Blue Ridge Bankshares Q3 net income $0.9M; fintech BaaS exit ahead of schedule

BLUE RIDGE BANKSHARES, INC.

2024-Q3 EPS reported -$0.34

Net income of $0.9M ($0.01/diluted share) vs. loss of $11.4M in Q2 2024 and loss of $41.4M in Q3 2023.
Recovery of credit losses of $6.2M, including $8.4M recovery from specialty finance loan sale.
Nonperforming loans to total assets improved to 1.09% from 1.40% in prior quarter.
Deposits excluding fintech/wholesale grew $73.7M in Q3; fintech BaaS deposits down to 3% of total deposits.
Bank's tier 1 leverage ratio 11.56% (minimum 10% per Consent Order); TBV improved to $4.25 from $4.10.

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