BV Financial, Inc. Announces Financial Results
BV Financial (NASDAQ:BVFL) reported net income of $11.7 million ($1.10 per diluted share) for 2024, down from $13.7 million ($1.47 per diluted share) in 2023. Q4 2024 net income was $1.95 million ($0.18 per share), compared to $3.0 million ($0.28 per share) in Q4 2023.
Key financial highlights include: net loans increased 4.74% to $729.2 million, deposits grew 2.74% to $651.5 million, and total assets rose 3.00% to $911.8 million. The company's return on average assets and equity for 2024 were 1.32% and 5.77% respectively.
During 2024, the company repurchased 1.1 million shares at an average cost of $16.27 and issued 343,562 restricted shares valued at $5.0 million. Asset quality improved with non-performing assets decreasing to $4.2 million from $10.7 million in 2023.
BV Financial (NASDAQ:BVFL) ha riportato un utile netto di 11,7 milioni di dollari (1,10 dollari per azione diluita) per il 2024, in calo rispetto ai 13,7 milioni di dollari (1,47 dollari per azione diluita) del 2023. L'utile netto del Q4 2024 è stato di 1,95 milioni di dollari (0,18 dollari per azione), rispetto ai 3,0 milioni di dollari (0,28 dollari per azione) del Q4 2023.
Tra i principali risultati finanziari si evidenziano: i prestiti netti sono aumentati del 4,74% a 729,2 milioni di dollari, i depositi sono cresciuti del 2,74% a 651,5 milioni di dollari e il totale delle attrezzature è salito del 3,00% a 911,8 milioni di dollari. Il rendimento medio sulle attrezzature e sul capitale dell'azienda per il 2024 è stato rispettivamente dell'1,32% e del 5,77%.
Durante il 2024, la società ha riacquistato 1,1 milioni di azioni a un costo medio di 16,27 dollari e ha emesso 343.562 azioni riservate con un valore di 5,0 milioni di dollari. La qualità degli attivi è migliorata con la diminuzione degli attivi non performanti a 4,2 milioni di dollari, rispetto ai 10,7 milioni di dollari del 2023.
BV Financial (NASDAQ:BVFL) reportó un ingreso neto de 11.7 millones de dólares (1.10 dólares por acción diluida) para 2024, una disminución desde los 13.7 millones de dólares (1.47 dólares por acción diluida) en 2023. El ingreso neto del cuarto trimestre de 2024 fue de 1.95 millones de dólares (0.18 dólares por acción), en comparación con 3.0 millones de dólares (0.28 dólares por acción) en el cuarto trimestre de 2023.
Los aspectos financieros clave incluyen: los préstamos netos aumentaron un 4.74% a 729.2 millones de dólares, los depósitos crecieron un 2.74% a 651.5 millones de dólares, y los activos totales aumentaron un 3.00% a 911.8 millones de dólares. El rendimiento sobre los activos y el patrimonio promedio de la compañía para 2024 fue del 1.32% y del 5.77% respectivamente.
Durante 2024, la empresa recompró 1.1 millones de acciones a un costo promedio de 16.27 dólares y emitió 343,562 acciones restringidas valoradas en 5.0 millones de dólares. La calidad de los activos mejoró con la disminución de los activos improductivos a 4.2 millones de dólares desde los 10.7 millones de dólares en 2023.
BV Financial (NASDAQ:BVFL)는 2024년 순이익이 1,170만 달러(희석주당 1.10달러)로 보고했으며, 이는 2023년의 1,370만 달러(희석주당 1.47달러)에서 감소한 수치입니다. 2024년 4분기 순이익은 195만 달러(주당 0.18달러)로, 2023년 4분기의 300만 달러(주당 0.28달러)와 비교됩니다.
주요 재무 하이라이트는 다음과 같습니다: 순 대출이 4.74% 증가하여 7억 2,920만 달러에 이르고, 예금이 2.74% 증가하여 6억 5,150만 달러에 도달했으며, 총 자산이 3.00% 증가하여 9억 1,180만 달러에 달했습니다. 회사의 평균 자산 수익률과 자본 수익률은 각각 1.32% 및 5.77%였습니다.
2024년 동안 회사는 평균 16.27달러의 비용으로 110만 주를 재매입했고, 500만 달러 가치의 343,562개의 제한된 주식을 발행했습니다. 자산 품질은 개선되어 비수익 자산이 2023년 1,070만 달러에서 420만 달러로 감소했습니다.
