Blue Ridge Bankshares, Inc. Announces 2025 First Quarter Results
Performance reflects improvement in net interest margin and noninterest expense reduction
Regulatory remediation efforts remain on track
For the quarter ended
A Message From
"I believe that our first quarter results indicate that our shareholders will soon see a return to sustainable profitability. It has been a short journey involving exiting the fintech banking-as-a-service ("BaaS") indirect deposit business, exiting non-core lending relationships, strengthening our risk management framework, and making significant reductions in staff levels.
"Over the last 12 months we have made significant progress toward compliance with the
"As we return to community banking, our focus on operational efficiencies is a multi-faceted endeavor. To improve noninterest income, we have aligned our product pricing to the market. We are upgrading our business treasury products to be competitive with product sets offered by other banks. We have aggressively attacked noninterest expenses by reducing the number of employees in the first quarter by 91, a 21% decrease since
"Another positive in the first quarter was the improvement in our funding cost, a sequential quarter reduction of 23 basis points, resulting from our 2024 actions to change our funding mix as we exited fintech BaaS and reduced wholesale funding.
"We completed our analysis of non-banking business lines resulting in the sale of certain lines of business, most notably Monarch Mortgage. Scale is important for these non-banking lines. We felt we could not achieve the required scale within a reasonable time.
"Lastly, our commercial relationship managers and our retail team are focused on growth in core deposits and loans to customers within our footprint. We expect to see positive results in the near-term quarters."
Sale of Monarch Mortgage
The Company's previously announced sale of its mortgage division operating as Monarch Mortgage to an unrelated third-party mortgage company was completed on
Q1 2025 Highlights
(Comparisons for First Quarter 2025 are relative to Fourth Quarter 2024 unless otherwise noted.)
Net Income:
- Net loss for the quarter was
$0.4 million , or$0.01 per diluted common share, compared to a net loss of$2.0 million , or$0.03 per diluted common share, for the prior quarter. The current quarter loss before income taxes of$0.9 million included a$0.2 million loss on the mortgage division sale and$0.7 million in severance costs. The prior quarter loss before income taxes of$2.7 million included a$1.8 million loss on the sale of MSRs, net of fair value adjustments, partially offset by a$1.0 million recovery of credit losses.
Net Interest Income / Net Interest Margin:
- Net interest income totaled
$19.0 million and$19.1 million for the current and prior quarters, respectively. Interest income decreased by$2.6 million in the first quarter, primarily due to a$67.2 million decline in average loan balances and a$50.4 million decline in average deposits held in other banks. Interest expense declined by$2.4 million , largely driven by lower average balances of higher-cost fintech-related and brokered deposits. Net interest margin improved to 2.90% during the quarter from 2.80% in the prior quarter, reflecting a 24-basis point decline in the cost of deposits. - Subsequent to
March 31, 2025 , the Company provided a notice of redemption to the holder of its$15.0 million fixed-to-floating rate subordinated note (the "Note"), which has an initial redemption date ofJune 1, 2025 . OnJune 1, 2025 , the rate on the Note would reset to the then three-month Secured Overnight Funding Rate (SOFR) plus 587 basis points. Interest expense and the effective interest rate on the Note were$0.2 million and 6.31%, respectively, in the first quarter of 2025.
