UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value BRBS NYSE American FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0 ...

Net Income and Loss - Net income for Q3 2024 was $0.9 million, compared to a net loss of $11.4 million in Q2 2024 and a net loss of $41.4 million in Q3 2023[2] - Net loss for Q3 2024 was $13,382 thousand, compared to a net loss of $46,014 thousand in Q3 2023[48] - Net income improved to $0.9 million in Q3 2024 from a loss of $41.4 million in Q3 2023[49] Deposits - Deposits excluding fintech-related and wholesale deposits grew by $74 million in Q3 2024 and $144 million year-to-date[7] - Fintech BaaS deposits decreased to 3% of total deposits in Q3 2024, down from 18% year-over-year[5] - Total deposit balances increased to $2.35 billion in Q3 2024, up $20.7 million from Q2 2024[23] - Fintech-related deposits declined to $187.5 million in Q3 2024, down $19.2 million from Q2 2024 and $278.4 million year-to-date[24] - Total deposits increased by $20.7 million to $2.35 billion at September 30, 2024, but fintech BaaS deposits decreased by $108.8 million in the quarter[35] - Total deposits decreased to $2,346,492 thousand as of September 30, 2024, from $2,566,032 thousand at the end of 2023[46] - Total deposits decreased to $2.35 billion in Q3 2024 from $2.78 billion in Q3 2023[49] - Fintech BaaS deposits dropped significantly to $63.7 million in Q3 2024 from $493.0 million in Q3 2023[49] Loans and Credit Quality - Nonperforming loans to total assets ratio improved to 1.1% in Q3 2024, down from 1.4% in Q2 2024 and 2.5% in Q3 2023[8] - Loans held for investment decreased to $2.18 billion in Q3 2024, down $78.9 million from Q2 2024[22] - Loans held for investment decreased to $2.18 billion at September 30, 2024, from $2.26 billion at June 30, 2024, and $2.45 billion at September 30, 2023[34] - Loans held for investment, net of deferred fees and costs, decreased to $2,180,413 thousand as of September 30, 2024, from $2,430,947 thousand at the end of 2023[46] - Loans held for investment decreased to $2.18 billion in Q3 2024 from $2.45 billion in Q3 2023[49] - Nonperforming loans to total assets ratio improved to 1.09% in Q3 2024 from 2.51% in Q3 2023[49] - The company recorded a recovery of credit losses of $6.2 million in Q3 2024, compared to provisions of $3.1 million in Q2 2024 and $11.1 million in Q3 2023[31] - The company reported a recovery of credit losses of $4,100 thousand for the nine months ending September 30, 2024, compared to a provision of $19,553 thousand in the same period of 2023[48] Net Interest Income and Margin - Net interest income declined to $19.1 million in Q3 2024, with net interest margin decreasing to 2.74% from 2.79% in Q2 2024[17] - Net interest income for Q3 2024 was $19.1 million, down from $20.1 million in Q2 2024 and $22.2 million in Q3 2023[26] - Net interest margin declined to 2.74% in Q3 2024 from 2.79% in Q2 2024 and 2.92% in Q3 2023[30] - Net interest income for Q3 2024 was $19,101 thousand, down from $22,192 thousand in Q3 2023[47] - Net interest income for Q3 2024 was $19.1 million, down from $22.2 million in Q3 2023[49] Noninterest Income and Expense - Noninterest expense decreased by nearly 10% sequentially in Q3 2024 and was approximately 30% lower than Q3 2023 excluding goodwill impairment[6] - Noninterest income was $2.7 million in Q3 2024, up from $0.3 million in Q2 2024 but down from $7.4 million in Q3 2023[32] - Noninterest expense decreased to $26.5 million in Q3 2024 from $29.3 million in Q2 2024 and $64.6 million in Q3 2023[33] - Total noninterest expense for Q3 2024 was $88,314 thousand, a decrease from $127,520 thousand in Q3 2023[48] - Noninterest income for Q3 2024 was $10,872 thousand, a significant decrease from $24,434 thousand in Q3 2023[48] Assets and Liquidity - Total assets increased to $2.94 billion in Q3 2024, up $11.6 million from Q2 2024[21] - Liquidity sources as of September 30, 2024, totaled approximately $805.0 million, or 202.7% of uninsured deposits[25] - Total assets decreased to $2,944,691 thousand as of September 30, 2024, compared to $3,117,554 thousand at the end of 2023[46] - Total assets decreased to $2.94 billion in Q3 2024 from $3.26 billion in Q3 2023[49] Interest-Earning Assets and Cost of Funds - Average balances of interest-earning assets decreased by $90.1 million to $2.80 billion in Q3 2024 compared to the prior quarter[27] - Cost of funds increased to 3.09% in Q3 2024 from 3.02% in Q2 2024 and 2.73% in Q3 2023[29] - Interest income from loans decreased to $34,747 thousand in Q3 2024, down from $38,551 thousand in Q3 2023[47] - Total interest income for the nine months ending September 30, 2024, was $122,387 thousand, down from $125,835 thousand in the same period of 2023[48] Efficiency and Equity Ratios - Efficiency ratio improved to 121.3% in Q3 2024 from 127.7% in Q3 2023[49] - Tangible common equity to tangible total assets ratio increased to 10.6% in Q3 2024 from 5.5% in Q3 2023[50] - Book value per common share increased to $4.30 in Q3 2024 from $9.53 in Q3 2023[49]

