0001193125-26-177364.txt : 20260424 0001193125-26-177364.hdr.sgml : 20260424 20260424162541 ACCESSION NUMBER: 0001193125-26-177364 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20260424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20260424 DATE AS OF CHANGE: 20260424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BV Financial, Inc. CENTRAL INDEX KEY: 0001302387 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] ORGANIZATION NAME: 02 Finance EIN: 141920944 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-41764 FILM NUMBER: 26894551 BUSINESS ADDRESS: STREET 1: 7114 NORTH POINT ROAD CITY: BALTIMORE STATE: MD ZIP: 21219 BUSINESS PHONE: 410-477-5000 MAIL ADDRESS: STREET 1: 7114 NORTH POINT ROAD CITY: BALTIMORE STATE: MD ZIP: 21219 8-K 1 bvfl-20260424.htm 8-K 8-K
false000130238700013023872026-04-242026-04-24

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, 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): April 24, 2026

 

 

BV FINANCIAL, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Maryland

001-36094

14-1920944

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
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
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 April 24, 2026, BV Financial, Inc. (the “Company”), the holding company for BayVanguard Bank, issued a press release announcing its financial results for the quarter ended March 31, 2026. 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 April 24, 2026

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:

April 24, 2026

By:

/s/ Michael J. Dee

 

 

 

Chief Financial Officer

 

 EX-99.1 2 bvfl-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

Contact:

Michael J. Dee

Chief Financial Officer

(410) 477- 5000

 

 

BV FINANCIAL, INC. ANNOUNCES FINANCIAL RESULTS

Baltimore, Maryland, April 24, 2026– BV Financial, Inc. (NASDAQ: BVFL), (the “Company”) the holding company for BayVanguard Bank (the “Bank”), reported net income of $1.1 million or $0.13 per diluted share for the quarter ended March 31, 2026 compared to net income of $2.1 million or $0.21 per diluted share for the quarter ended March 31, 2025.

Adjusted net income, a non-GAAP financial metric, was $3.3 million for the quarter ended March 31, 2026 compared to $2.9 million for the quarter ended March 31, 2025. For a reconciliation of net income as reported and non-GAAP adjusted net income, see the table below.

Financial Highlights

•
As previously disclosed in a Form 8-K file with the Securities and Exchange Commission, former Co-President & CEO David Flair resigned in January. In connection with his resignation, he received a payment of $2.2 million in the quarter ended March 31, 2026.
•
The Company generated strong net interest margins and net interest spread of 4.36% and 3.68%, respectively in the quarter ended March 31, 2026 compared to 4.12% and 3.37% in the quarter ended March 31, 2025.
•
Share repurchases of 102,076 shares of common stock at a weighted average price of $18.72 were executed in the quarter ended March 31, 2026.
•
Return on average assets and return on average equity for the quarter ended March 31, 2026 were 0.48% and 2.38%, respectively. Return on average assets and return on average equity for the three months ended March 31, 2025 were 0.92% and 4.28%, respectively.
•
Loans decreased $19.3 million, or -2.56% to $735.6 million at March 31, 2026 compared to $754.9 million at December 31, 2025.
•
Deposits decreased $2.6 million, or -0.38%, to $673.5 million at March 31, 2026 from $676.1 million at December 31, 2025.

 

Financial Condition

 

Total Assets. Total assets were $910.9 million at March 31, 2025, a decrease of $1.4 million, or 0.2%, from $912.2 million at December 31, 2025. The decrease was due primarily to the decrease of $19.3 million in loans, partially offset by an increase of $18.9 million in cash and cash equivalents.

 

Cash and Cash Equivalents. Cash and cash equivalents increased $18.9 million, or 33.9%, to $74.6 million at March 31, 2026 from $55.7 million at December 31, 2025. The increase in cash was primarily a result of the pay-downs in loans.



Net Loans Receivable. Loans receivable decreased $19.3 million, or 2.6%, to $735.6 million at March 31, 2026 from $754.9 million at December 31, 2025. Real estate loans decreased $11.3 million while consumer and commercial loans decreased $8.0 million.

 

Securities. Securities available for sale decreased by $336,000, or 1.0%, from December 31, 2025 as paydowns and maturities were not fully replaced with new purchases. The held-to-maturity portfolio experienced a slight decrease due to paydowns.



Total Liabilities. Total liabilities decreased $1.2 million, or 0.16%, to $727.2 million at March 31, 2026 from $728.4 million at December 31, 2025. The decrease was due primarily to the decrease in deposits offset by an increase in other liabilities.

 

Deposits. Total deposits decreased $2.6 million, or 0.38% to $673.5 million at March 31, 2026 from $676.1 million at December 31, 2025. Interest-bearing deposits decreased $3.5 million, or 0.7%, to $534.2 million at March 31, 2026 from $537.7 million at December 31, 2025. Noninterest bearing deposits increased $1.0 million, or 0.7%, to $139.3 million at March 31, 2026 from $138.4 million at December 31, 2025.



Federal Home Loan Bank Borrowings. The Company had $35 million in Federal Home Loan Bank borrowings at March 31, 2026 and December 31, 2025.

