BV Financial(BVFL) - 2025 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2025 was $3.7 million, or $0.41 per diluted share, compared to $3.8 million, or $0.35 per diluted share in Q3 2024[1] - Adjusted net income for Q3 2025 was $4.4 million, up from $4.1 million in Q3 2024, and for the nine months ended September 30, 2025, it was $11.1 million compared to $10.0 million in the same period of 2024[2] - Net income for the three months ended September 30, 2025, was $3,730,000, a decrease from $3,798,000 in the same period of 2024[30] - Basic earnings per share for the three months ended September 30, 2025, were $0.41, up from $0.35 in 2024, reflecting an increase of approximately 17.1%[30] - Non-GAAP adjusted net income for the nine months ended September 30, 2025, was $11,105, up from $10,050 in 2024, indicating a growth of 10.5%[39] Assets and Liabilities - Total assets decreased by $2.4 million to $909.4 million as of September 30, 2025, from $911.8 million at December 31, 2024[4] - Total assets as of September 30, 2025, were $909,386,000, a slight decrease from $911,821,000 as of December 31, 2024[28] - Total liabilities increased to $719,176,000 as of September 30, 2025, compared to $716,322,000 as of December 31, 2024[28] - Total liabilities rose to $714,410 as of September 30, 2025, compared to $686,234 in 2024, reflecting an increase of 4.1%[34] Loans and Deposits - Net loans increased by $8.6 million, or 1.2%, to $737.9 million compared to $729.2 million on December 31, 2024[4] - Net loans increased to $737,875,000 from $729,238,000, reflecting a growth of approximately 1%[28] - Total deposits increased by $12.3 million, or 1.9%, to $663.8 million at September 30, 2025, from $651.5 million at December 31, 2024[8] - Total deposits increased to $663,790,000 as of September 30, 2025, from $651,491,000 as of December 31, 2024, marking a growth of about 1.9%[28] Income and Expenses - Total interest income for the three months ended September 30, 2025, was $12,527,000, up from $12,150,000 in the same period of 2024, representing an increase of about 3.1%[30] - Net interest income after provision for credit losses for the three months ended September 30, 2025, was $10,364,000, compared to $10,017,000 in 2024, indicating a growth of approximately 3.5%[30] - Noninterest income for the three months ended September 30, 2025, totaled $684,000, slightly down from $696,000 in 2024[30] - Non-interest expense for Q3 2025 totaled $5.9 million, an increase from $5.5 million in Q3 2024, primarily due to higher compensation expenses[15] Credit Losses and Asset Quality - The company recorded a recovery of provision for credit losses of $1.0 million for Q3 2025[4] - Non-performing assets decreased to $3.5 million at September 30, 2025, from $4.2 million at December 31, 2024[17] - The allowance for credit loss on loans decreased to $8,197 as of September 30, 2025, down from $9,159 at the beginning of the period, a reduction of 10.5%[36] - The provision for (recovery of) credit losses for the nine months ended September 30, 2025, was $(1,014), compared to $(539) in 2024, indicating a higher recovery[36] Stockholder Equity and Repurchase - Stockholders' equity decreased by $5.3 million, or 2.7%, to $190.2 million at September 30, 2025, due to stock repurchases totaling $17.7 million year-to-date[9] - The company has initiated a stock repurchase program for up to 10% of its outstanding shares, approximately 9,536,094 shares[18]