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BV Financial Inc. (BVFL-4.61%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $911.8 million, an increase from $885.3 million at the end of the previous year. The increase was primarily due to a $33.0 million rise in net loans receivable.
Total liabilities increased by $30.1 million to $716.3 million, driven by a $17.4 million increase in deposits and a $12.6 million increase in borrowings.
Stockholders' equity decreased by $3.6 million to $195.5 million, mainly due to $17.8 million in repurchased common stock, partially offset by net income of $11.7 million.
Net income for the year was $11.7 million, down from $13.7 million in the previous year. This decrease was attributed to a $2.1 million increase in noninterest expense and a $1.2 million decrease in noninterest income.
Net interest income increased to $35.2 million from $34.2 million, and the net interest margin was 4.27%, slightly up from 4.23% in the prior year.
The allowance for credit losses was $8.5 million, representing 1.15% of total loans, with a credit provision of $203,000 for the year.
The filing also details the company's strategy to grow its loan portfolio, focusing on commercial real estate and residential mortgage lending, and to increase core deposits, with an emphasis on non-interest-bearing deposits.
BV Financial's capital ratios remain strong, with a total capital to risk-weighted assets ratio of 25.49% and a Tier 1 capital to average assets ratio of 19.83%.
The filing includes information on the company's risk management practices, including its approach to managing interest rate risk and maintaining liquidity.
BV Financial continues to evaluate merger and acquisition opportunities as part of its strategic plan to enhance its market presence and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BV Financial Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.