Blue Ridge Bankshares, Inc. Announces 2026 First Quarter Results
Special Cash Dividend of
For the quarter ended
"On behalf of our 281
"We continue to execute on noninterest expense reduction initiatives to more closely align these expenses with our community banking model. Headcount, a major driver of our noninterest expense, has been reduced by 70, or 20%, since the end of the first quarter of 2025. Results of additional initiatives will be realized in the second half of 2026.
"This quarter was also our first full quarter of operations after release last November from the regulatory consent order. The improved regulatory standing and lower capital requirements provided flexibility for another special dividend declared on
Q1 2026 Highlights
(Comparisons for First Quarter 2026 are relative to Fourth Quarter 2025 unless otherwise noted.)
Net Income:
- Net income for the quarter was
$0.8 million , or$0.01 per diluted common share, compared to net income of$4.2 million , or$0.04 per diluted common share, for the prior quarter.
- Income before income taxes of
$1.1 million for the quarter included a$0.6 million pre-tax recovery of credit losses,$1.6 million in pre-tax executive officer transition expenses, and$1.0 million of pre-tax incentive-related expenses, while the prior quarter income before income taxes of$5.4 million included a$1.5 million pre-tax recovery of credit losses,$0.3 million in pre-tax incentive-related expenses, and$0.4 million of pre-tax income on the 2024 sale of mortgage servicing rights ("MSRs"). Incentive-related expenses in the fourth quarter of 2025 reflect reductions in expense for certain performance-based incentive plans.
Net Interest Income / Net Interest Margin:
- Net interest income totaled
$16.9 million and$18.1 million for the current and prior quarters, respectively. Total interest income decreased by$2.1 million in the quarter, primarily due to the decline in average balances of loans held for investment and loans held for sale, which collectively declined$50.5 million on a sequential quarter basis. Interest expense declined by$0.9 million for the quarter, largely driven by lower average balances of brokered deposits, which declined$37.0 million on a sequential quarter basis. Cost of deposits declined 13 basis points to 2.27% for the quarter, compared to 2.40% in the prior quarter, while net interest margin ("NIM") was 2.90% and 3.04% for the same respective periods.
Capital:
- On
March 30, 2026 , the Company announced a special cash dividend of$0.60 per share of its common stock, totaling approximately$54.1 million , payable onApril 27, 2026 to shareholders of record as of the close of business onApril 13, 2026 . Also onMarch 30, 2026 , the Company announced an amendment and restatement of warrants issued in the Company's private placements of securities that closed during the second quarter of 2024 (the "Warrant Amendment"). Pursuant to the Warrant Amendment, at any time while the warrant is outstanding, the per share exercise price of each warrant is reduced by the per share dividend amount in lieu of cash distributions to warrant holders, including the special cash dividends paid inNovember 2025 and declared inMarch 2026 . The Company had previously accrued$6.1 million for the fourth quarter 2025 dividend to be paid if and when the warrants are exercised. As a result of the Warrant Amendment, the$6.1 million accrual was reversed in the first quarter.
- The ratio of tangible common stockholders' equity to tangible total assets was 11.4%1, compared to 13.2%1 at the prior quarter end, while tangible book value per common share ("TBV") was
$3.11 1 compared to$3.65 1 as of the same respective dates. The decline in both metrics was primarily driven by the special cash dividend declared in the quarter, partially offset by the aforementioned reversal of the fourth quarter 2025 dividend accrued for warrants.
- At
March 31, 2026 , 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 11.01%, 15.33%, 15.33%, and 16.47%, respectively, compared to 13.04%, 18.18%, 18.18%, and 19.16%, respectively, at the prior quarter end. Capital ratios for the Company atMarch 31, 2026 for tier 1 leverage ratio, tier 1 risk-based capital ratio, common equity tier 1 capital ratio, and total risk-based capital ratio were 12.13%, 16.87%, 16.87%, and 18.67%, respectively, compared to 13.81%, 19.22%, 19.22%, and 20.69%, respectively, at the prior quarter end. The decline in these ratios for both the Bank and the Company was primarily a result of the aforementioned special cash dividend in the quarter.
Noninterest Income / Noninterest Expense:
- Noninterest income for the first quarter was
$2.3 million compared to$2.7 million for the fourth quarter of 2025. Noninterest income in the prior quarter included$0.4 million of reserves released due to the receipt of additional sales proceeds that were contractually held back from the 2024 sales of MSRs and swap transaction fees of$0.3 million , partially offset by a$0.2 million impairment on a fintech-related investment. No such transactions occurred in the current quarter.
