STOCK TITAN

Blue Ridge Bnksh - BRBS STOCK NEWS

Welcome to our dedicated page for Blue Ridge Bnksh news (Ticker: BRBS), a resource for investors and traders seeking the latest updates and insights on Blue Ridge Bnksh stock.

Blue Ridge Bankshares Inc. (BRBS), a community banking institution serving clients since 1893, maintains this dedicated news hub for stakeholders seeking authoritative updates about its financial services and community initiatives. This page aggregates all official announcements, regulatory filings, and strategic developments from the Virginia-based bank.

Investors and community members alike will find value in our curated collection of earnings reports, regulatory updates, and leadership announcements. The resource prioritizes timely access to material information affecting BRBS's retail banking operations, commercial lending activities, and risk management practices.

Regular updates cover essential developments including capital management strategies, community reinvestment programs, and service expansion initiatives. All content undergoes verification to ensure alignment with financial disclosure standards and the bank's commitment to transparent communication.

Bookmark this page for streamlined access to Blue Ridge Bankshares' latest news. For comprehensive understanding of the company's operations, review updates alongside our detailed corporate profile and historical filings.

Rhea-AI Summary

Blue Ridge Bankshares (NYSE: BRBS) reported Q1 2025 financial results, showing a net loss of $0.4 million ($0.01 per diluted share), an improvement from Q4 2024's loss of $2.0 million. The quarter included $0.5 million in after-tax severance costs and a $0.2 million loss from the sale of Monarch Mortgage division.

Key highlights include:

  • Net interest margin improved to 2.90% from 2.80% in Q4 2024
  • Employee headcount reduced by 91 (21% decrease), expected to save $6 million annually
  • Capital ratios strengthened with tier 1 leverage ratio at 12.33% and total risk-based capital ratio at 17.93%
  • Total assets decreased to $2.69 billion, with deposits at $2.13 billion
  • Nonperforming loans at 0.93% of total assets

The company completed regulatory remediation efforts and received approval to redeem subordinated debt, which will save over $2 million in annual interest expense. Management expects return to sustainable profitability as they refocus on community banking.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
-
Rhea-AI Summary

Blue Ridge Bankshares (NYSE American: BRBS) has announced plans to exit its mortgage banking division through a definitive asset purchase and sale agreement to sell Monarch Mortgage assets to an unidentified third-party mortgage company. The transaction is expected to close by the end of Q1 2025.

Monarch Mortgage, which specializes in residential mortgage loan origination and processing for secondary market sale, will continue managing existing loan applications through closing. CEO G. William Beale explained this strategic move as part of the company's effort to refocus on community banking within their primary geographical footprint, noting that the current interest rate environment would require additional investment to scale the mortgage division for meaningful profitability.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.91%
Tags
none
-
Rhea-AI Summary

Blue Ridge Bankshares (NYSE American: BRBS) reported financial results for Q4 and full-year 2024. The company recorded a Q4 net loss of $2.0 million ($0.03 per diluted share), compared to net income of $0.9 million in Q3 2024 and a net loss of $5.8 million in Q4 2023.

Key developments include:

  • Complete exit from banking-as-a-service (BaaS) depository operations, reducing fintech deposits by $445 million
  • Reduction in wholesale funding by $113 million
  • Growth in primary footprint deposits by $172 million
  • 14% reduction in workforce (71 fewer employees) compared to 2023
  • Improvement in nonperforming loans to 0.93% of total assets
  • Maintained strong capital ratios with tier 1 leverage ratio at 12.43% and total risk-based capital ratio at 19.79%

The company is focusing on three main areas: regulatory remediation, operational efficiency improvement, and positioning for future growth as a community-focused banking institution.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
Rhea-AI Summary

Blue Ridge Bankshares (NYSE American: BRBS) reported Q3 2024 net income of $0.9 million ($0.01 per diluted share), compared to a net loss of $11.4 million in Q2 2024. The quarter included a $6.6 million after-tax recovery of credit losses. The company is exiting fintech banking-as-a-service operations, with fintech deposits reduced to 3% of total deposits from 18% year-over-year. Noninterest expense decreased by 10% from Q2 and 30% year-over-year. The bank's nonperforming loans improved to 1.09% of total assets, down from 1.40% in Q2. Net interest income was $19.1 million, with net interest margin at 2.74%.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.7%
Tags
-
Rhea-AI Summary

