Completed capital raise of $150 million private placement, which closed subsequent to the end of the quarter, to help fund business transformation
Solidified compliance and risk management functions with key hires
Regulatory remediation efforts on track
RICHMOND, Va., April 30, 2024 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (the "Company") (NYSE American: BRBS), the holding company of Blue Ridge Bank, National Association ("Blue Ridge Bank" or the "Bank") and BRB Financial Group, Inc. ("BRB Financial Group"), today announced financial results for the quarter ended March 31, 2024.
For the quarter ended March 31, 2024, the Company reported a net loss of $2.9 million, or $0.15 per diluted common share, compared to a net loss of $5.8 million, or $0.30 per diluted common share, for the fourth quarter of 2023, and net income of $4.0 million, or $0.21 per diluted common share, for the first quarter of 2023.
A Message From Blue Ridge Bankshares, Inc. President and CEO, G. William "Billy" Beale:
"Our efforts during the first quarter further reflect the deep commitment of this leadership team to aggressively pursue the steps necessary to transform Blue Ridge Bank, restore it to its community banking roots, and put it on a path to profitable growth. Achieving this goal means advancing several, simultaneous strategies ? from filling vital leadership roles, to advancing our regulatory remediation efforts, to formulating strategic growth and capital plans, to more deeply examining ways to be more efficient.
"During the first quarter of 2024, we once again made significant, additional progress across each of these strategic areas.
"We are on a journey and, while we expect 2024 to be a transitional year, we expect that the combination of the initiatives above will begin to result in incremental operating improvement as we move through the year. I thank our shareholders, our employees, and our communities for their resilience and support. I am pleased with the milestones we have achieved thus far and look forward to making more progress in the months ahead."
OCC Consent Order and Private Placement Stock Offering
On January 25, 2024, the Company announced that the Bank had consented to the issuance of a consent order (the "Consent Order") by the OCC. The Consent Order replaces the formal written agreement entered into by the Bank and the OCC on August 29, 2022. A complete copy of the Consent Order was included in a Current Report on a Form 8-K filed by the Company with the Securities and Exchange Commission ("SEC") on January 25, 2024 and can be accessed on the SEC's website (www.sec.gov) and the Company's website (www.mybrb.com).
Subsequent to the end of the first quarter, on April 3, 2024, the Company announced it had closed on a private placement of the Company's common and preferred stock for gross proceeds of $150 million (the "Private Placement"). This Private Placement amends and replaces the previously proposed private placement for $150 million of the Company's common stock that was announced on December 22, 2023.
The Company intends to use the capital from the Private Placement to propel its near-term strategic initiatives, which include repositioning business lines, supporting organic growth, and further enhancing the Bank's capital levels, including compliance with the minimum capital ratios set forth in the Consent Order.
Q1 2024 Highlights
(Comparisons for First Quarter 2024 are relative to Fourth Quarter 2023 unless otherwise noted.
Net Income:
Asset Quality:
Capital:
Net Interest Income / Net Interest Margin:
Balance Sheet:
Noninterest Income / Noninterest Expense:
Income Statement:
Net Interest Income
Net interest income was $20.3 million for the first quarter of 2024, compared to $21.8 million for the fourth quarter of 2023, and $25.2 million for the first quarter of 2023. The decline from year end was primarily attributable to lower interest and fee income on loans due to lower average balances and higher interest expense on deposits due to higher average balances of and rates paid on time deposits, partially offset by lower average balances and rates paid on interest-bearing demand accounts. Most BaaS deposits are in interest-bearing demand accounts.
Total interest income was $42.5 million for the first quarter of 2024, $43.2 million for the fourth quarter of 2023, and $40.9 million for the first quarter of 2023. The decline relative to the fourth quarter of 2023 was relatively modest, while the increase relative to the first quarter of 2023 reflects higher average balances of and yields on interest-earning asset balances, partially offset by lower benefit from purchase accounting adjustments. The yield on average loans held for investment was 6.29% for the first quarter of 2024, compared to 6.31% for the fourth quarter of 2023, and 5.88% for the first quarter of 2023.
Total interest expense was $22.2 million for the first quarter of 2024, compared to $21.4 million for the fourth quarter of 2023, and $15.7 million for the first quarter of 2023. The increase relative to the prior quarter and the year-ago period reflects higher overall funding costs due to higher market interest rates and greater balances of and a shift in the mix of average interest-bearing liabilities, primarily to higher-cost wholesale funding.
