Blue Ridge Bankshares (NYSE: BRBS) swings to Q2 loss on higher credit costs

Rhea-AI Filing Summary

Blue Ridge Bankshares, Inc. reported a Q2 2026 net loss of $0.2 million, or $0.00 per diluted share, versus net income of $0.8 million in Q1 2026 and $1.3 million a year earlier. Results were driven by a $2.1 million provision for credit losses on loans, a $0.55 million provision for unfunded commitments, $0.3 million of after-tax severance, and a $0.6 million loss on liquidation of an equity-method investment.

Underlying performance improved: pre-tax, pre-provision income excluding severance rose to $2.9 million from $2.2 million in Q1. Net interest income was $16.5 million with net interest margin of 2.91% versus 2.90% in Q1, while cost of deposits declined to 2.25%. Noninterest expense fell to $15.9 million from $18.7 million, and headcount declined to 269 from 281 in Q1 and 333 a year earlier.

Total assets decreased to $2.33 billion from $2.41 billion, reflecting a previously announced $54.1 million special cash dividend and lower brokered deposits. Loans held for investment grew $19.6 million (4% annualized), the first growth in 13 quarters. Asset quality weakened, with nonperforming loans rising to $31.2 million, or 1.34% of assets, from $21.0 million, or 0.87%. The allowance for credit losses was 1.11% of loans. Capital remained high, with tangible common equity to tangible assets of 11.8% and the Bank’s CET1 ratio at 15.16%. Subsequent to quarter-end, the company redeemed its remaining subordinated notes.

Positive

• $54.1 million special cash dividend (or $0.60 per share) was paid in April 2026, returning a substantial amount of capital to common shareholders.
• Underlying core performance strengthened, with pre-tax, pre-provision income excluding severance up to $2.9 million, a 30% sequential improvement from $2.2 million.
• Regulatory capital remained high, with the Bank’s CET1 capital ratio at 15.16% and tangible common equity to tangible assets at 11.8% at June 30, 2026.

Negative

• The company swung to a Q2 2026 net loss of $0.2 million from net income of $0.8 million in Q1 2026.
• Asset quality weakened as nonperforming loans rose to $31.2 million, or 1.34% of total assets, up from $21.0 million and 0.87% in the prior quarter.
• Credit costs increased sharply with a $2.1 million provision for credit losses on loans plus a $0.55 million provision for unfunded commitments in Q2 2026.

Filing Explained

The quarter-end disclosure adds a $1.5 million reserve for $11.4 million of loans placed on nonaccrual.

The company’s Form 8-K discloses that, at June 30, 2026, $11.4 million of out-of-market loans were placed on nonaccrual; this quarter-end action increased credit reserves and reduced reported earnings.

The filing identifies a $1.5 million reserve for that loan, or $1.2 million after tax.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net (loss) income Q2 2026: $0.203 million loss Diluted EPS Q2 2026: $0.00 per share Provision for credit losses on loans: $2.1 million +5 more

8 metrics

Net (loss) income Q2 2026 $0.203 million loss Quarter ended June 30, 2026

Diluted EPS Q2 2026 $0.00 per share Quarter ended June 30, 2026

Provision for credit losses on loans $2.1 million Quarter ended June 30, 2026

Pre-tax, pre-provision income excl. severance $2.9 million Non-GAAP, Q2 2026

Net interest margin 2.91% Quarter ended June 30, 2026

Loans held for investment $1.853 billion Balance at June 30, 2026

Nonperforming loans $31.2 million (1.34% of assets) Balance at June 30, 2026

Tangible common equity / tangible assets 11.8% Non-GAAP ratio at June 30, 2026

Key Terms

net interest margin, brokered deposits, nonperforming loans, tangible common equity, +2 more

6 terms

net interest margin financial

"while net interest margin ("NIM") was 2.91% and 2.90% for the respective periods"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

brokered deposits financial

"largely driven by lower average balances of brokered deposits, which declined $23.0 million"

Brokered deposits are large sums of customer cash placed at a bank through a third-party intermediary that shops around for the best interest rate, like a broker assembling a big bucket of savings and directing it to a bank. They matter to investors because they can quickly change a bank’s funding level and cost — providing fast liquidity but also adding volatility and regulatory scrutiny that can affect a bank’s stability and profitability.

nonperforming loans financial

"Nonperforming loans, which include nonaccrual loans and loans past due 90 days or more"

Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.

tangible common equity financial

"The ratio of tangible common stockholders’ equity to tangible total assets was 11.8%1"

Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.

allowance for credit losses financial

"Allowance for credit losses as a percentage of total loans held for investment was 1.11%"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

non-GAAP financial measures financial

"management uses certain non-GAAP measures, including tangible assets, tangible common equity"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Net (loss) income: $0.2 million loss

quarter ended June 30, 2026

Net (loss) income $0.2 million loss down from $0.8 million income in Q1 2026

Diluted EPS $0.00 down from $0.01 in Q1 2026

Net interest income $16.5 million down from $16.9 million in Q1 2026

Noninterest expense $15.9 million down from $18.7 million in Q1 2026

Provision for credit losses on loans $2.1 million vs $0.6 million recovery in Q1 2026

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/28/2026 - 05:15 PM Accepted by SEC EDGAR 07/28/2026 - 05:15 PM Learn about SEC filing dates

FAQ

What were Blue Ridge Bankshares (BRBS) earnings for Q2 2026?