Capital:
- The ratio of tangible common stockholders' equity to tangible total assets was 12.5%1, compared to 11.9%1 at the prior quarter end. The increase in this ratio was primarily driven by the decline in total tangible assets and additional capital of
$6.9 million due to the exercise of warrants to purchase common stock and a$3.8 million decrease in after-tax unrealized losses in the Company's portfolio of securities available for sale. Tangible book value per common share ("TBV") was$3.82 1 for both the current and prior quarters. - At
March 31, 2025 , 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 12.33%, 16.88%, 16.88%, and 17.93%, respectively, compared to 11.80%, 16.38%, 16.38%, and 17.26%, respectively, at the prior quarter end. Capital ratios for the Company atMarch 31, 2025 for tier 1 leverage ratio, tier 1 risk-based capital ratio, common equity tier 1 capital ratio, and total risk-based capital ratio were 13.23%, 18.06%, 18.06%, and 20.83%, respectively, compared to 12.43%, 17.24%, 17.24%, and 19.79%, respectively, at the prior quarter end. Improvement in capital ratios for the comparative periods was primarily due to a smaller balance sheet relative to capital levels. - As of
March 31, 2025 andDecember 31, 2024 , the Bank's tier 1 leverage and total risk-based capital ratios exceeded the minimum capital ratios set forth in the Bank's Consent Order with theOffice of the Comptroller of the Currency (the "OCC"), which requires the Bank to maintain a minimum tier 1 leverage ratio of 10.00% and a total risk-based capital ratio of 13.00%.
Asset Quality:
- Nonperforming loans, which include nonaccrual loans and loans past due 90 days or more and accruing interest, were
$24.9 million , or 0.93% of total assets, at quarter end compared to$25.4 million , or 0.93% of total assets, at the prior quarter end. - No provision for credit losses was reported for the quarter compared to a recovery of credit losses of
$1.0 million for the prior quarter. Lower allowance for credit losses ("ACL") needs due to loan portfolio balance reductions were offset by higher reserve needs on pooled loans resulting in no provision in the current quarter. The recovery of credit losses in the prior quarter was primarily attributable to lower reserve needs due to loan portfolio balance reductions, partially offset by charge-offs of the non-guaranteed portion of certain government-guaranteed loans ("GGL") and certain purchased loans. - The ACL as a percentage of total loans held for investment was 1.12% at quarter end compared to 1.09% at the prior quarter end. Net loan recoveries were
$103 thousand in the quarter compared to$1.9 million in net loan charge-offs for the prior quarter. The net loan (recoveries) charge-offs to average loans outstanding ratio (quarter-to-date annualized) for the current quarter was (0.02%) compared to 0.36% for the prior quarter.
Noninterest Income / Noninterest Expense:
- Noninterest income for the quarter was
$3.1 million , compared to$2.8 million in the prior quarter. The first quarter of 2025 included a$0.2 million loss on sale of the mortgage division, while the prior quarter included a loss on the sale of MSRs, net of the positive fair value adjustment prior to the sale, of$1.8 million . Excluding these items, noninterest income declined in the current quarter by approximately$1.3 million , due to lower residential mortgage banking income ($0.7 million ), which was primarily driven by lower servicing income and mortgage origination volumes, and lower income from fintech lending partnerships ($0.4 million ). - Noninterest expense for the quarter was
$23.0 million compared to$25.6 million in the prior quarter, a decrease of$2.6 million . The decrease was primarily due to lower salaries and employee benefits expenses and consulting and audit fees. The decline in salaries and employee benefits in the quarter reflected a reduction in headcount as the Company continues to right-size its workforce as it completes certain regulatory directives and transitions to a more traditional community banking model. Severance costs for the current and prior quarter were$0.7 million and$0 , respectively. Lower consulting and audit fees reflect a reduction in the use of outside contracting services, also due to the completion of certain regulatory directives.
Income Tax:
- The income tax benefit for the current and prior quarter was
$0.5 million and$0.7 million , respectively, with an effective income tax rate for the same respective periods of 51.2% and 25.8%. The higher effective income tax rate in the quarter was driven by a$0.3 million favorable adjustment related to a change in the state tax rate applied to the accumulated unrealized loss on the available for sale securities portfolio. Excluding this adjustment, the effective income tax rate for the quarter was 22.7%.
