BV Financial, Inc. Files Q2 2024 10-Q

TL;DR

BV Financial's Q2 10-Q is in: check loan aging & real estate segments for performance.

AI Summary

BV Financial, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational segments, including consumer and commercial portfolios and real estate lending. Specific data points relate to loan aging, debit card activity, and construction loans within its various portfolio segments.

Why It Matters

This filing provides investors and analysts with a detailed look into BV Financial's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains specific financial data, including loan aging and portfolio segment details, which are crucial for assessing the company's financial health and potential risks.

Key Numbers

• Q2 2024 — Reporting Period (The second quarter of 2024 financial results are detailed in this filing.)
• 2024-06-30 — As of Date (Key financial data is reported as of this date.)

Key Players & Entities

• BV Financial, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — Period of report for the 10-Q
• 2024-08-13 (date) — Filing date of the 10-Q
• 410-477-5000 (phone_number) — Business phone number for BV Financial, Inc.

FAQ

Key Financial Figures

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

Filing Documents

• bvfl-20240630.htm (10-Q) — 5520KB
• bvfl-ex31_1.htm (EX-31.1) — 22KB
• bvfl-ex31_2.htm (EX-31.2) — 22KB
• bvfl-ex31_3.htm (EX-31.3) — 21KB
• bvfl-ex32.htm (EX-32) — 15KB
• 0000950170-24-095817.txt ( ) — 26555KB
• bvfl-20240630.xsd (EX-101.SCH) — 1803KB
• bvfl-20240630_htm.xml (XML) — 8519KB

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 6 Notes to Unaudited Consolidated Financial Statements 7 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 35 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 45 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 46 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 47

Signatures

Signatures 48 BV FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED BAL ANCE SHEETS June 30, 2024 December 31, 2023 (dollars in thousands, except per share amounts) (unaudited) (derived from audited financial statements) Assets Cash $ 9,334 $ 9,260 Interest-bearing deposits in other banks 81,305 64,482 Cash and cash equivalents 90,639 73,742 Equity investment 236 256 Securities available for sale 32,868 34,781 Securities held to maturity (fair value of $ 9,046 and $ 9,206 , ACL of $ 5 and $ 6 ) 10,089 10,209 Total loans 702,373 704,802 Allowance for credit losses ( 8,547 ) ( 8,554 ) Net loans 693,826 696,248 Foreclosed real estate 170 170 Premises and equipment, net 13,503 14,250 Federal Home Loan Bank of Atlanta stock, at cost 654 626 Investment in life insurance 19,856 19,657 Accrued interest receivable 3,344 3,279 Goodwill 14,420 14,420 Intangible assets, net 922 1,012 Deferred tax assets, net 8,810 8,969 Other assets 7,825 7,635 Total assets $ 897,162 $ 885,254 Liabilities and Stockholders' Equity Liabilities Noninterest-bearing deposits $ 141,040 $ 142,030 Interest-bearing deposits 499,260 492,090 Total deposits 640,300 634,120 Subordinated debentures 34,806 37,251 Other liabilities 16,584 14,818 Total liabilities 691,690 686,189 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 June 30, 2024 and December 31, 2023; 11,387,723 shares issued and outstanding as of June 30, 2024 and 11,375,803 issued and outstanding as of December 31, 2023 114 114 Paid-in capital 110,694 110,465 Retained earnings 103,745 97,772 Unearned common stock held by employee stock ownership plan ( 7,244 ) ( 7,328 ) Accumulated other comprehensive loss (

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 at least a majority of the outstanding common stock of the Company. On January 19, 2023, the MHC adopted a Plan of Conversion and Reorganization 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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View this 10-Q filing on SEC EDGAR