Blue Ridge Bankshares(US:BRBS) Prnewswireยท2025-07-23 21:00Financial Performance - For the quarter ended June 30, 2025, the company reported net income of $1.3 million, or $0.01 per diluted common share, compared to a net loss of $0.4 million for the prior quarter and a net loss of $11.4 million for the same quarter in 2024 [2][8] - For the first half of 2025, the company reported net income of $0.9 million, or $0.01 per diluted common share, compared to a net loss of $14.3 million for the first half of 2024 [3] Revenue and Expenses - Net interest income totaled $19.8 million for the second quarter of 2025, an increase from $19.0 million in the first quarter [12][16] - Noninterest income was $3.2 million for the second quarter of 2025, compared to $3.1 million in the prior quarter [22][26] - Noninterest expense decreased to $22.0 million for the second quarter of 2025, down from $23.0 million in the first quarter [23][26] Operational Improvements - The net interest margin improved to 3.15% for the second quarter of 2025, up from 2.90% in the prior quarter, primarily due to lower funding costs [20][19] - The company has made significant progress in reducing noninterest expenses, with a focus on operational improvements and regulatory remediation [5][6] Capital and Asset Quality - The ratio of tangible common stockholders' equity to tangible total assets increased to 13.4% at the end of the second quarter of 2025, compared to 12.5% at the prior quarter end [12] - Nonperforming loans were $24.0 million, or 0.94% of total assets, at quarter end, a slight decrease from $24.9 million, or 0.93% of total assets, in the prior quarter [11] Strategic Initiatives - The company completed the sale of its mortgage division, Monarch Mortgage, resulting in a $0.2 million loss, which was reported in other noninterest income [7] - The company is transitioning to a more traditional community banking model, focusing on growing its community bank after significant remediation efforts [6][29]