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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, Inc. (BRBS) reported a fourth-quarter net income of $6.3 million, translating to $0.33 per share, up from $2.7 million and $0.15 per share in Q3 2022. However, this is a decline from $12.8 million or $0.68 per share in Q4 2021. For the full year 2022, net income was $27.6 million, down from $52.6 million in 2021. The bank noted success in commercial banking but acknowledged challenges in its fintech operations. Key metrics include a 18.4% rise in net interest income to $34 million and a net interest margin increase to 4.83%. The bank is responding to a formal agreement with OCC, with remediation costs decreasing to $2.9 million.
Blue Ridge Bankshares, Inc. (NYSE: BRBS) announced a new sabbatical leave program and raised its minimum hourly pay to $18.00. The sabbatical program, starting at five years of service, offers three weeks of leave that increases to twelve weeks for those with twenty years of service. CEO Brian K. Plum emphasized the importance of disconnecting from work and supporting employee well-being. The pay increase aligns with the company's commitment to a living wage and aims to meet employees' daily needs and long-term goals. Blue Ridge Bank has received accolades as one of America's Best Small Banks and holds a 5-star rating from Bauer Financial.
Blue Ridge Bank has announced Penny Pratt as the winner of the 2022 BRB Jackpot Savings Account, receiving a grand prize of
Blue Ridge Bank has appointed Kirsten Muetzel as President of its Fintech Division, effective January 3, 2023. Muetzel will oversee a portfolio of partners, enhance regulatory compliance, and drive the bank's fintech strategy. With over ten years of experience in banking supervision at the Federal Reserve and roles in fintech firms, she aims to strengthen relationships with fintech partners, enhancing products and services while creating new revenue streams. Blue Ridge Bank is recognized for its community banking impact and received accolades such as being named one of America's Best Small Banks.
Blue Ridge Bankshares, Inc. (NYSE American: BRBS) reported a net income of $2.7 million for Q3 2022, up from $1.1 million in Q2 2022 but down from $6.9 million in Q3 2021. Earnings per share were $0.15, reflecting strong loan growth and net interest margin expansion. Net interest income increased by 19.1% quarter-over-quarter to $28.7 million. However, noninterest income fell 21.8% due to a decline in mortgage banking. The company faced regulatory costs increasing noninterest expenses by 15.4%. Total assets grew to $2.88 billion, with loan growth driven by fintech partnerships.
Blue Ridge Bankshares, Inc. (BRBS) reported a net income of $1.1 million for Q2 2022, a significant decline from $17.4 million in Q1 2022 and $28.7 million in Q2 2021. This drop is attributed to $9.4 million in fair value adjustments of equity investments and decreased income from the mortgage division, which reported $406 thousand net income in Q2 2022. Total assets rose to $2.80 billion, while loans held for investment grew to $2.05 billion, showing a 30.5% annualized growth rate. The company remains cautious amid macroeconomic headwinds.
Blue Ridge Bank, N.A. (NYSE American: BRBS) announced the launch of its new middle market banking division on May 2, 2022. This division aims to establish commercial banking teams in key markets across the Mid-Atlantic and Southeast regions. The division will be led by C. Douglass Riddle, who has extensive commercial banking experience. Key hires include Robert A. Wilber and Dale C. Schuurman as Managing Directors overseeing Charlotte and Hampton Roads, respectively. The Bank has been recognized as the 'Best Small Bank in Virginia' by Newsweek and received a 5-star rating from Bauer Financial.
Blue Ridge Bankshares reported a net income of $17.4 million for Q1 2022, up from $12.8 million in Q4 2021 and $4.2 million in Q1 2021. Earnings per diluted share rose to $0.93. Total assets increased to $2.72 billion, with a 14.9% growth in loans held for investment. The company experienced significant deposit growth from fintech partnerships, reaching $329 million. However, provision for loan losses rose to $2.5 million. Total deposits grew to $2.35 billion.
Blue Ridge Bankshares, Inc. (NYSE American: BRBS) has announced a commitment to phase out single-use plastics by the end of 2024, aligning with its goal of achieving carbon neutrality by 2040. This initiative is part of the Company's broader environmental, social, and governance (ESG) efforts. Additionally, Blue Ridge Bank has partnered with ChargePoint to install electric vehicle charging stations in Virginia. The Bank has also received accolades, being named the "Best Small Bank in Virginia" by Newsweek and earning a 5-star rating from Bauer Financial.
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