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Blue Ridge Bankshares, Inc. (NYSE American: BRBS) is a well-established financial institution in the United States. Founded in 1893, the company has built a reputation for delivering high-quality, ethical, and customer-focused financial services. Through its wholly-owned subsidiary, Blue Ridge Bank, National Association, and its non-bank financial services affiliates, the company provides a comprehensive range of commercial and consumer banking services.
Blue Ridge Bank offers a variety of financial products, including checking accounts, savings accounts, money market accounts, cash management accounts, and loans such as commercial and industrial loans, residential mortgages, and consumer installment loans. Customers can also access investment accounts, insurance, credit cards, and a range of digital banking services, including online, telephone, and mobile banking.
Notable products include Kasasa Cash® and Kasasa Saver®, which provide high-interest savings and checking solutions with benefits like nationwide ATM fee refunds. Despite a challenging financial environment, evidenced by a net loss from continuing operations in recent quarters, Blue Ridge Bank remains committed to enhancing its core banking operations and addressing regulatory requirements.
The bank's leadership recently underwent changes, with G. William 'Billy' Beale stepping in as President and CEO. Under his leadership, the company is focused on regulatory remediation and strengthening its risk management framework. In addition, a $150 million private placement was announced to support strategic initiatives and bolster capital levels.
Blue Ridge Bank's fintech partnerships continue to play a crucial role, contributing to revenue and deposit growth. However, the bank is also taking steps to wind down certain fintech relationships to better align with its core banking focus.
For the latest financial results and updates, including detailed quarterly reports and strategic announcements, visit the company's official website at www.mybrb.com.
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%.
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.
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.
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