Blue Ridge Bankshares, Inc. reported a net income of $836,000, or $0.01 per diluted share, for the first quarter of 2026, a significant improvement from a net loss of $434,000, or $(0.01) per diluted share, in the same period of 2025. The company's total interest income decreased to $29.4 million from $35.4 million year-over-year, primarily due to a decline in average loan balances. Net interest income also fell to $16.9 million, down from $19.0 million, reflecting the impact of reduced loan volumes and lower yields on loans held for investment. The allowance for credit losses stood at $19.2 million as of March 31, 2026, slightly down from $19.4 million at the end of 2025.
Total assets for Blue Ridge Bankshares decreased to $2.41 billion as of March 31, 2026, down from $2.43 billion at the end of 2025. This decline was largely attributed to a $31.8 million reduction in loans held for investment and a $14.8 million decrease in loans held for sale, as the company exited its indirect fintech lending activities. Total deposits also fell by $18.1 million to $1.89 billion, driven by a $31.5 million decrease in brokered time deposits, although non-brokered deposits increased by $13.4 million during the same period.
In terms of strategic developments, Blue Ridge Bankshares declared a special cash dividend of $0.60 per share, totaling approximately $54.1 million, which was paid on April 27, 2026. This dividend was part of a broader strategy to return value to shareholders, although it contributed to a decrease in total stockholders' equity, which fell to $277.0 million from $323.7 million at the end of 2025. The company also amended its outstanding warrants, which resulted in a reversal of a previously accrued dividend of $6.1 million.
Operationally, the company reported a recovery of credit losses of $600,000 for the first quarter of 2026, compared to no recovery in the same period of 2025. The total number of loans held for investment decreased to $1.83 billion, with nonaccrual loans amounting to $19.5 million, down from $20.6 million at the end of 2025. The company’s credit quality indicators showed a slight improvement, with the allowance for credit losses covering 98.37% of nonaccrual loans.
Looking ahead, Blue Ridge Bankshares aims to enhance its liquidity position and reduce reliance on brokered deposits, targeting a long-term goal of keeping brokered deposits below 10% of total deposits. The company is also focused on managing interest rate risk amid a volatile economic environment, with plans to continue monitoring its loan portfolio closely to mitigate potential credit risks associated with rising interest rates.
About BLUE RIDGE BANKSHARES, INC.
Blue Ridge Bankshares, Inc. is a Virginia-based bank holding company providing commercial and consumer banking, mortgage lending, and wealth and trust management services through its subsidiaries. Its primary markets span Virginia and central North Carolina, serving businesses, consumers, nonprofits, and municipalities. The company’s offerings include deposit accounts, loans, treasury management, and investment services, emphasizing personalized service, competitive pricing, and community involvement within a regulated banking framework.
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