BRBS 8-K

Blue Ridge Bankshares, Inc. (BRBS)

8-K 2026-01-29 For: 2026-01-29

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Added on April 07, 2026


Virginia	001-39165	54-1838100
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1801 Bayberry Court Suite 101
Richmond, Virginia		23226
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	BRBS	NYSE American LLC


	Exhibit No.		Description

	99.1		Press release dated January 29, 2026.
	104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


			BLUE RIDGE BANKSHARES, INC.

Date:	January 29, 2026	By:	/s/ Judy C. Gavant
			Judy C. Gavant Executive Vice President and Chief Financial Officer


Blue Ridge Bankshares, Inc.
Consolidated Balance Sheets
(Dollars in thousands, except share data)	(unaudited) December 31, 2025			December 31, 2024 (1)
Assets
Cash and due from banks	$	115,949		$	173,533
Restricted cash		—			2,459
Federal funds sold		1,851			838
Securities available for sale, at fair value		332,928			312,035
Restricted equity investments		19,016			19,275
Other equity investments		4,910			4,834
Other investments		20,781			19,405
Loans held for sale		14,769			30,976
Loans held for investment, net of deferred fees and costs		1,865,717			2,111,797
Less: allowance for credit losses		(19,444	)		(23,023	)
Loans held for investment, net		1,846,273			2,088,774
Accrued interest receivable		10,787			12,537
Premises and equipment, net		21,549			21,394
Right-of-use lease asset		6,637			7,962
Other intangible assets		2,642			3,859
Deferred tax asset, net		22,721			27,312
Other assets		11,776			12,067
Total assets	$	2,432,589		$	2,737,260
Liabilities and Stockholders’ Equity
Deposits:
Noninterest-bearing demand	$	398,541		$	452,690
Interest-bearing demand and money market deposits		612,648			598,875
Savings		100,346			100,857
Time deposits		799,627			1,027,020
Total deposits		1,911,162			2,179,442
FHLB borrowings		150,000			150,000
Subordinated notes, net		14,716			39,789
Lease liability		7,233			8,613
Other liabilities		25,787			31,628
Total liabilities		2,108,898			2,409,472
Commitments and contingencies
Stockholders’ Equity:
Common stock, no par value; 150,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; and 91,475,278 and 84,972,610 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively		331,917			322,791
Additional paid-in capital		23,552			29,687
(Accumulated deficit) retained earnings		(659	)		17,772
Accumulated other comprehensive loss, net of tax		(31,119	)		(42,462	)
Total stockholders’ equity		323,691			327,788
Total liabilities and stockholders’ equity	$	2,432,589		$	2,737,260

(1) Derived from audited December 31, 2024 Consolidated Financial Statements.

BRBS 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 9.01 Financial Statements and Exhibits.


Blue Ridge Bankshares, Inc.
Consolidated Statements of Income (unaudited)
	For the Three Months Ended
(Dollars in thousands, except per common share data)	December 31, 2025			September 30, 2025			December 31, 2024
Interest income:
Interest and fees on loans	$	27,529		$	32,000		$	33,050
Interest on securities, deposit accounts, and federal funds sold		3,945			4,213			4,882
Total interest income		31,474			36,213			37,932
Interest expense:
Interest on deposits		11,597			12,501			16,329
Interest on subordinated notes		294			338			736
Interest on FHLB and FRB borrowings		1,464			1,463			1,742
Total interest expense		13,355			14,302			18,807
Net interest income		18,119			21,911			19,125
Recovery of credit losses - loans		(1,400	)		(1,800	)		(500	)
Recovery of credit losses - unfunded commitments		(100	)		—			(500	)
Total recovery of credit losses		(1,500	)		(1,800	)		(1,000	)
Net interest income after recovery of credit losses		19,619			23,711			20,125
Noninterest income:
Fair value adjustments of other equity investments		(120	)		163			232
Residential mortgage banking income		13			5			1,538
Mortgage servicing rights ("MSRs")		(200	)		(48	)		795
Income (loss) on sale of MSRs		401			737			(2,596	)
Wealth and trust management		561			458			561
Service charges on deposit accounts		670			725			402
Bank and purchase card, net		499			567			615
Swap transaction fees		282			258			—
Other		581			968			1,267
Total noninterest income		2,687			3,833			2,814
Noninterest expense:
Salaries and employee benefits		9,176			11,388			13,246
Occupancy and equipment		1,219			1,190			1,357
Technology and communications		2,077			2,314			2,645
Legal and regulatory filings		556			1,008			626
Advertising and marketing		617			267			231
Audit fees		215			161			1,071
FDIC insurance		421			239			1,139
Intangible amortization		213			223			255
Other contractual services		222			645			1,276
Other taxes and assessments		907			895			747
Regulatory remediation		—			—			273
Other		1,298			1,711			2,774
Total noninterest expense		16,921			20,041			25,640
Income (loss) before income taxes		5,385			7,503			(2,701	)
Income tax expense (benefit)		1,141			1,900			(698	)
Net income (loss)	$	4,244		$	5,603		$	(2,003	)
Diluted earnings (loss) per common share	$	0.04		$	0.06		$	(0.03	)