BV Financial (NASDAQ:BVFL) a déclaré un revenu net de 11,7 millions de dollars (1,10 dollar par action diluée) pour 2024, en baisse par rapport à 13,7 millions de dollars (1,47 dollar par action diluée) en 2023. Le revenu net du quatrième trimestre 2024 était de 1,95 million de dollars (0,18 dollar par action), contre 3,0 millions de dollars (0,28 dollar par action) au quatrième trimestre 2023.
Les principaux points financiers incluent : les prêts nets ont augmenté de 4,74 % pour atteindre 729,2 millions de dollars, les dépôts ont augmenté de 2,74 % pour atteindre 651,5 millions de dollars, et les actifs totaux ont crû de 3,00 % pour atteindre 911,8 millions de dollars. Le rendement des actifs et des fonds propres moyens de l'entreprise pour 2024 étaient respectivement de 1,32 % et de 5,77 %.
En 2024, la société a racheté 1,1 million d'actions à un coût moyen de 16,27 dollars et a émis 343 562 actions restreintes d'une valeur de 5,0 millions de dollars. La qualité des actifs s'est améliorée avec une réduction des actifs non performants à 4,2 millions de dollars, contre 10,7 millions de dollars en 2023.
BV Financial (NASDAQ:BVFL) berichtete für 2024 einen Nettogewinn von 11,7 Millionen Dollar (1,10 Dollar pro verwässerter Aktie), ein Rückgang von 13,7 Millionen Dollar (1,47 Dollar pro verwässerter Aktie) im Jahr 2023. Der Nettogewinn im vierten Quartal 2024 betrug 1,95 Millionen Dollar (0,18 Dollar pro Aktie), verglichen mit 3,0 Millionen Dollar (0,28 Dollar pro Aktie) im vierten Quartal 2023.
Zu den wesentlichen finanziellen Eckdaten gehören: Die Nettokredite stiegen um 4,74% auf 729,2 Millionen Dollar, die Einlagen wuchsen um 2,74% auf 651,5 Millionen Dollar und die Gesamtaktiva erhöhten sich um 3,00% auf 911,8 Millionen Dollar. Die Rentabilität der durchschnittlichen Aktiva und des Eigenkapitals des Unternehmens für 2024 betrugen 1,32% bzw. 5,77%.
Im Jahr 2024 kaufte das Unternehmen 1,1 Millionen Aktien zu einem durchschnittlichen Preis von 16,27 Dollar zurück und gab 343.562 beschränkte Aktien im Wert von 5,0 Millionen Dollar aus. Die Qualität der Vermögenswerte verbesserte sich, da die notleidenden Vermögenswerte von 10,7 Millionen Dollar im Jahr 2023 auf 4,2 Millionen Dollar sanken.
- Net loans increased by $33.0 million (4.74%) to $729.2 million
- Deposits grew by $17.4 million (2.74%) to $651.5 million
- Non-performing assets decreased significantly from $10.7M to $4.2M
- Net interest margin improved to 4.27% in 2024 from 4.23% in 2023
- Net income decreased from $13.7M to $11.7M year-over-year
- Earnings per share declined from $1.47 to $1.10
- Q4 net income dropped from $3.0M to $1.95M year-over-year
- Noninterest expenses increased from $19.4M to $21.5M
- Noninterest income decreased from $3.8M to $2.5M
Insights
BV Financial's 2024 performance reveals a complex narrative beneath the headline numbers. While reported earnings declined by
The bank's balance sheet management deserves attention. The
Asset quality metrics show remarkable improvement, with non-performing assets declining by
Capital management decisions were significant, with the repurchase of 1.1M shares at an average cost of
The
BALTIMORE, MD / ACCESS Newswire / January 27, 2025 / BV Financial, Inc. ( NASDAQ:BVFL), (the "Company") the holding company for BayVanguard Bank (the "Bank"), reported net income of
Adjusted net income, a Non-GAAP financial metric, was
Financial Highlights
Return on average assets and return on average equity for the year ended December 31, 2024 were
1.32% and5.77% , respectively. Return on average assets and return on average equity for the three months ended December 31, 2024 were0.88% and3.83% , respectively.Net Loans increased
$33.0 million , or4.74% to$729.2 million at December 31, 2024 compared to$696.2 million at December 31, 2023.Deposits increased
$17.4 million , or2.74% , from$634.1 million at December 31, 2023 to$651.5 million at December 31, 2024. Brokered deposits of$50 million were utilized to replace run-off of retail certificates of deposit and non-interest-bearing accounts.During the year, the Company repurchased 1.1 million shares of common stock at an average cost of
$16.27 . In September 2024, the Company issued 343,562 shares of restricted stock with a value of$5.0 million . These restricted shares will be expensed over 48 months.During the quarter ended December 31, 2024, the Company recorded a provision for credit losses of
$604,000 consisting of$490,000 in the allowance for credit losses (ACL) - loans and$114,000 in the ACL-unfunded commitments. During the year ended December 31, 2024, the Company recorded a recovery of the provision for credit losses of$203,000 as net recoveries of$315,000 exceeded the required increase in the ACL for loans and the ACL for unfunded commitments.
