Blue Ridge Bankshares(BRBS) - 2024 Q4 - Annual Results

Financial Performance - For Q4 2024, the company reported a net loss of $2.0 million, or$0.03 per diluted common share, compared to a net income of $0.9 million, or$0.01 per diluted common share in Q3 2024[4]. - For the full year 2024, the company reported a net loss of $15.4 million, or$0.31 per diluted common share, an improvement from a net loss of $51.8 million, or$2.73 per diluted common share in 2023[5]. - The company reported a net loss of $2,003 thousand for the three months ended December 31, 2024, compared to a net income of$946 thousand in the previous quarter and a net loss of $5,759 thousand in the same quarter last year[47]. - Basic and diluted loss per common share for the twelve months ended December 31, 2024, was$0.31, compared to a loss of $2.73 per share in 2023[48]. - Return on average assets was -0.28$2.74 billion from $2.94 billion at the prior quarter end, primarily due to a reduction in cash balances and loans held for investment[21]. - Total deposit balances decreased to$2.18 billion, down $167.1 million from the prior quarter and$386.6 million from the prior year[25]. - Average balances of interest-bearing liabilities decreased by $99.6 million to$2.02 billion in Q4 2024, down $341.0 million from the year-ago quarter[26]. - Total assets decreased to$2,737,260 thousand as of December 31, 2024, down from $3,117,554 thousand in 2023, representing a decline of approximately 12.2$2,179,442,000, down 7.1% from $2,346,492,000 in Q3 2024[49]. Income and Expense Analysis - Net interest income remained stable at$19.1 million for both Q4 and Q3 2024, while net interest margin increased to 2.80% from 2.74%[15]. - Noninterest income was $2.8 million in Q4 2024, slightly up from$2.7 million in Q3 2024 but down from $4.1 million in Q4 2023[30]. - Noninterest expense decreased to$25.6 million in Q4 2024, down from $26.5 million in Q3 2024 and$30.6 million in Q4 2023[32]. - Total noninterest expense for the twelve months ended December 31, 2024, was $113,841 thousand, down from$157,937 thousand in 2023, a reduction of approximately 28.0%[48]. - Interest on deposits increased to $69,070 thousand for the twelve months ended December 31, 2024, compared to$59,969 thousand in 2023, reflecting an increase of approximately 15.5%[48]. Credit Quality and Loan Performance - Nonperforming loans improved to $25.5 million, or 0.93$23,023 thousand as of December 31, 2024, compared to $35,893 thousand in 2023, indicating an improvement in credit quality[46]. - The company experienced a recovery of credit losses of$5,100 thousand for the twelve months ended December 31, 2024, contrasting with a provision of $22,323 thousand in the previous year[48]. - Nonperforming loans to total loans ratio was 1.19$445 million and decreased reliance on wholesale funding by nearly $113 million[9]. - The company's tier 1 leverage ratio improved to 12.43% at December 31, 2024, compared to 11.46% at the prior quarter end[16]. - Efficiency ratio improved slightly to 116.9% from 121.4% in the previous quarter[49]. - Average stockholders' equity to average assets ratio increased to 11.5% from 11.0% in the previous quarter, reflecting a stronger capital position[49].