BV Financial, Inc. Announces Financial Results

Rhea-AI Summary

BV Financial (NASDAQ:BVFL) reported net income of $3.4 million, or $0.32 per diluted share, for Q2 2024, down from $3.9 million, or $0.49 per share, in Q2 2023. For H1 2024, net income was $6.0 million or $0.52 per share, compared to $7.0 million or $0.88 per share in H1 2023. Key highlights include:

- Return on average assets: 1.52%
- Return on average equity: 6.68%
- Deposits increased 1.0% to $640.3 million
- Cash and cash equivalents up 23.0% to $90.4 million
- Non-accrual loans decreased 22.0% to $8.2 million
- Net interest margin improved to 4.33% in Q2 2024

The company's asset quality improved, with non-performing assets decreasing to $8.4 million. The allowance for credit losses on loans was $8.5 million, representing 1.22% of total loans and 103.9% of non-performing loans.

Positive

• Deposits increased by $6.2 million or 1.0% to $640.3 million
• Cash and cash equivalents increased by $16.9 million or 23.0%
• Non-accrual loans decreased by $2.5 million or 22.0%
• Net interest margin improved to 4.33% in Q2 2024 from 4.19% in Q2 2023
• Stockholders' equity increased by $6.4 million or 3.2%

Negative

• Net income decreased to $3.4 million in Q2 2024 from $3.9 million in Q2 2023
• Earnings per diluted share dropped to $0.32 in Q2 2024 from $0.49 in Q2 2023
• Net loans held to maturity decreased by $2.4 million or 0.3%
• Noninterest income decreased to $600,000 in Q2 2024 from $1.4 million in Q2 2023
• Noninterest expenses increased to $4.9 million in Q2 2024 from $4.5 million in Q2 2023

Insights

Financial Analyst

BV Financial's recent financial results present a mixed picture. While net income has decreased both for the quarter and the six-month period compared to last year, there are several positive trends worth noting for investors.

First, the rise in net interest income and the net interest margin reflects improved operational efficiency and effective asset management, despite the challenging interest rate environment. Specifically, net interest income rose to $8.9 million from $8.2 million for the quarter and to $16.9 million from $16.4 million for the six-month period. This increase is due to higher average balances of interest-earning assets and higher yields on these assets, suggesting that the company is managing its interest-bearing assets well.

On the downside, noninterest income showed a significant decline, primarily due to the absence of one-time gains from last year. For the three months ended June 30, 2024, noninterest income was down to $600,000 compared to $1.4 million the previous year.

Additionally, the increase in noninterest expense by $400,000 or 8.9% for the quarter is a concern, especially if it continues to outpace revenue growth. Compensation, benefits and occupancy expenses are key areas where costs have risen.

For the long term, decrease in non-accrual loans and the increase in cash and cash equivalents by $16.9 million are positive signs of improving asset quality and liquidity. The recovery to the provision for credit losses also suggests a healthier credit environment.

Retail investors should weigh these factors: while the decreased earnings might seem negative at a glance, the underlying financial health and operational improvements offer a balanced view.

Market Research Analyst

BV Financial's results show an interesting dichotomy between core operational strength and one-time income fluctuations. The dip in net income is largely attributed to the lack of extraordinary gains seen last year, such as the $678,000 from the sale of foreclosed real estate and $225,000 from life insurance proceeds. When adjusted for these anomalies, the company exhibits steady operational performance with rising net interest income and margins.

The 1.0% increase in deposits to $640.3 million signifies growing customer confidence and a stable deposit base, which is vital for any financial institution. Additionally, the 23.0% rise in cash and cash equivalents underlines robust liquidity management, which can be a buffer in volatile market conditions.

However, the decrease in loans receivable by $2.4 million might indicate a cautious lending environment, possibly due to prevailing economic uncertainties. This is a key metric to watch in upcoming quarters to gauge future revenue growth prospects.

The stockholders' equity increased by $6.4 million, which reflects a stable financial position and can be seen as a vote of confidence in the company's long-term growth potential from an equity perspective.

Investors should contextualize these results within broader market conditions and the financial sector's performance to make informed decisions. The company's ability to maintain and grow its deposit base while managing operational expenses will be important for sustained performance.

