BV Financial, Inc. Announces Financial Results
- Net income of $13.7 million for the year ended December 31, 2023
- Return on average equity of 9.93%
- Conversion to a stock holding company, selling 9,798,980 shares of common stock at $10.00 per share
- Total equity increased by $101.3 million
- Net loans increased by 5.63% to $696.2 million
- Net interest income of $34.2 million and net interest margin of 4.23%
- Deposits decreased by 7.38% to $634.1 million
- Non-performing assets totaled $10.7 million
- Allowance for credit losses on loans was $8.6 million, representing 1.21% of total loans
Insights
The reported increase in net income for BV Financial, Inc. reflects a positive trajectory in profitability, indicating a successful fiscal year compared to the previous one. The improvement from $10.5 million to $13.7 million in annual net income and an increase in earnings per share from $1.32 to $1.47 are significant metrics that stakeholders use to gauge the company's financial health. These figures are particularly relevant considering the conversion from a mutual holding company to a stock holding company, which often aims to unlock shareholder value.
Examining the return on average assets (ROAA) and return on average equity (ROAE), there is a noticeable increase in annual ROAA from 1.34% to 1.54% and in ROAE from 6.11% to 9.93%. These ratios are key indicators of how effectively management is using the company's assets to generate profits and how well it is providing a return to shareholders. A higher ROAE is generally seen as a positive sign of management's ability to generate earnings from equity financing. However, the quarter-on-quarter comparison shows a slight decrease in these ratios, which may warrant attention for potential trends.
Another aspect of interest is the net increase in loans, which suggests growth in the company's lending activities, a core aspect of a bank's revenue generation. Conversely, the decrease in deposits could raise concerns about the bank's liquidity and funding sources, potentially indicating a shift in the bank's liability structure or customer preferences. The payoff of all Federal Home Loan Bank borrowings reflects a strategic move to reduce interest expense and reliance on external borrowings, which could improve net interest margins over time.
The conversion from a mutual holding company to a stock holding company and the subsequent stock offering resulting in net proceeds of $86.9 million represent strategic milestones for BV Financial, Inc. The capital raise is a robust move to bolster the bank's capital base, which is reflected in the substantial 103.64% increase in total equity. This infusion of capital is likely to support future growth initiatives or cushion against potential loan losses, which is particularly pertinent given the increase in non-performing assets from $7.9 million to $10.7 million year-over-year.
From a market perspective, the increase in the allowance for credit losses on loans from 0.57% to 1.21% of total loans is a conservative shift, indicating a more cautious approach to potential credit risks. This increase is substantial and exceeds the previous coverage of non-performing loans, which could be interpreted as a response to the current economic environment or a reflection of the bank's internal risk assessment processes. The banking sector is closely monitored by investors for such indicators of asset quality, as they can be precursors to future financial performance.
Looking at the broader economic implications, the increase in net interest income and net interest margin for BV Financial, Inc. is indicative of the current interest rate environment. The reported increase in the yield on interest-earning assets, due to higher market interest rates, suggests the bank is effectively capitalizing on the rising rate environment to enhance its interest income. However, this is counterbalanced by the increased cost of interest-bearing liabilities, which could squeeze margins if deposit rates continue to rise.
The reported decrease in total deposits, particularly the $25.2 million reduction in noninterest-bearing deposits, may be reflective of a competitive banking landscape where customers are seeking higher yields for their deposits elsewhere. This trend could have implications for the bank's cost of funds and its ability to attract and retain depositors without significantly increasing its interest expense.
In the context of asset quality, the rise in non-performing assets is a concern that merits attention. An increase in non-performing loans can be symptomatic of underlying economic stress among borrowers or sectors, which could lead to further provisions for credit losses. The bank's response, in terms of credit risk management and loan underwriting standards, will be crucial in navigating potential headwinds.
