Blue Ridge Bankshares ( (BRBS) ) has released its Q3 earnings. Here is a breakdown of the information Blue Ridge Bankshares presented to its investors.
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Blue Ridge Bankshares, Inc. is a financial institution based in Virginia, primarily engaged in banking and wealth management services through its subsidiaries, Blue Ridge Bank and BRB Financial Group. The company operates in the banking sector with a focus on both traditional banking services and fintech partnerships. In its latest earning report, Blue Ridge Bankshares highlighted a decrease in both assets and liabilities as of September 30, 2024, compared to the end of 2023, with total assets at $2.94 billion and total liabilities at $2.61 billion. The company reported a net loss of $13.4 million for the nine months ended September 30, 2024, a significant improvement from the $46.0 million net loss reported in the same period the previous year. The company’s interest income saw a slight decline, while interest expenses increased, contributing to lower net interest income. A significant recovery of credit losses was noted, primarily due to the sale of a nonperforming loan. Additionally, the report revealed that Blue Ridge Bankshares conducted private placements, raising substantial capital to support strategic initiatives and bolster its capital ratios. Looking ahead, Blue Ridge Bankshares plans to use the capital raised to focus on repositioning its business lines and supporting organic growth, while maintaining strong capital levels as required by regulatory agreements. The company remains committed to enhancing its operational capabilities and meeting the regulatory requirements set forth in its consent order with the OCC.
