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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

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: 0-50765

VILLAGE BANK AND TRUST FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Virginia

16-1694602

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

13319 Midlothian Turnpike, Midlothian, Virginia

23113

(Address of principal executive offices)

(Zip code)

804-897-3900

(Registrant’s telephone number, including area code)

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $4.00 per share

VBFC

Nasdaq Capital Market

Indicate by check 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, smaller reporting company, or an emerging growth company. See the 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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

1,495,251 shares of common stock, $4.00 par value, outstanding as of April 16, 2024

Village Bank and Trust Financial Corp.

Form 10-Q

TABLE OF CONTENTS

Part I – Financial Information

 

Item 1. Financial Statements

 

 

Consolidated Balance Sheets March 31, 2024 (unaudited) and December 31, 2023

3

 

 

Consolidated Statements of Income For the Three Months Ended March 31, 2024 and 2023 (unaudited)

4

 

 

Consolidated Statements of Comprehensive Income For the Three Months Ended March 31, 2024 and 2023 (unaudited)

5

 

 

Consolidated Statements of Shareholders’ Equity For the Three Months and Ended March 31, 2024 and 2023 (unaudited)

6

 

 

Consolidated Statements of Cash Flows For Three Months Ended March 31, 2024 and 2023 (unaudited)

7

 

 

Notes to Consolidated Financial Statements (unaudited)

8

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

33

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

46

 

 

Item 4. Controls and Procedures

46

 

 

Part II – Other Information

 

 

Item 1. Legal Proceedings

47

 

 

Item 1A. Risk Factors

47

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

47

 

 

Item 3. Defaults Upon Senior Securities

47

 

 

Item 4. Mine Safety Disclosures

47

 

 

Item 5. Other Information

47

 

 

Item 6. Exhibits

48

 

 

Signatures

49

2

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

Village Bank and Trust Financial Corp. and Subsidiary

Consolidated Balance Sheets

March 31, 2024 (Unaudited) and December 31, 2023*

(in thousands, except share and per share data)

    

March 31, 

    

December 31, 

    

2024

    

2023

Assets

 

  

 

  

Cash and due from banks

$

13,073

$

10,383

Federal funds sold

 

19,323

 

7,331

Total cash and cash equivalents

 

32,396

 

17,714

Investment securities available for sale, at fair value

 

82,784

 

105,585

Restricted stock, at cost

 

2,755

 

2,985

Loans held for sale

 

7,019

 

4,983

Loans

 

 

Outstandings

 

591,338

 

575,008

Allowance for credit losses

 

(3,574)

 

(3,423)

Deferred costs, net

 

750

 

803

Total loans, net

 

588,514

 

572,388

Premises and equipment, net

 

11,773

 

11,760

Bank owned life insurance

 

13,198

 

13,120

Accrued interest receivable

 

3,531

 

3,827

Other assets

 

4,902

 

4,254

Total Assets

$

746,872

$

736,616

Liabilities and Shareholders’ Equity

 

 

Liabilities

 

  

 

  

Deposits

 

  

 

  

Noninterest bearing demand

$

230,118

$

247,624

Interest bearing

 

390,151

 

357,721

Total deposits

 

620,269

 

605,345

Long-term debt - trust preferred securities

 

8,764

 

8,764

Subordinated debt, net

 

5,700

 

5,700

Federal Home Loan Bank advances

 

40,000

 

45,000

Accrued interest payable

 

406

 

210

Other liabilities

 

3,375

 

4,041

Total liabilities

 

678,514

 

669,060

Shareholders’ equity

 

  

 

  

Common stock, $4 par value, 10,000,000 shares authorized; 1,495,251 shares issued and outstanding at March 31, 2024 and 1,492,879 shares issued and outstanding at December 31, 2023

 

5,918

 

5,908

Additional paid-in capital

 

55,557

 

55,486

Retained earnings

 

13,278

 

11,775

Stock in directors rabbi trust

 

(439)

 

(467)

Directors deferred fees obligation

 

439

 

467

Accumulated other comprehensive loss

 

(6,395)

 

(5,613)

Total shareholders’ equity

 

68,358

 

67,556

Total liabilities and shareholders' equity

$

746,872

$

736,616

* Derived from audited consolidated financial statements.

See accompanying notes to consolidated financial statements.