BALTIMORE, MD / ACCESSWIRE / July 18, 2024 / BV Financial, Inc. (NASDAQ:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $3.4 million, or $0.32 per diluted share, for the quarter ended June 30, 2024 compared to net income of $3.9 million, or $0.49 per diluted share, for the quarter ended June 30, 2023. Net income for the six-month period ended June 30, 2024 was $6.0 million or $0.52 per diluted share compared to net income of $7.0 million or $0.88 per diluted share for the six-month period ended June 30, 2023.

Financial Highlights

• Return on average assets and return on average equity for the three months ended June 30, 2024 were 1.52% and 6.68%, respectively.

• Net loans held to maturity decreased $2.4 million or 0.3% compared to December 31, 2023.

• Deposits increased $6.2 million or 1.0% from $634.1 million at December 31, 2023 to $640.3 million at June 30, 2024.

• Cash and cash equivalents increased by $16.9 million or 23.0% compared to December 31, 2023.

• Non-accrual loans decreased $2.5 million or 22.0% to $8.2 million at June 30, 2024 from $10.6 million at December 31, 2023.

• The Company recorded a recovery to the provision for credit losses of $111,000 for the three months ended June 30, 2024 and $92,000 for the six months ended June 30, 2024.

FINANCIAL CONDITION DISCUSSION

Total Assets. Total assets were $897.2 million at June 30, 2024, an increase of $11.9 million, or 1.4%, from $885.3 million at December 31, 2023. The increase was due primarily to a $16.9 million increase in cash, which was primarily offset by decreases in loans and securities.

Cash and Cash Equivalents. Cash and cash equivalents increased $16.9 million, or 23.0%, to $90.4 million at June 30, 2024 from $73.5 million at December 31, 2023. The increase in cash is a result of the increase in deposits and the decrease in other earning assets.

Loans Receivable. Loans receivable decreased $2.4 million, or 0.3%, to $702.4 million at June 30, 2024 from $704.8 million at December 31, 2023. Decreases in owner occupied commercial real estate, 1-4 family non-owner occupied loans and 1-4 family owner occupied loans offset increases non-owner occupied commercial real estate and commercial non-real estate loans.

Securities. Securities available for sale decreased by $1.9 million or 5.5% from December 31, 2023 as paydowns in the mortgage-backed securities were not replaced with new purchases. The held-to-maturity portfolio experienced a slight decrease due to paydowns.

Total Liabilities. Total liabilities increased $5.5 million or 0.8%, to $691.7 million at June 30, 2024 from $686.2 million at December 31, 2023. The increase was due primarily to the increase in interest-bearing deposits offsetting a decrease in borrowings as $3.0 million in junior subordinated debt was paid off in the first quarter of 2024.

Deposits. Total deposits increased $6.2 million, or 1.0% to $640.3 million at June 30, 2024 from $634.1 million at December 31, 2023. Interest-bearing deposits increased $7.2 million, or 1.5%, to $499.3 million at June 30, 2024 from $492.1 million at December 31, 2023. Noninterest bearing deposits decreased $1.0 million, or 0.7%, to $141.0 million at June 30, 2024 from $142.0 million at December 31, 2023.

Stockholders' Equity. Stockholders' equity increased $6.4 million, or 3.2%, to $205.5 million at June 30, 2024 from $199.1 million at December 31, 2023 primarily due to net income during the period.

RESULTS OF OPERATION DISCUSSION

Net Income. Net income was $3.4 million or $0.32 per diluted share for the three months ended June 30, 2024 compared to $3.9 million or $0.49 per diluted share for the three months ended June 30, 2023. In the three months ended June 30, 2023, the Company recognized a gain on the sale of foreclosed real estate of $678,000. Net income was $6.0 million or $0.52 per diluted share for the six months ended June 30, 2024 compared to $7.0 million or $0.88 per diluted share for the six months ended June 30, 2023. In the six months ended June 30, 2023, the Company recognized a gain on the sale of foreclosed real estate of $678,000 and received $225,000 in life insurance proceeds.