Balance Sheet:
- Total assets decreased to
$2.69 billion from$2.74 billion at the prior quarter end, a reduction of$52.2 million , primarily driven by a decline in loans held for investment of the same amount and lower balances of cash and loans held for sale, partially offset by a$13.4 million increase in the securities available for sale. The decline in loans held for investment was partially due to a continuation of the Company purposefully and selectively reducing balances of loans where borrowers did not represent in-market relationships. - Total deposit balances decreased to
$2.13 billion from$2.18 billion at the prior quarter end, a decline of$50.0 million . Deposits, excluding wholesale and fintech-related deposits, increased$20.4 million in the first quarter of 2025. Brokered deposit balances declined$63.4 million in the first quarter, as existing brokered time deposits were paid off upon maturity. Estimated uninsured deposits as a percentage of total deposits were 19.8% at quarter end compared to 18.0% at the prior quarter end. - Sources of liquidity, which consist primarily of on-balance sheet cash, unpledged securities available for sale, and available credit under secured borrowing facilities, totaled
$788.8 million , or 182.9% of uninsured deposits as ofMarch 31, 2025 . Sources of liquidity as ofDecember 31, 2024 andMarch 31, 2024 totaled$811.7 million and$538.1 million , or 203.3% and 97.17% of uninsured deposits, respectively.
Income Statement:
Net interest income was
Average balances of interest-earning assets decreased
Average balances of interest-bearing liabilities decreased
Cost of funds was 2.78% for the first quarter of 2025, compared to 3.01% for the fourth quarter of 2024, and 3.03% for the first quarter of 2024, while cost of deposits was 2.62%, 2.86%, and 2.84%, for the same respective periods. Lower cost of funds in the first quarter of 2025 was primarily due to the exit of fintech BaaS deposit operations and lower average balances of wholesale funding, and relative to the year-ago period, offset by the higher variable cost of
Net interest margin was 2.90% for the first quarter of 2025 compared to 2.80% for the prior quarter and 2.75% in the first quarter of 2024, driven primarily by lower funding costs.
No provision for credit losses was reported for the first quarter of 2025 compared to a recovery of credit losses of
Noninterest income was
Noninterest expense was
Balance Sheet:
Loans held for investment were
Total deposits were
The Company previously reported that it was prohibited from the acceptance, renewal, or rollover of brokered deposits, as a result of the Consent Order. In early third quarter of 2024, the Bank received approval from the
Noninterest-bearing deposits represented 21.3%, 20.8%, and 20.1% of total deposits at
The held for investment loan-to-deposit ratio was 96.7% at
About
Reclassifications:
Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current period presentations. The reclassifications had no effect on net income (loss), net income (loss) per share, or stockholders' equity, as previously reported.
Non-GAAP Financial Measures:
The accounting and reporting policies of the Company conform to
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 phrases 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 impact of, and the ability to comply with, the terms of the
January 24, 2024 Consent 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 Consent 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 the OCC directives and applicable laws and regulations, and managing the wind down 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 growing and retaining deposits and secondary funding sources, especially if the Company's or its industry's reputation become damaged;
- the ability to maintain capital levels adequate to support the Company's business and to comply with the Consent Order directives;
- the ability of the Company to implement cost-saving initiatives and efficiency measures, as well as increase earning assets, in order to yield acceptable levels of profitability;
- the ability to generate sufficient future taxable income for the Company to realize its deferred tax assets, including the net operating loss carryforward;
- 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;
- the impact of unanticipated outflows of deposits;
- technological and social media changes;
- potential exposure to fraud, negligence, computer theft, and cyber-crime;
- adverse developments in the financial industry generally, such as bank failures, responsive measures to mitigate and manage such developments, 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 the 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, the application thereof by bank regulatory bodies, and the three branches of the federal government;
- 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 inthe United States and abroad; - the economic impact of duties, tariffs, or other barriers or restrictions on trade, any retaliatory counter measures, and the volatility and uncertainty arising therefrom;
- 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, 2024 and in filings the Company makes from time to time with theU.S. Securities and Exchange Commission ("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
