$BVFL

BV Financial, Inc.

CIK:0001302387|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Income
Loans, including fees	$ 11,165	$ 11,334	$ 22,308	$ 22,075
Investment securities available for sale	282	324	571	674
Investment securities held to maturity	45	46	90	93
Other interest income	713	562	1,318	1,305
Total interest income	12,205	12,266	24,287	24,147
Interest Expense
Interest on deposits	2,771	2,622	5,423	5,223
Interest on FHLB borrowings	(104)	23	215	194
Interest on subordinated debentures	0	465	0	931
Total interest expense	2,667	3,110	5,638	6,348
Net interest income	9,538	9,156	18,649	17,799
(Recovery of) provision for credit losses	(216)	178	(227)	475
Net interest income after provision for credit losses	9,754	8,978	18,876	17,324
Noninterest Income
Income from investment in life insurance	116	114	202	201
(Loss) on sale of fixed assets	(135)	0	(135)	0
Other income	199	311	367	485
Total noninterest income	467	714	995	1,243
Noninterest Expense
Compensation and related benefits	3,512	4,018	9,292	8,542
Occupancy	476	379	932	823
Data processing	437	395	836	792
Advertising	19	3	33	9
Professional fees	315	249	551	479
Equipment	89	94	178	185
Foreclosed real estate and holding costs	0	0	(5)	2
Amortization of intangible assets	45	45	90	90
FDIC insurance premiums	87	84	172	165
Other	510	488	1,009	845
Total noninterest expense	5,490	5,755	13,088	11,932
Net income before tax	4,731	3,937	6,783	6,635
Income tax expense	1,269	1,076	2,230	1,675
Net income	$ 3,462	$ 2,861	$ 4,553	$ 4,960
Basic earnings per share	$ 0.43	$ 0.29	$ 0.56	$ 0.5
Diluted earnings per share	$ 0.42	$ 0.29	$ 0.55	$ 0.5
Deposits
Noninterest Income
Revenue	$ 105	$ 112	$ 215	$ 216
Debit Cards
Noninterest Income
Revenue	$ 182	$ 177	$ 346	$ 341

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 4,553	$ 4,960
Adjustments to reconcile net income to net cash provided by operating activities
Net amortization (accretion) of discounts and premiums	26	(315)
(Recovery) provision of credit losses	(227)	475
Proceeds received on foreclosed real estate		2
Accretion of deferred loan fees/costs	3	(59)
Amortization of intangible assets	90	90
Amortization of debt issuance costs		78
Depreciation of premises and equipment	387	398
Deferred tax expense (benefit)	23	(512)
Increase in cash surrender value of life insurance	(202)	(201)
Stock-based compensation expense	1,390	2,437
ESOP compensation expense	99	91
Decrease in accrued interest and other assets	459	228
Increase in other liabilities	1,519	1,536
Net cash provided by operating activities	8,120	9,208
Cash flows from investing activities
(Increase) decrease in equity trading account	(1)	15
Proceeds from maturities and principal payments of investment securities available for sale	12,667	9,683
Purchases of investment securities available for sale	(11,750)	(7,225)
Proceeds from maturities and principal payments of investment securities held to maturity	90	148
Decrease (increase) in loans	44,327	(13,495)
Purchase of premises and equipment	(117)	(356)
Proceeds from sale of Federal Home Loan Bank of Atlanta stock	1,663	1,014
Purchase of Federal Home Loan Bank of Atlanta stock		(304)
Net cash provided by (used in) investing activities	46,879	(10,520)
Cash flows provided from financing activities
Net (decrease) increase in deposits	(204)	7,400
Advances from the Federal Home Loan Bank of Atlanta		6,000
Repayment of advances from the Federal Home Loan Bank of Atlanta	(35,000)	(21,000)
Repurchase of shares	(6,598)	(5,265)
Net cash used in financing activities	(41,802)	(12,865)
Net increase in cash and cash equivalents	13,197	(14,177)
Cash and cash equivalents at beginning of period	55,705	70,500
Cash and cash equivalents at end of period	68,902	56,323
Supplementary cash flows information
Interest paid	5,430	6,049
Income taxes paid	2,037	1,368
Noncash investing and financing activities:
Net change on available for sale securities	65	(243)
Net change on loans		(98)
Deferred tax assets	(18)	102
Net change in adjusted other comprehensive income	$ (47)	$ 269

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash	$ 8,664	$ 5,616
Interest-bearing deposits in other banks	60,238	50,089
Cash and cash equivalents	68,902	55,705
Equity investment	405	404
Securities available for sale	32,218	33,226
Securities held to maturity (fair value of $5,083 and $5,102, ACL of $1 and $2)	5,647	5,736
Total loans	710,625	754,921
Allowance for credit losses	(6,214)	(6,437)
Net loans	704,411	748,484
Premises and equipment, net	12,223	12,493
Federal Home Loan Bank of Atlanta stock, at cost	661	2,324
Investment in life insurance	20,642	20,441
Accrued interest receivable	3,020	3,149
Goodwill	14,420	14,420
Intangible assets, net	561	651
Deferred tax assets, net	7,558	7,563
Other assets	7,288	7,617
Total assets	877,956	912,213
Liabilities
Noninterest-bearing deposits	138,384	138,360
Interest-bearing deposits	537,506	537,734
Total deposits	675,890	676,094
FHLB borrowings	0	35,000
Other liabilities	18,865	17,315
Total liabilities	694,755	728,409
Stockholders' equity
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding.
Common stock, $0.01 par value; 45,000,000 shares authorized at June 30, 2026 and December 31, 2025; 8,520,245 shares issued and outstanding as of June 30, 2026 and 8,852,813 issued and outstanding as of December 31, 2025	85	88
Paid-in capital	63,629	68,834
Retained earnings	127,543	122,990
Unearned common stock held by employee stock ownership plan	(6,879)	(6,978)
Accumulated other comprehensive loss	(1,177)	(1,130)
Total stockholders' equity	183,201	183,804
Total liabilities and stockholders' equity	$ 877,956	$ 912,213