BV Financial, Inc. Announces Financial Results
BV Financial (NASDAQ:BVFL) reported net income of $3.8 million, or $0.35 per diluted share, for Q3 2024, compared to $3.7 million in Q3 2023. For the nine-month period ended September 30, 2024, net income was $9.8 million or $0.91 per diluted share. Key highlights include:
- Return on average assets and equity for Q3 2024 were 1.70% and 7.32%, respectively.
- Net loans decreased by 1.6% compared to December 31, 2023.
- Deposits increased slightly to $634.3 million.
- Cash and cash equivalents increased by 27.6%.
- Non-accrual loans decreased by 62.4% to $4.0 million.
- Total delinquent loans decreased by 68.4% to $4.4 million.
The company recorded a recovery to the provision for credit losses of $714,000 for Q3 2024 and $806,000 for the nine-month period, primarily due to improved asset quality. Total assets increased by 0.8% to $892.7 million, while stockholders' equity rose by 5.4% to $209.7 million.
BV Financial (NASDAQ:BVFL) ha riportato un utile netto di 3,8 milioni di dollari, ovvero 0,35 dollari per azione diluita, per il terzo trimestre del 2024, rispetto a 3,7 milioni di dollari nel terzo trimestre del 2023. Per il periodo di nove mesi conclusosi il 30 settembre 2024, l'utile netto è stato di 9,8 milioni di dollari o 0,91 dollari per azione diluita. I principali aspetti salienti includono:
- Il ritorno medio sugli attivi e sul patrimonio per il terzo trimestre 2024 è stato rispettivamente dell'1,70% e del 7,32%.
- I prestiti netti sono diminuiti dell'1,6% rispetto al 31 dicembre 2023.
- I depositi sono aumentati leggermente a 634,3 milioni di dollari.
- Le disponibilità liquide e le disponibilità equivalenti sono aumentate del 27,6%.
- I prestiti non in fase di accrescimento sono diminuiti del 62,4% a 4,0 milioni di dollari.
- I prestiti in sofferenza totali sono diminuiti del 68,4% a 4,4 milioni di dollari.
L'azienda ha registrato un recupero della provvista per perdite su crediti di 714.000 dollari per il terzo trimestre 2024 e 806.000 dollari per il periodo di nove mesi, principalmente a causa del miglioramento della qualità degli attivi. Gli attivi totali sono aumentati dello 0,8% a 892,7 milioni di dollari, mentre il patrimonio netto degli azionisti è aumentato del 5,4% a 209,7 milioni di dollari.
BV Financial (NASDAQ:BVFL) reportó un ingreso neto de 3,8 millones de dólares, o 0,35 dólares por acción diluida, para el tercer trimestre de 2024, en comparación con 3,7 millones de dólares en el tercer trimestre de 2023. Para el período de nueve meses que terminó el 30 de septiembre de 2024, el ingreso neto fue de 9,8 millones de dólares o 0,91 dólares por acción diluida. Los aspectos destacados incluyen:
- El retorno sobre activos y patrimonio promedio para el tercer trimestre de 2024 fue del 1,70% y 7,32%, respectivamente.
- Los préstamos netos disminuyeron un 1,6% en comparación con el 31 de diciembre de 2023.
- Los depósitos aumentaron ligeramente a 634,3 millones de dólares.
- El efectivo y equivalentes de efectivo aumentaron un 27,6%.
- Los préstamos no devengados disminuyeron un 62,4% a 4,0 millones de dólares.
- Los préstamos morosos totales disminuyeron un 68,4% a 4,4 millones de dólares.
La empresa registró una recuperación de la provisión para pérdidas crediticias de 714,000 dólares para el tercer trimestre de 2024 y de 806,000 dólares para el período de nueve meses, principalmente debido a la mejora en la calidad de los activos. Los activos totales aumentaron un 0,8% a 892,7 millones de dólares, mientras que el capital de los accionistas creció un 5,4% a 209,7 millones de dólares.
BV Financial (NASDAQ:BVFL)는 2024년 3분기 동안 380만 달러의 순이익을 기록했으며, 이는 희석 주당 0.35달러에 해당합니다. 이는 2023년 3분기 370만 달러에 비해 증가한 수치입니다. 2024년 9개월 동안, 순이익은 980만 달러 또는 희석 주당 0.91달러에 달했습니다. 주요 사항은 다음과 같습니다:
- 2024년 3분기의 평균 자산 수익률과 자본 수익률은 각각 1.70% 및 7.32%였습니다.
