BV Financial, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>BV Financial, Inc. has filed its 2023 10-K, providing a detailed overview of its financial performance and loan portfolio.</b>

AI Summary

BV Financial, Inc. (BVFL) filed a Annual Report (10-K) with the SEC on March 22, 2024. BV Financial, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing details various loan portfolio segments including Real Estate, Consumer and Commercial, and Marine loans. Specific data points on past due and non-accrual loans are provided for different loan types as of December 31, 2023. The report includes information on the company's financial assets and liabilities, such as Accumulated Other Comprehensive Income and Additional Paid-In Capital. Key dates related to financial reporting and adoption of accounting standards are referenced.

Why It Matters

For investors and stakeholders tracking BV Financial, Inc., this filing contains several important signals. This 10-K filing provides stakeholders with a comprehensive update on BV Financial's financial health, loan performance, and risk exposure for the fiscal year 2023. The detailed breakdown of loan segments and delinquency status is crucial for investors and analysts to assess the company's credit quality and potential future performance.

Risk Assessment

Risk Level: medium — BV Financial, Inc. shows moderate risk based on this filing. The company's financial performance is subject to market conditions and credit risk inherent in its loan portfolio, as indicated by the specific data on past due and substandard loans across various segments.

Analyst Insight

Investors should review the detailed loan portfolio segments and delinquency data in the 10-K to assess credit risk and future earnings potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-22 — Filing Date (Date of submission)
• 0000950170-24-035306 — Accession Number (Unique identifier for the filing)
• 001-41764 — SEC File Number (Company's SEC registration number)

Key Players & Entities

• BV Financial, Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-22 (date) — Filing date
• BALTIMORE (location) — Business address city
• MD (location) — Business address state
• SAVINGS INSTITUTION, FEDERALLY CHARTERED (industry) — Standard Industrial Classification

FAQ

Risk Factors

• Credit Risk [medium — financial]: The company is exposed to credit risk through its loan portfolio, with specific data provided on past due and substandard loans across various segments as of December 31, 2023.
• Market Conditions [medium — market]: The financial performance is subject to prevailing market conditions that can impact loan demand, interest rates, and the overall economic environment.

Industry Context

BV Financial, Inc. operates as a savings institution, federally chartered, within the financial services sector, primarily focused on lending activities.

Regulatory Implications

As a federally chartered savings institution, BV Financial is subject to regulations from various financial regulatory bodies, including the SEC and potentially banking regulators.

What Investors Should Do

1. Analyze the detailed breakdown of loan portfolio segments and their respective delinquency rates as of December 31, 2023.
2. Review the company's disclosures on risk factors, particularly those related to credit risk and market conditions.
3. Compare key financial metrics and loan performance with previous periods to identify trends and assess changes in financial health.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share BVFL The NASDAQ Stock Mar
• $10.00 — hares of its common stock at a price of $10.00 per share. Each outstanding share of Co
• $885.3 m — , 2023, the Company had total assets of $885.3 million, loans of $704.8 million, deposit
• $704.8 m — otal assets of $885.3 million, loans of $704.8 million, deposits of $634.1 million, and
• $634.1 m — n, loans of $704.8 million, deposits of $634.1 million, and stockholders' equity of $199
• $199.1 million — .1 million, and stockholders' equity of $199.1 million. The executive offices of BV Financia
• $23.8 million — 131 1. Includes multi-family loans of $23.8 million at December 31, 2023 and $21.1 million
• $21.1 million — $23.8 million at December 31, 2023 and $21.1 million at December 31, 2022. Net deferred or
• $640,000 — r the year ended December 31, 2023 were $640,000. Contractual Maturities. The followin
• $389.7 million — Lending . At December 31, 2023, we had $389.7 million in commercial real estate loans, repres
• $102.5 million — loan portfolio. Of this amount, we had $102.5 million in owner occupied commercial real estat
• $198.8 m — al institution. At December 31, 2023, $198.8 million, or 50.1% of our commercial real
• $852,000 — mmercial real estate loan portfolio was $852,000 and the largest individual commercial r
• $10.9 million — ding, net of participations sold, was a $10.9 million loan secured by a hotel. This loan was
• $214.6 m — % of our total loan portfolio, of which $214.6 million, or 90.1% are secured by properti

Filing Documents

• bvfl-20231231.htm (10-K) — 8209KB
• bvfl-ex4_2.htm (EX-4.2) — 33KB
• bvfl-ex21.htm (EX-21) — 8KB
• bvfl-ex23.htm (EX-23) — 3KB
• bvfl-ex31_1.htm (EX-31.1) — 21KB
• bvfl-ex31_2.htm (EX-31.2) — 21KB
• bvfl-ex31_3.htm (EX-31.3) — 21KB
• bvfl-ex32.htm (EX-32) — 14KB
• bvfl-ex99_7.htm (EX-99.7) — 26KB
• 0000950170-24-035306.txt (&nbsp;) — 35867KB
• bvfl-20231231.xsd (EX-101.SCH) — 2493KB
• bvfl-20231231_htm.xml (XML) — 10740KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 25 Item 1B. Unresolved Staff Comments 35 Item 1C. Cybersecurity 35 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosures 36 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 Item 6. [Reserved] 37 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 49 Item 9A.

Controls and Procedures

Controls and Procedures 49 Item 9B. Other Information 49 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 49 PART III Item 10. Directors, Executive Officers and Corporate Governance 50 Item 11.

Executive Compensation

Executive Compensation 53 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 58 Item 13. Certain Relationships and Related Transactions, and Director Independence 60 Item 14. Principal Accounting Fees and Services 61 PART IV Item 15. Exhibits, Financial Statement Schedules 62 Item 16. Form 10-K Summary 63 i PART I It em 1. Business.

Forward Looking Statements

Forward Looking Statements This Annual Report on Form 10-K contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect," "will," "would," "should," "could" or "may," and words of similar meaning. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: general economic conditions, either nationally or in our market areas, that are worse than expected; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement and change our business strategies; competition among depository and other financial institutions; inflation and changes

View Full Filing

View this 10-K filing on SEC EDGAR