Financial Condition
Total Assets. Total assets were
Cash and Cash Equivalents. Cash and cash equivalents decreased
Net Loans Receivable. Net loans receivable increased
Securities. Securities available for sale ("AFS") increased
Total Liabilities . Total liabilities increased
Deposits. Total deposits increased
Borrowings . The Company had
Stockholders' Equity . Stockholders' equity decreased
Asset Quality. Non-performing assets at December 31, 2024 totaled
Comparison of Operating Results for the Three and Twelve Months Ended December 31, 2024 and 2023
Net Income. TheCompany reported net income of
Net Interest Income. Net interest income was
Net interest income was
Noninterest Income . For the three months ended December 31, 2024, noninterest income totaled
For the year ended December 31, 2024, noninterest income totaled
Noninterest Expense. For the three months ended December 31, 2024 noninterest expense totaled
For the year ended December 31, 2024 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 thirteen 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.
Contact:
Michael J. Dee
Chief Financial Officer
(410) 477- 5000
BV FINANCIAL, INC.
Consolidated Financial Ratios
| At or For the Three Months |
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| At or For the Year |
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| Ended December 31, |
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| Ended December 31, |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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Performance Ratios (1) : |
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Return on average assets |
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| 0.88 | % |
|
| 1.34 | % |
|
| 1.32 | % |
|
| 1.54 | % |
Return on average equity |
|
| 3.83 | % |
|
| 6.11 | % |
|
| 5.77 | % |
|
| 9.93 | % |
Interest rate spread (2) |
|
| 3.59 | % |
|
| 3.64 | % |
|
| 3.50 | % |
|
| 3.74 | % |
Net interest margin (3) |
|
| 4.34 | % |
|
| 4.30 | % |
|
| 4.27 | % |
|
| 4.23 | % |
Non-interest expense to average assets |
|
| 2.79 | % |
|
| 2.29 | % |
|
| 2.42 | % |
|
| 2.19 | % |
Efficiency ratio (4) |
|
| 64.27 | % |
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| 56.19 | % |
|
| 57.02 | % |
|
| 51.03 | % |
Average interest-earning assets to average interest-bearing liabilities |
|
| 154.03 | % |
|
| 153.30 | % |
|
| 154.92 | % |
|
| 142.89 | % |
Average equity to average assets |
|
| 22.91 | % |
|
| 21.87 | % |
|
| 22.88 | % |
|
| 15.55 | % |
Credit Quality Ratios: |
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Allowance for credit losses as a percentage of total loans |
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| 1.15 | % |
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| 1.21 | % |
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| 1.15 | % |
|
| 1.21 | % |
Allowance for credit losses as a percentage of non-performing loans |
|
| 212.51 | % |
|
| 82.49 | % |
|
| 212.51 | % |
|
| 82.94 | % |
Net charge-offs (recoveries) to average outstanding loans during the year |
|
| -0.04 | % |
|
| -0.01 | % |
|
| -0.04 | % |
|
| -0.07 | % |
Non-performing loans as a percentage of total loans |
|
| 0.57 | % |
|
| 1.46 | % |
|
| 0.54 | % |
|
| 1.46 | % |
Non-performing loans as a percentage of total assets |
|
| 0.44 | % |
|
| 1.17 | % |
|
| 0.44 | % |
|
| 1.17 | % |
Total non-performing assets as a percentage of total assets |
|
| 0.46 | % |
|
| 1.19 | % |
|
| 0.46 | % |
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| 1.19 | % |
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Other: |
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Number of offices |
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| 13 |
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| 14 |
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| 13 |
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| 14 |
|
Number of full-time equivalent employees |
|
| 111 |
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| 112 |
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| 111 |
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| 112 |
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(1) Performance ratios are annualized. |
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(2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. |
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(3) Represents net interest income as a percentage of average interest-earning assets. |
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(4) Represents non-interest expenses divided by the sum of net interest income and non-interest income. |
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BV FINANCIAL, INC.
