Real estate – farmland
Risk Grades 1 - 4			—				144				—				990				1,198				1,883				147				4,362
Risk Grades 5 - 6			62				—				126				—				95				—				—				283
Total			62				144				126				990				1,293				1,883				147				4,645
Current period gross charge-offs			—				—				—				—				—				—				—				—
Consumer
Risk Grades 1 - 4			3,714				3,879				11,982				5,900				820				589				5,473				32,357
Risk Grades 5 - 6			—				202				165				199				28				26				—				620
Risk Grade 7			—				43				233				343				137				45				—				801
Total			3,714				4,124				12,380				6,442				985				660				5,473				33,778
Current period gross charge-offs			156				382				191				1,277				53				11				—				2,070
Total Loans
Risk Grades 1 - 4		$	95,102			$	36,105			$	124,446			$	495,048			$	226,516			$	448,580			$	175,624			$	1,601,421
Risk Grades 5 - 6			2,052				1,521				6,033				109,415				34,504				67,443				10,117				231,085
Risk Grade 7			319				1,598				3,141				40,358				22,777				8,466				2,363				79,022
Total		$	97,473			$	39,224			$	133,620			$	644,821			$	283,797			$	524,489			$	188,104			$	1,911,528
Total current period gross charge-offs		$	156			$	728			$	624			$	6,782			$	439			$	278			$	157			$	9,164

16

The following table presents the recorded investment of loans held for investment by internal loan risk grade by year of origination as of December 31, 2024. There were no loans classified as loss (risk grade 9) as of the same date.

		Term Loans Recorded Investment Basis by Origination Year
(Dollars in thousands)		2024				2023				2022				2021				2020				Prior				Revolving Loans				Total
Commercial and industrial
Risk Grades 1 - 4		$	13,883			$	13,559			$	64,530			$	14,600			$	17,405			$	15,760			$	98,867			$	238,604
Risk Grades 5 - 6			672				24,430				37,503				10,201				5,183				979				15,092				94,060
Risk Grade 7			944				2,248				5,173				10,462				562				1,247				1,521				22,157
Risk Grade 8			—				—				—				82				—				1				—				83
Total			15,499				40,237				107,206				35,345				23,150				17,987				115,480				354,904
Real estate – construction, commercial
Risk Grades 1 - 4			6,219				6,277				65,560				7,776				5,405				4,792				399				96,428
Risk Grades 5 - 6			—				1,090				—				7,567				4,770				4,235				—				17,662
Risk Grade 7			—				116				—				24				—				261				—				401
Total			6,219				7,483				65,560				15,367				10,175				9,288				399				114,491
Real estate – construction, residential
Risk Grades 1 - 4			19,574				8,861				7,837				13,971				—				57				990				51,290
Risk Grades 5 - 6			193				—				—				—				—				—				—				193
Risk Grade 7			—				169				155				—				—				—				—				324
Total			19,767				9,030				7,992				13,971				—				57				990				51,807
Real estate – commercial
Risk Grades 1 - 4			4,747				34,698				245,563				118,435				142,211				133,856				21,323				700,833
Risk Grades 5 - 6			535				5,092				64,677				7,002				14,604				23,104				4,184				119,198
Risk Grade 7			1,565				—				9,970				10,380				2,945				1,355				25				26,240
Risk Grade 8			—				—				—				1,379				—				192				—				1,571
Total			6,847				39,790				320,210				137,196				159,760				158,507				25,532				847,842
Real estate – residential
Risk Grades 1 - 4			2,815				66,780				225,159				114,682				64,548				143,002				53,498				670,484
Risk Grades 5 - 6			853				—				2,303				1,295				318				2,378				95				7,242
Risk Grade 7			—				736				2,153				2,113				1,454				5,822				2,249				14,527
Total			3,668				67,516				229,615				118,090				66,320				151,202				55,842				692,253
Real estate – farmland
Risk Grades 1 - 4			147				—				997				1,239				—				2,753				149				5,285
Risk Grades 5 - 6			—				135				—				100				—				—				—				235
Total			147				135				997				1,339				—				2,753				149				5,520
Consumer
Risk Grades 1 - 4			5,944				17,211				8,716				1,650				1,034				486				7,283				42,324
Risk Grades 5 - 6			74				133				225				99				32				3				—				566
Risk Grade 7			87				330				332				184				63				24				28				1,048
Total			6,105				17,674				9,273				1,933				1,129				513				7,311				43,938
Total Loans
Risk Grades 1 - 4		$	53,329			$	147,386			$	618,362			$	272,353			$	230,603			$	300,706			$	182,509			$	1,805,248
Risk Grades 5 - 6			2,327				30,880				104,708				26,264				24,907				30,699				19,371				239,156
Risk Grade 7			2,596				3,599				17,783				23,163				5,024				8,709				3,823				64,697
Risk Grade 8			—				—				—				1,461				—				193				—				1,654
Total		$	58,252			$	181,865			$	740,853			$	323,241			$	260,534			$	340,307			$	205,703			$	2,110,755

17

The following tables present an analysis of the change in the ACL by loan segment for the periods stated.

		For the three months ended September 30, 2025
(Dollars in thousands)		Commercial and industrial				Real estate – construction, commercial				Real estate – construction, residential				Real estate – commercial				Real estate – residential				Real estate – farmland				Consumer				Total
ACL, beginning of period		$	5,846			$	1,272			$	398			$	5,879			$	8,001			$	15			$	563			$	21,974
(Recovery of) provision for credit losses - loans			(2,594	)			(135	)			(8	)			314				(304	)			(1	)			928				(1,800	)
Charge-offs			(1,781	)			—				—				(374	)			(92	)			—				(1,035	)			(3,282	)
Recoveries			3,303				—				—				38				222				—				48				3,611
Net recoveries (charge-offs)			1,522				—				—				(336	)			130				—				(987	)			329
ACL, end of period		$	4,774			$	1,137			$	390			$	5,857			$	7,827			$	14			$	504			$	20,503
		For the three months ended September 30, 2024
(Dollars in thousands)		Commercial and industrial				Real estate – construction, commercial				Real estate – construction, residential				Real estate – commercial				Real estate – residential				Real estate – farmland				Consumer				Total
ACL, beginning of period		$	6,916			$	3,188			$	737			$	10,262			$	6,240			$	18			$	675			$	28,036
(Recovery of) provision for credit losses - loans			(6,059	)			(45	)			(77	)			(69	)			(241	)			1				490				(6,000	)
Charge-offs			(6,001	)			—				—				(1,109	)			(30	)			—				(773	)			(7,913	)
Recoveries			11,095				—				—				—				60				—				175				11,330
Net recoveries (charge-offs)			5,094				—				—				(1,109	)			30				—				(598	)			3,417
ACL, end of period		$	5,951			$	3,143			$	660			$	9,084			$	6,029			$	19			$	567			$	25,453

		For the nine months ended September 30, 2025
(Dollars in thousands)		Commercial and industrial				Real estate – construction, commercial				Real estate – construction, residential				Real estate – commercial				Real estate – residential				Real estate – farmland				Consumer				Total
ACL, beginning of period		$	5,767			$	2,057			$	540			$	5,963			$	7,933			$	18			$	745			$	23,023
(Recovery of) provision for credit losses - loans			(2,636	)			(920	)			(150	)			(45	)			(120	)			(4	)			1,375				(2,500	)
Charge-offs			(6,442	)			—				—				(437	)			(215	)			—				(2,070	)			(9,164	)
Recoveries			8,085				—				—				376				229				—				454				9,144
Net recoveries (charge-offs)			1,643				—				—				(61	)			14				—				(1,616	)			(20	)
ACL, end of period		$	4,774			$	1,137			$	390			$	5,857			$	7,827			$	14			$	504			$	20,503
		For the nine months ended September 30, 2024
(Dollars in thousands)		Commercial and industrial				Real estate – construction, commercial				Real estate – construction, residential				Real estate – commercial				Real estate – residential				Real estate – farmland				Consumer				Total
ACL, beginning of period		$	13,787			$	4,024			$	1,094			$	9,929			$	6,286			$	15			$	758			$	35,893
(Recovery of) provision for credit losses - loans			(2,351	)			(881	)			(395	)			264				(259	)			4				1,218				(2,400	)
Charge-offs			(19,940	)			—				(39	)			(1,109	)			(74	)			—				(2,063	)			(23,225	)
Recoveries			14,455				—				—				—				76				—				654				15,185
Net charge-offs			(5,485	)			—				(39	)			(1,109	)			2				—				(1,409	)			(8,040	)
ACL, end of period		$	5,951			$	3,143			$	660			$	9,084			$	6,029			$	19			$	567			$	25,453

18

There were no material changes to the assumptions, loss factors (both quantitative and qualitative), or reasonable and supportable forecasts used in the estimation of the ACL and the provision for (recovery of) credit losses for loans held for investment as of and for the three and nine months ended September 30, 2025.

Excluded from the ACL as of both September 30, 2025 and December 31, 2024 were $9.0 million and $10.7 million of accrued interest attributable to loans held for investment, respectively, which is included in accrued interest receivable on the consolidated balance sheets.

The following table presents the amortized cost of collateral-dependent loans that were individually evaluated for credit losses as of the dates stated.

(Dollars in thousands)		September 30, 2025				December 31, 2024
Commercial and industrial		$	20,145			$	42,723
Real estate – construction, commercial			—				116
Real estate – commercial			32,879				26,994
Real estate – residential			6,214				9,586
Total collateral-dependent loans		$	59,238			$	79,419

Acquired Loans

As of September 30, 2025 and December 31, 2024, the amortized cost of purchased credit deteriorated ("PCD") loans totaled $30.0 million and $43.8 million, respectively, with an estimated ACL of $0.2 million and $0.3 million, respectively. The remaining non-credit discount on PCD loans was $2.2 million and $3.0 million as of September 30, 2025 and December 31, 2024, respectively.

Troubled Loan Modifications

The Company closely monitors the performance of borrowers experiencing financial difficulty and grants certain loan modifications it would otherwise not consider. The Company refers to such loan modifications as troubled loan modifications ("TLMs").

19

The following table presents the amortized cost of loans designated as TLMs, categorized by loan type and type of concession granted, for the periods stated.

		For the three months ended September 30,
		2025												2024
(Dollars in thousands)		Number of Loans				Amortized Cost				% of Amortized Cost to Gross Loans by Category				Number of Loans				Amortized Cost				% of Amortized Cost to Gross Loans by Category
Combined - term extension and payment deferral
Commercial and industrial			—			$	—				(—	%)			1			$	229				0.06	%
Total combined - term extension and payment deferral			—			$	—								1			$	229
Combined - term extension, payment deferral, interest rate reduction
Commercial and industrial			—			$	—				(—	%)			1			$	190				0.05	%
Total combined - term extension, payment deferral, interest rate reduction			—			$	—								1			$	190
Term extension
Commercial and industrial			—			$	—				(—	%)			2			$	560				0.15	%
Real estate – commercial			3				472				0.06	%			—				—				(—	%)
Real estate – residential			1				51				0.01	%			1				72				0.01	%
Total term extension			4			$	523								3			$	632
Payment deferral
Real estate – residential			—			$	—				(—	%)			1			$	504				0.07	%
Consumer loans			—				—				(—	%)			—				—				(—	%)
Total payment deferral			—			$	—								1			$	504
Total			4			$	523								6			$	1,555

20

		For the nine months ended September 30,
		2025												2024
(Dollars in thousands)		Number of Loans				Amortized Cost				% of Amortized Cost to Gross Loans by Category				Number of Loans				Amortized Cost				% of Amortized Cost to Gross Loans by Category
Combined - term extension and payment deferral
Commercial and industrial			—			$	—				(—	%)			1			$	229				0.06	%
Total combined - term extension and payment deferral			—			$	—								1			$	229
Combined - term extension, payment deferral, interest rate reduction
Commercial and industrial			—			$	—				(—	%)			2			$	409				0.11	%
Total combined - term extension, payment deferral, interest rate reduction			—			$	—								2			$	409
Interest forgiven
Real estate – residential			1			$	139				0.02	%			—			$	—				(—	%)
Total interest forgiven			1			$	139								—			$	—
Term extension
Commercial and industrial			1			$	1,940				(—	%)			2			$	560				0.15	%
Real estate – commercial			3				472				0.06	%			1				38				(—	%)
Real estate – residential			1				51				0.01	%			1				72				0.01	%
Total term extension			5			$	2,463								4			$	670
Payment deferral
Commercial and industrial			—			$	—				(—	%)			1			$	161				0.04	%
Real estate – residential			—				—				(—	%)			1				504				0.07	%
Total payment deferral			—			$	—								2			$	665
Total			6			$	2,602								9			$	1,973

The following tables present additional information including the financial effects of TLMs as of and for the periods stated.

		As of and for the three months ended September 30, 2025
(Dollars in thousands)		Weighted Average Term Extension (Months)				Weighted Average Interest Rate Reduction				Weighted Average Payment Deferral				Weighted Average Interest Forgiven
Commercial and industrial			20				—			$	—			$	—
Real estate – commercial			13				—				—				—
Real estate – residential			15				—				—				—

		As of and for the three months ended September 30, 2024
(Dollars in thousands)		Weighted Average Term Extension (Months)				Weighted Average Interest Rate Reduction				Weighted Average Payment Deferral				Weighted Average Interest Forgiven
Commercial and industrial			76				12.24	%		$	6			$	—
Real estate – residential			84				—				162				—
Consumer loans			—				—				1				—

21

		As of and for the nine months ended September 30, 2025
(Dollars in thousands)		Weighted Average Term Extension (Months)				Weighted Average Interest Rate Reduction				Weighted Average Payment Deferral				Weighted Average Interest Forgiven
Commercial and industrial			20				—			$	—			$	—
Real estate – commercial			13				—				—				—
Real estate – residential			15				—				—				45

		As of and for the nine months ended September 30, 2024
(Dollars in thousands)		Weighted Average Term Extension (Months)				Weighted Average Interest Rate Reduction				Weighted Average Payment Deferral				Weighted Average Interest Forgiven
Commercial and industrial			65				11.28	%		$	10			$	—
Real estate – commercial			84				—				—				—
Real estate – residential			84				—				162				—
Consumer loans			—				—				1				—

The following tables present an aging analysis of the amortized cost of loans designated as TLMs as of the dates stated.

		September 30, 2025
(Dollars in thousands)		Current Loans				30-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Nonaccrual				Total
Commercial and industrial		$	939			$	—			$	—			$	4,279			$	5,218
Real estate – construction, residential			—				154				—				—				154
Real estate – commercial			506				—				—				2,999				3,505
Real estate – residential			238				—				—				630				868
Consumer loans			—				—				—				6				6
Total modified loans		$	1,683			$	154			$	—			$	7,914			$	9,751

		December 31, 2024
(Dollars in thousands)		Current Loans				30-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Nonaccrual				Total
Commercial and industrial		$	554			$	—			$	—			$	2,745			$	3,299
Real estate – construction, residential			155				—				—				—				155
Real estate – commercial			37				—				—				2,999				3,036
Real estate – residential			194				—				—				500				694
Consumer loans			—				—				—				10				10
Total modified loans		$	940			$	—			$	—			$	6,254			$	7,194

As of September 30, 2025 and December 31, 2024, there were no unfunded commitments to borrowers with TLMs.

22

The following table presents the amortized cost of loans designated as TLMs that were modified in the preceding twelve months and had a payment default during the periods stated.

