Blue Ridge Bankshares(BRBS) - 2024 Q3 - Quarterly Results

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$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$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$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$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]