Blue Ridge Q3 net loss $41.4M ($2.18/sh); goodwill impairment $26.8M, suspends dividend

BLUE RIDGE BANKSHARES, INC.

2023-Q3 EPS reported -$2.43

Net loss from continuing ops of $41.4M includes $26.8M non-cash goodwill impairment and $6.0M ESOP litigation reserve.
Board suspended future quarterly dividends to preserve capital; prior dividend rate was $0.09/quarter.
Restating 2022 annual and 2023 Q1/Q2 financials to reflect nonaccrual status of certain specialty finance loans.
Net interest margin fell to 2.92% from 3.12%; allowance for credit losses rose to 2.03% of loans from 1.58%.
Tangible book value per share declined to $9.30 from $10.55; Bank remains well-capitalized under regulatory guidelines.

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 0.9

BLUE RIDGE BANKSHARES, INC. reported third quarter ended September 30, 2023 results: net income net loss from continuing operations of $41.4 million, EPS $2.18 per diluted common share.

Period: third quarter ended September 30, 2023
Net income: net loss from continuing operations of $41.4 million
EPS: $2.18 per diluted common share
Result: reported results

Exact text from the filing

On October 31, 2023 Blue Ridge Bankshares, Inc. issued a press release announcing its financial results for the third quarter ended September 30, 2023.

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BLUE RIDGE BANKSHARES, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-056906

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