BRBS · Blue Ridge Bankshares, Inc.

Blue Ridge Bankshares reported Q1 2026 GAAP net income of $0.8 million, down from $4.2 million in Q4 2025, primarily due to $1.6 million in pre-tax executive officer transition expenses and $1.0 million in incentive-related costs, partially offset by a $0.6 million pre-tax recovery of credit losses. Excluding transition expenses, adjusted net income was $2.1 million or $0.02 per share. Net interest income fell to $16.9 million from $18.1 million, driven by lower average loan balances ($50.5 million sequential decline in loans held for investment and sale) and reduced yields (5.50% vs 5.66%), though interest expense dropped $0.9 million from lower brokered deposits. NIM compressed 14 basis points to 2.90%, reflecting loan mix shift away from higher-yielding out-of-market loans and lower accretion (4 bps impact vs 10 bps prior). Noninterest expense rose to $18.7 million from $16.9 million, led by transition and incentives, despite headcount cut to 281 (down 20% year-over-year). Balance sheet contracted with assets at $2.41 billion (down $18.5 million), loans held for investment down $31.8 million (including $24.1 million out-of-market payoffs and fintech exit), and brokered deposits down $31.5 million. Total equity fell to $277 million post $54.1 million special dividend, reversing a $6.1 million warrant accrual. Asset quality improved with nonperforming loans at 0.87% of assets. Management highlighted four straight profitable quarters, expense discipline, post-consent order flexibility enabling the dividend, and growing local loan/deposit pipelines amid community banking refocus.