3

Village Bank and Trust Financial Corp. and Subsidiary

Consolidated Statements of Income

Three Months Ended March 31, 2024 and 2023

(Unaudited)

(in thousands, except per share data)

    

Three Months Ended

March 31, 

    

2024

    

2023

Interest income

 

  

 

  

Loans

$

8,201

$

6,762

Investment securities

 

932

 

727

Federal funds sold

 

202

 

94

Total interest income

 

9,335

 

7,583

Interest expense

 

  

 

  

Deposits

 

2,096

 

624

Borrowed funds

 

843

 

594

Total interest expense

 

2,939

 

1,218

Net interest income

 

6,396

 

6,365

Provision for credit losses

 

150

 

Net interest income after provision for credit losses

 

6,246

 

6,365

Noninterest income

 

  

 

  

Service charges and fees

 

641

 

669

Mortgage banking income, net

 

850

 

478

Other

 

113

 

109

Total noninterest income

 

1,604

 

1,256

Noninterest expense

 

  

 

  

Salaries and benefits

 

3,464

 

3,448

Occupancy

 

332

 

311

Equipment

 

278

 

285

Supplies

 

49

 

49

Data processing

439

440

Professional and outside services

 

418

 

372

Advertising and marketing

 

83

 

111

FDIC insurance premium

 

92

 

50

Other operating expense

 

474

 

690

Total noninterest expense

 

5,629

 

5,756

Income before income tax expense

 

2,221

 

1,865

Income tax expense

 

449

 

325

Net income

$

1,772

$

1,540

Earnings per share, basic

$

1.19

$

1.04

Earnings per share, diluted

$

1.19

$

1.04

See accompanying notes to consolidated financial statements.

4

Village Bank and Trust Financial Corp. and Subsidiary

Consolidated Statements of Comprehensive Income

Three Months ended March 31, 2024 and 2023

(Unaudited)

(in thousands)

Three Months Ended

March 31, 

2024

    

2023

Net income

$

1,772

$

1,540

Other comprehensive (loss) income

 

  

 

  

Unrealized holding (losses) gains arising during the period

 

(990)

 

1,876

Tax effect

 

208

 

(394)

Net change in unrealized holding (losses) gains on securities available for sale, net of tax

 

(782)

 

1,482

Minimum pension adjustment

 

 

3

Tax effect

 

 

(1)

Minimum pension adjustment, net of tax

 

 

2

Total other comprehensive (loss) income

 

(782)

 

1,484

Total comprehensive income

$

990

$

3,024

See accompanying notes to consolidated financial statements.

5

Village Bank and Trust Financial Corp. and Subsidiary

Consolidated Statements of Shareholders' Equity

Three Months Ended March 31, 2024 and 2023

(Unaudited)

(In thousands)

Three Months Ended March 31, 2024

Directors

Accumulated

Additional

Stock in

Deferred

Other

Common

Paid-in

Retained

Directors

Fees

Comprehensive

Stock

    

Capital

    

Earnings

    

Rabbi Trust

    

Obligation

    

Loss

    

Total

Balance, December 31, 2023

$

5,908

55,486

$

11,775

$

(467)

$

467

$

(5,613)

$

67,556

Restricted stock redemption

28

(28)

Vesting of restricted stock

10

(10)

 

 

Stock based compensation

 

 

81

 

 

 

 

 

81

Cash dividend declared ($0.18 per share)

 

 

(269)

 

 

 

 

(269)

Net income

 

 

 

1,772

 

 

 

 

1,772

Other comprehensive loss

 

 

 

 

 

 

(782)

 

(782)

Balance, March 31, 2024

$

5,918

$

55,557

$

13,278

$

(439)

$

439

$

(6,395)

$

68,358

Three Months Ended March 31, 2023

Directors

Accumulated

Additional

Stock in

Deferred

Other

Common

Paid-in

Retained

Directors

Fees

Comprehensive

Stock

    

Capital

    

Earnings

    

Rabbi Trust

    

Obligation

    

Income (Loss)

    

Total

Balance, December 31, 2022

$

5,868

$

55,167

$

10,957

$

(689)

$

689

$

(10,881)

$

61,111

Restricted stock redemption

94

(94)

Vesting of restricted stock

13

(13)

Stock based compensation

 

 

102

 

 

 

 

 

102

Cash dividend declared ($0.16 per share)

(237)

(237)

Impact of adoption of ASC 326

(119)

(119)

Net income

 

 

 

1,540

 

 

 

 

1,540

Other comprehensive income

 

 

 

 

 

 

1,484

 

1,484

Balance, March 31, 2023

$

5,881

$

55,256

$

12,141

$

(595)

$

595

$

(9,397)

$

63,881

See accompanying notes to consolidated financial statements.

6

Village Bank and Trust Financial Corp. and Subsidiary

Consolidated Statements of Cash Flows

Three Months Ended March 31, 2024 and 2023

(Unaudited)

(in thousands)

    

Three Months Ended

March 31, 

    

2024

    

2023

Cash Flows from Operating Activities

 

  

 

  

Net income

$

1,772

$

1,540

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

 

  

 

  

Depreciation and amortization

 

163

 

140

Amortization of debt issuance costs

8

Deferred income taxes

 

(32)

 

59

Provision for credit losses

 

150

 

Gain on sales of loans held for sale

(514)

(611)

Stock compensation expense

 

81

 

102

Proceeds from sale of mortgage loans

 

19,954

 

25,187

Origination of mortgage loans held for sale

 

(21,476)

 

(24,160)

Amortization of premiums and accretion of discounts on securities, net

 

(69)

 

(39)

Increase in bank owned life insurance

 

(78)

 

(68)

Net change in:

 

 

Interest receivable

 

296

 

77

Other assets

 

(408)