Consolidated Balance Sheets
|
| |||||||
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| |||
| December 31, 2024 |
|
| December 31, 2023 |
| |||
(dollars in thousands, except share amounts) |
| (unaudited) |
|
| derived from audited financial statements |
| ||
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| |||
Assets |
|
|
|
|
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| ||
Cash |
| $ | 5,842 |
|
| $ | 9,260 |
|
Interest-bearing deposits in other banks |
|
| 64,658 |
|
|
| 64,482 |
|
Cash and cash equivalents |
|
| 70,500 |
|
|
| 73,742 |
|
Equity Investment |
|
| 391 |
|
|
| 256 |
|
Securities available for sale |
|
| 37,259 |
|
|
| 34,781 |
|
Securities held to maturity (fair value of |
|
| 5,979 |
|
|
| 10,209 |
|
Loans held to maturity |
|
| 737,760 |
|
|
| 704,802 |
|
Allowance for Credit Losses |
|
| (8,522 | ) |
|
| (8,554 | ) |
Net Loans |
|
| 729,238 |
|
|
| 696,248 |
|
Other real estate owned |
|
| 159 |
|
|
| 170 |
|
Premises and equipment, net |
|
| 13,224 |
|
|
| 14,250 |
|
Federal Home Loan Bank of Atlanta stock, at cost |
|
| 1,366 |
|
|
| 626 |
|
Investment in life insurance |
|
| 20,058 |
|
|
| 19,657 |
|
Accrued interest receivable |
|
| 3,161 |
|
|
| 3,279 |
|
Goodwill |
|
| 14,420 |
|
|
| 14,420 |
|
Intangible assets, net |
|
| 831 |
|
|
| 1,012 |
|
Deferred tax assets, net |
|
| 8,899 |
|
|
| 8,969 |
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Other assets |
|
| 6,336 |
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|
| 7,635 |
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Total assets |
| $ | 911,821 |
|
| $ | 885,254 |
|
Liabilities and Stockholders' Equity |
|
|
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Liabilities |
|
|
|
|
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|
|
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Noninterest-bearing deposits |
| $ | 129,724 |
|
| $ | 142,030 |
|
Interest-bearing deposits |
|
| 521,767 |
|
|
| 492,090 |
|
Total deposits |
|
| 651,491 |
|
|
| 634,120 |
|
|
|
|
|
|
|
|
| |
FHLB borrowings |
|
| 15,000 |
|
|
| - |
|
Subordinated Debentures |
|
| 34,883 |
|
|
| 37,251 |
|
Other liabilities |
|
| 14,948 |
|
|
| 14,818 |
|
Total liabilities |
|
| 716,322 |
|
|
| 686,189 |
|
Stockholders' equity |
|
|
|
|
|
|
|
|
Preferred stock, |
|
| - |
|
|
| - |
|
Common stock, |
|
| 106 |
|
|
| 114 |
|
Paid-in capital |
|
| 94,679 |
|
|
| 110,465 |
|
Unearned common stock held by employee stock ownership plan |
|
| (7,160 | ) |
|
| (7,328 | ) |
Retained earnings |
|
| 109,495 |
|
|
| 97,772 |
|
Accumulated other comprehensive loss |
|
| (1,621 | ) |
|
| (1,958 | ) |
Total stockholders' equity |
|
| 195,499 |
|
|
| 199,065 |
|
Total liabilities and stockholders' equity |
| $ | 911,821 |
|
| $ | 885,254 |
|
BV FINANCIAL, INC.
