BV Financial Inc
For the period ended Mar 31, 2024. Filed May 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 13, 2024
BVFL$21.27-3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS
| Three Months Ended March 31, | ||
|---|---|---|
| (dollars in thousands) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income | $2,574 | $3,115 |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Net accretion of discounts and premiums | — | (109) |
| Provision for credit losses | 18 | 2 |
| Amortization of deferred loan fees/costs | (38) | (173) |
| Amortization of intangible assets | 45 | 46 |
| Amortization of debt issuance costs | 39 | 39 |
| Write-off fair market value of subordinate debt | 566 | 0 |
| Depreciation of premises and equipment | 212 | 218 |
| Deferred tax expense | 269 | — |
| Increase in cash surrender value of life insurance | (87) | (83) |
| Stock-based compensation expense | 27 | 65 |
| Decrease in accrued interest and other assets | 714 | 431 |
| Increase in other liabilities | 228 | 56 |
| Net cash provided by operating activities | 4,567 | 3,607 |
| Cash flows from investing activities | ||
| Proceeds from maturities and principal payments of investment securities available for sale | 6,321 | 1,243 |
| Purchases of investment securities available for sale | (5,328) | (4,002) |
| Proceeds from maturities and principal payments of investment securities held to maturity | 56 | 58 |
| Net increase in loans | (3,869) | (14,213) |
| Purchase of premises and equipment | (435) | (49) |
| Proceeds from life insurance benefits | — | 731 |
| Proceeds from sale of Federal Home Loan Bank stock | — | 8 |
| Purchase of Federal Home Loan Bank of Atlanta stock | (28) | (1,083) |
| Net cash used in investing activities | (3,283) | (17,307) |
| Cash flows provided by financing activities | ||
| (Decrease) increase in official checks | (218) | 400 |
| Net increase (decrease) in deposits | 5,412 | (17,525) |
| Increase in advance payments by borrowers for taxes and insurance | 1,710 | 1,280 |
| Advances from the Federal Home Loan Bank of Atlanta | — | 25,500 |
| Repayment of subordinate debt | (3,093) | — |
| Net cash provided by financing activities | 3,811 | 9,655 |
| Net increase (decrease) in cash and cash equivalents | 5,095 | (4,045) |
| Cash and cash equivalents at beginning of period | 73,742 | 68,652 |
| Cash and cash equivalents at end of period | $78,837 | $64,607 |
| Supplementary cash flows information | ||
| Interest paid | $2,480 | $1,488 |
| Income taxes paid | $269 | $1,190 |
| Supplementary noncash transactions | ||
| Impact of ASC 326 adoption | $— | $547 |
See notes to consolidated financial statements. 5
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