Contact:
Michael J. Dee
Chief Financial Officer
(410) 477- 5000
BV FINANCIAL, INC. ANNOUNCES FINANCIAL RESULTS
Baltimore, Maryland, July 17, 2025– BV Financial, Inc. (NASDAQ: BVFL), the holding company for BayVanguard Bank (the “Bank”), today reported net income of $2.9 million, or $0.29 per diluted share, for the quarter ended June 30, 2025 compared to net income of $3.4 million, or $0.32 per diluted share, for the quarter ended June 30, 2024. Net income for the six-month period ended June 30, 2025 was $5.0 million or $0.50 per diluted share compared to net income of $6.0 million or $0.52 per diluted share for the six-month period ended June 30, 2024.
Adjusted net income, a non-GAAP financial metric, was $3.7 million and $3.4 million for the quarters ended June 30, 2025 and 2024 and $6.7 million and $6.04 million for the year to date periods ended June 30, 2025 and 2024, respectively. For a reconciliation of net income as reported and Non-GAAP adjusted net income, see the table below.
Financial Highlights
•Return on average assets and return on average equity for the three months ended June 30, 2025 was 1.26% and 5.78%, respectively.
•Net loans increased $13.2 million or 1.8% to $742.4 million compared to $729.2 million at December 31, 2024.
•Deposits increased $7.4 million or 1.1% from $651.5 million at December 31, 2024 to $658.9 million at June 30, 2025.
•All $15.0 million in borrowings from the Federal Home Loan Bank of Atlanta “FHLB” were paid off in the quarter.
•Non-accrual loans increased $400,000 to $4.4 million at June 30, 2025 from $4.0 million at December 31, 2024.
•The Company recorded provisions for credit losses of $178,000 for the three months ended June 30, 2025 and $475,000 for the six months ended June 30, 2025.
•During the quarter ended June 30, 2025, the Company repurchased 277,000 shares of its outstanding common stock at an average price of $15.29.
FINANCIAL CONDITION DISCUSSION
Total Assets. Total assets were $908.3 million at June 30, 2025, a decrease of $3.5 million, or -0.4%, from $911.8 million at December 31, 2024. The decrease was due primarily to the Company utilizing cash on-hand to repay $15.0 million in borrowings from the FHLB.
Cash and Cash Equivalents. Cash and cash equivalents decreased $14.2 million, or 20.1%, to $56.3 million at June 30, 2025 from $70.5 million at December 31, 2024. The decrease in cash is primarily a result of the pay-off of FHLB borrowings.
Loans Receivable. Loans receivable increased $13.8 million, or 1.9%, to $751.6 million at June 30, 2025 from $737.8 million at December 31, 2024. Increases in in owner occupied 1-4 loans, commercial loans and construction loans offset decreases in non-owner occupied 1-4 loans, owner occupied 1-4 junior liens, owner occupied commercial real estate, marine and investor commercial real estate loans.
Securities. Securities available for sale decreased by $1.9 million or 5.1% from December 31, 2024 as paydowns in the mortgage-backed securities were not replaced with new purchases. The held-to-maturity portfolio experienced a slight decrease due to paydowns.
Total Liabilities. Total liabilities decreased $6.0 million or -0.8%, to $710.3 million at June 30, 2025 from $716.3 million at December 31, 2024. The decrease was due primarily to the decrease in borrowings offsetting increases in deposits.
Deposits. Total deposits increased $7.4 million, or 1.1% to $658.9 million at June 30, 2025 from $651.5 million at December 31, 2024. Interest-bearing deposits increased $2.6 million, or 0.5%, to $524.4 million at June 30, 2025 from $521.8 million at December 31, 2024. Noninterest bearing deposits increased $4.8 million, or 3.7%, to $134.5 million at June 30, 2025 from $129.7 million at December 31, 2024.
Stockholders’ Equity. Stockholders’ equity increased $2.5 million, or 1.3%, to $198.0 million at June 30, 2025 from $195.5 million at December 31, 2024 as net income and the decrease in the accumulative other comprehensive loss was somewhat offset by $4.3 million in stock repurchase during the period.