		As of and for the nine months ended September 30,
		2025												2024
(Dollars in thousands)		Number of Loans				Amortized Cost				% of Amortized Cost to Gross Loans by Category				Number of Loans				Amortized Cost				% of Amortized Cost to Gross Loans by Category
Interest forgiveness
Real estate – residential		1				$	139				0.02	%			—			$	—				0.00	%
Total interest forgiveness		1				$	139								—			$	—
Total			1			$	139								—			$	—

As of September 30, 2025, six residential mortgage loans with a total amortized cost of $2.7 million were in the process of foreclosure.

Note 4 – Borrowings

FHLB Borrowings

The Bank has a borrowing facility from the FHLB secured by pledged qualifying securities and commercial and residential mortgage loans. The FHLB will lend up to 30% of the Bank’s total assets as of the prior quarter end, subject to certain eligibility requirements, including adequate collateral. The Bank had borrowings from the FHLB totaling $150.0 million at both September 30, 2025 and December 31, 2024. The FHLB borrowings required the Bank to hold $9.1 million and $9.4 million of FHLB stock at September 30, 2025 and December 31, 2024, respectively, which is included in restricted equity investments on the consolidated balance sheets.

At September 30, 2025 and December 31, 2024, the Bank also had letters of credit outstanding with the FHLB in the amounts of $41.2 million and $51.2 million, respectively, of which $40.0 million and $50.0 million was for the purpose of collateral for public deposits with the Treasury Board of the Commonwealth of Virginia as of the same respective dates. Outstanding letters of credit reduce the available balance of the borrowing facility with the FHLB.

At September 30, 2025 and December 31, 2024, the secured facility totaled $620.9 million and $696.0 million, respectively, based on pledged collateral. Available balances on the FHLB credit facility were $429.7 million and $494.9 million as of September 30, 2025 and December 31, 2024, respectively. The decline in the secured capacity of the FHLB borrowing facility as of September 30, 2025 from the prior year end was primarily due to the release of securities held as collateral.

The following table presents information regarding FHLB borrowings outstanding as of both September 30, 2025 and December 31, 2024.

(Dollars in thousands)		Balance				Origination Date		Stated Interest Rate				Maturity Date
Fixed rate credit		$	50,000			3/15/2023			4.07	%		3/15/2027
Fixed rate credit			50,000			5/2/2023			3.87	%		5/3/2027
Fixed rate credit			50,000			5/4/2023			3.52	%		5/4/2028
Total FHLB borrowings		$	150,000

23

At September 30, 2025, 1-4 family residential loans, multi-family residential loans, and commercial real estate loans classified as held for investment with a lendable value of $453.2 million and securities with a lendable value of $167.7 million were pledged for the borrowing facility with the FHLB.

FRB Borrowings

The Company may obtain advances from the FRB through its Discount Window. Advances through the FRB Discount Window are secured by qualifying pledged construction and commercial and industrial loans. The Company had secured borrowing capacity with the FRB Discount Window of $75.4 million and $105.7 million as of September 30, 2025 and December 31, 2024, respectively, of which the Company had no outstanding advances as of either date.

Other Borrowings

The Company had an unsecured line of credit with a correspondent bank available for overnight borrowing, which totaled $10.0 million as of both September 30, 2025 and December 31, 2024. This line bears interest at the prevailing rates for such loans and is cancelable any time by the correspondent bank. As of both September 30, 2025 and December 31, 2024, the Company had no outstanding advances on this secured line.

Subordinated Notes

The Company had $14.7 million and $39.8 million of subordinated notes, net, outstanding as of September 30, 2025 and December 31, 2024, respectively. Prior to June 1, 2025, the Company's subordinated notes had been comprised of a $15 million issuance in May 2020 maturing June 1, 2030 (the “2030 Note”) and a $25 million issuance in October 2019 maturing October 15, 2029 (the “2029 Notes”).

On June 1, 2025, the Company completed the $15.0 million redemption of the 2030 Note. The interest rate on the 2030 Note was 6.0% up to the redemption date. Interest expense on the 2030 Note was $0 and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, and $0.4 million and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively.

On July 15, 2025, the Company completed a $10.0 million partial redemption of its 2029 Notes. The 2029 Notes bore interest at 5.625% per annum, through October 14, 2024, payable semi-annually in arrears. From October 15, 2024 through October 15, 2029, or up to an early redemption date, the interest rate resets quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Funding Rate plus 433.5 basis points, payable quarterly in arrears. As of September 30, 2025, the 2029 Notes bore an annual interest rate of 8.65%. As of September 30, 2025, the net carrying amount of the 2029 Notes was $14.7 million, inclusive of a $0.3 million purchase accounting adjustment (premium). For the three months ended September 30, 2025 and 2024, the effective interest rate on the 2029 Notes was 7.49% and 5.31%, respectively, inclusive of the amortization of the purchase accounting adjustment (premium). For the nine months ended September 30, 2025 and 2024, the effective interest rate on the 2029 Notes was 7.84% and 5.21%, respectively, inclusive of the amortization of the purchase accounting adjustment (premium).

Note 5 – Fair Value

The fair value of a financial instrument is the current amount that would be exchanged between willing parties in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques.

The three levels of input that may be used to measure fair value are as follows:

Level 1 –		Valuation is based on quoted prices in active markets for identical assets and liabilities.
Level 2 –		Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market.
Level 3 –		Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market.

24

The following tables present the balances of financial assets measured at fair value on a recurring basis as of the dates stated.

		September 30, 2025
(Dollars in thousands)		Total				Level 1				Level 2				Level 3
Securities available for sale
Mortgage backed securities		$	192,494			$	—			$	192,494			$	—
U.S. Treasury and agencies			72,039				—				72,039				—
State and municipals			44,293				—				44,293				—
Corporate bonds			32,528				—				32,028				500
Total securities available for sale		$	341,354			$	—			$	340,854			$	500
Other assets
MSRs		$	201			$	—			$	—			$	201
Rabbi trust assets			676				676				—				—
Interest rate swap asset			450				—				450				—
Other liabilities
Interest rate swap liability			480				—				480				—

		December 31, 2024
(Dollars in thousands)		Total				Level 1				Level 2				Level 3
Securities available for sale
Mortgage backed securities		$	164,438			$	—			$	164,438			$	—
U.S. Treasury and agencies			69,455				—				69,455				—
State and municipals			42,937				—				42,937				—
Corporate bonds			35,205				—				34,455				750
Total securities available for sale		$	312,035			$	—			$	311,285			$	750
Other assets
MSRs		$	386			$	—			$	—			$	386
Rabbi trust assets			600				600				—				—
Mortgage derivative asset			140				—				140				—
Interest rate swap asset			95				—				95				—
Other liabilities
Interest rate swap liability		$	95			$	—			$	95			$	—

The following table presents the change in corporate bonds and MSRs using Level 3 inputs for the periods stated.

(Dollars in thousands)		Corporate Bonds				MSRs
Balance as of December 31, 2024		$	750			$	386
Called security available for sale			(250	)			—
Fair value adjustments			—				(185	)
Balance as of September 30, 2025		$	500			$	201

As of September 30, 2025 and December 31, 2024, one corporate bond totaling $0.5 million and two corporate bonds totaling $0.8 million, respectively, were reported at their respective amortized cost basis and as Level 3 assets in the fair value hierarchy, as there were no observable market prices for similar investments.

25

The following tables summarize assets that were measured at fair value on a nonrecurring basis as of the dates stated.

		September 30, 2025
(Dollars in thousands)		Total				Level 1				Level 2				Level 3
Other equity investments		$	4,853			$	—			$	1,847			$	3,006
Collateral-dependent loans			3,053				—				—				3,053
Loans held for sale			12,819				—				12,819				—
Other non-real estate owned (1)			222				—				—				222
(1) Included in other assets on the consolidated balance sheets.

		December 31, 2024
(Dollars in thousands)		Total				Level 1				Level 2				Level 3
Other equity investments		$	4,834			$	—			$	1,828			$	3,006
Collateral-dependent loans			6,954				—				—				6,954
Loans held for sale			30,976				—				30,976				—
Other real estate owned ("OREO") (1)			279				—				—				279
(1) Included in other assets on the consolidated balance sheets.

The following tables present quantitative information about Level 3 fair value measurements of assets measured on a nonrecurring basis as of the dates stated.

(Dollars in thousands)		Balance as of September 30, 2025				Unobservable Input		Range
Other equity investments
Probability weighted expected return technique		$	3,006			Discount Rate			20	%
Collateral-dependent loans
Discounted appraised value technique			3,053			Selling Costs			5	%
Other non-real estate owned (1)
Discounted cash flows technique			222			Discount Rate			20	%
(1) Included in other assets on the consolidated balance sheets.

(Dollars in thousands)		Balance as of December 31, 2024				Unobservable Input		Range
Other equity investments
Probability weighted expected return technique		$	3,006			Discount Rate			20	%
Collateral-dependent loans
Discounted appraised value technique			6,954			Selling Costs		7% - 15%
OREO (1)
Discounted sales price technique			279			Selling Costs			7	%
(1) Included in other assets on the consolidated balance sheets.

26

The following tables present the estimated fair values, related carrying amounts, and valuation level of the financial instruments as of the dates stated.

		September 30, 2025
										Fair Value Measurements
(Dollars in thousands)		Carrying Value				Fair Value				Level 1				Level 2				Level 3
Financial Assets
Cash and due from banks		$	121,032			$	121,032			$	121,032			$	—			$	—
Federal funds sold			7,773				7,773				7,773				—				—
Securities available for sale			341,354				341,354				—				340,854				500
Restricted equity investments			18,988				18,988				—				18,988				—
Other equity investments			4,853				4,853				—				1,847				3,006
Other investments			20,804				20,804				—				—				20,804
Loans held for sale			12,819				12,819				—				12,819				—
Loans held for investment, net			1,892,223				1,826,790				—				—				1,826,790
Accrued interest receivable			11,012				11,012				—				11,012				—
Bank owned life insurance			896				896				—				896				—
MSRs			201				201				—				—				201
Financial Liabilities
Noninterest-bearing demand		$	411,100			$	411,100			$	411,100			$	—			$	—
Interest-bearing demand and money market			621,268				621,268				—				621,268				—
Savings			100,300				100,300				—				100,300				—
Time			818,411				821,302				—				—				821,302
FHLB borrowings			150,000				150,424				—				150,424				—
Subordinated notes, net			14,731				13,888				—				—				13,888

		December 31, 2024
										Fair Value Measurements
(Dollars in thousands)		Carrying Value				Fair Value				Level 1				Level 2				Level 3
Financial Assets
Cash and due from banks		$	173,533			$	173,533			$	173,533			$	—			$	—
Restricted cash			2,459				2,459				2,459				—				—
Federal funds sold			838				838				838				—				—
Securities available for sale			312,035				312,035				—				311,285				750
Restricted equity investments			19,275				19,275				—				19,275				—
Other equity investments			4,834				4,834				—				1,828				3,006
Other investments			19,405				19,405				—				—				19,405
Loans held for sale			30,976				30,976				—				30,976				—
Loans held for investment, net			2,088,774				1,998,668				—				—				1,998,668
Accrued interest receivable			12,537				12,537				—				12,537				—
Bank owned life insurance			1,083				1,083				—				1,083				—
MSRs			386				386				—				—				386
Financial Liabilities
Noninterest-bearing demand		$	452,690			$	452,690			$	452,690			$	—			$	—
Interest-bearing demand and money market			598,875				598,875				—				598,875				—
Savings			100,857				100,857				—				100,857				—
Time			1,027,020				1,029,199				—				—				1,029,199
FHLB borrowings			150,000				152,782				—				152,782				—
Subordinated notes, net			39,789				38,765				—				—				38,765

Note 6 – Minimum Regulatory Capital Requirements

Banks and bank holding companies are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, financial institutions must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and

27

certain off-balance sheet items as calculated under regulatory accounting practices. A financial institution's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Pursuant to the final rules implementing the Basel Committee on Banking Supervision's capital guidelines for U.S. banks, banks must hold a capital conservation buffer of 2.50% above the adequately capitalized risk-based capital ratios for all ratios, except the tier 1 leverage ratio. If a banking organization dips into its capital conservation buffer, it is subject to limitations on certain activities, including payment of dividends, share repurchases, and discretionary compensation to certain officers. Federal and state banking regulations place certain additional restrictions on dividends paid by the Company.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized; although, these terms are not used to represent overall financial condition. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required.

In addition to the foregoing capital requirements, the Bank is subject to minimum capital ratios set forth in the Consent Order that are higher than those required for capital adequacy purposes generally. The Bank is required to maintain a leverage ratio of 10.00% and a total capital ratio of 13.00%. As of September 30, 2025 and December 31, 2024, the Bank met these minimum capital ratios. Until the Consent Order has been lifted, the Bank is deemed to be less than well capitalized, thus adequately capitalized.

The Company adopted ASC 326, Financial Instruments - Credit Losses (referred to herein as "current expected credit losses" or "CECL") effective January 1, 2023. Federal and state banking regulations allow financial institutions to irrevocably elect to phase-in the after-tax cumulative effect adjustment to retained earnings (the "CECL Transitional Amount") over a three-year period. The three-year phase-in of the CECL Transitional Amount to regulatory capital was 25% and 50% in 2023 and 2024, respectively, and is 25% in 2025. The Bank made this irrevocable election effective with its first quarter 2023 call report.

The following tables present the capital ratios to which banks are subject to be adequately and well capitalized, as well as the capital and capital ratios for the Bank as of the dates stated. Adequately capitalized ratios include the conservation buffer, if applicable. The following table also includes the capital adequacy ratios to which bank holding companies are subject. Also presented are the minimum capital ratios set forth in the Consent Order for the Bank and the related capital amounts for both the leverage ratio and the total risk based capital ratio. The CECL Transitional Amount was $8.1 million, of which $6.1 million and $4.1 million reduced the regulatory capital amounts and capital ratios as of September 30, 2025 and December 31, 2024, respectively.

		September 30, 2025
		Actual								For Capital Adequacy Purposes								To Be Well Capitalized								Minimum Capital Ratios
(Dollars in thousands)		Amount				Ratio				Amount				Ratio				Amount				Ratio				Amount				Ratio
Total risk based capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	365,989				19.96	%		$	192,507				10.50	%		$	183,340				10.00	%		$	238,342				13.00	%
Blue Ridge Bankshares, Inc.		$	407,122				22.02	%		$	147,898				8.00	%		n/a				n/a				n/a				n/a
Tier 1 capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	347,348				18.95	%		$	155,840				8.50	%		$	146,673				8.00	%		n/a				n/a
Blue Ridge Bankshares, Inc.		$	376,650				20.37	%		$	110,924				6.00	%		n/a				n/a				n/a				n/a
Common equity tier 1 capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	347,348				18.95	%		$	128,338				7.00	%		$	119,171				6.50	%		n/a				n/a
Blue Ridge Bankshares, Inc.		$	376,650				20.37	%		$	83,193				4.50	%		n/a				n/a				n/a				n/a
Tier 1 leverage (to average assets)
Blue Ridge Bank, N.A.		$	347,348				13.67	%		$	101,650				4.00	%		$	127,062				5.00	%		$	254,125				10.00	%
Blue Ridge Bankshares, Inc.		$	376,650				14.70	%		$	102,518				4.00	%		n/a				n/a				n/a				n/a

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		December 31, 2024
		Actual								For Capital Adequacy Purposes								To Be Well Capitalized								Minimum Capital Ratios
(Dollars in thousands)		Amount				Ratio				Amount				Ratio				Amount				Ratio				Amount				Ratio
Total risk based capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	358,848				17.26	%		$	218,260				10.50	%		$	207,866				10.00	%		$	270,226				13.00	%
Blue Ridge Bankshares, Inc.		$	414,284				19.79	%		$	167,444				8.00	%		n/a				n/a				n/a				n/a
Tier 1 capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	340,386				16.38	%		$	176,687				8.50	%		$	166,293				8.00	%		n/a				n/a
Blue Ridge Bankshares, Inc.		$	360,933				17.24	%		$	125,583				6.00	%		n/a				n/a				n/a				n/a
Common equity tier 1 capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	340,386				16.38	%		$	145,507				7.00	%		$	135,113				6.50	%		n/a				n/a
Blue Ridge Bankshares, Inc.		$	360,933				17.24	%		$	94,187				4.50	%		n/a				n/a				n/a				n/a
Tier 1 leverage (to average assets)
Blue Ridge Bank, N.A.		$	340,386				11.80	%		$	115,364				4.00	%		$	144,204				5.00	%		$	288,409				10.00	%
Blue Ridge Bankshares, Inc.		$	360,933				12.43	%		$	116,169				4.00	%		n/a				n/a				n/a				n/a

Note 7 – Commitments and Contingencies

In the ordinary course of operations, the Company offers various financial products to its customers to meet their credit and liquidity needs. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and stand-by letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional commitments as it does for on-balance sheet commitments.

