secwatch.observer — SEC 8-K summary
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Issuer:     BLUE RIDGE BANKSHARES, INC. (BRBS)
CIK:        0000842717
Form:       8-K
Filed at:   2023-07-31T23:59:59+00:00
Accession:  0000950170-23-035724
Event type: earnings
Sentiment:  negative
Materiality: 0.90
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/842717/000095017023035724/0000950170-23-035724-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/842717/000095017023035724/brbs-20230731.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-035724

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