Core Insights - Blue Ridge Bankshares, Inc. reported a net income of 0.9millionforQ32024,asignificantrecoveryfromanetlossof11.4 million in Q2 2024 and 41.4millioninQ32023[1][3][9]−Thecompanyisontracktoexititsfintechbanking−as−a−serviceoperationsbytheendof2024,withfintech−relateddepositsdecreasingfrom1819.1 million, down from 20.1millioninQ22024and22.2 million in Q3 2023 [5][9] - Noninterest income increased to 2.7millioninQ32024from0.3 million in Q2 2024, primarily due to the absence of a negative fair value adjustment recorded in the previous quarter [6][9] - Noninterest expenses decreased to 26.5millioninQ32024from29.3 million in Q2 2024 and 64.6millioninQ32023,reflectingcost−cuttingmeasures[6][9]AssetQuality−Nonperformingloansimprovedto1.12.94 billion from 2.93billioninthepriorquarter,primarilyduetohighercashbalances[8][11]−Totaldepositsroseto2.35 billion, with a 73.7millionincreaseindepositsexcludingfintech−relatedandwholesaledeposits[8][11]−Loansheldforinvestmentdecreasedto2.18 billion, down from $2.26 billion in the prior quarter [11][19]