 

(615)

Interest payable

 

196

 

142

Other liabilities

 

(679)

 

334

Net cash (used in) provided by operating activities

 

(644)

 

2,096

Cash Flows from Investing Activities

 

  

 

  

Purchases of available for sale securities

 

 

(2,652)

Proceeds from maturities, calls and paydowns of available for sale securities

 

21,880

 

2,467

Net increase in loans

 

(16,263)

 

(1,667)

Purchases of premises and equipment, net

 

(176)

 

(198)

Purchase of restricted stock, net

 

230

 

(626)

Net cash provided by (used in) investing activities

 

5,671

 

(2,676)

Cash Flows from Financing Activities

 

  

 

  

Cash dividends paid

(269)

(237)

Net increase (decrease) in deposits

 

14,924

 

(6,727)

Net (decrease) increase in other borrowings

 

(5,000)

 

15,000

Net cash provided by financing activities

 

9,655

 

8,036

Net increase in cash and cash equivalents

 

14,682

 

7,456

Cash and cash equivalents, beginning of period

 

17,714

 

16,678

Cash and cash equivalents, end of period

$

32,396

$

24,134

Supplemental Disclosure of Cash Flow Information

 

  

 

  

Cash payments for interest

$

2,743

$

1,076

Cash payments for taxes

$

$

168

Supplemental Schedule of Non-Cash Activities

 

  

 

  

Unrealized (losses) gains on securities available for sale

$

(990)

$

1,876

Minimum pension adjustment

$

$

3

See accompanying notes to consolidated financial statements.

7

Village Bank and Trust Financial Corp. and Subsidiary

Notes to Consolidated Financial Statements

Three Months Ended March 31, 2024 and 2023

(Unaudited)

Note 1 – Principles of presentation

Village Bank and Trust Financial Corp. (the “Company”) is the holding company of Village Bank (the “Bank”). The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s subsidiary, Village Bank Mortgage Corporation. All material intercompany balances and transactions have been eliminated in consolidation.

In the opinion of management, the accompanying condensed consolidated financial statements of the Company have been prepared on the accrual basis in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, all adjustments that are, in the opinion of management, necessary for a fair presentation have been included. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. The unaudited interim financial statements should be read in conjunction with the audited financial statements and notes to financial statements that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (“SEC”).

Note 2 – Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheets and statements of income for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the allowance for credit losses and its related provision including collateral dependent loans.

Note 3 – Earnings per common share

The following table presents the basic and diluted earnings per common share computation (dollars in thousands, except per share data):

Three Months Ended March 31, 

2024

    

2023

Numerator

  

 

  

Net income - basic and diluted

$

1,772

$

1,540

Denominator

 

  

 

  

Weighted average shares outstanding - basic

 

1,493

 

1,484

Dilutive effect of common stock options

 

 

Weighted average shares outstanding - diluted

 

1,493

 

1,484

Earnings per share - basic

$

1.19

$

1.04

Earnings per share - diluted

$

1.19

$

1.04

Applicable guidance requires that outstanding, unvested share-based payment awards that contain voting rights and rights to nonforfeitable dividends participate in undistributed earnings with common shareholders. Accordingly, the weighted average number of shares of the Company’s common stock used in the calculation of basic and diluted net income per common share includes unvested shares of the Company’s outstanding restricted common stock.

The vesting of 10,252 and 10,658 of the unvested restricted units at March 31, 2024 and 2023, respectively, included in Note 10 “Stock incentive plan” was dependent upon meeting certain performance criteria. As of March 31, 2024 and 2023, it was indeterminable whether these unvested restricted units would vest and as such the underlying shares were excluded from common shares issued and outstanding at such date and were not included in the computation of earnings per share for such period.

8

Note 4 – Investment securities available for sale

The amortized cost and fair value of investment securities available for sale as of March 31, 2024 and December 31, 2023 are as follows (in thousands):

    

    

Gross

    

Gross

    

Amortized

Unrealized

Unrealized

Cost

Gains

Losses

Fair Value

March 31, 2024

 

  

 

  

 

  

 

  

U.S. Government agency obligations

$

695

$

$

(17)

$

678

Mortgage-backed securities

 

75,706

 

261

 

(6,060)

 

69,907

Municipals

2,263

(611)

1,652

Subordinated debt

 

12,202

 

29

 

(1,684)

 

10,547

$

90,866

$

290

$

(8,372)

$

82,784

December 31, 2023

 

  

 

  

 

 

  

U.S. Government agency obligations

$

20,690

$

$

(75)

$

20,615

Mortgage-backed securities

 

77,275

 

643

 

(5,381)

 

72,537

Municipals

2,264

(608)

1,656

Subordinated debt

 

12,449

 

30

 

(1,702)

 

10,777

$

112,678

$

673

$

(7,766)

$

105,585

The Company had investment securities with a fair value of $575,000 and $24,926,000 pledged to secure borrowings from the Federal Home Loan Bank of Atlanta ("FHLB") at March 31, 2024 and December 31, 2023, respectively.

There were