- 순 대출은 2023년 12월 31일 대비 1.6% 감소했습니다.
- 예금은 약간 증가하여 6억 3430만 달러에 이르렀습니다.
- 현금 및 현금성 자산은 27.6% 증가했습니다.
- 비이자 발생 대출은 62.4% 감소하여 400만 달러에 이릅니다.
- 총 연체 대출은 68.4% 감소하여 440만 달러로 줄었습니다.
회사는 2024년 3분기에 신용 손실 준비금의 회복이 71만 4천 달러였고, 9개월 동안 80만 6천 달러였으며, 이는 자산 품질 개선에 주로 기인합니다. 총 자산은 0.8% 증가하여 8억 9270만 달러에 도달했으며, 주주 자본은 5.4% 증가하여 2억 970만 달러에 이릅니다.
BV Financial (NASDAQ:BVFL) a annoncé un bénéfice net de 3,8 millions de dollars, soit 0,35 dollar par action diluée, pour le troisième trimestre 2024, contre 3,7 millions de dollars pour le troisième trimestre 2023. Pour la période de neuf mois se terminant le 30 septembre 2024, le bénéfice net s'élevait à 9,8 millions de dollars ou 0,91 dollar par action diluée. Les points saillants comprennent :
- Le retour sur actifs moyens et sur capitaux propres pour le troisième trimestre 2024 était respectivement de 1,70 % et 7,32 %.
- Les prêts nets ont diminué de 1,6 % par rapport au 31 décembre 2023.
- Les dépôts ont légèrement augmenté à 634,3 millions de dollars.
- La trésorerie et les équivalents de trésorerie ont augmenté de 27,6 %.
- Les prêts non rémunérés ont diminué de 62,4 % à 4,0 millions de dollars.
- Le total des prêts en défaut a diminué de 68,4 % à 4,4 millions de dollars.
L’entreprise a enregistré un recouvrement de la provision pour pertes sur prêts de 714 000 dollars pour le troisième trimestre 2024 et de 806 000 dollars pour la période de neuf mois, principalement en raison de l'amélioration de la qualité des actifs. Les actifs totaux ont augmenté de 0,8 % pour atteindre 892,7 millions de dollars, tandis que les capitaux propres des actionnaires ont augmenté de 5,4 % pour atteindre 209,7 millions de dollars.
BV Financial (NASDAQ:BVFL) berichtete von einem Nettoeinkommen von 3,8 Millionen Dollar, beziehungsweise 0,35 Dollar pro verwässerter Aktie, für das 3. Quartal 2024, im Vergleich zu 3,7 Millionen Dollar im 3. Quartal 2023. Für den neunstmonatlichen Zeitraum, der am 30. September 2024 endete, betrug das Nettoeinkommen 9,8 Millionen Dollar oder 0,91 Dollar pro verwässerter Aktie. Zu den wichtigsten Höhepunkten gehören:
- Die Renditen auf durchschnittliche Vermögenswerte und Eigenkapital für das 3. Quartal 2024 betrugen 1,70% bzw. 7,32%.
- Die Nettokredite sanken um 1,6% im Vergleich zum 31. Dezember 2023.
- Die Einlagen erhöhten sich leicht auf 634,3 Millionen Dollar.
- Bargeld und Barmitteläquivalente stiegen um 27,6%.
- Die Nicht-Zinszahlungen für Kredite sanken um 62,4% auf 4,0 Millionen Dollar.
- Die Gesamtzahl der überfälligen Kredite sank um 68,4% auf 4,4 Millionen Dollar.
Das Unternehmen verzeichnete eine Rückstellung für Kreditausfälle in Höhe von 714.000 Dollar für das 3. Quartal 2024 und 806.000 Dollar für den neunstmonatigen Zeitraum, die hauptsächlich auf die Verbesserung der Vermögensqualität zurückzuführen ist. Die Gesamthanen stiegen um 0,8% auf 892,7 Millionen Dollar, während das Eigenkapital der Aktionäre um 5,4% auf 209,7 Millionen Dollar anwuchs.
