BALTIMORE, MD / ACCESSWIRE / October 21, 2024 / BV Financial, Inc. (NASDAQ:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $3.8 million, or $0.35 per diluted share, for the quarter ended September 30, 2024 compared to net income of $3.7 million, or $0.35 per diluted share, for the quarter ended September 30, 2023. Net income for the nine-month period ended September 30, 2024 was $9.8 million or $0.91 per diluted share compared to net income of $10.7 million or $1.20 per diluted share for the nine-month period ended September 30, 2023.
Financial Highlights
Return on average assets and return on average equity for the three months ended September 30, 2024 were 1.70% and 7.32%, respectively.
Net loans held to maturity decreased $11.0 million or 1.6% compared to December 31, 2023.
Deposits increased slightly to $634.3 million at September 30, 2024 compared to $634.1 million at December 31, 2023.
Cash and cash equivalents increased by $20.3 million or 27.6% compared to December 31, 2023.
Non-accrual loans decreased $6.6 million or 62.4% to $4.0 million at September 30, 2024 from $10.6 million at December 31, 2023. The decrease in non-accrual loans in the quarter ended September 30, 2024 compared to June 30, 2024 was $4.3 million or 51.8%.
Total delinquent loans decreased $9.6 million or 68.4% to $4.4 million at September 30, 2024 from $14.0 million at December 31, 2023. The decrease in delinquent loans in the quarter ended September 30, 2024 compared to June 30, 2024 was $2.4 million or 35.3%.
The Company recorded a recovery to the provision for credit losses of $714,000 for the three months ended September 30, 2024 and a recovery to the provision for credit losses $806,000 for the nine-months ended September 30, 2024. The primary driver of the reduction in the required allowance for credit losses ("ACL") in the period was the substantial improvement in the Company's asset quality as evidenced by the reduction in non-accrual and delinquent loans noted above.
FINANCIAL CONDITION DISCUSSION
Total Assets. Total assets were $892.7 million at September 30, 2024, an increase of $7.4 million, or 0.8%, from $885.3 million at December 31, 2023. The increase was due primarily to a $20.3 million increase in cash, which was primarily offset by decreases in loans and other non-earning assets.
Cash and Cash Equivalents. Cash and cash equivalents increased $20.3 million, or 27.7%, to $94.1 million at September 30, 2024 from $73.5 million at December 31, 2023. The increase in cash is a result of the decrease in loans and the other non-interest bearing assets.
Loans Receivable. Loans receivable decreased $11.0 million, or 1.6%, to $693.2 million at September 30, 2024 from $704.8 million at December 31, 2023. The increase in the investor commercial real estate loan category was offset by decreases in most other loan categories.
Securities. Securities available for sale increased by $4.4 million or 12.6% from December 31, 2023 as paydowns in the mortgage-backed securities were offset by purchases used primarily to secure local government deposits. The held-to-maturity portfolio decreased by $4.2 million or 40.9% due to maturities and paydowns.
Total Liabilities. Total liabilities decreased $3.2 million or 0.5%, to $683.0 million at September 30, 2024 from $686.2 million at December 31, 2023. The decrease was due primarily to the decrease in borrowings as $3.0 million in junior subordinated debt was paid off in the first quarter of 2024.
Deposits. Total deposits increased $200,000, or 0.03% to $634.3 million at September 30, 2024 from $634.1 million at December 31, 2023. Interest-bearing deposits increased $2.9 million, or 0.6%, to $495.0 million at September 30, 2024 from $492.1 million at December 31, 2023. Noninterest bearing deposits decreased $2.7 million, or 1.9%, to $139.3 million at September 30, 2024 from $142.0 million at December 31, 2023.
Stockholders' Equity. Stockholders' equity increased $10.6 million, or 5.4%, to $209.7 million at September 30, 2024 from $199.1 million at December 31, 2023 primarily due to net income during the period.
RESULTS OF OPERATION DISCUSSION
Net Income. Net income was $3.8 million or $0.35 per diluted share for the three months ended September 30, 2024 compared to $3.7 million or $0.35 per diluted share for the three months ended September 30, 2023. In the quarter ended September 30, 2024, the provision for credit losses was a credit of $714,000 as a result of the improvement in the asset quality of the Company's loan portfolio. In the quarter ended September 30, 2023, the Company recognized a provision for credit loss recovery of $333,000. Net income was $9.8 million or $0.91 per diluted share for the nine-months ended September 30, 2024 compared to $10.7 million or $1.20 per diluted share for the nine-months ended September 30, 2023. The higher net income in the nine-months ended September 30, 2023 compared to the same period in 2024 is due to , the Company recognized in 2023 a gain on the sale of foreclosed real estate of $678,000, a gain on the sale of fixed assets of $188,000 and received $225,000 in life insurance death benefits.
