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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from_______to________

Commission File Number: 001-41764

 

 

BV FINANCIAL, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Maryland

 

14-1920944

(State of Other Jurisdiction of Incorporation or Organization)

 

(I.R.S. Employer Identification No.)

 

7114 North Point Road, Baltimore, MD, 21219

(Address of Principal Executive Offices) (Zip Code)

 

(410) 477-5000

(Registrant’s Telephone Number, Including Area Code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

BVFL

 

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 9, 2023, the registrant had 11,375,803 shares of common stock outstanding.

 


 

TABLE OF CONTENTS

 

Page

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

 

Consolidated Balance Sheets

1

Consolidated Statements of Income

2

Consolidated Statements of Comprehensive Income

3

Consolidated Statements of Changes in Stockholders' Equity

4

Consolidated Statements of Cash Flows

6

Notes to Unaudited Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

38

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

50

Item 4.

Controls and Procedures

50

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

51

Item 3.

Defaults Upon Senior Securities

51

Item 4.

Mine Safety Disclosures

51

Item 5.

Other Information

51

Item 6.

Exhibits

52

Signatures

53

 

 


BV FINANCIAL, INC. AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 

 

September 30, 2023

 

 

December 31, 2022

 

(dollars in thousands, except pe share amounts)

 

(unaudited)

 

 

(derived from audited financial statements)

 

 

 

 

Assets

 

 

 

 

 

 

Cash

 

$

6,764

 

 

$

12,704

 

Interest-bearing deposits in other banks

 

 

107,695

 

 

 

55,948

 

Cash and cash equivalents

 

 

114,459

 

 

 

68,652

 

Equity investment

 

 

229

 

 

 

221

 

Securities available for sale

 

 

35,616

 

 

 

33,034

 

Securities held to maturity (fair value of $9,013 and $9,660, ACL of $7 and $0)

 

 

10,263

 

 

 

10,461

 

Loans held for maturity

 

 

707,037

 

 

 

662,944

 

Allowance for credit losses

 

 

(8,153

)

 

 

(3,813

)

Net loans

 

 

698,884

 

 

 

659,131

 

Foreclosed real estate

 

 

555

 

 

 

1,987

 

Premises and equipment, net

 

 

14,405

 

 

 

15,176

 

Federal Home Loan Bank of Atlanta stock, at cost

 

 

2,407

 

 

 

977

 

Investment in life insurance

 

 

19,566

 

 

 

19,983

 

Accrued interest receivable

 

 

3,450

 

 

 

2,952

 

Goodwill

 

 

14,420

 

 

 

14,420

 

Intangible assets, net

 

 

1,057

 

 

 

1,195

 

Deferred tax assets, net

 

 

9,045

 

 

 

9,113

 

Other assets

 

 

7,021

 

 

 

7,661

 

Total assets

 

$

931,377

 

 

$

844,963

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

143,203

 

 

$

167,202

 

Interest-bearing deposits

 

 

503,273

 

 

 

517,416

 

Total deposits

 

 

646,476

 

 

 

684,618

 

FHLB borrowings

 

 

37,500

 

 

 

12,000

 

Subordinated debentures

 

 

37,198

 

 

 

37,039

 

Other liabilities

 

 

15,121

 

 

 

13,555

 

Total liabilities

 

 

736,295

 

 

 

747,212

 

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, 2023 and 14,000,000 authorized at December 31, 2022; 11,375,803 shares issued and outstanding as of September 30, 2023; 7,958,904 shares issued outstanding as of December 31, 2022

 

 

114

 

 

 

74

 

Paid-in capital

 

 

110,364

 

 

 

15,406

 

Retained earnings

 

 

94,763

 

 

 

84,612

 

Unearned common stock held by employee stock ownership plan

 

 

(7,635

)

 

 

 

Accumulated other comprehensive loss

 

 

(2,524

)

 

 

(2,341

)

Total stockholders' equity

 

 

195,082

 

 

 

97,751

 

Total liabilities and stockholders' equity

 

$

931,377

 

 

$

844,963

 

 

See notes to consolidated financial statements. 1


BV FINANCIAL, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

 

(dollars in thousands, except per share amounts)

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Interest Income

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Loans, including fees

 

$

9,764

 

 

$

7,936

 

 

$

27,863

 

 

$

22,712

 

Investment securities available for sale

 

 

302

 

 

 

123

 

 

 

846

 

 

 

399

 

Investment securities held to maturity

 

 

89

 

 

 

53

 

 

 

275

 

 

 

143

 

Other interest income

 

 

1,560

 

 

 

458

 

 

 

2,958

 

 

 

726

 

Total interest income

 

 

11,715

 

 

 

8,570

 

 

 

31,942

 

 

 

23,980

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

1,764

 

 

 

297

 

 

 

3,694

 

 

 

987

 

Interest on FHLB borrowings

 

 

530

 

 

 

 

 

 

1,313

 

 

 

 

Interest on subordinated debentures

 

 

545

 

 

 

519

 

 

 

1,621

 

 

 

1,531

 

Other interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Total interest expense

 

 

2,839

 

 

 

816

 

 

 

6,628

 

 

 

2,518

 