Blue Ridge Bankshares reported a net loss of $0.2 million in Q2 2026, or $0.00 per diluted share, compared with net income of $0.8 million, or $0.01 per diluted share, in Q1 2026.

Why did Blue Ridge Bankshares (BRBS) post a net loss in Q2 2026?

The net loss mainly reflects a $2.1 million provision for credit losses on loans, a $0.55 million provision for unfunded commitments, $0.3 million of after-tax severance, and a $0.6 million loss on liquidation of an equity-method investment.

How did BRBS’s loans and deposits change in Q2 2026?

Loans held for investment increased $19.6 million to $1.85 billion, a 4% annualized growth rate and the first growth in 13 quarters. Total deposits fell $30.7 million to $1.86 billion, with brokered deposits declining to $185.8 million.

What happened to Blue Ridge Bankshares (BRBS) asset quality in Q2 2026?

Asset quality softened as nonperforming loans rose to $31.2 million, or 1.34% of total assets, from $21.0 million, or 0.87%, in Q1 2026. The allowance for credit losses increased to 1.11% of loans.

What were BRBS’s net interest margin and funding costs in Q2 2026?

Net interest margin was 2.91% in Q2 2026, slightly above 2.90% in Q1. The cost of deposits fell to 2.25% from 2.27%, and overall cost of funds edged down to 2.41%.

What capital and dividend actions did Blue Ridge Bankshares (BRBS) take in 2026?

The company paid a special cash dividend of $0.60 per share, totaling $54.1 million, on April 27, 2026, and later redeemed its remaining 2029 subordinated notes, leaving no subordinated notes outstanding after July 15, 2026.

false000084271700008427172026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2026

BLUE RIDGE BANKSHARES, INC.

(Exact name of Registrant as Specified in Its Charter)

Virginia			001-39165	54-1838100
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS 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

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 28, 2026, Blue Ridge Bankshares, Inc. issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this report and is incorporated by reference into this Item 2.02.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is being furnished pursuant to Item 2.02 above.

	Exhibit No.		Description
	99.1		Press release dated July 28, 2026.
	104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 hereunto duly authorized.

			BLUE RIDGE BANKSHARES, INC.
Date:	July 28, 2026	By:	/s/ Judy C. Gavant
			Judy C. Gavant Executive Vice President and Chief Financial Officer

Exhibit 99.1

Blue Ridge Bankshares, Inc. Announces 2026 Second Quarter Results

Loan Growth Returns, Improved Deposit Mix, and Continued Reduction in Operating Expenses

RICHMOND, VA, July 28, 2026 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (the “Company”) (NYSE American: BRBS), the holding company of Blue Ridge Bank, National Association (“Blue Ridge Bank” or the “Bank”) and BRB Financial Group, Inc., today announced financial results for the quarter ended June 30, 2026.

For the quarter ended June 30, 2026, the Company reported a net loss of $0.2 million, or $0.00 per diluted common share, compared to net income of $0.8 million, or $0.01 per diluted common share, for the quarter ended March 31, 2026, and net income of $1.3 million, or $0.01 per diluted common share, for the quarter ended June 30, 2025. Net loss for the second quarter of 2026 included an after-tax $2.1 million provision for credit losses, compared to an after-tax benefit for recovery of credit losses of $0.5 million for both the first quarter of 2026 and second quarter of 2025. Loans from a single out-of-market relationship originated prior to 2024 were placed on nonaccrual at June 30, 2026, and a reserve was established for the loan in the amount of $1.5 million ($1.2 million after tax). Net loss for the second quarter of 2026 also included $0.3 million of after-tax expenses related to severance, compared to $1.3 million and $0.2 million for the first quarter of 2026 and second quarter of 2025, respectively. Severance expenses include amounts associated with previously-announced executive officer transitions.

Excluding severance expense, pre-tax, pre-provision income for the second quarter of 2026 improved to $2.9 million1 compared to $2.2 million1 and $1.4 million1 for the first quarter of 2026 and second quarter of 2025, respectively.

For the first half of 2026, the Company reported net income of $0.6 million, or $0.01 per diluted common share, compared to net income of $0.9 million, or $0.01 per diluted common share for the first half of 2025. Net income for the 2026 period included after-tax severance expenses of $1.7 million compared to $0.8 million for the first half of 2025.

"After a couple years of de-risking the balance sheet and returning our focus 100% to our community banking customers and prospects, I am pleased to report a 4% annualized loan growth rate for the second quarter. This loan growth, combined with modestly improved margins from a more favorable deposit mix and continued discipline in right-sizing our expense base, resulted in improved earnings this quarter on a pre-tax, pre-provision basis," commented Harry Golliday, interim president and chief executive officer.

