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 million 1 compared to $2.2 million 1 and $1.4 million 1 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 Interest Income / Net Interest Margin:
Capital:
Noninterest Income / Noninterest Expense:
Income Tax:
Balance Sheet:
Asset Quality:
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 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
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.
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.
SOURCE Blue Ridge Bankshares, Inc.