Net Interest Income. Net interest income was $9.3 million for the three months ended September 30, 2024 compared to $8.9 million in the three months ended September 30, 2023. The net interest margin for the three months ended September 30, 2024 was 4.49% compared to 4.10% for the three months ended September 30, 2023. The increase in net interest income was due to higher yields on interest earning assets, and lower balances of interest-bearing liabilities offsetting higher rates paid on deposits.
Net interest income was $26.2 million for the nine-months ended September 30, 2024, compared to $25.3 million in the nine-months ended September 30, 2023. The net interest margin for the nine-months ended September 30, 2024 was 4.25% compared to 4.21% for the nine-months ended September 30, 2023. The increase in net interest income was due to higher yields on interest earning assets, and lower balances of interest-bearing liabilities offsetting higher rates paid on deposits.
Noninterest Income. For the three months ended September 30, 2024, noninterest income totaled $696,000 compared to $882,000 for the quarter ended September 30, 2023. For the quarter ended September 30, 2023, the Company recognized a gain of $188,000 on the sale of a former branch building.
For the nine-months ended September 30, 2024, noninterest income totaled $1.9 million as compared to $3.1 million for the nine-months ended September 30, 2023. In the nine-months ended September 30, 2023, the Company recognized a gain of $678,000 on the sale of foreclosed real estate, a gain of $188,000 on the sale of a former branch building and $225,000 in life insurance death benefits.
Noninterest Expense. For the three months ended September 30, 2024, noninterest expense totaled $5.5 million compared to $5.0 million in the three months ended September 30, 2023. Compensation and benefits increased $345,000 or 11.0% due to increases in salary and benefits. Professional fees increased by $180,000 or 81.8% due to legal and accounting costs and data processing expense increased by $21,000 or 6.1%.
For the nine-months ended September 30, 2024, noninterest expense totaled $15.3 million as compared to $14.2 million in the nine-months ended September 30, 2023. Compensation and benefits increased $827,000 or 9.3% due to increases in staffing and salaries and benefits. Professional fees increased $160,000 or 26.8% due to legal, accounting and consulting expenses. Expenses also increased in the occupancy, data processing and other expense categories while decreases occurred in foreclosed real estate costs, equipment and advertising expenses.
Asset Quality. Non-performing assets at September 30, 2024 totaled $4.1 million consisting of $3.9 million in nonperforming loans and $160,000 in other real estate owned, compared to $10.7 million at December 31, 2023, consisting of $10.6 million in non-performing loans and $170,000 in other real estate owned. During the quarter, our largest loan on non-accrual, a $3.8 million investor commercial real estate loan paid off. At September 30, 2024, the ACL was $8.0 million, which represented 1.15% of total loans and 201.6% of non-performing loans compared to $8.6 million at December 31, 2023, which represented 1.21% of total loans and 81.1% of non-performing loans.
Forward-Looking Statements
This press release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, increased competitive pressures, the effects of inflation, potential recessionary conditions, general economic conditions or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, changes in demand for our products and services, accounting and tax changes, deposit flows, real estate values and competition, changes in accounting and tax principles, policies or guidelines, changes in legislation or regulation and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services, a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's financial condition and results of operations and the business in which the Company and the Bank are engaged and the failure to maintain current technologies, the failure to retain or attract employees.
About BV Financial. BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with thirteen branches in the Baltimore metropolitan area and the eastern shore of Maryland. The Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses.