Average balances of interest-earning assets decreased $12.6 million to $2.97 billion in the first quarter of 2024, relative to the prior quarter, and decreased $94.0 million from the year-ago period. Relative to the prior quarter, the decrease reflected a slight decline in average balances of loans held for investment and securities. Relative to the year-ago period, the decrease in average interest-earning asset balances was due primarily to lower average balances of loans held for investment and securities.
Average balances of interest-bearing liabilities increased $48.9 million to $2.41 billion in the first quarter of 2024, relative to the prior quarter, and increased $242.0 million from the year-ago period. Relative to the prior quarter, the increase reflected higher average balances of time deposits, primarily attributable to wholesale funding, partially offset by lower average balances of interest-bearing demand and money market accounts. Relative to the prior year, the increase primarily reflected higher average balances of time deposits.
Cost of funds was 3.03% for the first quarter of 2024, compared to 2.91% for the fourth quarter of 2023, and 2.11% for the first quarter of 2023, while cost of deposits was 2.85%, 2.73%, and 1.74%, for the same respective periods. Higher deposit costs and overall funding costs reflect the impact of higher market interest rates and a shift in the mix of funding. Cost of deposits excluding wholesale deposits was 2.52% for the quarter compared to 2.58% in the prior quarter and 1.70% in the year-ago period.
Net interest margin was 2.75% for the first quarter of 2024 compared to 2.92% and 3.30% for the fourth and first quarters of 2023, respectively. The decline in net interest margin relative to the prior periods reflects the impact of higher interest rates on funding costs and less benefit from purchase accounting adjustments.
Recovery of/Provision for Credit Losses
The Company recorded a recovery of credit losses of $1.0 million for the first quarter of 2024, compared to a provision of $2.8 million for the fourth quarter of 2023, and a recovery of $1.5 million for the first quarter of 2023. The recovery for the first quarter of 2024 was primarily attributable to lower unfunded loan commitments, which declined to $294.6 million at March 31, 2024 from $364.2 million at December 31, 2023. Provision for the fourth quarter of 2023 was primarily attributable to charge-offs and reserve needs for a select group of purchased consumer loans, partially offset by a recovery of credit losses on lower unfunded loan commitments.
Noninterest Income
Noninterest income was $7.8 million for the first quarter of 2024, compared to $4.1 million for the fourth quarter of 2024, and $7.3 million for the first quarter of 2023. The increase relative to the fourth quarter of 2023 was primarily due to positive fair value adjustments on mortgage servicing right assets, partially offset by a lower gain on sale of government guaranteed loans. Additionally, in the fourth quarter of 2023, the Company recognized a $1.6 million loss on the sale of an equity investment in a fintech company.
Noninterest Expense
Noninterest expense was $32.5 million for the first quarter of 2024, compared to $30.6 million for the fourth quarter of 2023, and $28.8 million for the first quarter of 2023. Noninterest expense increased $1.9 million from the prior quarter and increased $3.7 million from the year-ago period. The increase relative to the fourth quarter of 2024 was primarily driven by higher salaries and employee benefits. Higher salaries and employee benefit expenses in the first quarter of 2024 include the addition of key leadership roles, a charge upon the retirement of the leader of the mortgage business, and greater incentive expense. In the fourth quarter of 2024, the Company recorded negligible incentive expense and reversed expenses related to previously issued performance-based restricted stock awards. The increase relative to the year-ago period primarily reflects higher salaries and employee benefits, FDIC insurance assessments, audit and accounting fees, and regulatory remediation expenses. In the fourth quarter of 2023, the Company received a recovery of previously expensed legal costs in connection with the previously reported ESOP litigation.
Balance Sheet:
Loans
Loans held for investment were $2.39 billion at March 31, 2024, compared to $2.43 billion at December 31, 2023, and $2.45 billion at March 31, 2023. The decline of $36.9 million from the prior quarter end was due to the Bank's plan to purposely reduce assets to partially meet the liquidity need of the BaaS operations wind down.