1 Non-GAAP financial measure. Further information can be found at the end of this press release.
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Consolidated Balance Sheets |
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(Dollars in thousands, except share data) |
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(unaudited)
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Assets |
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|
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Cash and due from banks |
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$ 170,466 |
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$ 173,533 |
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Restricted cash |
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2,167 |
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2,459 |
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Federal funds sold |
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1,725 |
|
838 |
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Securities available for sale, at fair value |
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325,401 |
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312,035 |
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Restricted equity investments |
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18,797 |
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19,275 |
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Other equity investments |
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4,698 |
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4,834 |
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Other investments |
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20,381 |
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19,405 |
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Loans held for sale |
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23,624 |
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30,976 |
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Loans held for investment, net of deferred fees and costs |
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2,059,710 |
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2,111,797 |
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Less: allowance for credit losses |
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(23,126) |
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(23,023) |
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Loans held for investment, net |
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2,036,584 |
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2,088,774 |
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Accrued interest receivable |
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12,700 |
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12,537 |
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Premises and equipment, net |
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20,916 |
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21,394 |
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Right-of-use lease asset |
|
7,597 |
|
7,962 |
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Other intangible assets |
|
3,527 |
|
3,859 |
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Deferred tax asset, net |
|
26,149 |
|
27,312 |
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Other assets |
|
10,352 |
|
12,067 |
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Total assets |
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$ 2,685,084 |
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$ 2,737,260 |
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Liabilities and Stockholders' Equity |
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Deposits: |
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Noninterest-bearing demand |
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$ 452,590 |
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$ 452,690 |
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Interest-bearing demand and money market deposits |
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632,983 |
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598,875 |
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Savings |
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103,622 |
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100,857 |
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Time deposits |
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940,282 |
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1,027,020 |
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Total deposits |
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2,129,477 |
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2,179,442 |
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FHLB borrowings |
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150,000 |
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150,000 |
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Subordinated notes, net |
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39,773 |
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39,789 |
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Lease liability |
|
8,280 |
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8,613 |
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Other liabilities |
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19,265 |
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31,628 |
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Total liabilities |
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2,346,795 |
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2,409,472 |
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Commitments and contingencies |
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Stockholders' Equity: |
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Common stock, no par value; 150,000,000 shares authorized at |
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329,920 |
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322,791 |
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Additional paid-in capital |
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29,687 |
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29,687 |
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Retained earnings |
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17,338 |
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17,772 |
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Accumulated other comprehensive loss, net of tax |
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(38,656) |
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(42,462) |
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Total stockholders' equity |
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338,289 |
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327,788 |
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Total liabilities and stockholders' equity |
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$ 2,685,084 |
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$ 2,737,260 |
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(1) Derived from audited |
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Consolidated Statements of Income (unaudited) |
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For the Three Months Ended |