Consolidated Statements of Income
(dollars in thousands, except per share amounts) |
| Three Months Ended December 31, |
|
| Year Ended December 31, |
| ||||||||||
Interest Income |
| 2024 |
|
| 2023 |
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| 2024 |
|
| 2023 |
| ||||
Loans, including fees |
| $ | 10,522 |
|
| $ | 9,878 |
|
| $ | 41,003 |
|
| $ | 37,742 |
|
Investment securities available for sale |
|
| 354 |
|
|
| 311 |
|
|
| 1,319 |
|
|
| 1,156 |
|
Investment securities held to maturity |
|
| 48 |
|
|
| 92 |
|
|
| 314 |
|
|
| 367 |
|
Other interest income |
|
| 987 |
|
|
| 1,196 |
|
|
| 4,046 |
|
|
| 4,154 |
|
Total interest income |
|
| 11,911 |
|
|
| 11,477 |
|
|
| 46,682 |
|
|
| 43,419 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
| 2,432 |
|
|
| 1,920 |
|
|
| 9,042 |
|
|
| 5,614 |
|
Interest on FHLB borrowings |
|
| 2 |
|
|
| 99 |
|
|
| 2 |
|
|
| 1,411 |
|
Interest on Subordinated debentures |
|
| 465 |
|
|
| 543 |
|
|
| 2,451 |
|
|
| 2,165 |
|
Total interest expense |
|
| 2,899 |
|
|
| 2,562 |
|
|
| 11,495 |
|
|
| 9,190 |
|
Net interest income |
|
| 9,012 |
|
|
| 8,915 |
|
|
| 35,187 |
|
|
| 34,229 |
|
Provision for (recovery of) credit losses |
|
| 604 |
|
|
| 435 |
|
|
| (203 | ) |
|
| (45 | ) |
Net interest income after provision for (recovery of) credit losses |
|
| 8,408 |
|
|
| 8,480 |
|
|
| 35,390 |
|
|
| 34,274 |
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees on deposits |
|
| 123 |
|
|
| 109 |
|
|
| 426 |
|
|
| 413 |
|
Fees from debit cards |
|
| 177 |
|
|
| 181 |
|
|
| 706 |
|
|
| 724 |
|
Income from investment in life insurance |
|
| 111 |
|
|
| 92 |
|
|
| 400 |
|
|
| 641 |
|
Gain on sale of fixed assets |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 188 |
|
Gain on sale of foreclosed real estate |
|
| - |
|
|
| 31 |
|
|
| - |
|
|
| 709 |
|
Other income |
|
| 233 |
|
|
| 285 |
|
|
| 982 |
|
|
| 1,082 |
|
Total noninterest income |
|
| 644 |
|
|
| 698 |
|
|
| 2,514 |
|
|
| 3,757 |
|
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and related benefits |
|
| 4,291 |
|
|
| 3,371 |
|
|
| 14,005 |
|
|
| 12,257 |
|
Occupancy |
|
| 374 |
|
|
| 426 |
|
|
| 1,616 |
|
|
| 1,604 |
|
Data processing |
|
| 364 |
|
|
| 339 |
|
|
| 1,480 |
|
|
| 1,373 |
|
Advertising |
|
| 7 |
|
|
| 11 |
|
|
| 23 |
|
|
| 43 |
|
Professional fees |
|
| 252 |
|
|
| 290 |
|
|
| 1,009 |
|
|
| 886 |
|
Equipment |
|
| 95 |
|
|
| 106 |
|
|
| 396 |
|
|
| 425 |
|
Foreclosed real estate holding costs |
|
| 0 |
|
|
| 13 |
|
|
| 13 |
|
|
| 186 |
|
Amortization of intangible assets |
|
| 45 |
|
|
| 45 |
|
|
| 180 |
|
|
| 183 |
|
FDIC insurance premiums |
|
| 81 |
|
|
| 98 |
|
|
| 326 |
|
|
| 336 |
|
Other expense |
|
| 697 |
|
|
| 458 |
|
|
| 2,450 |
|
|
| 2,116 |
|
Total noninterest expense |
|
| 6,206 |
|
|
| 5,157 |
|
|
| 21,498 |
|
|
| 19,409 |
|
Net income before tax |
|
| 2,846 |
|
|
| 4,021 |
|
|
| 16,406 |
|
|
| 18,622 |
|
Income tax expense |
|
| 895 |
|
|
| 1,012 |
|
|
| 4,683 |
|
|
| 4,915 |
|
Net income |
| $ | 1,951 |
|
| $ | 3,009 |
|
| $ | 11,723 |
|
| $ | 13,707 |
|
Basic earnings per share |
| $ | 0.18 |
|
| $ | 0.28 |
|
| $ | 1.10 |
|
| $ | 1.47 |
|
Diluted earnings per share |
| $ | 0.18 |
|
| $ | 0.28 |
|
| $ | 1.10 |
|
| $ | 1.47 |
|
BV FINANCIAL, INC.