- Net income increased to $3.8 million in Q3 2024 from $3.7 million in Q3 2023
- Return on average assets and equity for Q3 2024 were 1.70% and 7.32%, respectively
- Cash and cash equivalents increased by 27.6% compared to December 31, 2023
- Non-accrual loans decreased by 62.4% to $4.0 million
- Total delinquent loans decreased by 68.4% to $4.4 million
- Recovery to the provision for credit losses of $714,000 for Q3 2024
- Stockholders' equity increased by 5.4% to $209.7 million
- Net income for the nine-month period decreased to $9.8 million from $10.7 million in the previous year
- Net loans decreased by 1.6% compared to December 31, 2023
- Noninterest income decreased to $696,000 in Q3 2024 from $882,000 in Q3 2023
- Noninterest expense increased to $5.5 million in Q3 2024 from $5.0 million in Q3 2023
Insights
BV Financial's Q3 2024 results show a slight improvement in quarterly net income, rising to
- Strong return on assets (1.70%) and equity (7.32%)
- Significant improvement in asset quality with non-accrual loans decreasing by
62.4% - Increase in net interest margin to
4.49% from4.10%
The
BV Financial's Q3 results reflect a mixed performance with some positive trends in asset quality offset by growth challenges. The substantial reduction in non-accrual loans (
The increase in net interest margin to
Looking ahead, BV Financial needs to focus on loan growth strategies and deposit retention to maintain profitability. The improved asset quality provides a solid foundation, but the bank must navigate the challenges of a potentially slowing economy and intense competition in the banking sector.
BALTIMORE, MD / ACCESSWIRE / October 21, 2024 / BV Financial, Inc. (NASDAQ:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of
Financial Highlights
Return on average assets and return on average equity for the three months ended September 30, 2024 were
1.70% and7.32% , respectively.Net loans held to maturity decreased
$11.0 million or1.6% compared to December 31, 2023.Deposits increased slightly to
$634.3 million at September 30, 2024 compared to$634.1 million at December 31, 2023.Cash and cash equivalents increased by
$20.3 million or27.6% compared to December 31, 2023.Non-accrual loans decreased
$6.6 million or62.4% to$4.0 million at September 30, 2024 from$10.6 million at December 31, 2023. The decrease in non-accrual loans in the quarter ended September 30, 2024 compared to June 30, 2024 was$4.3 million or51.8% .Total delinquent loans decreased
$9.6 million or68.4% to$4.4 million at September 30, 2024 from$14.0 million at December 31, 2023. The decrease in delinquent loans in the quarter ended September 30, 2024 compared to June 30, 2024 was$2.4 million or35.3% .The Company recorded a recovery to the provision for credit losses of
$714,000 for the three months ended September 30, 2024 and a recovery to the provision for credit losses$806,000 for the nine-months ended September 30, 2024. The primary driver of the reduction in the required allowance for credit losses ("ACL") in the period was the substantial improvement in the Company's asset quality as evidenced by the reduction in non-accrual and delinquent loans noted above.
FINANCIAL CONDITION DISCUSSION
Total Assets. Total assets were
Cash and Cash Equivalents. Cash and cash equivalents increased
Loans Receivable. Loans receivable decreased
Securities. Securities available for sale increased by
Total Liabilities. Total liabilities decreased
Deposits. Total deposits increased
Stockholders' Equity. Stockholders' equity increased
RESULTS OF OPERATION DISCUSSION
Net Income. Net income was
Net Interest Income. Net interest income was
Net interest income was
Noninterest Income. For the three months ended September 30, 2024, noninterest income totaled
For the nine-months ended September 30, 2024, noninterest income totaled
Noninterest Expense. For the three months ended September 30, 2024, noninterest expense totaled
For the nine-months ended September 30, 2024, noninterest expense totaled
Asset Quality. Non-performing assets at September 30, 2024 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 Federal Reserve System, 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.
