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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 001-39165

BLUE RIDGE BANKSHARES, INC.

(Exact name of registrant as specified in its charter)


Virginia	54-1838100
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1801 Bayberry Court, Suite 101 Richmond, Virginia	23226
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (888) 331-6521

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Stock, no par value

     BRBS

     NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 1, 2026, the registrant had 89,911,711 shares of common stock, no par value per share, outstanding.


Blue Ridge Bankshares, Inc. Table of Contents
Item		Page

PART I	FINANCIAL INFORMATION

Item 1.	Financial Statements	3

	Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	3

	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)	4

	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited)	5

	Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)	6

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	7

	Notes to Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	42

Item 4.	Controls and Procedures	42

PART II	OTHER INFORMATION	43

Item 1.	Legal Proceedings	43

Item 1A.	Risk Factors	43

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43

Item 3.	Defaults Upon Senior Securities	43

Item 4.	Mine Safety Disclosures	43

Item 5.	Other Information	43

Item 6.	Exhibits	44

Signatures		45

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Blue Ridge Bankshares, Inc.

Consolidated Balance Sheets


	(unaudited)
(Dollars in thousands except share data)	March 31, 2026			December 31, 2025 (1)
ASSETS
Cash and due from banks	$	146,608		$	115,949
Federal funds sold		1,451			1,851
Securities available for sale, at fair value		331,914			332,928
Restricted equity investments		18,405			19,016
Other equity investments		4,952			4,910
Other investments		20,916			20,781
Loans held for sale		—			14,769
Loans held for investment, net of deferred fees and costs		1,833,899			1,865,717
Less: allowance for credit losses		(19,184	)		(19,444	)
Loans held for investment, net		1,814,715			1,846,273
Accrued interest receivable		11,134			10,787
Other real estate owned ("OREO")		1,560			1,683
Premises and equipment, net		21,635			21,549
Right-of-use assets		6,326			6,637
Other intangible assets		2,394			2,642
Deferred tax asset, net		22,586			22,721
Other assets		9,450			10,093
Total assets	$	2,414,046		$	2,432,589
LIABILITIES & STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	392,067		$	398,541
Interest-bearing demand and money market		598,599			612,648
Savings		102,400			100,346
Time		800,008			799,627
Total deposits		1,893,074			1,911,162
FHLB borrowings		150,000			150,000
Subordinated notes, net		14,702			14,716
Lease liabilities		6,906			7,233
Dividends payable		54,055			6,578
Other liabilities		18,345			19,209
Total liabilities		2,137,082			2,108,898
Commitments and contingencies (Note 7)
Stockholders’ Equity:
Common stock, no par value; 150,000,000 shares authorized at March 31, 2026 and December 31, 2025, respectively; and 89,796,993 and 91,475,278 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		332,152			331,917
Additional paid-in capital		23,552			23,552
Accumulated deficit		(47,440	)		(659	)
Accumulated other comprehensive loss, net of tax		(31,300	)		(31,119	)
Total stockholders’ equity		276,964			323,691
Total liabilities and stockholders’ equity	$	2,414,046		$	2,432,589

(1)

Derived from audited December 31, 2025 Consolidated Financial Statements.

See accompanying notes to unaudited consolidated financial statements.

Blue Ridge Bankshares, Inc.

Consolidated Statements of Operations

(unaudited)


	For the three months ended
(Dollars in thousands, except per share data)	March 31, 2026			March 31, 2025
INTEREST INCOME
Interest and fees on loans	$	25,709		$	31,154
Interest on securities, deposit accounts, and federal funds sold		3,680			4,196
Total interest income		29,389			35,350
INTEREST EXPENSE
Interest on deposits		10,760			14,192
Interest on subordinated notes		291			736
Interest on FHLB borrowings		1,432			1,432
Total interest expense		12,483			16,360
Net interest income		16,906			18,990
Recovery of credit losses - loans		(600	)		—
Total recovery of credit losses		(600	)		—
Net interest income after recovery of credit losses		17,506			18,990
NONINTEREST INCOME
Service charges on deposit accounts		632			457
Bank and purchase card interchange income, net		545			567
Wealth and trust management fees		464			454
Residential mortgage banking income		—			724
Fair value adjustments of other equity investments		66			(73	)
Other		641			943
Total noninterest income		2,348			3,072
NONINTEREST EXPENSE
Salaries and employee benefits		11,057			12,610
Occupancy and equipment		1,239			1,381
Technology and communication		1,987			2,784
Legal and regulatory filings		582			439
Advertising and marketing		765			191
Audit fees		255			578
FDIC insurance		420			1,097
Intangible amortization		202			244
Other contractual services		202			595
Other taxes and assessments		828			921
Other		1,204			2,111
Total noninterest expense		18,741			22,951
Income (loss) before income tax expense		1,113			(889	)
Income tax expense (benefit)		277			(455	)
Net income (loss)	$	836		$	(434	)
Basic and diluted earnings (loss) per common share	$	0.01		$	(0.01	)

