$VWFB

VWF Bancorp, Inc.

CIK:0001913838|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Interest Income
Loans	$ 2,235,562	$ 1,242,850	$ 6,014,267	$ 3,279,632
Investment securities	2,485,143	1,929,515	7,167,917	4,536,109
Interest-bearing deposits and other	129,419	142,501	427,116	421,126
Total interest income	4,850,124	3,314,866	13,609,300	8,236,867
Interest Expense
Deposits	2,770,146	1,398,627	7,499,232	3,146,638
Borrowings	90,325	531,300	635,842	1,360,160
Total interest expense	2,860,471	1,929,927	8,135,074	4,506,798
Net Interest Income	1,989,653	1,384,939	5,474,226	3,730,069
Provision for Credit Losses - Loans	209,116	71,979	427,073	291,234
Provision for Credit Losses - Off Balance Sheet Credit Exposure	(4,200)	11,785	114,622	14,860
Credit Loss Expense	204,916	83,764	541,695	306,094
Net Interest Income After Provision for Credit Losses	1,784,737	1,301,175	4,932,531	3,423,975
Noninterest Income
Bank owned life insurance	34,469	32,906	103,881	94,086
Other income (expense)	(3,809)	16,150	111,583	50,781
Total noninterest income	30,660	49,056	215,464	144,867
Noninterest Expense
Salaries and employee benefits	1,150,204	932,628	3,398,239	2,432,760
Pension plan withdrawal		252,014		252,014
Directors fees	88,197	76,730	263,767	168,680
Occupancy and equipment	185,990	91,949	580,404	349,088
Data processing fees	168,314	131,136	545,983	362,641
Franchise taxes	42,882	68,382	179,647	150,773
FDIC insurance premiums	118,465	29,389	314,514	70,278
Professional services	172,154	126,217	589,356	516,635
Advertising and marketing	126,815	141,442	331,822	289,659
Loss on sale of investment securities			2,366,160	1,951
Foreclosed assets, net		6,500		436
Loss (Gain) on disposal of assets			7,188	(2,866)
Other	232,525	284,550	802,313	716,782
Total noninterest expense	2,285,546	2,140,937	9,379,393	5,308,831
Loss before income taxes	(470,149)	(790,706)	(4,231,398)	(1,739,989)
Provision for income taxes (benefits)	(84,256)	(172,100)	(946,168)	(383,202)
Net Loss	$ (385,893)	$ (618,606)	$ (3,285,230)	$ (1,356,787)
Basic Loss Per Share (in dollars per share)	$ (0.22)	$ (0.35)	$ (1.87)	$ (0.76)
Diluted Loss Per Share (in dollars per share)	$ (0.22)	$ (0.35)	$ (1.87)	$ (0.76)

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating Activities
Net loss	$ (3,285,230)	$ (1,356,787)
Items not requiring (providing) cash:
Depreciation and amortization	336,817	111,410
Amortization (accretion) of premiums and discounts, net	(190,623)	(221,353)
Deferred income taxes	(958,835)	(474,916)
Provision for credit losses	541,695	306,094
Loss on sale of investment securities	2,366,160	1,951
Net losses on sale of foreclosed assets		436
Interest capitalization on available-for-sale securities	(440,118)
Origination of loans held for sale	(85,500)
Loss (Gain) on disposal of assets	7,188	(2,866)
Increase in cash surrender value of bank-owned life insurance	(103,881)	(94,086)
Stock and ESOP compensation expense	218,360	118,803
Changes in:
Accrued interest receivable	(262,241)	(399,017)
Operating lease liability	(81,204)	519
Other assets and liabilities	(331,241)	1,007,835
Net cash used in operating activities	(2,268,653)	(1,001,977)
Investing Activities
Purchases of available-for-sale securities	(91,342,210)	(99,396,338)
Proceeds from sales of available-for-sale securities	17,206,183	2,989,042
Proceeds from calls, maturities and paydowns of available-for-sale securities	30,181,566	34,840,049
Proceeds from sales of foreclosed assets		97,303
Net change in loans	(40,572,218)	(24,677,600)
Purchase of premises and equipment	(964,987)	(673,197)
Proceeds from sales of premises and equipment	9,500
Purchase of correspondent bank stock	(1,317,600)	(1,808,900)
Proceeds from redemption of correspondent bank stock	1,562,200	559,900
Net cash used in investing activities	(85,237,566)	(88,069,741)
Financing Activities
Net increase in deposit accounts	93,883,468	86,698,488
Proceeds from borrowings	63,601,000	96,500,000
Repayment of borrowings	(95,101,000)	(78,700,000)
Purchase of treasury stock	(60,384)	(598,000)
Net change in advances by borrowers	432,558	198,699
Net cash provided by financing activities	62,755,642	104,099,187
(Decrease) Increase in Cash and Cash Equivalents	(24,750,577)	15,027,469
Cash and Cash Equivalents, Beginning of Period	31,630,525	5,515,728
Cash and Cash Equivalents, End of Period	6,879,948	20,543,197
Cash paid during the period for:
Interest on deposits and borrowings	$ 8,452,432	4,045,238
Supplemental Disclosure of Noncash Financing Activities
ROU asset obtained in exchange for new operating lease liability		750,293
Loans transferred to OREO		$ 70,943

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2025	Jun. 30, 2024
Assets
Cash and due from banks	$ 6,879,948	$ 31,630,525
Available-for-sale debt securities	183,782,381	139,344,952
Loans held for sale	85,500
Loans, net of allowance for credit losses of $1,200,042 at March 31, 2025 and $772,969 at June 30, 2024, respectively	166,536,237	126,391,092
Premises and equipment	2,980,597	2,261,260
Stock in correspondent banks	1,951,300	2,195,900
Bank owned life insurance	5,454,929	5,351,048
Accrued interest receivable	1,224,097	961,856
Right-of-use asset - operating lease	1,299,050	1,406,905
Other assets	2,232,547	1,710,583
Total assets	372,426,586	311,254,121
Deposits
Demand	42,947,325	26,493,048
Savings and money market	55,060,397	47,466,674
Time	205,186,076	135,350,608
Total deposits	303,193,798	209,310,330
Borrowings	30,500,000	62,000,000
Advances from borrowers	570,280	137,722
Operating lease liability	1,361,416	1,442,620
Accrued interest payable and other liabilities	1,615,645	1,815,617
Total liabilities	337,241,139	274,706,289
Commitments and Contingencies
Shareholders' Equity
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued
Common stock, $0.01 par value, 14,000,000 shares authorized, 1,911,413 and 1,914,965 outstanding at March 31, 2025 and June 30, 2024, respectively	19,229	19,229
Additional paid-in capital	18,167,144	18,006,472
Treasury stock, 40,352 and 36,800 shares at March 31, 2025 and June 30, 2024, respectively	(658,384)	(598,000)
Unearned ESOP	(1,288,359)	(1,346,047)
Retained earnings	19,558,552	22,843,782
Accumulated other comprehensive loss	(612,735)	(2,377,604)
Total shareholders' equity	35,185,447	36,547,832
Total liabilities and shareholders' equity	$ 372,426,586	$ 311,254,121