About BV Financial. 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
| At or For the Three Months |
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| At or For the Nine Months |
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| Ended September 30, |
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| Ended September 30, |
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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 |
|
| 1.70 | % |
|
| 1.58 | % |
|
| 1.46 | % |
|
| 1.61 | % |
Return on average equity |
|
| 7.32 | % |
|
| 9.84 | % |
|
| 6.39 | % |
|
| 11.88 | % |
Interest rate spread(2) |
|
| 3.71 | % |
|
| 3.46 | % |
|
| 3.48 | % |
|
| 3.77 | % |
Net interest margin(3) |
|
| 4.49 | % |
|
| 4.10 | % |
|
| 4.25 | % |
|
| 4.21 | % |
Non-interest expense to average assets |
|
| 2.46 | % |
|
| 2.15 | % |
|
| 2.29 | % |
|
| 1.41 | % |
Efficiency ratio(4) |
|
| 54.73 | % |
|
| 49.63 | % |
|
| 54.53 | % |
|
| 48.13 | % |
Average interest-earning assets to average interest-bearing liabilities |
|
| 156.49 | % |
|
| 149.31 | % |
|
| 155.24 | % |
|
| 139.84 | % |
Average equity to average assets |
|
| 23.29 | % |
|
| 16.06 | % |
|
| 22.90 | % |
|
| 14.31 | % |
Credit Quality Ratios: |
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Allowance for credit losses as a percentage of total loans |
|
| 1.15 | % |
|
| 1.15 | % |
|
| 1.15 | % |
|
| 1.15 | % |
Allowance for credit losses as a percentage of non-performing loans |
|
| 201.60 | % |
|
| 213.49 | % |
|
| 201.60 | % |
|
| 213.49 | % |
Net charge-offs (recoveries) to average outstanding loans during the year |
|
| -0.04 | % |
|
| -0.04 | % |
|
| -0.04 | % |
|
| -0.06 | % |
Non-performing loans as a percentage of total loans |
|
| 0.57 | % |
|
| 0.54 | % |
|
| 0.57 | % |
|
| 0.54 | % |
Non-performing loans as a percentage of total assets |
|
| 0.44 | % |
|
| 0.41 | % |
|
| 0.44 | % |
|
| 0.41 | % |
Total non-performing assets as a percentage of total assets |
|
| 0.46 | % |
|
| 0.47 | % |
|
| 0.46 | % |
|
| 0.47 | % |
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Other: |
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Number of offices |
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| 13 |
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| 15 |
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| 13 |
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|
| 15 |
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Number of full-time equivalent employees |
|
| 111 |
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|
| 110 |
|
|
| 111 |
|
|
| 110 |
|
BV FINANCIAL, INC.
Consolidated Balance Sheets
| September 30, 2024 |
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| December 31, 2023 |
| |||
(dollars in thousands, except share amounts) |
| (unaudited) |
|
| (audited) |
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| |||
Assets |
|
|
|
|
|
| ||
Cash |
| $ | 7,207 |
|
| $ | 9,260 |
|
Interest-bearing deposits in other banks |
|
| 86,858 |
|
|
| 64,482 |
|
Cash and cash equivalents |
|
| 94,065 |
|
|
| 73,742 |
|
