Blue Ridge Bankshares posts Q1 net loss of $2.9M; closes $150M capital raise post-quarter

BLUE RIDGE BANKSHARES, INC.

2024-Q1 EPS reported -$0.15

Net loss of $2.9M ($0.15/diluted share) vs loss of $5.8M in Q4 2023 and net income of $4.0M in Q1 2023.
Closed private placement of $150M (common & preferred) on April 3, 2024 to fund transformation and meet OCC capital requirements.
Nonperforming loans improved to $53.2M (1.73% of assets) from $63.1M (2.02%); recovery of credit losses of $1.0M.
Net interest margin fell to 2.75% from 2.92% due to higher funding costs; total deposits down $100.3M from fintech decline.
Regulatory remediation on track: key hires for risk/compliance; OCC consent order tasks completed to date; BaaS wind down ahead of schedule.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BLUE RIDGE BANKSHARES, INC. reported first quarter ended March 31, 2024 results: net income net loss of $2.9 million, EPS $0.15 per diluted common share.

Period: first quarter ended March 31, 2024
Net income: net loss of $2.9 million
EPS: $0.15 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 first quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0000950170-24-050613

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