"We continue to have healthy economic conditions in our local markets driving business owners to invest and consumers to spend, and, as a result, our loan and deposit pipelines are encouraging. In addition, results of this quarters' expense reduction actions will be realized in the second half of 2026."

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Q2 2026 Highlights

(Comparisons for Second Quarter 2026 are relative to First Quarter 2026 unless otherwise noted.)

Net Income:

•Net loss for the quarter was $0.2 million, or $0.00 per diluted common share, compared to net income of $0.8 million, or $0.01 per diluted common share, for the prior quarter. After-tax severance expense and provision for (recovery of) credit losses were $0.3 million and $2.1 million, respectively, for the quarter, compared to $1.3 million and ($0.5) million, respectively, for the prior quarter.

•Excluding severance expense, pre-tax, pre-provision income was $2.9 million1 and $2.2 million1 for the sequential quarters, a 30% improvement.

Net Interest Income / Net Interest Margin:

•Net interest income totaled $16.5 million and $16.9 million for the second and first quarters, respectively. Interest income decreased by $0.5 million in the quarter, primarily due to the decline in average balances of loans held for investment, loans held for sale, and interest-earning deposits in other banks, which collectively declined $45.7 million from the prior quarter. Yields on loans held for investment were 5.54% and 5.50% for the second and first quarters, respectively. Interest expense declined by $0.2 million for the quarter, largely driven by lower average balances of brokered deposits, which declined $23.0 million from the prior quarter. Cost of deposits declined two basis points to 2.25% for the quarter, compared to 2.27% for the prior quarter, while net interest margin ("NIM") was 2.91% and 2.90% for the respective periods.

Capital:

•On March 30, 2026, the Company announced a special cash dividend of $0.60 per share of the Company's common stock totaling approximately $54.1 million. The dividend was paid on April 27, 2026, to shareholders of record as of the close of business on April 13, 2026.

•The ratio of tangible common stockholders’ equity to tangible total assets was 11.8%1 at the second quarter end compared to 11.4%1 at the prior quarter end, while tangible book value per common share was $3.101 compared to $3.111 as of the respective dates.

•At June 30, 2026, the Bank’s tier 1 leverage ratio, tier 1 risk-based capital ratio, common equity tier 1 capital ratio, and total risk-based capital ratio were 11.27%, 15.16%, 15.16%, and 16.40%, respectively, compared to 11.01%, 15.33%, 15.33%, and 16.47% respectively, at the prior quarter end.

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Noninterest Income / Noninterest Expense:

•Noninterest income for the quarter was $1.8 million compared to $2.3 million for the prior quarter. Other noninterest income included a $0.6 million loss recognized upon the liquidation of an equity method investment made in 2022. The loss reflects the difference between the investment’s carrying value and the final distribution received. Over the period it was held, the investment generated cumulative pre-tax income of approximately $1.9 million.

•Noninterest expense for the quarter was $15.9 million compared to $18.7 million for the prior quarter, a decrease of $2.8 million. Salaries and employee benefits expense declined $2.0 million, of which $1.2 million was lower severance expenses and $0.4 million was lower incentive-related expenses. Advertising and marketing expense was $0.3 million lower than the prior quarter due to the timing of marketing campaigns.

•Headcount as of June 30, 2026 was 269, compared to 281 at March 31, 2026, and 333 at June 30, 2025.

Income Tax:

•Income tax expense for the second and first quarters was $0 and $0.3 million, respectively, with effective income tax rates for the respective periods of 11.4% and 24.9%. The decrease in the effective income tax rate was primarily the result of the Company's marginal pre-tax loss in the second quarter.

Balance Sheet:

•Total assets decreased to $2.33 billion at quarter end from $2.41 billion at the prior quarter end, a reduction of $85.3 million. The decrease was primarily driven by lower cash and cash equivalents following the payment of the previously-announced special cash dividend and the reduction of brokered time deposits. Loans held for investment grew $19.6 million, or a 4% annualized rate of growth, the first growth in 13 quarters.

•Total deposits, when excluding brokered deposits, decreased $9.3 million in the second quarter compared to growth of $13.4 million in the prior quarter. Brokered deposits of $21.4 million were paid off upon maturity in the quarter. The ratio of noninterest-bearing demand deposits to total deposits was 21.3% and 20.7% as of June 30, 2026 and March 31, 2026, respectively.

•Total stockholders' equity was $276.5 million at quarter end compared to $277.0 million at the prior quarter end, a decrease of $0.5 million.

