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VWF Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total assets of $318.7 million, reflecting an increase of $7.4 million from June 30, 2024. This increase is attributed to a $27.9 million rise in securities and a $7.7 million rise in loans, offset by a $27.6 million decrease in cash.
Net loans increased by $7.7 million to $134.1 million, with loan originations totaling $6.1 million. The company continues to focus on owner-occupied residential real estate loans while increasing emphasis on commercial loans.
Deposits rose by $35.8 million to $245.1 million, with core deposits increasing by $18.9 million and brokered certificates of deposit rising by $22.3 million.
Shareholders’ equity increased by $211,000 to $36.8 million, primarily due to a net tax effect on unrealized gains on securities.
Net loss for the quarter was $633,000, up from $439,000 in the previous year, driven by a $842,000 increase in noninterest expense, including one-time expenses.
Interest income increased by $2.0 million to $4.1 million, attributed to a rise in interest on investment securities and loans.
Interest expense increased by $1.5 million to $2.5 million, reflecting a rise in the average cost of deposits and increased borrowing expenses.
Net interest income rose by $539,000 to $1.6 million, while the net interest margin decreased to 2.23%.
The provision for credit losses was $89,000, primarily due to commercial loan growth. Nonperforming and substandard loans totaled $604,000.
Non-interest income remained stable at $50,000, while non-interest expense increased to $2.4 million, largely due to higher salaries and one-time expenses.
The company identified material weaknesses in its internal controls over financial reporting but reported no material misstatements in its financial statements.
VWF Bancorp opted out of the community bank leverage ratio framework and is categorized as well-capitalized under regulatory standards.
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 November 15, 2024. To report an error, please email earnings@qz.com.