Average Balance Sheet for the Three Months ended December 31,
(Dollars in thousands)
| For the Three Months Ended December 31, |
| ||||||||||||||||||||||
| 2024 |
|
| 2023 |
| |||||||||||||||||||
(dollars in thousands) |
| Average Outstanding Balance |
|
| Interest |
|
| Average Yield/Rate |
|
| Average Outstanding Balance |
|
| Interest |
|
| Average Yield/Rate |
| ||||||
| (Unaudited) |
| ||||||||||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans |
| $ | 709,668 |
|
| $ | 10,522 |
|
|
| 5.88 | % |
| $ | 693,217 |
|
| $ | 9,878 |
|
|
| 5.65 | % |
Securities available-for-sale |
|
| 38,447 |
|
|
| 354 |
|
|
| 3.65 | % |
|
| 35,194 |
|
|
| 311 |
|
|
| 3.51 | % |
Securities held-to-maturity |
|
| 6,668 |
|
|
| 48 |
|
|
| 2.86 | % |
|
| 11,193 |
|
|
| 92 |
|
|
| 3.26 | % |
Cash, cash equivalents and other interest-earning assets |
|
| 68,523 |
|
|
| 987 |
|
|
| 5.74 | % |
|
| 82,482 |
|
|
| 1,196 |
|
|
| 5.65 | % |
Total interest-earning assets |
|
| 823,306 |
|
|
| 11,911 |
|
|
| 5.74 | % |
|
| 822,086 |
|
|
| 11,477 |
|
|
| 5.54 | % |
Noninterest-earning assets |
|
| 68,633 |
|
|
|
|
|
|
|
|
|
|
| 78,694 |
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 891,939 |
|
|
|
|
|
|
|
|
|
| $ | 900,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
| $ | 87,548 |
|
|
| 196 |
|
|
| 0.89 | % |
| $ | 83,014 |
|
|
| 234 |
|
|
| 1.12 | % |
Savings deposits |
|
| 123,838 |
|
|
| 73 |
|
|
| 0.23 | % |
|
| 143,666 |
|
|
| 61 |
|
|
| 0.17 | % |
Money market deposits |
|
| 117,039 |
|
|
| 777 |
|
|
| 2.63 | % |
|
| 88,671 |
|
|
| 312 |
|
|
| 1.40 | % |
Certificates of deposit |
|
| 171,063 |
|
|
| 1,386 |
|
|
| 3.21 | % |
|
| 176,738 |
|
|
| 1,313 |
|
|
| 2.95 | % |
Total interest-bearing deposits |
|
| 499,488 |
|
|
| 2,432 |
|
|
| 1.93 | % |
|
| 492,089 |
|
|
| 1,920 |
|
|
| 1.55 | % |
Federal Home Loan Bank advances |
|
| 163 |
|
|
| 2 |
|
|
| 4.87 | % |
|
| 6,929 |
|
|
| 99 |
|
|
| 5.61 | % |
Subordinated debentures |
|
| 34,867 |
|
|
| 465 |
|
|
| 5.29 | % |
|
| 37,228 |
|
|
| 543 |
|
|
| 5.81 | % |
Total borrowings |
|
| 35,030 |
|
|
| 467 |
|
|
| 5.29 | % |
|
| 44,157 |
|
|
| 642 |
|
|
| 5.78 | % |
Total interest-bearing liabilities |
|
| 534,518 |
|
|
| 2,899 |
|
|
| 2.15 | % |
|
| 536,246 |
|
|
| 2,562 |
|
|
| 1.90 | % |
Noninterest-bearing demand deposits |
|
| 134,007 |
|
|
|
|
|
|
|
|
|
|
| 144,330 |
|
|
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
| 20,471 |
|
|
|
|
|
|
|
|
|
|
| 23,207 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
| 688,996 |
|
|
|
|
|
|
|
|
|
|
| 703,783 |
|
|
|
|
|
|
|
|
|
Equity |
|
| 202,943 |
|
|
|
|
|
|
|
|
|
|
| 196,997 |
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
| $ | 891,939 |
|
|
|
|
|
|
|
|
|
| $ | 900,780 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
| $ | 9,012 |
|
|
|
|
|
|
|
|
|
| $ | 8,915 |
|
|
|
|
|
Net interest rate spread |
|
|
|
|
|
|
|
|
|
| 3.59 | % |
|
|
|
|
|
|
|
|
|
| 3.64 | % |
Net interest-earning assets |
| $ | 288,788 |
|
|
|
|
|
|
|
|
|
| $ | 285,840 |
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
|
| 4.34 | % |
|
|
|
|
|
|
|
|
|
| 4.30 | % |
Average interest-earning assets to interest-bearing liabilities |
|
| 154.03 | % |
|
|
|
|
|
|
|
|
|
| 153.30 | % |
|
|
|
|
|
|
|
|
BV FINANCIAL, INC.