Asset Quality:

•Nonperforming loans, which include nonaccrual loans and loans past due 90 days or more and accruing interest, were $31.2 million, or 1.34% of total assets, at June 30, 2026, compared to $21.0 million, or 0.87% of total assets, at March 31, 2026. The increase in nonperforming loans primarily reflects the previously-mentioned out-of-market loans totaling

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$11.4 million that were placed on nonaccrual in the second quarter and for which a $1.5 million reserve was established. The loans were originated prior to 2024 by the Company's former government guaranteed lending team. The Company believes the credit issues affecting this borrower are unique and not systemic to the Company's overall loan portfolio. Nonperforming assets, which include other real estate owned, were $32.8 million, or 1.41% of total assets, at June 30, 2026, compared to $22.6 million, or 0.94% of total assets, at March 31, 2026.

•Provision for credit losses on loans of $2.1 million for the quarter was primarily due to $0.6 million of net loan charge-offs, an increase in specific loan reserves for out-of-market credits, and loan portfolio growth. Provision for credit losses for unfunded commitments of $0.6 million for the quarter was due to an increase in committed but unfunded lines of credit to commercial construction borrowers. For the prior quarter, a $0.6 million recovery of credit losses was primarily due to loan portfolio balance reductions and $0.3 million of net loan recoveries, including an $0.8 million recovery of a specialty finance loan charged off in 2022.

•Allowance for credit losses as a percentage of total loans held for investment was 1.11% at June 30, 2026, compared to 1.05% at March 31, 2026. Net loan charge-offs were $0.6 million in the second quarter of 2026, while net loan recoveries were $0.3 million in the first quarter of 2026. The net loan charge-offs (recoveries) to average loans outstanding ratio (quarter-to-date annualized) was 0.14% and (0.07%) for the second and first quarters, respectively.

Income Statement:

Net interest income was $16.5 million for the second quarter of 2026, compared to $16.9 million and $19.8 million for the first quarter of 2026 and the second quarter of 2025, respectively. Relative to the prior quarter, the decrease reflected primarily lower income from and average balances of loans held for investment, while relative to the year-ago period, the decrease reflected lower average balances of loans held for investment and loans held for sale. Interest expense declined by $0.2 million and $2.6 million in the second quarter of 2026, compared to the first quarter of 2026 and the second quarter of 2025, respectively, primarily driven by lower average balances of brokered deposits.

Average balances of interest-earning assets were $2.28 billion for the second quarter of 2026, a decrease of $53.8 million from the prior quarter and $244.9 million from the second quarter of 2025. Average balances of loans held for investment were $1.83 billion for the second quarter of 2026, a decrease of $14.7 million from the prior quarter and $192.3 million from the second quarter of 2025. Average balances of loans held for sale were $0 for the second quarter of 2026, a decrease of $4.7 million and $24.2 million from the first quarter of 2026 and the second quarter of 2025, respectively, reflective of the Company's exit of its indirect fintech lending partnerships. Yields on loans held for investment were 5.54% for the second quarter of 2026 compared to 5.50% and 5.80% for the first quarter of 2026 and second quarter of 2025, respectively. Accretion of discounts on acquired loans had a three, four, and seven basis point positive effect

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on loans held for investment yields in the second quarter of 2026, first quarter of 2026, and second quarter of 2025, respectively.

Average balances of interest-bearing liabilities were $1.65 billion for the second quarter of 2026, a decrease of $23.7 million from the prior quarter and $170.4 million from the second quarter of 2025. The decline in the second quarter of 2026 relative to the prior quarter was primarily due to lower average balances of brokered deposits ($23.0 million) and money market deposits ($18.4 million), partially offset by higher average balances of time deposits ($12.9 million). The decline in average balances of interest-bearing liabilities relative to the second quarter of 2025 was primarily due to reductions of brokered time deposits ($118.7 million), money market deposits ($28.5 million) and borrowings ($19.9 million of subordinated notes).

Cost of funds was 2.41% for the second quarter of 2026, compared to 2.42% for the first quarter of 2026, and 2.63% for the second quarter of 2025, while cost of deposits was 2.25%, 2.27%, and 2.47%, for the same respective periods. These declines reflect lower average balances of higher-rate brokered deposits. Cost of deposits, excluding brokered deposits, was 1.97% for both the second and prior quarters, compared to 2.05% for the year-ago quarter period.

NIM was 2.91% for the second quarter of 2026, compared to 2.90% in the prior quarter, and 3.15% for the second quarter of 2025. Improvements in the yield on loans held for investment and the cost of funds in the second quarter of 2026 relative to the first quarter of 2026 were partially offset by the absence of interest income from loans held for sale in the second quarter, following the exit of fintech lending.

Provision for (recoveries of) credit losses on loans of $2.1 million, ($0.6) million, and ($0.7) million were reported in the second quarter of 2026, first quarter of 2026, and second quarter of 2025, respectively. The second quarter provision for credit losses on loans of $2.1 million was primarily due to additions to specific loan reserves, net loan charge-offs, and loan portfolio growth of $19.6 million during the second quarter of 2026. In the prior quarter, the $0.6 million recovery of credit losses on loans was primarily due to loan portfolio balance reductions of $31.8 million and net loan recoveries, including an $0.8 million recovery on a loan charged off in 2022. Provision for credit losses for unfunded commitments of $0.6 million was reported in the second quarter of 2026, while there were none reported in the first quarter of 2026 and second quarter of 2025. The second quarter provision for credit losses for unfunded commitments reflects an increase in committed but unfunded lines of credit to commercial construction borrowers.