Subject to its normal credit standards and risk monitoring procedures, the Company makes contractual commitments to extend credit. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. As of September 30, 2025 and December 31, 2024, the Company had outstanding loan commitments of $243.6 million and $283.2 million, respectively. Of these amounts, $35.5 million and $32.9 million were unconditionally cancelable at the sole discretion of the Company as of the same respective dates.

Conditional commitments are issued by the Company in the form of financial stand-by letters of credit, which guarantee payment to the underlying beneficiary (i.e., third party) if the customer fails to meet its designated financial obligation. As of September 30, 2025 and December 31, 2024, commitments under outstanding financial stand-by letters of credit totaled $9.5 million and $12.5 million, respectively. The credit risk of issuing stand-by letters of credit can be greater than the risk involved in extending loans to customers.

The Company recorded no provision for credit losses for unfunded commitments for either the three months or nine months ended September 30, 2025. The reserve for unfunded commitments, which is included in other liabilities on the consolidated balance sheets, was $0.9 million as of both September 30, 2025 and December 31, 2024.

As part of the sale of substantially all of its MSR portfolio during 2024, the Company recorded a reserve for estimated putbacks, transition costs, and unearned sales proceeds. The putbacks related to industry-standard items, including prepayments or early delinquencies of the underlying mortgages, all of which were subject to term limits per the respective sales agreements. As of September 30, 2025, all such term limits have expired. The reserve for unearned sales proceeds relates to the Company providing certain documentation to the buyers. In the three and nine months ended September 30, 2025, the Company received $0.7 million and $1.0 million, respectively, of previously unearned sale proceeds, which resulted in a corresponding release of the reserve and were reported as income on sale of MSRs on the consolidated statements of operations. As of September 30, 2025 and December 31, 2024, the reserve was $0.6 million and $1.8 million, respectively, and was included in other liabilities on the consolidated balance sheet.

The Company has investments in various partnerships and limited liability companies. Pursuant to these investments, the Company commits to an investment amount that may be fulfilled in future periods. At September 30, 2025 and December 31, 2024, the Company had future commitments outstanding totaling $5.2 million and $7.1 million, respectively, related to these investments.

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Note 8 – Stock-Based Compensation

The Company has granted restricted stock awards (“time-based RSAs”) to employees and directors, and performance-based restricted stock awards (“PSAs”) to employees, under equity incentive plans that have been approved by the Company's shareholders. Time-based RSAs vest over time and are considered fixed awards as the number of shares and fair value is known at the date of grant. The fair value of the award at the grant date is amortized over the requisite service period, which is generally three years. PSAs vest at the end of a specified period contingent on the Company's achievement of financial goals and are expensed on a straight-line basis over the performance period, with adjustments periodically based on projected achievement of such performance goals.

On April 29, 2025, the Company granted PSAs totaling 3,400,000 shares of common stock to certain executive officers. The vesting of these awards is contingent upon the Company achieving specified performance thresholds over three one-year measurement periods. Stock-based compensation expense, reported as a component of salaries and employee benefits in the consolidated statements of operations, was $1.2 million and $3.5 million for the three and nine months ended September 30, 2025, respectively, compared to $0.1 million and $0.6 million for the three and nine months ended September 30, 2024, respectively.

The following table presents the activity in time-based RSAs and PSAs as of the dates and for the periods stated.

		For the nine months ended September 30, 2025
		Time-based RSAs								PSAs
		Shares				Weighted Average Fair Value				Shares				Weighted Average Fair Value
Shares unvested and outstanding at beginning of period			585,700			$	3.63				116,830			$	11.43
Granted			145,643				3.74				3,400,000				3.54
Vested (1)			(179,590	)			4.09				—				—
Forfeited			(49,395	)			4.34				(56,346	)			14.20
Shares unvested and outstanding at end of period			502,358			$	3.43				3,460,484			$	3.60
(1) Shares totaling 19,022 were withheld as payment of taxes in the nine months ended September 30, 2025.

Note 9 – Earnings Per Share

The following table shows the calculation of basic and diluted earnings per share ("EPS"), the weighted average number of shares outstanding used in computing EPS, the effect on the weighted average number of shares outstanding

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of dilutive potential common stock for the periods stated, and the weighted average number of securities excluded from the computation of diluted EPS because their effects would have been anti-dilutive.

		For the three months ended September 30,								For the nine months ended September 30,
(Dollars in thousands, except per share data)		2025				2024				2025				2024
Net income (loss)		$	5,603			$	946			$	6,465			$	(13,382	)
Weighted average common shares outstanding, basic			88,547,750				73,366,140				87,612,199				39,132,557
Effect of dilutive securities (1)			10,836,329				13,720,237				8,977,523				—
Weighted average common shares outstanding, dilutive			99,384,079				87,086,377				96,589,722				39,132,557
Basic and diluted income (loss) per common share		$	0.06			$	0.01			$	0.07			$	(0.34	)
(1) Components of dilutive securities
PSAs			952,496				1,805				371,911				—
Preferred stock			—				10,928,000				—				—
Warrants			9,883,833				2,790,432				8,605,612				—
Total weighted average dilutive securities			10,836,329				13,720,237				8,977,523				—
Weighted average anti-dilutive securities excluded from diluted EPS
PSAs			—				92,727				1,613				95,605
Stock options			19,933				29,741				21,544				29,979
Preferred stock			—				—				—				10,928,000
Warrants			—				—				—				1,884,183
Total weighted average anti-dilutive securities			19,933				122,468				23,157				12,937,767

Note 10 – Segment Reporting

The Chief Operating Decision Maker (the "CODM") evaluates each of the Company's segments based on net income (loss), using segment financial information compiled utilizing the accounting policies listed in Note 2 of the 2024 Form 10-K. The profitability of the segment helps the CODM evaluate staffing levels, assess available cash for allocation to projects and resources, and make informed decisions on whether the segment's activities should be modified to align with the Company’s overall near- and long-term strategies.

Until March 2025, the Company operated through three reportable business segments: commercial banking, mortgage banking, and holding company activities. The commercial banking business segment makes loans to and generates deposits from individuals and businesses, while offering a wide array of general financial services to its customers. The mortgage banking segment, which operated as Monarch Mortgage and focused on residential mortgage origination and sales activities, was sold in March 2025. The Company has closed, funded, and sold the loans that were in process at the time of the sale; it is therefore presented as a reportable segment for all periods stated for comparative purposes. Activities at the holding company or parent level are primarily associated with investments, borrowings, and certain noninterest expenses.

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Information about reportable segments, and reconciliation of such information to the consolidated financial statements follows, as of the dates and periods stated.

		As of and for the three months ended September 30, 2025
(Dollars in thousands)		Commercial Banking				Mortgage Banking				Parent Only				Eliminations				Blue Ridge Bankshares, Inc. Consolidated
NET INTEREST INCOME
Interest income		$	36,203			$	10			$	—			$	—			$	36,213
Interest expense			13,964				—				338				—				14,302
Net interest income			22,239				10				(338	)			—				21,911
Recovery of credit losses			(1,800	)			—				—				—				(1,800	)
Net interest income after recovery of credit losses			24,039				10				(338	)			—				23,711
NONINTEREST INCOME
Fair value adjustments of other equity investments			—				—				163				—				163
Residential mortgage banking income			—				5				—				—				5
MSRs			—				(48	)			—				—				(48	)
Income on sale of MSRs			—				737				—				—				737
Other			3,075				—				—				(99	)			2,976
Total noninterest income			3,075				694				163				(99	)			3,833
NONINTEREST EXPENSE
Salaries and employee benefits			11,325				63				—				—				11,388
Occupancy and equipment			1,179				11				—				—				1,190
Technology and communication			2,147				167				—				—				2,314
Other			5,121				71				56				(99	)			5,149
Total noninterest expense			19,772				312				56				(99	)			20,041
Income (loss) before income tax expense			7,342				392				(231	)			—				7,503
Income tax expense (benefit)			1,949				—				(49	)			—				1,900
Net income (loss)		$	5,393			$	392			$	(182	)		$	—			$	5,603
Total assets		$	2,475,826			$	947			$	371,288			$	(351,112	)		$	2,496,949

		As of and for the three months ended September 30, 2024
(Dollars in thousands)		Commercial Banking				Mortgage Banking				Parent Only				Eliminations				Blue Ridge Bankshares, Inc. Consolidated
NET INTEREST INCOME
Interest income		$	38,803			$	422			$	—			$	—			$	39,225
Interest expense			19,385				174				565				—				20,124
Net interest income			19,418				248				(565	)			—				19,101
Recovery of credit losses			(6,200	)			—				—				—				(6,200	)
Net interest income after recovery of credit losses			25,618				248				(565	)			—				25,301
NONINTEREST INCOME
Fair value adjustments of other equity investments			—				—				160				—				160
Residential mortgage banking income			—				2,746				—				—				2,746
MSRs			—				(2,915	)			—				—				(2,915	)
Loss on sale of MSRs			—				(1,011	)			—				—				(1,011	)
Other			3,812				—				2				(96	)			3,718
Total noninterest income			3,812				(1,180	)			162				(96	)			2,698
NONINTEREST EXPENSE
Salaries and employee benefits			12,554				1,365				19				—				13,938
Occupancy and equipment			1,286				108				—				—				1,394
Technology and communication			2,457				310				—				—				2,767
Regulatory remediation			357				—				—				—				357
Other			6,953				722				419				(96	)			7,998
Total noninterest expense			23,607				2,505				438				(96	)			26,454
Income (loss) before income tax expense			5,823				(3,437	)			(841	)			—				1,545
Income tax expense (benefit)			1,523				(751	)			(173	)			—				599
Net income (loss)		$	4,300			$	(2,686	)		$	(668	)		$	—			$	946
Total assets		$	2,900,927			$	33,519			$	377,806			$	(367,561	)		$	2,944,691

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		As of and for the nine months ended September 30, 2025
(Dollars in thousands)		Commercial Banking				Mortgage Banking				Parent Only				Eliminations				Blue Ridge Bankshares, Inc. Consolidated
NET INTEREST INCOME
Interest income		$	106,108			$	191			$	—			$	—			$	106,299
Interest expense			43,797				40				1,720				—				45,557
Net interest income			62,311				151				(1,720	)			—				60,742
Recovery of credit losses			(2,500	)			—				—				—				(2,500	)
Net interest income after recovery of credit losses			64,811				151				(1,720	)			—				63,242
NONINTEREST INCOME
Fair value adjustments of other equity investments			—				—				8				—				8
Residential mortgage banking income			—				847				—				—				847
MSRs			—				(185	)			—				—				(185	)
Income on sale of MSRs			—				1,026				—				—				1,026
Other			8,750				—				—				(297	)			8,453
Total noninterest income			8,750				1,688				8				(297	)			10,149
NONINTEREST EXPENSE
Salaries and employee benefits			35,095				1,903				—				—				36,998
Occupancy and equipment			3,625				75				—				—				3,700
Technology and communication			6,686				977				—				—				7,663
Other			15,571				626				740				(297	)			16,640
Total noninterest expense			60,977				3,581				740				(297	)			65,001
Income (loss) before income tax expense			12,584				(1,742	)			(2,452	)			—				8,390
Income tax expense (benefit)			2,923				(483	)			(515	)			—				1,925
Net income (loss)		$	9,661			$	(1,259	)		$	(1,937	)		$	—			$	6,465
Total assets		$	2,475,826			$	947			$	371,288			$	(351,112	)		$	2,496,949

		As of and for the nine months ended September 30, 2024
(Dollars in thousands)		Commercial Banking				Mortgage Banking				Parent Only				Eliminations				Blue Ridge Bankshares, Inc. Consolidated
NET INTEREST INCOME
Interest income		$	121,181			$	1,206			$	—			$	—			$	122,387
Interest expense			60,636				539				1,677				—				62,852
Net interest income			60,545				667				(1,677	)			—				59,535
Recovery of credit losses			(4,100	)			—				—				—				(4,100	)
Net interest income after recovery of credit losses			64,645				667				(1,677	)			—				63,635
NONINTEREST INCOME
Fair value adjustments of other equity investments			—				—				(8,384	)			—				(8,384	)
Residential mortgage banking income			—				8,214				—				—				8,214
MSRs			—				(166	)			—				—				(166	)
Loss on sale of MSRs			—				(1,011	)			—				—				(1,011	)
Other			12,374				—				19				(288	)			12,105
Total noninterest income			12,374				7,037				(8,365	)			(288	)			10,758
NONINTEREST EXPENSE
Salaries and employee benefits			40,307				4,548				63				—				44,918
Occupancy and equipment			3,870				351				—				—				4,221
Technology and communication			6,425				953				—				—				7,378
Regulatory remediation			4,398				—				—				—				4,398
Other			24,460				2,231				881				(288	)			27,284
Total noninterest expense			79,460				8,083				944				(288	)			88,199
(Loss) income before income tax expense			(2,441	)			(379	)			(10,986	)			—				(13,806	)
Income tax expense (benefit)			1,960				(90	)			(2,294	)			—				(424	)
Net (loss) income		$	(4,401	)		$	(289	)		$	(8,692	)		$	—			$	(13,382	)
Total assets		$	2,900,927			$	33,519			$	377,806			$	(367,561	)		$	2,944,691

Included in other expenses are costs for legal and regulatory filings, audit fees, other contractual services, and other miscellaneous expenses.

The Company had no transactions with a single customer that in the aggregate resulted in revenues exceeding 10% of consolidated total revenues for the three and nine months ended September 30, 2025 and 2024.

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Note 11 – Legal Matters

In the ordinary course of operations, the Company is party to legal proceedings. Based upon information currently available, management believes that such legal proceedings, in the aggregate, will not have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows.

On December 20, 2024, a former Deputy Bank Secrecy Act Officer and manager at the Bank filed suit against the Company and the Company’s and the Bank’s Chief Executive Officer, in the Circuit Court of the City of Richmond (Virginia) alleging that she was retaliated against and constructively discharged in violation of the Virginia Whistleblower Protection Act, Va. Code § 40.1-27.3, and Bowman v. State Bank of Keysville, 331 S.E.2d 797 (Va. 1985). On December 30, 2024, the Company removed the matter to the United States District Court for the Eastern District of Virginia, where it subsequently filed a motion to dismiss. On July 18, 2025, the court granted the Company’s motion to dismiss. The case caption in the district court is Porter v. Blue Ridge Bankshares, Inc. (No. 3:24-cv-909 (E.D. Va.)). On August 15, 2025, the plaintiff appealed the dismissal of her claims to the U.S. Court of Appeals for the Fourth Circuit, Case No. 25-1970, asserting various violations of law. The Company believes the plaintiff’s claims are without merit and will continue to defend itself vigorously in the matter.