ALLOWANCE FOR CREDIT LOSS - LOANS
BALTIMORE, MD / ACCESSWIRE / January 22, 2024 / BV Financial, Inc. ( NASDAQ:BVFL), (the "Company") the holding company for BayVanguard Bank (the "Bank"), reported net income of
On July 31, 2023, the Company completed its conversion from the mutual holding company (M.H.C.) form of reorganization to the stock holding company form of organization (the "Conversion"). In connection with the Conversion, Bay-Vanguard M.H.C. (the "MHC") ceased to exist. Also, as part of the Conversion, the Company sold 9,798,980 shares of its common stock at a price of
Financial Highlights
- Return on average assets and return on average equity for the year ended December 31, 2023 were
1.54% and9.93% , respectively. Return on average assets and return on average equity for the three months ended December 31, 2023 were1.34% and6.11% , respectively. - Net loans increased
$37.1 million , or5.63% to$696.2 million at December 31, 2023 compared to$659.1 million at December 31, 2022. - Deposits decreased
$50.5 million , or7.38% , from$684.6 million at December 31, 2022 to$634.1 million at December 31,2023. - Total equity increased by
$101.3 million , or103.64% , primarily due to the stock offering noted above and net income for the year. - In the quarter ended December 31, 2023, the Company recorded a provision for credit losses of
$435,000 consisting of$354,000 in the allowance for credit losses (ACL) - loans and$81,000 in the ACL -for unfunded commitments. In the year ended December 31, 2023, the Company recorded a recovery of the provision for credit losses of$45,000 as net recoveries of$467,000 exceeded the required increase in the ACL for loans.
Financial Condition
Total Assets. Total assets were
Cash and Cash Equivalents. Cash and cash equivalents increased
Net Loans Receivable. Netloans receivable increased
Securities. Securities available for sale ("AFS") increased
Total Liabilities. Total liabilities decreased
Deposits. Total deposits decreased
Federal Home Loan Bank Borrowings. The Company had no Federal Home Loan Bank borrowings at December 31, 2023 compared to
Stockholders' Equity. Stockholders' equity increased
Asset Quality. Non-performing assets at December 31, 2023 totaled
Comparison of Operating Results for the Three and Twelve Months Ended December 31, 2023 and 2022
Net Interest Income. Net interest income was
Net interest income was
Noninterest Income. For the three months ended December 31, 2023, noninterest income totaled
For the year ended December 31, 2023, noninterest income totaled
Noninterest Expense. For the three months ended December 31, 2023, noninterest expense totaled
For the year ended December 31, 2023 noninterest expense totaled
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, including 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 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 potential government shutdown, 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.
BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with fourteen 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.
BV Financial Inc.
| At or For the Year | At or For the Three Months | |||||||||||||||
| Ended December 31, | Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
Performance Ratios(1): | ||||||||||||||||
Return on average assets | 1.54 | % | 1.24 | % | 1.34 | % | 1.29 | % | ||||||||
Return on average equity | 9.93 | % | 11.49 | % | 6.11 | % | 11.46 | % | ||||||||
Interest rate spread(2) | 3.74 | % | 3.75 | % | 3.64 | % | 4.28 | % | ||||||||
Net interest margin(3) | 4.23 | % | 3.91 | % | 4.30 | % | 4.45 | % | ||||||||
Non-interest expense to average assets | 2.19 | % | 2.35 | % | 2.29 | % | 3.00 | % | ||||||||
Efficiency ratio(4) | 51.03 | % | 57.88 | % | 56.19 | % | 61.47 | % | ||||||||
Average interest-earning assets to average interest-bearing liabilities | 142.89 | % | 135.36 | % | 153.30 | % | 135.16 | % | ||||||||
Average equity to average assets | 15.55 | % | 10.78 | % | 21.87 | % | 11.28 | % | ||||||||
Credit Quality Ratios:(6) | ||||||||||||||||
Allowance for credit losses as a percentage of total loans | 1.21 | % | 0.57 | % | 1.21 | % | 0.57 | % | ||||||||
Allowance for credit losses as a percentage of non-performing loans | 82.94 | % | 64.80 | % | 82.94 | % | 64.80 | % | ||||||||
Net charge-offs (recoveries) to average outstanding loans during the year | -0.07 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||
Non-performing loans as a percentage of total loans | 1.46 | % | 0.88 | % | 1.46 | % | 0.88 | % | ||||||||
Non-performing loans as a percentage of total assets | 1.17 | % | 0.70 | % | 1.17 | % | 0.70 | % | ||||||||
Total non-performing assets as a percentage of total assets | 1.19 | % | 0.93 | % | 1.19 | % | 0.93 | % | ||||||||
Other: | ||||||||||||||||
Number of offices | 14 | 15 | 14 | 15 | ||||||||||||
Number of full-time equivalent employees | 107 | 110 | 107 | 110 | ||||||||||||
| (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. |
| (5) The Company adopted ASC 326 on January 1, 2023. Some ratios are not comparable pre and post adoption of this accounting standard. |
BV Financial, Inc.