Net Interest Income. Net interest income was $8.9 million for the three months ended June 30, 2024 compared to $8.2 million in the three months ended June 30, 2023.The net interest margin for the three months ended June 30, 2024 was 4.33% compared to 4.19% for the three months ended June 30, 2023. The increase in net interest income was due to higher average balances of interest earning assets and higher yields on these assets offsetting the increase in interest expense due to higher rates paid on deposits.

Net interest income was $16.9 million for the six months ended June 30, 2024, compared to $16.4 million in the six months ended June 30, 2023. The net interest margin for the six months ended June 30, 2024 was 4.12% compared to 4.26% for the six months ended June 30, 2023. The increase in net interest income was due to higher average balances of interest earning assets and higher yields on these assets offsetting the increase in interest expense due to higher rates paid on deposits.

Noninterest Income. For the three months ended June 30, 2024, noninterest income totaled approximately $600,000 compared to $1.4 million for the quarter ended June 30, 2023. For the quarter ended June 30, 2023, the Company recognized a gain of $678,000 on the sale of foreclosed real estate.

For the six months ended June 30, 2024, noninterest income totaled $1.2 million as compared to $2.2 million for the six months ended June 30, 2023. In the six-months ended June 30, 2023, the Company recognized a gain of $678,000 on the sale of foreclosed real estate and $225,000 in life insurance proceeds.

Noninterest Expense. For the three months ended June 30, 2024, noninterest expense totaled $4.9 million compared to $4.5 million in the three months ended June 30, 2023. Increases in compensation and benefits increased $232,000 or 8.1% due to increases in salary and benefits, occupancy expense increased by $43,000 or 11.7% due to higher rent and maintenance expenses, data processing expense increased by $34,000 or 10.0% due to annual increases and project expenses and professional fees increased due to price increases and the costs of being a public company.

For the six months ended June 30, 2024, noninterest expense totaled $9.8 million as compared to $9.2 million in the six months ended June 30, 2023. Increases in compensation and benefits increased $482,000 or 8.4% due to increases in staffing and salaries and benefits, occupancy expense increased by $65,000 or 8.3% due to higher rent and maintenance expenses, data processing expense increased by $62,000 or 9.0% due to annual increases and project expenses.

Asset Quality. Non-performing assets at June 30, 2024 totaled $8.4 million consisting of $8.2 million in nonperforming loans and $170,000 in other real estate owned, compared to $10.9 million at December 31, 2023, consisting of $10.7 million in non-performing loans and $170,000 in other real estate owned. During the quarter, our largest loan on non-accrual, a $6.8 million investor commercial real estate loan, was reduced by a $3.0 million cash payment. In July, the remaining $3.8 million balance paid off. At June 30, 2024, the allowance for credit losses on loans was $8.5 million, which represented 1.22% of total loans and 103.9% of non-performing loans compared to $8.5 million at December 31, 2023, which represented 1.21% of total loans and 81.0% of non-performing loans.

Forward-Looking Statements

This press release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, increased competitive pressures, the effects of inflation, potential recessionary conditions, general economic conditions or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the FRB, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, changes in demand for our products and services, accounting and tax changes, deposit flows, real estate values and competition, changes in accounting and tax principles, policies or guidelines, changes in legislation or regulation and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services, a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's financial condition and results of operations and the business in which the Company and the Bank are engaged and the failure to maintain current technologies, the failure to retain or attract employees.

BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with fifteen branches in the Baltimore metropolitan area and the eastern shore of Maryland. The Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses.