On December 5, 2023, an alleged shareholder of the Company commenced a putative class action in the U.S. District Court for the Eastern District of New York (No. 1:23-cv-08944) (Russell Hunter v. Blue Ridge Bankshares, Inc., et al.) on behalf of himself and any persons or entities who purchased the publicly traded stock of the Company between February 3, 2023 and October 31, 2023, both dates inclusive (the “Action”). The Action alleges violations of federal securities laws against the Company and certain of its current and former officers based on alleged material misstatements and omissions related to accounting judgments in the Company’s filings with the Securities and Exchange Commission. The complaint seeks certification of a class action, unspecified damages, and attorney’s fees. The putative class representative filed an amended complaint, and the Company filed a letter seeking permission to file a motion to dismiss. The parties engaged in non-binding mediation on December 5, 2024, during which the parties agreed in principle to settlement terms for $2.5 million. The Company was insured for its legal fees and for the settlement amount less a deductible that was expensed in 2024. On February 4, 2025, the plaintiff filed an unopposed motion for preliminary approval of the proposed class action settlement, which, if granted, would settle the Action and any claims related to the Action or that could have been brought in the Action by the parties, the parties’ counsel, or settlement class members (the “Motion”). The Motion expressly disclaims any fault, liability, or wrongdoing on the part of the Company. On June 6, 2025, the court conducted a preliminary fairness hearing regarding the Motion. On June 11, 2025, the federal magistrate judge recommended that the court grant the Motion. On July 5, 2025, the court adopted the magistrate’s report and recommendation, and on July 25, 2025, the court granted preliminary approval of the settlement, effective July 5, 2025. Also on July 25, 2025, the court set a final settlement approval hearing date of October 29, 2025. On July 29, 2025, the defendants satisfied their payment obligations under the settlement. On October 29, 2025, the court held a final settlement approval hearing at which no objections to the settlement were raised.

Note 12 – Subsequent Events

On October 27, 2025, the Company announced a special cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on November 21, 2025 to shareholders of record as of the close of business on November 7, 2025 and will total approximately $30.0 million.

Subsequent to September 30, 2025, and pursuant to the Repurchase Program, warrants to purchase 3,229,000 shares of the Company's common stock were repurchased by the Company for $6.1 million.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following presents management’s discussion and analysis of the Company’s consolidated financial condition and the results of the Company's operations. This discussion should be read in conjunction with the unaudited consolidated financial statements and the notes thereto included in this Form 10-Q and the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). Results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results of operations for the balance of 2025, or for any other period. As used in this report, the terms “the Company,” “we,” “us,” and “our” refer to Blue Ridge Bankshares, Inc. and its consolidated subsidiaries. The term “Bank” refers to Blue Ridge Bank, National Association.

Cautionary Note About Forward-Looking Statements

The Company makes certain forward-looking statements in this Form 10-Q that are subject to risks and uncertainties. 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 or phases 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 are subject to 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;

•the impact of, and the ability to comply with, the terms of the Consent Order, as defined below, with the Office of the Comptroller of the Currency ("OCC"), including the heightened capital requirements and other restrictions therein, and other regulatory directives;

•the imposition of additional regulatory actions or restrictions for noncompliance with the Consent Order or otherwise;

•the Company’s involvement in, and the outcome of, any litigation, legal proceedings, or enforcement actions that may be instituted against the Company;

•reputational risk and potential adverse reactions of the Company’s customers, suppliers, employees, or other business partners;

•the Company’s ability to manage its fintech relationships, including implementing enhanced controls, complying with the OCC directives and applicable laws and regulations, and managing the final phases of the wind down of these partnerships;

•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 become damaged;

35

•The emergence of digital assets and payment stablecoins, and evolving legislative or regulatory frameworks, may alter deposit flows, competition, and credit intermediation. Changes or gaps in these emerging rules could adversely affect the Company’s funding, liquidity, or overall financial performance;

•the ability to maintain capital levels adequate to support the Company's business and to comply with the Consent Order directives;

•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 timely development of competitive products and services and the acceptance of these products and services by new and existing customers;

•changes in consumer spending and savings habits;

•the willingness of users to substitute competitors’ products and services for the Company’s products and services;

•the impact of unanticipated outflows of deposits;

•technological and social media changes;

•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, 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;

•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 2024 Form 10-K and in this Form 10-Q and in filings the Company makes from time to time with the 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 the 2024 Form 10-K and this Form 10-Q, including those discussed in the section

36

entitled "Risk Factors" in those filings. If one or more of the factors affecting forward-looking information and statements proves incorrect, then actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this Form 10-Q. Therefore, the Company cautions not to place undue reliance on its forward-looking information and statements. The Company will not update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how these risks and uncertainties will affect it.

Share Repurchase Program

On August 25, 2025, the Company announced the adoption of a share repurchase program (the “Repurchase Program”) pursuant to which the Company may purchase up to $15.0 million of the Company’s common stock.

Repurchases may be made in open market purchases, block trades, or privately negotiated transactions, including upon the exercise of outstanding warrants to purchase common stock. The Company cannot predict when or if it will repurchase additional shares of common stock as the Repurchase Program will depend on a number of factors, including constraints specified in any SEC Rule 10b5-1 trading plans, price, and general business and market conditions.

During the three months ended September 30, 2025, the Company repurchased 659,949 shares of common stock at a weighted average price of $4.16 per share totaling $2.8 million.

For information regarding the Repurchase Program, please see Part II, Item 2 of this Form 10-Q.

Sale of Mortgage Division

On March 27, 2025, the Company completed the previously announced sale of its mortgage division operating as Monarch Mortgage. The sale, which included the transfer of certain assets and leases, resulted in a $0.2 million loss, primarily due to the write-off of fixed assets and lease impairment, and is reported in other noninterest income.

This transaction did not meet the criteria for classification as a discontinued operation under Accounting Standards Codification ("ASC") 205-20, Presentation of Financial Statements – Discontinued Operations, and is therefore reported within continuing operations as of and for all periods stated herein.

Regulatory Matters

On January 24, 2024, the Bank consented to the issuance of the Consent Order by the OCC ("Consent Order"). The Consent Order generally incorporates the provisions of the formal written agreement (the "Written Agreement") entered into between the Bank and the OCC on August 29, 2022, as well as adding new provisions. The Written Agreement principally concerned the Bank’s fintech operations and required the Bank to continue enhancing its controls for assessing and managing the third-party, Bank Secrecy Act/Anti-Money Laundering, and information technology risks stemming from its fintech partnerships and adds time frames by which certain of the directives are required. The Consent Order also requires the Bank to maintain a leverage ratio of 10.0% and a total capital ratio of 13.0%, referred to as minimum capital ratios. As of September 30, 2025 and December 31, 2024, the Bank’s capital ratios exceeded these minimum capital ratios. The Company believes it has made significant progress towards meeting the requirements of the Consent Order. Complete copies of the Written Agreement and the Consent Order are included as Exhibits 10.9 and 10.10, respectively, of the 2024 Form 10-K.

Private Placements

In the second quarter of 2024, the Company closed private placements in which it issued and sold shares of its common and preferred stock for gross proceeds of $161.6 million (collectively, the "Private Placements"). On June 20, 2024, the Company’s shareholders approved an amendment to the Company's articles of incorporation authorizing the issuance of additional shares of common stock, thus enabling the conversion of the preferred shares issued in the Private Placements into shares of the Company’s common stock. The conversion occurred on June 28, 2024 and November 7, 2024. Capital proceeds received, net of issuance costs, from the Private Placements totaled $152.1 million. The Private Placements also included the issuance of warrants to purchase common stock at $2.50 per share.

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The table below presents information pertaining to warrants to purchase the Company’s common stock as of and for the period stated.

	As of and for the nine months ended September 30, 2025
	Warrants Issued April 3, 2024				Warrants Issued June 13, 2024				Total Warrants
Warrants outstanding at beginning of period		29,027,999				2,424,000				31,451,999
Warrants exercised during the period (1)		(3,903,000	)			—				(3,903,000	)
Warrants outstanding at end of period		25,124,999				2,424,000				27,548,999
Remaining exercise term (years)		3.51				3.70
(1) Warrants to purchase 125,000 shares of common stock were exercised during the three months ended September 30, 2025.

General

There were no changes to the Critical Accounting Policies disclosed in Item 7 of the 2024 Form 10-K.

Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current year presentations. The reclassifications had no effect on net income, net income per share, total assets, total liabilities, or stockholders’ equity as previously reported.

Comparison of Financial Condition as of September 30, 2025 and December 31, 2024

Total assets were $2.50 billion as of September 30, 2025, a decrease of $240.3 million from $2.74 billion as of December 31, 2024. Most of this decrease was attributable to a decline in loans held for investment, which decreased $199.1 million to $1.91 billion as of September 30, 2025, from $2.11 billion as of December 31, 2024. Of the decline in loans held for investment, $83.9 million was due to a continuation of the Company's actions beginning in 2024 to purposefully and selectively reduce balances of loans where borrowers did not represent in-market relationships. The allowance for credit losses ("ACL") was $20.5 million and $23.0 million as of September 30, 2025 and December 31, 2024, respectively.

Total deposits were $1.95 billion as of September 30, 2025, a net decrease of $228.4 million from December 31, 2024. The decline in the first nine months of 2025 was primarily due to a $134.6 million decrease in brokered time deposits.

Total stockholders’ equity increased by $27.7 million to $355.5 million as of September 30, 2025, from $327.8 million at December 31, 2024, primarily due to additional capital of $9.8 million from the exercise of warrants issued in the Private Placements, a $10.7 million decrease in after-tax unrealized losses in the Company’s portfolio of securities available for sale, and net income for the nine months ended September 30, 2025 of $6.5 million, partially offset by $2.8 million of share repurchases pursuant to the Repurchase Program.

Comparison of Results of Operations for the Three and Nine Months Ended September 30, 2025 and 2024

For the three months ended September 30, 2025, the Company reported net income of $5.6 million, or $0.06 per diluted common share, compared to net income of $0.9 million, or $0.01 per diluted common share, for the same period of 2024.

For the nine months ended September 30, 2025, the Company reported net income of $6.5 million, or $0.07 per diluted common share, compared to a net loss of $13.4 million, or ($0.34) per diluted common share, for the same period of 2024.

Net income for the three and nine months ended September 30, 2025 included $2.3 million and $2.7 million, respectively, of after-tax loan fee income due to the payoff of the Company's largest previously criticized out-of-market loan relationship. In the 2025 periods, the Company received unearned sale proceeds, resulting in an after-tax release of reserves of $0.6 million and $0.8 million for the three and nine months ended September 30, 2025, respectively, which were reported as income on sale of mortgage servicing rights ("MSRs") on the consolidated statements of operations. After-tax severance costs were $0.1 million and $0.9 million for the three and nine months ended September 30, 2025, respectively. After-tax regulatory remediation expenses in connection with the Consent Order for both the three and

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nine months ended September 30, 2025 were $0, compared to $0.3 million and $3.4 million of after-tax costs incurred for the same respective periods in 2024.

Net income for the nine months ended September 30, 2025 also included an after-tax benefit of $1.0 million – primarily the recovery of non-credit-related amounts in the second quarter of 2025 reserved for in the prior year – as the Company concluded outstanding exit activities with a former fintech banking-as-a-service (“BaaS”) partner. The net loss for the nine months ended September 30, 2024 included a second quarter $6.7 million non-cash, after-tax negative fair value adjustment recorded for an equity investment in a fintech company, partially offset by a $6.6 million after-tax recovery of credit losses on a specialty finance loan that was sold in the third quarter of 2024.

Net Interest Income. Net interest income is the excess of interest earned on loans, investments, and other interest-earning assets less the interest paid on deposits and borrowings and is the Company’s primary revenue source. Net interest income is thereby affected by overall balance sheet size, changes in interest rates, and changes in the mix of investments, loans, deposits, and borrowings. Net interest income for the three and nine months ended September 30, 2025 was $21.9 million and $60.7 million, respectively, a decline of $2.8 million and $1.2 million from the same respective periods in 2024.

Interest income for the three and nine months ended September 30, 2025 was $36.2 million and $106.3 million, respectively, representing decreases of $3.0 million and $16.1 million from the same respective periods in 2024. The decline was primarily attributable to lower average balances of loans held for investment, partially offset by realized loan fee income of $3.0 million and $3.5 million recognized in the same respective periods upon the payoff of the aforementioned out-of-market loan. Interest expense was $14.3 million and $45.6 million for the three and nine months ended September 30, 2025, respectively, a decrease of $5.8 million and $17.3 million from the same respective periods in 2024, largely driven by the decline in average balances and costs of interest-bearing deposits.

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The following table presents the average balance sheets for the three months ended September 30, 2025 and 2024. Also shown are the amounts of interest earned on interest-earning assets, with related tax-equivalent yields, and interest expense on interest-bearing liabilities, with related rates, as well as a volume and rate analysis of changes in net interest income for the periods stated.

		Average Balances, Income and Expense, Yields and Rates
		For the three months ended September 30,
		2025												2024												Total Increase/				Increase/(Decrease) Due to
(Dollars in thousands)		Average Balance				Interest				Yield/ Rate (1)				Average Balance				Interest				Yield/ Rate (1)				(Decrease)				Volume (2)				Rate (2)
Average Assets
Taxable securities		$	343,765			$	2,728				3.17	%		$	321,920			$	2,282				2.84	%		$	446			$	155			$	291
Tax-exempt securities (3)			12,216				87				2.85	%			12,560				80				2.55	%			7				(2	)			9
Total securities			355,981				2,815				3.16	%			334,480				2,362				2.82	%			453				153				300
Interest-earning deposits in other banks			129,766				1,383				4.26	%			149,990				2,053				5.48	%			(670	)			(277	)			(393	)
Federal funds sold			3,331				36				4.32	%			5,868				81				5.52	%			(45	)			(35	)			(10	)
Loans held for sale			16,074				1,059				26.35	%			65,219				2,242				13.75	%			(1,183	)			(1,689	)			506
Loans held for investment (4,5,6)			1,932,390				30,941				6.40	%			2,240,559				32,505				5.80	%			(1,564	)			(4,471	)			2,907
Total average interest-earning assets			2,437,542				36,234				5.95	%			2,796,116				39,243				5.61	%			(3,009	)			(6,319	)			3,310
Less: allowance for credit losses			(22,138	)											(32,001	)
Total noninterest-earning assets			120,449												203,659
Total average assets		$	2,535,853											$	2,967,774
Average Liabilities and Stockholders’ Equity:
Interest-bearing demand, money market, and savings		$	732,103			$	3,789				2.07	%		$	844,747			$	5,398				2.56	%		$	(1,609	)		$	(720	)		$	(889	)
Time (7)			838,825				8,712				4.15	%			1,003,751				11,586				4.62	%			(2,874	)			(1,904	)			(970	)
Total interest-bearing deposits			1,570,928				12,501				3.18	%			1,848,498				16,984				3.68	%			(4,483	)			(2,623	)			(1,860	)
FHLB borrowings			150,000				1,463				3.90	%			233,090				2,574				4.42	%			(1,111	)			(918	)			(193	)
Subordinated notes and other borrowings (8)			18,087				338				7.47	%			39,814				566				5.69	%			(228	)			(309	)			81
Total average interest-bearing liabilities			1,739,015				14,302				3.29	%			2,121,402				20,124				3.79	%			(5,822	)			(3,850	)			(1,972	)
Noninterest-bearing demand deposits			419,612												482,809
Other noninterest-bearing liabilities			31,868												36,683
Stockholders' equity			345,358												326,880
Total average liabilities and stockholders’ equity		$	2,535,853											$	2,967,774
Net interest income and margin (9)						$	21,932				3.60	%						$	19,119				2.74	%		$	2,813			$	(2,469	)		$	5,282
Cost of funds (10)											2.65	%											3.09	%
Net interest spread (11)											2.66	%											1.82	%
(1) Annualized.
(2) Change in income/expense due to both volume and rate has been allocated in proportion to the absolute dollar amounts of the change in each.
(3) Computed on a fully taxable equivalent basis assuming a 22.32% and 21.89% income tax rate for the three months ended September 30, 2025 and 2024, respectively.
(4) Includes deferred loan fees/costs.
(5) Non-accrual loans have been included in the computations of average loan balances.
(6) Includes accretion of fair value adjustments (discounts) on acquired loans of $453 thousand and $311 thousand for the three months ended September 30, 2025 and 2024, respectively.
(7) Includes amortization of fair value adjustments (premiums) on assumed time deposits of $22 thousand and $70 thousand for the three months ended September 30, 2025 and 2024, respectively.
(8) Includes amortization of fair value adjustments (premiums) on assumed subordinated notes of $18 thousand and $25 thousand for the three months ended September 30, 2025 and 2024, respectively.
(9) Net interest margin is net interest income divided by average interest-earning assets.
(10) Cost of funds is total interest expense divided by total interest-bearing liabilities and non-interest bearing demand deposits.
(11) Net interest spread is the yield on average interest-earning assets less the cost of average interest-bearing liabilities.