Performance reflects improvement across a range of metrics such as deposit growth, noninterest expense reduction, and nonperforming asset reduction Bank to complete exit from fintech banking-as-a-service depository operations by the end of 2024 Regulatory remediation efforts on track RICHMOND, Va., Oct. 29, 2024 /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 Gr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value BRBS NYSE American FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39 ...

Exhibit 99.1 Completed capital raise of $161.6 million in private placement, to help fund business transformation Bank capital levels meet enhanced regulatory minimum capital ratios For the quarter ended June 30, 2024, the Company reported a net loss of $11.4 million, or $0.47 per diluted common share, compared to a net loss of $2.9 million, or $0.15 per diluted common share, for the quarter ended March 31, 2024, and compared to a net loss of $8.6 million, or $0.45 per diluted common share, for the second q ...

Company on-track to exit its fintech depository operations Private Placement Stock Offering (Comparisons for Second Quarter 2024 are relative to First Quarter 2024 unless otherwise noted.) Net Income: The net loss in the quarter was $11.4 million, or $0.47 per diluted common share, compared to a net loss of $2.9 million, or $0.15 per diluted common share, for the prior quarter. Loss before income taxes of $12.1 million in the quarter included a $8.5 million, non-cash, fair value adjustment of an equity inve ...

SAN DIEGO, June 17, 2024 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announced that a lawsuit is pending for certain investors in NYSE: BRBS shares. In December 2023, a lawsuit was filed against Blue Ridge Bankshares, Inc. by an investor in NYSE: BRBS) shares. The lawsuit seeks to recover losses for certain investors in NYSE: BRBS shares. The plaintiff alleges that the defendants made materially false and/or misleading statements and/or failed to disclose that Blue Ridge Bankshares, Inc.'s financi ...

Date: May 8, 2024 By: /s/ G. William Beale G. William Beale President and Chief Executive Officer and Director By: /s/ Judy C. Gavant Judy C. Gavant Executive Vice President and Chief Financial Officer • the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; • the effects of, and changes in, the macroeconomic environment and financial market conditions, including monetary and fiscal policies, interest rates and inflation; • the ...

Exhibit 99.1 Completed capital raise of $150 million private placement, which closed subsequent to the end of the quarter, to help fund business transformation Regulatory remediation efforts on track A Message From Blue Ridge Bankshares, Inc. President and CEO, G. William "Billy" Beale: • "We filled two leadership positions that are essential to bolstering our risk management and compliance functions. Grace Vallacchi joined us as Deputy Chief Risk Officer and Jerry Maloney joined as Chief Compliance Officer ...

Completed capital raise of $150 million private placement, which closed subsequent to the end of the quarter, to help fund business transformation Solidified compliance and risk management functions with key hires Regulatory remediation efforts on track RICHMOND, Va., April 30, 2024 /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. ("BRB Financial Grou ...