		At or For the Three Months								At or For the Six Months
		Ended June 30,								Ended June 30,
		2024				2023				2024				2023
Performance Ratios(1):
Return on average assets			1.52	%			1.78	%			1.34	%			1.62	%
Return on average equity			6.68	%			15.24	%			5.92	%			13.90	%
Interest rate spread(2)			3.61	%			3.77	%			3.36	%			3.92	%
Net interest margin(3)			4.33	%			4.19	%			4.12	%			4.26	%
Non-interest expense to average assets			2.19	%			2.07	%			2.21	%			2.14	%
Efficiency ratio(4)			51.53	%			46.57	%			54.42	%			49.27	%
Average interest-earning assets to average interest-bearing liabilities			154.65	%			135.48	%			154.62	%			135.05	%
Average equity to average assets			22.73	%			11.68	%			22.68	%			11.67	%
Credit Quality Ratios:
Allowance for credit losses as a percentage of total loans			1.22	%			1.16	%			1.22	%			1.16	%
Allowance for credit losses as a percentage of non-performing loans			103.88	%			179.14	%			103.88	%			179.14	%
Net charge-offs (recoveries) to average outstanding loans during the year			-0.01	%			-0.01	%			-0.02	%			-0.02	%
Non-performing loans as a percentage of total loans			1.17	%			0.65	%			1.17	%			0.65	%
Non-performing loans as a percentage of total assets			0.92	%			0.50	%			0.92	%			0.50	%
Total non-performing assets as a percentage of total assets			0.94	%			0.56	%			0.94	%			0.56	%
Other:
Number of offices			13				15				13				15
Number of full-time equivalent employees			116				117				116				117

(1)		Performance ratios are annualized.
(2)		Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3)		Represents net interest income as a percentage of average interest-earning assets.
(4)		Represents non-interest expenses divided by the sum of net interest income and non-interest income.

BV FINANCIAL, INC.
Consolidated Balance Sheets

		June 30, 2024				December 31, 2023
(dollars in thousands, except share amounts)		(unaudited)
Assets
Cash		$	9,334			$	9,260
Interest-bearing deposits in other banks			81,305				64,482
Cash and cash equivalents			90,639				73,742
Equity Investment			236				256
Securities available for sale			32,868				34,781
Securities held to maturity (fair value of $9,051 and $9,206, ACL of $5 and $6)			10,089				10,209
Loans held to maturity			702,373				704,802
Allowance for Credit Losses			(8,547	)			(8,554	)
Net Loans			693,826				696,248
Foreclosed real estate			170				170
Premises and equipment, net			13,503				14,250
Federal Home Loan Bank of Atlanta stock, at cost			654				626
Investment in life insurance			19,856				19,657
Accrued interest receivable			3,344				3,279
Goodwill			14,420				14,420
Intangible assets, net			922				1,012
Deferred tax assets, net			8,810				8,969
Other assets			7,825				7,635
Total assets		$	897,162			$	885,254
Liabilities and Stockholders' Equity
Liabilities
Noninterest-bearing deposits		$	141,040			$	142,030
Interest-bearing deposits			499,260				492,090
Total deposits			640,300				634,120
FHLB borrowings			-				-
Subordinated Debentures			34,806				37,251
Other liabilities			16,584				14,818
Total liabilities			691,690				686,189
Stockholders' equity
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding			-				-
Common stock, $0.01 par value; 45,000,000 shares authorized at June 30, 2024 and December 31, 2023; 11,387,723 shares issued and outstanding as of June 30, 2024 and 11,375,803 shares issued and outstanding as of December 31, 2023			114				114
Paid-in capital			110,694				110,465
Unearned common stock held by employee stock ownership plan			(7,244	)			(7,328	)
Retained earnings			103,745				97,772
Accumulated other comprehensive loss			(1,837	)			(1,958	)
Total stockholders' equity			205,472				199,065
Total liabilities and stockholders' equity		$	897,162			$	885,254

