BV Financial(BVFL) - 2025 Q1 - Quarterly Report

Financial Position - Total assets increased by $10.1 million, or 1.1$921.9 million at March 31, 2025, from $911.8 million at December 31, 2024[168]. - Total liabilities increased by$7.6 million, or 1.1%, to $723.9 million at March 31, 2025, primarily due to a$6.4 million increase in total deposits[173]. - Stockholders' equity increased by $2.6 million, or 1.3$198.1 million at March 31, 2025, primarily due to $2.1 million net income[175]. - Cash and cash equivalents increased by$320,000, or 0.5%, to $70.8 million at March 31, 2025[169]. - At March 31, 2025, the company had a$165.6 million line of credit with the FHLB of Atlanta, with $15.0 million in advances outstanding against this line[195]. - As of March 31, 2025, the Company had$50.0 million in brokered deposits, an increase from $10.0 million at March 31, 2024[197]. - The Company had$57.0 million in municipal deposits, representing 8.7% of total deposits as of March 31, 2025[197]. - Uninsured deposits totaled $179.1 million, or 26.0$50.1 million secured by collateral or letters of credit[197]. - The Bank exceeded all regulatory capital requirements and was categorized as well capitalized as of March 31, 2025[198]. Loan and Credit Quality - Net loans receivable rose by $12.0 million, or 1.65$741.3 million at March 31, 2025, driven by increases in commercial loans and investor commercial real estate loans[170]. - The allowance for credit losses increased by $366,000 to$8.9 million at March 31, 2025, with a ratio of 1.18% to total loans[171]. - The ratio of allowance for credit losses to non-performing loans was 183.87% at March 31, 2025, down from 212.51% at December 31, 2024[171]. - Provision for credit losses was $297,000 for the three months ended March 31, 2025, compared to$18,000 in 2024, with an allowance for credit losses of $8.9 million[190]. - Non-performing assets totaled$5.0 million at March 31, 2025, compared to $4.2 million at December 31, 2024, with an increase in non-performing loans[194]. Income Statement Highlights - Net income for the three months ended March 31, 2025, was$2.1 million, or $0.21 per diluted share, compared to$2.6 million, or $0.24 per diluted share, for the same period in 2024[183]. - Interest income increased by$877,000, or 8.0%, to $11.9 million for the three months ended March 31, 2025, from$11.0 million in 2024, primarily due to a $959,000 increase in loan interest income[184]. - Net interest income was$8.6 million for the three months ended March 31, 2025, compared to $8.0 million in the same period in 2024, with a net interest margin of 4.12$530,000 for the three months ended March 31, 2025, down from $578,000 in the same period in 2024[191]. - Non-interest expense increased to$6.2 million for the three months ended March 31, 2025, from $4.9 million in 2024, with compensation and benefits expenses rising by$1.4 million, or 44.6%[192]. - The effective tax rate for the three months ended March 31, 2025, was 22.2%, down from 28.5% in 2024, due to an accrual adjustment[193]. Asset Management - Securities available for sale decreased by $2.1 million, or 5.6$35.2 million at March 31, 2025, due to new purchases not fully replacing maturities[172]. - The average balance of loans increased by $31.3 million, or 4.4$739.7 million for the three months ended March 31, 2025, compared to $708.4 million in 2024[184]. - The company performed its 2024 goodwill impairment qualitative assessment and determined its goodwill was not considered impaired[166].