Blue Ridge Bankshares (NYSE American: BRBS) reported a net loss of $11.4 million ($0.47 per diluted share) for Q2 2024, up from a $2.9 million loss in Q1 2024. The year-to-date net loss stands at $14.3 million ($0.66 per share). A key factor was a $6.7 million after-tax negative fair value adjustment on a fintech equity investment. The company completed a $161.6 million capital raise to fund strategic initiatives and regulatory capital requirements.

Blue Ridge is winding down its fintech depository operations, with fintech deposits decreasing to 7% of total deposits. The bank saw reductions in nonperforming loans, improved regulatory expenses, and stable core deposits. The capital raise led to enhanced capital ratios, exceeding regulatory minimums. However, asset quality issues persisted with a $10.6 million net loan charge-off. Net interest income declined slightly to $20.1 million, and noninterest income dropped substantially due to fair value adjustments.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.72%
Tags
-
Rhea-AI Summary

Blue Ridge Bankshares, Inc. announced its 2024 first-quarter results, showcasing a net loss of $2.9 million compared to previous quarters. The company completed a $150 million capital raise post-quarter-end to support its business transformation, solidified compliance and risk management functions, and made progress on regulatory remediation efforts. The leadership team filled key positions to strengthen risk management and compliance, developed a strategic growth plan, and reinforced its capital position through a private placement. The company aims for incremental operating improvement in 2024 despite being a transitional year.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.8%
Tags
Rhea-AI Summary
Blue Ridge Bankshares, Inc. has closed a $150 million Private Placement to reposition business lines, support organic growth, and enhance capital levels. The capital will be used for strategic initiatives and to comply with regulatory requirements.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
7.25%
Tags
none
-
Rhea-AI Summary
Blue Ridge Bankshares, Inc. reported a net loss of $5.8 million for the fourth quarter of 2023, with a net loss of $51.8 million for the year. The Company announced commitments for a $150 million capital raise to support business transformation and growth. The OCC issued a consent order requiring a strategic plan and capital plan, and placing restrictions on fintech operations.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
9.6%
Tags
-
Rhea-AI Summary
Blue Ridge Bankshares, Inc. (BRBS) is issuing $150,000,000 of common stock to reposition business lines, support organic growth, and enhance capital levels. The Private Placement will issue 60 million new common shares at a price of $2.50 per share, and approximately 29.4 million warrants to purchase common stock of Blue Ridge. This will be led by private investor Kenneth R. Lehman and Castle Creek Capital Partners VIII L.P. The Private Placement will result in Mr. Lehman owning approximately 25% of Blue Ridge's pro forma outstanding common stock, and Castle Creek owning approximately 12.5%. Up to three new investor-appointed representatives are expected to join the Board of Directors of Blue Ridge and Blue Ridge Bank after the closing of the Private Placement.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.82%
Tags
none
Rhea-AI Summary
Blue Ridge Bankshares, Inc. reported a net loss of $41.4 million for Q3 2023, including a $26.8 million non-cash goodwill impairment charge. The company achieved milestones in regulatory remediation efforts and restated prior period earnings. Nonperforming loans totaled $81.8 million, or 2.51% of total assets. The company suspended future dividend payments to preserve capital. Net interest income declined to $22.2 million, and noninterest income decreased to $7.4 million. Noninterest expense increased to $64.6 million. Loans held for investment remained flat at $2.45 billion, and total deposits increased to $2.78 billion. Fintech partnerships contributed $3.6 million in revenue.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-33.65%
Tags
Blue Ridge Bnksh

NYSE:BRBS

BRBS Rankings

BRBS Stock Data

274.77M
63.44M
28.22%
26.56%
0.98%
Banks - Regional
State Commercial Banks
Link
United States
RICHMOND