Deposits
Total deposits were $2.47 billion at March 31, 2024, a decrease of $100.3 million from the prior quarter end, and a decrease of $295.3 million from the year-ago period. Relative to the prior quarter end, the decrease reflected lower interest-bearing demand and money market deposits, primarily attributable to fintech relationships and, to a lesser extent, decreases in noninterest bearing deposits, partially offset by higher time deposits, primarily wholesale deposits. Fintech-related deposits declined $162.9 million in the first quarter of 2024 due to fewer BaaS partners and lower fintech-related corporate balances, including those related to one of the Bank's indirect lending partners. Excluding fintech-related deposits and wholesale funding, total deposits during the quarter decreased $22.3 million, or 1.26%, from the prior quarter end.
Noninterest-bearing deposits represented 20.1%, 19.7%, and 21.5% of total deposits at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. Fintech-related balances represented 12.3%, 18.2%, and 28.1% of total deposits as of the same respective periods.
The held for investment loan to deposit ratio was 97.1% at March 31, 2024, compared to 94.7% at the prior quarter end, and 88.8% at the year-ago period-end. The increase on a comparative basis was due primarily to lower total deposit levels attributable to lower fintech-related balances.
Fintech Operations:
Interest and fee income related to fintech partnerships represented approximately $1.7 million, $2.1 million, and $1.5 million of total revenue for the Company for the first quarter of 2024, the fourth quarter of 2023, and the first quarter of 2023, respectively. Deposits related to fintech relationships were $303.0 million at March 31, 2024, compared to $465.9 million at the prior quarter end. Included in deposits related to fintech relationships were assets managed by BRB Financial Group's trust division of $16.4 million as of March 31, 2024.
Non-GAAP Financial Measures:
The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures, including tangible assets, tangible common equity, and tangible book value per share, to supplement the evaluation of the Company's financial condition and performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the financial condition, capital position, and operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.
Forward-Looking Statements:
This release of the Company contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company's beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identi?ed with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan," or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control. Actual results, performance or achievements could di?er materially from those contemplated, expressed or implied by the forward-looking statements.
The following factors, among others, could cause the Company's ?nancial performance to di?er materially from that expressed in such forward-looking statements:
The foregoing factors should not be considered exhaustive and should be read together with other cautionary statements that are included in filings the Company makes from time to time with the SEC. Any one of these risks or factors could have a material adverse impact on the Company's results of operations or financial condition, or cause the Company's actual results, performance or achievements to differ materially from those expressed in, or implied by, forward-looking information and statements contained in this release. Moreover, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on its forward-looking statements. Therefore, the Company cautions not to place undue reliance on its forward-looking information and statements, which speak only as of the date of this release. The Company does not undertake to, and will not, update or revise these forward-looking statements after the date hereof, whether as a result of new information, future events, or otherwise.
