BV Financial, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period. Total assets increased to $892.7 million, up $7.4 million (0.8%) from $885.3 million at the end of 2023. Cash and cash equivalents rose significantly by $20.3 million (27.7%) to $94.1 million, while net loans decreased by $11.6 million (1.6%) to $693.2 million.
The company’s net income for the third quarter remained stable at $3.8 million, compared to $3.7 million in the same period last year. However, net income for the nine months ended September 30, 2024, decreased to $9.8 million from $10.7 million in 2023. Basic earnings per share for the third quarter were consistent at $0.35, while for the nine months, it fell to $0.91 from $1.20.
Net interest income for the third quarter increased to $9.3 million from $8.9 million, driven by a higher average yield on loans, which rose to 6.05% from 5.52%. Total interest income for the nine months increased by $2.8 million (8.9%) to $34.8 million, attributed to both volume and rate increases. However, interest expense surged by $2.0 million (29.7%) to $8.6 million, primarily due to higher rates on deposits.
The allowance for credit losses on loans decreased to $8.0 million (1.15% of total loans) from $8.6 million (1.21%) at the end of 2023. Non-performing assets significantly declined to $4.1 million from $10.7 million, indicating improved asset quality. The company also reported a recovery for credit losses of $714,000 for the third quarter, up from $333,000 in the same period last year.
Strategically, BV Financial completed its conversion from a mutual holding company to a fully-public stock holding company in July 2023, selling 9,798,980 shares at $10.00 each. The company has also initiated a stock repurchase program, allowing for the repurchase of up to 10% of outstanding shares.
Overall, while BV Financial experienced growth in certain areas, challenges in net income and rising interest expenses reflect the ongoing pressures in the financial sector. The company continues to maintain a strong capital position, exceeding all regulatory capital requirements.
About BV Financial, Inc.
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