Average balances of interest-earning assets decreased $358.6 million to $2.44 billion for the three months ended September 30, 2025 compared to $2.80 billion for the same period of 2024. Relative to the year-ago period, this decrease reflected primarily lower average balances of loans held for investment. The yield on average loans held for investment was 6.40% and 5.80% for the third quarters of 2025 and 2024, respectively. Fee income realized from the payoff of the aforementioned out-of-market loan positively affected the yield on average loans held for investment by 62 basis points in the 2025 period. Interest income for the three months ended September 30, 2025 and 2024 included accretion of discounts on acquired loans of $0.5 million and $0.3 million, respectively.

Average balances of interest-bearing liabilities decreased $382.4 million to $1.74 billion for the three months ended September 30, 2025 compared to $2.12 billion for the same period of 2024. The decline relative to the year-ago period was primarily due to the exit of fintech BaaS deposit operations and the reduction of wholesale funding, reported in time deposits, and borrowings.

Cost of funds was 2.65% for the third quarter of 2025 compared to 3.09% for the third quarter of 2024, while cost of deposits was 2.51% and 2.91%, for the same respective periods. Lower cost of funds and lower cost of deposits in the 2025 periods relative to the year-ago periods were primarily due to the exit of higher cost fintech BaaS deposit operations and the reduction in wholesale deposits. Cost of deposits, excluding wholesale deposits, was 1.17% for the third quarter of 2025 compared to 1.71% for the third quarter of 2024.

Net interest income (on a taxable equivalent basis) for the three months ended September 30, 2025 was $21.9 million compared to $19.1 million for the same period in 2024. Interest income declined $3.0 million to $36.2 million

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for the three months ended September 30, 2025 from $39.2 million for the three months ended September 30, 2024, while interest expense declined $5.8 million to $14.3 million from $20.1 million for the same respective periods. Net interest margin improved to 3.60% for the third quarter of 2025 from 2.74% for the third quarter of 2024. For the third quarter of 2025, the aforementioned loan fee income of $3.0 million had a 49 basis point positive effect on net interest margin.

The following table presents the average balance sheets for the nine months ended September 30, 2025 and 2024. Also shown are the amounts of interest earned on interest-earning assets, with related tax-equivalent yields, and interest expense on interest-bearing liabilities, with related rates, as well as a volume and rate analysis of changes in net interest income for the periods stated.

		Average Balances, Income and Expense, Yields and Rates
		For the nine months ended September 30,
		2025												2024												Total Increase/				Increase/(Decrease) Due to
(Dollars in thousands)		Average Balance				Interest				Yield/ Rate (1)				Average Balance				Interest				Yield/ Rate (1)				(Decrease)				Volume (2)				Rate (2)
Average Assets
Taxable securities		$	335,265			$	7,721				3.07	%		$	328,024			$	7,119				2.89	%		$	602			$	157			$	445
Tax-exempt securities (3)			12,344				250				2.70	%			12,584				236				2.50	%			14				(5	)			19
Total securities			347,609				7,971				3.06	%			340,608				7,355				2.88	%			616				153				463
Interest-earning deposits in other banks			139,943				4,440				4.23	%			138,255				5,501				5.31	%			(1,061	)			67				(1,128	)
Federal funds sold			1,866				60				4.29	%			7,200				294				5.44	%			(234	)			(218	)			(16	)
Loans held for sale			23,177				3,819				21.97	%			62,425				6,374				13.61	%			(2,555	)			(4,007	)			1,452
Loans held for investment (4,5,6)			2,014,767				90,065				5.96	%			2,334,126				102,915				5.88	%			(12,850	)			(14,081	)			1,231
Total average interest-earning assets			2,527,362				106,355				5.61	%			2,882,614				122,439				5.66	%			(16,084	)			(18,086	)			2,003
Less: allowance for credit losses			(22,656	)											(34,149	)
Total noninterest-earning assets			124,101												223,613
Total average assets		$	2,628,807											$	3,072,078
Average Liabilities and Stockholders’ Equity:
Interest-bearing demand, money market, and savings		$	727,333			$	10,301				1.89	%		$	971,362			$	19,235				2.64	%		$	(8,934	)		$	(4,832	)		$	(4,102	)
Time (7)			910,703				29,194				4.27	%			985,077				33,506				4.54	%			(4,312	)			(2,530	)			(1,782	)
Total interest-bearing deposits			1,638,036				39,495				3.21	%			1,956,439				52,741				3.59	%			(13,246	)			(7,362	)			(5,884	)
FHLB borrowings			150,000				4,342				3.86	%			226,117				7,353				4.34	%			(3,011	)			(2,475	)			(536	)
FRB borrowings			—				—				—				30,839				1,080				4.67	%			(1,080	)			(1,080	)			—
Subordinated notes and other borrowings (8)			30,732				1,720				7.46	%			39,840				1,678				5.62	%			42				(384	)			426
Total average interest-bearing liabilities			1,818,768				45,557				3.34	%			2,253,235				62,852				3.72	%			(17,295	)			(11,301	)			(5,994	)
Noninterest-bearing demand deposits			439,589												499,289
Other noninterest-bearing liabilities			32,335												43,095
Stockholders' equity			338,115												276,459
Total average liabilities and stockholders’ equity		$	2,628,807											$	3,072,078
Net interest income and margin (9)						$	60,798				3.21	%						$	59,587				2.76	%		$	1,211			$	(6,786	)		$	7,997
Cost of funds (10)											2.69	%											3.04	%
Net interest spread (11)											2.27	%											1.94	%
(1) Annualized.
(2) Change in income/expense due to both volume and rate has been allocated in proportion to the absolute dollar amounts of the change in each.
(3) Computed on a fully taxable equivalent basis assuming a 22.32% and 21.89% income tax rate for the nine months ended September 30, 2025 and 2024, respectively.
(4) Includes deferred loan fees/costs.
(5) Non-accrual loans have been included in the computations of average loan balances.
(6) Includes accretion of fair value adjustments (discounts) on acquired loans of $1.2 million and $915 thousand for the nine months ended September 30, 2025 and 2024, respectively.
(7) Includes amortization of fair value adjustments (premiums) on assumed time deposits of $82 thousand and $248 thousand for the nine months ended September 30, 2025 and 2024, respectively.
(8) Includes amortization of fair value adjustments (premiums) on assumed subordinated notes of $67 thousand and $75 thousand for the nine months ended September 30, 2025 and 2024, respectively.
(9) Net interest margin is net interest income divided by average interest-earning assets.
(10) Cost of funds is total interest expense divided by total interest-bearing liabilities and non-interest bearing demand deposits.
(11) Net interest spread is the yield on average interest-earning assets less the cost of average interest-bearing liabilities.

Average interest-earning assets were $2.53 billion for the nine months ended September 30, 2025 compared to $2.88 billion for the same period of 2024, a $355.3 million decrease. This decrease was primarily attributable to declines in average balances of loans held for investment, which decreased $319.4 million in the year-to-date period. Total interest income (on a taxable equivalent basis) decreased $16.1 million for the nine months ended September 30, 2025 from the same period of 2024 and was primarily due to lower average balances on loans held for investment and loans held for sale. The yield on loans held for investment was 5.96% and 5.88% for the nine months ended September 30, 2025 and 2024, respectively. Interest income on loans held for investment for the nine months ended September 30, 2025 included $3.5 million of fee income from the payoff of the aforementioned out-of-market loan, which had a 23 basis point positive effect on the yield on loans held for investment. Interest income for the nine months ended September 30, 2025 and 2024 included accretion of discounts on acquired loans of $1.2 million and $0.9 million, respectively.

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Average interest-bearing liabilities were $1.82 billion for the nine months ended September 30, 2025 compared to $2.25 billion for the same period of 2024, a $434.5 million decrease. Interest expense decreased by $17.3 million to $45.6 million for the nine months ended September 30, 2025 compared to $62.9 million for the same period of 2024. Cost of interest-bearing liabilities decreased to 3.34% for the nine months ended September 30, 2025 from 3.72% for the same period in 2024, while cost of funds were 2.69% and 3.04% for the same respective periods. Lower cost of funds in the 2025 period was primarily due to the exit of higher cost fintech BaaS deposit operations.

Net interest income (on a taxable equivalent basis) was $60.8 million for the nine months ended September 30, 2025 compared to $59.6 million for the same period in 2024. Net interest margin was 3.21% and 2.76% for the first nine months of 2025 and 2024, respectively. Fee income from the aforementioned paid off loan had a positive 18 basis point effect on net interest margin for the nine months ended September 30, 2025.

Provision for Credit Losses. A recovery of credit losses of $1.8 million was reported for the three months ended September 30, 2025, whereas a $2.5 million recovery of credit losses was reported for the nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, the Company recorded total recoveries of credit losses of $6.2 million and $4.1 million, respectively. The recoveries of credit losses in the 2025 periods were primarily attributable to declines in the portfolio of loans held for investment of $65.9 million and $199.1 million, respectively, and recoveries of loans charged-off in prior periods. The recoveries of credit losses in the 2024 periods were primarily attributable to an $8.4 million recovery from the sale of previously reported specialty finance loan and lower reserve needs due to loan portfolio balance reductions, partially offset by higher specific reserves for certain purchased loans.

Noninterest Income. The following tables present a summary of noninterest income and the dollar and percentage change for the periods presented.

		For the three months ended
(Dollars in thousands)		September 30, 2025				September 30, 2024				Change $				Change %
Fair value adjustments of other equity investments		$	163			$	160			$	3				1.9	%
Residential mortgage banking income			5				2,746				(2,741	)			(99.8	%)
MSRs			(48	)			(2,915	)			2,867				(98.4	%)
Income (loss) on sale of MSRs			737				(1,011	)			1,748				(172.9	%)
Wealth and trust management			458				730				(272	)			(37.3	%)
Service charges on deposit accounts			725				376				349				92.8	%
Increase in cash surrender value of bank owned life insurance			9				127				(118	)			(92.9	%)
Bank and purchase card, net			567				690				(123	)			(17.8	%)
Swap transaction fees			258				—				258				100.0	%
Other			959				1,795				(836	)			(46.6	%)
Other		$	3,833			$	2,698			$	1,135				42.1	%

		For the nine months ended
(Dollars in thousands)		September 30, 2025				September 30, 2024				Change $				Change %
Fair value adjustments of other equity investments		$	8			$	(8,384	)		$	8,392				(100.1	%)
Residential mortgage banking income			847				8,214				(7,367	)			(89.7	%)
MSRs			(185	)			(166	)			(19	)			11.4	%
Income (loss) on sale of MSRs			1,026				(1,011	)			2,037				(201.5	%)
Wealth and trust management			1,321				1,873				(552	)			(29.5	%)
Service charges on deposit accounts			1,903				1,123				780				69.5	%
Increase in cash surrender value of bank owned life insurance			25				797				(772	)			(96.9	%)
Bank and purchase card, net			1,760				1,445				315				21.8	%
Loss on sale of securities available for sale			—				(67	)			67				(100.0	%)
Swap transaction fees			258				—				258				100.0	%
Other			3,186				6,934				(3,748	)			(54.1	%)
Other		$	10,149			$	10,758			$	(609	)			(5.7	%)

Noninterest income in the nine months ended September 30, 2024 included an $8.5 million non-cash, negative fair value adjustment of an equity investment the Company holds in a fintech company. The declines in mortgage banking

42

income in the three and nine months ended September 30, 2025 compared to the same periods of 2024 were due to the previously mentioned sales of the mortgage division in the first quarter of 2025 and MSR portfolio in the third quarter of 2024. Mortgage servicing income (loss) represents fair value adjustments of MSR assets. Additionally, income on the sale of MSRs in the three and nine months ended September 30, 2025 included $0.7 million and $1.0 million, respectively, of reserves released upon the receipt of additional sales proceeds that were contractually held back from the 2024 sales. Higher service charges on deposits accounts in the 2025 periods compared to the same periods of 2024 were primarily due to the execution of a project to more closely align products and pricing with competitors in the markets in which the Bank operates. The decline in bank owned life insurance income in the 2025 periods compared to the same periods of 2024 was due to the surrender of policies at their cash surrender values in the 2024 periods. The decline in other noninterest income was driven by the decrease in the number of fintech indirect lending relationships, which contributed $0.6 million and $3.5 million of noninterest income in the nine months ended September 30, 2025 and 2024, respectively.

Noninterest Expense. The following tables present a summary of noninterest expense and the dollar and percentage change for the periods stated.

		For the three months ended
(Dollars in thousands)		September 30, 2025				September 30, 2024				Change $				Change %
Salaries and employee benefits		$	11,388			$	13,938			$	(2,550	)			(18.3	%)
Occupancy and equipment			1,190				1,394				(204	)			(14.6	%)
Technology and communication			2,314				2,767				(453	)			(16.4	%)
Legal and regulatory filings			1,008				614				394				64.2	%
Advertising and marketing			267				222				45				20.3	%
Audit fees			161				498				(337	)			(67.7	%)
FDIC insurance			239				1,130				(891	)			(78.8	%)
Intangible amortization			223				265				(42	)			(15.8	%)
Other contractual services			645				1,634				(989	)			(60.5	%)
Other taxes and assessments			895				759				136				17.9	%
Regulatory remediation			—				357				(357	)			(100.0	%)
Other			1,711				2,876				(1,165	)			(40.5	%)
Other		$	20,041			$	26,454			$	(6,413	)			(24.2	%)

		For the nine months ended
(Dollars in thousands)		September 30, 2025				September 30, 2024				Change $				Change %
Salaries and employee benefits		$	36,998			$	44,918			$	(7,920	)			(17.6	%)
Occupancy and equipment			3,700				4,221				(521	)			(12.3	%)
Technology and communication			7,663				7,378				285				3.9	%
Legal and regulatory filings			1,842				1,424				418				29.4	%
Advertising and marketing			586				702				(116	)			(16.5	%)
Audit fees			1,198				1,948				(750	)			(38.5	%)
FDIC insurance			2,363				4,324				(1,961	)			(45.4	%)
Intangible amortization			701				828				(127	)			(15.3	%)
Other contractual services			1,673				5,299				(3,626	)			(68.4	%)
Other taxes and assessments			2,771				2,290				481				21.0	%
Regulatory remediation			—				4,398				(4,398	)			(100.0	%)
Other			5,506				10,469				(4,963	)			(47.4	%)
Other		$	65,001			$	88,199			$	(23,198	)			(26.3	%)

Excluding regulatory remediation, noninterest expense decreased $6.1 million and $18.8 million for the three and nine months ended September 30, 2025, respectively, from the same respective periods of 2024. These declines relative to the prior periods were primarily due to lower expenses for salaries and employee benefits, other contractual services, Federal Deposit Insurance Corporation ("FDIC") insurance assessments, audit fees, and other noninterest expense.