Average Balance Sheet for the Years ended December 31
(Dollars in thousands)
| For the Year Ended December 31, |
| ||||||||||||||||||||||
| 2024 |
|
| 2023 |
| |||||||||||||||||||
(dollars in thousands) |
| Average Outstanding Balance |
|
| Interest |
|
| Average Yield/Rate |
|
| Average Outstanding Balance |
|
| Interest |
|
| Average Yield/Rate |
| ||||||
| (Unaudited) |
| ||||||||||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans |
| $ | 703,411 |
|
| $ | 41,003 |
|
|
| 5.81 | % |
| $ | 683,657 |
|
| $ | 37,742 |
|
|
| 5.52 | % |
Securities available-for-sale |
|
| 35,544 |
|
|
| 1,319 |
|
|
| 3.70 | % |
|
| 35,607 |
|
|
| 1,156 |
|
|
| 3.25 | % |
Securities held-to-maturity |
|
| 9,542 |
|
|
| 314 |
|
|
| 3.28 | % |
|
| 12,003 |
|
|
| 367 |
|
|
| 3.06 | % |
Cash, cash equivalents and other interest-earning assets |
|
| 73,096 |
|
|
| 4,046 |
|
|
| 5.53 | % |
|
| 77,865 |
|
|
| 4,154 |
|
|
| 5.34 | % |
Total interest-earning assets |
|
| 821,593 |
|
|
| 46,682 |
|
|
| 5.67 | % |
|
| 809,132 |
|
|
| 43,419 |
|
|
| 5.37 | % |
Noninterest-earning assets |
|
| 68,865 |
|
|
|
|
|
|
|
|
|
|
| 78,100 |
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 890,458 |
|
|
|
|
|
|
|
|
|
| $ | 887,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
| $ | 84,655 |
|
|
| 878 |
|
|
| 1.03 | % |
| $ | 86,114 |
|
|
| 614 |
|
|
| 0.71 | % |
Savings deposits |
|
| 134,795 |
|
|
| 323 |
|
|
| 0.24 | % |
|
| 154,629 |
|
|
| 202 |
|
|
| 0.13 | % |
Money market deposits |
|
| 101,831 |
|
|
| 2,274 |
|
|
| 2.23 | % |
|
| 91,573 |
|
|
| 803 |
|
|
| 0.88 | % |
Certificates of deposit |
|
| 173,932 |
|
|
| 5,567 |
|
|
| 3.19 | % |
|
| 170,299 |
|
|
| 3,995 |
|
|
| 2.35 | % |
Total interest-bearing deposits |
|
| 495,213 |
|
|
| 9,042 |
|
|
| 1.82 | % |
|
| 502,615 |
|
|
| 5,614 |
|
|
| 1.12 | % |
Federal Home Loan Bank advances |
|
| 41 |
|
|
| 2 |
|
|
| 4.86 | % |
|
| 26,503 |
|
|
| 1,411 |
|
|
| 5.32 | % |
Subordinated debentures |
|
| 35,071 |
|
|
| 2,451 |
|
|
| 6.97 | % |
|
| 37,149 |
|
|
| 2,165 |
|
|
| 5.83 | % |
Total borrowings |
|
| 35,112 |
|
|
| 2,453 |
|
|
| 6.97 | % |
|
| 63,652 |
|
|
| 3,576 |
|
|
| 5.62 | % |
Total interest-bearing liabilities |
|
| 530,325 |
|
|
| 11,495 |
|
|
| 2.16 | % |
|
| 566,267 |
|
|
| 9,190 |
|
|
| 1.62 | % |
Noninterest-bearing demand deposits |
|
| 137,935 |
|
|
|
|
|
|
|
|
|
|
| 149,630 |
|
|
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
| 19,074 |
|
|
|
|
|
|
|
|
|
|
| 33,363 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
| 687,334 |
|
|
|
|
|
|
|
|
|
|
| 749,260 |
|
|
|
|
|
|
|
|
|
Equity |
|
| 203,124 |
|
|
|
|
|
|
|
|
|
|
| 137,972 |
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
| $ | 890,458 |
|
|
|
|
|
|
|
|
|
| $ | 887,232 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
| $ | 35,187 |
|
|
|
|
|
|
|
|
|
| $ | 34,229 |
|
|
|
|
|
Net interest rate spread |
|
|
|
|
|
|
|
|
|
| 3.50 | % |
|
|
|
|
|
|
|
|
|
| 3.74 | % |
Net interest-earning assets |
| $ | 291,268 |
|
|
|
|
|
|
|
|
|
| $ | 242,865 |
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
|
| 4.27 | % |
|
|
|
|
|
|
|
|
|
| 4.23 | % |
Average interest-earning assets to interest-bearing liabilities |
|
| 154.92 | % |
|
|
|
|
|
|
|
|
|
| 142.89 | % |
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSS - LOANS
(Dollars in thousands)
|
| |||||||
| QTR |
|
| YTD |
