Blue Ridge Bankshares, Inc. Announces 2025 Fourth Quarter and Full Year Results
A Year of Return to Profitability and Termination of Consent Order
RICHMOND, Va., Jan. 29, 2026 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (the "Company") (NYSE American: BRBS), the holding company of Blue Ridge Bank, National Association ("Blue Ridge Bank" or the "Bank") and BRB Financial Group, Inc., today announced financial results for the quarter and year ended December 31, 2025.
For the quarter ended December 31, 2025, the Company reported net income of $4.2 million, or $0.04 per diluted common share, compared to net income of $5.6 million, or $0.06 per diluted common share, for the quarter ended September 30, 2025, and a net loss of $2.0 million, or ($0.03) per diluted common share, for the fourth quarter of 2024. Net income for the third quarter of 2025 included after-tax loan fee income of $2.3 million due to the payoff of the Company's largest out-of-market loan, while net income for the fourth and third quarters of 2025 included after-tax income of $0.3 million and $0.6 million, respectively, on the 2024 sale of mortgage servicing rights ("MSRs"). For the fourth quarter of 2024, the net loss of $2.0 million included an after-tax loss of $2.0 million on the sale of MSRs.
For the year ended December 31, 2025, the Company reported net income of $10.7 million, or $0.11 per diluted common share, compared to a net loss of $15.4 million, or ($0.31) per diluted common share, for the year ended December 31, 2024. For 2024, the Company reported $3.6 million of after-tax regulatory remediation expenses, while none were reported in 2025.
A Message From Blue Ridge Bankshares, Inc. President and CEO, G. William "Billy" Beale:
"2025 was a breakthrough year for Blue Ridge! The hard work and progress of the last 30 months was rewarded in November with termination of the January 2024 Consent Order issued by the Office of the Comptroller of the Currency ("OCC"). The termination of the Consent Order has a cascading impact on the Bank in areas such as borrowing costs, FDIC insurance premiums, and operating costs. It lessens barriers to capital decisions and strategic opportunities. In the quarter, we received regulatory approval to upstream capital from the Bank to pay a special $0.25 per share dividend to our shareholders.
"We continue to make progress in reducing our noninterest expenses. For example, headcount was reduced by over 30% from year-end 2024 to year-end 2025. You will see reductions in consulting and professional fees as well. The result was much improved earnings over the last two years.
"We are disappointed that our loan portfolio continues to contract mostly because of non-footprint loans made under prior management. We are seeing our loan pipeline increase due to the efforts of our relationship management teams. Despite a very competitive market, we are projecting mid-single digit balance sheet growth and positive momentum as we start the new year."
Q4 2025 Highlights
(Comparisons for Fourth Quarter 2025 are relative to Third Quarter 2025 unless otherwise noted.)
Net Income:
Net Interest Income / Net Interest Margin:
Capital:
Asset Quality:
Noninterest Income / Noninterest Expense:
Income Tax:
Balance Sheet:
Income Statement:
Net interest income was $18.1 million and $21.9 million for the fourth and third quarters of 2025, compared to $19.1 million for the fourth quarter of 2024. The third quarter of 2025 reflected $3.0 million of fee income related to the payoff of the aforementioned out-of-market loan. Net interest income for the year ended December 31, 2025 was $78.9 million compared to $78.7 million for the year ended December 31, 2024.
Average balances of interest-earning assets were $2.38 billion for the three months ended December 31, 2025, a decrease of $54.0 million to relative to the prior quarter, and a decrease of $353.3 million from the fourth quarter of 2024. Relative to the prior quarter and the year-ago period, the decrease reflected primarily lower average balances of loans held for investment, loans held for sale, and interest-earning deposits at other banks, partially offset by higher average balances of securities available for sale. The yield on loans held for investment was 5.66% and 6.40% for the fourth and third quarters of 2025, respectively, and 5.83% for the fourth quarter of 2024. Fee income from the payoff of the aforementioned out-of-market loan positively affected the yield on loans held for investment in the third quarter of 2025 by 62 basis points.