- Noninterest expense for the first quarter was
$18.7 million compared to$16.9 million for the prior quarter, an increase of$1.8 million . The increase was primarily due to higher salaries and employee benefits expense, driven primarily by executive officer transition ($1.6 million ) and incentive-related ($0.7 million ) expenses, partially offset by lower salaries and health insurance costs ($0.5 million ). - Headcount as of
March 31, 2026 , was 281, compared to 302 atDecember 31, 2025 , and 351 atMarch 31, 2025 .
Income Tax:
- Income tax expense for the current and prior quarter was
$0.3 million and$1.1 million , respectively, with an effective income tax rate for the same respective periods of 24.9% and 21.2%. The higher effective income tax rate in the quarter was primarily driven by limitations on the tax deductibility of certain costs.
Balance Sheet:
- Total assets decreased to
$2.41 billion at quarter end from$2.43 billion at the prior quarter end, a reduction of$18.5 million , primarily driven by declines in loans held for investment of$31.8 million and loans held for sale of$14.8 million . Included in the reduction of loans held for investment in the quarter were payoffs and paydowns of approximately$24.1 million of out-of-market loans. The decline in loans held for sale reflects the Company's complete exit from its indirect fintech lending activities in the quarter.
- Total deposits, when excluding brokered deposits, increased
$13.4 million in the first quarter of 2026. Brokered deposit balances declined$31.5 million in the current quarter, as existing brokered time deposits were paid off upon maturity. The ratio of noninterest-bearing demand deposits to total deposits was 20.7% and 20.9% as ofMarch 31, 2026 andDecember 31, 2025 , respectively.
- Total stockholders' equity decreased to
$277.0 million at quarter end from$323.7 million at the prior quarter end, a decline of$46.7 million . The majority of this decline was attributable to the special cash dividend ($54.1 million ) declared onMarch 30, 2026 , partially offset by the$6.1 million reversal of the dividend accrued in the fourth quarter of 2025 for payment to warrant holders if and when such warrants are exercised.
Asset Quality:
- Nonperforming loans, which include nonaccrual loans and loans past due 90 days or more and accruing interest, improved to
$21.0 million , or 0.87% of total assets, atMarch 31, 2026 , compared to$23.8 million , or 0.98% of total assets, at the prior quarter end. The decline in nonperforming loans primarily reflects nonperforming loan paydowns in the quarter. Nonperforming assets, which include other real estate owned, were$22.6 million , or 0.94% of total assets, atMarch 31, 2026 compared to$25.4 million , or 1.05% of total assets, at the prior quarter end.
- Recovery of credit losses of
$0.6 million for the quarter was primarily due to loan portfolio balance reductions of approximately$31.8 million and$0.3 million of net loan recoveries, including an$0.8 million recovery of a specialty finance loan charged off in 2022. For the prior quarter,$1.5 million recovery of credit losses was primarily due to loan portfolio balance reductions of approximately$47.0 million , a$0.9 million recovery of a specialty finance loan charged off in 2022, and reductions to reserves on individually evaluated loans.
- The allowance for credit losses as a percentage of total loans held for investment was 1.05% at
March 31, 2026 compared to 1.04% at the prior quarter end. Net loan recoveries were$0.3 million in both the current and prior quarters. The net loan recoveries to average loans outstanding ratio (quarter-to-date annualized) was 0.07% for both the current and prior quarters.
Income Statement:
Net interest income was
Average balances of interest-earning assets were
Average balances of interest-bearing liabilities were
Cost of funds was 2.42% for the first quarter of 2026, compared to 2.54% for the fourth quarter of 2025, and 2.78% for the first quarter of 2025, while cost of deposits was 2.27%, 2.40%, and 2.62%, for the same respective periods. These declines reflect lower average balances of higher-rate brokered deposits. Cost of deposits, excluding brokered deposits, was 1.97% for the quarter, compared to 2.04% for the prior quarter, and 2.19% for the year-ago quarter period.
