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BRBS NYSE AM· Blue Ridge Bankshares Inc (VA)
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BRBS NYSE AM· Blue Ridge Bankshares Inc (VA)
Earnings report Q4 2022

Blue Ridge Bankshares Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

In the latest quarter, Blue Ridge Bankshares (BRBS) reported total revenue of $121.65 million. This was a significant increase compared to the previous year's revenue of $103.55 million. The majority of the revenue came from interest income, with $111.00 million generated from interest and fees on loans. Additionally, $10.65 million was earned from interest on securities, deposit accounts, and federal funds sold.

Strengths

Blue Ridge Bankshares demonstrated strong revenue growth in the latest quarter, driven primarily by increased interest income from loans. The company's focus on lending activities has proven to be successful, resulting in a substantial increase in revenue compared to the previous year. Management attributes this growth to a combination of higher loan volumes and improved interest rates. The company's ability to effectively manage its loan portfolio and capture favorable interest rate spreads has contributed to its strong financial performance.

Challenges

Despite the overall positive performance, Blue Ridge Bankshares faced challenges in managing its provision for loan losses. The company allocated $25.69 million for loan loss provisions in the latest quarter, significantly higher than the previous year's provision of $117 thousand. This increase indicates potential credit risks and the need for additional provisions to cover potential loan losses. It is important for the company to closely monitor its loan portfolio and maintain effective risk management practices to mitigate these challenges.

Noteworthy

It is worth noting that Blue Ridge Bankshares' revenue growth in the latest quarter outpaced the overall market performance. The company's ability to generate strong interest income from its lending activities has positioned it well in the current economic environment. Additionally, the company's stock price experienced a decline during the quarter, with the closing price dropping from $17.78 per share to $12.49 per share. This decline may be attributed to various factors, including market conditions and investor sentiment.

Summary

Blue Ridge Bankshares delivered a strong financial performance in the latest quarter, with significant revenue growth driven by increased interest income from loans. The company's focus on lending activities and effective management of its loan portfolio have contributed to its success. However, challenges in managing provisions for loan losses highlight the importance of maintaining robust risk management practices. Overall, Blue Ridge Bankshares' performance demonstrates its ability to navigate the market and capitalize on lending opportunities.

Source documents

Form 10-K/A  filed on Nov 14, 2023
24 pages scanned

Reference data

Company financials Q4 revenue 23.1M
Analyst estimates Q4 EPS missed by NaN%
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