Business
BV Financial, Inc Announces Financial Results
BALTIMORE, MD / ACCESSWIRE / April 22, 2024 / BV Financial, Inc. (NASDAQ:BVFL), (the "Company") the holding company for BayVanguard Bank (the "Bank"),
About this update from Bv Financial, Inc.
[{"type":"text","content":"BALTIMORE, MD / ACCESSWIRE / April 22, 2024 / BV Financial, Inc. (NASDAQ:BVFL), (the \"Company\") the holding company for BayVanguard Bank (the \"Bank\"), reported net income of $2.6 million or $0.24 per diluted share for the quarter ended March 31, 2024 compared to net income of $3.1 million or $0.39 per diluted share for the quarter ended March 31, 2023.Financial HighlightsDuring the quarter ended March 31, 2024, the Company paid off $3.0 million in junior subordinated debt assumed via previous acquisition that had an interest rate in the most recent quarter of 8.49%. This resulted in the write-off (increase in interest expense) of the remaining purchase accounting fair market value adjustment of $566,000. This write-off was the primary contributor to the decrease in net income in the quarter ended March 31, 2024 when compared to the quarter ended March 31, 2023.Return on average assets and return on average equity for the quarter ended March 31, 2024 were 1.16% and 5.14%, respectively. Return on average assets and return on average equity for the three months ended March 31, 2023 were 1.46% and 12.57%, respectively.Loans increased $3.9 million, or 0.56% to $708.7 million at March 31, 2024 compared to $704.8 million at December 31, 2023.Deposits increased $5.4 million, or 0.85%, from $634.1 million at March 31, 2023 to $639.5 million at March 31, 2024.In the quarter ended March 31, 2024, the Company recorded a provision for credit losses of $18,000 consisting of a $133,000 benefit to the provision for credit losses - loans, a $152,000 provision for credit losses for unfunded commitments and a $1,000 credit to the provision for credit losses for held-to-maturity securities. In the quarter ended December 31, 2023, the Company recorded a provision for credit losses of $435,000 consisting of $354,000 in the provision for credit losses - loans and $81,000 in the provision for credit losses for unfunded commitments.Financial ConditionTotal Assets. Total assets were $892.5 million at March 31, 2024, an increase of $7.2 million, or 0.82%, from $885.3 million at December 31, 2023. The increase was due primarily to a $5.1 million increase in cash and a $3.9 million increase in loans receivable funded by an increase in deposits and quarterly net income. The increase in deposits included the issuance of $10 million in brokered deposits du...