Blue Ridge Bankshares Q3 net loss widens on credit loss provisions
BRBS•Blue Ridge Bankshares reported a $4.16 million third-quarter net loss, mainly due to credit loss provisions. Net interest income rose to $17.41 million, and the company incurred $1.2 million in merger-related expenses.
1. Third-quarter results
Blue Ridge Bankshares reported a third-quarter net loss of $4.16 million, or $0.05 per share, and a pretax loss of $4.32 million. The company said the loss was mainly due to provisions for out-of-market loans originated before 2024.
2. Income and merger costs
Net interest income increased to $17.41 million from the prior quarter, reflecting higher loan yields and average balances of loans held for investment, as well as lower interest expense from reduced balances of higher-cost brokered deposits. The company incurred $1.2 million in merger-related expenses ahead of its planned merger with HomeTrust.
3. Merger outlook
Blue Ridge Bankshares expects the HomeTrust merger to close in the first quarter of 2027, pending approvals.
