BRBS 8-K

Blue Ridge Bankshares, Inc. (BRBS)

8-K 2026-07-28 For: 2026-07-28

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Added on July 28, 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 July 28, 2026.
	104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


			BLUE RIDGE BANKSHARES, INC.

Date:	July 28, 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) June 30, 2026			December 31, 2025 (1)
Assets
Cash and due from banks	$	61,691		$	115,949
Federal funds sold		2,353			1,851
Securities available for sale, at fair value		317,016			332,928
Restricted equity investments		16,784			19,016
Other equity investments		4,999			4,910
Other investments		17,991			20,781
Loans held for sale		—			14,769
Loans held for investment, net of deferred fees and costs		1,853,461			1,865,717
Less: allowance for credit losses		(20,639	)		(19,444	)
Loans held for investment, net		1,832,822			1,846,273
Accrued interest receivable		10,140			10,787
Other real estate owned		1,601			1,683
Premises and equipment, net		21,483			21,549
Right-of-use lease asset		6,054			6,637
Other intangible assets		2,165			2,642
Deferred tax asset, net		22,943			22,721
Other assets		10,675			10,093
Total assets	$	2,328,717		$	2,432,589
Liabilities and Stockholders’ Equity
Deposits:
Noninterest-bearing demand	$	396,284		$	398,541
Interest-bearing demand and money market deposits		592,450			612,648
Savings		101,702			100,346
Time deposits		771,897			799,627
Total deposits		1,862,333			1,911,162
FHLB borrowings		150,000			150,000
Subordinated notes, net		14,688			14,716
Lease liability		6,584			7,233
Other liabilities		18,623			25,787
Total liabilities		2,052,228			2,108,898
Commitments and contingencies
Stockholders’ Equity:
Common stock, no par value; 150,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; and 89,655,211 and 91,475,278 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively		332,489			331,917
Additional paid-in capital		23,552			23,552
Accumulated deficit		(47,643	)		(659	)
Accumulated other comprehensive loss, net of tax		(31,909	)		(31,119	)
Total stockholders’ equity		276,489			323,691
Total liabilities and stockholders’ equity	$	2,328,717		$	2,432,589

(1) Derived from audited December 31, 2025 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)	June 30, 2026			March 31, 2026			June 30, 2025
Interest income:
Interest and fees on loans	$	25,381		$	25,709		$	30,730
Interest on securities, deposit accounts, and federal funds sold		3,465			3,680			4,006
Total interest income		28,846			29,389			34,736
Interest expense:
Interest on deposits		10,583			10,760			12,802
Interest on subordinated notes		273			291			646
Interest on FHLB borrowings		1,447			1,432			1,447
Total interest expense		12,303			12,483			14,895
Net interest income		16,543			16,906			19,841
Provision for (recovery of) credit losses - loans		2,100			(600	)		(700	)
Provision for credit losses - unfunded commitments		550			—			—
Total provision for (recovery of) credit losses		2,650			(600	)		(700	)
Net interest income after provision for (recovery of) credit losses		13,893			17,506			20,541
Noninterest income:
Service charges on deposit accounts		642			632			721
Bank and purchase card interchange income, net		620			545			626
Wealth and trust management fees		520			464			409
Residential mortgage banking income		—			—			117
Mortgage servicing rights ("MSRs")		—			—			(139	)
Income on sale of MSRs		—			—			289
Other		(12	)		707			1,221
Total noninterest income		1,770			2,348			3,244
Noninterest expense:
Salaries and employee benefits		9,028			11,057			13,000
Occupancy and equipment		1,062			1,239			1,129
Technology and communications		1,916			1,987			2,565
Legal and regulatory filings		477			582			395
Advertising and marketing		423			765			128
Audit fees		226			255			459
FDIC insurance		318			420			1,027
Intangible amortization		191			202			234
Other contractual services		344			202			433
Other taxes and assessments		842			828			955
Other		1,065			1,204			1,684
Total noninterest expense		15,892			18,741			22,009
(Loss) income before income taxes		(229	)		1,113			1,776
Income tax (benefit) expense		(26	)		277			480
Net (loss) income	$	(203	)	$	836		$	1,296
Basic and diluted earnings per common share	$	—		$	0.01		$	0.01