Contact:
Michael J. Dee
Chief Financial Officer
(410) 477- 5000
| At or For the Three Months | At or For the Nine Months | |||||||||||||||
| Ended September 30, | Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
Performance Ratios(1): | ||||||||||||||||
Return on average assets | 1.70 | % | 1.58 | % | 1.46 | % | 1.61 | % | ||||||||
Return on average equity | 7.32 | % | 9.84 | % | 6.39 | % | 11.88 | % | ||||||||
Interest rate spread(2) | 3.71 | % | 3.46 | % | 3.48 | % | 3.77 | % | ||||||||
Net interest margin(3) | 4.49 | % | 4.10 | % | 4.25 | % | 4.21 | % | ||||||||
Non-interest expense to average assets | 2.46 | % | 2.15 | % | 2.29 | % | 1.41 | % | ||||||||
Efficiency ratio(4) | 54.73 | % | 49.63 | % | 54.53 | % | 48.13 | % | ||||||||
Average interest-earning assets to average interest-bearing liabilities | 156.49 | % | 149.31 | % | 155.24 | % | 139.84 | % | ||||||||
Average equity to average assets | 23.29 | % | 16.06 | % | 22.90 | % | 14.31 | % | ||||||||
Credit Quality Ratios: | ||||||||||||||||
Allowance for credit losses as a percentage of total loans | 1.15 | % | 1.15 | % | 1.15 | % | 1.15 | % | ||||||||
Allowance for credit losses as a percentage of non-performing loans | 201.60 | % | 213.49 | % | 201.60 | % | 213.49 | % | ||||||||
Net charge-offs (recoveries) to average outstanding loans during the year | -0.04 | % | -0.04 | % | -0.04 | % | -0.06 | % | ||||||||
Non-performing loans as a percentage of total loans | 0.57 | % | 0.54 | % | 0.57 | % | 0.54 | % | ||||||||
Non-performing loans as a percentage of total assets | 0.44 | % | 0.41 | % | 0.44 | % | 0.41 | % | ||||||||
Total non-performing assets as a percentage of total assets | 0.46 | % | 0.47 | % | 0.46 | % | 0.47 | % | ||||||||
Other: | ||||||||||||||||
Number of offices | 13 | 15 | 13 | 15 | ||||||||||||
Number of full-time equivalent employees | 111 | 110 | 111 | 110 | ||||||||||||
BV FINANCIAL, INC.
Consolidated Balance Sheets
| September 30, 2024 | December 31, 2023 | |||||||
(dollars in thousands, except share amounts) | (unaudited) | (audited) | ||||||
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 $5,214 and $9,206, ACL of $4 and $6) | 6,029 | 10,209 | ||||||
Loans held to maturity | 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 shares issued and outstanding as of December 31, 2023 | 117 | 114 | ||||||
Paid-in capital | 110,697 | 110,465 | ||||||
Unearned common stock held by employee stock ownership plan | (7,202 | ) | (7,328 | ) | ||||
Retained earnings | 107,543 | 97,772 | ||||||
Accumulated other comprehensive loss | (1,421 | ) | (1,958 | ) | ||||
Total stockholders' equity | 209,734 | 199,065 | ||||||
Total liabilities and stockholders' equity | $ | 892,709 | $ | 885,254 | ||||
BV FINANCIAL, INC.
Consolidated Statements of Income
(dollars in thousands, except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Interest Income | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Loans, including fees | $ | 10,522 | $ | 9,764 | $ | 30,481 | $ | 27,863 | ||||||||
Investment securities available for sale | 353 | 302 | 966 | 846 | ||||||||||||
Investment securities held to maturity | 83 | 89 | 266 | 275 | ||||||||||||
Other interest income | 1,192 | 1,560 | 3,058 | 2,958 | ||||||||||||
Total interest income | 12,150 | 11,715 | 34,771 | 31,942 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 2,381 | 1,764 | 6,610 | 3,694 | ||||||||||||
Interest on FHLB borrowings | - | 530 | - | 1,313 | ||||||||||||
Interest on Subordinated debentures | 466 | 545 | 1,985 | 1,621 | ||||||||||||
Total interest expense | 2,847 | 2,839 | 8,595 | 6,628 | ||||||||||||
Net interest income | 9,303 | 8,876 | 26,176 | 25,314 | ||||||||||||
Provision for (recovery of) credit losses | (714 | ) | (333 | ) | (806 | ) | (480 | ) | ||||||||
Net interest income after provision for (recovery of) credit losses | 10,017 | 9,209 | 26,982 | 25,794 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service fees on deposits | 103 | 109 | 303 | 304 | ||||||||||||
Fees from debit cards | 175 | 183 | 529 | 543 | ||||||||||||
Income from investment in life insurance | 91 | 85 | 290 | 549 | ||||||||||||
Gain on sale of fixed assets | - | 188 | - | 188 | ||||||||||||
Gain on sale of foreclosed real estate | - | - | - | 678 | ||||||||||||
Other income | 327 | 317 | 747 | 798 | ||||||||||||
Total noninterest income | 696 | 882 | 1,869 | 3,060 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and related benefits | 3,494 | 3,149 | 9,714 | 8,887 | ||||||||||||
Occupancy | 396 | 397 | 1,242 | 1,178 | ||||||||||||
Data processing | 366 | 345 | 1,117 | 1,034 | ||||||||||||
Advertising | 6 | 5 | 16 | 33 | ||||||||||||
Professional fees | 400 | 220 | 757 | 597 | ||||||||||||
Equipment | 97 | 105 | 301 | 319 | ||||||||||||
Foreclosed real estate holding costs | (3 | ) | 13 | 13 | 173 | |||||||||||
Amortization of intangible assets | 45 | 46 | 135 | 138 | ||||||||||||
FDIC insurance premiums | 82 | 120 | 246 | 237 | ||||||||||||
Other expense | 590 | 608 | 1,751 | 1,656 | ||||||||||||
Total noninterest expense | 5,473 | 5,008 | 15,292 | 14,252 | ||||||||||||
Net income before tax | 5,240 | 5,083 | 13,559 | 14,602 | ||||||||||||
Income tax expense | 1,442 | 1,399 | 3,788 | 3,904 | ||||||||||||
Net income | $ | 3,798 | $ | 3,684 | $ | 9,771 | $ | 10,698 | ||||||||
Basic earnings per share | $ | 0.35 | $ | 0.35 | $ | 0.91 | $ | 1.21 | ||||||||
Diluted earnings per share | $ | 0.35 | $ | 0.35 | $ | 0.91 | $ | 1.20 | ||||||||
BV FINANCIAL, INC.