1 Non-GAAP financial measure. Further information can be found at the end of this press release.
Blue Ridge Bankshares, Inc. | ||||
Consolidated Balance Sheets | ||||
(Dollars in thousands, except share data) | (unaudited) | December 31, | ||
Assets | ||||
Cash and due from banks | $ 117,464 | $ 110,491 | ||
Restricted cash | 10,734 | 10,660 | ||
Federal funds sold | 6,849 | 4,451 | ||
Securities available for sale, at fair value | 314,394 | 321,081 | ||
Restricted equity investments | 22,071 | 18,621 | ||
Other equity investments | 12,863 | 12,905 | ||
Other investments | 26,586 | 29,467 | ||
Loans held for sale | 34,902 | 46,337 | ||
Loans held for investment, net of deferred fees and costs | 2,394,089 | 2,430,947 | ||
Less: allowance for credit losses | (35,025) | (35,893) | ||
Loans held for investment, net | 2,359,064 | 2,395,054 | ||
Accrued interest receivable | 14,696 | 14,967 | ||
Premises and equipment, net | 21,968 | 22,348 | ||
Right-of-use asset | 8,067 | 8,738 | ||
Bank owned life insurance | 48,790 | 48,453 | ||
Other intangible assets | 5,009 | 5,382 | ||
Mortgage servicing rights, net | 27,843 | 27,114 | ||
Deferred tax asset, net | 21,928 | 21,556 | ||
Other assets | 22,959 | 19,929 | ||
Total assets | $ 3,076,187 | $ 3,117,554 | ||
Liabilities and Stockholders' Equity | ||||
Deposits: | ||||
Noninterest-bearing demand | $ 496,375 | $ 506,248 | ||
Interest-bearing demand and money market deposits | 898,870 | 1,049,536 | ||
Savings | 114,281 | 117,923 | ||
Time deposits | 956,250 | 892,325 | ||
Total deposits | 2,465,776 | 2,566,032 | ||
FHLB borrowings | 280,000 | 210,000 | ||
FRB borrowings | 65,000 | 65,000 | ||
Subordinated notes, net | 39,838 | 39,855 | ||
Lease liability | 8,870 | 9,619 | ||
Other liabilities | 35,797 | 41,059 | ||
Total liabilities | 2,895,281 | 2,931,565 | ||
Commitments and contingencies | ||||
Stockholders' Equity: | ||||
Common stock, no par value; 50,000,000 shares authorized at March 31, 2024 and December 31, 2023; 19,584,040 and 19,198,379 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 198,004 | 197,636 | ||
Additional paid-in capital | 252 | 252 | ||
Retained earnings | 30,264 | 33,157 | ||
Accumulated other comprehensive loss, net of tax | (47,614) | (45,056) | ||
Total stockholders' equity | 180,906 | 185,989 | ||
Total liabilities and stockholders' equity | $ 3,076,187 | $ 3,117,554 | ||
(1) Derived from audited December 31, 2023 Consolidated Financial Statements. |
Blue Ridge Bankshares, Inc. | ||||||
Consolidated Statements of Income (unaudited) | ||||||
For the Three Months Ended | ||||||
As restated | ||||||
(Dollars in thousands, except per common share data) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||
Interest income: | ||||||
Interest and fees on loans | $ 38,346 | $ 38,933 | $ 37,131 | |||
Interest on taxable securities | 2,438 | 2,457 | 2,628 | |||
Interest on nontaxable securities | 60 | 56 | 92 | |||
Interest on deposit accounts and federal funds sold | 1,687 | 1,714 | 1,039 | |||
Total interest income | 42,531 | 43,160 | 40,890 | |||
Interest expense: | ||||||
Interest on deposits | 18,485 | 17,899 | 11,331 | |||
Interest on subordinated notes | 560 | 543 | 553 | |||
Interest on FHLB and FRB borrowings | 3,137 | 2,955 | 3,810 | |||
Total interest expense | 22,182 | 21,397 | 15,694 | |||
Net interest income | 20,349 | 21,763 | 25,196 | |||
Provision for (recovery of) credit losses - loans | ? | 3,600 | (1,110) | |||
Provision for (recovery of) credit losses - unfunded commitments | (1,000) | (830) | (400) | |||
Total provision for credit losses | (1,000) | 2,770 | (1,510) | |||
Net interest income after provision for credit losses | 21,349 | 18,993 | 26,706 | |||
Noninterest income: | ||||||
Fair value adjustments of other equity investments | (7) | 167 | (51) | |||
