BV Financial(BVFL) - 2024 Q3 - Quarterly Report

Financial Position - Total assets increased by $7.4 million, or 0.8$892.7 million at September 30, 2024, from $885.3 million at December 31, 2023[155] - Total liabilities decreased by$3.2 million, or 0.5%, to $683.0 million at September 30, 2024, primarily due to a decrease in borrowings[155] - Stockholders' equity increased by$10.6 million, or 5.4%, to $209.7 million at September 30, 2024, primarily due to net income of$9.8 million[155] - Total assets as of September 30, 2023, amounted to $891,397, compared to$932,111 in the previous period[158] - Total liabilities were reported at $683,806, while equity stood at$207,591[158] Cash and Deposits - Cash and cash equivalents rose by $20.3 million, or 27.7$93.8 million at September 30, 2024, primarily due to decreases in loans and other non-interest earning assets[155] - Total deposits increased by $193,000, or 0.03$634.3 million at September 30, 2024, with interest-bearing deposits rising by $2.9 million, or 0.6$57.7 million, representing 9.1% of total deposits as of September 30, 2024[169] - Uninsured deposits amounted to $204.6 million, or 30.1$51.6 million secured using pledged collateral or letters of credit[169] - The company had $10.0 million in brokered deposits as of September 30, 2024, compared to no brokered deposits at September 30, 2023[169] Loans and Credit - Loans receivable decreased by$11.6 million, or 1.6%, to $693.2 million at September 30, 2024, with significant decreases in one- to four-family real estate loans and owner-occupied commercial real estate loans[155] - The allowance for credit losses decreased by$553,000 to $8.0 million at September 30, 2024, resulting in a ratio of allowance for credit losses to total loans of 1.15$8.0 million at September 30, 2024, representing 1.15% of total loans, unchanged from the previous year[167] - Non-performing assets decreased to $4.1 million at September 30, 2024, down from$10.7 million at December 31, 2023[168] Income and Expenses - Net interest income for the period was $9,303, reflecting an increase compared to$8,877 in the previous period[158] - Net interest income for Q3 2024 was $9.3 million, up from$8.9 million in Q3 2023, with a net interest margin increase to 4.49% from 4.07%[167] - Interest income increased by $435,000, or 3.7$12.1 million in Q3 2024, driven by a $759,000 increase in loan interest income, which rose by 7.8$696,000, down from $882,000 in Q3 2023, primarily due to a lack of gains from asset sales[168] - Non-interest expense increased to$5.5 million in Q3 2024 from $5.0 million in Q3 2023, with compensation and benefits rising by 10.9$4.4 million, or 12.6%, to $39.2 million at September 30, 2024, due to purchases for local government deposits[155] - The average yield on securities available-for-sale was 3.72$34,569[162] - Total interest-earning assets for the three months ended September 30, 2023, were $822,630, with an average yield of 5.86$407,000, or 1.4%, to $2.422 billion in Q3 2024 compared to$2.829 billion in Q3 2023[164] Regulatory Compliance - The company exceeded all regulatory capital requirements and was categorized as well capitalized as of September 30, 2024[169] - The company performed its 2024 goodwill impairment qualitative assessment and determined that goodwill was not considered impaired[153]