Net interest income

 

 

8,876

 

 

 

7,754

 

 

 

25,314

 

 

 

21,462

 

Provision for (recovery of) credit losses

 

 

(333

)

 

 

186

 

 

 

(480

)

 

 

587

 

Net interest income after provision for credit losses

 

 

9,209

 

 

 

7,568

 

 

 

25,794

 

 

 

20,875

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

Service fees on deposits

 

 

109

 

 

 

110

 

 

 

304

 

 

 

344

 

Fees from debit cards

 

 

183

 

 

 

186

 

 

 

543

 

 

 

567

 

Income from investment in life insurance

 

 

85

 

 

 

89

 

 

 

549

 

 

 

310

 

Gain on sale of loans

 

 

 

 

 

 

 

 

 

 

 

1

 

Gain on foreclosed real estate

 

 

 

 

 

 

 

 

678

 

 

 

 

Gain on sale of fixed assets

 

 

188

 

 

 

45

 

 

 

188

 

 

 

279

 

Other income

 

 

317

 

 

 

251

 

 

 

798

 

 

 

1,848

 

Total noninterest income

 

 

882

 

 

 

681

 

 

 

3,060

 

 

 

3,349

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and related benefits

 

 

3,149

 

 

 

2,666

 

 

 

8,887

 

 

 

7,480

 

Occupancy

 

 

397

 

 

 

310

 

 

 

1,178

 

 

 

1,221

 

Data processing

 

 

345

 

 

 

339

 

 

 

1,034

 

 

 

1,070

 

Advertising

 

 

5

 

 

 

5

 

 

 

33

 

 

 

16

 

Professional fees

 

 

220

 

 

 

133

 

 

 

597

 

 

 

452

 

Equipment

 

 

105

 

 

 

197

 

 

 

319

 

 

 

412

 

Foreclosed real estate and holding costs

 

 

13

 

 

 

338

 

 

 

173

 

 

 

396

 

Amortization of intangible assets

 

 

46

 

 

 

46

 

 

 

138

 

 

 

137

 

FDIC insurance premiums

 

 

120

 

 

 

57

 

 

 

237

 

 

 

165

 

Other

 

 

608

 

 

 

511

 

 

 

1,656

 

 

 

2,300

 

Total noninterest expense

 

 

5,008

 

 

 

4,602

 

 

 

14,252

 

 

 

13,649

 

Net income before tax

 

 

5,083

 

 

 

3,647

 

 

 

14,602

 

 

 

10,575

 

Income tax expense

 

 

1,399

 

 

 

1,035

 

 

 

3,904

 

 

 

2,781

 

Net income

 

$

3,684

 

 

$

2,612

 

 

$

10,698

 

 

$

7,794

 

Basic earnings per share

 

$

0.35

 

 

$

0.33

 

 

$

1.21

 

 

$

0.98

 

Diluted earnings per share

 

$

0.35

 

 

$

0.33

 

 

$

1.20

 

 

$

0.98

 

 

See notes to consolidated financial statements. 2


BV FINANCIAL, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(dollars in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

3,684

 

 

$

2,612

 

 

$

10,698

 

 

$

7,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on securities available for sale

 

 

(347

)

 

 

(909

)

 

 

(252

)

 

 

(3,109

)

Income tax relating to securities available for sale

 

 

95

 

 

 

250

 

 

 

69

 

 

 

855

 

Other comprehensive loss

 

 

(252

)

 

 

(659

)

 

 

(183

)

 

 

(2,254

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

 

$

3,432

 

 

$

1,953

 

 

$

10,515

 

 

$

5,540

 

 

See notes to consolidated financial statements. 3


BV FINANCIAL, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(unaudited)

For the Three Months Ended September 30, 2023 and 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Unearned

 

 

 

 

 

other

 

 

 

 

 

Common

 

 

Paid-in

 

 

common stock

 

 

Retained

 

 

comprehensive

 

 

 

 

(dollars in thousands)

 

stock

 

 

capital

 

 

held by ESOP

 

 

earnings

 

 

loss

 

 

Total

 

 

 

 

Balance, June 30, 2023

 

$

74

 

 

$

15,599

 

 

$

 

 

$

91,079

 

 

$

(2,272

)

 

$

104,480

 

Net income

 

 

 

 

 

 

 

 

 

 

 

3,684

 

 

 

 

 

 

3,684

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(net of tax of $95)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(252

)

 

 

(252

)

Stock compensation

 

 

 

 

 

63

 

 

 

 

 

 

 

 

 

 

 

 

63

 

Proceeds from issuance of common stock, net of offering costs

 

 

40

 

 

 

94,702

 

 

 

 

 

 

 

 

 

 

 

 

94,742

 

Purchase of unearned common stock held by ESOP plan

 

 

 

 

 

 

 

 

(7,839

)

 

 

 

 

 

 

 

 

(7,839

)

ESOP shares committed to be released

 

 

 

 

 

 

 

 

204

 

 

 

 

 

 

 

 

 

204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2023

 

$

114

 

 

$

110,364

 

 

$

(7,635

)

 

$

94,763

 

 

$

(2,524

)

 

$

195,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Unearned

 

 

 

 

 

other