Average Balance Sheet for the Three Months ended September 30,
(Dollars in thousands)
| For the Three Months Ended September 30, | |||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||
(dollars in thousands) | Average Outstanding Balance | Interest | Average Yield/Rate | Average Outstanding Balance | Interest | Average Yield/Rate | |||||||||||||
| (Unaudited) | |||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||
Loans | $ | 690,170 | $ | 10,522 | 6.05 | % | $ | 693,956 | $ | 9,764 | 5.58 | % | |||||||
Securities available-for-sale | 36,201 | 353 | 3.87 | % | 35,868 | 302 | 3.35 | % | |||||||||||
Securities held-to-maturity | 9,937 | 83 | 3.31 | % | 12,493 | 89 | 2.84 | % | |||||||||||
Cash, cash equivalents and other interest-earning assets | 86,322 | 1,192 | 5.48 | % | 115,554 | 1,560 | 5.35 | % | |||||||||||
Total interest-earning assets | 822,630 | 12,150 | 5.86 | % | 857,871 | 11,715 | 5.42 | % | |||||||||||
Noninterest-earning assets | 68,767 | 74,240 | |||||||||||||||||
Total assets | $ | 891,397 | $ | 932,111 | |||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Interest-bearing demand deposits | $ | 79,652 | 207 | 1.03 | % | $ | 82,096 | 219 | 1.06 | % | |||||||||
Savings deposits | 128,918 | 89 | 0.27 | % | 150,522 | 50 | 0.13 | % | |||||||||||
Money market deposits | 108,518 | 669 | 2.45 | % | 85,982 | 255 | 1.18 | % | |||||||||||
Certificates of deposit | 173,751 | 1,416 | 3.23 | % | 181,292 | 1,240 | 2.71 | % | |||||||||||
Total interest-bearing deposits | 490,839 | 2,381 | 1.92 | % | 499,892 | 1,764 | 1.40 | % | |||||||||||
Federal Home Loan Bank advances | - | - | - | 37,500 | 530 | 5.60 | % | ||||||||||||
Subordinated debentures | 34,827 | 466 | 5.30 | % | 37,175 | 545 | 5.82 | % | |||||||||||
Total borrowings | 34,827 | 466 | 5.30 | % | 74,675 | 1,075 | 5.71 | % | |||||||||||
Total interest-bearing liabilities | 525,666 | 2,847 | 2.15 | % | 574,567 | 2,839 | 1.96 | % | |||||||||||
Noninterest-bearing demand deposits | 140,039 | 144,603 | |||||||||||||||||
Other noninterest-bearing liabilities | 18,101 | 63,261 | |||||||||||||||||
Total liabilities | 683,806 | 782,431 | |||||||||||||||||
Equity | 207,591 | 149,680 | |||||||||||||||||
Total liabilities and equity | $ | 891,397 | $ | 932,111 | |||||||||||||||
Net interest income | $ | 9,303 | $ | 8,876 | |||||||||||||||
Net interest rate spread | 3.71 | % | 3.46 | % | |||||||||||||||
Net interest-earning assets | $ | 296,964 | $ | 283,304 | |||||||||||||||
Net interest margin | 4.49 | % | 4.10 | % | |||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 156.49 | % | 149.31 | % | |||||||||||||||
BV FINANCIAL, INC.
