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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): January 31, 2024

 

 

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.)

 

 

 

 

 

1807 Seminole Trail

 

Charlottesville, Virginia

 

22901

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (540) 743-6521

 

Not Applicable

(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 January 31, 2024, Blue Ridge Bankshares, Inc. issued a press release announcing its financial results for the fourth quarter ended December 31, 2023. 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 January 31, 2024.

 

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 thereunto duly authorized.

 

 

 

BLUE RIDGE BANKSHARES, INC.

 

 

 

 

Date:

January 31, 2024

By:

/s/ Judy C. Gavant

 

 

 

Judy C. Gavant
Executive Vice President and
Chief Financial Officer

 


 

Exhibit 99.1

 

Blue Ridge Bankshares, Inc. Announces Fourth Quarter and Full Year 2023 Results

During fourth quarter, announced commitments for $150 million pursuant to a private placement capital raise to help fund business line transformation, support the bank’s capital position, and support future growth

CHARLOTTESVILLE, VA, January 31, 2024 /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. (“BRB Financial Group”), today announced financial results for the quarter and year ended December 31, 2023.

For the fourth quarter of 2023, the Company reported a net loss of $5.8 million, or $0.30 per diluted common share, compared to a net loss of $41.4 million, or $2.18 per diluted common share, for the third quarter of 2023, and a net loss of $4.3 million, or $0.23 per diluted common share, for the fourth quarter of 2022.

For the year ended December 31, 2023, the Company reported a net loss from continuing operations of $51.8 million, or $2.73 per diluted common share, compared to net income from continuing operations of $17.0 million, or $0.90 per diluted common share, for the year ended December 31, 2022.

The fourth quarter of 2023 net loss of $5.8 million included a $1.2 million after-tax loss on the sale of an equity investment in a fintech company and a $1.7 million after-tax loss on the fair value of mortgage servicing rights, while the third quarter of 2023 net loss of $41.4 million included an after-tax goodwill impairment charge of $26.8 million and a $4.8 million after-tax settlement reserve for the Employee Stock Ownership Plan ("ESOP") litigation assumed in the 2019 acquisition of Virginia Community Bankshares, Inc. Excluding these items and regulatory remediation costs, the net loss for the fourth and third quarters of 2023 was $0.4 million and $6.9 million, respectively.

A Message From Blue Ridge Bankshares, Inc. President and CEO, G. William “Billy” Beale:

“During 2023, we initiated a period of aggressive and essential transformation to restore Blue Ridge Bank to its fundamental strengths and position it for the future. These efforts, which continue into 2024, involve parallel initiatives across the entire organization to rationalize our businesses, tighten our lending focus, bolster our leadership talent, and assertively address our regulatory remediation efforts.

“To these ends, we made additional progress in the fourth quarter. Most notably, we announced capital commitments totaling $150 million pursuant to a private placement of our common stock. We intend to use this capital for a variety of purposes, from repositioning our business lines around our core strengths, to helping facilitate organic growth and supporting our capital position. We also continued our efforts to reinforce our risk management function through key hires: Harry Golliday, who joins us as Deputy Chief Credit Officer, and Rebecca Robertson, who serves as Bank Secrecy Act (BSA) Officer. Their talents and deep expertise will greatly enhance our compliance rigor and the integrity that these functions are meant to provide.

 


 

“While we have made many important steps forward, there is much more progress to be made. I have great confidence in the potential of Blue Ridge Bank and we are leaving no stone unturned in our efforts to return the bank to profitability and growth. Completing the private placement capital raise and diligently working to satisfy the most recent demands of our regulators will be important milestones on our journey over the next year. The goal of these collective efforts is a reinvigorated Blue Ridge Bank that is stronger and more resilient, has improved clarity of purpose, more focused business lines, and is well governed.”

OCC Consent Order and Private Placement Stock Offering:

 

On January 25, 2024, the Company announced that Blue Ridge Bank had consented to the issuance of a consent order (the “Order”) by the Office of the Comptroller of the Currency (the “OCC”), the Bank’s primary banking regulator. The Order replaces the formal written agreement entered into by the Bank and the OCC on August 29, 2022 (the “Written Agreement”). The Order generally incorporates the provisions of the Written Agreement, as well as adding new provisions. The Order requires the Bank to submit to the OCC a strategic plan and a capital plan, and places further restrictions on the Bank’s fintech operations. The Order also requires the Bank to maintain a leverage ratio of 10.00% and a total capital ratio of 13.00%. These individual minimum capital ratios (“IMCRs”) set forth in the Order are consistent with the IMCR directives previously disclosed by the Company. A complete copy of the Order was included in a Current Report on a Form 8-K filed by the Company with the Securities and Exchange Commission (“SEC”) on January 25, 2024 and can be accessed on the SEC’s website (www.sec.gov) and the Company’s website (www.mybrb.com).

On December 22, 2023, the Company announced the signing of a definitive Securities Purchase Agreement (the “Securities Purchase Agreement”) with Kenneth R. Lehman, Castle Creek Capital Partners VIII, L.P., other institutional investors, and certain directors and executive officers of the Company (collectively, the “Purchasers”) pursuant to which the Company has agreed to issue and sell to the Purchasers (i) 60 million shares of the Company’s common stock at a purchase price of $2.50 per share and, (ii) for the Purchasers other than directors and executive officers, warrants to purchase approximately 29.4 million shares of common stock at an exercise price of $2.50 per share in a private placement (the “Private Placement”), for gross proceeds of $150,000,000. The Private Placement is subject to the satisfaction or waiver of certain closing conditions set forth in the Securities Purchase Agreement, including approval of the Company’s shareholders, and is expected to close in March 2024.