The decline in salaries and employee benefits in the three and nine months ended September 30, 2025 reflected a reduction in headcount as the Company continues to right-size its workforce, with the completion of certain regulatory directives and the transitioning to a more traditional community banking model. As of September 30, 2025 and 2024,

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the Company had 311 and 468 employees, respectively. Included in salaries and employee benefits expense for the three and nine months ended September 30, 2025 was $1.0 million and $3.0 million of expense, respectively, for performance-based restricted stock awards relating to 3,400,000 shares of the Company's common stock granted to certain executive officers, which vest contingent upon the Company achieving specified performance thresholds over three one-year measurement periods. There were no such expenses in the 2024 periods. Also included in salaries and employee benefits expense were severance costs of $0.1 million and $1.1 million for the three and nine months ended September 30, 2025, respectively, compared to $0 for the same respective periods in 2024.

Lower regulatory remediation costs, audit fees, and other contractual services fees in the 2025 periods compared to the same periods of 2024 reflect a reduction in the use of outside consulting and audit services, also due to the completion of certain regulatory directives. Lower FDIC insurance assessments in the 2025 periods compared to the same periods of 2024 reflect an improved regulatory position and a smaller balance sheet.

The decrease in other noninterest expense was partially due to the second quarter of 2025 recovery of non-credit-related amounts reserved for in the prior year, upon the conclusion of exit activities with a former fintech BaaS partner. Also contributing to the decline in other noninterest expense in the 2025 periods compared to the same periods of 2024 were lower mortgage servicing fees due to the 2025 first quarter sale of the mortgage division, in addition to the 2024 periods including $0.9 million of excise taxes related to the surrender of bank owned life insurance policies.

Income Tax Expense. For the three and nine months ended September 30, 2025, effective tax rates were 25.3% and 22.9%, respectively, compared to 38.8% and 3.1% for the three and nine months ended September 30, 2024. The effective income tax rates for the three and nine months ended September 30, 2025 reflect the potential limitation on the deductibility of compensation costs in future taxable periods. The higher effective income tax rate for the three months ended September 30, 2024 was primarily attributable to the vesting of restricted stock awards, where the fair value of the underlying stock at the time of vesting was lower than the fair value previously recognized for financial reporting purposes. The lower effective income tax rate for the nine months ended September 30, 2024 was primarily attributable to $2.0 million of tax expense recognized in the second quarter of 2024 upon surrendering bank owned life insurance policies. Taxes on such earnings were previously permanently deferred but became subject to tax upon the surrender of the policies.

Analysis of Financial Condition

Loan Portfolio. The Company makes loans to commercial entities and to individuals. Loan terms vary as to interest rate, repayment, and collateral requirements based on the type of loan and the creditworthiness of the borrower. Credit risk tends to be geographically concentrated in that a majority of the loans are to borrowers located in the markets served by the Company. All loans are underwritten within specific lending policy guidelines that are established to maximize the Company’s profitability within an acceptable level of business risk.

The following table presents the Company’s loan portfolio by category of loan and the percentage of loans in each category to total loans as of the dates stated.

		September 30, 2025								December 31, 2024
(Dollars in thousands)		Amount				Percent				Amount				Percent
Commercial and industrial		$	276,609				14.5	%		$	354,904				16.8	%
Real estate – construction, commercial			73,473				3.8	%			114,491				5.4	%
Real estate – construction, residential			50,892				2.7	%			51,807				2.4	%
Real estate – commercial			818,101				42.8	%			847,842				40.2	%
Real estate – residential			654,030				34.2	%			692,253				32.8	%
Real estate – farmland			4,645				0.2	%			5,520				0.3	%
Consumer			33,778				1.8	%			43,938				2.1	%
Gross loans held for investment			1,911,528				100.0	%			2,110,755				100.0	%
Deferred costs, net of loan fees			1,198								1,042
Gross loans held for investment, net of deferred costs			1,912,726								2,111,797
Less: allowance for credit losses			(20,503	)							(23,023	)
Net loans		$	1,892,223							$	2,088,774
Loans held for sale    (not included in totals above)		$	12,819							$	30,976

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The following table presents the Company’s portfolio of commercial real estate loans by property type as of the dates stated.

		September 30, 2025								December 31, 2024
(Dollars in thousands)		Amount				Percent				Amount				Percent
Commercial real estate – owner occupied		$	191,933				23.5	%		$	193,608				22.8	%
Commercial real estate – non-owner occupied
Hospitality			147,041				18.0	%			120,910				14.3	%
Multi-family			172,315				21.1	%			186,619				22.0	%
Retail			98,236				12.0	%			104,363				12.3	%
Office			64,693				7.9	%			73,871				8.7	%
Mixed use			51,670				6.3	%			49,666				5.9	%
Warehouse and industrial			36,884				4.5	%			39,830				4.7	%
Other			55,329				6.8	%			78,975				9.3	%
Total real estate – commercial		$	818,101				100.0	%		$	847,842				100.0	%

The current lending environment for commercial real estate (“CRE”) loans has heightened risk due to a higher interest rate environment. Potential negative impacts include higher debt service burdens for floating rate loans and fixed rate loans originated in a lower rate environment that reprice or mature, requiring renewal or refinancing. As these loans mature, they may be repriced at significantly higher interest rates leading to increased debt service costs that can strain borrowers' ability to meet payment obligations. In some cases, the higher cost of refinancing may lead to loan defaults, particularly if property cash flows have not increased relatively.

Additionally, collateral values overall may be impaired by higher capitalization rates, further complicating refinancing efforts and increasing credit risk to the Bank. Certain CRE collateral types have experienced declining occupancy, demand, and rental rates, which could potentially lead to material declines in property level economics and further weaken borrowers' ability to service their debt.

The Bank’s credit administration department led by its Chief Credit Officer performs periodic analyses of emerging trends by geography where the Bank has the largest concentrations by CRE property type. These analyses include all real estate property types and geographic markets represented in the loan portfolio and are provided to the Bank's board of directors to assess whether the CRE lending strategy and risk appetite continue to be appropriate, considering changes in local market conditions and the Bank’s exposure to collateral type concentrations. Also, concentration limits by real estate collateral type are approved and monitored by the board of directors. As of September 30, 2025, the Bank was in compliance with all limits.

The following table presents the remaining maturities, based on contractual maturity, by loan type and by rate type (variable or fixed), as of September 30, 2025.

										Variable rate																Fixed rate
(Dollars in thousands)		Total Maturities				One Year or Less				Total				1-5 years				5-15 years				More than 15 years				Total				1-5 years				5-15 years				More than 15 years
Commercial and industrial		$	276,609			$	52,458			$	121,555			$	95,729			$	24,242			$	1,584			$	102,596			$	39,056			$	45,520			$	18,020
Real estate – construction, commercial			73,473				12,717				47,013				17,914				3,813				25,286				13,743				12,892				851				—
Real estate – construction, residential			50,892				43,982				2,042				1,730				—				312				4,868				406				—				4,462
Real estate – commercial			818,101				100,529				437,234				101,376				160,325				175,533				280,338				179,175				92,148				9,015
Real estate – residential			654,030				12,123				383,615				19,850				73,377				290,388				258,292				31,332				27,720				199,240
Real estate – farmland			4,645				1,415				1,983				146				221				1,616				1,247				413				117				717
Consumer loans			33,778				2,081				4,647				4,558				89				—				27,050				24,118				2,932				—
Gross loans		$	1,911,528			$	225,305			$	998,089			$	241,303			$	262,067			$	494,719			$	688,134			$	287,392			$	169,288			$	231,454

Allowance for Credit Losses. In determining the adequacy of the Company’s ACL, management makes estimates based on facts available at the time the ACL is determined. Such estimation requires significant judgment at the time made. Management believes that the Company’s ACL was adequate as of September 30, 2025 and December 31, 2024. There can be no assurance, however, that adjustments to the ACL will not be required in the future. Changes in the economic assumptions underlying management’s estimates and judgments, adverse developments in the economy, on a national basis or in the Company’s market area, and changes in the circumstances of particular borrowers are criteria, among others that could increase the level of the ACL required, resulting in charges to the provision for credit losses for loans. In addition, bank regulatory agencies periodically review the Bank's ACL and may require an increase in the ACL or the recognition of further loan charge-offs, based on their judgment of the facts at the time of their review that may differ than that of management.

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The following tables present an analysis of the change in the ACL by loan type as of and for the periods stated.

		For the three months ended September 30, 2025
(Dollars in thousands)		Commercial and industrial				Real estate – construction, commercial				Real estate – construction, residential				Real estate – commercial				Real estate – residential				Real estate – farmland				Consumer				Total
ACL, beginning of period		$	5,846			$	1,272			$	398			$	5,879			$	8,001			$	15			$	563			$	21,974
(Recovery of) provision for credit losses - loans			(2,594	)			(135	)			(8	)			314				(304	)			(1	)			928				(1,800	)
Charge-offs			(1,781	)			—				—				(374	)			(92	)			—				(1,035	)			(3,282	)
Recoveries			3,303				—				—				38				222				—				48				3,611
Net recoveries (charge-offs)			1,522				—				—				(336	)			130				—				(987	)			329
ACL, end of period		$	4,774			$	1,137			$	390			$	5,857			$	7,827			$	14			$	504			$	20,503
Ratio of net charge-offs (recoveries) to average loans outstanding			-1.81	%			0.00	%			0.00	%			0.17	%			-0.08	%			0.00	%			9.85	%			-0.07	%
		For the three months ended September 30, 2024
(Dollars in thousands)		Commercial and industrial				Real estate – construction, commercial				Real estate – construction, residential				Real estate – commercial				Real estate – residential				Real estate – farmland				Consumer				Total
ACL, beginning of period		$	6,916			$	3,188			$	737			$	10,262			$	6,240			$	18			$	675			$	28,036
Provision for (recovery of) credit losses - loans			(6,059	)			(45	)			(77	)			(69	)			(241	)			1				490				(6,000	)
Charge-offs			(6,001	)			—				—				(1,109	)			(30	)			—				(773	)			(7,913	)
Recoveries			11,095				—				—				—				60				—				175				11,330
Net recoveries (charge-offs)			5,094				—				—				(1,109	)			30				—				(598	)			3,417
ACL, end of period		$	5,951			$	3,143			$	660			$	9,084			$	6,029			$	19			$	567			$	25,453
Ratio of net charge-offs (recoveries) to average loans outstanding			-4.91	%			0.00	%			0.00	%			0.53	%			-0.02	%			0.00	%			4.51	%			-0.61	%

		For the nine months ended September 30, 2025
(Dollars in thousands)		Commercial and industrial				Real estate – construction, commercial				Real estate – construction, residential				Real estate – commercial				Real estate – residential				Real estate – farmland				Consumer				Total
ACL, beginning of period		$	5,767			$	2,057			$	540			$	5,963			$	7,933			$	18			$	745			$	23,023
(Recovery of) provision for credit losses - loans			(2,636	)			(920	)			(150	)			(45	)			(120	)			(4	)			1,375				(2,500	)
Charge-offs			(6,442	)			—				—				(437	)			(215	)			—				(2,070	)			(9,164	)
Recoveries			8,085				—				—				376				229				—				454				9,144
Net recoveries (charge-offs)			1,643				—				—				(61	)			14				—				(1,616	)			(20	)
ACL, end of period		$	4,774			$	1,137			$	390			$	5,857			$	7,827			$	14			$	504			$	20,503
Ratio of net charge-offs (recoveries) to average loans outstanding			-1.95	%			0.00	%			0.00	%			0.03	%			-0.01	%			0.00	%			16.12	%			0.00	%
		For the nine months ended September 30, 2024
(Dollars in thousands)		Commercial and industrial				Real estate – construction, commercial				Real estate – construction, residential				Real estate – commercial				Real estate – residential				Real estate – farmland				Consumer				Total
ACL, beginning of period		$	13,787			$	4,024			$	1,094			$	9,929			$	6,286			$	15			$	758			$	35,893
(Recovery of) provision for credit losses - loans			(2,351	)			(842	)			(434	)			264				(259	)			4				1,218				(2,400	)
Charge-offs			(19,940	)			—				(39	)			(1,109	)			(74	)			—				(2,063	)			(23,225	)
Recoveries			14,455				—				—				—				76				—				654				15,185
Net charge-offs			(5,485	)			—				(39	)			(1,109	)			2				—				(1,409	)			(8,040	)
ACL, end of period		$	5,951			$	3,182			$	621			$	9,084			$	6,029			$	19			$	567			$	25,453
Ratio of net charge-offs to average loans outstanding			4.67	%			0.00	%			0.25	%			0.52	%			0.00	%			0.00	%			10.06	%			1.38	%

The ACL includes specific reserves for individually evaluated loans and a general allowance applicable to all loan categories; however, management has allocated the ACL by loan type to provide an indication of the relative risk characteristics of the loan portfolio. The allocation is an estimate and should not be interpreted as an indication that charge-offs will occur in these amounts or that the allocation indicates future trends, and does not restrict the usage of the allowance for any specific loan or category. The following table presents the allocation of the ACL by loan category and the percentage of loans in each category to total loans as of the dates stated.

		September 30, 2025								December 31, 2024
(Dollars in thousands)		ACL Amount				% of Loans				ACL Amount				% of Loans
Commercial and industrial		$	4,774				14.5	%		$	5,767				16.8	%
Real estate – construction, commercial			1,137				3.8	%			2,057				5.4	%
Real estate – construction, residential			390				2.7	%			540				2.4	%
Real estate – commercial			5,857				42.8	%			5,963				40.2	%
Real estate – residential			7,827				34.2	%			7,933				32.8	%
Real estate – farmland			14				0.2	%			18				0.3	%
Consumer			504				1.8	%			745				2.1	%
Total		$	20,503				100.0	%		$	23,023				100.0	%

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Nonperforming Assets. The following table presents a summary of nonperforming assets and various measures as of the dates stated.

(Dollars in thousands)		September 30, 2025				December 31, 2024
Nonaccrual loans held for investment		$	24,325			$	22,957
Loans past due 90 days and still accruing			4,253				2,486
Total nonperforming loans		$	28,578			$	25,443
Other real estate owned ("OREO") (1)			—				279
Other non-real estate owned (1)			222				—
Total nonperforming assets		$	28,800			$	25,722
Loans held for investment		$	1,912,726			$	2,111,797
Total assets		$	2,496,949			$	2,737,260
ACL on loans held for investment		$	20,503			$	23,023
ACL to loans held for investment			1.07	%			1.09	%
ACL to nonaccrual loans			84.29	%			100.29	%
ACL to nonperforming loans			71.74	%			90.49	%
Nonaccrual loans to loans held for investment			1.27	%			1.09	%
Nonperforming loans to loans held for investment			1.49	%			1.20	%
Nonperforming loans to total assets			1.14	%			0.93	%
Nonperforming assets to total assets			1.15	%			0.94	%
(1) Included in other assets on the consolidated balance sheets.