Average balances of interest-bearing liabilities were $1.70 billion for the three months ended December 31, 2025, a decrease of $41.9 million relative to the prior quarter, and a decrease of $324.7 million from the fourth quarter of 2024. The decline relative to the prior quarter was primarily attributable to maturing wholesale time deposits. The decline in average balances of interest-bearing liabilities relative to the fourth quarter of 2024 was primarily due to reductions of wholesale time deposits ($163.8 million) and borrowings ($25.1 million of subordinated debt and $23.9 million of advances from the Federal Home Loan Bank of Atlanta).
Cost of funds was 2.54% for the fourth quarter of 2025, compared to 2.65% for the third quarter of 2025, and 3.01% for the fourth quarter of 2024, while cost of deposits was 2.40%, 2.51%, and 2.86%, for the same respective periods. Cost of deposits, excluding wholesale deposits, was 2.04% for the quarter, compared to 2.13% for the prior quarter, and 2.39% for the year-ago quarter period.
Net interest margin was 3.04% for the fourth quarter of 2025 compared to 3.60% in the prior quarter and 2.80% in the fourth quarter of 2024. Fee income from the aforementioned paid off out-of-market loan had a positive 49 basis point effect on net interest margin for the third quarter of 2025. Excluding the effect of the third quarter loan fee, fourth quarter of 2025 net interest margin declined 7 basis points from the third quarter of 2025.
Recoveries of credit losses of $1.5 million, $1.8 million, and $1.0 million were reported for the fourth quarter of 2025, third quarter of 2025, and fourth quarter of 2024, respectively. The recovery of credit losses in the current quarter was due to loan portfolio balance reductions, net loan recoveries, including a $0.9 million recovery on a loan charged off in a prior year, and reductions to reserves on individually evaluated loans. The recovery of credit losses in the prior quarter was primarily due to loan portfolio balance reductions and net loan recoveries, including a $0.8 million partial recovery on a specialty finance loan charged off in a prior year. The recovery of credit losses in the fourth quarter of 2024 reflected lower reserve needs due to loan portfolio balance reductions, partially offset by charge-offs of the non-guaranteed portion of certain government guaranteed loans and certain purchased loans.
Noninterest income was $2.7 million for the fourth quarter of 2025, compared to $3.8 million for the third quarter of 2025, and $2.8 million for the fourth quarter of 2024. Noninterest income in the fourth and third quarters of 2025 included $0.4 million and $0.7 million, respectively, of released reserves associated with the 2024 sales of MSRs. The reserves related to the Company providing certain documentation to the buyers subsequent to the sales in exchange for contractually heldback sales proceeds. All such documentation was delivered, and the heldback sales proceeds were received in 2025. For the year ended December 31, 2025, total noninterest income was $12.8 million compared to $13.6 million for the year ended December 31, 2024. In the first quarter of 2025, the Company sold its mortgage division, and as a result, residential mortgage banking income was $0.9 million in 2025 compared to $9.8 million in 2024. Additionally, the Company reported a negative fair value adjustment of $8.5 million in 2024 to write-down an investment in a fintech company compared to a nominal amount reported in 2025.
Noninterest expense decreased $3.1 million from the prior quarter and $8.7 million from the year-ago period. The largest contributor to these declines was lower salaries and employee benefits expense, which was $9.2 million, $11.4 million, and $13.2 million for the fourth quarter of 2025, third quarter of 2025, and fourth quarter of 2024, respectively. The majority of the decline in salaries and employee benefits expense in the current versus prior quarter was due to lower incentives, while lower expense compared to the year-ago period was primarily due to reduced headcount, which declined by 140 employees, or over 30%, since year-end 2024, as the Company transitioned to a more traditional community banking model and remediated the requirements under the now-terminated Consent Order. For the year ended December 31, 2025, total noninterest expense was $81.9 million compared to $113.8 million for the year ended December 31, 2024. Of the $31.9 million decline, $12.0 million was attributable to lower salaries and benefits expense, while $4.7 million, $4.7 million, and $6.4 million was due to lower consulting expense, regulatory remediation expense, and other noninterest expense, respectively. The decline in salaries and employee benefits expense was primarily attributable to a reduction in headcount, while the lower consulting, regulatory remediation, and other noninterest expenses were primarily attributable to the remediation of the Consent Order.
