Blue Ridge Bankshares in Charlottesville, Va., will not pay a dividend in the third quarter.
The $3.3 billion-asset company disclosed in a regulatory filing that its board decided to forego the payment, “based on the desire to preserve capital and available cash.”
The company’s net income fell by 91% in the second quarter from a year earlier, to $1.6 million, reflecting lower mortgage revenue and negative fair value adjustments to mortgage servicing rights.
The company has also been working to address a formal written agreement with the Office of the Comptroller of the Currency that is largely tied its fintech business line.
The agreement requires the bank to keep improving its controls tied to managing the third-party, BSA/AML, and IT risks stemming from its fintech partnerships.