Q4 2023 Highlights

(Comparisons for Fourth Quarter 2023 are relative to Third Quarter 2023 unless otherwise noted.)

 

Net Income:

The net loss in the quarter was $5.8 million, or $0.30 per diluted common share, compared to a net loss of $41.4 million, or $2.18 per diluted common share, for the prior quarter. The quarter pre-tax loss of $7.5 million included a $1.6 million loss on the sale of an equity investment in a fintech company, a $2.2 million loss due to a decline in fair value of mortgage serving rights, and $3.2 million of regulatory remediation expenses. Excluding these items, pre-tax loss for the quarter would be approximately $0.5 million. The prior quarter pre-tax loss of $46.1 million included a goodwill impairment charge of $26.8 million, $6.0 million for the ESOP litigation settlement reserve, and $3.8 million of regulatory remediation expenses.

 


 

Excluding these items, the pre-tax loss for the prior quarter would be approximately $9.5 million.

 

Asset Quality:

 

Nonperforming loans totaled $62.6 million, or 2.01% of total assets at quarter-end compared to $81.8 million, or 2.51% of total assets, at the prior quarter-end. Elevated nonperforming loans reflect, as previously disclosed, a group of specialty finance loans on nonaccrual status. These specific loans have carrying values totaling $34.2 million, for which the Company holds reserves of $9.6 million as of December 31, 2023. Of the $48.2 million of these loans reported as of September 30, 2023, $12.5 million were fully charged-off in the fourth quarter. Subsequent to December 31, 2023, the Company received cash payments totaling $1.5 million pursuant to a forbearance agreement under which the largest of the specialty finance loans is subject. These cash payments were applied to the book principal balance of the loan.

 

The provision for credit losses was $2.8 million, compared to $11.1 million for the prior quarter. Net loan charge-offs were $17.3 million in the quarter, representing an annualized net charge-off rate of 2.84% of average loans held for investment, compared to $0.5 million, representing an annualized net charge-off rate of 0.09% of average loans held for investment, for the prior quarter. The increase in net charge-offs and the annualized net charge-off rate was primarily attributable to the charge-off of specialty finance loans noted above, which were fully reserved for in the prior quarter.

The allowance for credit losses (“ACL”) as a percentage of total loans held for investment was 1.48% at quarter-end, compared to 2.03% at the prior quarter-end. Specific reserves associated with the aforementioned specialty finance loans totaled $9.6 million and $21.8 million at December 31, 2023 and September 30, 2023, respectively.

Capital:

The ratio of tangible stockholders’ equity to tangible total assets was 5.8%1, compared to 5.5%1 at the prior quarter-end. Tangible book value per common share was $9.471, compared to $9.301 at the prior quarter-end. The increase was primarily due to a decline in the after-tax unrealized loss on the Company’s portfolio of securities available for sale.

For the quarter ended December 31, 2023, 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 7.49%, 9.09%, 9.09%, and 10.25%, respectively, compared to 7.63%, 9.18%, 9.18%, and 10.44%, respectively, at the prior quarter-end.

 

Net Interest Income / Net Interest Margin:

 

Net interest income was $21.8 million, a decline of $0.4 million from the prior quarter. Increasing loan yields in the quarter, which increased 14 basis points, were offset by higher

 


 

funding costs, which increased by 18 basis points, primarily due to rates paid on wholesale time deposits obtained in the quarter. Net interest margin was 2.92% for both the current and prior quarters.

Balance Sheet:

 

Total deposit balances decreased $210.1 million from the prior quarter-end, due primarily to a decline in fintech-related balances, partially offset by $129.5 million of brokered deposits obtained in the quarter.

Deposits related to fintech relationships were $465.9 million at December 31, 2023, compared to $720.8 million at the prior quarter-end. Of the decline, approximately one-half were indirect depository partner (banking-as-a-service) deposits, while the other half was due to the timing of funds flow with one of the Bank’s indirect lending partners. Fintech-related deposits represented 18.2% of total deposits at December 31, 2023, compared to 26.0% of total deposits at the prior quarter-end. Excluding wholesale funding, deposits related to fintech relationships represented 22.7% and 30.5% of total deposits at December 31, 2023 and September 30, 2023, respectively. The Company is actively reducing its banking-as-a-service fintech activities.

Loans held for investment were $2.43 billion, a slight decline from the prior quarter-end. The held for investment loan-to-deposit ratio measured 94.7% at quarter-end compared to 88.1% at the prior quarter-end.

 

Noninterest Income / Noninterest Expense:

Noninterest income was $4.1 million compared to $7.4 million for the prior quarter, a decline of $3.3 million. Lower noninterest income in the quarter was primarily due to fair value adjustments on mortgage servicing rights, which were a negative $2.0 million in the quarter compared to a positive adjustment of $0.9 million in the prior quarter, the decline due to lower expected future interest rates. Additionally, the Company realized a $1.6 million loss on the sale of an equity investment in a fintech company, recorded in fair value adjustments of other equity investments on the consolidated statement of operations. The Company recorded an unrealized gain of $5.8 million on the investment in a prior year. Partially offsetting these declines was a higher gain on the sale of government guaranteed loans in the current quarter.

Noninterest expense was $30.6 million compared to $64.6 million for the prior quarter, a decrease of $34.0 million. Excluding the third quarter $26.8 million goodwill impairment charge and $6.0 million reserve for the proposed settlement of the ESOP litigation, noninterest expense declined $1.2 million from the prior quarter. The decline was primarily attributable to lower regulatory remediation expenses, legal fees, and salaries and employee benefits, partially offset by higher audit and accounting fees, other contractual services, and FDIC insurance assessments.

