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VWF Bancorp Inc Com (VWFB-1.49%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total assets of $329.2 million, an increase from $311.3 million as of June 30, 2024. The increase is attributed to growth in securities and loans, offset by a decrease in cash.
Net loans increased by $22.1 million to $148.5 million, driven by new loan originations across various categories including residential, commercial, and construction loans.
Deposits rose significantly by $80.4 million to $289.7 million, with core deposits and brokered certificates of deposit both contributing to the increase.
The company reported a net loss of $2.3 million for the quarter, compared to a net loss of $299,000 in the same quarter of the previous year. The loss is primarily due to a $1.9 million after-tax loss on the sale of securities.
Interest income increased by $1.8 million to $4.6 million, reflecting higher yields on loans and investment securities.
Interest expense also rose by $1.2 million to $2.8 million, driven by higher costs associated with deposits.
Non-interest income increased by $71,400 to $126,000, while non-interest expenses rose by $3.1 million to $4.7 million, largely due to a $2.4 million loss on the sale of securities.
The company identified a material weakness in its internal controls over financial reporting, specifically in the precision of account reconciliations and financial statement reviews.
VWF Bancorp Inc Com remains well-capitalized under regulatory standards, with a Common Equity Tier 1 Capital ratio of 17.34%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VWF Bancorp Inc Com quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.