NIM was 2.90% for the first quarter of 2026, compared to 3.04% in the prior quarter, and 2.90% in the first quarter of 2025. The decrease in NIM in the quarter relative to the prior quarter was driven by lower yields on loans held for investment, primarily due to a decline in higher yielding out-of-market loans and lower accretion of discounts on acquired loans, as well as decreases in average balances of higher yielding loans held for sale, partially offset by lower cost of funds, driven by lower average balances of higher-rate brokered deposits. Compared to the prior quarter, the decline in accretion of discounts reduced NIM by approximately 5 basis points.
Recoveries of credit losses of
Noninterest income was
Noninterest expense was
Balance Sheet:
Loans held for investment were
Total deposits were
Noninterest-bearing deposits represented 20.7%, 20.9%, and 21.3% of total deposits at
Subordinated notes were
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 management'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 of similar meaning. The Company cautions that the forward-looking statements are based largely on management's expectations and are subject to a number of known and unknown risks and uncertainties that may change based on factors which are, in many instances, beyond its 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;
- reputational risk and potential adverse reactions of the Company's customers, suppliers, employees, or other business partners;
- 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 becomes damaged;
- the emergence of digital assets and payment stablecoins, and evolving legislative or regulatory frameworks, which could alter deposit flows, competition, and credit intermediation and in turn, adversely affect the Company's funding, liquidity, or overall financial performance;
- the ability to maintain capital levels adequate to support the Company's business;
- 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 usage of advances and changes in technological and social media to develop timely and competitive products and services, and the acceptance of these products and services by new and existing customers;
- the willingness of users to substitute competitors' products and services for the Company's products and services;
- the impact of unanticipated outflows of deposits;
- 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;
- political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope and effectiveness of the federal government, its agencies and services;
- 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 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 countermeasures, 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;
- the Company's involvement in, and the outcome of, any litigation, legal proceedings or enforcement actions that may be instituted against the Company; 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, 2025 and in filings the Company makes from time to time with the U.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 |
|
|
|
|
|
Cash and due from banks |
|
$ 146,608 |
|
$ 115,949 |
|
Federal funds sold |
|
1,451 |
|
1,851 |
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Securities available for sale, at fair value |
|
331,914 |
|
332,928 |
|
Restricted equity investments |
|
18,405 |
|
19,016 |
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Other equity investments |
|
4,952 |
|
4,910 |
|
Other investments |
|
20,916 |
|
20,781 |
|
Loans held for sale |
|
— |
|
14,769 |
|
Loans held for investment, net of deferred fees and costs |
|
1,833,899 |
|
1,865,717 |
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Less: allowance for credit losses |
|
(19,184) |
|
(19,444) |
|
Loans held for investment, net |
|
1,814,715 |
|
1,846,273 |
|
Accrued interest receivable |
|
11,134 |
|
10,787 |
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Other real estate owned |
|
1,560 |
|
1,683 |
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Premises and equipment, net |
|
21,635 |
|
21,549 |
|
Right-of-use lease asset |
|
6,326 |
|
6,637 |
|
Other intangible assets |
|
2,394 |
|
2,642 |
|
Deferred tax asset, net |
|
22,586 |
|
22,721 |
|
Other assets |
|
9,450 |
|
10,093 |
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Total assets |
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$ 2,414,046 |
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$ 2,432,589 |
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Liabilities and Stockholders' Equity |
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Deposits: |
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Noninterest-bearing demand |
|
$ 392,067 |
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$ 398,541 |
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Interest-bearing demand and money market deposits |
|
598,599 |
|
612,648 |
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Savings |
|
102,400 |
|
100,346 |
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Time deposits |
|
800,008 |
|
799,627 |
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Total deposits |
|
1,893,074 |
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1,911,162 |
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FHLB borrowings |
|
150,000 |
|
150,000 |
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Subordinated notes, net |
|
14,702 |
|
14,716 |
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Lease liability |
|
6,906 |
|
7,233 |
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Dividends payable |
|
54,055 |
|
6,578 |