 

 


 

Income Statement:

Net Interest Income

Net interest income was $21.8 million for the fourth quarter of 2023, compared to $22.2 million for the third quarter of 2023, and $28.1 million for the fourth quarter of 2022. Relative to both the prior quarter and year-ago period, net interest income declined due to the impact of higher interest rates on deposits and overall funding costs, and actions taken to add balance sheet liquidity following the early 2023 market events and as the Bank rationalizes its banking-as-a-service partners. Relative to the year-ago period, these developments were partially offset by an increase in average interest-earning asset balances at higher loan yields.

Total interest income was $43.2 million for the fourth quarter of 2023, $42.5 million for the third quarter of 2023, and $36.5 million for the fourth quarter of 2022. The increase relative to the prior year reflects higher average balances of and yields on interest-earning asset balances, partially offset by lower income from purchase accounting adjustments. The yield on average loans held for investment, excluding Paycheck Protection Program (“PPP”) loans, was 6.33% for the fourth quarter of 2023, compared to 6.19% for the third quarter of 2023, and 5.72% for the fourth quarter of 2022.

Total interest expense was $21.4 million for the fourth quarter of 2023, compared to $20.3 million for the third quarter of 2023, and $8.3 million for the fourth quarter of 2022. The increase relative to the prior quarter and the year-ago period reflects higher deposit costs and overall funding costs due to higher market interest rates and greater balances of and a shift in the mix of average interest-bearing liabilities, primarily to higher-cost wholesale funding.

 

Average balances of interest-earning assets decreased $59.7 million to $2.98 billion in the fourth quarter of 2023, relative to the prior quarter, and increased $166.2 million from the year-ago period. Relative to the prior quarter, the decrease reflected a decline in average balances of loans held for investment and total securities. Relative to the year-ago period, the increase in average interest-earning asset balances was due primarily to higher balances of loans held for investment and interest-earning deposits at other banks, partially offset by lower average balances of securities.

Average balances of interest-bearing liabilities increased $8.4 million to $2.36 billion in the fourth quarter of 2023, relative to the prior quarter, and increased $585.4 million from the year-ago period. Relative to the prior quarter, the increase reflected higher average balances of time deposits, primarily attributable to wholesale funding, partially offset by lower average balances of interest-bearing demand and money market deposits and FHLB borrowings. Relative to the prior year, the increase primarily reflected higher average balances of interest-bearing deposits.

 

Cost of funds was 2.91% for the fourth quarter of 2023, compared to 2.73% for the third quarter of 2023, and 1.22% for the fourth quarter of 2022, while cost of deposits was 2.73%, 2.46%, and 0.85%, for the same respective periods. Higher deposit costs and overall funding costs reflect the impact of higher market interest rates and a shift in the mix of funding. Cost of deposits excluding wholesale deposits was 2.26% for the quarter compared to 2.13% in the prior quarter and 0.82% in the year-ago period.

Net interest margin was 2.92% for the fourth and third quarters of 2023 compared to 4.00% for the fourth quarter of 2022. The decline in net interest margin relative to the prior year reflects the impact of

 


 

higher interest rates on funding costs and less benefit from purchase accounting adjustments. These declines were partially offset by higher yields on loans.

Provision for Credit Losses

The Company recorded a provision for credit losses of $2.8 million for the fourth quarter of 2023, compared to $11.1 million for the third quarter of 2023, and $11.8 million for the fourth quarter of 2022. Provision for the fourth quarter of 2023 was primarily resulting from charge-offs and reserve needs for a select group of purchased consumer loans, partially offset by a recovery of the allowance for credit losses on unfunded commitments due to lower available balances of commercial and construction lines of credit. Provision in the third quarter of 2023 and the fourth quarter of 2022 was primarily attributable to specific reserves on the aforementioned group of specialty finance loans.

 

Noninterest Income

Noninterest income was $4.1 million for the fourth quarter of 2023, compared to $7.4 million for the third quarter of 2023, and $5.8 million for the fourth quarter of 2022. The decline in the fourth quarter period was primarily due to negative fair value adjustments on mortgage servicing rights, recorded within residential mortgage banking income, and the $1.6 million loss on the sale of an equity investment in a fintech company, recorded in fair value adjustments of other equity investments. The declines were partially offset by a higher gain on sale of government guaranteed loans. The Company recorded a $5.8 million unrealized gain on the sold fintech investment in a prior year.

Noninterest Expense

Noninterest expense was $30.6 million for the fourth quarter of 2023, compared to $64.6 million for the third quarter of 2023, and $27.6 million for the fourth quarter of 2022. Excluding the $26.8 million goodwill impairment charge, the $6.0 million reserve for the proposed settlement of the ESOP litigation, and regulatory remediation costs, noninterest expense declined $0.6 million from the prior quarter and increased $2.8 million from the year-ago period, on a comparative basis. The increase relative to the year-ago period primarily reflects higher salaries and employee benefits, FDIC insurance assessments, audit and accounting fees, and other contractual services, partially offset by lower legal expenses. In the fourth quarter of 2023, the Company recorded a recovery of previously expensed legal costs in connection with the ESOP litigation.

 

Balance Sheet:

Loans

Loans held for investment, excluding PPP loans, were $2.43 billion at December 31, 2023, compared to $2.44 billion at September 30, 2023, and $2.40 billion at December 31, 2022. While loan balances were relatively flat with the prior quarter level, the Company selectively replaced the amortization of balances with higher yielding loans. Additionally, the Company reduced unfunded loan commitments to $474.9 million as of December 31, 2023 from $574.3 million as of September 30, 2023 and $744.8 million as of December 31, 2022.