Average Balance Sheet for the Nine Months ended September 30
(Dollars in thousands)
| For the Nine Months Ended September 30, | |||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||
(dollars in thousands) | Average Outstanding Balance | Interest | Average Yield/Rate | Average Outstanding Balance | Interest | Average Yield/Rate | |||||||||||||
| (Unaudited) | |||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||
Loans | $ | 701,310 | $ | 30,481 | 5.79 | % | $ | 680,436 | $ | 27,863 | 5.47 | % | |||||||
Securities available-for-sale | 34,569 | 966 | 3.72 | % | 35,746 | 846 | 3.16 | % | |||||||||||
Securities held-to-maturity | 10,507 | 266 | 3.37 | % | 12,276 | 275 | 3.00 | % | |||||||||||
Cash, cash equivalents and other interest-earning assets | 74,720 | 3,058 | 5.46 | % | 76,310 | 2,958 | 5.19 | % | |||||||||||
Total interest-earning assets | 821,106 | 34,771 | 5.64 | % | 804,768 | 31,942 | 5.31 | % | |||||||||||
Noninterest-earning assets | 68,985 | 81,460 | |||||||||||||||||
Total assets | $ | 890,091 | $ | 886,228 | |||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Interest-bearing demand deposits | $ | 83,683 | 681 | 1.08 | % | $ | 87,159 | 380 | 0.58 | % | |||||||||
Savings deposits | 138,474 | 250 | 0.24 | % | 158,324 | 141 | 0.12 | % | |||||||||||
Money market deposits | 96,724 | 1,496 | 2.06 | % | 92,457 | 491 | 0.71 | % | |||||||||||
Certificates of deposit | 174,896 | 4,183 | 3.19 | % | 167,313 | 2,682 | 2.14 | % | |||||||||||
Total interest-bearing deposits | 493,777 | 6,610 | 1.78 | % | 505,253 | 3,694 | 0.98 | % | |||||||||||
Federal Home Loan Bank advances | - | - | - | 33,099 | 1,313 | 5.30 | % | ||||||||||||
Subordinated debentures | 35,139 | 1,985 | 7.53 | % | 37,123 | 1,621 | 5.84 | % | |||||||||||
Total borrowings | 35,139 | 1,985 | 7.53 | % | 70,222 | 2,934 | 5.59 | % | |||||||||||
Total interest-bearing liabilities | 528,916 | 8,595 | 2.16 | % | 575,475 | 6,628 | 1.54 | % | |||||||||||
Noninterest-bearing demand deposits | 139,642 | 154,521 | |||||||||||||||||
Other noninterest-bearing liabilities | 17,676 | 36,180 | |||||||||||||||||
Total liabilities | 686,234 | 766,176 | |||||||||||||||||
Equity | 203,857 | 120,052 | |||||||||||||||||
Total liabilities and equity | $ | 890,091 | $ | 886,228 | |||||||||||||||
Net interest income | $ | 26,176 | $ | 25,314 | |||||||||||||||
Net interest rate spread | 3.48 | % | 3.77 | % | |||||||||||||||
Net interest-earning assets | $ | 292,190 | $ | 229,293 | |||||||||||||||
Net interest margin | 4.25 | % | 4.21 | % | |||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 155.24 | % | 139.84 | % | |||||||||||||||
ALLOWANCE FOR CREDIT LOSS - LOANS
(Dollars in thousands)
| QTR | YTD | |||||||
| 9/30/2024 | 9/30/2024 | |||||||
Beginning Balance | $ | 8,547 | $ | 8,554 | ||||
Provision for credit losses -loans | (678 | ) | (837 | ) | ||||
Net Charge-offs (recoveries): | ||||||||
Owner Occupied 1-4 | (3 | ) | (112 | ) | ||||
Non-Owner Occupied 1-4 | (128 | ) | (168 | ) | ||||
Investor Commercial Real Estate | - | - | ||||||
OO Commercial Real Estate | - | (3 | ) | |||||
Construction & Land | (1 | ) | (3 | ) | ||||
Farm Loans | - | - | ||||||
Marine & Consumer | - | 2 | ||||||
Guaranteed by the US Gov't | - | - | ||||||
Commercial | - | - | ||||||
Net charge-offs (recoveries) | (132 | ) | (284 | ) | ||||
Ending Balance- ACL for Loans | $ | 8,001 | $ | 8,001 | ||||
Balance Reserve for unfunded loan commitments | 239 | 239 | ||||||
Balance Reserve for HTM Securities | 4 | 4 | ||||||
Total ACL | $ | 8,244 | $ | 8,244 | ||||
Provision expense (recovery of) for Unfunded Commitments | (36 | ) | 33 | |||||
Provision expense for HTM Securities | - | (2 | ) | |||||
Total other provision expense (recovery of) | $ | (36 | ) | $ | 31 | |||
Total provision for (recovery of ) credit losses | $ | (714 | ) | $ | (806 | ) | ||
SOURCE: BV Financial, Inc.
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