Consolidated Balance Sheets
| December 31, 2023 | December 31, 2022 | |||||||
| (dollars in thousands, except share amounts) | (unaudited) | derived from audited financial statements | ||||||
Assets | ||||||||
Cash | $ | 9,260 | $ | 12,704 | ||||
Interest-bearing deposits in other banks | 64,482 | 55,948 | ||||||
Cash and cash equivalents | 73,742 | 68,652 | ||||||
Equity Investment | 256 | 221 | ||||||
Securities available for sale | 34,781 | 33,034 | ||||||
Securities held to maturity (fair value of | 10,209 | 10,461 | ||||||
Loans held for maturity | 704,802 | 662,944 | ||||||
Allowance for Credit Losses | (8,554 | ) | (3,813 | ) | ||||
Net Loans | 696,248 | 659,131 | ||||||
Foreclosed real estate | 170 | 1,987 | ||||||
Premises and equipment, net | 14,250 | 15,176 | ||||||
Federal Home Loan Bank of Atlanta stock, at cost | 626 | 977 | ||||||
Investment in life insurance | 19,657 | 19,983 | ||||||
Accrued interest receivable | 3,279 | 2,952 | ||||||
Goodwill | 14,420 | 14,420 | ||||||
Intangible assets, net | 1,012 | 1,195 | ||||||
Deferred tax assets, net | 8,969 | 9,113 | ||||||
Other assets | 7,635 | 7,661 | ||||||
Total assets | $ | 885,254 | $ | 844,963 | ||||
Liabilities and Stockholders' Equity | ||||||||
Liabilities | ||||||||
Noninterest-bearing deposits | $ | 142,030 | $ | 167,202 | ||||
Interest-bearing deposits | 492,090 | 517,416 | ||||||
Total deposits | 634,120 | 684,618 | ||||||
FHLB borrowings | - | 12,000 | ||||||
Subordinated Debentures | 37,251 | 37,039 | ||||||
Other liabilities | 14,818 | 13,555 | ||||||
Total liabilities | 686,189 | 747,212 | ||||||
Stockholders' equity | ||||||||
Preferred stock, | - | - | ||||||
Common stock, | 114 | 74 | ||||||
Paid-in capital | 110,465 | 15,406 | ||||||
Unearned common stock held by employee stock ownership plan | (7,328 | ) | - | |||||
Retained earnings | 97,772 | 84,612 | ||||||
Accumulated other comprehensive loss | (1,958 | ) | (2,341 | ) | ||||
Total stockholders' equity | 199,065 | 97,751 | ||||||
Total liabilities and stockholders' equity | $ | 885,254 | $ | 844,963 | ||||
BV FINANCIAL, INC.