RESULTS OF OPERATION DISCUSSION
Net Income. Net income was $2.9 million or $0.29 per diluted share for the three months ended June 30, 2025 compared to $3.4 million or $0.32 per diluted share for the three months ended June 30, 2024. Net income was $5.0 million or $0.50 per diluted share for the six months ended June 30, 2025 compared to $6.0 million or $0.52 per diluted share for the six months ended June 30, 2024. The decreases were due to higher provisions for credit losses and noninterest compensation expenses, offset by higher net interest income.
Net Interest Income. Net interest income was $9.2 million for the three months ended June 30, 2025 compared to $8.9 million for the three months ended June 30, 2024.The net interest margin for the three months ended June 30, 2025 was 4.36% compared to 4.33% for the three months ended June 30, 2024. The increase in net interest income was due to higher average balances of
interest earning assets and higher yields on these assets offset by a higher average balance of deposits and higher rates paid on deposits.
Net interest income was $17.8 million for the six months ended June 30, 2025, compared to $16.9 million in the six months ended June 30, 2024. The net interest margin for the six months ended June 30, 2025 was 4.24% compared to 4.12% for the six months ended June 30, 2024. The increase in net interest income was due to higher average balances of interest earning assets and higher yields on these assets offsetting the increase in interest expense due to a higher volume of deposits and higher rates paid on deposits.
Noninterest Income. For the three months ended June 30, 2025, noninterest income totaled approximately $714,000 compared to $596,000 for the quarter ended June 30, 2024. The increase is attributable to the collection of miscellaneous fees on loans and deposits.
For the six months ended June 30, 2025 and June 30, 2024, noninterest income totaled $1.2 million.
Noninterest Expense. For the three months ended June 30, 2025, noninterest expense totaled $5.8 million compared to $4.9 million in the three months ended June 30, 2024. Increases in compensation and benefits of $927,000 due to the $1.1 million cost of the equity awards granted under the 2024 Equity Incentive Plan approved by stockholders. All other expense categories combined decreased by $70,000 in the quarter ended June 30, 2025 when compared to the quarter ended June 30, 2024.
For the six months ended June 30, 2025, noninterest expense totaled $11.9 million as compared to $9.8 million in the six months ended June 30, 2024. Compensation and benefits expense increased $2.3 million due to the $2.3 million cost of the equity awards granted under the 2024 Equity Incentive Plan approved by stockholders. All other expense categories combined decreased by $210,000 in the quarter ended June 30, 2025 when compared to the quarter ended June 30, 2024.
Asset Quality. Non-performing assets at June 30, 2025 totaled $4.5 million consisting of $4.4 million in nonperforming loans and $157,000 in other real estate owned, compared to $4.2 million at December 31, 2024, consisting of $4.0 million in non-performing loans and $159,000 in other real estate owned. At June 30, 2025, the allowance for credit losses on loans was $9.2 million, which represented 1.22% of total loans and 208.6% of non-performing loans compared to $8.5 million at December 31, 2024, which represented 1.15% of total loans and 212.5% of non-performing loans.
Forward-Looking Statements
This press release may contain certain forward-looking statements that are based on management’s current expectations regarding economic, legislative and regulatory issues that may impact the Company’s earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, increased competitive pressures, the effects of inflation, the imposition of tariffs or other domestic or international governmental policies, potential recessionary conditions, general economic conditions or conditions within the securities
markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the FRB, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio, changes in demand for our products and services, accounting and tax changes, deposit flows, real estate values and competition, changes in accounting principles, policies or guidelines, changes in legislation or regulation and other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services, a potential government shutdown, a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company’s financial condition and results of operations and the business in which the Company and the Bank are engaged and the failure to maintain current technologies, our ability to enter into new markets successfully and capitalize on growth opportunities and the failure to retain or attract employees.
BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with thirteen branches in the Baltimore metropolitan area and the eastern shore of Maryland. The Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses.