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(Dollars in thousands, except per common share data) |
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Interest income: |
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Interest and fees on loans |
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$ 31,154 |
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$ 33,050 |
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$ 38,346 |
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Interest on securities, deposit accounts, and federal funds sold |
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4,196 |
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4,882 |
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4,185 |
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Total interest income |
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35,350 |
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37,932 |
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42,531 |
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Interest expense: |
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Interest on deposits |
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14,192 |
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16,329 |
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18,485 |
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Interest on subordinated notes |
|
736 |
|
736 |
|
560 |
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Interest on FHLB and FRB borrowings |
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1,432 |
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1,742 |
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3,137 |
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Total interest expense |
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16,360 |
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18,807 |
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22,182 |
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Net interest income |
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18,990 |
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19,125 |
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20,349 |
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Recovery of credit losses - loans |
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— |
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(500) |
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— |
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Recovery of credit losses - unfunded commitments |
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— |
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(500) |
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(1,000) |
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Total recovery of credit losses |
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— |
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(1,000) |
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(1,000) |
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Net interest income after recovery of credit losses |
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18,990 |
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20,125 |
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21,349 |
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Noninterest income: |
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Fair value adjustments of other equity investments |
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(73) |
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232 |
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(7) |
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Residential mortgage banking income |
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956 |
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1,698 |
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2,664 |
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Mortgage servicing rights |
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2 |
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795 |
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729 |
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Loss on sale of mortgage servicing rights |
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— |
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(2,596) |
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— |
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Wealth and trust management |
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454 |
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561 |
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520 |
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Service charges on deposit accounts |
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457 |
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402 |
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361 |
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Increase in cash surrender value of BOLI |
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8 |
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58 |
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337 |
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Bank and purchase card, net |
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567 |
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615 |
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242 |
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Other |
|
701 |
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1,049 |
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2,942 |
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Total noninterest income |
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3,072 |
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2,814 |
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7,788 |
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Noninterest expense: |
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Salaries and employee benefits |
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12,610 |
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13,246 |
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16,045 |
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Occupancy and equipment |
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1,381 |
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1,357 |
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1,524 |
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Technology and communications |
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2,784 |
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2,645 |
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2,279 |
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Legal and regulatory filings |
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439 |
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626 |
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447 |
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Advertising and marketing |
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191 |
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231 |
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297 |
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Audit fees |
