secwatch.observer — SEC 8-K summary
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Issuer:     BLUE RIDGE BANKSHARES, INC. (BRBS)
CIK:        0000842717
Form:       8-K
Filed at:   2024-07-25T23:59:59+00:00
Accession:  0000950170-24-086645
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/842717/000095017024086645/0000950170-24-086645-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/842717/000095017024086645/brbs-20240725.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-086645

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