Blue Ridge Bankshares' Q3 net income rises, boosted by out-of-market loan payoff

Overview * Blue Ridge Q3 net income rises to $5.6 mln, highest since 2022 * Net interest income for Q3 increases to $21.9 mln * Company announces $15 mln share repurchase program Outlook * Company anticipates lower consulting and legal expenses in the fourth quarter Result Drivers * ONE-TIME EVENTS – Q3 results boosted by $3.0 mln fee income from out-of-market loan payoff and $0.8 mln recovery from charged-off loan * EXPENSE REDUCTIONS – Decrease in noninterest expenses due to lower salaries and FDIC insurance premiums, reflecting improved regulatory position * LOAN PIPELINE – Despite decline in loans held for investment, co has built a loan pipeline of over $200 mln, indicating future growth potential Key Details Metric Beat/Mis Actual Consensu s s Estimate Q3 EPS $0.06 Q3 Net $5.60 Income mln Q3 Net $21.91 Interest mln Income Q3 $7.50 Pretax mln Profit Press Release: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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