See accompanying notes to unaudited consolidated financial statements.

Blue Ridge Bankshares, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(unaudited)


	For the three months ended
(Dollars in thousands)	March 31, 2026			March 31, 2025
Net income (loss)	$	836		$	(434	)
Other comprehensive (loss) income:
Gross unrealized (loss) gain on securities available for sale arising during the period		(232	)		5,223
Deferred income tax benefit (expense)		51			(1,417	)
Other comprehensive (loss) income, net of tax		(181	)		3,806
Comprehensive income	$	655		$	3,372

See accompanying notes to unaudited consolidated financial statements.

Blue Ridge Bankshares, Inc.

Consolidated Statements of Changes in Stockholders’ Equity

(unaudited)


	For the three months ended March 31, 2026
(Dollars in thousands except share data)	Shares of Common Stock			Common Stock			Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Loss, net			Total
Balance at beginning of period		91,475,278		$	331,917		$	23,552	$	(659	)	$	(31,119	)	$	323,691
Net income		—			—			—		836			—			836
Other comprehensive loss		—			—			—		—			(181	)		(181	)
Dividends on common stock		—			—			—		(47,617	)		—			(47,617	)
Restricted stock award grants and related compensation expense		694,829			272			—		—			—			272
Restricted stock award forfeitures and cancellations		(2,373,114	)		(37	)		—		—			—			(37	)
Balance at end of period		89,796,993		$	332,152		$	23,552	$	(47,440	)	$	(31,300	)	$	276,964


	For the three months ended March 31, 2025
(Dollars in thousands except share data)	Shares of Common Stock			Common Stock			Additional Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive (Loss) Income, net			Total
Balance at beginning of period		84,972,610		$	322,791		$	29,687	$	17,772		$	(42,462	)	$	327,788
Net loss		—			—			—		(434	)		—			(434	)
Other comprehensive income		—			—			—		—			3,806			3,806
Exercises of warrants to purchase common stock		2,762,000			6,905			—		—			—			6,905
Restricted stock award grants and related compensation expense		96,322			275			—		—			—			275
Restricted stock award forfeitures		(53,083	)		(51	)		—		—			—			(51	)
Balance at end of period		87,777,849		$	329,920		$	29,687	$	17,338		$	(38,656	)	$	338,289

See accompanying notes to unaudited consolidated financial statements.

Blue Ridge Bankshares, Inc.

Consolidated Statements of Cash Flows

(unaudited)


	For the three months ended
(Dollars in thousands)	March 31, 2026			March 31, 2025
Cash Flows From Operating Activities
Net income (loss)	$	836		$	(434	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		368			378
Deferred income tax (benefit) expense		(51	)		1,417
Recovery of credit losses - loans		(600	)		—
Accretion of fair value adjustments on acquired loans, time deposits, and subordinated notes		(178	)		(426	)
Proceeds from sale of mortgage loans held for sale		—			22,849
Mortgage loans held for sale, originated		—			(22,350	)
Gain on sale of mortgage loans		—			(508	)
Fair value adjustments of other equity investments		(66	)		73
Loss on disposal of premises and equipment, other assets, and other real estate owned		1			200
Investment amortization expense, net		6			49
Intangible amortization		202			244
Increase in accrued interest receivable		(347	)		(163	)
Decrease in other assets		16,055			7,770
Decrease in other liabilities		(1,191	)		(12,687	)
Cash provided by (used in) operating activities		15,035			(3,588	)
Cash Flows From Investing Activities
Purchases of securities available for sale		(11,087	)		(12,388	)
Proceeds from calls, sales, paydowns, and maturities of securities available for sale		12,049			4,196
Net decrease (increase) in federal funds sold		400			(887	)
Capital calls on other investments		(200	)		(892	)
Net decrease in loans held for investment		32,323			52,556
Proceeds from surrender of bank owned life insurance policies		—			212
Net change in restricted equity and other investments		601			457
Purchase of premises and equipment		(457	)		(25	)
Other investment activities		224			25
Cash provided by investing activities		33,853			43,254
Cash Flows From Financing Activities
Net (decrease) increase in demand, savings, and other interest-bearing deposits		(18,469	)		36,773
Net increase (decrease) in non-brokered time deposits		31,910			(23,285	)
Net decrease in brokered time deposits		(31,530	)		(63,418	)
Common stock dividends paid on vested performance-based restricted stock awards (“PSAs”)		(140	)		—
Warrants exercised		—			6,905
Cash used in financing activities		(18,229	)		(43,025	)
Net increase (decrease) in cash and due from banks		30,659			(3,359	)
Cash and due from banks at beginning of period		115,949			175,992
Cash and due from banks at end of period	$	146,608		$	172,633


