BV Financial Inc
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 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
| Nine Months Ended September 30, | ||
|---|---|---|
| (dollars in thousands) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income | $9,771 | $10,698 |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Net accretion of discounts and premiums | (22) | (145) |
| Recovery of credit losses | (806) | (480) |
| Gain on sale of foreclosed real estate | — | (678) |
| Amortization of deferred loan fees/costs | 545 | (335) |
| Amortization of intangible assets | 135 | 138 |
| Amortization of debt issuance costs | 117 | 117 |
| Write-off fair market value of subordinated debentures | 566 | — |
| Depreciation of premises and equipment | 625 | 652 |
| Gain on sale of assets | — | (188) |
| Deferred tax expense | 323 | 345 |
| Increase in cash surrender value of life insurance | (290) | (313) |
| Stock-based compensation expense | 235 | 256 |
| ESOP compensation expense | 126 | 204 |
| Decrease in accrued interest and other assets | 1,663 | 144 |
| (Increase) decrease in other liabilities | (858) | 1,284 |
| Net cash provided by operating activities | 12,130 | 11,699 |
| Cash flows from investing activities | ||
| Proceeds from maturities and principal payments of investment securities available for sale | 8,440 | 3,929 |
| Purchases of investment securities available for sale | (12,500) | (6,918) |
| Proceeds from maturities and principal payments of investment securities held to maturity | 4,179 | 434 |
| Net decrease (increase) in loans | 11,830 | (40,140) |
| Purchase of premises and equipment | (594) | (117) |
| Proceeds from sale of premises and equipment | — | 456 |
| Proceeds from life insurance benefits | — | 731 |
| Purchase of participation foreclosed real estate | — | (57) |
| Proceeds from sale of foreclosed real estate | — | 2,167 |
| Proceeds from sale of Federal Home Loan Bank of Atlanta stock | — | 8 |
| Purchase of Federal Home Loan Bank of Atlanta stock | (28) | (1,438) |
| Net cash provided by (used in) investing activities | 11,327 | (40,945) |
| Cash flows provided by financing activities | ||
| (Decrease) increase in official checks | 56 | 1,118 |
| Net increase (decrease) in deposits | 267 | (37,861) |
| Increase in advance payments by borrowers for taxes and insurance | (364) | (607) |
| Advances from the Federal Home Loan Bank of Atlanta | — | 25,500 |
| Purchase of unearned common stock held by employee stock ownership plan | — | (7,839) |
| Repayment of subordinate debt | (3,093) | — |
| Issuance of common stock funded by stock offering | — | 97,990 |
| Offering costs | — | (3,248) |
| Net cash (used in) provided by financing activities | (3,134) | 75,053 |
| Net increase in cash and cash equivalents | 20,323 | 45,807 |
| Cash and cash equivalents at beginning of period | 73,742 | 68,652 |
| Cash and cash equivalents at end of period | $94,065 | $114,459 |
| Supplementary cash flows information | ||
| Interest paid | $7,729 | $7,434 |
| Income taxes paid | $4,190 | $3,855 |
| Supplementary noncash transactions | ||
| Impact of ASC 326 adoption | $— | $547 |
| Noncash investing and financing activities: | ||
| Net change on available for sale securities | $(366) | $— |
| Transfers from property plant and equipment to other assets | 815 | — |
| Deferred tax assets | 204 | — |
| Deferred principal on foreclosed real estate | 10 | — |
| Net change in adjusted other comprehensive income | 537 | — |
See notes to consolidated financial statements. 6
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