Residential mortgage banking income | 2,664 | 2,617 | 3,199 | |||
Mortgage servicing rights | 729 | (2,026) | (1,896) | |||
Gain on sale of government guaranteed loans | 110 | 905 | 2,409 | |||
Wealth and trust management | 520 | 483 | 432 | |||
Service charges on deposit accounts | 398 | 366 | 343 | |||
Increase in cash surrender value of BOLI | 337 | 310 | 282 | |||
Bank and purchase card, net | 242 | 446 | 340 | |||
Loss on sale of other equity investments | ? | (1,636) | ? | |||
Other | 2,832 | 2,475 | 2,225 | |||
Total noninterest income | 7,825 | 4,107 | 7,283 | |||
Noninterest expense: | ||||||
Salaries and employee benefits | 16,045 | 13,711 | 15,289 | |||
Occupancy and equipment | 1,524 | 1,549 | 1,569 | |||
Data processing | 1,106 | 1,499 | 1,346 | |||
Legal and regulatory filings | 447 | (286) | 1,234 | |||
Advertising and marketing | 297 | 184 | 286 | |||
Communications | 1,173 | 927 | 1,131 | |||
Audit and accounting fees | 1,155 | 1,381 | 146 | |||
FDIC insurance | 1,377 | 1,762 | 729 | |||
Intangible amortization | 287 | 297 | 355 | |||
Other contractual services | 1,717 | 2,064 | 939 | |||
Other taxes and assessments | 943 | 809 | 802 | |||
Regulatory remediation | 2,644 | 3,155 | 1,134 | |||
Other | 3,759 | 3,531 | 3,887 | |||
Total noninterest expense | 32,474 | 30,583 | 28,847 | |||
(Loss) income before income tax | (3,300) | (7,483) | 5,142 | |||
Income tax (benefit) expense | (407) | (1,724) | 1,172 | |||
Net (loss) income | $ (2,893) | $ (5,759) | $ 3,970 | |||
Basic and diluted (loss) earnings per common share | $ (0.15) | $ (0.30) | $ 0.21 |
Blue Ridge Bankshares, Inc. | ||||||||||
Quarter Summary of Selected Financial Data (unaudited) | ||||||||||
As of and for the Three Months Ended | ||||||||||
As restated | As restated | |||||||||
(Dollars and shares in thousands, except per common share data) | March 31, | December 31, | September 30, | June 30, | March 31, | |||||
Income Statement Data: | 2024 | 2023 | 2023 | 2023 | 2023 | |||||
Interest income | $ 42,531 | $ 43,160 | $ 42,485 | $ 42,460 | $ 40,890 | |||||
Interest expense | 22,182 | 21,397 | 20,293 | 18,570 | 15,694 | |||||
Net interest income | 20,349 | 21,763 | 22,192 | 23,890 | 25,196 | |||||
(Recovery of) provision for credit losses | (1,000) | 2,770 | 11,050 | 10,013 | (1,510) | |||||
Net interest income after provision for loan losses | 21,349 | 18,993 | 11,142 | 13,877 | 26,706 | |||||
Noninterest income | 7,825 | 4,107 | 7,415 | 9,736 | 7,283 | |||||
Noninterest expenses, excluding goodwill impairment | 32,474 | 30,583 | 37,795 | 34,052 | 28,847 | |||||
Goodwill impairment | ? | ? | 26,826 | ? | ? | |||||
(Loss) income before income taxes | (3,300) | (7,483) | (46,064) | (10,439) | 5,142 | |||||
Income tax (benefit) expense | (407) | (1,724) | (4,693) | (1,826) | 1,172 | |||||
Net (loss) income | (2,893) | (5,759) | (41,371) | (8,613) | 3,970 | |||||
Per Common Share Data: | ||||||||||
(Loss) earnings per common share - basic and diluted | $ (0.15) | $ (0.30) | $ (2.18) | $ (0.45) | $ 0.21 | |||||
Dividends declared per common share | ? | ? | ? | ? | 0.1225 | |||||
Book value per common share | 9.24 | 9.69 | 9.53 | 12.21 | 13.03 | |||||
Tangible book value per common share - Non-GAAP | 9.04 | 9.47 | 9.30 | 10.55 | 11.36 | |||||
Balance Sheet Data: | ||||||||||
Total assets | $ 3,076,187 | $ 3,117,554 | $ 3,262,713 | $ 3,214,424 | $ 3,324,060 | |||||
Average assets | 3,164,932 | 3,165,886 | 3,249,112 | 3,277,283 | 3,270,109 | |||||
Average interest-earning assets | 2,966,491 | 2,979,065 | 3,038,795 | 3,064,104 | 3,060,534 | |||||
Loans held for investment | 2,394,089 | 2,430,947 | 2,446,370 | 2,454,431 | 2,452,783 | |||||
Allowance for credit losses | 35,025 | 35,893 | 49,631 | 38,567 | 35,961 | |||||
Purchase accounting adjustments (discounts) on acquired loans | 4,873 | 5,117 | 5,831 | 6,381 | 6,724 | |||||