Noninterest income was $1.8 million for the second quarter of 2026, compared to $2.3 million for the first quarter of 2026, and $3.2 million for the second quarter of 2025. The decline in noninterest income compared to the first quarter of 2026 was primarily due to the previously noted $0.6 million loss upon the liquidation of an equity-method investment, while the decline in noninterest income compared to the second quarter of 2025 was primarily attributable to additional proceeds received in the quarter related to the 2024 sale of mortgage servicing rights.

Noninterest expense was $15.9 million for the second quarter of 2026, a $2.8 million decrease from the prior quarter and a $6.1 million decrease from the year-ago period. The largest

5

contributor to the decrease compared to the prior quarter was lower salaries and employee benefits expense, of which salaries, severance, and incentive-related expenses declined by $0.4 million, $1.2 million, and $0.4 million, respectively. The decrease in noninterest expense in the second quarter of 2026 relative to the year-ago period was primarily due to lower expenses for salaries and employee benefits ($4.0 million), FDIC insurance ($0.7 million), and technology ($0.6 million). The number of employees decreased from 333 in the second quarter of 2025 to 269 in the second quarter of 2026, or by 19%. The decline in FDIC insurance premiums primarily reflected lower assessment rates in 2026 relative to 2025.

Balance Sheet:

Loans held for investment were $1.85 billion at June 30, 2026, compared to $1.83 billion at March 31, 2026, and $1.98 billion at June 30, 2025. The $19.6 million increase compared to the prior quarter was primarily driven by growth in commercial and residential mortgage loans. During the second quarter, the Company partnered with a third-party residential mortgage originator, whereby the Company purchases adjustable-rate mortgage loans originated generally within its market area. This program will provide a primary mortgage product to the Company's consumer customer. Loans held for investment declined $125.1 million from the second quarter of 2025, primarily attributable to payoffs and paydowns of approximately $32.1 million of out-of-market loans. Loans held for sale at both June 30, 2026 and March 31, 2026 were $0, compared to $12.4 million as of June 30, 2025, reflecting the exit of fintech lending.

Total deposits were $1.86 billion at June 30, 2026, a decrease of $30.7 million and $147.9 million from March 31, 2026 and June 30, 2025, respectively. Brokered deposit balances were $185.8 million, $207.2 million, and $296.1 million at the end of the second quarter of 2026, first quarter of 2026, and second quarter of 2025, respectively. Brokered deposits as a percentage of total deposits declined to 10.0% at June 30, 2026, from 10.9% at March 31, 2026 and 14.7% at June 30, 2025. Excluding brokered deposits, total deposits decreased $9.3 million from March 31, 2026 and $37.7 million from June 30, 2025.

Noninterest-bearing deposits represented 21.3%, 20.7%, and 21.5% of total deposits at June 30, 2026, March 31, 2026, and June 30, 2025, respectively. Excluding brokered deposits, noninterest-bearing deposits represented 23.6%, 23.3%, and 25.3% of total deposits as of the same respective dates.

Subordinated notes were $14.7 million at both June 30, 2026 and March 31, 2026 and $24.9 million at June 30, 2025. The decrease from the second quarter of 2025 reflects the Company's $10.0 million partial redemption of its $25.0 million of subordinated notes maturing October 15, 2029 (the "2029 Notes") in the third quarter of 2025. The effective interest rate on the 2029 Notes, inclusive of the amortization of the purchase accounting adjustment (premium), was 7.43%, 7.92%, and 7.86%, in the second quarter of 2026, first quarter of 2026, and second quarter of 2025, respectively. Subsequent to June 30, 2026, on July 15, 2026, the Company redeemed the remainder of the 2029 Notes. Upon the completion of this redemption, the Company had no outstanding subordinated notes.

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About Blue Ridge Bankshares, Inc.:

Blue Ridge Bankshares, Inc. is the holding company for Blue Ridge Bank and BRB Financial Group, Inc. The Company, through its subsidiaries and affiliates, provides a wide range of financial services including retail and commercial banking, and retail mortgage lending. The Company also provides investment and wealth management services and management services for personal and corporate trusts, including estate planning and trust administration. Visit www.mybrb.com for more information.

Reclassifications:

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

Non-GAAP Financial Measures:

The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. However, management uses certain non-GAAP measures, including tangible assets, tangible common equity, tangible book value per common share, and tangible common equity to tangible total assets to supplement the evaluation of the Company’s financial condition and performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the financial condition and capital position of the Company’s business. In addition, management uses pre-tax, pre-provision income, excluding severance expense to supplement the evaluation of the Company's statement of operations. These non-GAAP disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.