Consolidated Statements of Income
(dollars in thousands, except per share amounts) | Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
Interest Income | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Loans, including fees | $ | 9,878 | $ | 8,547 | $ | 37,742 | $ | 31,259 | ||||||||
Investment securities available for sale | 311 | 211 | 1,156 | 610 | ||||||||||||
Investment securities held to maturity | 92 | 102 | 367 | 245 | ||||||||||||
Other interest income | 1,196 | 509 | 4,154 | 1,236 | ||||||||||||
Total interest income | 11,477 | 9,369 | 43,419 | 33,350 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 1,920 | 369 | 5,614 | 1,357 | ||||||||||||
Interest on FHLB borrowings | 99 | 11 | 1,411 | 11 | ||||||||||||
Interest on Subordinated debentures | 543 | 532 | 2,165 | 2,062 | ||||||||||||
Total interest expense | 2,562 | 912 | 9,190 | 3,430 | ||||||||||||
Net interest income | 8,915 | 8,457 | 34,229 | 29,920 | ||||||||||||
Provision for (recovery of) credit losses | 435 | 451 | (45 | ) | 1,038 | |||||||||||
Net interest income after provision for (recovery of) credit losses | 8,480 | 8,006 | 34,274 | 28,882 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service fees on deposits | 109 | 116 | 413 | 460 | ||||||||||||
Fees from debit cards | 181 | 188 | 724 | 755 | ||||||||||||
Income from investment in life insurance | 92 | 1,182 | 641 | 1,492 | ||||||||||||
Gain on sale of loans | - | - | - | 1 | ||||||||||||
Gain(loss) on sale of repossessed assets | 31 | (33 | ) | 709 | 246 | |||||||||||
Gain on sale of fixed assets | - | - | 188 | - | ||||||||||||
Other income | 285 | 862 | 1,082 | 2,711 | ||||||||||||
Total noninterest income | 698 | 2,315 | 3,757 | 5,665 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and related benefits | 3,371 | 2,649 | 12,257 | 10,130 | ||||||||||||
Occupancy | 426 | 440 | 1,604 | 1,661 | ||||||||||||
Data processing | 339 | 349 | 1,373 | 1,419 | ||||||||||||
Advertising | 11 | 6 | 43 | 23 | ||||||||||||
Professional fees | 290 | 155 | 886 | 607 | ||||||||||||
Equipment | 106 | 24 | 425 | 436 | ||||||||||||
Foreclosed real estate and repossessed assets holding costs | 13 | 568 | 186 | 965 | ||||||||||||
Amortization of intangible assets | 45 | 46 | 183 | 183 | ||||||||||||
FDIC insurance premiums | 98 | 55 | 336 | 219 | ||||||||||||
Other expense | 458 | 2,052 | 2,116 | 4,351 | ||||||||||||
Total noninterest expense | 5,157 | 6,344 | 19,409 | 19,994 | ||||||||||||
Net income before tax | 4,021 | 3,977 | 18,622 | 14,553 | ||||||||||||
Income tax expense | 1,012 | 1,247 | 4,915 | 4,029 | ||||||||||||
Net income | $ | 3,009 | $ | 2,730 | $ | 13,707 | $ | 10,524 | ||||||||
Basic earnings per share | $ | 0.28 | $ | 0.34 | $ | 1.47 | $ | 1.32 | ||||||||
Diluted earnings per share | $ | 0.28 | $ | 0.34 | $ | 1.47 | $ | 1.32 | ||||||||
BV FINANCIAL, INC.
