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Blue Ridge Bankshares Reports 2024 Financial Results

Blue Ridge Bankshares, Inc., the holding company of Blue Ridge Bank, recently unveiled its financial performance for the fourth quarter and the entire year ending December 31, 2024. This announcement marks a pivotal moment for the bank, as it signifies significant changes and adaptations in its operational strategy.

Key Financial Highlights

In the fourth quarter of 2024, Blue Ridge reported a net loss of $2.0 million, translating to a loss of $0.03 per diluted common share. This contrasts with a net income of $0.9 million from the third quarter of 2024. Year-on-year comparisons show a net loss improvement from a loss of $5.8 million in Q4 2023. Despite these figures, an after-tax loss related to the sale of mortgage servicing rights (MSRs) impacted the quarterly results. For the entire year of 2024, the net loss amounted to $15.4 million, a significant reduction from a staggering loss of $51.8 million in the previous year.

The considerable losses in 2023 were heavily influenced by an after-tax goodwill impairment charge of $26.8 million and other one-time charges related to legal settlements.

Operational Changes and Strategic Focus

During 2024, the management, led by President and CEO G. William