8-K
BV Financial, Inc. (BVFL)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): July 18, 2024 |
|---|
BV FINANCIAL, INC.
(Exact name of Registrant as Specified in Its Charter)
| Maryland | 001-36094 | 14-1920944 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 7114 North Point Blvd. | ||
| Baltimore, Maryland | 21219 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: 410 477-5000 | ||
| --- |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
Item 2.02. Results of Operations and Financial Condition.
On July 18, 2024, BV Financial, Inc. (the “Company”), the holding company for BayVanguard Bank, issued a press release announcing its financial results for the three and six months ended June 30, 2024. A copy of the Company's press release is attached as Exhibit 99.1 and is furnished herewith.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1
Press Release dated July 18, 2024
104 Cover Page Interactive Data File (embedded within Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BV FINANCIAL, INC. | |||
|---|---|---|---|
| Date: | July 19, 2024 | By: | /s// Michael J. Dee |
| Michael J. Dee <br>Chief Financial Officer |
EX-99.1
Exhibit 99.1 Contact:
Michael J. Dee
Chief Financial Officer
(410) 477- 5000
BV FINANCIAL, INC. ANNOUNCES FINANCIAL RESULTS
Baltimore, Maryland, July 18, 2024– BV Financial, Inc. (NASDAQ: BVFL), the holding company for BayVanguard Bank (the “Bank”), today reported net income of $3.4 million, or $0.32 per diluted share, for the quarter ended June 30, 2024 compared to net income of $3.9 million, or $0.49 per diluted share, for the quarter ended June 30, 2023. Net income for the six-month period ended June 30, 2024 was $6.0 million or $0.52 per diluted share compared to net income of $7.0 million or $0.88 per diluted share for the six-month period ended June 30, 2023.
Financial Highlights
- Return on average assets and return on average equity for the three months ended June 30, 2024 were 1.52% and 6.68%, respectively.
- Net loans held to maturity decreased $2.4 million or 0.3% compared to December 31, 2023.
- Deposits increased $6.2 million or 1.0% from $634.1 million at December 31, 2023 to $640.3 million at June 30, 2024.
- Cash and cash equivalents increased by $16.9 million or 23.0% compared to December 31, 2023.
- Non-accrual loans decreased $2.5 million or 22.0% to $8.2 million at June 30, 2024 from $10.6 million at December 31, 2023.
- The Company recorded a recovery to the provision for credit losses of $111,000 for the three months ended June 30, 2024 and $92,000 for the six months ended June 30, 2024.
FINANCIAL CONDITION DISCUSSION
Total Assets. Total assets were $897.2 million at June 30, 2024, an increase of $11.9 million, or 1.4%, from $885.3 million at December 31, 2023. The increase was due primarily to a $16.9 million increase in cash, which was primarily offset by decreases in loans and securities.
Cash and Cash Equivalents. Cash and cash equivalents increased $16.9 million, or 23.0%, to $90.4 million at June 30, 2024 from $73.5 million at December 31, 2023. The increase in cash is a result of the increase in deposits and the decrease in other earning assets.
Loans Receivable. Loans receivable decreased $2.4 million, or 0.3%, to $702.4 million at June 30,2024 from $704.8 million at December 31, 2023. Decreases in owner occupied commercial real estate, 1-4 family non-owner occupied loans and 1-4 family owner occupied loans offset increases non-owner occupied commercial real estate and commercial non-real estate loans.
Securities. Securities available for sale decreased by $1.9 million or 5.5% from December 31, 2023 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 increased $5.5 million or 0.8%, to $691.7million at June 30,2024 from $686.2million at December 31, 2023. The increase was due primarily to the increase in interest-bearing deposits offsetting a decrease in borrowings as $3.0 million in junior subordinated debt was paid off in the first quarter of 2024.
Deposits. Total deposits increased $6.2 million, or 1.0% to $640.3 million at June 30, 2024 from $634.1 million at December 31, 2023. Interest-bearing deposits increased $7.2 million, or 1.5%, to $499.3 million at June 30,2024 from $492.1 million at December 31, 2023. Noninterest bearing deposits decreased $1.0 million, or 0.7%, to $141.0 million at June 30, 2024 from $142.0 million at December 31, 2023.