Average Balance Sheet for the Quarters ended December 31
(Dollars in thousands)
| For the Three Months Ended December 31, | ||||||||||||||||||||||||
| 2023 | 2022 | |||||||||||||||||||||||
(dollars in thousands) | Average Outstanding Balance | Interest | Average Yield/Rate | Average Outstanding Balance | Interest | Average Yield/Rate | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans | $ | 693,217 | $ | 9,878 | 5.65 | % | $ | 653,469 | $ | 8,547 | 5.19 | % | ||||||||||||
Securities available-for-sale | 35,194 | 311 | 3.51 | % | 33,905 | 211 | 2.47 | % | ||||||||||||||||
Securities held-to-maturity | 11,193 | 92 | 3.26 | % | 11,165 | 102 | 3.64 | % | ||||||||||||||||
Cash, cash equivalents and other interest-earning assets | 82,482 | 1,196 | 5.65 | % | 54,959 | 509 | 3.69 | % | ||||||||||||||||
Total interest-earning assets | 822,086 | 11,477 | 5.54 | % | 753,498 | 9,369 | 4.93 | % | ||||||||||||||||
Noninterest-earning assets | 78,694 | 91,296 | ||||||||||||||||||||||
Total assets | $ | 900,780 | $ | 844,794 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 83,014 | 234 | 1.12 | % | $ | 98,441 | 19 | 0.08 | % | ||||||||||||||
Savings deposits | 143,666 | 61 | 0.17 | % | 168,729 | 26 | 0.06 | % | ||||||||||||||||
Money market deposits | 88,671 | 312 | 1.40 | % | 108,293 | 80 | 0.29 | % | ||||||||||||||||
Certificates of deposit | 176,738 | 1,313 | 2.95 | % | 143,837 | 244 | 0.67 | % | ||||||||||||||||
Total interest-bearing deposits | 492,089 | 1,920 | 1.55 | % | 519,300 | 369 | 0.28 | % | ||||||||||||||||
Federal Home Loan Bank advances | 6,929 | 99 | 5.61 | % | 1,174 | 11 | 3.72 | % | ||||||||||||||||
Subordinated debentures | 37,228 | 543 | 5.81 | % | 37,017 | 532 | 5.71 | % | ||||||||||||||||
Total borrowings | 44,157 | 642 | 5.78 | % | 38,191 | 543 | 5.64 | % | ||||||||||||||||
Total interest-bearing liabilities | 536,246 | 2,562 | 1.90 | % | 557,491 | 912 | 0.65 | % | ||||||||||||||||
Noninterest-bearing demand deposits | 144,330 | 167,302 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 23,207 | 24,750 | ||||||||||||||||||||||
Total liabilities | 703,783 | 749,543 | ||||||||||||||||||||||
Equity | 196,997 | 95,251 | ||||||||||||||||||||||
Total liabilities and equity | $ | 900,780 | $ | 844,794 | ||||||||||||||||||||
Net interest income | $ | 8,915 | $ | 8,457 | ||||||||||||||||||||
Net interest rate spread | 3.64 | % | 4.28 | % | ||||||||||||||||||||
Net interest-earning assets | $ | 285,840 | $ | 196,007 | ||||||||||||||||||||
Net interest margin | 4.30 | % | 4.45 | % | ||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 153.30 | % | 135.16 | % | ||||||||||||||||||||
BV FINANCIAL, INC.
Average Balance Sheet for the Year ended December, 31
(Dollars in thousands)
| 2023 | 2022 | |||||||||||||||||||||||
(dollars in thousands) | Average Outstanding Balance | Interest | Average Yield/Rate | Average Outstanding Balance | Interest | Average Yield/Rate | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans | $ | 683,657 | $ | 37,742 | 5.52 | % | $ | 634,152 | $ | 31,259 | 4.93 | % | ||||||||||||
Securities available-for-sale | 35,607 | 1,156 | 3.25 | % | 36,551 | 610 | 1.67 | % | ||||||||||||||||
Securities held-to-maturity | 12,003 | 367 | 3.06 | % | 8,220 | 245 | 2.98 | % | ||||||||||||||||
Cash, cash equivalents and other interest-earning assets | 77,865 | 4,154 | 5.34 | % | 85,859 | 1,236 | 1.44 | % | ||||||||||||||||