Supplemental Schedule of Cash Flow Information
Cash paid for:
Interest	$	13,489		$	18,265
Income taxes	$	—		$	1,000
Non-cash investing and financing activities:
Unrealized (loss) gains on securities available for sale	$	(232	)	$	5,223
Restricted stock award grants and related compensation expense	$	272		$	275
Restricted stock award forfeitures and cancellations	$	(37	)	$	(51	)

See accompanying notes to unaudited consolidated financial statements.

Notes to Consolidated Financial Statements (Unaudited)

Note 1 – Organization and Basis of Presentation

Blue Ridge Bankshares, Inc. (the “Company”) conducts its business activities primarily through its wholly-owned subsidiary bank, Blue Ridge Bank, National Association (the “Bank”) and its wealth and trust management subsidiary, BRB Financial Group, Inc. (the “Financial Group”). The Company exists primarily for the purposes of holding the stock of its subsidiaries, the Bank and the Financial Group.

The accompanying unaudited consolidated financial statements of the Company include the accounts of the Bank and the Financial Group and were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. All significant intercompany balances and transactions have been eliminated in consolidation. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).

The Company's significant accounting policies are disclosed in Note 2 of the audited financial statements for the year ended December 31, 2025 included in the 2025 Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2025.

Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current year presentations. The reclassifications had no effect on net income, net income per share, total assets, total liabilities, or stockholders’ equity as previously reported.

Special Cash Dividend and Warrants

On March 30, 2026, the Company announced a special cash dividend of $0.60 per share of the Company's common stock totaling approximately $54.1 million. The dividend was paid on April 27, 2026 to shareholders of record as of the close of business on April 13, 2026. Also on March 30, 2026, the Company announced that the holders of outstanding warrants to purchase the Company's common stock (the "Warrants") representing a majority of shares of common stock underlying such Warrants approved an amendment and restatement of the Warrants (the "Warrant Amendment"). Pursuant to the Warrant Amendment, in connection with certain cash distributions to holders of the Company's common stock while the Warrants are outstanding, the per share exercise price of each Warrant is reduced by the per share dividend amount in lieu of cash distributions to Warrant holders, including the special cash dividends of $0.25 per share paid in November 2025 and $0.60 per share paid in April 2026. The Company had previously accrued $6.1 million for the November 2025 dividend to be paid if and when the Warrants are exercised. As a result of the Warrant Amendment, the $6.1 million accrual was reversed in the first quarter 2026, and upon execution of the amended and restated Warrants, the strike price of the Warrants reduces to $1.65 per common share.

As a result of the Warrant Amendment, the Company reassessed the classification of its outstanding Warrants under Accounting Standards Codification ("ASC") 815-40, Contracts in an Entity's Own Equity. The Company evaluated the amendment and concluded that the Warrants continue to qualify for equity classification, as the modification did not alter the substantive settlement terms or other key contractual provisions. This assessment included a comparison of the fair value of the Warrants immediately before and after the modification and concluded that the incremental change in fair value was not material; accordingly, no adjustments to the financial statements for the change in the fair value of the Warrants were deemed necessary as of and for the three months ended March 31, 2026.

The table below presents information pertaining to the Warrants as of and for the period stated.