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BV FINANCIAL, INC. |
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Consolidated Financial Ratios |
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At or For the Three Months |
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At or For the Six Months |
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Ended June 30, |
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Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Performance Ratios(1): |
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Return on average assets |
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1.26 |
% |
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1.52 |
% |
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1.09 |
% |
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1.34 |
% |
Return on average equity |
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5.78 |
% |
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6.68 |
% |
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5.03 |
% |
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5.92 |
% |
Interest rate spread(2) |
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3.60 |
% |
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3.61 |
% |
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3.48 |
% |
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3.10 |
% |
Net interest margin(3) |
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4.36 |
% |
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4.33 |
% |
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4.24 |
% |
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4.12 |
% |
Non-interest expense to average assets |
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2.54 |
% |
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2.19 |
% |
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2.62 |
% |
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2.21 |
% |
Efficiency ratio(4) |
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58.30 |
% |
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51.53 |
% |
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62.66 |
% |
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54.42 |
% |
Average interest-earning assets to average interest-bearing liabilities |
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151.25 |
% |
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154.65 |
% |
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149.86 |
% |
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154.62 |
% |
Average equity to average assets |
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21.88 |
% |
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22.73 |
% |
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21.62 |
% |
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22.68 |
% |
Credit Quality Ratios: |
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Allowance for credit losses as a percentage of total loans |
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1.22 |
% |
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1.22 |
% |
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1.22 |
% |
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1.22 |
% |
Allowance for credit losses as a percentage of non-performing loans |
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208.61 |
% |
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103.88 |
% |
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208.61 |
% |
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103.88 |
% |
Net charge-offs (recoveries) to average outstanding loans during the year |
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0.00 |
% |
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-0.01 |
% |
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-0.01 |
% |
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-0.02 |
% |
Non-performing loans as a percentage of total loans |
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0.58 |
% |
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1.17 |
% |
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0.58 |
% |
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1.17 |
% |
Non-performing loans as a percentage of total assets |
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0.48 |
% |
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0.92 |
% |
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0.48 |
% |
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0.92 |
% |
Total non-performing assets as a percentage of total assets |
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0.50 |
% |
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0.94 |
% |
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0.50 |
% |
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0.94 |
% |
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Other: |
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Number of offices |
13 |
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13 |
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13 |
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13 |
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Number of full-time equivalent employees |
109 |
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116 |
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109 |
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116 |
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Weighted average shares outstanding |
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9,858,540 |
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10,652,315 |
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9,878,319 |
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11,391,350 |
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(1) Performance ratios are annualized. |
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(2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. |
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(3) Represents net interest income as a percentage of average interest-earning assets. |
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(4) Represents non-interest expenses divided by the sum of net interest income and non-interest income. |
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BV FINANCIAL, INC. |
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Consolidated Balance Sheets |
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June 30, 2025 |
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December 31, 2024 |
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(dollars in thousands, except share amounts) |
