Blue Ridge Bankshares, Inc. reported a net income of $5.6 million, or $0.06 per diluted share, for the third quarter of 2025, a significant increase from the $946,000, or $0.01 per diluted share, recorded in the same period of 2024. For the nine months ending September 30, 2025, the company achieved a net income of $6.5 million, compared to a net loss of $13.4 million for the same period last year. The improvement in profitability was attributed to a recovery of credit losses and a reduction in noninterest expenses, particularly in salaries and employee benefits, which fell by 18.3% year-over-year.
Total assets for Blue Ridge Bankshares decreased to $2.50 billion as of September 30, 2025, down from $2.74 billion at the end of 2024. This decline was primarily driven by a $199.1 million reduction in loans held for investment, which fell to $1.91 billion. The company has been strategically reducing its loan balances, particularly those not aligned with in-market relationships. Total deposits also decreased by $228.4 million to $1.95 billion, largely due to a drop in brokered time deposits.
In terms of operational developments, Blue Ridge Bankshares completed the sale of its mortgage division, Monarch Mortgage, in March 2025, resulting in a $0.2 million loss. The company has also initiated a share repurchase program, announcing the buyback of up to $15 million in common stock. During the third quarter, the company repurchased 659,949 shares at an average price of $4.16 per share, totaling approximately $2.8 million.
The company’s allowance for credit losses (ACL) stood at $20.5 million as of September 30, 2025, down from $23.0 million at the end of 2024. The ACL represented 1.07% of loans held for investment, reflecting a slight decrease in the ratio of nonaccrual loans to total loans, which rose to 1.27% from 1.09% year-over-year. The company continues to monitor its loan portfolio closely, particularly in light of the ongoing economic conditions and the impact of interest rate fluctuations.
Looking ahead, Blue Ridge Bankshares aims to maintain its capital ratios above the minimum requirements set forth in a consent order with the Office of the Comptroller of the Currency. The company is focused on enhancing its operational efficiency and managing its interest rate risk, particularly as it navigates a challenging economic environment characterized by rising interest rates and changing market conditions.
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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