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Other liabilities |
|
18,345 |
|
19,209 |
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Total liabilities |
|
2,137,082 |
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2,108,898 |
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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 |
|
332,152 |
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331,917 |
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Additional paid-in capital |
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23,552 |
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23,552 |
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Accumulated deficit |
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(47,440) |
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(659) |
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Accumulated other comprehensive loss, net of tax |
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(31,300) |
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(31,119) |
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Total stockholders' equity |
|
276,964 |
|
323,691 |
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Total liabilities and stockholders' equity |
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$ 2,414,046 |
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$ 2,432,589 |
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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 |
|
$ 25,709 |
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$ 27,529 |
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$ 31,154 |
|
Interest on securities, deposit accounts, and federal funds sold |
|
3,680 |
|
3,945 |
|
4,196 |
|
Total interest income |
|
29,389 |
|
31,474 |
|
35,350 |
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Interest expense: |
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|
|
|
|
|
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Interest on deposits |
|
10,760 |
|
11,597 |
|
14,192 |
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Interest on subordinated notes |
|
291 |
|
294 |
|
736 |
|
Interest on FHLB borrowings |
|
1,432 |
|
1,464 |
|
1,432 |
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Total interest expense |
|
12,483 |
|
13,355 |
|
16,360 |
|
Net interest income |
|
16,906 |
|
18,119 |
|
18,990 |
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Recovery of credit losses - loans |
|
(600) |
|
(1,400) |
|
— |
|
Recovery of credit losses - unfunded commitments |
|
— |
|
(100) |
|
— |
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Total recovery of credit losses |
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(600) |
|
(1,500) |
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— |
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Net interest income after recovery of credit losses |
|
17,506 |
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19,619 |
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18,990 |
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Noninterest income: |
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|
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|
|
|
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Service charges on deposit accounts |
|
632 |
|
670 |
|
457 |
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Bank and purchase card interchange income, net |
|
545 |
|
499 |
|
567 |
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Wealth and trust management fees |
|
464 |
|
561 |
|
454 |
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Swap transaction fees |
|
— |
|
282 |
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— |
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Residential mortgage banking income |
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— |
|
13 |
|
724 |
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Mortgage servicing rights ("MSRs") |
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— |
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(200) |
|
2 |
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Income on sale of MSRs |
|
— |
|
401 |
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— |
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Fair value adjustments of other equity investments |
|
66 |
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(120) |
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(73) |
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Other |
|
641 |
|
581 |
|
941 |
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Total noninterest income |
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2,348 |
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2,687 |
|
3,072 |
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Noninterest expense: |
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Salaries and employee benefits |
|
11,057 |
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9,176 |
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12,610 |
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Occupancy and equipment |
|
1,239 |
|
1,219 |
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1,381 |
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Technology and communications |
|
1,987 |
|
2,077 |
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2,784 |
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Legal and regulatory filings |
|
582 |
|
556 |
|
439 |
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Advertising and marketing |
|
765 |
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617 |
|
