BV Financial Q3 2024 10-Q: Real Estate Portfolio Details

TL;DR

**BV Financial Q3 10-Q: Real estate loan portfolio details released, showing 'Substandard' and 'Pass' categories.**

AI Summary

BV Financial, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details its financial position, including assets and liabilities, and provides segment information for its real estate portfolio. Specific loan types like 'OneToFourFamilyOwnerOccupiedLoans' and 'CommercialRealEstateOwnerOccupiedMember' are categorized with delinquency statuses such as 'Substandard' and 'Pass'.

Why It Matters

This filing provides insight into the health of BV Financial's real estate loan portfolio, which is crucial for understanding the company's risk exposure and potential future performance.

Risk Assessment

Risk Level: medium — The filing contains details about loan portfolio quality, including delinquency and substandard classifications, which are key indicators of financial risk for a savings institution.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the specific quarter the financial data pertains to.)
• 2024-11-13 — Filing Date (Shows when the report was officially submitted to the SEC.)

Key Players & Entities

• BV Financial, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-13 (date) — Filing date
• 410-477-5000 (phone_number) — Business phone number
• BALTIMORE (location) — City of business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• bvfl-20240930.htm (10-Q) — 5606KB
• bvfl-ex10_1.htm (EX-10.1) — 228KB
• bvfl-ex31_1.htm (EX-31.1) — 22KB
• bvfl-ex31_2.htm (EX-31.2) — 22KB
• bvfl-ex31_3.htm (EX-31.3) — 22KB
• bvfl-ex32.htm (EX-32) — 15KB
• 0000950170-24-125992.txt ( ) — 26842KB
• bvfl-20240930.xsd (EX-101.SCH) — 1838KB
• bvfl-20240930_htm.xml (XML) — 8447KB

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 46 Item 4.

Controls and Procedures

Controls and Procedures 46 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 48

Signatures

Signatures 49 BV FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED BAL ANCE SHEETS September 30, 2024 December 31, 2023 (dollars in thousands, except per share amounts) (unaudited) (derived from audited financial statements) Assets Cash $ 7,207 $ 9,260 Interest-bearing deposits in other banks 86,858 64,482 Cash and cash equivalents 94,065 73,742 Equity investment 254 256 Securities available for sale 39,162 34,781 Securities held to maturity (fair value of $ 5,210 and $ 9,206 , ACL of $ 4 and $ 6 ) 6,029 10,209 Total loans 693,231 704,802 Allowance for credit losses ( 8,001 ) ( 8,554 ) Net loans 685,230 696,248 Foreclosed real estate 160 170 Premises and equipment, net 13,404 14,250 Federal Home Loan Bank of Atlanta stock, at cost 654 626 Investment in life insurance 19,947 19,657 Accrued interest receivable 2,922 3,279 Goodwill 14,420 14,420 Intangible assets, net 876 1,012 Deferred tax assets, net 8,442 8,969 Other assets 7,144 7,635 Total assets $ 892,709 $ 885,254 Liabilities and Stockholders' Equity Liabilities Noninterest-bearing deposits $ 139,302 $ 142,030 Interest-bearing deposits 495,011 492,090 Total deposits 634,313 634,120 Subordinated debentures 34,845 37,251 Other liabilities 13,817 14,818 Total liabilities 682,975 686,189 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 September 30, 2024 and December 31, 2023; 11,701,785 shares issued and outstanding as of September 30, 2024 and 11,375,803 issued and outstanding as of December 31, 2023 117 114 Paid-in capital 110,697 110,465 Retained earnings 107,543 97,772 Unearned common stock held by employee stock ownership plan ( 7,202 ) ( 7,328 ) Accumulated other comprehe

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