 

 

 


 

Deposits

Total deposits were $2.57 billion at December 31, 2023, a decrease of $210.1 million from the prior quarter-end, and an increase of $63.5 million from the year-ago period. Relative to the prior quarter, the decrease reflected a decrease in interest-bearing demand and money market deposits, primarily attributable to fintech relationships, and, to a lesser extent, decreases in noninterest bearing deposits, partially offset by higher time deposits, primarily wholesale deposits. Fintech-related deposits declined $254.9 million in the fourth quarter, partially due to fewer banking-as-a-service partners and partially due to the timing of funds flows related to one of the Bank’s indirect lending partners. Excluding fintech-related deposits and wholesale funding, total deposits during the quarter decreased $61.2 million, or 3.7%, from the prior quarter-end.

Noninterest-bearing deposits represented 19.7%, 20.6%, and 25.6% of total deposits at December 31, 2023, September 30, 2023, and December 31, 2022, respectively. Fintech-related balances represented 18.2%, 26.0%, and 27.6% of total deposits as of the same respective periods.

The held for investment loan-to-deposit ratio was 94.7% at December 31, 2023, compared to 88.1% at the prior quarter-end, and 96.3% at the year-ago period-end.

 

Fintech Business:

Interest and fee income related to fintech partnerships represented approximately $3.7 million, $3.6 million, and $3.1 million of total revenue for the Company for the fourth quarter of 2023, the third quarter of 2023, and the fourth quarter of 2022, respectively.

 

Deposits related to fintech relationships were $465.9 million at December 31, 2023, compared to $720.8 million at the prior quarter-end. Included in deposits related to fintech relationships were assets managed by BRB Financial Group’s trust division of $71.8 million as of December 31, 2023.

 

Other Matters:

On May 15, 2023, the Company sold its wholesale mortgage business operating as LenderSelect Mortgage Group (“LSMG”) to a third-party for $250 thousand in cash. The Company recorded a loss on the sale of LSMG of $553 thousand, which is reported in other noninterest income in the consolidated statements of operations for the year ended December 31, 2023.

In the first quarter of 2022, the Company sold its majority interest in MoneyWise Payroll Solutions, Inc. (“MoneyWise”) to the holder of the minority interest in MoneyWise. Income statement amounts related to MoneyWise are reported as discontinued operations for all periods presented.

 

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, and tangible book value per share, 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, capital position, and operating results of the Company’s core businesses. 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 the Company’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 or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.

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;
the Company’s ability to satisfy the conditions to closing of, and consummate, the Private Placement;
the impact of, and the ability to comply with, the terms of the Order with the OCC, including the heightened capital requirements and other restrictions therein, and other regulatory directives;
the imposition of additional regulatory actions or restrictions for noncompliance with the Order or otherwise;
the Company’s involvement in, and the outcome of, any litigation, legal proceedings or enforcement actions that may be instituted against the Company;
reputational risk and potential adverse reactions of the Company’s customers, suppliers, employees, or other business partners;
the Company’s ability to manage its fintech relationships, including implementing enhanced controls and procedures, complying with OCC directives and applicable laws and regulations,

 


 

maintaining deposit levels and the quality of loans associated with these relationships and, in certain cases, winding down certain of these partnerships;
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 retaining deposits and secondary funding sources, especially if the Company's or industry's reputation become damaged;
maintaining capital levels adequate to support the Company's business and to comply with OCC directives;
the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers;
changes in consumer spending and savings habits;
the willingness of users to substitute competitors’ products and services for the Company’s products and services;
deposit flows;
technological and social media changes;
potential exposure to fraud, negligence, computer theft, and cyber-crime;
the effects of acquisitions the Company may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such transactions;
adverse developments in the financial industry generally, such as recent bank failures, responsive measures to mitigate and manage such developments, related 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 Blue Ridge 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;
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 regulatory bodies;
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 occurrence or continuation of widespread health emergencies or pandemics, significant natural disasters, severe weather conditions, floods and other catastrophic events; 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, 2022, as amended, the Company’s Quarterly Report on Form 10-Q for the most recently ended fiscal quarter and in filings the Company makes from time to time with the 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.

 

 

 

 

 

 

 


 

Blue Ridge Bankshares, Inc.

 

 

 

 

 

 

Consolidated Balance Sheets

 

 

 

 

 

 

(Dollars in thousands, except share data)

 

(Unaudited)
December 31, 2023

 

 

(As restated)
December 31, 2022 (1)

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

110,491

 

 

$

77,274

 

Federal funds sold

 

 

4,451

 

 

 

1,426

 

Restricted cash

 

 

10,660

 

 

 

 

Securities available for sale, at fair value

 

 

321,081

 

 

 

354,341

 

Restricted equity investments

 

 

18,621

 

 

 

21,257

 

Other equity investments

 

 

12,905

 

 

 

23,776

 

Other investments

 

 

29,467

 

 

 

24,672

 

Loans held for sale

 

 

46,337

 

 

 

69,534

 

Paycheck Protection Program loans

 

 

2,386

 

 

 

11,967

 

Loans held for investment, net of deferred fees and costs

 

 

2,428,561

 

 

 

2,399,092

 

Less: allowance for credit losses

 

 

(35,893

)

 

 

(30,740

)

Loans held for investment, net

 

 

2,392,668

 

 

 

2,368,352

 

Accrued interest receivable

 

 

14,967

 

 

 

11,569

 

Other real estate owned

 

 

 

 

 

195

 

Premises and equipment, net

 

