secwatch.observer — SEC 8-K summary
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Issuer:     BLUE RIDGE BANKSHARES, INC. (BRBS)
CIK:        0000842717
Form:       8-K
Filed at:   2023-10-31T23:59:59+00:00
Accession:  0000950170-23-056900
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Blue Ridge Bankshares restates 2022 and Q1-Q2 2023 financials due to loan classification errors
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/842717/000095017023056900/0000950170-23-056900-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/842717/000095017023056900/brbs-20231030.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-056900

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