Forward-Looking Statements:

This release of the Company contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 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 may 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.

7

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;

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

•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 becomes damaged;

•the emergence of digital assets and payment stablecoins, and evolving legislative or regulatory frameworks, which could alter deposit flows, competition, and credit intermediation and in turn, adversely affect the Company’s funding, liquidity, or overall financial performance;

•the ability to maintain capital levels adequate to support the Company's business;

•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 usage of advances and changes in technological and social media to develop timely and competitive products and services, and the acceptance of these products and services by new and existing customers;

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

•the impact of unanticipated outflows of deposits;

•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;

8

•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, and 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;

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

•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 Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in filings the Company makes from time to time with the U.S. 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 filings the Company makes from time to time with the SEC. Any one of these risks or factors could have a material adverse impact on the Company’s results of operations or financial condition, or cause the Company’s actual results, performance or achievements to differ materially from those expressed in, or implied by, forward-looking information and statements contained in this release. Moreover, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on its forward-looking statements. Therefore, the Company cautions not to place undue reliance on its forward-looking information and statements, which speak only as of the date of this release. The Company does not undertake to, and will not, update or revise these forward-looking statements after the date hereof, whether as a result of new information, future events, or otherwise.

1 Non-GAAP financial measure. Further information can be found at the end of this press release.

9

Blue Ridge Bankshares, Inc.
Consolidated Balance Sheets
(Dollars in thousands, except share data)		(unaudited) June 30, 2026				December 31, 2025 (1)
Assets
Cash and due from banks		$	61,691			$	115,949
Federal funds sold			2,353				1,851
Securities available for sale, at fair value			317,016				332,928
Restricted equity investments			16,784				19,016
Other equity investments			4,999				4,910
Other investments			17,991				20,781
Loans held for sale			—				14,769
Loans held for investment, net of deferred fees and costs			1,853,461				1,865,717
Less: allowance for credit losses			(20,639	)			(19,444	)
Loans held for investment, net			1,832,822				1,846,273
Accrued interest receivable			10,140				10,787
Other real estate owned			1,601				1,683
Premises and equipment, net			21,483				21,549
Right-of-use lease asset			6,054				6,637
Other intangible assets			2,165				2,642
Deferred tax asset, net			22,943				22,721
Other assets			10,675				10,093
Total assets		$	2,328,717			$	2,432,589
Liabilities and Stockholders’ Equity
Deposits:
Noninterest-bearing demand		$	396,284			$	398,541
Interest-bearing demand and money market deposits			592,450				612,648
Savings			101,702				100,346
Time deposits			771,897				799,627
Total deposits			1,862,333				1,911,162
FHLB borrowings			150,000				150,000
Subordinated notes, net			14,688				14,716
Lease liability			6,584				7,233
Other liabilities			18,623				25,787
Total liabilities			2,052,228				2,108,898
Commitments and contingencies
Stockholders’ Equity:
Common stock, no par value; 150,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; and 89,655,211 and 91,475,278 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively			332,489				331,917
Additional paid-in capital			23,552				23,552
Accumulated deficit			(47,643	)			(659	)
Accumulated other comprehensive loss, net of tax			(31,909	)			(31,119	)
Total stockholders’ equity			276,489				323,691
Total liabilities and stockholders’ equity		$	2,328,717			$	2,432,589
(1) Derived from audited December 31, 2025 Consolidated Financial Statements.

10

Blue Ridge Bankshares, Inc.
Consolidated Statements of Income (unaudited)
		For the Three Months Ended
(Dollars in thousands, except per common share data)		June 30, 2026				March 31, 2026				June 30, 2025
Interest income:
Interest and fees on loans		$	25,381			$	25,709			$	30,730
Interest on securities, deposit accounts, and federal funds sold			3,465				3,680				4,006
Total interest income			28,846				29,389				34,736
Interest expense:
Interest on deposits			10,583				10,760				12,802
Interest on subordinated notes			273				291				646
Interest on FHLB borrowings			1,447				1,432				1,447
Total interest expense			12,303				12,483				14,895
Net interest income			16,543				16,906				19,841
Provision for (recovery of) credit losses - loans			2,100				(600	)			(700	)
Provision for credit losses - unfunded commitments			550				—				—
Total provision for (recovery of) credit losses			2,650				(600	)			(700	)
Net interest income after provision for (recovery of) credit losses			13,893				17,506				20,541
Noninterest income:
Service charges on deposit accounts			642				632				721
Bank and purchase card interchange income, net			620				545				626
Wealth and trust management fees			520				464				409
Residential mortgage banking income			—				—				117
Mortgage servicing rights ("MSRs")			—				—				(139	)
Income on sale of MSRs			—				—				289
Other			(12	)			707				1,221
Total noninterest income			1,770				2,348				3,244
Noninterest expense:
Salaries and employee benefits			9,028				11,057				13,000
Occupancy and equipment			1,062				1,239				1,129
Technology and communications			1,916				1,987				2,565
Legal and regulatory filings			477				582				395
Advertising and marketing			423				765				128
Audit fees			226				255				459
FDIC insurance			318				420				1,027
Intangible amortization			191				202				234
Other contractual services			344				202				433
Other taxes and assessments			842				828				955
Other			1,065				1,204				1,684
Total noninterest expense			15,892				18,741				22,009
(Loss) income before income taxes			(229	)			1,113				1,776
Income tax (benefit) expense			(26	)			277				480
Net (loss) income		$	(203	)		$	836			$	1,296
Basic and diluted earnings per common share		$	—			$	0.01			$	0.01

