Blue Ridge Bankshares posts Q2 net loss of $11.4M; completes $161.6M capital raise

BLUE RIDGE BANKSHARES, INC.

2024-Q2 EPS reported -$0.66

Net loss of $11.4M ($0.47 diluted EPS) vs. loss of $2.9M in Q1 2024; includes $6.7M after-tax fintech investment write-down.
Completed private placements for gross proceeds of $161.6M (net $152.5M); bank now exceeds Consent Order capital minimums.
Fintech-related deposits fell to 8.9% of total deposits from 12.3% in Q1; BaaS deposits down ~$100.5M sequentially.
Nonperforming loans improved to $46.0M (1.57% of assets) from $53.2M; provision for credit losses was $3.1M vs. recovery of $1.0M.
Net interest margin improved to 2.79% from 2.75%; noninterest expense decreased to $29.3M from $32.5M.

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