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.
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.
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.
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.
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.