AI Earnings Predictions for Blue Ridge Bankshares Inc. (BRBS)

EX-99.1

2 brbs-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Blue Ridge Bankshares, Inc. Announces Revised 2026 Second Quarter Results

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

RICHMOND, VA, August 10, 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 revised financial results for the quarter ended June 30, 2026.

Subsequent to the original report of the Company's financial results on July 28, 2026, a commercial borrower with loans outstanding totaling $11.4 million reported that its business had ceased operations. The Company evaluated this subsequent development and, as a result, revised its estimate of expected credit losses associated with the loans. The revised estimate is reflected in the Company's consolidated financial results herein as of and for the three and six months ended June 30, 2026.

For the quarter ended June 30, 2026, the Company reported a net loss of $1.3 million, or ($0.01) 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 $3.2 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 $2.9 million ($2.3 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 a net loss of $0.5 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 loss 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,

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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 $1.3 million, or ($0.01) 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 $3.2 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 b

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EX-99.1

2 brbs-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Blue Ridge Bankshares, Inc. Announces 2026 First Quarter Results

Special Cash Dividend of $0.60 per Common Share Declared in the Quarter

RICHMOND, VA, April 23, 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 March 31, 2026.

For the quarter ended March 31, 2026, the Company reported net income of $0.8 million, or $0.01 per diluted common share, compared to net income of $4.2 million, or $0.04 per diluted common share, for the quarter ended December 31, 2025, and a net loss of $0.4 million, or ($0.01) per diluted common share, for the quarter ended March 31, 2025. Net income for the first quarter of 2026 included after-tax expenses of $1.3 million related to the transition of executive officers. Net income for the first quarter of 2026 when excluding these transition expenses was $2.1 million, or $0.02 per diluted common share. Additionally, net income for the first quarter of 2026 and fourth quarter of 2025 included after-tax benefit for recovery of credit losses of $0.5 million and $1.2 million, respectively.

"On behalf of our 281 Blue Ridge Bank employees, I am pleased to report a fourth consecutive profitable quarter on the strategic journey back to our community banking roots," commented Harry Golliday, interim president and chief executive officer. "As in the prior quarter, our results reflect the impact of separation, severance, and incentive-related expenses, as well as the ongoing reduction of non-strategic loans outside of our local banking footprint—actions that weighed on near-term results but enhance the core earnings power of the community banking franchise.

"We continue to execute on noninterest expense reduction initiatives to more closely align these expenses with our community banking model. Headcount, a major driver of our noninterest expense, has been reduced by 70, or 20%, since the end of the first quarter of 2025. Results of additional initiatives will be realized in the second half of 2026.

"This quarter was also our first full quarter of operations after release last November from the regulatory consent order. The improved regulatory standing and lower capital requirements provided flexibility for another special dividend declared on March 30. In addition, we have been able to turn even greater attention to sound growth initiatives and are pleased to see increasing loan and deposit pipelines."

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Q1 2026 Highlights

(Comparisons for First Quarter 2026 are relative to Fourth Quarter 2025 unless otherwise noted.)

Net Income:

• Net income for the quarter was $0.8 million, or $0.01 per diluted common share, compared to net income of $4.2 million, or $0.04 per diluted common share, for the prior quarter.

• Income before income taxes of $1.1 million for the quarter included a $0.6 million pre-tax recovery of credit losses, $1.6 million in pre-tax executive officer transition expenses, and $1.0 million of pre-tax incentive-related expenses, while the prior quarter income before income taxes of $5.4 million included a $1.5 million pre-tax recovery of credit losses, $0.3 million in pre-tax incentive-related expenses, and $0.4 million of pre-tax income on the 2024 sale of mortgage servicing rights ("MSRs"). Incentive-related expenses in the fourth quarter of 2025 reflect reductions in expense for certain performance-based incentive plans.

Net Interest Income / Net Interest Margin:

• Net interest income totaled $16.9 million and $18.1 million for the current and prior quarters, respectively. Total interest income decreased by $2.1 million in the quarter, primarily due to the decline in average balances of loans held for investment and loans held for sale, which collectively declined $50.5 million on a sequential quarter basis. Interest expense declined by $0.9 million for the quarter, largely driven by lower average balances of brokered deposits, which declined $37.0 million on a sequential quarter basis. Cost of deposits declined 13 basis points to 2.27% for the quarter, compared to 2.40% in the prior quarter, while net interest margin ("NIM") was 2.90% and 3.04% for the same respective periods.

Capital:

• On March 30, 2026, the Company announced a special cash dividend of $0.60 per share of its common stock, totaling approximately $54.1 million, payable on April 27, 2026 to shareholders of record as of the close of business on April 13, 2026. Also on March 30, 2026, the Company announced an amendment and restatement of warrants issued in the Company's private placements of securities that closed during the second quarter of 2024 (the "Warrant Amendment"). Pursuant to the Warrant Amendment, at any time while the warrant is outstanding, the per share exercise price of each warrant is reduced by the per sha