| |||
|
|
|
|
|
| |||
Beginning Balance |
| $ | 8,001 |
|
| $ | 8,554 |
|
|
|
|
|
|
|
|
| |
Provision for credit losses -loans |
|
| 490 |
|
|
| (347 | ) |
|
|
|
|
|
|
|
| |
Net Charge-offs (recoveries): |
|
|
|
|
|
|
|
|
Owner Occupied 1-4 |
|
| (3 | ) |
|
| (115 | ) |
Non-Owner Occupied 1-4 |
|
| (27 | ) |
|
| (195 | ) |
Investor Commercial Real Estate |
|
| - |
|
|
| - |
|
OO Commercial Real Estate |
|
| - |
|
|
| (3 | ) |
Construction & Land |
|
| (1 | ) |
|
| (4 | ) |
Farm Loans |
|
| - |
|
|
| - |
|
Marine & Consumer |
|
| - |
|
|
| 2 |
|
Guaranteed by the US Gov't |
|
| - |
|
|
| - |
|
Commercial |
|
| - |
|
|
| - |
|
Net charge-offs (recoveries) |
|
| (31 | ) |
|
| (315 | ) |
|
|
|
|
|
|
|
| |
Ending Balance- ACL for Loans |
| $ | 8,522 |
|
| $ | 8,522 |
|
|
|
|
|
|
|
|
| |
Balance Reserve for unfunded loan commitments |
|
| 353 |
|
|
| 353 |
|
Balance Reserve for HTM Securities |
|
| 4 |
|
|
| 4 |
|
Total ACL |
| $ | 8,879 |
|
| $ | 8,879 |
|
|
|
|
|
|
|
|
| |
Provision expense for Unfunded Commitments |
|
| 115 |
|
|
| 146 |
|
Provision expense for HTM Securities |
|
| (1 | ) |
|
| (2 | ) |
Total other provision expense |
| $ | 114 |
|
| $ | 144 |
|
Total provision for (recovery of ) credit losses |
| $ | 604 |
|
| $ | (203 | ) |
|
|
|
|
|
|
|
| |
RECONCILIATION TABLE (UNAUDITED)
NON-GAAP ADJUSTED NET INCOME
Non-GAAP Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
| ||||
In addition to results presented in accordance with generally accepted accounting principles utilized in the Unites States ("GAAP"), this earnings release contains a non-GAAP financial measure, Non-GAAP adjusted net income. The Company believes this non-GAAP financial measure is useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time. Non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Three Months ended December 31, |
|
| Year ended December 31, |
| |||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income (GAAP) |
| $ | 1,951 |
|
| $ | 3,009 |
|
| $ | 11,723 |
|
| $ | 13,707 |
|
Plus(minus) tax adjusted items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal Expense recovery from problem loan |
|
| - |
|
|
| - |
|
|
| 78 |
|
|
| - |
|
Write-off of FMV adjustment on pay-off of acquired junior subordinated debt |
|
| - |
|
|
| - |
|
|
| (404 | ) |
|
| - |
|
Loan Prepayment Penalty |
|
| - |
|
|
| - |
|
|
| 194 |
|
|
| - |
|
Death benefit from bank owned life insurance |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 173 |
|
Gain on sale of foreclosed real estate |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 499 |
|
Gain on sale of branch building |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 138 |
|
Tax Adjusted items |
|
| - |
|
|
| - |
|
|
| (132 | ) |
|
| 810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2024 Equity Plan Expenses - tax adjusted |
|
| 792 |
|
|
| - |
|
|
| 1,101 |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non GAAP adjusted net income |
| $ | 2,743 |
|
| $ | 3,009 |
|
| $ | 12,956 |
|
| $ | 12,897 |
|
SOURCE: BV Financial, Inc.
View the original press release on ACCESS Newswire
FAQ
What was BV Financial's (BVFL) net income for full-year 2024?
How much did BVFL's loan portfolio grow in 2024?
What was BVFL's share repurchase activity in 2024?
How did BVFL's asset quality change in 2024?
What was BVFL's deposit growth in 2024?