The increase in nonperforming loans since December 31, 2024 was primarily attributable to a $4.7 million multifamily loan that was placed on nonaccrual status in the third quarter of 2025. The loan was current as to principal and interest as of September 30, 2025, and based on the payment performance, strength of the guarantors, and value of the collateral, the Company believes that future credit losses, if any, will not be significant.

Loans are generally placed into nonaccrual status when they are past due 90 days or more as to either principal or interest or when, in the opinion of management, the collection of principal and/or interest is in doubt. A loan remains in nonaccrual status until the loan is current as to payment of both principal and interest or past due less than 90 days and the borrower demonstrates the ability to pay and remain current. For nonaccrual loans, when cash payments are received, they are applied to principal first, then to accrued interest. It is the Company's policy not to record interest income on nonaccrual loans until principal has become current. In certain instances, accruing loans that are past due 90 days or more as to principal or interest may not be placed on nonaccrual status, if the Company determines that the loans are well-secured and are in the process of collection. OREO includes properties that have been substantively repossessed or acquired in complete or partial satisfaction of debt. Such properties, which are held for resale, are initially stated at fair value, including a reduction for the estimated selling expenses, which becomes the carrying value. In subsequent periods, such properties are stated at the lower of the restated carrying value or fair value.

Investment Securities. The investment portfolio is used as a source of interest income, credit risk diversification, and liquidity, as well as to manage interest rate sensitivity and provide collateral for short-term borrowings. Securities in the investment portfolio classified as securities available for sale ("AFS") may be sold in response to changes in market interest rates, securities’ prepayment risk, liquidity needs, and other similar factors, and are carried at estimated fair value. The fair value of the Company’s AFS investment securities portfolio was $341.4 million as of September 30, 2025, an increase of $29.3 million from $312.0 million at December 31, 2024, primarily due to the purchase of securities. As a result of elevated market interest rates, the Company’s portfolio of AFS securities had unrealized losses of approximately $41.6 million and $55.5 million as of September 30, 2025 and December 31, 2024, respectively, of which approximately 83% and 81%, respectively, were related to securities backed by U.S. government agencies as of the same dates.

As of September 30, 2025 and December 31, 2024, the majority of the investment securities portfolio consisted of securities rated investment grade by a leading rating agency. Investment grade securities are judged to have a low risk of default, to be of the best quality, and to carry the smallest degree of investment risk. At September 30, 2025 and December 31, 2024, securities with a fair value of $176.6 million and $268.9 million, respectively, were pledged to secure the Bank’s borrowing facility with the Federal Home Loan Bank of Atlanta ("FHLB"). As of September 30, 2025 and December 31, 2024, the Company had pledged securities with a fair value of $0 and $16.3 million, respectively, as collateral for the Federal Reserve Bank of Richmond ("FRB") Discount Window. The decline in

47

pledged securities as of September 30, 2025 from December 31, 2024 with both FHLB and FRB reflects the release of securities held as collateral.

The Company reviews its AFS investment securities portfolio for potential credit losses at least quarterly. AFS investment securities with unrealized losses are generally a result of pricing changes due to changes in the current interest rate environment and not as a result of permanent credit impairment. The Company does not intend to sell nor does it believe that it will be required to sell, any of its impaired securities prior to the recovery of the amortized cost. No ACL has been recognized for AFS securities as of both September 30, 2025 and December 31, 2024.

Restricted equity investments consisted of stock in the FHLB (carrying basis $9.1 million and $9.4 million at September 30, 2025 and December 31, 2024, respectively), FRB stock (carrying value of $9.4 million at both September 30, 2025 and December 31, 2024, respectively), and stock in the Company’s correspondent bank (carrying value of $0.5 million at both September 30, 2025 and December 31, 2024). Restricted equity investments are carried at cost.

The Company has various other equity investments, including an investment in a fintech company and limited partnerships, totaling $4.9 million and $4.8 million as of September 30, 2025 and December 31, 2024, respectively.

The Company also holds investments in early-stage focused investment funds and low-income housing partnerships, which totaled $20.8 million and $19.4 million as of September 30, 2025 and December 31, 2024, respectively, and are reported in other investments on the consolidated balance sheets.

The following table presents the amortized cost of the investment portfolio by contractual maturities, as well as the weighted average yields for each of the maturity ranges as of and for the period stated. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

		September 30, 2025
		Within One Year								One to Five Years								Five to Ten Years								Over Ten Years
(Dollars in thousands)		Amortized Cost				Weighted Average Yield				Amortized Cost				Weighted Average Yield				Amortized Cost				Weighted Average Yield				Amortized Cost				Weighted Average Yield				Total Amortized Cost
Securities available for sale
Mortgage backed securities		$	—				—			$	1,244				2.80	%		$	13,340				2.15	%		$	204,873				2.50	%		$	219,457
U. S. Treasury and agencies			7,501				0.87	%			36,528				1.23	%			29,658				2.39	%			5,218				1.89	%			78,905
State and municipal			889				3.57	%			12,832				2.46	%			30,223				2.15	%			5,408				3.07	%			49,352
Corporate bonds			1,500				7.00	%			10,375				7.58	%			22,363				4.15	%			500				4.00	%			34,738
Total		$	9,890							$	60,979							$	95,584							$	215,999							$	382,452

Deposits. The principal sources of funds for the Company are deposits, including transaction accounts (demand and money market accounts), time deposits, and savings accounts, of customers in the Company’s primary geographic market area. Such customers provide the Bank a source of fee income and cross-marketing opportunities and are generally a lower cost source of funding for the Bank.

In prior years, deposits sourced through fintech partnerships, inclusive of fintech BaaS deposits, were a significant source of deposits for the Company. In the fourth quarter of 2024, the Company completed the exit of its fintech BaaS deposit operations, thus substantially reducing its fintech-related deposit exposure to approximately 1.0% of deposits as of December 31, 2024. As of September 30, 2025 and December 31, 2024, fintech-related deposits totaled $4.7 million and $21.3 million, respectively.

Brokered deposit balances are sourced through intermediaries and are an unsecured source of funding for the Bank. Brokered deposits were added throughout 2023 and early 2024 to enhance liquidity in light of financial industry events that began in March 2023 and in anticipation of the exit of the Company's fintech BaaS deposit operations. Brokered deposits represented approximately 13.7% and 18.5% of total deposits as of September 30, 2025 and December 31, 2024, respectively, which consisted entirely of time deposits at September 30, 2025. The Bank has a liquidity management program, with oversight by the Bank’s asset and liability management committee (the “ALCO”), that sets forth guidelines for the desired maximum level of brokered deposits, which is 20.0% of total deposits. In recent quarters, the Company has reduced levels of brokered deposits and expects to continue to reduce levels in future periods to a level of 10.0% or less of total deposits. As certain brokered deposits have multiple-year terms, the Company expects brokered deposits to be a funding source for several years.

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Total deposits decreased $228.4 million from $2.18 billion as of December 31, 2024 to $1.95 billion as of September 30, 2025, as:

•Deposits, excluding fintech-related and brokered deposits, decreased $77.1 million from approximately $1.76 billion as of December 31, 2024 to approximately $1.68 billion as of September 30, 2025;

•Brokered deposits decreased $134.6 million from approximately $402.5 million, or 18.5% of total deposits, as of December 31, 2024 to approximately $267.9 million, or 13.7% of total deposits, as of September 30, 2025; and

•Fintech-related deposits decreased $16.6 million from approximately $21.3 million as of December 31, 2024 to approximately $4.7 million as of September 30, 2025. Remaining fintech-related deposits as of September 30, 2025 included funds in the process of escheatment or distribution to customers, fintech partner corporate operating accounts, and fintech partner corporate accounts held as reserves.

Estimated uninsured deposits totaled approximately $404.3 million as of September 30, 2025, or 19.8% of total deposits, compared to $399.3 million, or 18.0% of total deposits, as of December 31, 2024.

The following table presents a summary of average deposits and the weighted average rate paid for the periods stated. The decline in average balances and rate for interest-bearing demand accounts reflects the exit of fintech BaaS depository operations.

		For the nine months ended
		September 30, 2025								September 30, 2024
(Dollars in thousands)		Average Balance				Average Rate				Average Balance				Average Rate
Noninterest-bearing demand		$	439,589				—			$	499,289				—
Interest-bearing:
Demand			239,777				0.44	%			478,664				2.35	%
Savings			102,296				4.12	%			110,102				4.68	%
Money market			385,260				2.20	%			382,596				2.41	%
Time			910,703				4.27	%			985,077				4.54	%
Total interest-bearing		$	1,638,036							$	1,956,439
Total average deposits		$	2,077,625							$	2,455,728

The following table presents maturities of time deposits for certificate of deposits of $250 thousand or greater as of the dates stated.

(Dollars in thousands)		September 30, 2025				December 31, 2024
Maturing in:
3 months or less		$	31,557			$	38,758
Over 3 months through 6 months			34,373				33,845
Over 6 months through 12 months			55,319				60,308
Over 12 months			29,487				31,117
		$	150,736			$	164,028

49

Borrowings. The Company uses short-term and long-term borrowings from various sources, including FHLB advances and FRB advances, to fund assets and operations. The following tables present information on the balances and interest rates on borrowings as of and for the periods stated.

		As of and for the nine months ended September 30, 2025
(Dollars in thousands)		Period-End Balance				Highest Month-End Balance				Average Balance				Weighted Average Rate
FHLB borrowings		$	150,000			$	150,000			$	150,000				3.86	%
		As of and for the year ended December 31, 2024
(Dollars in thousands)		Period-End Balance				Highest Month-End Balance				Average Balance				Weighted Average Rate
FHLB borrowings		$	150,000			$	280,000			$	213,003				4.27	%
FRB borrowings			—				65,000				23,087				4.68	%

FHLB advances are secured by collateral consisting of a blanket lien on qualifying pledged loans in the Company’s residential, multi-family, and commercial real estate mortgage loan portfolios, as well as select investment securities. FRB advances through the FRB Discount Window are secured by qualifying pledged construction and commercial and industrial loans.

The Company had $14.7 million and $39.8 million of subordinated notes, net, outstanding as of September 30, 2025 and December 31, 2024, respectively. Prior to June 1, 2025, the Company's subordinated notes had been comprised of a $15 million issuance in May 2020 maturing June 1, 2030 (the “2030 Note”) and a $25 million issuance in October 2019 maturing October 15, 2029 (the “2029 Notes”).

On June 1, 2025, the Company completed the $15.0 million redemption of the 2030 Note. The interest rate on the 2030 Note was 6.0% up to the redemption date. Interest expense on the 2030 Note was $0 and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, and $0.4 million and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively.

On July 15, 2025, the Company completed a $10.0 million partial redemption of its 2029 Notes. The 2029 Notes bore interest at 5.625% per annum, through October 14, 2024, payable semi-annually in arrears. From October 15, 2024 through October 15, 2029, or up to an early redemption date, the interest rate resets quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Funding Rate plus 433.5 basis points, payable quarterly in arrears. As of September 30, 2025, the 2029 Notes bore an annual interest rate of 8.65%. As of September 30, 2025, the net carrying amount of the 2029 Notes was $14.7 million, inclusive of a $0.3 million purchase accounting adjustment (premium). For the three months ended September 30, 2025 and 2024, the effective interest rate on the 2029 Notes was 7.49% and 5.31%, respectively, inclusive of the amortization of the purchase accounting adjustment (premium). For the nine months ended September 30, 2025 and 2024, the effective interest rate on the 2029 Notes was 7.84% and 5.21%, respectively, inclusive of the amortization of the purchase accounting adjustment (premium).

Liquidity. Liquidity is essential to the Company’s business. The Company’s liquidity could be impaired by unforeseen outflows of cash, including deposits, or the inability to access the capital and/or wholesale funding markets. This situation may arise due to circumstances that the Company may be unable to control, such as general market disruption, negative views about the Company or the financial services industry generally, or an operational problem that affects the Company or a third party. The Company’s ability to borrow from other financial institutions on favorable terms or at all could be adversely affected by disruptions in the markets in which they operate or other events.

Deposits are the primary source of the Company’s liquidity. Cash flows from amortizing or maturing assets also provide funding to meet the liquidity needs of the Company. Deposits are sourced from the Bank’s customers and, as needed, through wholesale deposit markets. The wholesale deposit markets are accessed through brokers or through the IntraFi Network (“IntraFi”), of which the Bank is a member. IntraFi facilitates the Bank attaining brokered deposits via an on-line marketplace. The Bank also utilizes IntraFi's reciprocal deposit services to offer its high-value customers access to FDIC insurance through IntraFi's network of banks.

While subject to the Consent Order, the Bank may not be deemed to be “well capitalized,” which restricts it from accepting, renewing, or rolling over brokered deposits except in compliance with certain applicable restrictions under federal law. Since the third quarter of 2024, the Bank has received approvals from the FDIC allowing the Bank to

50

accept, renew, or rollover brokered deposits for consecutive six-month periods through December 2025 and limited to the amount of maturities during these periods. The Company expects to continue to seek waivers of this prohibition in the future; however, there is no assurance that such waivers will be approved or that the Company will be able to rely on brokered deposits as a source of funding in the future.

The Company has established a formal liquidity contingency plan that provides guidelines for liquidity management. Pursuant to the Company’s liquidity contingency plan, liquidity needs are forecasted based on anticipated changes in the balance sheet. In this forecast, the Company expects to maintain a liquidity cushion. Management then stress tests the Company’s liquidity position under several different stress scenarios, from moderate to severe. Guidelines for the forecasted liquidity cushion and for liquidity cushions for each stress scenario have been established and are reviewed by the Bank's ALCO. Management also monitors the Company’s liquidity position on a day-to-day basis through daily cash monitoring and short- and long-term cash flow forecasting and believes its sources of liquidity are adequate to conduct the business of the Company.

The following table presents information on the Company's available sources of liquidity as of the date stated.

(Dollars in thousands)		Capacity				Less: Outstanding Borrowings				Available Balance
Cash and due from banks										$	121,032
Fed funds sold											7,773
Unpledged securities available for sale											164,707
Total										$	293,512
Borrowings
FHLB		$	620,908			$	191,160		(1)	$	429,748
FRB			75,395				—				75,395
Unsecured line of credit			10,000				—				10,000
Total		$	706,303			$	191,160			$	515,143
Available liquidity as of September 30, 2025										$	808,655
(1) Outstanding borrowings are comprised of advances of $150.0 million and letters of credit totaling $41.2 million, of which $40 million served as collateral for public deposits with the Treasury Board of the Commonwealth of Virginia.

Uninsured deposits at September 30, 2025 were $404.3 million. In the unlikely event that uninsured deposit balances leave the Bank over a short period of time, management could more than satisfy the demand with cash on-hand and FHLB borrowing capacity.

Capital. Capital adequacy is an important measure of financial stability and performance. The Company’s objectives are to maintain a level of capitalization that is sufficient to support the Company's strategic objectives.

Banks and bank holding companies are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, financial institutions must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. A financial institution's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Banks must hold a capital conservation buffer of 2.50% above the adequately capitalized risk-based capital ratios for all ratios except the Tier 1 leverage ratio. If a banking organization dips into its capital conservation buffer, it is subject to limitations on certain activities, including payment of dividends, share repurchases, and discretionary compensation to certain officers. Additionally, regulators may place certain restrictions on dividends paid by banks.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized; although, these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required.