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(unaudited) |
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Assets |
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Cash |
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$ |
4,987 |
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$ |
5,842 |
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Interest-bearing deposits in other banks |
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51,336 |
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64,658 |
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Cash and cash equivalents |
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56,323 |
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70,500 |
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Equity Investment |
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406 |
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391 |
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Securities available for sale |
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35,359 |
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37,259 |
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Securities held to maturity (fair value of $5,128 and $5,171, ACL of $3 and $4) |
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5,832 |
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5,979 |
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Loans held for maturity |
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751,573 |
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737,760 |
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Allowance for Credit Losses |
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(9,159 |
) |
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(8,522 |
) |
Net Loans |
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742,414 |
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729,238 |
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Foreclosed real estate |
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157 |
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159 |
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Premises and equipment, net |
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13,182 |
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13,224 |
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Federal Home Loan Bank of Atlanta stock, at cost |
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656 |
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1,366 |
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Investment in life insurance |
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20,259 |
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20,058 |
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Accrued interest receivable |
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3,243 |
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3,161 |
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Goodwill |
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14,420 |
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14,420 |
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Intangible assets, net |
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741 |
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831 |
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Deferred tax assets, net |
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9,309 |
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8,899 |
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Other assets |
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6,026 |
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6,336 |
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Total assets |
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$ |
908,327 |
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$ |
911,821 |
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Liabilities and Stockholders' Equity |
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Liabilities |
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Noninterest-bearing deposits |
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$ |
134,520 |
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$ |
129,724 |
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Interest-bearing deposits |
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524,371 |
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521,767 |
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Total deposits |
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658,891 |
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651,491 |
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FHLB borrowings |
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— |
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15,000 |
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Subordinated debentures |
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34,961 |
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34,883 |
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Other liabilities |
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16,484 |
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14,948 |
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Total liabilities |
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710,336 |
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716,322 |
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Stockholders' equity |
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Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding |
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— |
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— |
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Common stock, $0.01 par value; 45,000,000 shares authorized in 2025 and 2024; 10,318,418 shares issued and outstanding as of June 30, 2025; 10,645,284 shares issued and outstanding as of December 31, 2024 |
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103 |
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106 |
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Paid-in capital |
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91,854 |
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94,679 |
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Unearned common stock held by employee stock ownership plan |
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(7,069 |
) |
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(7,160 |
) |
Retained earnings |