Loans held for sale | 34,902 | 46,337 | 69,640 | 64,102 | 76,528 | |||||
Securities available for sale, at fair value | 314,394 | 321,081 | 313,930 | 340,617 | 351,990 | |||||
Noninterest-bearing demand deposits | 496,375 | 506,248 | 572,969 | 575,989 | 594,518 | |||||
Total deposits | 2,465,776 | 2,566,032 | 2,776,151 | 2,613,094 | 2,761,047 | |||||
Subordinated notes, net | 39,838 | 39,855 | 39,871 | 39,888 | 39,904 | |||||
FHLB and FRB advances | 345,000 | 275,000 | 215,000 | 284,100 | 239,100 | |||||
Average interest-bearing liabilities | 2,411,683 | 2,362,774 | 2,354,360 | 2,346,722 | 2,169,643 | |||||
Total stockholders' equity | 180,906 | 185,989 | 182,837 | 231,271 | 246,735 | |||||
Average stockholders' equity | 183,901 | 223,840 | 238,530 | 257,117 | 259,911 | |||||
Weighted average common shares outstanding - basic | 19,178 | 19,033 | 19,015 | 18,851 | 18,856 | |||||
Weighted average common shares outstanding - diluted | 19,178 | 19,033 | 19,015 | 18,851 | 18,860 | |||||
Financial Ratios: | ||||||||||
Return on average assets (1) | -0.37 % | -0.73 % | -5.09 % | -1.05 % | 0.49 % | |||||
Return on average equity (1) | -6.29 % | -10.29 % | -69.38 % | -13.40 % | 6.11 % | |||||
Total loan to deposit ratio | 98.5 % | 96.5 % | 90.6 % | 96.4 % | 91.6 % | |||||
Held for investment loan to deposit ratio | 97.1 % | 94.7 % | 88.1 % | 93.9 % | 88.8 % | |||||
Net interest margin (1) | 2.75 % | 2.92 % | 2.92 % | 3.12 % | 3.30 % | |||||
Cost of deposits (1) | 2.85 % | 2.73 % | 2.46 % | 2.21 % | 1.74 % | |||||
Cost of funds (1) | 3.03 % | 2.91 % | 2.73 % | 2.49 % | 2.11 % | |||||
Efficiency ratio | 115.3 % | 118.2 % | 127.7 % | 101.3 % | 88.8 % | |||||
Regulatory remediation expenses | 2,644 | 3,155 | 3,782 | 2,388 | 1,134 | |||||
Capital and Asset Quality Ratios: | ||||||||||
Average stockholders' equity to average assets | 5.8 % | 7.1 % | 7.3 % | 7.8 % | 7.9 % | |||||
Allowance for credit losses to loans held for investment | 1.46 % | 1.48 % | 2.03 % | 1.57 % | 1.47 % | |||||
Ratio of net charge-offs to average loans outstanding (1) | 0.14 % | 2.84 % | 0.09 % | 1.28 % | 0.17 % | |||||
Nonperforming loans to total assets | 1.73 % | 2.02 % | 2.51 % | 2.54 % | 2.63 % | |||||
Nonperforming assets to total assets | 1.73 % | 2.02 % | 2.51 % | 2.54 % | 2.63 % | |||||
Nonperforming loans to loans held for investment | 2.22 % | 2.59 % | 3.34 % | 3.33 % | 3.56 % | |||||
Reconciliation of Non-GAAP Financial Measures (unaudited): | ||||||||||
Tangible Common Equity: | ||||||||||
Total stockholders' equity | $ 180,906 | $ 185,989 | $ 182,837 | $ 231,271 | $ 246,735 | |||||
Less: Goodwill and other intangibles, net of deferred tax liability (2) | (3,913) | (4,179) | (4,286) | (31,427) | (31,637) | |||||
Tangible common equity (Non-GAAP) | $ 176,993 | $ 181,810 | $ 178,551 | $ 199,844 | $ 215,098 | |||||
Total shares outstanding | 19,584 | 19,198 | 19,192 | 18,934 | 18,942 | |||||
Book value per common share | $ 9.24 | $ 9.69 | $ 9.53 | $ 12.21 | $ 13.03 | |||||
Tangible book value per common share (Non-GAAP) | 9.04 | 9.47 | 9.30 | 10.55 | 11.36 | |||||
Tangible stockholders' equity to tangible total assets | ||||||||||
Total assets | $ 3,076,187 | $ 3,117,554 | $ 3,262,713 | $ 3,214,424 | $ 3,324,060 | |||||
Less: Goodwill and other intangibles, net of deferred tax liability (2) | (3,913) | (4,179) | (4,286) | (31,427) | (31,637) | |||||
Tangible total assets (Non-GAAP) | $ 3,072,274 | $ 3,113,375 | $ 3,258,427 | $ 3,182,997 | $ 3,292,423 | |||||
Tangible common equity (Non-GAAP) | $ 176,993 | $ 181,810 | $ 178,551 | $ 199,844 | $ 215,098 | |||||
Tangible stockholders' equity to tangible total assets (Non-GAAP) | 5.8 % | 5.8 % | 5.5 % | 6.3 % | 6.5 % | |||||
(1) Annualized. | ||||||||||
(2) Excludes mortgage servicing rights. |
SOURCE Blue Ridge Bankshares, Inc.
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