Form 8-K

8-K — BLUE RIDGE BANKSHARES, INC.

Accession: 0001193125-26-321256

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0000842717

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — brbs-20260728.htm (Primary)

EX-99.1 (brbs-ex99_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: brbs-20260728.htm · Sequence: 1

8-K

false000084271700008427172026-07-282026-07-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2026

BLUE RIDGE BANKSHARES, INC.

(Exact name of Registrant as Specified in Its Charter)

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)

Registrant’s Telephone Number, Including Area Code: (888) 331-6521

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

BRBS

NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 28, 2026, Blue Ridge Bankshares, Inc. issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this report and is incorporated by reference into this Item 2.02.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is being furnished pursuant to Item 2.02 above.

Exhibit No.

Description

99.1

Press release dated July 28, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BLUE RIDGE BANKSHARES, INC.

Date:

July 28, 2026

By:

/s/ Judy C. Gavant

Judy C. Gavant

Executive Vice President and

Chief Financial Officer

EX-99.1

Filename: brbs-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Blue Ridge Bankshares, Inc. Announces 2026 Second Quarter Results

Loan Growth Returns, Improved Deposit Mix, and Continued Reduction in Operating Expenses

RICHMOND, VA, July 28, 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 ended June 30, 2026.

For the quarter ended June 30, 2026, the Company reported a net loss of $0.2 million, or $0.00 per diluted common share, compared to net income of $0.8 million, or $0.01 per diluted common share, for the quarter ended March 31, 2026, and net income of $1.3 million, or $0.01 per diluted common share, for the quarter ended June 30, 2025. Net loss for the second quarter of 2026 included an after-tax $2.1 million provision for credit losses, compared to an after-tax benefit for recovery of credit losses of $0.5 million for both the first quarter of 2026 and second quarter of 2025. Loans from a single out-of-market relationship originated prior to 2024 were placed on nonaccrual at June 30, 2026, and a reserve was established for the loan in the amount of $1.5 million ($1.2 million after tax). Net loss for the second quarter of 2026 also included $0.3 million of after-tax expenses related to severance, compared to $1.3 million and $0.2 million for the first quarter of 2026 and second quarter of 2025, respectively. Severance expenses include amounts associated with previously-announced executive officer transitions.

Excluding severance expense, pre-tax, pre-provision income for the second quarter of 2026 improved to $2.9 million1 compared to $2.2 million1 and $1.4 million1 for the first quarter of 2026 and second quarter of 2025, respectively.

For the first half of 2026, the Company reported net income of $0.6 million, or $0.01 per diluted common share, compared to net income of $0.9 million, or $0.01 per diluted common share for the first half of 2025. Net income for the 2026 period included after-tax severance expenses of $1.7 million compared to $0.8 million for the first half of 2025.

"After a couple years of de-risking the balance sheet and returning our focus 100% to our community banking customers and prospects, I am pleased to report a 4% annualized loan growth rate for the second quarter. This loan growth, combined with modestly improved margins from a more favorable deposit mix and continued discipline in right-sizing our expense base, resulted in improved earnings this quarter on a pre-tax, pre-provision basis," commented Harry Golliday, interim president and chief executive officer.

"We continue to have healthy economic conditions in our local markets driving business owners to invest and consumers to spend, and, as a result, our loan and deposit pipelines are encouraging. In addition, results of this quarters' expense reduction actions will be realized in the second half of 2026."

Q2 2026 Highlights

(Comparisons for Second Quarter 2026 are relative to First Quarter 2026 unless otherwise noted.)

Net Income:

•

Net loss for the quarter was $0.2 million, or $0.00 per diluted common share, compared to net income of $0.8 million, or $0.01 per diluted common share, for the prior quarter. After-tax severance expense and provision for (recovery of) credit losses were $0.3 million and $2.1 million, respectively, for the quarter, compared to $1.3 million and ($0.5) million, respectively, for the prior quarter.

•

Excluding severance expense, pre-tax, pre-provision income was $2.9 million1 and $2.2 million1 for the sequential quarters, a 30% improvement.

Net Interest Income / Net Interest Margin:

•

Net interest income totaled $16.5 million and $16.9 million for the second and first quarters, respectively. Interest income decreased by $0.5 million in the quarter, primarily due to the decline in average balances of loans held for investment, loans held for sale, and interest-earning deposits in other banks, which collectively declined $45.7 million from the prior quarter. Yields on loans held for investment were 5.54% and 5.50% for the second and first quarters, respectively. Interest expense declined by $0.2 million for the quarter, largely driven by lower average balances of brokered deposits, which declined $23.0 million from the prior quarter. Cost of deposits declined two basis points to 2.25% for the quarter, compared to 2.27% for the prior quarter, while net interest margin ("NIM") was 2.91% and 2.90% for the respective periods.