 

22,348

 

 

 

23,152

 

Right-of-use asset

 

 

8,738

 

 

 

6,903

 

Bank owned life insurance

 

 

48,453

 

 

 

47,245

 

Goodwill

 

 

 

 

 

26,826

 

Other intangible assets

 

 

5,382

 

 

 

6,583

 

Mortgage servicing rights, net

 

 

27,114

 

 

 

28,991

 

Deferred tax asset, net

 

 

21,556

 

 

 

12,227

 

Other assets

 

 

19,929

 

 

 

14,175

 

Total assets

 

$

3,117,554

 

 

$

3,130,465

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand

 

$

506,248

 

 

$

640,101

 

Interest-bearing demand and money market deposits

 

 

1,049,536

 

 

 

1,318,799

 

Savings

 

 

117,923

 

 

 

151,646

 

Time deposits

 

 

892,325

 

 

 

391,961

 

Total deposits

 

 

2,566,032

 

 

 

2,502,507

 

FHLB borrowings

 

 

210,000

 

 

 

311,700

 

FRB borrowings

 

 

65,000

 

 

 

51

 

Subordinated notes, net

 

 

39,855

 

 

 

39,920

 

Lease liability

 

 

9,619

 

 

 

7,860

 

Other liabilities

 

 

41,059

 

 

 

19,634

 

Total liabilities

 

 

2,931,565

 

 

 

2,881,672

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

Common stock, no par value; 50,000,000 shares authorized at December 31, 2023 and December 31, 2022; 19,198,379 and 18,950,329 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively

 

 

197,636

 

 

 

195,960

 

Additional paid-in capital

 

 

252

 

 

 

252

 

Retained earnings

 

 

33,157

 

 

 

97,682

 

Accumulated other comprehensive loss, net of tax

 

 

(45,056

)

 

 

(45,101

)

Total stockholders’ equity

 

 

185,989

 

 

 

248,793

 

Total liabilities and stockholders’ equity

 

$

3,117,554

 

 

$

3,130,465

 

(1) Derived from audited December 31, 2022 consolidated financial statements, as amended.

 

 

 


 

Blue Ridge Bankshares, Inc.

 

 

 

 

 

 

 

 

 

Consolidated Statements of Operations (unaudited)

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

 

 

 

 

 

 

 

 

As restated

 

(Dollars in thousands, except per share data)

 

December 31, 2023

 

 

September 30, 2023

 

 

December 31, 2022

 

Interest income:

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

38,933

 

 

$

38,551

 

 

$

33,110

 

Interest on taxable securities

 

 

2,457

 

 

 

2,492

 

 

 

2,508

 

Interest on nontaxable securities

 

 

56

 

 

 

72

 

 

 

89

 

Interest on deposit accounts and federal funds sold

 

 

1,714

 

 

 

1,370

 

 

 

754

 

Total interest income

 

 

43,160

 

 

 

42,485

 

 

 

36,461

 

Interest expense:

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

17,899

 

 

 

16,115

 

 

 

5,131

 

Interest on subordinated notes

 

 

543

 

 

 

566

 

 

 

547

 

Interest on FHLB and FRB borrowings

 

 

2,955

 

 

 

3,612

 

 

 

2,651

 

Total interest expense

 

 

21,397

 

 

 

20,293

 

 

 

8,329

 

Net interest income

 

 

21,763

 

 

 

22,192

 

 

 

28,132

 

Provision for credit losses - loans

 

 

3,600

 

 

 

11,600

 

 

 

11,793

 

Provision for (recovery of) credit losses - unfunded commitments

 

 

(830

)

 

 

(550

)

 

 

 

     Total provision for credit losses

 

 

2,770

 

 

 

11,050

 

 

 

11,793

 

Net interest income after provision for credit losses

 

 

18,993

 

 

 

11,142

 

 

 

16,339

 

Noninterest income:

 

 

 

 

 

 

 

 

 

Fair value adjustments of other equity investments

 

 

(1,469

)

 

 

55

 

 

 

78

 

Residential mortgage banking income, including MSRs

 

 

591

 

 

 

3,811

 

 

 

1,961

 

Gain on sale of government guaranteed loans

 

 

905

 

 

 

6

 

 

 

204

 

Wealth and trust management

 

 

483

 

 

 

462

 

 

 

451

 

Service charges on deposit accounts

 

 

366

 

 

 

365

 

 

 

293

 

Increase in cash surrender value of BOLI

 

 

310

 

 

 

311

 

 

 

402

 

Bank and purchase card, net

 

 

446

 

 

 

357

 

 

 

866

 

Loss on sale of securities available for sale

 

 

(71

)

 

 

(442

)

 

 

 

Other

 

 

2,546

 

 

 

2,490

 

 

 

1,585

 

Total noninterest income

 

 

4,107

 

 

 

7,415

 

 

 

5,840

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

13,711

 

 

 

14,640

 

 

 

11,863

 

Occupancy and equipment

 

 

1,549

 

 

 

1,475

 

 

 

1,509

 

Data processing

 

 

1,499

 

 

 

1,710

 

 

 

1,441

 

Legal

 

 

(286

)

 

 

912

 

 

 

1,300

 

Advertising and marketing

 

 

184

 

 

 

350

 

 

 

318

 

Communications

 

 

927

 

 

 

1,181

 

 

 

1,064

 

Audit and accounting fees

 

 

1,381

 

 

 

791

 

 

 

476

 

FDIC insurance

 

 

1,762

 

 

 

1,322

 

 

 

543

 

Intangible amortization

 

 

297

 

 

 

308

 

 

 

365

 