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114,455 |
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109,495 |
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Accumulated other comprehensive loss |
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(1,352 |
) |
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(1,621 |
) |
Total stockholders' equity |
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197,991 |
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195,499 |
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Total liabilities and stockholders' equity |
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$ |
908,327 |
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$ |
911,821 |
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BV FINANCIAL, INC. |
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Consolidated Statements of Income |
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(dollars in thousands, except per share amounts) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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Interest Income |
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2025 |
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2024 |
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2025 |
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2024 |
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Loans, including fees |
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$ |
11,334 |
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$ |
10,177 |
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$ |
22,075 |
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$ |
19,959 |
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Investment securities available for sale |
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324 |
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306 |
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674 |
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612 |
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Investment securities held to maturity |
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46 |
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91 |
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93 |
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183 |
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Other interest income |
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562 |
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1,043 |
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1,305 |
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1,867 |
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Total interest income |
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12,266 |
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11,617 |
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24,147 |
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22,621 |
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Interest Expense |
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Interest on deposits |
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2,622 |
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2,242 |
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5,223 |
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4,228 |
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Interest on FHLB borrowings |
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23 |
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- |
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- |
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- |
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Interest on Subordinated debentures |
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465 |
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|
466 |
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1,125 |
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1,521 |
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Total interest expense |
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3,110 |
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2,708 |
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6,348 |
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5,749 |
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Net interest income |
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9,156 |
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|
8,909 |
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17,799 |
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16,872 |
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Provision for (recovery of) credit losses |
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|
178 |
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(111 |
) |
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|
475 |
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(92 |
) |
Net interest income after provision for (recovery of) credit losses |
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|
8,978 |
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|
9,020 |
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17,324 |
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|
16,964 |
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Noninterest Income |
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Service fees on deposits |
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|
112 |
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|
97 |
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|
216 |
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|
200 |
|
Fees from debit cards |
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|
177 |
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|
182 |
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|
341 |
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|
354 |
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Income from investment in life insurance |
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|
114 |
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|
112 |
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|
201 |
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|
199 |
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Other income |
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|
311 |
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|
205 |
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|
485 |
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|
421 |
|
Total noninterest income |
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|