Equity Investment |
|
| 254 |
|
|
| 256 |
|
Securities available for sale |
|
| 39,162 |
|
|
| 34,781 |
|
Securities held to maturity (fair value of |
|
| 6,029 |
|
|
| 10,209 |
|
Loans held to maturity |
|
| 693,231 |
|
|
| 704,802 |
|
Allowance for Credit Losses |
|
| (8,001 | ) |
|
| (8,554 | ) |
Net Loans |
|
| 685,230 |
|
|
| 696,248 |
|
Foreclosed real estate |
|
| 160 |
|
|
| 170 |
|
Premises and equipment, net |
|
| 13,404 |
|
|
| 14,250 |
|
Federal Home Loan Bank of Atlanta stock, at cost |
|
| 654 |
|
|
| 626 |
|
Investment in life insurance |
|
| 19,947 |
|
|
| 19,657 |
|
Accrued interest receivable |
|
| 2,922 |
|
|
| 3,279 |
|
Goodwill |
|
| 14,420 |
|
|
| 14,420 |
|
Intangible assets, net |
|
| 876 |
|
|
| 1,012 |
|
Deferred tax assets, net |
|
| 8,442 |
|
|
| 8,969 |
|
Other assets |
|
| 7,144 |
|
|
| 7,635 |
|
Total assets |
| $ | 892,709 |
|
| $ | 885,254 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
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|
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Liabilities |
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
| $ | 139,302 |
|
| $ | 142,030 |
|
Interest-bearing deposits |
|
| 495,011 |
|
|
| 492,090 |
|
Total deposits |
|
| 634,313 |
|
|
| 634,120 |
|
|
|
|
|
|
|
|
| |
Subordinated Debentures |
|
| 34,845 |
|
|
| 37,251 |
|
Other liabilities |
|
| 13,817 |
|
|
| 14,818 |
|
Total liabilities |
|
| 682,975 |
|
|
| 686,189 |
|
Stockholders' equity |
|
|
|
|
|
|
|
|
Preferred stock, |
|
| - |
|
|
| - |
|
Common stock, |
|
| 117 |
|
|
| 114 |
|
Paid-in capital |
|
| 110,697 |
|
|
| 110,465 |
|
Unearned common stock held by employee stock ownership plan |
|
| (7,202 | ) |
|
| (7,328 | ) |
Retained earnings |
|
| 107,543 |
|
|
| 97,772 |
|
Accumulated other comprehensive loss |
|
| (1,421 | ) |
|
| (1,958 | ) |
Total stockholders' equity |
|
| 209,734 |
|
|
| 199,065 |
|
Total liabilities and stockholders' equity |
| $ | 892,709 |
|
| $ | 885,254 |
|
BV FINANCIAL, INC.
Consolidated Statements of Income
(dollars in thousands, except per share amounts) |
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| ||||||||||
Interest Income |
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
Loans, including fees |
| $ | 10,522 |
|
| $ | 9,764 |
|
| $ | 30,481 |
|
| $ | 27,863 |
|
Investment securities available for sale |
|
| 353 |
|
|
| 302 |
|
|
| 966 |
|
|
| 846 |
|
Investment securities held to maturity |
|
| 83 |
|
|
| 89 |
|
|
| 266 |
|
|
| 275 |
|
Other interest income |
|
| 1,192 |
|
|
| 1,560 |
|
|
| 3,058 |
|
|
| 2,958 |
|
Total interest income |
|
| 12,150 |
|
|
| 11,715 |
|
|
| 34,771 |
|
|
| 31,942 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
| 2,381 |
|
|
| 1,764 |
|
|
| 6,610 |
|
|
| 3,694 |
|
Interest on FHLB borrowings |
|
| - |
|
|
| 530 |
|
|
| - |
|
|
| 1,313 |
|
Interest on Subordinated debentures |
|
| 466 |
|
|
| 545 |
|
|
| 1,985 |
|
|
| 1,621 |
|
Total interest expense |
|
| 2,847 |
|
|
| 2,839 |
|
|
| 8,595 |
|
|
| 6,628 |
|
Net interest income |
|
| 9,303 |
|
|
| 8,876 |
|
|
| 26,176 |
|
|
| 25,314 |
|
