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Blue Ridge Bankshares Inc. (BRBS-4.55%) has filed its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $15.4 million for the year, compared to a net loss of $51.8 million in 2023. The reduction in net loss is attributed to lower noninterest expenses and a recovery of credit losses.
Total assets decreased to $2.74 billion from $3.12 billion at the end of 2023, primarily due to a reduction in loans held for investment and cash surrender of bank-owned life insurance policies.
Net interest income for the year was $78.7 million, down from $93.0 million in the previous year, primarily due to lower average loan balances and higher interest expenses on deposits.
The company reported a recovery of credit losses of $5.1 million, compared to a provision for credit losses of $22.3 million in 2023. This recovery was largely due to the sale of a nonperforming loan.
Noninterest income decreased significantly to $13.6 million from $28.4 million in 2023, primarily due to a negative fair value adjustment on an equity investment and lower gains on the sale of government-guaranteed loans.
Noninterest expenses totaled $113.8 million, a decrease from $157.9 million in 2023. This decrease was largely due to the absence of a goodwill impairment charge and lower regulatory remediation expenses.
The company's total deposits decreased by $386.6 million to $2.18 billion, primarily due to the exit from fintech banking-as-a-service operations.
The filing details the company's capital ratios, which exceed the minimum requirements set forth in a Consent Order issued by the OCC. The company is required to maintain a leverage ratio of 10.0% and a total capital ratio of 13.0%.
The company completed private placements in 2024, issuing and converting shares of common and preferred stock, resulting in net proceeds of $152.1 million, which are intended to support strategic initiatives and enhance capital levels.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Blue Ridge Bankshares Inc. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.