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].
BV Financial(BVFL) - 2025 Q1 - Quarterly Results