	Warrants Issued April 3, 2024		Warrants Issued June 13, 2024		Total Warrants
Balance, December 31, 2025		21,895,999		2,424,000		24,319,999
Warrants exercised		—		—		—
Balance, March 31, 2026		21,895,999		2,424,000		24,319,999
Remaining exercise term (years) as of March 31, 2026		3.01		3.20


	Warrants Issued April 3, 2024			Warrants Issued June 13, 2024		Total Warrants
Balance, December 31, 2024		29,027,999			2,424,000		31,451,999
Warrants exercised		(2,762,000	)		—		(2,762,000	)
Balance, March 31, 2025		26,265,999			2,424,000		28,689,999

Recent Accounting Pronouncements (Issued But Not Adopted)

Improvements to Expense Disaggregation Disclosures. In January 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2025-01–Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which amended the effective date of ASU No. 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The purpose of this ASU is to improve disclosures about a company's expenses and address requests from investors for more detailed information about the types of expenses (including employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements but will result in expanded income statement expense disaggregation disclosures beginning with its financial statements for the year ending December 31, 2027.

No other recent accounting pronouncements issued but not yet effective were deemed to have a material impact on the Company's consolidated financial statements.

Note 2 – Investment Securities and Other Investments

Investment securities classified as available for sale ("AFS") are carried at fair value in the consolidated balance sheets. The following tables present amortized cost, fair values, and gross unrealized gains and losses of investment securities AFS as of the dates stated. The Company had no investment securities classified as held to maturity as of March 31, 2026 or December 31, 2025.


	March 31, 2026
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale
Mortgage backed securities	$	214,477	$	146	$	(27,521	)	$	187,102
U.S. Treasury and agencies		78,422		—		(6,345	)		72,077
State and municipal		49,169		1		(4,976	)		44,194
Corporate bonds		30,141		143		(1,743	)		28,541
Total investment securities	$	372,209	$	290	$	(40,585	)	$	331,914


	December 31, 2025
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale
Mortgage backed securities	$	212,436	$	314	$	(27,663	)	$	185,087
U.S. Treasury and agencies		78,828		—		(6,290	)		72,538
State and municipal		49,212		2		(4,730	)		44,484
Corporate bonds		32,702		102		(1,985	)		30,819
Total investment securities	$	373,178	$	418	$	(40,668	)	$	332,928

As of March 31, 2026 and December 31, 2025, securities with a fair value of $169.8 million and $174.3 million, respectively, were pledged to secure the Bank’s borrowings facility with the Federal Home Loan Bank of Atlanta ("FHLB").

The following table presents the amortized cost and fair value of securities available for sale by contractual maturity as of the date stated. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2026
(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	14,939	$	14,742
Due after one year through five years		62,543		58,609
Due after five years through ten years		92,282		83,053
Due after ten years		202,445		175,510
Total	$	372,209	$	331,914

The following tables present fair values and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates stated. The reference point for determining when securities are in an unrealized loss position is period-end; therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. Excluded from the tables below were securities whose amortized cost equaled their fair value or were in an unrealized gain position totaling $28.7 million and $42.4 million as of March 31, 2026 and December 31, 2025, respectively.


			March 31, 2026
			Less than 12 Months					12 Months or Greater					Total
(Dollars in thousands)	Number of Securities		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Mortgage backed securities		91	$	21,563	$	(188	)	$	142,382	$	(27,333	)	$	163,945	$	(27,521	)
U.S. Treasury and agencies		29		—		—			72,070		(6,345	)		72,070		(6,345	)
State and municipal		56		1,933		(9	)		39,143		(4,967	)		41,076		(4,976	)
Corporate bonds		30		5,262		(143	)		20,899		(1,600	)		26,161		(1,743	)
Total		206	$	28,758	$	(340	)	$	274,494	$	(40,245	)	$	303,252	$	(40,585	)


			December 31, 2025
			Less than 12 Months					12 Months or Greater					Total
(Dollars in thousands)	Number of Securities		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Mortgage backed securities		80	$	5,889	$	(16	)	$	145,498	$	(27,647	)	$	151,387	$	(27,663	)
U.S. Treasury and agencies		29		—		—			72,538		(6,290	)		72,538		(6,290	)
State and municipal		57		679		(2	)		39,908		(4,728	)		40,587		(4,730	)
Corporate bonds		31		1,743		(159	)		24,249		(1,826	)		25,992		(1,985	)
Total		197	$	8,311	$	(177	)	$	282,193	$	(40,491	)	$	290,504	$	(40,668	)