Capital:

•

On March 30, 2026, the Company announced a special cash dividend of $0.60 per share of the Company's common stock totaling approximately $54.1 million. The dividend was paid on April 27, 2026, to shareholders of record as of the close of business on April 13, 2026.

•

The ratio of tangible common stockholders’ equity to tangible total assets was 11.8%1 at the second quarter end compared to 11.4%1 at the prior quarter end, while tangible book value per common share was $3.101 compared to $3.111 as of the respective dates.

•

At June 30, 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 11.27%, 15.16%, 15.16%, and 16.40%, respectively, compared to 11.01%, 15.33%, 15.33%, and 16.47% respectively, at the prior quarter end.

Noninterest Income / Noninterest Expense:

•

Noninterest income for the quarter was $1.8 million compared to $2.3 million for the prior quarter. Other noninterest income included a $0.6 million loss recognized upon the liquidation of an equity method investment made in 2022. The loss reflects the difference between the investment’s carrying value and the final distribution received. Over the period it was held, the investment generated cumulative pre-tax income of approximately $1.9 million.

•

Noninterest expense for the quarter was $15.9 million compared to $18.7 million for the prior quarter, a decrease of $2.8 million. Salaries and employee benefits expense declined $2.0 million, of which $1.2 million was lower severance expenses and $0.4 million was lower incentive-related expenses. Advertising and marketing expense was $0.3 million lower than the prior quarter due to the timing of marketing campaigns.

•

Headcount as of June 30, 2026 was 269, compared to 281 at March 31, 2026, and 333 at June 30, 2025.

Income Tax:

•

Income tax expense for the second and first quarters was $0 and $0.3 million, respectively, with effective income tax rates for the respective periods of 11.4% and 24.9%. The decrease in the effective income tax rate was primarily the result of the Company's marginal pre-tax loss in the second quarter.

Balance Sheet:

•

Total assets decreased to $2.33 billion at quarter end from $2.41 billion at the prior quarter end, a reduction of $85.3 million. The decrease was primarily driven by lower cash and cash equivalents following the payment of the previously-announced special cash dividend and the reduction of brokered time deposits. Loans held for investment grew $19.6 million, or a 4% annualized rate of growth, the first growth in 13 quarters.

•

Total deposits, when excluding brokered deposits, decreased $9.3 million in the second quarter compared to growth of $13.4 million in the prior quarter. Brokered deposits of $21.4 million were paid off upon maturity in the quarter. The ratio of noninterest-bearing demand deposits to total deposits was 21.3% and 20.7% as of June 30, 2026 and March 31, 2026, respectively.

•

Total stockholders' equity was $276.5 million at quarter end compared to $277.0 million at the prior quarter end, a decrease of $0.5 million.

Asset Quality:

•

Nonperforming loans, which include nonaccrual loans and loans past due 90 days or more and accruing interest, were $31.2 million, or 1.34% of total assets, at June 30, 2026, compared to $21.0 million, or 0.87% of total assets, at March 31, 2026. The increase in nonperforming loans primarily reflects the previously-mentioned out-of-market loans totaling

$11.4 million that were placed on nonaccrual in the second quarter and for which a $1.5 million reserve was established. The loans were originated prior to 2024 by the Company's former government guaranteed lending team. The Company believes the credit issues affecting this borrower are unique and not systemic to the Company's overall loan portfolio. Nonperforming assets, which include other real estate owned, were $32.8 million, or 1.41% of total assets, at June 30, 2026, compared to $22.6 million, or 0.94% of total assets, at March 31, 2026.

•

Provision for credit losses on loans of $2.1 million for the quarter was primarily due to $0.6 million of net loan charge-offs, an increase in specific loan reserves for out-of-market credits, and loan portfolio growth. Provision for credit losses for unfunded commitments of $0.6 million for the quarter was due to an increase in committed but unfunded lines of credit to commercial construction borrowers. For the prior quarter, a $0.6 million recovery of credit losses was primarily due to loan portfolio balance reductions and $0.3 million of net loan recoveries, including an $0.8 million recovery of a specialty finance loan charged off in 2022.