Blue Ridge Bankshares, Inc.
Consolidated Statements of Income (unaudited)
	For the Six Months Ended
(Dollars in thousands, except per common share data)	June 30, 2026		June 30, 2025
Interest income:
Interest and fees on loans	$	51,090	$	61,884
Interest on securities, deposit accounts, and federal funds sold		7,145		8,202
Total interest income		58,235		70,086
Interest expense:
Interest on deposits		21,343		26,994
Interest on subordinated notes		564		1,382
Interest on FHLB borrowings		2,879		2,879
Total interest expense		24,786		31,255
Net interest income		33,449		38,831
Provision for (recovery of) credit losses - loans		1,500		(700	)
Provision for credit losses - unfunded commitments		550		—
Total provision for (recovery of) credit losses		2,050		(700	)
Net interest income after provision for (recovery of) credit losses		31,399		39,531
Noninterest income:
Service charges on deposit accounts		1,274		1,178
Bank and purchase card interchange income, net		1,165		1,193
Wealth and trust management fees		984		863
Residential mortgage banking income		—		841
Mortgage servicing rights ("MSRs")		—		(137	)
Income on sale of MSRs		—		289
Other		695		2,089
Total noninterest income		4,118		6,316
Noninterest expense:
Salaries and employee benefits		20,085		25,610
Occupancy and equipment		2,301		2,510
Technology and communications		3,903		5,349
Legal and regulatory filings		1,059		834
Advertising and marketing		1,188		319
Audit fees		481		1,037
FDIC insurance		738		2,124
Intangible amortization		393		478
Other contractual services		546		1,028
Other taxes and assessments		1,670		1,876
Other		2,269		3,795
Total noninterest expense		34,633		44,960
Income before income taxes		884		887
Income tax expense		251		25
Net income	$	633	$	862
Basic and diluted earnings per common share	$	0.01	$	0.01