11

Blue Ridge Bankshares, Inc.
Consolidated Statements of Income (unaudited)
		For the Six Months Ended
(Dollars in thousands, except per common share data)		June 30, 2026				June 30, 2025
Interest income:
Interest and fees on loans		$	51,090			$	61,884
Interest on securities, deposit accounts, and federal funds sold			7,145				8,202
Total interest income			58,235				70,086
Interest expense:
Interest on deposits			21,343				26,994
Interest on subordinated notes			564				1,382
Interest on FHLB borrowings			2,879				2,879
Total interest expense			24,786				31,255
Net interest income			33,449				38,831
Provision for (recovery of) credit losses - loans			1,500				(700	)
Provision for credit losses - unfunded commitments			550				—
Total provision for (recovery of) credit losses			2,050				(700	)
Net interest income after provision for (recovery of) credit losses			31,399				39,531
Noninterest income:
Service charges on deposit accounts			1,274				1,178
Bank and purchase card interchange income, net			1,165				1,193
Wealth and trust management fees			984				863
Residential mortgage banking income			—				841
Mortgage servicing rights ("MSRs")			—				(137	)
Income on sale of MSRs			—				289
Other			695				2,089
Total noninterest income			4,118				6,316
Noninterest expense:
Salaries and employee benefits			20,085				25,610
Occupancy and equipment			2,301				2,510
Technology and communications			3,903				5,349
Legal and regulatory filings			1,059				834
Advertising and marketing			1,188				319
Audit fees			481				1,037
FDIC insurance			738				2,124
Intangible amortization			393				478
Other contractual services			546				1,028
Other taxes and assessments			1,670				1,876
Other			2,269				3,795
Total noninterest expense			34,633				44,960
Income before income taxes			884				887
Income tax expense			251				25
Net income		$	633			$	862
Basic and diluted earnings per common share		$	0.01			$	0.01