Balance Sheet:
Loans held for investment were $1.87 billion at December 31, 2025, compared to $1.91 billion at September 30, 2025, and $2.11 billion at December 31, 2024. The $47.0 million decline relative to the prior quarter end was partially due to payoffs and paydowns of approximately $27.8 million of out-of-market loans. Loans held for investment declined $246.1 million in 2025, primarily attributable to payoffs and paydowns of approximately $119.4 million of out-of-market loans as the Company transitioned to a more traditional community banking model.
Total deposits were $1.91 billion at December 31, 2025, a decrease of $39.9 million and $268.3 million from September 30, 2025, and December 31, 2024, respectively. Wholesale deposit balances were $238.7 million and $267.9 million at the end of the fourth and third quarters of 2025, respectively, and $402.5 million at the end of the fourth quarter of 2024. The Company had secured brokered deposits to enhance liquidity during the fintech BaaS depository operations wind down, which began in the first quarter 2024 and was completed by the end of 2024. Brokered deposits as a percentage of total deposits declined to 12.5% at December 31, 2025 from 18.5% at December 31, 2024. Excluding wholesale deposits, total deposits decreased $10.7 million from September 30, 2025 and $104.5 million from December 31, 2024.
Noninterest-bearing deposits represented 20.9%, 21.1%, and 20.8% of total deposits at December 31, 2025, September 30, 2025, and December 31, 2024, respectively. Excluding brokered deposits, noninterest-bearing deposits represented 23.8%, 24.4%, and 25.5% of total deposits as of the same respective dates.
Subordinated notes were $14.7 million at December 31, 2025, a decrease of $25.1 million from December 31, 2024. On June 1, 2025, the Company completed the redemption of its $15.0 million fixed-to-floating rate subordinated note maturing June 1, 2030. On July 15, 2025, the Company completed a $10.0 million partial redemption of its $25.0 million of subordinated notes maturing October 15, 2029.
About Blue Ridge Bankshares, Inc.:
Blue Ridge Bankshares, Inc. is the holding company for Blue Ridge Bank and BRB Financial Group, Inc. The Company, through its subsidiaries and affiliates, provides a wide range of financial services including retail and commercial banking, and retail mortgage lending. The Company also provides investment and wealth management services and management services for personal and corporate trusts, including estate planning and trust administration. Visit www.mybrb.com for more information.
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 U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures, including tangible assets, tangible common equity, tangible book value per common share, and tangible common equity to tangible total assets to supplement the evaluation of the Company's financial condition and performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the financial condition and capital position of the Company's business. These non-GAAP disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.
Forward-Looking Statements:
This release of the Company contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company's beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan," or words or 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 foregoing factors should not be considered exhaustive and should be read together with other cautionary statements that are included in filings the Company makes from time to time with the SEC. Any one of these risks or factors could have a material adverse impact on the Company's results of operations or financial condition, or cause the Company's actual results, performance or achievements to differ materially from those expressed in, or implied by, forward-looking information and statements contained in this release. Moreover, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on its forward-looking statements. Therefore, the Company cautions not to place undue reliance on its forward-looking information and statements, which speak only as of the date of this release. The Company does not undertake to, and will not, update or revise these forward-looking statements after the date hereof, whether as a result of new information, future events, or otherwise.
1 Non-GAAP financial measure. Further information can be found at the end of this press release.
Blue Ridge Bankshares, Inc.
Consolidated Balance Sheets
(Dollars in thousands, except share data)
(unaudited)
December 31,
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.
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.
SOURCE Blue Ridge Bankshares, Inc.