At March 31, 2026 and December 31, 2025, the majority of securities in an unrealized loss position were of investment grade; however, a portion of the portfolio does not have a third-party investment grade available (securities with fair values of $22.7 million and $23.5 million, respectively). These securities were primarily subordinated debt instruments issued by bank holding companies that are classified as corporate bonds in the tables above. The Company evaluated the issuers of these individually, observing that each issuer had strong capital ratios and profitability, thereby indicating limited exposure to asset quality or liquidity issues and resulted in no identifiable credit losses. Contractual cash flows for mortgage backed securities and U.S. Treasury and agencies are guaranteed and/or funded by the U.S. government and government agencies. State and municipal securities showed no indication that the contractual cash flows would not be received when due. The Company does not intend to sell, nor does it believe that it will be required to sell, any of its impaired securities prior to the recovery of the amortized cost. As of March 31, 2026 and December 31, 2025, there was no allowance for credit losses ("ACL") for the Company's securities AFS portfolio. Any impairment that has not been recorded through an ACL is recognized in accumulated other comprehensive income (loss).

Restricted equity investments consisted of stock in the FHLB (carrying value of $8.9 million and $9.1 million as of March 31, 2026 and December 31, 2025, respectively), Federal Reserve Bank of Richmond (“FRB”) stock (carrying value of $9.0 million and $9.4 million as of March 31, 2026 and December 31, 2025), and stock in the Company’s

correspondent bank (carrying value of $0.5 million at both March 31, 2026 and December 31, 2025). Restricted equity investments are carried at cost.

The Company has various other equity investments, including an investment in a fintech company and limited partnerships, totaling $5.0 million and $4.9 million as of March 31, 2026 and December 31, 2025, respectively.

The Company also holds other investments, primarily in early-stage focused investment funds, which totaled $20.9 million and $20.8 million as of March 31, 2026 and December 31, 2025, respectively, and are reported in other investments on the consolidated balance sheets.

Note 3 – Loans, ACL, and OREO

The following table presents the amortized cost of loans held for investment as of the dates stated.


(Dollars in thousands)	March 31, 2026		December 31, 2025
Commercial and industrial	$	264,004	$	271,158
Real estate – construction, commercial		45,831		51,738
Real estate – construction, residential		33,397		31,772
Real estate – commercial		831,794		836,308
Real estate – residential		623,591		636,743
Real estate – farmland		4,451		4,580
Consumer		29,608		32,213
Gross loans held for investment		1,832,676		1,864,512
Deferred costs, net of loan fees		1,223		1,205
Total	$	1,833,899	$	1,865,717

The Company has pledged certain commercial and residential mortgage loans as collateral for borrowings with the FHLB. Loans totaling $665.7 million and $695.1 million were pledged with the FHLB as of March 31, 2026 and December 31, 2025, respectively. Additionally, the Company has pledged certain construction and commercial and industrial loans totaling $71.1 million and $72.8 million as of March 31, 2026 and December 31, 2025, respectively, as collateral for borrowings with the FRB Discount Window.

The following tables present the aging of the recorded investment of loans held for investment by loan category as of the dates stated.


	March 31, 2026
(Dollars in thousands)	Current Loans		30-59 Days Past Due		60-89 Days Past Due		Greater than 90 Days Past Due & Accruing		Nonaccrual		Total Loans
Commercial and industrial	$	255,605	$	927	$	647	$	1,408	$	5,417	$	264,004
Real estate – construction, commercial		45,366		401		22		—		42		45,831
Real estate – construction, residential		33,397		—		—		—		—		33,397
Real estate – commercial		825,857		47		—		—		5,890		831,794
Real estate – residential		601,193		12,472		2,810		—		7,116		623,591
Real estate – farmland		4,451		—		—		—		—		4,451
Consumer		26,760		1,391		303		117		1,037		29,608
Deferred costs, net of loan fees		1,223		—		—		—		—		1,223
Total	$	1,793,852	$	15,238	$	3,782	$	1,525	$	19,502	$	1,833,899