Provision for (recovery of) credit losses |
|
| (714 | ) |
|
| (333 | ) |
|
| (806 | ) |
|
| (480 | ) |
Net interest income after provision for (recovery of) credit losses |
|
| 10,017 |
|
|
| 9,209 |
|
|
| 26,982 |
|
|
| 25,794 |
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees on deposits |
|
| 103 |
|
|
| 109 |
|
|
| 303 |
|
|
| 304 |
|
Fees from debit cards |
|
| 175 |
|
|
| 183 |
|
|
| 529 |
|
|
| 543 |
|
Income from investment in life insurance |
|
| 91 |
|
|
| 85 |
|
|
| 290 |
|
|
| 549 |
|
Gain on sale of fixed assets |
|
| - |
|
|
| 188 |
|
|
| - |
|
|
| 188 |
|
Gain on sale of foreclosed real estate |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 678 |
|
Other income |
|
| 327 |
|
|
| 317 |
|
|
| 747 |
|
|
| 798 |
|
Total noninterest income |
|
| 696 |
|
|
| 882 |
|
|
| 1,869 |
|
|
| 3,060 |
|
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and related benefits |
|
| 3,494 |
|
|
| 3,149 |
|
|
| 9,714 |
|
|
| 8,887 |
|
Occupancy |
|
| 396 |
|
|
| 397 |
|
|
| 1,242 |
|
|
| 1,178 |
|
Data processing |
|
| 366 |
|
|
| 345 |
|
|
| 1,117 |
|
|
| 1,034 |
|
Advertising |
|
| 6 |
|
|
| 5 |
|
|
| 16 |
|
|
| 33 |
|
Professional fees |
|
| 400 |
|
|
| 220 |
|
|
| 757 |
|
|
| 597 |
|
Equipment |
|
| 97 |
|
|
| 105 |
|
|
| 301 |
|
|
| 319 |
|
Foreclosed real estate holding costs |
|
| (3 | ) |
|
| 13 |
|
|
| 13 |
|
|
| 173 |
|
Amortization of intangible assets |
|
| 45 |
|
|
| 46 |
|
|
| 135 |
|
|
| 138 |
|
FDIC insurance premiums |
|
| 82 |
|
|
| 120 |
|
|
| 246 |
|
|
| 237 |
|
Other expense |
|
| 590 |
|
|
| 608 |
|
|
| 1,751 |
|
|
| 1,656 |
|
Total noninterest expense |
|
| 5,473 |
|
|
| 5,008 |
|
|
| 15,292 |
|
|
| 14,252 |
|
Net income before tax |
|
| 5,240 |
|
|
| 5,083 |
|
|
| 13,559 |
|
|
| 14,602 |
|
Income tax expense |
|
| 1,442 |
|
|
| 1,399 |
|
|
| 3,788 |
|
|
| 3,904 |
|
Net income |
| $ | 3,798 |
|
| $ | 3,684 |
|
| $ | 9,771 |
|
| $ | 10,698 |
|
Basic earnings per share |
| $ | 0.35 |
|
| $ | 0.35 |
|
| $ | 0.91 |
|
| $ | 1.21 |
|
Diluted earnings per share |
| $ | 0.35 |
|
| $ | 0.35 |
|
| $ | 0.91 |
|
| $ | 1.20 |
|
BV FINANCIAL, INC.
Average Balance Sheet for the Three Months ended September 30,
(Dollars in thousands)
For the Three Months Ended September 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 | $ | 690,170 |
| $ | 10,522 |
|
| 6.05 | % |
| $ | 693,956 |
| $ | 9,764 |
|
| 5.58 | % |
Securities available-for-sale |
| 36,201 |
|
| 353 |
|
| 3.87 | % |
|
| 35,868 |
|
| 302 |
|
| 3.35 | % |
Securities held-to-maturity |
| 9,937 |
|
| 83 |
|
| 3.31 | % |
|
| 12,493 |
|
| 89 |
|
| 2.84 | % |
Cash, cash equivalents and other interest-earning assets |
| 86,322 |
|
| 1,192 |
|
| 5.48 | % |
|
| 115,554 |
|
| 1,560 |
|
| 5.35 | % |
Total interest-earning assets |
| 822,630 |
|
| 12,150 |
|
| 5.86 | % |
|
| 857,871 |
|
| 11,715 |
|
| 5.42 | % |
Noninterest-earning assets |
| 68,767 |
|
|
|
|
|
|
|
|
| 74,240 |
|
|
|
|
|
|
|
Total assets | $ | 891,397 |
|
|
|
|
|
|
|
| $ | 932,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits | $ | 79,652 |
|
| 207 |
|
| 1.03 | % |
| $ | 82,096 |
|
| 219 |
|