BV FINANCIAL, INC.
Consolidated Statements of Income

(dollars in thousands, except per share amounts)		Three Months Ended June 30,								Six Months Ended June 30,
Interest Income		2024				2023				2024				2023
Loans, including fees		$	10,177			$	9,327			$	19,959			$	18,100
Investment securities available for sale			306				277				612				543
Investment securities held to maturity			91				92				183				186
Other interest income			1,043				843				1,867				1,398
Total interest income			11,617				10,539				22,621				20,227
Interest Expense
Interest on deposits			2,242				1,266				4,228				1,931
Interest on FHLB borrowings			-				495				-				783
Interest on Subordinated debentures			466				541				1,521				1,075
Total interest expense			2,708				2,302				5,749				3,789
Net interest income			8,909				8,237				16,872				16,438
Provision for (recovery of) credit losses			(111	)			(150	)			(92	)			(147	)
Net interest income after provision for (recovery of) credit losses			9,020				8,387				16,964				16,585
Noninterest Income
Service fees on deposits			97				101				200				195
Fees from debit cards			182				188				354				360
Income from investment in life insurance			112				145				199				464
Gain on sale of foreclosed real estate			-				678				-				678
Other income			205				258				421				481
Total noninterest income			596				1,370				1,174				2,178
Noninterest Expense
Compensation and related benefits			3,091				2,859				6,220				5,738
Occupancy			409				366				847				782
Data processing			374				340				751				689
Advertising			6				14				11				28
Professional fees			244				176				356				376
Equipment			103				108				205				213
Foreclosed real estate holding costs			11				32				16				159
Amortization of intangible assets			45				46				90				92
FDIC insurance premiums			81				64				164				118
Other expense			533				539				1,160				1,049
Total noninterest expense			4,897				4,544				9,820				9,244
Net income before tax			4,719				5,213				8,318				9,519
Income tax expense			1,320				1,314				2,345				2,505
Net income		$	3,399			$	3,899			$	5,973			$	7,014
Basic earnings per share		$	0.32			$	0.49			$	0.52			$	0.88
Diluted earnings per share		$	0.32			$	0.49			$	0.52			$	0.88

BV FINANCIAL, INC.
Average Balance Sheet for the Quarters ended June 30,
(Dollars in thousands)

		For the Three Months Ended June 30,
		2024												2023
(dollars in thousands)		Average Outstanding Balance				Interest				Average Yield/Rate				Average Outstanding Balance				Interest				Average Yield/Rate
		(Unaudited)
Interest-earning assets:
Loans		$	705,516			$	10,177				5.79	%		$	679,179			$	9,327				5.51	%
Securities available-for-sale			33,445				306				3.67	%			35,240				277				3.15	%
Securities held-to-maturity			10,777				91				3.39	%			12,415				92				2.99	%
Cash, cash equivalents and other interest-earning assets			75,031				1,043				5.59	%			61,780				843				5.49	%
Total interest-earning assets			824,769				11,617				5.65	%			788,614				10,539				5.36	%
Noninterest-earning assets			67,088												87,991
Total assets		$	891,857											$	876,605
Interest-bearing liabilities:
Interest-bearing demand deposits		$	86,892				237				1.09	%		$	87,647				143				0.65	%
Savings deposits			139,980				96				0.28	%			159,790				52				0.13	%
Money market deposits			93,787				475				2.03	%			91,957				140				0.61	%
Certificates of deposit			177,859				1,434				3.23	%			168,064				931				2.22	%
Total interest-bearing deposits			498,518				2,242				1.80	%			507,458				1,266				1.00	%
Federal Home Loan Bank advances			-				-				-				37,500				495				5.29	%
Subordinated debentures			34,789				466				5.36	%			37,122				541				5.85	%
Total borrowings			34,789				466				5.37	%			74,622				1,036				5.57	%
Total interest-bearing liabilities			533,307				2,708				2.04	%			582,080				2,302				1.59	%
Noninterest-bearing demand deposits			139,070												149,444
Other noninterest-bearing liabilities			16,627												42,715
Total liabilities			689,004												774,239
Equity			202,853												102,366
Total liabilities and equity		$	891,857											$	876,605
Net interest income						$	8,909											$	8,237
Net interest rate spread											3.61	%											3.77	%
Net interest-earning assets		$	291,462											$	206,534
Net interest margin											4.33	%											4.19	%
Average interest-earning assets to interest-bearing liabilities			154.65	%											135.48	%

BV FINANCIAL, INC.
Average Balance Sheet for the Six Months ended June 30
(Dollars in thousands)