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)	June 30,			March 31,			December 31,			September 30,			June 30,
Income Statement Data:	2026			2026			2025			2025			2025
Interest income	$	28,846		$	29,389		$	31,474		$	36,213		$	34,736
Interest expense		12,303			12,483			13,355			14,302			14,895
Net interest income		16,543			16,906			18,119			21,911			19,841
Provision for (recovery of) credit losses		2,650			(600	)		(1,500	)		(1,800	)		(700	)
Net interest income after provision for (recovery of) credit losses		13,893			17,506			19,619			23,711			20,541
Noninterest income		1,770			2,348			2,687			3,833			3,244
Noninterest expense		15,892			18,741			16,921			20,041			22,009
(Loss) income before income taxes		(229	)		1,113			5,385			7,503			1,776
Income tax (benefit) expense		(26	)		277			1,141			1,900			480
Net (loss) income		(203	)		836			4,244			5,603			1,296
Per Common Share Data:
Earnings per common share - basic	$	—		$	0.01		$	0.05		$	0.06		$	0.01
Earnings per common share - diluted		—			0.01			0.04			0.06			0.01
Cash dividends per common share		—			0.60			0.25			—			—
Book value per common share		3.12			3.13			3.68			4.03			3.88
Tangible book value per common share - Non-GAAP		3.10			3.11			3.65			4.01			3.85
Balance Sheet Data:
Total assets	$	2,328,717		$	2,414,046		$	2,432,589		$	2,496,949		$	2,555,439
Average assets		2,367,772			2,423,491			2,473,241			2,535,853			2,630,898
Average interest-earning assets		2,280,890			2,334,674			2,383,573			2,437,542			2,525,835
Loans held for investment ("LHFI")		1,853,461			1,833,899			1,865,717			1,912,726			1,978,585
Allowance for credit losses		20,639			19,184			19,444			20,503			21,974
Purchase accounting adjustments (discounts) on acquired loans		2,350			2,473			2,608			2,984			3,388
Loans held for sale		—			—			14,769			12,819			12,380
Securities available for sale, at fair value		317,016			331,914			332,928			341,354			327,958
Noninterest-bearing demand deposits		396,284			392,067			398,541			411,100			432,939
Total deposits		1,862,333			1,893,074			1,911,162			1,951,079			2,010,266
Subordinated notes, net		14,688			14,702			14,716			14,731			24,928
FHLB advances		150,000			150,000			150,000			150,000			150,000
Average interest-bearing liabilities		1,649,331			1,673,077			1,697,083			1,739,014			1,819,735
Total stockholders' equity		276,489			276,964			323,691			355,505			344,265
Average stockholders' equity		277,936			324,390			331,888			345,358			339,131
Weighted average common shares outstanding - basic		88,494			88,343			88,037			88,548			88,258
Weighted average common shares outstanding - diluted		88,494			99,758			99,207			99,384			95,903
Outstanding warrants to purchase common stock		24,116			24,320			24,320			27,549			27,674
Financial Ratios:
Return on average assets (2)		-0.03	%		0.14	%		0.69	%		0.88	%		0.20	%
Return on average equity (2)		-0.29	%		1.03	%		5.11	%		6.49	%		1.53	%
Total loan to deposit ratio		99.5	%		96.9	%		98.4	%		98.7	%		99.0	%
Held for investment loan-to-deposit ratio		99.5	%		96.9	%		97.6	%		98.0	%		98.4	%
Net interest margin (2)		2.91	%		2.90	%		3.04	%		3.60	%		3.15	%
Yield of LHFI (2)		5.54	%		5.50	%		5.66	%		6.40	%		5.80	%
Cost of deposits (2)		2.25	%		2.27	%		2.40	%		2.51	%		2.47	%
Cost of funds (2)		2.41	%		2.42	%		2.54	%		2.65	%		2.63	%
Efficiency ratio		86.8	%		97.3	%		81.3	%		77.8	%		95.3	%
Noninterest expense to total assets (2)		2.73	%		3.11	%		2.78	%		3.21	%		3.45	%
Capital and Asset Quality Ratios:
Average stockholders' equity to average assets		11.7	%		13.4	%		13.4	%		13.6	%		12.9	%
Allowance for credit losses to LHFI		1.11	%		1.05	%		1.04	%		1.07	%		1.11	%
Ratio of net (recoveries) charge-offs to average loans outstanding (2)		0.14	%		-0.07	%		-0.07	%		-0.07	%		0.09	%
Nonperforming loans to total assets		1.34	%		0.87	%		0.98	%		1.14	%		0.94	%
Nonperforming assets to total assets		1.41	%		0.94	%		1.05	%		1.15	%		0.95	%
Nonperforming loans to total loans		1.68	%		1.15	%		1.26	%		1.48	%		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)	June 30,			March 31,			December 31,			September 30,			June 30,
Tangible Common Equity and Tangible Book Value Per Common Share:	2026			2026			2025			2025			2025
Common stockholders' equity	$	276,489		$	276,964		$	323,691		$	355,505		$	344,265
Less: other intangibles, net of deferred tax liability (3)		(1,690	)		(1,868	)		(2,052	)		(2,285	)		(2,509	)
Tangible common equity (Non-GAAP)	$	274,799		$	275,096		$	321,639		$	353,220		$	341,756
Total common shares outstanding		89,655			89,797			91,475			91,637			92,175
Less: unvested performance-based restricted stock awards		(1,092	)		(1,412	)		(3,453	)		(3,460	)		(3,496	)
Total common shares outstanding, adjusted		88,563			88,385			88,022			88,177			88,679
Book value per common share	$	3.12		$	3.13		$	3.68		$	4.03		$	3.88
Tangible book value per common share (Non-GAAP)		3.10			3.11			3.65			4.01			3.85

Tangible Common Equity to Tangible Total Assets:
Total assets	$	2,328,717		$	2,414,046		$	2,432,589		$	2,496,949		$	2,555,439
Less: other intangibles, net of deferred tax liability (3)		(1,690	)		(1,868	)		(2,052	)		(2,285	)		(2,509	)
Tangible total assets (Non-GAAP)	$	2,327,027		$	2,412,178		$	2,430,537		$	2,494,664		$	2,552,930
Tangible common equity (Non-GAAP)	$	274,799		$	275,096		$	321,639		$	353,220		$	341,756
Tangible common equity to tangible total assets (Non-GAAP)		11.8	%		11.4	%		13.2	%		14.2	%		13.4	%

Pre-tax, Pre-provision Income, Excluding Severance Expense:
(Loss) income before income taxes	$	(229	)	$	1,113		$	5,385		$	7,503		$	1,776
Add: Provision for (recovery of) credit losses		2,650			(600	)		(1,500	)		(1,800	)		(700	)
Add : Severance expense		436			1,682			45			131			314
Pre-tax, Pre-provision Income, Excluding Severance Expense (Non-GAAP)	$	2,857		$	2,195		$	3,930		$	5,834		$	1,390

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