BV Financial(US:BVFL)2026-01-23 20:36Financial Performance - Net income for the year ended December 31, 2025, was $13.5 million, or $1.43 per diluted share, representing a 15.4% increase from $11.7 million, or $1.10 per diluted share, for the year ended December 31, 2024[2] - Adjusted net income for the year ended December 31, 2025, was $16.3 million, up from $12.9 million in 2024, with adjusted net income for the quarter ended December 31, 2025, at $5.6 million compared to $2.4 million in the same quarter of 2024[3] - Basic earnings per share for the year ended December 31, 2025, increased to $1.44 from $1.10 in 2024, a rise of 30.9%[32] - Non-GAAP adjusted net income for Q4 2025 was $5,590 thousand, significantly higher than $2,393 thousand in Q4 2024, marking a growth of 133.5%[41] - Net income for the year ended December 31, 2025, was $13,495 thousand, compared to $11,723 thousand in 2024, reflecting a growth of 15.1%[32] Asset and Liability Management - Total assets increased to $912.2 million at December 31, 2025, a slight increase of $392,000 from $911.8 million at December 31, 2024, primarily due to a $19.2 million increase in net loans[7] - Total assets as of December 31, 2025, reached $912,213 thousand, slightly up from $911,821 thousand in 2024, indicating a growth of 0.04%[30] - Total assets reached $913,649 thousand in 2025, an increase from $890,458 thousand in 2024, showing a growth of 2.8%[36] - Total liabilities increased to $721,137 thousand in 2025 from $687,334 thousand in 2024, reflecting a growth of 4.9%[36] Loan and Deposit Growth - Net loans increased by $19.2 million, or 2.6%, to $748.5 million at December 31, 2025, compared to $729.2 million at December 31, 2024[5] - Net loans increased to $748,484 thousand as of December 31, 2025, from $729,238 thousand in 2024, marking a rise of 2.6%[30] - Total deposits rose by $24.6 million, or 3.8%, to $676.1 million at December 31, 2025, from $651.5 million at December 31, 2024[12] - Total deposits grew to $676,094 thousand as of December 31, 2025, compared to $651,491 thousand in 2024, an increase of 3.8%[30] Interest Income and Expense - Net interest income for the year ended December 31, 2025, was $36.9 million, compared to $35.2 million in 2024, with a net interest margin of 4.35% compared to 4.27% in the prior year[18] - Total interest income for the year ended December 31, 2025, increased to $49,707 thousand, up from $46,682 thousand in 2024, representing a growth of 6.5%[32] - Net interest income after provision for credit losses for the year ended December 31, 2025, was $39,330 thousand, compared to $35,390 thousand in 2024, reflecting an increase of 11.8%[32] - Net interest income for the year ended December 31, 2025, was $36,901 thousand, compared to $35,187 thousand in 2024, representing an increase of 4.9%[36] - The net interest margin improved to 4.35% in 2025 from 4.27% in 2024, reflecting enhanced asset yield management[36] - The net interest margin for the quarter ended December 31, 2025, was 4.52%, compared to 4.34% in the same quarter of 2024, indicating an improvement of 0.18 percentage points[34] - The net interest rate spread improved to 3.61% in 2025, compared to 3.50% in 2024, indicating better interest rate management[36] Non-Performing Assets and Credit Quality - Non-performing assets decreased to $2.3 million at December 31, 2025, down from $4.2 million at December 31, 2024, reflecting improved asset quality[15] - The company recorded recoveries in the provision for credit losses of $1.9 million for the quarter and $2.4 million for the year ended December 31, 2025[19] - The provision for credit loss on loans for the year-to-date 2025 was $(2,168) thousand, compared to $(2,429) thousand in 2024, indicating a decrease in provisions[38] - The ending balance of the allowance for credit loss for loans was $6,437 thousand as of December 31, 2025, down from $8,197 thousand at the beginning of the year[38] Expenses - Noninterest expense for the year ended December 31, 2025, totaled $23.2 million, an increase from $21.5 million in 2024, driven by higher compensation and benefits expenses[23] - Noninterest expense for the year ended December 31, 2025, was $23,187 thousand, up from $21,498 thousand in 2024, representing an increase of 7.9%[32]