191 |
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Audit fees |
|
255 |
|
215 |
|
578 |
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|
|
420 |
|
421 |
|
1,097 |
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Intangible amortization |
|
202 |
|
213 |
|
244 |
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Other contractual services |
|
202 |
|
222 |
|
595 |
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Other taxes and assessments |
|
828 |
|
907 |
|
921 |
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Other |
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1,204 |
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1,298 |
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2,111 |
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Total noninterest expense |
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18,741 |
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16,921 |
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22,951 |
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Income (loss) before income taxes |
|
1,113 |
|
5,385 |
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(889) |
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Income tax expense (benefit) |
|
277 |
|
1,141 |
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(455) |
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Net income (loss) |
|
$ 836 |
|
$ 4,244 |
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$ (434) |
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Basic earnings (loss) per common share |
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$ 0.01 |
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$ 0.05 |
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$ (0.01) |
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Diluted earnings (loss) per common share |
|
$ 0.01 |
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$ 0.04 |
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$ (0.01) |
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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: |
|
2026 |
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2025 |
|
2025 |
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2025 |
|
2025 |
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Interest income |
|
$ 29,389 |
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$ 31,474 |
|
$ 36,213 |
|
$ 34,736 |
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$ 35,350 |
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Interest expense |
|
12,483 |
|
13,355 |
|
14,302 |
|
14,895 |
|
16,360 |
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Net interest income |
|
16,906 |
|
18,119 |
|
21,911 |
|
19,841 |
|
18,990 |
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Recovery of credit losses |
|
(600) |
|
(1,500) |
|
(1,800) |
|
(700) |
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— |
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Net interest income after recovery of credit losses |
|
17,506 |
|
19,619 |
|
23,711 |
|
20,541 |
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18,990 |
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Noninterest income |
|
2,348 |
|
2,687 |
|
3,833 |
|
3,244 |
|
3,072 |
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Noninterest expense |
|
18,741 |
|
16,921 |
|
20,041 |
|
22,009 |
|
22,951 |
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Income (loss) before income taxes |
|
1,113 |
|
5,385 |
|
7,503 |
|
1,776 |
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(889) |
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Income tax expense (benefit) |
|
277 |
|
1,141 |
|
1,900 |
|
480 |
|
(455) |
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Net income (loss) |
|
836 |
|
4,244 |
|
5,603 |
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1,296 |
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(434) |
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Per Common Share Data: |
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Earnings (loss) per common share - basic |
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$ 0.01 |
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$ 0.05 |
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$ 0.06 |
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$ 0.01 |
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$ (0.01) |
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Earnings (loss) per common share - diluted |
|
0.01 |
|
0.04 |
|
0.06 |
|
0.01 |
|
(0.01) |
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Cash dividends per common share |
|
0.60 |
|
0.25 |
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— |
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— |
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— |
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Book value per common share |
|
3.13 |
|
3.68 |
|
4.03 |
|
3.88 |
|
3.86 |
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Tangible book value per common share - Non-GAAP |
|
3.11 |
|
3.65 |
|
4.01 |
|
3.85 |
|
3.83 |
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Balance Sheet Data: |
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Total assets |
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$ 2,414,046 |
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$ 2,432,589 |
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$ 2,496,949 |
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$ 2,555,439 |
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$ 2,685,084 |
