secwatch.observer — SEC 8-K summary
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Issuer:     BLUE RIDGE BANKSHARES, INC. (BRBS)
CIK:        0000842717
Form:       8-K
Filed at:   2024-04-30T23:59:59+00:00
Accession:  0000950170-24-050613
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/842717/000095017024050613/0000950170-24-050613-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/842717/000095017024050613/brbs-20240430.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-050613

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