Other contractual services

 

 

2,064

 

 

 

1,492

 

 

 

1,334

 

Other taxes and assessments

 

 

809

 

 

 

802

 

 

 

716

 

Regulatory remediation

 

 

3,155

 

 

 

3,782

 

 

 

2,884

 

Goodwill impairment

 

 

 

 

 

26,826

 

 

 

 

ESOP litigation

 

 

 

 

 

6,000

 

 

 

 

Other

 

 

3,531

 

 

 

3,030

 

 

 

3,739

 

Total noninterest expense

 

 

30,583

 

 

 

64,621

 

 

 

27,552

 

Loss before income tax

 

$

(7,483

)

 

$

(46,064

)

 

$

(5,373

)

Income tax benefit

 

 

(1,724

)

 

 

(4,693

)

 

 

(1,097

)

Net loss

 

$

(5,759

)

 

$

(41,371

)

 

$

(4,276

)

Basic and diluted loss per common share

 

$

(0.30

)

 

$

(2.18

)

 

$

(0.23

)

 

 


 

Blue Ridge Bankshares, Inc.

 

 

 

 

 

 

Consolidated Statements of Operations

 

 

 

 

 

 

 

 

For the Twelve Months Ended

 

 

 

(unaudited)

 

 

As restated (1)

 

(Dollars in thousands, except per share data)

 

December 31, 2023

 

 

December 31, 2022

 

Interest income:

 

 

 

 

 

 

Interest and fees on loans

 

$

152,942

 

 

$

111,002

 

Interest on taxable securities

 

 

10,120

 

 

 

8,744

 

Interest on nontaxable securities

 

 

313

 

 

 

334

 

Interest on deposit accounts and federal funds sold

 

 

5,620

 

 

 

1,572

 

Total interest income

 

 

168,995

 

 

 

121,652

 

Interest expense:

 

 

 

 

 

 

Interest on deposits

 

 

59,969

 

 

 

11,260

 

Interest on subordinated notes

 

 

2,209

 

 

 

2,215

 

Interest on FHLB and FRB borrowings

 

 

13,776

 

 

 

3,610

 

Total interest expense

 

 

75,954

 

 

 

17,085

 

Net interest income

 

 

93,041

 

 

 

104,567

 

Provision for credit losses - loans

 

 

24,703

 

 

 

25,687

 

Provision for (recovery of) credit losses - unfunded commitments

 

 

(2,380

)

 

 

 

     Total provision for credit losses

 

 

22,323

 

 

 

25,687

 

Net interest income after provision for credit losses

 

 

70,718

 

 

 

78,880

 

Noninterest income:

 

 

 

 

 

 

Fair value adjustments of other equity investments

 

 

(1,746

)

 

 

9,306

 

Residential mortgage banking income, including MSRs

 

 

10,000

 

 

 

20,647

 

Gain on sale of government guaranteed loans

 

 

5,704

 

 

 

4,734

 

Wealth and trust management

 

 

1,839

 

 

 

1,769

 

Service charges on deposit accounts

 

 

1,423

 

 

 

1,289

 

Increase in cash surrender value of BOLI

 

 

1,195

 

 

 

1,348

 

Bank and purchase card, net

 

 

1,703

 

 

 

2,240

 

Loss on sale of securities available for sale

 

 

(513

)

 

 

 

Other

 

 

8,936

 

 

 

6,759

 

Total noninterest income

 

 

28,541

 

 

 

48,092

 

Noninterest expense:

 

 

 

 

 

 

Salaries and employee benefits

 

 

58,158

 

 

 

56,006

 

Occupancy and equipment

 

 

6,506

 

 

 

5,916

 

Data processing

 

 

5,686

 

 

 

4,593

 

Legal

 

 

4,613

 

 

 

3,004

 

Advertising and marketing

 

 

1,157

 

 

 

1,460

 

Communications

 

 

4,410

 

 

 

3,825

 

Audit and accounting fees

 

 

2,821

 

 

 

1,304

 

FDIC insurance

 

 

5,059

 

 

 

1,340

 

Intangible amortization

 

 

1,295

 

 

 

1,525

 

Other contractual services

 

 

7,713

 

 

 

3,137

 

Other taxes and assessments

 

 

3,216

 

 

 

2,668

 

Regulatory remediation

 

 

10,459

 

 

 

7,442

 

Merger-related

 

 

 

 

 

50

 

Goodwill impairment

 

 

26,826

 

 

 

 

ESOP litigation

 

 

6,000

 

 

 

 

Other

 

 

14,184

 

 

 

12,506

 

Total noninterest expense

 

 

158,103

 

 

 

104,776

 

(Loss) income from continuing operations before income tax

 

 

(58,844

)

 

 

22,196

 

Income tax (benefit) expense

 

 

(7,071

)

 

 

5,199

 

Net (loss) income from continuing operations

 

$

(51,773

)

 

$

16,997

 

Discontinued operations:

 

 

 

 

 

 

Income from discontinued operations before income taxes

 

 

 

 

 

426

 

Income tax expense

 

 

 

 

 

89

 

Net income from discontinued operations

 

$

 

 

$

337

 

Net (loss) income

 

$

(51,773

)

 

$

17,334

 

 


 

Net income from discontinued operations attributable to noncontrolling interest

 

 

 

 

 

(1

)

Net (loss) income attributable to Blue Ridge Bankshares, Inc.

 

$

(51,773

)

 

$

17,333

 

Net (loss) income available to common stockholders

 

$

(51,773

)

 

$

17,333

 

Basic and diluted (loss) earnings per common share from continuing operations

 

$

(2.73

)

 

$

0.90

 

(1) Derived from audited December 31, 2022 consolidated financial statements, as amended.