714 |
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|
596 |
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|
1,243 |
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|
1,174 |
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Noninterest Expense |
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Compensation and related benefits |
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|
4,018 |
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|
3,091 |
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8,542 |
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|
6,220 |
|
Occupancy |
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|
379 |
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|
409 |
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|
823 |
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|
847 |
|
Data processing |
|
|
395 |
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|
374 |
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|
792 |
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|
751 |
|
Advertising |
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|
3 |
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|
6 |
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|
9 |
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|
11 |
|
Professional fees |
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|
249 |
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|
244 |
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|
479 |
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|
356 |
|
Equipment |
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|
94 |
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|
103 |
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|
185 |
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|
205 |
|
Foreclosed real estate and repossessed assets holding costs |
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0 |
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11 |
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2 |
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|
16 |
|
Amortization of intangible assets |
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|
45 |
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45 |
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|
90 |
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|
90 |
|
FDIC insurance premiums |
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|
84 |
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|
81 |
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|
165 |
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|
164 |
|
Other expense |
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|
488 |
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|
533 |
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|
845 |
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|
1,160 |
|
Total noninterest expense |
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|
5,755 |
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|
4,897 |
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|
11,932 |
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|
9,820 |
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Net income before tax |
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|
3,937 |
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|
4,719 |
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|
6,635 |
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|
8,318 |
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Income tax expense |
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|
1,076 |
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|
1,320 |
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|
|
1,675 |
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|
2,345 |
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Net income |
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$ |
2,861 |
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$ |
3,399 |
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$ |
4,960 |
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$ |
5,973 |
|
Basic earnings per share |
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$ |
0.29 |
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$ |
0.32 |
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$ |
0.50 |
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$ |
0.52 |
|
Diluted earnings per share |
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$ |
0.29 |
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$ |
0.32 |
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$ |
0.50 |
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$ |
0.52 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BV FINANCIAL, INC. |
|
Average Balance Sheet for the Quarters ended June 30, |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
(dollars in thousands) |
|
Average Outstanding Balance |
|
|
Interest |
|
|
Average Yield/Rate |
|
|
Average Outstanding Balance |
|
|
Interest |
|
|
Average Yield/Rate |
|
|
|
(Unaudited) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
752,181 |
|
|
$ |
11,334 |
|
|
|
6.04 |
% |
|
$ |
705,516 |
|
|
$ |
10,177 |
|
|
|
5.79 |
% |
Securities available-for-sale |
|
|
34,770 |
|
|
|
324 |
|
|
|
3.74 |
% |
|
|
33,445 |
|
|
|
306 |
|
|
|
3.67 |
% |
Securities held-to-maturity |
|
|
6,624 |
|
|
|
46 |
|
|
|
2.79 |
% |
|
|
10,777 |
|
|
|
91 |
|
|
|
3.39 |
% |
Cash, cash equivalents and other interest-earning assets |
|
|
49,450 |
|
|
|
562 |
|
|
|
4.60 |
% |
|
|
75,031 |
|
|
|
1,043 |
|
|
|
5.59 |
% |
Total interest-earning assets |
|
|
843,025 |
|
|
|
12,266 |
|
|
|
5.84 |
% |
|
|
824,769 |
|
|
|
11,617 |
|
|
|
5.65 |
% |
Noninterest-earning assets |
|
|
64,324 |
|
|
|
|
|
|
|
|
|
67,088 |
|
|
|
|
|
|
|
Total assets |
|
$ |
907,349 |
|
|
|
|
|
|
|
|
$ |
891,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
76,698 |
|
|
|
159 |
|
|
|
0.83 |
% |
|
$ |
86,892 |
|
|
|
237 |
|
|
|
1.09 |
% |
Savings deposits |
|
|
120,584 |
|
|
|
106 |
|
|
|
0.35 |
% |
|
|
139,980 |
|
|
|
96 |
|
|
|
0.28 |
% |
Money market deposits |
|
|
125,686 |
|
|
|
766 |
|
|
|
2.44 |
% |
|
|
93,787 |
|
|
|
475 |
|
|
|
2.03 |
% |
Certificates of deposit |
|
|
197,488 |
|
|
|
1,591 |
|
|
|
3.23 |
% |
|
|
177,859 |
|
|
|
1,434 |
|
|
|
3.23 |
% |
Total interest-bearing deposits |
|
|
520,456 |
|
|
|
2,622 |
|
|
|
2.02 |
% |
|
|
498,518 |
|
|
|
2,242 |
|
|
|
1.80 |
% |
Federal Home Loan Bank advances |
|
|
1,978 |
|
|
|
23 |
|
|
|
4.66 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Subordinated debentures |
|
|
34,945 |
|
|
|
465 |
|
|
|