Blue Ridge Bankshares, Inc.
Consolidated Statements of Income (unaudited)
	For the Twelve Months Ended
(Dollars in thousands, except per common share data)	December 31, 2025			December 31, 2024
Interest income:
Interest and fees on loans	$	121,413		$	142,339
Interest on securities, deposit accounts, and federal funds sold		16,360			17,981
Total interest income		137,773			160,320
Interest expense:
Interest on deposits		51,092			69,070
Interest on subordinated notes		2,014			2,414
Interest on FHLB and FRB borrowings		5,806			10,175
Total interest expense		58,912			81,659
Net interest income		78,861			78,661
Recovery of credit losses - loans		(3,900	)		(2,900	)
Recovery of credit losses - unfunded commitments		(100	)		(2,200	)
Total recovery of credit losses		(4,000	)		(5,100	)
Net interest income after recovery of credit losses		82,861			83,761
Noninterest income:
Fair value adjustments of other equity investments		(112	)		(8,152	)
Residential mortgage banking income		860			9,752
Mortgage servicing rights ("MSRs")		(385	)		629
Income (loss) on sale of MSRs		1,427			(3,607	)
Wealth and trust management		1,882			2,434
Service charges on deposit accounts		2,573			1,526
Increase in cash surrender value of BOLI		33			855
Bank and purchase card, net		2,259			2,060
Swap transaction fees		540			—
Other		3,759			8,076
Total noninterest income		12,836			13,573
Noninterest expense:
Salaries and employee benefits		46,174			58,161
Occupancy and equipment		4,919			5,577
Technology and communications		9,740			10,024
Legal and regulatory filings		2,398			2,050
Advertising and marketing		1,203			933
Audit fees		1,413			3,019
FDIC insurance		2,784			5,463
Intangible amortization		914			1,083
Other contractual services		1,895			6,576
Other taxes and assessments		3,678			3,037
Regulatory remediation		—			4,671
Other		6,804			13,247
Total noninterest expense		81,922			113,841
Income (loss) before income taxes		13,775			(16,507	)
Income tax expense (benefit)		3,066			(1,122	)
Net income (loss)	$	10,709		$	(15,385	)
Diluted earnings (loss) per common share	$	0.11		$	(0.31	)


Blue Ridge Bankshares, Inc.
Quarter Summary of Selected Financial Data (unaudited)