12

Blue Ridge Bankshares, Inc.
Quarter Summary of Selected Financial Data (unaudited)
		As of and for the Three Months Ended
(Dollars and shares in thousands, except per common share data)		June 30,				March 31,				December 31,				September 30,				June 30,
Income Statement Data:		2026				2026				2025				2025				2025
Interest income		$	28,846			$	29,389			$	31,474			$	36,213			$	34,736
Interest expense			12,303				12,483				13,355				14,302				14,895
Net interest income			16,543				16,906				18,119				21,911				19,841
Provision for (recovery of) credit losses			2,650				(600	)			(1,500	)			(1,800	)			(700	)
Net interest income after provision for (recovery of) credit losses			13,893				17,506				19,619				23,711				20,541
Noninterest income			1,770				2,348				2,687				3,833				3,244
Noninterest expense			15,892				18,741				16,921				20,041				22,009
(Loss) income before income taxes			(229	)			1,113				5,385				7,503				1,776
Income tax (benefit) expense			(26	)			277				1,141				1,900				480
Net (loss) income			(203	)			836				4,244				5,603				1,296
Per Common Share Data:
Earnings per common share - basic		$	—			$	0.01			$	0.05			$	0.06			$	0.01
Earnings per common share - diluted			—				0.01				0.04				0.06				0.01
Cash dividends per common share			—				0.60				0.25				—				—
Book value per common share			3.12				3.13				3.68				4.03				3.88
Tangible book value per common share - Non-GAAP			3.10				3.11				3.65				4.01				3.85
Balance Sheet Data:
Total assets		$	2,328,717			$	2,414,046			$	2,432,589			$	2,496,949			$	2,555,439
Average assets			2,367,772				2,423,491				2,473,241				2,535,853				2,630,898
Average interest-earning assets			2,280,890				2,334,674				2,383,573				2,437,542				2,525,835
Loans held for investment ("LHFI")			1,853,461				1,833,899				1,865,717				1,912,726				1,978,585
Allowance for credit losses			20,639				19,184				19,444				20,503				21,974
Purchase accounting adjustments (discounts) on acquired loans			2,350				2,473				2,608				2,984				3,388
Loans held for sale			—				—				14,769				12,819				12,380
Securities available for sale, at fair value			317,016				331,914				332,928				341,354				327,958
Noninterest-bearing demand deposits			396,284				392,067				398,541				411,100				432,939
Total deposits			1,862,333				1,893,074				1,911,162				1,951,079				2,010,266
Subordinated notes, net			14,688				14,702				14,716				14,731				24,928
FHLB advances			150,000				150,000				150,000				150,000				150,000
Average interest-bearing liabilities			1,649,331				1,673,077				1,697,083				1,739,014				1,819,735
Total stockholders' equity			276,489				276,964				323,691				355,505				344,265
Average stockholders' equity			277,936				324,390				331,888				345,358				339,131
Weighted average common shares outstanding - basic			88,494				88,343				88,037				88,548				88,258
Weighted average common shares outstanding - diluted			88,494				99,758				99,207				99,384				95,903
Outstanding warrants to purchase common stock			24,116				24,320				24,320				27,549				27,674
Financial Ratios:
Return on average assets (2)			-0.03	%			0.14	%			0.69	%			0.88	%			0.20	%
Return on average equity (2)			-0.29	%			1.03	%			5.11	%			6.49	%			1.53	%
Total loan to deposit ratio			99.5	%			96.9	%			98.4	%			98.7	%			99.0	%
Held for investment loan-to-deposit ratio			99.5	%			96.9	%			97.6	%			98.0	%			98.4	%
Net interest margin (2)			2.91	%			2.90	%			3.04	%			3.60	%			3.15	%
Yield of LHFI (2)			5.54	%			5.50	%			5.66	%			6.40	%			5.80	%
Cost of deposits (2)			2.25	%			2.27	%			2.40	%			2.51	%			2.47	%
Cost of funds (2)			2.41	%			2.42	%			2.54	%			2.65	%			2.63	%
Efficiency ratio			86.8	%			97.3	%			81.3	%			77.8	%			95.3	%
Noninterest expense to total assets (2)			2.73	%			3.11	%			2.78	%			3.21	%			3.45	%
Capital and Asset Quality Ratios:
Average stockholders' equity to average assets			11.7	%			13.4	%			13.4	%			13.6	%			12.9	%
Allowance for credit losses to LHFI			1.11	%			1.05	%			1.04	%			1.07	%			1.11	%
Ratio of net (recoveries) charge-offs to average loans outstanding (2)			0.14	%			-0.07	%			-0.07	%			-0.07	%			0.09	%
Nonperforming loans to total assets			1.34	%			0.87	%			0.98	%			1.14	%			0.94	%
Nonperforming assets to total assets			1.41	%			0.94	%			1.05	%			1.15	%			0.95	%
Nonperforming loans to total loans			1.68	%			1.15	%			1.26	%			1.48	%			1.20	%

13

Reconciliation of Non-GAAP Financial Measures (unaudited):
		As of and for the Three Months Ended
(Dollars and shares in thousands, except per common share data)		June 30,				March 31,				December 31,				September 30,				June 30,
Tangible Common Equity and Tangible Book Value Per Common Share:		2026				2026				2025				2025				2025
Common stockholders' equity		$	276,489			$	276,964			$	323,691			$	355,505			$	344,265
Less: other intangibles, net of deferred tax liability (3)			(1,690	)			(1,868	)			(2,052	)			(2,285	)			(2,509	)
Tangible common equity (Non-GAAP)		$	274,799			$	275,096			$	321,639			$	353,220			$	341,756
Total common shares outstanding			89,655				89,797				91,475				91,637				92,175
Less: unvested performance-based restricted stock awards			(1,092	)			(1,412	)			(3,453	)			(3,460	)			(3,496	)
Total common shares outstanding, adjusted			88,563				88,385				88,022				88,177				88,679
Book value per common share		$	3.12			$	3.13			$	3.68			$	4.03			$	3.88
Tangible book value per common share (Non-GAAP)			3.10				3.11				3.65				4.01				3.85
Tangible Common Equity to Tangible Total Assets:
Total assets		$	2,328,717			$	2,414,046			$	2,432,589			$	2,496,949			$	2,555,439
Less: other intangibles, net of deferred tax liability (3)			(1,690	)			(1,868	)			(2,052	)			(2,285	)			(2,509	)
Tangible total assets (Non-GAAP)		$	2,327,027			$	2,412,178			$	2,430,537			$	2,494,664			$	2,552,930
Tangible common equity (Non-GAAP)		$	274,799			$	275,096			$	321,639			$	353,220			$	341,756
Tangible common equity to tangible total assets (Non-GAAP)			11.8	%			11.4	%			13.2	%			14.2	%			13.4	%
Pre-tax, Pre-provision Income, Excluding Severance Expense:
(Loss) income before income taxes		$	(229	)		$	1,113			$	5,385			$	7,503			$	1,776
Add: Provision for (recovery of) credit losses			2,650				(600	)			(1,500	)			(1,800	)			(700	)
Add : Severance expense			436				1,682				45				131				314
Pre-tax, Pre-provision Income, Excluding Severance Expense (Non-GAAP)		$	2,857			$	2,195			$	3,930			$	5,834			$	1,390
(2) Annualized.
(3) Excludes mortgage servicing rights.

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