Stockholders’ Equity. Stockholders’ equity increased $6.4 million, or 3.2%, to $205.5 million at June 30, 2024 from $199.1 million at December 31, 2023 primarily due to net income during the period.
RESULTS OF OPERATION DISCUSSION
Net Income. Net income was $3.4 million or $0.32 per diluted share for the three months ended June 30, 2024 compared to $3.9 million or $0.49 per diluted share for the three months ended June 30, 2023. In the three months ended June 30, 2023, the Company recognized a gain on the sale of foreclosed real estate of $678,000. Net income was $6.0 million or $0.52 per diluted share for the six months ended June 30, 2024 compared to $7.0 million or $0.88 per diluted share for the six months ended June 30, 2023. In the six months ended June 30, 2023, the Company recognized a gain on the sale of foreclosed real estate of $678,000 and received $225,000 in life insurance proceeds.
Net Interest Income. Net interest income was $8.9 million for the three months ended June 30, 2024 compared to $8.2 million in the three months ended June 30, 2023.The net interest margin for the three months ended June 30, 2024 was 4.33% compared to 4.19% for the three months ended June 30, 2023. 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 higher rates paid on deposits.
Net interest income was $16.9 million for the six months ended June 30, 2024, compared to $16.4 million in the six months ended June 30, 2023. The net interest margin for the six months ended June 30, 2024 was 4.12% compared to 4.26% for the six months ended June 30, 2023. 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 higher rates paid on deposits.
Noninterest Income. For the three months ended June 30, 2024, noninterest income totaled approximately $600,000 compared to $1.4 million for the quarter ended June 30, 2023. For the quarter ended June 30, 2023, the Company recognized a gain of $678,000 on the sale of foreclosed real estate.
For the six months ended June 30, 2024, noninterest income totaled $1.2 million as compared to $2.2 million for the six months ended June 30, 2023. In the six-months ended June 30, 2023, the Company recognized a gain of $678,000 on the sale of foreclosed real estate and $225,000 in life insurance proceeds.
Noninterest Expense. For the three months ended June 30, 2024, noninterest expense totaled $4.9 million compared to $4.5 million in the three months ended June 30, 2023. Increases in compensation and benefits increased $232,000 or 8.1% due to increases in salary and benefits, occupancy expense increased by $43,000 or 11.7% due to higher rent and maintenance expenses, data processing expense increased by $34,000 or 10.0% due to annual increases and project expenses and professional fees increased due to price increases and the costs of being a public company.
For the six months ended June 30, 2024, noninterest expense totaled $9.8 million as compared to $9.2 million in the six months ended June 30, 2023. Increases in compensation and benefits increased $482,000 or 8.4% due to increases in staffing and salaries and benefits, occupancy expense increased by $65,000 or 8.3% due to higher rent and maintenance expenses, data processing expense increased by $62,000 or 9.0% due to annual increases and project expenses.
Asset Quality. Non-performing assets at June 30, 2024 totaled $8.4 million consisting of $8.2 million in nonperforming loans and $170,000 in other real estate owned, compared to $10.9 million at December 31, 2023, consisting of $10.7 million in non-performing loans and $170,000 in other real estate owned. During the quarter, our largest loan on non-accrual, a $6.8 million investor commercial real estate loan, was reduced by a $3.0 million cash payment. In July, the remaining $3.8 million balance paid off. At June 30, 2024, the allowance for credit losses on loans was $8.5 million, which represented 1.22% of total loans and 103.9% of non-performing loans compared to $8.5 million at December 31, 2023, which represented 1.21% of total loans and 81.0% 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, 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 and 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 and tax 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 failure in or breach of our operational or security systems or infrastructure, including cyber attacks 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, 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 fifteen 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.