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Average assets |
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2,423,491 |
|
2,473,241 |
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2,535,853 |
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2,630,898 |
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2,721,714 |
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Average interest-earning assets |
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2,334,674 |
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2,383,573 |
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2,437,542 |
|
2,525,835 |
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2,620,725 |
|
Loans held for investment ("LHFI") |
|
1,833,899 |
|
1,865,717 |
|
1,912,726 |
|
1,978,585 |
|
2,059,710 |
|
Allowance for credit losses |
|
19,184 |
|
19,444 |
|
20,503 |
|
21,974 |
|
23,126 |
|
Purchase accounting adjustments (discounts) on acquired loans |
|
2,473 |
|
2,608 |
|
2,984 |
|
3,388 |
|
3,710 |
|
Loans held for sale |
|
— |
|
14,769 |
|
12,819 |
|
12,380 |
|
23,624 |
|
Securities available for sale, at fair value |
|
331,914 |
|
332,928 |
|
341,354 |
|
327,958 |
|
325,401 |
|
Noninterest-bearing demand deposits |
|
392,067 |
|
398,541 |
|
411,100 |
|
432,939 |
|
452,590 |
|
Total deposits |
|
1,893,074 |
|
1,911,162 |
|
1,951,079 |
|
2,010,266 |
|
2,129,477 |
|
Subordinated notes, net |
|
14,702 |
|
14,716 |
|
14,731 |
|
24,928 |
|
39,773 |
|
FHLB advances |
|
150,000 |
|
150,000 |
|
150,000 |
|
150,000 |
|
150,000 |
|
Average interest-bearing liabilities |
|
1,673,077 |
|
1,697,083 |
|
1,739,014 |
|
1,819,735 |
|
1,899,315 |
|
Total stockholders' equity |
|
276,964 |
|
323,691 |
|
355,505 |
|
344,265 |
|
338,289 |
|
Average stockholders' equity |
|
324,390 |
|
331,888 |
|
345,358 |
|
339,131 |
|
329,684 |
|
Weighted average common shares outstanding - basic |
|
88,343 |
|
88,037 |
|
88,548 |
|
88,258 |
|
86,003 |
|
Weighted average common shares outstanding - diluted |
|
99,758 |
|
99,207 |
|
99,384 |
|
95,903 |
|
86,003 |
|
Outstanding warrants to purchase common stock |
` |
24,320 |
|
24,320 |
|
27,549 |
|
27,674 |
|
28,690 |
|
Financial Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (1) |
|
0.14 % |
|
0.69 % |
|
0.88 % |
|
0.20 % |
|
-0.06 % |
|
Return on average equity (1) |
|
1.03 % |
|
5.11 % |
|
6.49 % |
|
1.53 % |
|
-0.53 % |
|
Total loan to deposit ratio |
|
96.9 % |
|
98.4 % |
|
98.7 % |
|
99.0 % |
|
97.8 % |
|
Held for investment loan-to-deposit ratio |
|
96.9 % |
|
97.6 % |
|
98.0 % |
|
98.4 % |
|
96.7 % |
|
Net interest margin (1) |
|
2.90 % |
|
3.04 % |
|
3.60 % |
|
3.15 % |
|
2.90 % |
|
Yield of LHFI (1) |
|
5.50 % |
|
5.66 % |
|
6.40 % |
|
5.80 % |
|
5.70 % |
|
Cost of deposits (1) |
|
2.27 % |
|
2.40 % |
|
2.51 % |
|
2.47 % |
|
2.62 % |
|
Cost of funds (1) |
|
2.42 % |
|
2.54 % |
|
2.65 % |
|
2.63 % |
|
2.78 % |
|
Efficiency ratio |
|
97.3 % |
|
81.3 % |
|
77.8 % |
|
95.3 % |
|
104.0 % |
|
Noninterest expense to total assets (1) |
|
3.11 % |
|
2.78 % |
|
3.21 % |
|
3.45 % |
|
3.42 % |
|
Capital and Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity to average assets |
|
13.4 % |
|
13.4 % |
|
13.6 % |
|
12.9 % |
|
12.1 % |
|
Allowance for credit losses to LHFI |
|
1.05 % |
|
1.04 % |
|
1.07 % |
|
1.11 % |
|
1.12 % |
|
Ratio of net (recoveries) charge-offs to average loans outstanding (1) |
|
-0.07 % |
|
-0.07 % |
|
-0.07 % |
|
0.09 % |
|
-0.02 % |
|
Nonperforming loans to total assets |
|
0.87 % |
|
0.98 % |
|
1.14 % |
|
0.94 % |
|
0.93 % |
|
Nonperforming assets to total assets |
|
0.94 % |
|
1.05 % |
|
1.15 % |
|
0.95 % |
|
0.94 % |
|
Nonperforming loans to total loans |
|
1.15 % |
|
1.26 % |
|
1.48 % |
|
1.20 % |
|
1.19 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
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: |
|
2026 |
|
2025 |
|
2025 |
|
2025 |
|
2025 |
|
Common stockholders' equity |
|
$ 276,964 |
|
$ 323,691 |
|
$ 355,505 |
|
$ 344,265 |
|
$ 338,289 |
|
Less: other intangibles, net of deferred tax liability (2) |
|
(1,868) |
|
(2,052) |
|
(2,285) |
|
(2,509) |
|
(2,740) |
|
Tangible common equity (Non-GAAP) |
|
$ 275,096 |
|
$ 321,639 |
|
$ 353,220 |
|
$ 341,756 |
|
$ 335,549 |
|
Total common shares outstanding |
|
89,797 |
|
91,475 |
|
91,637 |
|
92,175 |
|
87,778 |
|
Less: unvested performance-based restricted stock awards |
|
(1,412) |
|
(3,453) |
|
(3,460) |
|
(3,496) |
|
(109) |
|
Total common shares outstanding, adjusted |
|
88,385 |
|
88,022 |
|
88,177 |
|
88,679 |
|
87,669 |
|
Book value per common share |
|
$ 3.13 |
|
$ 3.68 |
|
$ 4.03 |
|
$ 3.88 |
|
$ 3.86 |
|
Tangible book value per common share (Non-GAAP) |
|
3.11 |
|
3.65 |
|
4.01 |
|
3.85 |
|
3.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity to Tangible Total Assets |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ 2,414,046 |
|
$ 2,432,589 |
|
$ 2,496,949 |
|
$ 2,555,439 |
|
$ 2,685,084 |
|
Less: other intangibles, net of deferred tax liability (2) |
|
(1,868) |
|
(2,052) |
|
(2,285) |
|
(2,509) |
|
(2,740) |
|
Tangible total assets (Non-GAAP) |
|
$ 2,412,178 |
|
$ 2,430,537 |
|
$ 2,494,664 |
|
$ 2,552,930 |
|
$ 2,682,344 |
|
Tangible common equity (Non-GAAP) |
|
$ 275,096 |
|
$ 321,639 |
|
$ 353,220 |
|
$ 341,756 |
|
$ 335,549 |
|
Tangible common equity to tangible total assets (Non-GAAP) |
|
11.4 % |
|
13.2 % |
|
14.2 % |
|
13.4 % |
|
12.5 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
(2) Excludes mortgage servicing rights. |
|
|
|
|
|
|
|
|
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/blue-ridge-bankshares-inc-announces-2026-first-quarter-results-302752303.html
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