•

Allowance for credit losses as a percentage of total loans held for investment was 1.11% at June 30, 2026, compared to 1.05% at March 31, 2026. Net loan charge-offs were $0.6 million in the second quarter of 2026, while net loan recoveries were $0.3 million in the first quarter of 2026. The net loan charge-offs (recoveries) to average loans outstanding ratio (quarter-to-date annualized) was 0.14% and (0.07%) for the second and first quarters, respectively.

Income Statement:

Net interest income was $16.5 million for the second quarter of 2026, compared to $16.9 million and $19.8 million for the first quarter of 2026 and the second quarter of 2025, respectively. Relative to the prior quarter, the decrease reflected primarily lower income from and average balances of loans held for investment, while relative to the year-ago period, the decrease reflected lower average balances of loans held for investment and loans held for sale. Interest expense declined by $0.2 million and $2.6 million in the second quarter of 2026, compared to the first quarter of 2026 and the second quarter of 2025, respectively, primarily driven by lower average balances of brokered deposits.

Average balances of interest-earning assets were $2.28 billion for the second quarter of 2026, a decrease of $53.8 million from the prior quarter and $244.9 million from the second quarter of 2025. Average balances of loans held for investment were $1.83 billion for the second quarter of 2026, a decrease of $14.7 million from the prior quarter and $192.3 million from the second quarter of 2025. Average balances of loans held for sale were $0 for the second quarter of 2026, a decrease of $4.7 million and $24.2 million from the first quarter of 2026 and the second quarter of 2025, respectively, reflective of the Company's exit of its indirect fintech lending partnerships. Yields on loans held for investment were 5.54% for the second quarter of 2026 compared to 5.50% and 5.80% for the first quarter of 2026 and second quarter of 2025, respectively. Accretion of discounts on acquired loans had a three, four, and seven basis point positive effect

on loans held for investment yields in the second quarter of 2026, first quarter of 2026, and second quarter of 2025, respectively.

Average balances of interest-bearing liabilities were $1.65 billion for the second quarter of 2026, a decrease of $23.7 million from the prior quarter and $170.4 million from the second quarter of 2025. The decline in the second quarter of 2026 relative to the prior quarter was primarily due to lower average balances of brokered deposits ($23.0 million) and money market deposits ($18.4 million), partially offset by higher average balances of time deposits ($12.9 million). The decline in average balances of interest-bearing liabilities relative to the second quarter of 2025 was primarily due to reductions of brokered time deposits ($118.7 million), money market deposits ($28.5 million) and borrowings ($19.9 million of subordinated notes).

Cost of funds was 2.41% for the second quarter of 2026, compared to 2.42% for the first quarter of 2026, and 2.63% for the second quarter of 2025, while cost of deposits was 2.25%, 2.27%, and 2.47%, 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 both the second and prior quarters, compared to 2.05% for the year-ago quarter period.

NIM was 2.91% for the second quarter of 2026, compared to 2.90% in the prior quarter, and 3.15% for the second quarter of 2025. Improvements in the yield on loans held for investment and the cost of funds in the second quarter of 2026 relative to the first quarter of 2026 were partially offset by the absence of interest income from loans held for sale in the second quarter, following the exit of fintech lending.

Provision for (recoveries of) credit losses on loans of $2.1 million, ($0.6) million, and ($0.7) million were reported in the second quarter of 2026, first quarter of 2026, and second quarter of 2025, respectively. The second quarter provision for credit losses on loans of $2.1 million was primarily due to additions to specific loan reserves, net loan charge-offs, and loan portfolio growth of $19.6 million during the second quarter of 2026. In the prior quarter, the $0.6 million recovery of credit losses on loans was primarily due to loan portfolio balance reductions of $31.8 million and net loan recoveries, including an $0.8 million recovery on a loan charged off in 2022. Provision for credit losses for unfunded commitments of $0.6 million was reported in the second quarter of 2026, while there were none reported in the first quarter of 2026 and second quarter of 2025. The second quarter provision for credit losses for unfunded commitments reflects an increase in committed but unfunded lines of credit to commercial construction borrowers.

Noninterest income was $1.8 million for the second quarter of 2026, compared to $2.3 million for the first quarter of 2026, and $3.2 million for the second quarter of 2025. The decline in noninterest income compared to the first quarter of 2026 was primarily due to the previously noted $0.6 million loss upon the liquidation of an equity-method investment, while the decline in noninterest income compared to the second quarter of 2025 was primarily attributable to additional proceeds received in the quarter related to the 2024 sale of mortgage servicing rights.