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578 |
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1,071 |
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1,155 |
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|
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1,097 |
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1,139 |
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1,377 |
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Intangible amortization |
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244 |
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255 |
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287 |
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Other contractual services |
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595 |
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1,276 |
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1,809 |
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Other taxes and assessments |
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921 |
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747 |
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943 |
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Regulatory remediation |
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— |
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273 |
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2,644 |
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Other |
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2,111 |
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2,774 |
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3,630 |
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Total noninterest expense |
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22,951 |
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25,640 |
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32,437 |
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Loss before income taxes |
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(889) |
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(2,701) |
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(3,300) |
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Income tax benefit |
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(455) |
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(698) |
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(407) |
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Net loss |
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$ (434) |
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$ (2,003) |
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$ (2,893) |
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Basic and diluted loss per common share |
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$ (0.01) |
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$ (0.03) |
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$ (0.15) |
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Quarter Summary of Selected Financial Data (unaudited) |
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As of and for the Three Months Ended |
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(Dollars and shares in thousands, except per common share data) |
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Income Statement Data: |
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2025 |
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2024 |
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2024 |
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2024 |
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2024 |
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Interest income |
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$ 35,350 |
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$ 37,932 |
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$ 39,225 |
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$ 40,631 |
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$ 42,531 |
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Interest expense |
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16,360 |
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18,807 |
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20,124 |
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20,546 |
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22,182 |
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Net interest income |
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18,990 |
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19,125 |
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19,101 |
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20,085 |
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20,349 |
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(Recovery of) provision for credit losses |
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— |
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(1,000) |
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(6,200) |
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3,100 |
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(1,000) |
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Net interest income after (recovery of) provision for credit losses |
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18,990 |
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20,125 |
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25,301 |
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16,985 |
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21,349 |
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Noninterest income |
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3,072 |
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2,814 |
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2,698 |
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272 |
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7,788 |
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Noninterest expense |
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22,951 |
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25,640 |
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26,454 |
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29,308 |
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32,437 |
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(Loss) income before income taxes |
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(889) |
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(2,701) |
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1,545 |
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(12,051) |
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(3,300) |
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Income tax (benefit) expense |
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(455) |
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(698) |
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599 |
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(616) |
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(407) |
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Net (loss) income |
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(434) |
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(2,003) |
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946 |
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(11,435) |