	December 31, 2025
(Dollars in thousands)	Current Loans		30-59 Days Past Due		60-89 Days Past Due		Greater than 90 Days Past Due & Accruing		Nonaccrual		Total Loans
Commercial and industrial	$	261,132	$	1,099	$	780	$	1,508	$	6,639	$	271,158
Real estate – construction, commercial		51,397		62		43		—		236		51,738
Real estate – construction, residential		31,772		—		—		—		—		31,772
Real estate – commercial		830,608		49		—		—		5,651		836,308
Real estate – residential		616,943		9,840		1,006		1,575		7,379		636,743
Real estate – farmland		4,580		—		—		—		—		4,580
Consumer		30,122		1,026		290		75		700		32,213
Deferred costs, net of loan fees		1,205		—		—		—		—		1,205
Total	$	1,827,759	$	12,076	$	2,119	$	3,158	$	20,605	$	1,865,717

The following tables present the recorded investment of nonaccrual loans held for investment with and without an ACL by loan category as of the dates stated.


	March 31, 2026
(Dollars in thousands)	Nonaccrual Loans with No ACL		Nonaccrual Loans with an ACL		Total Nonaccrual Loans
Commercial and industrial	$	1,736	$	3,681	$	5,417
Real estate – construction, commercial		—		42		42
Real estate – commercial		5,553		337		5,890
Real estate – residential		1,602		5,514		7,116
Consumer		—		1,037		1,037
Total	$	8,891	$	10,611	$	19,502


	December 31, 2025
(Dollars in thousands)	Nonaccrual Loans with No ACL		Nonaccrual Loans with an ACL		Total Nonaccrual Loans
Commercial and industrial	$	1,774	$	4,865	$	6,639
Real estate – construction, commercial		—		236		236
Real estate – commercial		5,634		17		5,651
Real estate – residential		1,602		5,777		7,379
Consumer loans		—		700		700
Total	$	9,010	$	11,595	$	20,605

The Company recognized $0 and $0.2 million of interest income on nonaccrual loans during the three months ended March 31, 2026 and 2025, respectively.

The following table presents accrued interest receivable by loan type reversed from interest income associated with loans held for investment that were placed on nonaccrual status for the periods stated.


	For the three months ended March 31,
(Dollars in thousands)	2026		2025
Commercial and industrial	$	9	$	70
Real estate – construction, commercial		1		—
Real estate – commercial		30		4
Real estate – residential		27		36
Consumer		17		7
Total	$	84	$	117

Credit Quality Indicators

The Company segments loans held for investment into risk categories based on relevant information about the expected ability of borrowers to repay debt, such as current financial information, historical payment performance, experience, collateral adequacy, credit documentation, and current economic trends, among other factors. Management assigns loan risk grades by a numerical system as an indication of credit quality of its portfolio of loans held for investment. The Company uses the following definitions for loan risk ratings and periodically evaluates the appropriateness of these ratings across its loan portfolio. Independent third-party loan reviews are performed periodically on the Company's loan portfolio and such reviews validate management's determination of loan risk grades. Bank regulatory agencies also periodically review the Company's loan portfolio, including loan risk grades and may, on occasion, change a grade based on their judgment of the facts at the time of review.

Risk Grade 1 – Strong: This grade is for the strongest of loans. These loans are extended to individuals or businesses where the probability of default is extremely low to the Bank and secured with liquid collateral where the loss given default is unlikely because of the source of repayment such as a lien on a deposit account held at the Bank. Character, credit history, and ability of individuals or company principals are excellent. High liquidity, minimum risk, strong ratios, and low servicing cost are present.

Risk Grade 2 – Minimal: This grade is for loans deemed exceptionally strong. These loans are within established guidelines and where the borrowers have documented significant overall financial strength with consistent and

predictable cash flows. These loans have excellent sources of repayment, significant balance sheet liquidity, no significant identifiable risk of collection, and conform in all respects to policy, underwriting standards, and federal and state regulations (no exceptions of any kind). In addition, guarantor support, when provided, is deemed as excellent.

Risk Grade 3 – Acceptable: This grade is for loans deemed strong. These loans have adequate sources of repayment, with a minimal identifiable risk of collection. Generally, loans assigned this risk grade will demonstrate the following characteristics: (1) conformity in all respects with policy, guidelines, underwriting standards, and federal and state regulations (no exceptions of any kind), (2) documented historical cash flow that meets or exceeds required minimum guidelines, or that can be supplemented with verifiable cash flow from other sources, and (3) adequate secondary sources to liquidate the debt. In addition, guarantor support, when provided, is deemed strong.

