BV Financial(BVFL) - 2024 Q2 - Quarterly Results

Financial Position - Cash and cash equivalents increased by $16.9 million, or 23.0$90.4 million at June 30, 2024, from $73.5 million at December 31, 2023[1] - Loans receivable decreased by$2.4 million, or 0.3%, to $702.4 million at June 30, 2024, from$704.8 million at December 31, 2023[2] - Total liabilities increased by $5.5 million, or 0.8$691.7 million at June 30, 2024, from $686.2 million at December 31, 2023[4] - Total deposits increased by$6.2 million, or 1.0%, to $640.3 million at June 30, 2024, from$634.1 million at December 31, 2023[5] - Stockholders' equity increased by $6.4 million, or 3.2$205.5 million at June 30, 2024, from $199.1 million at December 31, 2023[6] - Total assets increased by$11.9 million, or 1.4%, to $897.2 million at June 30, 2024, from$885.3 million at December 31, 2023[14] - Total assets reached $891,857 thousand as of June 30, 2024, compared to$876,605 thousand at the end of June 30, 2023, marking a year-over-year increase of 1.4%[28] - Total liabilities decreased to $689,004 thousand as of June 30, 2024, from$774,239 thousand a year earlier, showing a reduction of 11%[28] - The total equity increased to $202,853 thousand as of June 30, 2024, compared to$102,366 thousand a year earlier, reflecting strong capital growth[28] Income and Earnings - Net income for the three months ended June 30, 2024, was $3.4 million, or$0.32 per diluted share, compared to $3.9 million, or$0.49 per diluted share, for the same period in 2023[7] - Net income decreased to $3,399 thousand for the three months ended June 30, 2024, down from$3,899 thousand in the same period in 2023[27] - Basic earnings per share decreased to $0.32 for the three months ended June 30, 2024, compared to$0.49 in the same period last year[27] Interest Income and Expenses - Net interest income for the six months ended June 30, 2024, was $16.9 million, compared to$16.4 million for the same period in 2023[15] - Net interest income increased to $8,909 thousand for the three months ended June 30, 2024, from$8,237 thousand in the same period last year[27] - Total interest income increased to $11,617 thousand for the three months ended June 30, 2024, from$10,539 thousand in the same period last year[27] - Total noninterest expense increased to $4,897 thousand for the three months ended June 30, 2024, from$4,544 thousand in the same period last year[27] - The net interest margin improved to 4.33% for the quarter ended June 30, 2024, compared to 4.19% for the same quarter in 2023, indicating a positive trend in interest income generation[28] - The average yield on loans for the quarter ended June 30, 2024, was 5.79%, up from 5.51% in the same quarter of 2023, reflecting improved loan pricing[28] - The net interest rate spread for the quarter ended June 30, 2024, was 3.61%, compared to 3.77% for the same quarter in 2023, indicating a slight compression in margins[28] Loan Performance - Non-accrual loans decreased by $2.5 million, or 22.0$8.2 million at June 30, 2024, from $10.6 million at December 31, 2023[13] - Non-performing loans as a percentage of total loans rose to 1.17$8,547 thousand, slightly down from $8,554 thousand year-to-date[31] - The provision for credit losses for loans was$(25) thousand for the quarter ended June 30, 2024, compared to $(159) thousand year-to-date, indicating a decrease in expected credit losses[31] Noninterest Income - Noninterest income totaled approximately$600,000 for the three months ended June 30, 2024, compared to $1.4 million for the same period in 2023[21] - Total noninterest income for the three months ended June 30, 2024, was$1,370 thousand, compared to $1,174 thousand in the same period last year[27]