BV Financial, Inc. Files 10-Q for Period Ending March 31, 2024

AI Summary

BV Financial, Inc. (BVFL) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. BV Financial, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data points related to various financial assets and liabilities. Specific segments mentioned include RealEstatePortfolioSegmentMember and ConsumerAndCommercialPortfolioSegmentMember. The report references fair value measurements and inputs (Level 1, Level 2, Level 3). Key dates and periods such as 2023-12-31, 2024-03-31, and Q1 2024 are noted.

Why It Matters

For investors and stakeholders tracking BV Financial, Inc., this filing contains several important signals. This filing provides a quarterly update on BV Financial's financial health and operational segments, crucial for investors to assess performance and trends. The inclusion of specific financial asset classifications and fair value measurements offers insight into the company's risk exposure and asset valuation strategies.

Risk Assessment

Risk Level: low — BV Financial, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks.

Analyst Insight

Monitor BV Financial's subsequent filings for trends in its loan portfolio segments and fair value measurements to understand evolving financial performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-13 — Filing Date (Filed as of date)
• 0000950170-24-058411 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• BV Financial, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• 0000950170-24-058411 (filing_id) — Accession number
• BALTIMORE (location) — Business address city
• MD (location) — Business address state

FAQ

Industry Context

BV Financial, Inc. operates within the savings institution sector, which is characterized by lending and deposit-taking activities.

Regulatory Implications

As a federally chartered savings institution, BV Financial is subject to regulations from bodies like the Office of the Comptroller of the Currency (OCC) and the Federal Reserve.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for specific figures on assets, liabilities, and equity.
2. Analyze the disclosures related to loan portfolio segments and non-performing assets for credit risk assessment.
3. Compare the reported financial data with previous periods to identify performance trends and changes.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance between annual reports.)

Fair Value Measurements

The process of determining the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. (Indicates how the company values its assets and liabilities, impacting financial statements and risk assessment.)

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024, so no direct comparison to a prior filing is available from this data.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share BVFL The NASDAQ Stock Mar

Filing Documents

• bvfl-20240331.htm (10-Q) — 4704KB
• 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
• 0000950170-24-058411.txt ( ) — 24547KB
• bvfl-20240331.xsd (EX-101.SCH) — 1827KB
• bvfl-20240331_htm.xml (XML) — 7934KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Balance Sheets 1 Consolidated Statements of Income 2 Consolidated Statements of Comprehensive Income 3 Consolidated Statements of Changes in Stockholders' Equity 4 Consolidated Statements of Cash Flows 5 Notes to Unaudited Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

Signatures

Signatures 45 BV FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED BAL ANCE SHEETS March 31, 2024 December 31, 2023 (dollars in thousands, except per share amounts) (unaudited) (derived from audited financial statements) Assets Cash $ 8,520 $ 9,260 Interest-bearing deposits in other banks 70,317 64,482 Cash and cash equivalents 78,837 73,742 Equity investment 246 256 Securities available for sale 33,752 34,781 Securities held to maturity (fair value of $ 9,154 and $ 9,206 , ACL of $ 5 and $ 6 ) 10,153 10,209 Total loans 708,736 704,802 Allowance for credit losses ( 8,506 ) ( 8,554 ) Net loans 700,230 696,248 Foreclosed real estate 170 170 Premises and equipment, net 14,473 14,250 Federal Home Loan Bank of Atlanta stock, at cost 654 626 Investment in life insurance 19,744 19,657 Accrued interest receivable 3,147 3,279 Goodwill 14,420 14,420 Intangible assets, net 967 1,012 Deferred tax assets, net 8,699 8,969 Other assets 7,053 7,635 Total assets $ 892,545 $ 885,254 Liabilities and Stockholders' Equity Liabilities Noninterest-bearing deposits $ 139,107 $ 142,030 Interest-bearing deposits 500,381 492,090 Total deposits 639,488 634,120 Subordinated debentures 34,767 37,251 Other liabilities 16,538 14,818 Total liabilities 690,793 686,189 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 March 31, 2024 and December 31, 2023; 11,375,803 shares issued and outstanding as of March 31, 2024 and December 31, 2023 114 114 Paid-in capital 110,534 110,465 Retained earnings 100,346 97,772 Unearned common stock held by employee stock ownership plan ( 7,286 ) ( 7,328 ) Accumulated other comprehensive loss ( 1,956 ) ( 1,958 ) Total stoc

Business

Business BV Financial, Inc. ("BV Financial," the "Company" or "we") was organized as a federal corporation and savings and loan holding company in January 2005 as part of the mutual holding company reorganization of Bay-Vanguard Federal Savings Bank. In February 2019, the Company became a Maryland-chartered corporation and a bank holding company. Prior to consummation of its mutual to stock conversion in July 2023, BayVanguard, M.H.C., Inc. (the "MHC") was the Maryland-chartered mutual holding company of the Company. The MHC's only business was the ownership of 86.3 % of the outstanding common stock of the Company. On January 19, 2023, the MHC adopted a Plan of Conversion and Reorganization (the "Plan") pursuant to which the MHC undertook a "second-step" conversion and BayVanguard Bank (the "Bank"), the Company's wholly owned subsidiary, reorganized from the two-tier mutual holding company structure to the fully-public stock holding company structure (the "Conversion"). The Conversion was consummated on July 31, 2023 on which date the MHC ceased to exist. As part of the Conversion, the Company sold 9,798,980 shares of its common stock at a price of $ 10.00 per share. Each outstanding share of Company common stock owned by the existing public stockholders of the Company were converted into new shares of Company common stock based on an exchange ratio of 1.5309 -to-1. The Company had 11,375,803 shares of Company common stock outstanding as a result of the stock offering and Conversion. The Company is a registered bank holding company subject to comprehensive regulation and examination by the Board of Governors of the Federal Reserve System (the "Federal Reserve Board"). The Bank is headquartered in Baltimore, Maryland and is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses. The Bank is engaged primarily in the business of attracting deposits from the general public and using su

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