5.34 |
% |
|
|
34,789 |
|
|
|
466 |
|
|
|
5.36 |
% |
Total borrowings |
|
|
36,923 |
|
|
|
488 |
|
|
|
5.30 |
% |
|
|
34,789 |
|
|
|
466 |
|
|
|
5.37 |
% |
Total interest-bearing
liabilities |
|
|
557,379 |
|
|
|
3,110 |
|
|
|
2.24 |
% |
|
|
533,307 |
|
|
|
2,708 |
|
|
|
2.04 |
% |
Noninterest-bearing demand deposits |
|
|
134,841 |
|
|
|
|
|
|
|
|
|
139,070 |
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
|
16,930 |
|
|
|
|
|
|
|
|
|
16,627 |
|
|
|
|
|
|
|
Total liabilities |
|
|
709,150 |
|
|
|
|
|
|
|
|
|
689,004 |
|
|
|
|
|
|
|
Equity |
|
|
198,199 |
|
|
|
|
|
|
|
|
|
202,853 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
907,349 |
|
|
|
|
|
|
|
|
$ |
891,857 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
9,156 |
|
|
|
|
|
|
|
|
$ |
8,909 |
|
|
|
|
Net interest rate spread |
|
|
|
|
|
|
|
|
3.60 |
% |
|
|
|
|
|
|
|
|
3.61 |
% |
Net interest-earning assets |
|
$ |
285,646 |
|
|
|
|
|
|
|
|
$ |
291,462 |
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
4.36 |
% |
|
|
|
|
|
|
|
|
4.33 |
% |
Average interest-earning assets to interest-bearing liabilities |
|
|
151.25 |
% |
|
|
|
|
|
|
|
|
154.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BV FINANCIAL, INC. |
|
Average Balance Sheet for the Six Months ended June 30, |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
(dollars in thousands) |
|
Average Outstanding Balance |
|
|
Interest |
|
|
Average Yield/Rate |
|
|
Average Outstanding Balance |
|
|
Interest |
|
|
Average Yield/Rate |
|
|
|
(Unaudited) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
745,958 |
|
|
$ |
22,075 |
|
|
|
5.97 |
% |
|
$ |
706,942 |
|
|
$ |
19,959 |
|
|
|
5.54 |
% |
Securities available-for-sale |
|
|
35,821 |
|
|
|
674 |
|
|
|
3.79 |
% |
|
|
33,745 |
|
|
|
612 |
|
|
|
3.61 |
% |
Securities held-to-maturity |
|
|
6,971 |
|
|
|
93 |
|
|
|
2.69 |
% |
|
|
10,796 |
|
|
|
183 |
|
|
|
3.41 |
% |
Cash, cash equivalents and other interest-earning assets |
|
|
58,091 |
|
|
|
1,305 |
|
|
|
4.55 |
% |
|
|
68,856 |
|
|
|
1,867 |
|
|
|
5.28 |
% |
Total interest-earning assets |
|
|
846,841 |
|
|
|
24,147 |
|
|
|
5.75 |
% |
|
|
820,339 |
|
|
|
22,621 |
|
|
|
5.41 |
% |
Noninterest-earning assets |
|
|
64,667 |
|
|
|
|
|
|
|
|
|
67,273 |
|
|
|
|
|
|
|
Total assets |
|
$ |
911,508 |
|
|
|
|
|
|
|
|
$ |
887,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
78,414 |
|
|
|
330 |
|
|
|
0.85 |
% |
|
$ |
85,721 |
|
|
|
473 |
|
|
|
1.12 |
% |
Savings deposits |
|
|
121,516 |
|
|
|
206 |
|
|
|
0.34 |
% |
|
|
143,304 |
|
|
|
161 |
|
|
|
0.18 |
% |
Money market deposits |
|
|
125,326 |
|
|
|
1,530 |
|
|
|
2.46 |
% |
|
|
90,762 |
|
|
|
827 |
|
|
|
1.61 |
% |
Certificates of deposit |
|
|
196,439 |
|
|
|
3,157 |
|
|
|
3.24 |
% |
|
|
175,477 |
|
|
|
2,767 |
|
|
|
3.09 |
% |
Total interest-bearing deposits |
|
|
521,695 |
|
|
|
5,223 |
|
|
|
2.02 |
% |
|
|
495,264 |
|
|
|
4,228 |
|
|
|
1.62 |
% |
Federal Home Loan Bank advances |
|
|
8,453 |
|
|
|
194 |
|
|
|
4.63 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Subordinated debentures |
|
|
34,925 |
|
|
|
931 |
|
|
|
5.38 |
% |
|
|
35,297 |
|
|
|
1,521 |
|
|
|
8.64 |
% |
Total borrowings |
|
|
43,378 |
|
|
|
1,125 |
|
|
|
5.23 |
% |
|
|
35,297 |
|
|
|
1,521 |
|
|
|
8.64 |
% |
Total interest-bearing
liabilities |
|
|
565,073 |
|
|
|
6,348 |
|
|
|
2.27 |
% |
|
|
530,561 |
|
|
|
5,749 |
|
|
|
2.31 |
% |
Noninterest-bearing demand deposits |
|
|
133,419 |
|
|
|
|
|
|
|
|
|
139,381 |
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
|
15,939 |
|
|
|
|
|
|
|
|
|
16,384 |
|
|
|
|
|
|
|
Total liabilities |
|
|
714,433 |
|
|
|
|
|
|
|
|
|
686,326 |
|
|
|
|
|
|
|
Equity |
|
|
197,075 |
|
|
|
|
|
|
|
|
|
201,286 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
911,508 |
|
|
|
|
|
|
|
|
$ |
887,612 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
17,799 |
|
|
|
|
|
|
|
|
$ |
16,872 |
|
|
|
|
Net interest rate spread |
|
|
|
|
|
|
|
|
3.48 |
% |
|
|
|
|
|
|
|
|
3.10 |
% |
Net interest-earning assets |
|
$ |
281,768 |
|
|
|
|
|
|
|
|
$ |
289,778 |
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
4.24 |
% |
|
|
|
|
|
|
|
|
4.12 |
% |
Average interest-earning assets to interest-bearing liabilities |
|
|
149.86 |
% |
|
|
|
|
|
|
|
|
154.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSS - LOANS |
|
(Dollars in thousands) |
|
|
QTR |
|
YTD |
|
|
6/30/2025 |
|
6/30/2025 |
|
|
|
|
|
|
Beginning Balance |
$ |
8,888 |
|
$ |
8,522 |
|
|
|
|
|
|
Provision for credit loss -loans |
|
242 |
|
|
593 |
|
|
|
|
|
|
Net Charge-offs (recoveries): |
|
|
|
|
Owner Occupied 1-4 |
|
(13 |
) |
|
(16 |
) |
Non-Owner Occupied 1-4 |
|
(14 |
) |
|
(30 |
) |
Investor Commercial Real Estate |
|
— |
|
|
— |
|
OO Commercial Real Estate |
|
— |
|
|
— |
|
Construction & Land |
|
(1 |
) |
|
(2 |
) |
Farm Loans |
|
— |
|
|
— |
|
Marine & Consumer |
|
(1 |
) |
|
4 |
|
Guaranteed by the US Gov't |
|
— |
|
|
— |
|
Commercial |
|
— |
|
|
— |
|
Net charge-offs (recoveries) |
|
(29 |
) |
|
(44 |
) |
|
|
|
|
|
Ending Balance- ACL for Loans |
$ |
9,159 |
|
$ |
9,159 |
|
|
|
|
|
|
Balance Reserve for unfunded loan commitments |
|
237 |
|
|
237 |
|
Balance Reserve for HTM Securities |
|
3 |
|
|
3 |
|
Total ACL |
$ |
9,399 |
|
$ |
9,399 |
|
|
|
|
|
|
Provision expense for Unfunded Commitments |
|
(63 |
) |
|
(117 |
) |
Provision expense for HTM Securities |
|
(1 |
) |
|
(1 |
) |
Total other provision expense |
$ |
(64 |
) |
$ |
(118 |
) |
Total provision for (recovery of ) credit losses |
$ |
178 |
|
$ |
475 |
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION TABLE (UNAUDITED) |
NON-GAAP ADJUSTED NET INCOME |
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliation |
|
|
|
|
|
|
|
|
In addition to results presented in accordance with generally accepted accounting principles utilized in the Unites States ("GAAP"), this earnings release contains a non-GAAP financial measure, Non-GAAP adjusted net income. The Company believes this non-GAAP financial measure is useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time. Non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. |
|
|
|
|
|
|
Three Months ended June 30, |
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (GAAP) |
$ |
2,861 |
|
|
$ |
3,399 |
|
|
|
|
Plus(minus) tax adjusted items: |
|
|
|
|
|
|
|
|
2024 Equity Plan Expenses - tax adjusted |
|
839 |
|
|
|
- |
|
|
|
|
Non GAAP adjusted net income |
$ |
3,700 |
|
|
$ |
3,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months ended June 30, |
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (GAAP) |
$ |
4,960 |
|
|
$ |
5,973 |
|
|
|
|
Plus(minus) tax adjusted items: |
|
|
|
|
|
|
|
|
2024 Equity Plan Expenses - tax adjusted |
|
1,728 |
|
|
|
- |
|
|
|
|
Non GAAP adjusted net income |
$ |
6,688 |
|
|
$ |
5,973 |
|
|
|
|