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(2,893) |
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Per Common Share Data: |
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(Loss) earnings per common share - basic and diluted |
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$ (0.01) |
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$ (0.03) |
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$ 0.01 |
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$ (0.47) |
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$ (0.15) |
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Book value per common share |
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3.85 |
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3.86 |
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4.30 |
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4.15 |
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9.24 |
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Tangible book value per common share - Non-GAAP |
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3.82 |
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3.82 |
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4.25 |
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4.10 |
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9.04 |
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Balance Sheet Data: |
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Total assets |
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$ 2,685,084 |
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$ 2,737,260 |
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$ 2,944,691 |
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$ 2,933,072 |
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$ 3,076,187 |
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Average assets |
|
2,721,714 |
|
2,863,014 |
|
2,967,774 |
|
3,084,643 |
|
3,164,932 |
|
Average interest-earning assets |
|
2,620,725 |
|
2,736,834 |
|
2,796,116 |
|
2,886,186 |
|
2,966,491 |
|
Loans held for investment ("LHFI") |
|
2,059,710 |
|
2,111,797 |
|
2,180,413 |
|
2,259,279 |
|
2,394,089 |
|
Allowance for credit losses |
|
23,126 |
|
23,023 |
|
25,453 |
|
28,036 |
|
35,025 |
|
Purchase accounting adjustments (discounts) on acquired loans |
|
3,710 |
|
3,996 |
|
4,162 |
|
4,408 |
|
4,873 |
|
Loans held for sale |
|
23,624 |
|
30,976 |
|
22,082 |
|
54,377 |
|
34,902 |
|
Securities available for sale, at fair value |
|
325,401 |
|
312,035 |
|
314,784 |
|
307,427 |
|
314,394 |
|
Noninterest-bearing demand deposits |
|
452,590 |
|
452,690 |
|
459,793 |
|
470,128 |
|
496,375 |
|
Fintech Banking-as-a-Service ("BaaS") deposits |
|
198 |
|
233 |
|
63,674 |
|
172,456 |
|
272,973 |
|
Total deposits |
|
2,129,477 |
|
2,179,442 |
|
2,346,492 |
|
2,325,839 |
|
2,465,776 |
|
Subordinated notes, net |
|
39,773 |
|
39,789 |
|
39,806 |
|
39,822 |
|
39,838 |
|
FHLB and FRB advances |
|
150,000 |
|
150,000 |
|
190,000 |
|
202,900 |
|
345,000 |
|
Average interest-bearing liabilities |
|
1,899,315 |
|
2,021,814 |
|
2,121,402 |
|
2,228,071 |
|
2,411,683 |
|
Total stockholders' equity |
|
338,289 |
|
327,788 |
|
336,347 |
|
325,614 |
|
180,906 |
|
Average stockholders' equity |
|
329,684 |
|
330,343 |
|
326,880 |
|
318,042 |
|
183,901 |
|
Weighted average common shares outstanding - basic |
|
86,003 |
|
78,881 |
|
73,366 |
|
24,477 |
|
19,178 |
|
Weighted average common shares outstanding - diluted |
|
86,003 |
|
78,881 |
|
87,086 |
|
24,477 |
|
19,178 |
|
Outstanding warrants to purchase common stock |
` |
28,690 |
|
31,452 |
|
26,196 |
|
26,196 |
|
— |
|
Financial Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (1) |
|
-0.06 % |
|
-0.28 % |
|
0.13 % |
|
-1.48 % |
|
-0.37 % |
|
Return on average equity (1) |
|
-0.53 % |
|
-2.43 % |
|
1.16 % |
|
-14.38 % |
|
-6.29 % |
|
Total loan to deposit ratio |
|
97.8 % |
|
98.3 % |
|
93.9 % |
|
99.5 % |
|
98.5 % |
|
Held for investment loan-to-deposit ratio |
|
96.7 % |
|
96.9 % |
|
92.9 % |
|
97.1 % |
|
97.1 % |
|
Fintech BaaS deposits to total deposits ratio |
|
0.0 % |
|
0.0 % |
|
2.7 % |
|
7.4 % |
|
11.1 % |
|
Net interest margin (1) |
|
2.90 % |
|
2.80 % |
|
2.74 % |
|
2.79 % |
|
2.75 % |
|
Yield of LHFI (1) |
|
5.70 % |
|
5.83 % |
|
5.80 % |
|
5.80 % |
|
6.02 % |
|
Cost of deposits (1) |
|
2.62 % |
|
2.86 % |
|
2.91 % |
|
2.84 % |
|
2.84 % |
|
Cost of funds (1) |
|
2.78 % |
|
3.01 % |
|
3.09 % |
|
3.02 % |
|
3.03 % |
|
Efficiency ratio |
|
104.0 % |
|
116.9 % |
|
121.4 % |
|
144.0 % |
|
115.3 % |
|
Noninterest expense to total assets (1) |
|
3.4 % |
|
3.7 % |
|
3.6 % |
|
4.0 % |
|
4.2 % |
|
Regulatory remediation expenses |
|
— |
|
273 |
|
357 |
|
1,397 |
|
2,644 |
|
Capital and Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity to average assets |
|
12.1 % |
|
11.5 % |
|
11.0 % |
|
10.3 % |
|
5.8 % |
|
Allowance for credit losses to LHFI |
|
1.12 % |
|
1.09 % |
|
1.17 % |
|
1.24 % |
|
1.46 % |
|
Ratio of net (recoveries) charge-offs to average loans outstanding (1) |
|
-0.02 % |
|
0.36 % |
|
-0.61 % |
|
1.81 % |
|
0.14 % |
|
Nonperforming loans to total assets |
|
0.93 % |
|
0.93 % |
|
1.09 % |
|
1.40 % |
|
1.73 % |
|
Nonperforming assets to total assets |
|
0.94 % |
|
0.94 % |
|
1.09 % |
|
1.40 % |
|
1.73 % |
|
Nonperforming loans to total loans |
|
1.19 % |
|
1.19 % |
|
1.46 % |
|
1.78 % |
|
2.19 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures (unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three Months Ended |
||||||||
|
(Dollars and shares in thousands, except per common share data) |
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity and Tangible Book Value Per Common Share: |
|
2025 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
Total stockholders' equity |
|
$ 338,289 |
|
$ 327,788 |
|
$ 336,347 |
|
$ 325,614 |
|
$ 180,906 |
|
Less: preferred stock (including additional paid-in capital) |
|
— |
|
— |
|
(20,605) |
|
(20,605) |
|
— |
|
Common stockholders' equity |
|
$ 338,289 |
|
$ 327,788 |
|
$ 315,742 |
|
$ 305,009 |
|
$ 180,906 |
|
Less: other intangibles, net of deferred tax liability (2) |
|
(2,740) |
|
(2,998) |
|
(3,281) |
|
(3,552) |
|
(3,913) |
|
Tangible common equity (Non-GAAP) |
|
$ 335,549 |
|
$ 324,790 |
|
$ 312,461 |
|
$ 301,457 |
|
$ 176,993 |
|
Total common shares outstanding |
|
87,778 |
|
84,973 |
|
73,474 |
|
73,504 |
|
19,584 |
|
Book value per common share |
|
$ 3.85 |
|
$ 3.86 |
|
$ 4.30 |
|
$ 4.15 |
|
$ 9.24 |
|
Tangible book value per common share (Non-GAAP) |
|
3.82 |
|
3.82 |
|
4.25 |
|
4.10 |
|
9.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity to Tangible Total Assets |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ 2,685,084 |
|
$ 2,737,260 |
|
$ 2,944,691 |
|
$ 2,933,072 |
|
$ 3,076,187 |
|
Less: other intangibles, net of deferred tax liability (2) |
|
(2,740) |
|
(2,998) |
|
(3,281) |
|
(3,552) |
|
(3,913) |
|
Tangible total assets (Non-GAAP) |
|
$ 2,682,344 |
|
$ 2,734,262 |
|
$ 2,941,410 |
|
$ 2,929,520 |
|
$ 3,072,274 |
|
Tangible common equity (Non-GAAP) |
|
$ 335,549 |
|
$ 324,790 |
|
$ 312,461 |
|
$ 301,456 |
|
$ 176,993 |
|
Tangible common equity to tangible total assets (Non-GAAP) |
|
12.5 % |
|
11.9 % |
|
10.6 % |
|
10.3 % |
|
5.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
(2) Excludes mortgage servicing rights. |
|
|
|
|
|
|
|
|
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/blue-ridge-bankshares-inc-announces-2025-first-quarter-results-302437839.html
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