| At or For the Three Months | At or For the Six Months | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ended June 30, | Ended June 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Performance Ratios(1): | ||||||||||||
| Return on average assets | 1.52 | % | 1.78 | % | 1.34 | % | 1.62 | % | ||||
| Return on average equity | 6.68 | % | 15.24 | % | 5.92 | % | 13.90 | % | ||||
| Interest rate spread(2) | 3.61 | % | 3.77 | % | 3.36 | % | 3.92 | % | ||||
| Net interest margin(3) | 4.33 | % | 4.19 | % | 4.12 | % | 4.26 | % | ||||
| Non-interest expense to average assets | 2.19 | % | 2.07 | % | 2.21 | % | 2.14 | % | ||||
| Efficiency ratio(4) | 51.53 | % | 46.57 | % | 54.42 | % | 49.27 | % | ||||
| Average interest-earning assets to average interest-bearing liabilities | 154.65 | % | 135.48 | % | 154.62 | % | 135.05 | % | ||||
| Average equity to average assets | 22.73 | % | 11.68 | % | 22.68 | % | 11.67 | % | ||||
| Credit Quality Ratios: | ||||||||||||
| Allowance for credit losses as a percentage of total loans | 1.22 | % | 1.16 | % | 1.22 | % | 1.16 | % | ||||
| Allowance for credit losses as a percentage of non-performing loans | 103.88 | % | 179.14 | % | 103.88 | % | 179.14 | % | ||||
| Net charge-offs (recoveries) to average outstanding loans during the year | -0.01 | % | -0.01 | % | -0.02 | % | -0.02 | % | ||||
| Non-performing loans as a percentage of total loans | 1.17 | % | 0.65 | % | 1.17 | % | 0.65 | % | ||||
| Non-performing loans as a percentage of total assets | 0.92 | % | 0.50 | % | 0.92 | % | 0.50 | % | ||||
| Total non-performing assets as a percentage of total assets | 0.94 | % | 0.56 | % | 0.94 | % | 0.56 | % | ||||
| Other: | ||||||||||||
| Number of offices | 13 | 15 | 13 | 15 | ||||||||
| Number of full-time equivalent employees | 116 | 117 | 116 | 117 | ||||||||
| (1) Performance ratios are annualized. | ||||||||||||
| (2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. | ||||||||||||
| (3) Represents net interest income as a percentage of average interest-earning assets. | ||||||||||||
| (4) Represents non-interest expenses divided by the sum of net interest income and non-interest income. |
| BV FINANCIAL, INC. | |||||
|---|---|---|---|---|---|
| Consolidated Balance Sheets | |||||
| December 31, 2023 | |||||
| (dollars in thousands, except share amounts) | |||||
| Assets | |||||
| Cash | 9,334 | $ | 9,260 | ||
| Interest-bearing deposits in other banks | 81,305 | 64,482 | |||
| Cash and cash equivalents | 90,639 | 73,742 | |||
| Equity Investment | 236 | 256 | |||
| Securities available for sale | 32,868 | 34,781 | |||
| Securities held to maturity (fair value of 9,051 and 9,206, ACL of 5 and 6) | 10,089 | 10,209 | |||
| Loans held to maturity | 702,373 | 704,802 | |||
| Allowance for Credit Losses | (8,547 | ) | (8,554 | ) | |
| Net Loans | 693,826 | 696,248 | |||
| Foreclosed real estate | 170 | 170 | |||
| Premises and equipment, net | 13,503 | 14,250 | |||
| Federal Home Loan Bank of Atlanta stock, at cost | 654 | 626 | |||
| Investment in life insurance | 19,856 | 19,657 | |||
| Accrued interest receivable | 3,344 | 3,279 | |||
| Goodwill | 14,420 | 14,420 | |||
| Intangible assets, net | 922 | 1,012 | |||
| Deferred tax assets, net | 8,810 | 8,969 | |||
| Other assets | 7,825 | 7,635 | |||
| Total assets | 897,162 | $ | 885,254 | ||
| Liabilities and Stockholders' Equity | |||||
| Liabilities | |||||
| Noninterest-bearing deposits | 141,040 | $ | 142,030 | ||
| Interest-bearing deposits | 499,260 | 492,090 | |||
| Total deposits | 640,300 | 634,120 | |||
| FHLB borrowings | — | — | |||
| Subordinated Debentures | 34,806 | 37,251 | |||
| Other liabilities | 16,584 | 14,818 | |||
| Total liabilities | 691,690 | 686,189 | |||
| 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 June 30, 2024 and December 31, 2023; 11,387,723 shares issued and outstanding as of June 30, 2024 and 11,375,803 shares issued and outstanding as of December 31, 2023 | 114 | 114 | |||
| Paid-in capital | 110,694 | 110,465 | |||
| Unearned common stock held by employee stock ownership plan | (7,244 | ) | (7,328 | ) | |
| Retained earnings | 103,745 | 97,772 | |||
| Accumulated other comprehensive loss | (1,837 | ) | (1,958 | ) | |
| Total stockholders' equity | 205,472 | 199,065 | |||
| Total liabilities and stockholders' equity | 897,162 | $ | 885,254 |
All values are in US Dollars.
| BV FINANCIAL, INC. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Statements of Income | ||||||||||||
| (dollars in thousands, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| Interest Income | 2024 | 2023 | 2024 | 2023 | ||||||||
| Loans, including fees | $ | 10,177 | $ | 9,327 | $ | 19,959 | $ | 18,100 | ||||
| Investment securities available for sale | 306 | 277 | 612 | 543 | ||||||||
| Investment securities held to maturity | 91 | 92 | 183 | 186 | ||||||||
| Other interest income | 1,043 | 843 | 1,867 | 1,398 | ||||||||
| Total interest income | 11,617 | 10,539 | 22,621 | 20,227 | ||||||||
| Interest Expense | ||||||||||||
| Interest on deposits | 2,242 | 1,266 | 4,228 | 1,931 | ||||||||
| Interest on FHLB borrowings | - | 495 | - | 783 | ||||||||
| Interest on Subordinated debentures | 466 | 541 | 1,521 | 1,075 | ||||||||
| Total interest expense | 2,708 | 2,302 | 5,749 | 3,789 | ||||||||
| Net interest income | 8,909 | 8,237 | 16,872 | 16,438 | ||||||||
| Provision for (recovery of) credit losses | (111 | ) | (150 | ) | (92 | ) | (147 | ) | ||||
| Net interest income after provision for (recovery of) credit losses | 9,020 | 8,387 | 16,964 | 16,585 | ||||||||
| Noninterest Income | ||||||||||||
| Service fees on deposits | 97 | 101 | 200 | 195 | ||||||||
| Fees from debit cards | 182 | 188 | 354 | 360 | ||||||||
| Income from investment in life insurance | 112 | 145 | 199 | 464 | ||||||||
| Gain on sale of foreclosed real estate | - | 678 | - | 678 | ||||||||
| Other income | 205 | 258 | 421 | 481 | ||||||||
| Total noninterest income | 596 | 1,370 | 1,174 | 2,178 | ||||||||
| Noninterest Expense | ||||||||||||
| Compensation and related benefits | 3,091 | 2,859 | 6,220 | 5,738 | ||||||||
| Occupancy | 409 | 366 | 847 | 782 | ||||||||
| Data processing | 374 | 340 | 751 | 689 | ||||||||
| Advertising | 6 | 14 | 11 | 28 | ||||||||
| Professional fees | 244 | 176 | 356 | 376 | ||||||||
| Equipment | 103 | 108 | 205 | 213 | ||||||||
| Foreclosed real estate holding costs | 11 | 32 | 16 | 159 | ||||||||
| Amortization of intangible assets | 45 | 46 | 90 | 92 | ||||||||
| FDIC insurance premiums | 81 | 64 | 164 | 118 | ||||||||
| Other expense | 533 | 539 | 1,160 | 1,049 | ||||||||
| Total noninterest expense | 4,897 | 4,544 | 9,820 | 9,244 | ||||||||
| Net income before tax | 4,719 | 5,213 | 8,318 | 9,519 | ||||||||
| Income tax expense | 1,320 | 1,314 | 2,345 | 2,505 | ||||||||
| Net income | $ | 3,399 | $ | 3,899 | $ | 5,973 | $ | 7,014 | ||||
| Basic earnings per share | $ | 0.32 | $ | 0.49 | $ | 0.52 | $ | 0.88 | ||||
| Diluted earnings per share | $ | 0.32 | $ | 0.49 | $ | 0.52 | $ | 0.88 |
| BV FINANCIAL, INC. | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average Balance Sheet for the Quarters ended June 30, | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||
| For the Three Months Ended June 30, | ||||||||||||||||
| 2024 | 2023 | |||||||||||||||
| (dollars in thousands) | Average Outstanding Balance | Interest | Average Yield/Rate | Average Outstanding Balance | Interest | Average Yield/Rate | ||||||||||
| (Unaudited) | ||||||||||||||||
| Interest-earning assets: | ||||||||||||||||
| Loans | $ | 705,516 | $ | 10,177 | 5.79 | % | $ | 679,179 | $ | 9,327 | 5.51 | % | ||||
| Securities available-for-sale | 33,445 | 306 | 3.67 | % | 35,240 | 277 | 3.15 | % | ||||||||
| Securities held-to-maturity | 10,777 | 91 | 3.39 | % | 12,415 | 92 | 2.99 | % | ||||||||
| Cash, cash equivalents and other interest-earning assets | 75,031 | 1,043 | 5.59 | % | 61,780 | 843 | 5.49 | % | ||||||||
| Total interest-earning assets | 824,769 | 11,617 | 5.65 | % | 788,614 | 10,539 | 5.36 | % | ||||||||
| Noninterest-earning assets | 67,088 | 87,991 | ||||||||||||||
| Total assets | $ | 891,857 | $ | 876,605 | ||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||
| Interest-bearing demand deposits | $ | 86,892 | 237 | 1.09 | % | $ | 87,647 | 143 | 0.65 | % | ||||||
| Savings deposits | 139,980 | 96 | 0.28 | % | 159,790 | 52 | 0.13 | % | ||||||||
| Money market deposits | 93,787 | 475 | 2.03 | % | 91,957 | 140 | 0.61 | % | ||||||||
| Certificates of deposit | 177,859 | 1,434 | 3.23 | % | 168,064 | 931 | 2.22 | % | ||||||||
| Total interest-bearing deposits | 498,518 | 2,242 | 1.80 | % | 507,458 | 1,266 | 1.00 | % | ||||||||
| Federal Home Loan Bank advances | — | — | — | 37,500 | 495 | 5.29 | % | |||||||||
| Subordinated debentures | 34,789 | 466 | 5.36 | % | 37,122 | 541 | 5.85 | % | ||||||||
| Total borrowings | 34,789 | 466 | 5.37 | % | 74,622 | 1,036 | 5.57 | % | ||||||||
| Total interest-bearing<br>liabilities | 533,307 | 2,708 | 2.04 | % | 582,080 | 2,302 | 1.59 | % | ||||||||
| Noninterest-bearing demand deposits | 139,070 | 149,444 | ||||||||||||||
| Other noninterest-bearing liabilities | 16,627 | 42,715 | ||||||||||||||
| Total liabilities | 689,004 | 774,239 | ||||||||||||||
| Equity | 202,853 | 102,366 | ||||||||||||||
| Total liabilities and equity | $ | 891,857 | $ | 876,605 | ||||||||||||
| Net interest income | $ | 8,909 | $ | 8,237 | ||||||||||||
| Net interest rate spread | 3.61 | % | 3.77 | % | ||||||||||||
| Net interest-earning assets | $ | 291,462 | $ | 206,534 | ||||||||||||
| Net interest margin | 4.33 | % | 4.19 | % | ||||||||||||
| Average interest-earning assets to interest-bearing liabilities | 154.65 | % | 135.48 | % |
| BV FINANCIAL, INC. | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average Balance Sheet for the Six Months ended June 30 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||
| For the Six Months Ended June 30, | ||||||||||||||||
| 2024 | 2023 | |||||||||||||||
| (dollars in thousands) | Average Outstanding Balance | Interest | Average Yield/Rate | Average Outstanding Balance | Interest | Average Yield/Rate | ||||||||||
| (Unaudited) | ||||||||||||||||
| Interest-earning assets: | ||||||||||||||||
| Loans | $ | 706,942 | $ | 19,959 | 5.54 | % | $ | 673,564 | $ | 18,100 | 5.42 | % | ||||
| Securities available-for-sale | 33,745 | 612 | 3.61 | % | 35,685 | 543 | 3.07 | % | ||||||||
| Securities held-to-maturity | 10,796 | 183 | 3.41 | % | 12,166 | 186 | 3.08 | % | ||||||||
| Cash, cash equivalents and other interest-earning assets | 68,856 | 1,867 | 5.28 | % | 56,362 | 1,398 | 5.02 | % | ||||||||
| Total interest-earning assets | 820,339 | 22,621 | 5.41 | % | 777,777 | 20,227 | 5.24 | % | ||||||||
| Noninterest-earning assets | 67,273 | 87,176 | ||||||||||||||
| Total assets | $ | 887,612 | $ | 864,953 | ||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||
| Interest-bearing demand deposits | $ | 85,721 | 473 | 1.12 | % | $ | 89,733 | 161 | 0.36 | % | ||||||
| Savings deposits | 143,304 | 161 | 0.18 | % | 162,290 | 92 | 0.11 | % | ||||||||
| Money market deposits | 90,762 | 827 | 1.61 | % | 95,749 | 236 | 0.50 | % | ||||||||
| Certificates of deposit | 175,477 | 2,767 | 3.09 | % | 160,207 | 1,441 | 1.81 | % | ||||||||
| Total interest-bearing deposits | 495,264 | 4,228 | 1.62 | % | 507,979 | 1,930 | 0.77 | % | ||||||||
| Federal Home Loan Bank advances | — | — | — | 30,862 | 783 | 5.12 | % | |||||||||
| Subordinated debentures | 35,297 | 1,521 | 11.82 | % | 37,096 | 1,076 | 5.85 | % | ||||||||
| Total borrowings | 35,297 | 1,521 | 11.82 | % | 67,958 | 1,859 | 5.52 | % | ||||||||
| Total interest-bearing<br>liabilities | 530,561 | 5,749 | 2.31 | % | 575,937 | 3,789 | 1.33 | % | ||||||||
| Noninterest-bearing demand deposits | 139,381 | 154,521 | ||||||||||||||
| Other noninterest-bearing liabilities | 16,384 | 33,598 | ||||||||||||||
| Total liabilities | 686,326 | 764,056 | ||||||||||||||
| Equity | 201,286 | 100,897 | ||||||||||||||
| Total liabilities and equity | $ | 887,612 | $ | 864,953 | ||||||||||||
| Net interest income | $ | 16,872 | $ | 16,438 | ||||||||||||
| Net interest rate spread | 3.36 | % | 3.92 | % | ||||||||||||
| Net interest-earning assets | $ | 289,778 | $ | 201,840 | ||||||||||||
| Net interest margin | 4.12 | % | 4.26 | % | ||||||||||||
| Average interest-earning assets to interest-bearing liabilities | 154.62 | % | 135.05 | % |
| ALLOWANCE FOR CREDIT LOSS - LOANS | ||||||
|---|---|---|---|---|---|---|
| (Dollars in thousands) | ||||||
| QTR | YTD | |||||
| 6/30/2024 | 6/30/2024 | |||||
| Beginning Balance | $ | 8,506 | $ | 8,554 | ||
| Provision for credit losses -loans | (25 | ) | (159 | ) | ||
| Net Charge-offs (recoveries): | ||||||
| Owner Occupied 1-4 | (56 | ) | (108 | ) | ||
| Non-Owner Occupied 1-4 | (11 | ) | (39 | ) | ||
| Investor Commercial Real Estate | — | (2 | ) | |||
| OO Commercial Real Estate | — | (2 | ) | |||
| Construction & Land | (1 | ) | (2 | ) | ||
| Farm Loans | — | — | ||||
| Marine & Consumer | 2 | 1 | ||||
| Guaranteed by the US Gov't | — | — | ||||
| Commercial | — | — | ||||
| Net charge-offs (recoveries) | (66 | ) | (152 | ) | ||
| Ending Balance- ACL for Loans | $ | 8,547 | $ | 8,547 | ||
| Balance Reserve for unfunded loan commitments | 275 | 275 | ||||
| Balance Reserve for HTM Securities | 5 | 5 | ||||
| Total ACL | $ | 8,827 | $ | 8,827 | ||
| Provision expense for Unfunded Commitments | (85 | ) | 68 | |||
| Provision expense for HTM Securities | (1 | ) | (1 | ) | ||
| Total other provision expense | $ | (86 | ) | $ | 67 | |
| Total provision for (recovery of )credit losses | $ | (111 | ) | $ | (92 | ) |