 

 

 

 

 


 

Blue Ridge Bankshares, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Summary of Selected Financial Data (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of and for the Three Months Ended

 

 

 

 

 

 

 

 

 

As restated

 

 

As restated

 

 

As restated

 

(Dollars and shares in thousands, except per share data)

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

Income Statement Data:

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

Interest income

 

$

43,160

 

 

$

42,485

 

 

$

42,460

 

 

$

40,890

 

 

$

36,461

 

Interest expense

 

 

21,397

 

 

 

20,293

 

 

 

18,570

 

 

 

15,694

 

 

 

8,329

 

Net interest income

 

 

21,763

 

 

 

22,192

 

 

 

23,890

 

 

 

25,196

 

 

 

28,132

 

Provision for (recovery of) credit losses

 

 

2,770

 

 

 

11,050

 

 

 

10,013

 

 

 

(1,510

)

 

 

11,793

 

Net interest income after provision for credit losses

 

 

18,993

 

 

 

11,142

 

 

 

13,877

 

 

 

26,706

 

 

 

16,339

 

Noninterest income

 

 

4,107

 

 

 

7,415

 

 

 

9,736

 

 

 

7,283

 

 

 

5,840

 

Noninterest expense, excluding goodwill impairment

 

 

30,583

 

 

 

37,795

 

 

 

34,052

 

 

 

28,847

 

 

 

27,552

 

Goodwill impairment

 

 

 

 

 

26,826

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

 

(7,483

)

 

 

(46,064

)

 

 

(10,439

)

 

 

5,142

 

 

 

5,373

 

Income tax (benefit) expense

 

 

(1,724

)

 

 

(4,693

)

 

 

(1,826

)

 

 

1,172

 

 

 

(1,097

)

Net (loss) income

 

$

(5,759

)

 

$

(41,371

)

 

$

(8,613

)

 

$

3,970

 

 

$

(4,276

)

Per Common Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per common share - basic and diluted

 

$

(0.30

)

 

$

(2.18

)

 

$

(0.45

)

 

$

0.21

 

 

$

(0.23

)

Dividends declared per common share

 

 

 

 

 

 

 

 

 

 

 

0.1225

 

 

 

0.1225

 

Book value per common share

 

 

9.69

 

 

 

9.53

 

 

 

12.21

 

 

 

13.03

 

 

 

13.13

 

Tangible book value per common share - Non-GAAP

 

 

9.47

 

 

 

9.30

 

 

 

10.55

 

 

 

11.36

 

 

 

11.44

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,117,554

 

 

$

3,262,713

 

 

$

3,214,424

 

 

$

3,324,060

 

 

$

3,130,465

 

Average assets

 

 

3,165,886

 

 

 

3,249,112

 

 

 

3,277,282

 

 

 

3,270,110

 

 

 

3,020,371

 

Average interest-earning assets

 

 

2,979,065

 

 

 

3,038,795

 

 

 

3,064,103

 

 

 

3,060,534

 

 

 

2,812,898

 

Loans held for investment (including PPP loans)

 

 

2,430,947

 

 

 

2,446,370

 

 

 

2,454,431

 

 

 

2,452,783

 

 

 

2,411,059

 

Loans held for investment (excluding PPP loans)

 

 

2,428,561

 

 

 

2,439,956

 

 

 

2,447,197

 

 

 

2,444,795

 

 

 

2,399,092

 

Allowance for credit losses

 

 

35,893

 

 

 

49,631

 

 

 

38,567

 

 

 

35,961

 

 

 

30,740

 

Purchase accounting adjustments (discounts) on acquired loans

 

 

5,117

 

 

 

5,831

 

 

 

6,381

 

 

 

6,724

 

 

 

7,872

 

Loans held for sale

 

 

46,337

 

 

 

69,640

 

 

 

64,102

 

 

 

76,528

 

 

 

69,534

 

Securities available for sale, at fair value

 

 

321,081

 

 

 

313,930

 

 

 

340,617

 

 

 

351,990

 

 

 

354,341

 

Noninterest-bearing demand deposits

 

 

506,248

 

 

 

572,969

 

 

 

575,989

 

 

 

594,518

 

 

 

640,101

 

Total deposits

 

 

2,566,032

 

 

 

2,776,152

 

 

 

2,613,094

 

 

 

2,761,047

 

 

 

2,502,507

 

Subordinated notes, net

 

 

39,855

 

 

 

39,871

 

 

 

39,888

 

 

 

39,904

 

 

 

39,920

 

FHLB and FRB advances

 

 

275,000

 

 

 

215,000

 

 

 

284,100

 

 

 

239,100

 

 

 

311,751

 

Average interest-bearing liabilities

 

 

2,362,774

 

 

 

2,354,360

 

 

 

2,346,722

 

 

 

2,169,643

 

 

 

1,777,391

 

Total stockholders' equity

 

 

185,989

 

 

 

182,837

 

 

 

231,271

 

 

 

246,735

 

 

 

248,793

 

Average stockholders' equity

 

 

223,840

 

 

 

238,530

 

 

 

257,117

 

 

 

259,911

 

 

 

263,826

 

Weighted average common shares outstanding - basic

 

 

19,033

 

 

 

19,015

 

 

 

18,851

 

 

 

18,856

 

 

 

18,857

 

Weighted average common shares outstanding - diluted

 

 

19,033

 

 

 

19,015

 

 

 

18,851

 

 

 

18,860

 

 

 

18,857

 

Financial Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (1)

 

 

-0.73

%

 

 

-5.09

%

 

 

-1.05

%

 

 

0.49

%

 

 

-0.57

%

Return on average equity (1)

 

 

-10.29

%

 

 

-69.38

%

 

 

-13.40

%

 

 

6.11

%

 

 

-6.48

%

Total loan to deposit ratio

 

 

96.5

%

 

 

90.6

%

 

 

96.4

%

 

 

91.6

%

 

 

99.1

%

Held for investment loan to deposit ratio

 

 

94.7

%

 

 

88.1

%

 

 

93.9

%

 

 

88.8

%

 

 

96.3

%

Net interest margin (1)

 

 

2.92

%

 

 

2.92

%

 

 

3.12

%

 

 

3.30

%

 

 

4.00

%

Cost of deposits (1)

 

 

2.73

%

 

 

2.46

%

 

 

2.21

%

 

 

1.74

%

 

 

0.85

%

Cost of funds (1)

 

 

2.91

%

 

 

2.73

%

 

 

2.49

%

 

 

2.11

%

 

 

1.22

%

Efficiency ratio

 

 

118.2

%

 

 

127.7

%

 

 

101.3

%

 

 

88.8

%

 

 

81.1

%

Regulatory remediation expenses

 

 

3,155

 

 

 

3,782

 

 

 

2,388

 

 

 

1,134

 

 

 

2,884

 

Capital and Asset Quality Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average stockholders' equity to average assets

 

 

7.1

%

 

 

7.3

%

 

 

7.8

%

 

 

7.9

%

 

 

8.7

%

Allowance for credit losses to loans held for investment, excluding PPP loans

 

 

1.48

%

 

 

2.03

%

 

 

1.58

%

 

 

1.47

%

 

 

1.28

%

 


 

Ratio of net charge-offs to average loans outstanding (1)

 

 

2.84

%

 

 

0.09

%

 

 

1.29

%

 

 

0.17

%

 

 

0.28

%

Nonperforming loans to total assets

 

 

2.01

%

 

 

2.51

%

 

 

2.54

%

 

 

2.63

%

 

 

2.69

%

Nonperforming assets to total assets

 

 

2.01

%

 

 

2.51

%

 

 

2.54

%

 

 

2.63

%

 

 

2.70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures (unaudited):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Common Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

$

185,989

 

 

$

182,837

 

 

$

231,271

 

 

$

246,735

 

 

$

248,793

 

Less: Goodwill and other intangibles, net of deferred tax liability (2)

 

 

(4,179

)

 

 

(4,286

)

 

 

(31,427

)

 

 

(31,637

)

 

 

(32,027

)

Tangible common equity (Non-GAAP)

 

$

181,810

 

 

$

178,551

 

 

$

199,844

 

 

$

215,098

 

 

$

216,766

 

Total shares outstanding

 

 

19,198

 

 

 

19,192

 

 

 

18,934

 

 

 

18,942

 

 

 

18,950

 

Book value per common share

 

$

9.69

 

 

$

9.53

 

 

$

12.21

 

 

$

13.03

 

 

$

13.13

 

Tangible book value per common share (Non-GAAP)

 

 

9.47

 

 

 

9.30

 

 

 

10.55

 

 

 

11.36

 

 

 

11.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible stockholders' equity to tangible total assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,117,554

 

 

$

3,262,713

 

 

$

3,214,424

 

 

$

3,324,060

 

 

$

3,130,465

 

Less: Goodwill and other intangibles, net of deferred tax liability (2)

 

 

(4,179

)

 

 

(4,286

)

 

 

(31,427

)

 

 

(31,637

)

 

 

(32,027

)

Tangible total assets (Non-GAAP)

 

$

3,113,375

 

 

$

3,258,427

 

 

$

3,182,997

 

 

$

3,292,423

 

 

$

3,098,438

 

Tangible common equity (Non-GAAP)

 

$

181,810

 

 

$

178,551

 

 

$

199,844

 

 

$

215,098

 

 

$

216,766

 

Tangible stockholders' equity to tangible total assets (Non-GAAP)

 

 

5.8

%

 

 

5.5

%

 

 

6.3

%

 

 

6.5

%

 

 

7.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Excludes mortgage servicing rights.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Blue Ridge Bankshares, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Summary of Selected Financial Data (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of and for the Three Months Ended

 

 

 

 

 

 

 

 

 

As restated

 

 

As restated

 

 

As restated

 

(Dollars and shares in thousands, except per share data)

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

Income Statement Data:

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

Interest income

 

$

43,160

 

 

$

42,485

 

 

$

42,460

 

 

$

40,890

 

 

$

36,461

 

Interest expense

 

 

21,397

 

 

 

20,293

 

 

 

18,570

 

 

 

15,694

 

 

 

8,329

 

Net interest income

 

 

21,763

 

 

 

22,192

 

 

 

23,890

 

 

 

25,196

 

 

 

28,132

 

Provision for (recovery of) credit losses

 

 

2,770

 

 

 

11,050

 

 

 

10,013

 

 

 

(1,510

)

 

 

11,793

 

Net interest income after provision for credit losses

 

 

18,993

 

 

 

11,142

 

 

 

13,877

 

 

 

26,706

 

 

 

16,339

 

Noninterest income

 

 

4,107

 

 

 

7,415

 

 

 

9,736

 

 

 

7,283

 

 

 

5,840

 

Noninterest expense, excluding goodwill impairment

 

 

30,583

 

 

 

37,795

 

 

 

34,052

 

 

 

28,847

 

 

 

27,552

 

Goodwill impairment

 

 

 

 

 

26,826

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

 

(7,483

)

 

 

(46,064

)