Noninterest expense was $15.9 million for the second quarter of 2026, a $2.8 million decrease from the prior quarter and a $6.1 million decrease from the year-ago period. The largest

contributor to the decrease compared to the prior quarter was lower salaries and employee benefits expense, of which salaries, severance, and incentive-related expenses declined by $0.4 million, $1.2 million, and $0.4 million, respectively. The decrease in noninterest expense in the second quarter of 2026 relative to the year-ago period was primarily due to lower expenses for salaries and employee benefits ($4.0 million), FDIC insurance ($0.7 million), and technology ($0.6 million). The number of employees decreased from 333 in the second quarter of 2025 to 269 in the second quarter of 2026, or by 19%. The decline in FDIC insurance premiums primarily reflected lower assessment rates in 2026 relative to 2025.

Balance Sheet:

Loans held for investment were $1.85 billion at June 30, 2026, compared to $1.83 billion at March 31, 2026, and $1.98 billion at June 30, 2025. The $19.6 million increase compared to the prior quarter was primarily driven by growth in commercial and residential mortgage loans. During the second quarter, the Company partnered with a third-party residential mortgage originator, whereby the Company purchases adjustable-rate mortgage loans originated generally within its market area. This program will provide a primary mortgage product to the Company's consumer customer. Loans held for investment declined $125.1 million from the second quarter of 2025, primarily attributable to payoffs and paydowns of approximately $32.1 million of out-of-market loans. Loans held for sale at both June 30, 2026 and March 31, 2026 were $0, compared to $12.4 million as of June 30, 2025, reflecting the exit of fintech lending.

Total deposits were $1.86 billion at June 30, 2026, a decrease of $30.7 million and $147.9 million from March 31, 2026 and June 30, 2025, respectively. Brokered deposit balances were $185.8 million, $207.2 million, and $296.1 million at the end of the second quarter of 2026, first quarter of 2026, and second quarter of 2025, respectively. Brokered deposits as a percentage of total deposits declined to 10.0% at June 30, 2026, from 10.9% at March 31, 2026 and 14.7% at June 30, 2025. Excluding brokered deposits, total deposits decreased $9.3 million from March 31, 2026 and $37.7 million from June 30, 2025.

Noninterest-bearing deposits represented 21.3%, 20.7%, and 21.5% of total deposits at June 30, 2026, March 31, 2026, and June 30, 2025, respectively. Excluding brokered deposits, noninterest-bearing deposits represented 23.6%, 23.3%, and 25.3% of total deposits as of the same respective dates.

Subordinated notes were $14.7 million at both June 30, 2026 and March 31, 2026 and $24.9 million at June 30, 2025. The decrease from the second quarter of 2025 reflects the Company's $10.0 million partial redemption of its $25.0 million of subordinated notes maturing October 15, 2029 (the "2029 Notes") in the third quarter of 2025. The effective interest rate on the 2029 Notes, inclusive of the amortization of the purchase accounting adjustment (premium), was 7.43%, 7.92%, and 7.86%, in the second quarter of 2026, first quarter of 2026, and second quarter of 2025, respectively. Subsequent to June 30, 2026, on July 15, 2026, the Company redeemed the remainder of the 2029 Notes. Upon the completion of this redemption, the Company had no outstanding subordinated notes.

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. In addition, management uses pre-tax, pre-provision income, excluding severance expense to supplement the evaluation of the Company's statement of operations. 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 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 in the 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 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) 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

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

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.

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

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

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

Net income

633

862

Basic and diluted earnings per common share

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

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

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

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

13.6

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

0.09

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

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

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.

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 5

v3.26.1

Document And Entity Information

Jul. 28, 2026

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Jul. 28, 2026

Entity Registrant Name

BLUE RIDGE BANKSHARES, INC.

Entity Central Index Key

0000842717

Entity Emerging Growth Company

false

Entity File Number

001-39165

Entity Incorporation, State or Country Code

Entity Tax Identification Number

54-1838100

Entity Address, Address Line One

1801 Bayberry Court

Entity Address, Address Line Two

Suite 101

Entity Address, City or Town

Richmond

Entity Address, State or Province

Entity Address, Postal Zip Code

23226

City Area Code

(888)

Local Phone Number

331-6521

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock, no par value

Trading Symbol

BRBS

Security Exchange Name

NYSEAMER

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration