BV Financial(BVFL) - 2025 Q1 - Quarterly Results

Financial Performance - BV Financial, Inc. reported net income of $2.1 million or$ 0.21 per diluted share for Q1 2025, a decrease from $2.6 million or$ 0.24 per diluted share in Q1 2024[2]. - Net income for Q1 2025 was $2,099,000, down 18.43% from$ 2,574,000 in Q1 2024[26]. - Basic earnings per share decreased to $0.21 in Q1 2025 from$ 0.24 in Q1 2024, a decline of 12.50%[26]. Asset and Loan Growth - Total assets increased by $10.1 million, or 1.11%, to$ 921.9 million at March 31, 2025, primarily due to a $12.0 million increase in loans receivable[5]. - Net loans increased by$ 12.0 million, or 1.65%, to $741.3 million at March 31, 2025, driven by growth in commercial and industrial loans[6]. - The average balance of loans increased to$ 739,666,000 in Q1 2025, up from $708,367,000 in Q1 2024, reflecting a growth of 4.66%[28]. - Total assets grew to$ 915,713,000 in Q1 2025, compared to $883,368,000 in Q1 2024, an increase of 3.65%[28]. Deposits and Equity - Total deposits rose by$ 6.4 million, or 0.98%, to $657.9 million at March 31, 2025, with noninterest-bearing deposits increasing by$ 6.5 million, or 5.0%[11]. - Stockholders' equity increased by $2.6 million, or 1.3%, to$ 198.1 million at March 31, 2025, mainly due to net income[12]. Interest and Noninterest Income - Total interest income for Q1 2025 was $11,881,000, an increase of 7.97% from$ 11,004,000 in Q1 2024[26]. - Net interest income after provision for credit losses was $8,346,000, compared to$ 7,945,000 in the same period last year, reflecting a 5.04% increase[26]. - Noninterest income decreased to $530,000 in Q1 2025 from$ 578,000 in Q1 2024, a decline of 8.30%[26]. Expenses and Credit Losses - Noninterest expense increased to $6.2 million in Q1 2025, up from$ 4.9 million in Q1 2024, primarily due to a 44.6% rise in compensation and benefits expenses[16]. - Total noninterest expense rose to $6,178,000, up 25.54% from$ 4,923,000 in Q1 2024[26]. - The provision for credit losses was $297,000 in Q1 2025, compared to$ 18,000 in Q1 2024, reflecting a more cautious approach to credit risk[6]. - The allowance for credit losses on loans increased to $9,190,000 from$ 8,871,000 year-over-year[30]. Asset Quality and Tax Rate - Non-performing assets totaled $5.0 million at March 31, 2025, an increase from$ 4.2 million at December 31, 2024, indicating a slight deterioration in asset quality[13]. - The effective tax rate decreased to 22.2% in Q1 2025 from 28.5% in Q1 2024, attributed to an accrual adjustment made in the current quarter[17]. Interest Margin - The net interest margin improved to 4.12% in Q1 2025 from 3.91% in Q1 2024, indicating better efficiency in earning interest[14]. - The net interest margin improved to 4.12% in Q1 2025 from 3.91% in Q1 2024[28].