| 1.06 | % |
Savings deposits |
| 128,918 |
|
| 89 |
|
| 0.27 | % |
|
| 150,522 |
|
| 50 |
|
| 0.13 | % |
Money market deposits |
| 108,518 |
|
| 669 |
|
| 2.45 | % |
|
| 85,982 |
|
| 255 |
|
| 1.18 | % |
Certificates of deposit |
| 173,751 |
|
| 1,416 |
|
| 3.23 | % |
|
| 181,292 |
|
| 1,240 |
|
| 2.71 | % |
Total interest-bearing deposits |
| 490,839 |
|
| 2,381 |
|
| 1.92 | % |
|
| 499,892 |
|
| 1,764 |
|
| 1.40 | % |
Federal Home Loan Bank advances |
| - |
|
| - |
|
| - |
|
|
| 37,500 |
|
| 530 |
|
| 5.60 | % |
Subordinated debentures |
| 34,827 |
|
| 466 |
|
| 5.30 | % |
|
| 37,175 |
|
| 545 |
|
| 5.82 | % |
Total borrowings |
| 34,827 |
|
| 466 |
|
| 5.30 | % |
|
| 74,675 |
|
| 1,075 |
|
| 5.71 | % |
Total interest-bearing liabilities |
| 525,666 |
|
| 2,847 |
|
| 2.15 | % |
|
| 574,567 |
|
| 2,839 |
|
| 1.96 | % |
Noninterest-bearing demand deposits |
| 140,039 |
|
|
|
|
|
|
|
|
| 144,603 |
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
| 18,101 |
|
|
|
|
|
|
|
|
| 63,261 |
|
|
|
|
|
|
|
Total liabilities |
| 683,806 |
|
|
|
|
|
|
|
|
| 782,431 |
|
|
|
|
|
|
|
Equity |
| 207,591 |
|
|
|
|
|
|
|
|
| 149,680 |
|
|
|
|
|
|
|
Total liabilities and equity | $ | 891,397 |
|
|
|
|
|
|
|
| $ | 932,111 |
|
|
|
|
|
|
|
Net interest income |
|
|
| $ | 9,303 |
|
|
|
|
|
|
|
| $ | 8,876 |
|
|
|
|
Net interest rate spread |
|
|
|
|
|
|
| 3.71 | % |
|
|
|
|
|
|
|
| 3.46 | % |
Net interest-earning assets | $ | 296,964 |
|
|
|
|
|
|
|
| $ | 283,304 |
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
| 4.49 | % |
|
|
|
|
|
|
|
| 4.10 | % |
Average interest-earning assets to interest-bearing liabilities |
| 156.49 | % |
|
|
|
|
|
|
|
| 149.31 | % |
|
|
|
|
|
|
BV FINANCIAL, INC.
Average Balance Sheet for the Nine Months ended September 30
(Dollars in thousands)
For the Nine Months Ended September 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 | $ | 701,310 |
| $ | 30,481 |
|
| 5.79 | % |
| $ | 680,436 |
| $ | 27,863 |
|
| 5.47 | % |
Securities available-for-sale |
| 34,569 |
|
| 966 |
|
| 3.72 | % |
|
| 35,746 |
|
| 846 |
|
| 3.16 | % |
Securities held-to-maturity |
| 10,507 |
|
| 266 |
|
| 3.37 | % |
|
| 12,276 |
|
| 275 |
|
| 3.00 | % |
Cash, cash equivalents and other interest-earning assets |
| 74,720 |
|
| 3,058 |
|
| 5.46 | % |
|
| 76,310 |
|
| 2,958 |
|
| 5.19 | % |
Total interest-earning assets |
| 821,106 |
|
| 34,771 |
|
| 5.64 | % |
|
| 804,768 |
|
| 31,942 |
|
| 5.31 | % |
Noninterest-earning assets |
| 68,985 |
|
|
|
|
|
|
|
|
| 81,460 |
|
|
|
|
|
|
|
Total assets | $ | 890,091 |
|
|
|
|
|
|
|
| $ | 886,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits | $ | 83,683 |
|
| 681 |
|
| 1.08 | % |
| $ | 87,159 |
|
| 380 |
|
| 0.58 | % |
Savings deposits |
| 138,474 |
|
| 250 |
|
| 0.24 | % |
|
| 158,324 |
|
| 141 |
|
| 0.12 | % |
Money market deposits |
| 96,724 |
|
| 1,496 |
|
| 2.06 | % |
|
| 92,457 |
|
| 491 |
|
| 0.71 | % |
Certificates of deposit |
| 174,896 |
|
| 4,183 |
|
| 3.19 | % |
|
| 167,313 |
|
| 2,682 |
|
| 2.14 | % |
Total interest-bearing deposits |
| 493,777 |
|
| 6,610 |
|
| 1.78 | % |
|