Risk Grade 4 – Satisfactory: This grade is for satisfactory loans containing more but deemed acceptable risk, and where the borrower is deemed as sound. These loans have adequate sources of repayment, with minimal identifiable risk of collection. Loans assigned with this risk grade will demonstrate the following characteristics: (1) general conformity to the Bank's underwriting requirements, with limited exceptions to policy, product, or underwriting guidelines, and all exceptions noted have documented mitigating factors that offset any additional risk associated with the exceptions noted, (2) documented historical cash flow that meets or exceeds required minimum guidelines, or that can be supplemented with verifiable cash flow from other sources, and (3) adequate secondary sources to liquidate the debt. In addition, guarantor support, when provided, is deemed as satisfactory.

Risk Grade 5 – Watch: This grade is for satisfactory loans containing acceptable but elevated risk. These loans are characterized by borrowers who exhibit signs of financial stress or are experiencing unstable or unfavorable change(s) adversely impacting the current or expected financial condition. The borrower's management is considered to be satisfactory; however, the collateral securing the loan may have decreased in value, the debt service coverage ratio is inconsistent or breakeven but mostly positive, and/or guarantor support, if any, is deemed limited or marginal. Loans classified as Watch warrant additional monitoring by management.

Risk Grade 6 – Special Mention: This grade is for loans that have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the Bank's credit position potentially at a future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Special Mention credits typically do not conform to established guidelines and/or exceptions without mitigating factors, or have emerging weaknesses that may or may not be remedied with the passage of time.

Risk Grade 7 – Substandard: This grade is for loans inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as Substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loans in this category are characterized by deterioration in quality exhibited by any number of well-defined weaknesses requiring corrective action. The weaknesses may include, but are not limited to: (1) current or expected unprofitable operations, (2) inadequate debt service coverage, (3) declining or inadequate liquidity, (4) improper loan structure, (5) questionable or weak repayment sources, and (6) lack of well-defined secondary repayment source. There is a distinct possibility of loss and the Bank may sustain loss if the deficiencies remain uncorrected.

Risk Grade 8 – Doubtful: Loans classified Doubtful have all the weaknesses inherent in loans classified Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the Bank's position, which can include, but are not limited to (1) an injection of capital, (2) alternative financing, and (3) liquidation of assets or the pledging of additional collateral. Doubtful is a temporary grade, where the Bank expects a loss but is presently not quantified with any degree of accuracy. Once the loss position is determined, the amount is recorded and charged off against the ACL.

Risk Grade 9 – Loss: Loans classified Loss are deemed uncollectible and of such little value that continuance as assets held for investment is no longer warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer charging off the worthless loan, even though partial recovery may occur in the future. Probable loss amounts, either principal or interest, deemed uncollectible are charged off promptly against the ACL.

The following table presents the recorded investment of loans held for investment by internal loan risk grade by year of origination as of March 31, 2026. There were no loans classified as doubtful or loss (risk grades 8 and 9, respectively) as of the same date. Also presented are current period gross charge-offs by loan type for the three months ended March 31, 2026. The $1.6 million in current period gross charge-offs of revolving loans were attributable to

business and consumer credit cards originated through a partnership with a third-party company. The third-party provides limited credit loss protection to the Bank, and upon receipt, credits for losses are reported as recoveries. Since the inception of this partnership in early 2023, the Bank has not experienced a credit loss from this arrangement.


	Term Loans Recorded Investment Basis by Origination Year
(Dollars in thousands)	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
Commercial and industrial
Risk Grades 1 - 4	$	12,424	$	25,488	$	7,686	$	9,654	$	45,869	$	29,011	$	90,221	$	220,353
Risk Grades 5 - 6		550		749		915		433		12,594		5,502		1,457		22,200
Risk Grade 7		—		—		973		325		4,661		14,060		1,432		21,451
Total		12,974		26,237		9,574		10,412		63,124		48,573		93,110		264,004
Current period gross charge-offs		—		—		—		1		6		474		1,530		2,011

Real estate – construction, commercial
Risk Grades 1 - 4		579		18,876

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

BLUE RIDGE BANKSHARES, INC. 10-Q