		For the Six Months Ended June 30,
		2024												2023
(dollars in thousands)		Average Outstanding Balance				Interest				Average Yield/Rate				Average Outstanding Balance				Interest				Average Yield/Rate
		(Unaudited)
Interest-earning assets:
Loans		$	706,942			$	19,959				5.54	%		$	673,564			$	18,100				5.42	%
Securities available-for-sale			33,745				612				3.61	%			35,685				543				3.07	%
Securities held-to-maturity			10,796				183				3.41	%			12,166				186				3.08	%
Cash, cash equivalents and other interest-earning assets			68,856				1,867				5.28	%			56,362				1,398				5.02	%
Total interest-earning assets			820,339				22,621				5.41	%			777,777				20,227				5.24	%
Noninterest-earning assets			67,273												87,176
Total assets		$	887,612											$	864,953
Interest-bearing liabilities:
Interest-bearing demand deposits		$	85,721				473				1.12	%		$	89,733				161				0.36	%
Savings deposits			143,304				161				0.18	%			162,290				92				0.11	%
Money market deposits			90,762				827				1.61	%			95,749				236				0.50	%
Certificates of deposit			175,477				2,767				3.09	%			160,207				1,441				1.81	%
Total interest-bearing deposits			495,264				4,228				1.62	%			507,979				1,930				0.77	%
Federal Home Loan Bank advances			-				-				-				30,862				783				5.12	%
Subordinated debentures			35,297				1,521				11.82	%			37,096				1,076				5.85	%
Total borrowings			35,297				1,521				11.82	%			67,958				1,859				5.52	%
Total interest-bearing liabilities			530,561				5,749				2.31	%			575,937				3,789				1.33	%
Noninterest-bearing demand deposits			139,381												154,521
Other noninterest-bearing liabilities			16,384												33,598
Total liabilities			686,326												764,056
Equity			201,286												100,897
Total liabilities and equity		$	887,612											$	864,953
Net interest income						$	16,872											$	16,438
Net interest rate spread											3.36	%											3.92	%
Net interest-earning assets		$	289,778											$	201,840
Net interest margin											4.12	%											4.26	%
Average interest-earning assets to interest-bearing liabilities			154.62	%											135.05	%

ALLOWANCE FOR CREDIT LOSS - LOANS
(Dollars in thousands)

		QTR				YTD
		6/30/2024				6/30/2024
Beginning Balance		$	8,506			$	8,554
Provision for credit losses -loans			(25	)			(159	)
Net Charge-offs (recoveries):
Owner Occupied 1-4			(56	)			(108	)
Non-Owner Occupied 1-4			(11	)			(39	)
Investor Commercial Real Estate			-				(2	)
OO Commercial Real Estate			-				(2	)
Construction & Land			(1	)			(2	)
Farm Loans			-				-
Marine & Consumer			2				1
Guaranteed by the US Gov't			-				-
Commercial			-				-
Net charge-offs (recoveries)			(66	)			(152	)
Ending Balance- ACL for Loans		$	8,547			$	8,547
Balance Reserve for unfunded loan commitments			275				275
Balance Reserve for HTM Securities			5				5
Total ACL		$	8,827			$	8,827
Provision expense for Unfunded Commitments			(85	)			68
Provision expense for HTM Securities			(1	)			(1	)
Total other provision expense		$	(86	)		$	67
Total provision for (recovery of )credit losses		$	(111	)		$	(92	)

Contact:

Michael J. Dee
Chief Financial Officer
(410) 477- 5000

SOURCE: BV Financial, Inc.

View the original press release on accesswire.com

FAQ

What was BV Financial's (BVFL) net income for Q2 2024?

BV Financial (BVFL) reported net income of $3.4 million, or $0.32 per diluted share, for Q2 2024.

How did BV Financial's (BVFL) deposits change in the first half of 2024?

BV Financial's (BVFL) deposits increased by $6.2 million or 1.0%, from $634.1 million at December 31, 2023, to $640.3 million at June 30, 2024.

What was BV Financial's (BVFL) net interest margin for Q2 2024?

BV Financial's (BVFL) net interest margin for Q2 2024 was 4.33%, compared to 4.19% for Q2 2023.

How did BV Financial's (BVFL) non-accrual loans change in the first half of 2024?

BV Financial's (BVFL) non-accrual loans decreased by $2.5 million or 22.0%, from $10.6 million at December 31, 2023, to $8.2 million at June 30, 2024.

What was BV Financial's (BVFL) allowance for credit losses on loans as of June 30, 2024?

As of June 30, 2024, BV Financial's (BVFL) allowance for credit losses on loans was $8.5 million, representing 1.22% of total loans and 103.9% of non-performing loans.