Total interest-earning assets | 809,132 | 43,419 | 5.37 | % | 764,782 | 33,350 | 4.36 | % | ||||||||||||||||
Noninterest-earning assets | 78,100 | 87,128 | ||||||||||||||||||||||
Total assets | $ | 887,232 | $ | 851,910 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 86,114 | 614 | 0.71 | % | $ | 95,261 | 65 | 0.07 | % | ||||||||||||||
Savings deposits | 154,629 | 202 | 0.13 | % | 169,678 | 97 | 0.06 | % | ||||||||||||||||
Money market deposits | 91,573 | 803 | 0.88 | % | 108,492 | 231 | 0.21 | % | ||||||||||||||||
Certificates of deposit | 170,299 | 3,995 | 2.35 | % | 154,346 | 964 | 0.63 | % | ||||||||||||||||
Total interest-bearing deposits | 502,615 | 5,614 | 1.12 | % | 527,777 | 1,357 | 0.26 | % | ||||||||||||||||
Federal Home Loan Bank advances | 26,503 | 1,411 | 5.32 | % | 296 | 11 | 3.79 | % | ||||||||||||||||
Subordinated debentures | 37,149 | 2,165 | 5.83 | % | 36,938 | 2,062 | 5.58 | % | ||||||||||||||||
Total borrowings | 63,652 | 3,576 | 5.62 | % | 37,234 | 2,073 | 5.57 | % | ||||||||||||||||
Total interest-bearing liabilities | 566,267 | 9,190 | 1.62 | % | 565,011 | 3,430 | 0.61 | % | ||||||||||||||||
Noninterest-bearing demand deposits | 149,630 | 169,722 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 33,363 | 24,870 | ||||||||||||||||||||||
Total liabilities | 749,260 | 759,603 | ||||||||||||||||||||||
Equity | 137,972 | 92,307 | ||||||||||||||||||||||
Total liabilities and equity | $ | 887,232 | $ | 851,910 | ||||||||||||||||||||
Net interest income | $ | 34,229 | $ | 29,920 | ||||||||||||||||||||
Net interest rate spread | 3.74 | % | 3.75 | % | ||||||||||||||||||||
Net interest-earning assets | $ | 242,865 | $ | 199,772 | ||||||||||||||||||||
Net interest margin | 4.23 | % | 3.91 | % | ||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 142.89 | % | 135.37 | % | ||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSS - LOANS
(Dollars in thousands)
| QTR | YTD | |||||||
| 12/31/2023 | 12/31/2023 | |||||||
Beginning Balance | $ | 8,153 | $ | 3,813 | ||||
Provision for credit loss -loans | 354 | 42 | ||||||
CECL Transition - Gross up of PCD loans | - | 3,778 | ||||||
CECL Transition - Cumulative effect adjustment related to adoption | - | 454 | ||||||
Net Charge-offs (recoveries): | ||||||||
Owner Occupied 1-4 | (4 | ) | (62 | ) | ||||
Non-Owner Occupied 1-4 | (60 | ) | (305 | ) | ||||
Investor Commercial Real Estate | - | - | ||||||
OO Commercial Real Estate | 3 | 3 | ||||||
Construction & Land | (1 | ) | (154 | ) | ||||
Farm Loans | - | - | ||||||
Marine & Consumer | 15 | 54 | ||||||
Guaranteed by the US Gov't | - | - | ||||||
Commercial | - | (3 | ) | |||||
Net charge-offs (recoveries) | (47 | ) | (467 | ) | ||||
Ending Balance- ACL for Loans | $ | 8,554 | $ | 8,554 | ||||
Balance Reserve for unfunded loan commitments | 207 | 207 | ||||||
Balance Reserve for HTM Securities | 6 | 6 | ||||||
Total ACL | $ | 8,767 | $ | 8,767 | ||||
Provision expense for Unfunded Commitments | 81 | (82 | ) | |||||
Provision expense for HTM Securities | - | (5 | ) | |||||
Total other provision expense | $ | 81 | $ | (87 | ) | |||
Total provision for (recovery of )credit losses | $ | 435 | $ | (45 | ) | |||
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, Inc.'s net income for the year ended December 31, 2023?
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What was the total equity increase for BV Financial, Inc.?
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