| 505,253 |
|
| 3,694 |
|
| 0.98 | % |
Federal Home Loan Bank advances |
| - |
|
| - |
|
| - |
|
|
| 33,099 |
|
| 1,313 |
|
| 5.30 | % |
Subordinated debentures |
| 35,139 |
|
| 1,985 |
|
| 7.53 | % |
|
| 37,123 |
|
| 1,621 |
|
| 5.84 | % |
Total borrowings |
| 35,139 |
|
| 1,985 |
|
| 7.53 | % |
|
| 70,222 |
|
| 2,934 |
|
| 5.59 | % |
Total interest-bearing liabilities |
| 528,916 |
|
| 8,595 |
|
| 2.16 | % |
|
| 575,475 |
|
| 6,628 |
|
| 1.54 | % |
Noninterest-bearing demand deposits |
| 139,642 |
|
|
|
|
|
|
|
|
| 154,521 |
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
| 17,676 |
|
|
|
|
|
|
|
|
| 36,180 |
|
|
|
|
|
|
|
Total liabilities |
| 686,234 |
|
|
|
|
|
|
|
|
| 766,176 |
|
|
|
|
|
|
|
Equity |
| 203,857 |
|
|
|
|
|
|
|
|
| 120,052 |
|
|
|
|
|
|
|
Total liabilities and equity | $ | 890,091 |
|
|
|
|
|
|
|
| $ | 886,228 |
|
|
|
|
|
|
|
Net interest income |
|
|
| $ | 26,176 |
|
|
|
|
|
|
|
| $ | 25,314 |
|
|
|
|
Net interest rate spread |
|
|
|
|
|
|
| 3.48 | % |
|
|
|
|
|
|
|
| 3.77 | % |
Net interest-earning assets | $ | 292,190 |
|
|
|
|
|
|
|
| $ | 229,293 |
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
| 4.25 | % |
|
|
|
|
|
|
|
| 4.21 | % |
Average interest-earning assets to interest-bearing liabilities |
| 155.24 | % |
|
|
|
|
|
|
|
| 139.84 | % |
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSS - LOANS
(Dollars in thousands)
| QTR |
|
| YTD |
| |||
| 9/30/2024 |
|
| 9/30/2024 |
| |||
|
|
|
|
|
| |||
Beginning Balance |
| $ | 8,547 |
|
| $ | 8,554 |
|
|
|
|
|
|
|
|
| |
Provision for credit losses -loans |
|
| (678 | ) |
|
| (837 | ) |
|
|
|
|
|
|
|
| |
Net Charge-offs (recoveries): |
|
|
|
|
|
|
|
|
Owner Occupied 1-4 |
|
| (3 | ) |
|
| (112 | ) |
Non-Owner Occupied 1-4 |
|
| (128 | ) |
|
| (168 | ) |
Investor Commercial Real Estate |
|
| - |
|
|
| - |
|
OO Commercial Real Estate |
|
| - |
|
|
| (3 | ) |
Construction & Land |
|
| (1 | ) |
|
| (3 | ) |
Farm Loans |
|
| - |
|
|
| - |
|
Marine & Consumer |
|
| - |
|
|
| 2 |
|
Guaranteed by the US Gov't |
|
| - |
|
|
| - |
|
Commercial |
|
| - |
|
|
| - |
|
Net charge-offs (recoveries) |
|
| (132 | ) |
|
| (284 | ) |
|
|
|
|
|
|
|
| |
Ending Balance- ACL for Loans |
| $ | 8,001 |
|
| $ | 8,001 |
|
|
|
|
|
|
|
|
| |
Balance Reserve for unfunded loan commitments |
|
| 239 |
|
|
| 239 |
|
Balance Reserve for HTM Securities |
|
| 4 |
|
|
| 4 |
|
Total ACL |
| $ | 8,244 |
|
| $ | 8,244 |
|
|
|
|
|
|
|
|
| |
Provision expense (recovery of) for Unfunded Commitments |
|
| (36 | ) |
|
| 33 |
|
Provision expense for HTM Securities |
|
| - |
|
|
| (2 | ) |
Total other provision expense (recovery of) |
| $ | (36 | ) |
| $ | 31 |
|
Total provision for (recovery of ) credit losses |
| $ | (714 | ) |
| $ | (806 | ) |
SOURCE: BV Financial, Inc.
View the original press release on accesswire.com
FAQ
What was BV Financial's (BVFL) net income for Q3 2024?
How did BV Financial's (BVFL) non-accrual loans change in Q3 2024?
What was BV Financial's (BVFL) provision for credit losses in Q3 2024?
How did BV Financial's (BVFL) total assets change as of September 30, 2024?