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The Consent Order requires the Bank to achieve and maintain minimum capital requirements that are higher than those required for capital adequacy purposes. Specifically, the Bank is required to maintain a leverage ratio of 10.0% and a total capital ratio of 13.0%. As of September 30, 2025 and December 31, 2024, the Bank met these minimum capital ratios. Until the Bank has been released from the Consent Order, the Bank is deemed to be less than well capitalized, thus adequately capitalized.

Because the Bank may not be deemed to be “well capitalized” while subject to the Consent Order, it could be required to pay higher insurance premiums to the FDIC, obtain approval prior to acquiring branches or opening new lines of business, and be subject to increased regulatory scrutiny such as limitations on asset growth.

The Company adopted ASC 326, Financial Instruments - Credit Losses (referred to herein as "current expected credit losses" or "CECL") effective January 1, 2023. Federal and state banking regulations allow financial institutions to irrevocably elect to phase-in the after-tax cumulative effect adjustment at adoption to retained earnings (“CECL Transitional Amount”) over a three-year period. The three-year phase-in of the CECL Transitional Amount to regulatory capital is 25%, 50%, and 25% in 2023, 2024, and 2025, respectively. The Bank made this irrevocable election effective with its first quarter 2023 call report.

The following tables present the capital ratios to which banks are subject to be adequately and well capitalized, as well as the capital and capital ratios for the Bank as of the dates stated. Adequately capitalized ratios include the conversation buffer, if applicable. The following table also includes the capital adequacy ratios to which bank holding companies are subject. Also presented are the minimum capital ratios set forth in the Consent Order for the Bank with the corresponding capital amounts for both the leverage ratio and the total capital ratio as of the periods stated. The CECL Transitional Amount was $8.1 million, of which $6.1 million and $4.1 million reduced the regulatory capital amounts and capital ratios as of September 30, 2025 and December 31, 2024, respectively.

		September 30, 2025
		Actual								For Capital Adequacy Purposes								To Be Well Capitalized								Minimum Capital Ratios
(Dollars in thousands)		Amount				Ratio				Amount				Ratio				Amount				Ratio				Amount				Ratio
Total risk based capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	365,989				19.96	%		$	192,507				10.50	%		$	183,340				10.00	%		$	238,342				13.00	%
Blue Ridge Bankshares, Inc.		$	407,122				22.02	%		$	147,898				8.00	%		n/a				n/a				n/a				n/a
Tier 1 capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	347,348				18.95	%		$	155,840				8.50	%		$	146,673				8.00	%		n/a				n/a
Blue Ridge Bankshares, Inc.		$	376,650				20.37	%		$	110,924				6.00	%		n/a				n/a				n/a				n/a
Common equity tier 1 capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	347,348				18.95	%		$	128,338				7.00	%		$	119,171				6.50	%		n/a				n/a
Blue Ridge Bankshares, Inc.		$	376,650				20.37	%		$	83,193				4.50	%		n/a				n/a				n/a				n/a
Tier 1 leverage (to average assets)
Blue Ridge Bank, N.A.		$	347,348				13.67	%		$	101,650				4.00	%		$	127,062				5.00	%		$	254,125				10.00	%
Blue Ridge Bankshares, Inc.		$	376,650				14.70	%		$	102,518				4.00	%		n/a				n/a				n/a				n/a

		December 31, 2024
		Actual								For Capital Adequacy Purposes								To Be Well Capitalized								Minimum Capital Ratios
(Dollars in thousands)		Amount				Ratio				Amount				Ratio				Amount				Ratio				Amount				Ratio
Total risk based capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	358,848				17.26	%		$	218,260				10.50	%		$	207,866				10.00	%		$	270,226				13.00	%
Blue Ridge Bankshares, Inc.		$	414,284				19.79	%		$	167,444				8.00	%		n/a				n/a				n/a				n/a
Tier 1 capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	340,386				16.38	%		$	176,687				8.50	%		$	166,293				8.00	%		n/a				n/a
Blue Ridge Bankshares, Inc.		$	360,933				17.24	%		$	125,583				6.00	%		n/a				n/a				n/a				n/a
Common equity tier 1 capital (to risk-weighted assets)
Blue Ridge Bank, N.A.		$	340,386				16.38	%		$	145,507				7.00	%		$	135,113				6.50	%		n/a				n/a
Blue Ridge Bankshares, Inc.		$	360,933				17.24	%		$	94,187				4.50	%		n/a				n/a				n/a				n/a
Tier 1 leverage (to average assets)
Blue Ridge Bank, N.A.		$	340,386				11.80	%		$	115,364				4.00	%		$	144,204				5.00	%		$	288,409				10.00	%
Blue Ridge Bankshares, Inc.		$	360,933				12.43	%		$	116,169				4.00	%		n/a				n/a				n/a				n/a

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Commitments and Contingencies

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract and involve the same credit risk and evaluation as making a loan to a customer. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness, in a manner similar to that if underwriting a loan. As of September 30, 2025 and December 31, 2024, the Company had outstanding loan commitments of $243.6 million and $283.2 million, respectively. Of these amounts, $35.5 million and $32.9 million were unconditionally cancelable at the sole discretion of the Company as of the same respective dates.

Conditional commitments are issued by the Company in the form of financial stand-by letters of credit, which guarantee payment to the underlying beneficiary (i.e., third party) if the customer fails to meet its designated financial obligation. As of September 30, 2025 and December 31, 2024, commitments under outstanding financial stand-by letters of credit totaled $9.5 million and $12.5 million, respectively. The credit risk of issuing stand-by letters of credit can be greater than the risk involved in extending loans to customers.

The Company recorded no provision for credit losses for unfunded commitments for either the three months or nine months ended September 30, 2025. As of both September 30, 2025 and December 31, 2024, the reserve for unfunded commitments was $0.9 million and is included in other liabilities on the consolidated balance sheets.

As part of the sale of substantially all of its MSR portfolio during 2024, the Company recorded a reserve for estimated putbacks, transition costs, and unearned sales proceeds. The putbacks related to industry-standard items, including prepayments or early delinquencies of the underlying mortgages, all of which were subject to term limits per the respective sales agreements. As of September 30, 2025, all such term limits have expired. The reserve for unearned sales proceeds relates to the Company providing certain documentation to the buyers. In the three and nine months ended September 30, 2025, the Company received $0.7 million and $1.0 million, respectively, of previously unearned sale proceeds, which resulted in a corresponding release of the reserve and were reported as income on sale of MSRs on the consolidated statements of operations. As of September 30, 2025 and December 31, 2024, the reserve was $0.6 million and $1.8 million, respectively, and was included in other liabilities on the consolidated balance sheet.

The Company has investments in various partnerships and limited liability companies. Pursuant to these investments, the Company commits to an investment amount that may be fulfilled in future periods. At September 30, 2025 and December 31, 2024, the Company had future commitments outstanding totaling $5.2 million and $7.1 million, respectively, related to these investments.

Interest Rate Risk Management

As a financial institution, the Company is exposed to various business risks, including interest rate risk. Interest rate risk is the risk to earnings and value arising from volatility in market interest rates. Interest rate risk arises from timing differences in the repricing and cash flows of interest-earning assets and interest-bearing liabilities, changes in the expected cash flows of assets and liabilities arising from embedded options, such as borrowers' ability to prepay loans and depositors' ability to redeem certificates of deposit before maturity, changes in the shape of the yield curve where interest rates increase or decrease in a nonparallel fashion, and changes in spread relationships between different yield curves, such as U.S. Treasuries and other market-based index rates. The Company’s goal is to maximize net interest income without incurring excessive interest rate risk. Management of net interest income and interest rate risk must be consistent with the level of capital and liquidity that the Bank maintains. The Company manages interest rate risk through the ALCO comprised of members of management, with oversight by a committee of its board of directors. The ALCO is responsible for monitoring the Company’s interest rate risk in conjunction with liquidity and capital management, pursuant to policy guidelines approved by the board of directors.

The Company employs an independent firm to model its interest rate sensitivity that uses a net interest income simulation model as its primary tool to measure interest rate sensitivity. Assumptions for modeling are developed based on expected activity in the balance sheet. For maturing assets, assumptions are created for the redeployment of these assets. For maturing liabilities, assumptions are developed for the replacement of these funding sources. Assumptions are also developed for assets and liabilities that could reprice during the modeled time period. These assumptions also cover how management expects rates to change on non-maturity deposits, such as demand, money market, and savings accounts, as well as certificates of deposit. Based on inputs that include the current balance sheet, the current level of interest rates, and the developed assumptions, the model produces an expected level of net interest income assuming that market rates remain unchanged. This is considered the base case. The model then simulates what net interest

53

income would be based on specific changes in interest rates. The rate simulations are performed for a two-year period and include rapid rate changes of down 100 basis points to 400 basis points and up 100 basis points to 400 basis points. The results of these simulations are then compared to the base case.

The following tables present the estimated change in net interest income under various rate change scenarios as of the dates presented. The scenarios assume rate changes occur instantaneous and in a parallel manner, which means the changes are the same on all points of the rate curve. Estimated changes set forth below are dependent on material assumptions, such as those previously discussed.

		September 30, 2025
		Instantaneous Parallel Rate Shock Scenario
		Change in Net Interest Income - Year 1								Change in Net Interest Income - Year 2
Change in interest rates:
+400 basis points		$	6,921				8.8	%		$	7,616				9.1	%
+300 basis points			5,189				6.6	%			5,722				6.8	%
+200 basis points			3,495				4.4	%			3,931				4.7	%
+100 basis points			1,799				2.3	%			2,122				2.5	%
Base case
-100 basis points			(2,228	)			(2.8	%)			(3,007	)			(3.6	%)
-200 basis points			(4,764	)			(6.0	%)			(6,721	)			(8.0	%)
-300 basis points			(6,898	)			(8.7	%)			(9,725	)			(11.6	%)
-400 basis points			(9,536	)			(12.1	%)			(13,893	)			(16.5	%)

		December 31, 2024
		Instantaneous Parallel Rate Shock Scenario
		Change in Net Interest Income - Year 1								Change in Net Interest Income - Year 2
Change in interest rates:
+400 basis points		$	3,288				3.8	%		$	6,628				6.7	%
+300 basis points			3,347				3.8	%			5,842				5.9	%
+200 basis points			2,877				3.3	%			4,610				4.7	%
+100 basis points			1,798				2.1	%			2,751				2.8	%
Base case
-100 basis points			(2,978	)			(3.4	%)			(4,205	)			(4.3	%)
-200 basis points			(6,468	)			(7.4	%)			(9,650	)			(9.8	%)
-300 basis points			(9,831	)			(11.2	%)			(15,174	)			(15.4	%)
-400 basis points			(12,664	)			(14.5	%)			(19,666	)			(20.0	%)

Stress testing the balance sheet and net interest income using instantaneous parallel rate shock movements in the yield curve is a regulatory and banking industry practice. However, these stress tests may not represent a realistic forecast of future interest rate movements in the yield curve. In addition, instantaneous parallel rate shock modeling is not a predictor of actual future performance of earnings. It is a financial metric used to manage interest rate risk and track the movement of the Company’s interest rate risk position over a historical time frame for comparison purposes.

The asset and liability repricing characteristics of the Company’s assets and liabilities will have a significant impact on its future interest rate risk profile.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

This information is incorporated herein by reference to the information in section "Interest Rate Risk Management" within Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-Q.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to provide assurance that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of

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1934 is recorded, processed, summarized, and reported within the time periods required by the SEC and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. An evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of September 30, 2025 was carried out under the supervision and with the participation of management, including the Company’s Chief Executive Officer and Chief Financial Officer. Based on and as of the date of such evaluation, the aforementioned officers concluded that the Company’s disclosure controls and procedures were effective.

The Company’s management is also responsible for establishing and maintaining adequate internal control over financial reporting. There were no changes in the Company’s internal control over financial reporting that occurred during the Company’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

In the ordinary course of operations, the Company is party to legal proceedings. Based upon information currently available, management believes that such legal proceedings, in the aggregate, will not have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows.

For information regarding legal proceedings in which the Company is involved, please see Note 11 to the unaudited consolidated financial statements included in this Form 10-Q.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in the 2024 Form 10-K. Additional risks not presently known to the Company, or that are currently deemed immaterial, may also adversely affect the Company's business, financial condition, or results of operations. See also “Cautionary Note About Forward-Looking Statements,” included in Part 1, Item 2, of this Form 10-Q.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On August 25, 2025, the Company announced the adoption of the Repurchase Program pursuant to which the Company may purchase up to $15 million of the Company’s issued and outstanding shares of common stock. The Repurchase Program may be modified, suspended, or terminated at any time without notice, at the Company’s discretion, based upon a number of factors, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, the need for capital in the Company’s operations, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The Repurchase Program does not obligate the Company to repurchase any shares.

When incentive stock awards vest, employees and directors may elect to have the Company withhold shares of the Company’s common stock as payment for income and payroll taxes, as applicable.

The following table provides information regarding repurchases of common stock for the three months ended September 30, 2025.

		Shares Purchased or Withheld (1) (2)				Average Price Paid per Share				Shares Purchased as Part of a Publicly Announced Program				Approximate Value of Shares that May Yet Be Purchased Under the Program
July 1, 2025 through July 31, 2025			5,318			$	3.61				—			$	—
August 1, 2025 through August 31, 2025			2,885				3.66				—				15,000,000
September 1, 2025 through September 30, 2025			660,862				4.16				659,949				12,233,238
Total			669,065			$	4.15				659,949
(1) The total number of shares for each period includes shares purchased as part of the Repurchase Program and/or shares withheld from employees upon the vesting of restricted stock awards in satisfaction of applicable tax withholding obligations.
(2) For the three months ended September 30, 2025, employees and directors of the Company elected to have 9,116 shares of their vesting restricted stock awards withheld as payment for tax obligations.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

During the fiscal quarter ended September 30, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408(a) of Regulation S-K).

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Item 6. Exhibits

4.1		Form of Warrant to Purchase Common Stock.
31.1		Rule 13(a)-14(a) Certification of Chief Executive Officer.
31.2		Rule 13(a)-14(a) Certification of Chief Financial Officer.
32.1		Statement of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350.
101		The following materials from Blue Ridge Bankshares, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, formatted in Inline Extensible Business Reporting Language (XBRL), include: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Changes in Stockholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) related notes (filed herewith).
104		The cover page from Blue Ridge Bankshares, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, formatted in Inline XBRL (included with Exhibit 101).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

				BLUE RIDGE BANKSHARES, INC.
Date: November 4, 2025				By:		/s/ G. William Beale
						G. William Beale
						President and Chief Executive Officer
				By:		/s/ Judy C. Gavant
						Judy C. Gavant
						Executive Vice President and Chief Financial Officer

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FAQ

What was BRBS’s Q3 2025 net income?

Q3 2025 net income was $5.6 million, up from $0.9 million in Q3 2024.

How did Blue Ridge Bankshares’ balance sheet change in Q3 2025?

As of September 30, 2025, assets were $2.50B, deposits $1.95B, and loans held for investment $1.89B.

What is the status of BRBS’s share repurchase program (BRBS)?

A $15.0 million repurchase program is in place; the company repurchased 659,949 shares for about $2.8 million in Q3 2025.

How did capital and AOCI move for BRBS?

Stockholders’ equity rose to $355.5M; accumulated other comprehensive loss improved to $31.8M from $42.5M at year-end.

What happened to BRBS’s subordinated debt and interest expense?

Subordinated notes declined to $14.7M from $39.8M, contributing to lower interest expense.

Did BRBS have any major business changes in 2025?

Yes. On March 27, 2025, it sold its mortgage division (Monarch Mortgage), recording a $0.2M loss.

What is BRBS’s regulatory status?

The bank operates under an OCC Consent Order and reported capital ratios above required minimums as of September 30, 2025.