BLUE RIDGE BANKSHARES, INC. (BRBS): auditor change — Blue Ridge Bankshares restates 2022 and Q1-Q2 2023 financials due to loan classification errors

BLUE RIDGE BANKSHARES, INC.

Restatement lowers 2022 net income by $10.6M to $17.0M; EPS cut from $1.46 to $0.90.
Q1 2023 net income revised upward by $2.4M to $4.0M ($0.22 EPS); Q2 2023 net loss reduced by $10.9M to $8.6M.
Cumulative net income increase over restated periods is $2.6M; no balance-sheet impact as of June 30, 2023.
Material weakness in internal controls over risk grading and allowance for credit losses on specialty finance loans.
As of June 30, 2023, loans held for investment and allowance for credit losses each reduced by $4.5M.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

BLUE RIDGE BANKSHARES, INC. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

he Company’s annual report on Form 10-K for the year ended December 31, 2022, and unaudited interim financial statements included in quarterly reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023 should no longer be relied upon and will be restated. The restated financial statements will be reflected in an amendment to the Company’s annual report on Form 10-K for the year ended December 31, 2022, and amendments to the Company’s quarterly reports on Form 10-Q for the interim periods ended March 31, 2023 and June 30, 2023. The Company expects to file these amendments to Form 10-K and Form 10-Q in the next several weeks. Net Impact of Financial Restatements The Company does not believe that the restatement reflects any significant financial impact on the Company’s financial condition as of June 30, 2023 and September 30, 2023, or any trends in the Company’s business

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Source: SEC EDGAR

accession 0000950170-23-056900

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