Blue Ridge Bankshares posts Q2 net loss of $19.5M, cites $58.1M in problem loans

BLUE RIDGE BANKSHARES, INC.

2023-Q2 EPS reported -$0.95

Net loss from continuing ops of $19.5M ($1.03 diluted EPS) vs net income of $1.6M in Q1 2023.
Provision for credit losses surged to $20.5M from $3.7M in Q1; net charge-offs were $8.0M.
Nonperforming loans rose to $86.1M (2.68% of assets) from $30.7M, driven by $58.1M specialty finance loans placed on nonaccrual.
Net interest margin dropped to 2.67% from 3.58%, pressured by $4.7M interest income reversal on nonaccrual loans.
Company to forgo Q3 2023 common dividend to preserve capital; tangible book value fell to $10.55 from $11.93.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BLUE RIDGE BANKSHARES, INC. reported quarter ended June 30, 2023 results: net income net loss from continuing operations of $19.5 million, EPS $1.03 per diluted common share.

Period: quarter ended June 30, 2023
Net income: net loss from continuing operations of $19.5 million
EPS: $1.03 per diluted common share
Result: reported results

Exact text from the filing

Blue Ridge Bankshares, Inc. issued a press release announcing its financial results for the second quarter ended June 30, 2023

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BLUE RIDGE BANKSHARES, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-035724

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