		As of and for the Three Months Ended
(Dollars and shares in thousands, except per common share data)		December 31,			September 30,			June 30,			March 31,			December 31,
Income Statement Data:		2025			2025			2025			2025			2024
Interest income		$	31,474		$	36,213		$	34,736		$	35,350		$	37,932
Interest expense			13,355			14,302			14,895			16,360			18,807
Net interest income			18,119			21,911			19,841			18,990			19,125
Recovery of credit losses			(1,500	)		(1,800	)		(700	)		—			(1,000	)
Net interest income after recovery of credit losses			19,619			23,711			20,541			18,990			20,125
Noninterest income			2,687			3,833			3,244			3,072			2,814
Noninterest expense			16,921			20,041			22,009			22,951			25,640
Income (loss) before income taxes			5,385			7,503			1,776			(889	)		(2,701	)
Income tax expense (benefit)			1,141			1,900			480			(455	)		(698	)
Net income (loss)			4,244			5,603			1,296			(434	)		(2,003	)
Per Common Share Data:
Earnings (loss) per common share - basic		$	0.04		$	0.06		$	0.01		$	(0.01	)	$	(0.03	)
Earnings (loss) per common share - diluted			0.05			0.06			0.01			(0.01	)		(0.03	)
Cash dividends per common share			0.25			—			—			—			—
Book value per common share			3.68			4.03			3.88			3.86			3.86
Tangible book value per common share - Non-GAAP			3.65			4.01			3.85			3.83			3.83
Balance Sheet Data:
Total assets		$	2,432,589		$	2,496,949		$	2,555,439		$	2,685,084		$	2,737,260
Average assets			2,473,241			2,535,853			2,630,898			2,721,714			2,863,014
Average interest-earning assets			2,383,573			2,437,542			2,525,835			2,620,725			2,736,834
Loans held for investment ("LHFI")			1,865,717			1,912,726			1,978,585			2,059,710			2,111,797
Allowance for credit losses			19,444			20,503			21,974			23,126			23,023
Purchase accounting adjustments (discounts) on acquired loans			2,608			2,984			3,388			3,710			3,996
Loans held for sale			14,769			12,819			12,380			23,624			30,976
Securities available for sale, at fair value			332,928			341,354			327,958			325,401			312,035
Noninterest-bearing demand deposits			398,541			411,100			432,939			452,590			452,690
Total deposits			1,911,162			1,951,079			2,010,266			2,129,477			2,179,442
Subordinated notes, net			14,716			14,731			24,928			39,773			39,789
FHLB advances			150,000			150,000			150,000			150,000			150,000
Average interest-bearing liabilities			1,697,083			1,739,014			1,819,735			1,899,315			2,021,814
Total stockholders' equity			323,691			355,505			344,265			338,289			327,788
Average stockholders' equity			331,888			345,358			339,131			329,684			330,343
Weighted average common shares outstanding - basic			88,037			88,548			88,258			86,003			78,881
Weighted average common shares outstanding - diluted			99,207			99,384			95,903			86,003			78,881
Outstanding warrants to purchase common stock	`		24,320			27,549			27,674			28,690			31,452
Financial Ratios:
Return on average assets (1)			0.69	%		0.88	%		0.20	%		-0.06	%		-0.28	%
Return on average equity (1)			5.11	%		6.49	%		1.53	%		-0.53	%		-2.43	%
Total loan to deposit ratio			98.4	%		98.7	%		99.0	%		97.8	%		98.3	%
Held for investment loan-to-deposit ratio			97.6	%		98.0	%		98.4	%		96.7	%		96.9	%
Net interest margin (1)			3.04	%		3.60	%		3.15	%		2.90	%		2.80	%
Yield of LHFI (1)			5.66	%		6.40	%		5.80	%		5.70	%		5.83	%
Cost of deposits (1)			2.40	%		2.51	%		2.47	%		2.62	%		2.86	%
Cost of funds (1)			2.54	%		2.65	%		2.63	%		2.78	%		3.01	%
Efficiency ratio			81.3	%		77.8	%		95.3	%		104.0	%		116.9	%
Noninterest expense to total assets (1)			2.78	%		3.21	%		3.45	%		3.42	%		3.75	%
Capital and Asset Quality Ratios:
Average stockholders' equity to average assets			13.4	%		13.6	%		12.9	%		12.1	%		11.5	%
Allowance for credit losses to LHFI			1.04	%		1.07	%		1.11	%		1.12	%		1.09	%
Ratio of net (recoveries) charge-offs to average loans outstanding (1)			-0.07	%		-0.07	%		0.09	%		-0.02	%		0.36	%
Nonperforming loans to total assets			0.98	%		1.14	%		0.94	%		0.93	%		0.93	%
Nonperforming assets to total assets			1.05	%		1.15	%		0.95	%		0.94	%		0.94	%
Nonperforming loans to total loans			1.26	%		1.48	%		1.20	%		1.19	%		1.20	%


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)	December 31,			September 30,			June 30,			March 31,			December 31,
Tangible Common Equity and Tangible Book Value Per Common Share:	2025			2025			2025			2025			2024
Common stockholders' equity	$	323,691		$	355,505		$	344,265		$	338,289		$	327,788
Less: other intangibles, net of deferred tax liability (2)		(2,052	)		(2,285	)		(2,509	)		(2,740	)		(2,998	)
Tangible common equity (Non-GAAP)	$	321,639		$	353,220		$	341,756		$	335,549		$	324,790
Total common shares outstanding		91,475			91,637			92,175			87,778			84,973
Less: unvested performance-based restricted stock awards		(3,453	)		(3,460	)		(3,496	)		(109	)		(117	)
Total common shares outstanding, adjusted		88,022			88,177			88,679			87,669			84,856
Book value per common share	$	3.68		$	4.03		$	3.88		$	3.86		$	3.86
Tangible book value per common share (Non-GAAP)		3.65			4.01			3.85			3.83			3.83

Tangible Common Equity to Tangible Total Assets
Total assets	$	2,432,589		$	2,496,949		$	2,555,439		$	2,685,084		$	2,737,260
Less: other intangibles, net of deferred tax liability (2)		(2,052	)		(2,285	)		(2,509	)		(2,740	)		(2,998	)
Tangible total assets (Non-GAAP)	$	2,430,537		$	2,494,664		$	2,552,930		$	2,682,344		$	2,734,262
Tangible common equity (Non-GAAP)	$	321,639		$	353,220		$	341,756		$	335,549		$	324,790
Tangible common equity to tangible total assets (Non-GAAP)		13.2	%		14.2	%		13.4	%		12.5	%		11.9	%

(1) Annualized.
(2) Excludes mortgage servicing rights.