 

Stockholders’ Equity. Stockholders’ equity decreased $167,000, or 0.1%, to $183.6 million at March 31, 2026 from $183.8 million at December 31, 2025 a due to $2.0 million in stock repurchases offset by net income, and the impact of equity compensation plans.



Asset Quality. Non-performing loans at March 31, 2026 totaled $2.6 million, compared to $2.3 million at December 31, 2025. The Company had no foreclosed real estate at either period. At March 31, 2026, the allowance for credit losses on loans was $6.4 million, which represented 0.87% of total loans and 282.9% of non-performing loans compared to $6.4 million at December 31, 2025, which represented 0.85% of total loans and 284.72% of non-performing loans.

 

Comparison of Operating Results for the Three Months Ended March 31, 2026 and 2025

 

Net Income. Net income was $1.1 million, or $0.13 per diluted share, for the quarter ended March 31, 2026 compared to net income of $2.1 million or $0.21 per diluted share, for the quarter ended March 31, 2025. The decrease was primarily due to the previously-noted executive payout, offset by higher net interest income.

 

Net Interest Income. Net interest income was $9.1 million for the three months ended March 31, 2026 compared to $8.6 million for the three months ended March 31, 2025. The net interest margin for the three months ended March 31, 2026 was 4.36% compared to 4.12% for the three months

ended March 31, 2025. The increase in net interest income was due primarily to the Bank's utilization of lower cost Federal Home Loan Bank borrowings to replace the $35.0 million in subordinated debt that was paid off in December 2025 and higher rates earned on the loan portfolio, offset by lower yields on other interest-earning assets.

 

Provision for Credit Losses. The Company recorded a recovery of credit losses of $11,000 for the three months ended March 31, 2026 compared to a provision of $297,000 for the three months ended March 31, 2025.

 

Noninterest Income. For the three months ended March 31, 2026, noninterest income totaled approximately $528,000 compared to $530,000 for the quarter ended March 31, 2025.



Noninterest Expense. For the three months ended March 31, 2026, noninterest expense totaled $7.6 million compared to $6.2 million for the three months ended March 31, 2025. Compensation and benefits expenses increased $1.3 million, or 27.8% primarily due to the executive payout noted above and regular merit salary increases somewhat offset by lower equity compensation costs of $0.5 million. Other expenses increased $141,000 or 39.6%.

 

Income taxes. For the three months ended March 31, 2026, income tax expense was $961,000 for an effective tax rate of 46.8%. In the quarter ended March 31, 2025, income tax expense was $599,000 for an effective tax rate of 22.2%. The increase in the effective tax rate is primarily attributable to the non-deductible portion of the executive transition payment.

 

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. Department of the Treasury and the Board of Governors of the Federal Reserve Board, the impact of the imposition of tariffs and any retaliatory responses, 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, the current or anticipated impact of military conflict, terrorism or other geopolitical events, 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, the failure to retain or attract employees.

 

BV Financial, Inc.

 

BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with twelve 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.

 

 

 

 

 

 

 

 

BV FINANCIAL, INC.

 

Consolidated Financial Ratios

 

 

 

 

 

 

 

At or For the Three Months

 

 

Ended March 31,

 

 

2026

 

2025

 

 

 

 

 

 

Performance Ratios(1):

 

 

 

 

Return on average assets

 

0.48

%

 

0.92

%

Return on average equity

 

2.38

%

 

4.28

%

Interest rate spread(2)

 

3.67

%

 

3.37

%

Net interest margin(3)

 

4.36

%

 

4.12

%

Yields on earning assets

 

5.79

%

 

5.66

%

Cost of interest-bearing liabilities

 

2.11

%

 

2.29

%

Cost of deposits

 

1.59

%

 

1.61

%

Yield on loans

 

6.11

%

 

5.89

%

Non-interest expense to average assets

 

3.33

%

 

2.70

%

Efficiency ratio(4)

 

78.82

%

 

67.36

%

Average interest-earning assets to average interest-bearing liabilities

 

148.43

%

 

148.50

%

Average equity to average assets

 

20.08

%

 

21.40

%

Credit Quality Ratios:

 

 

 

 

Allowance for credit losses as a percentage of total loans

 

0.87

%

 

1.18

%

Allowance for credit losses as a percentage of non-performing loans

 

282.88

%

 

183.87

%

Net charge-offs to average outstanding loans during the year

 

-

 

 

-

 

Non-performing loans as a percentage of total loans

 

0.36

%

 

0.64

%

Non-performing loans as a percentage of total assets

 

0.29

%

 

0.52

%

Total non-performing assets as a percentage of total assets

 

0.29

%

 

0.53

%

Per Share Data

 

 

 

 

Earnings per common share, basic

$

0.13

 

$

0.21

 

Earnings per common share, diluted

$

0.13

 

$

0.21

 

Book value per common share

$

20.99

 

$

18.70

 

Tangible book value per common share(5)

$

19.27

 

$

17.26

 

Weighted average shares outstanding

 

8,156,732

 

 

9,900,938

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

 

 

(5) Represents total equity less goodwill less other intangible assets divided by common shares outstanding. See non-GAAP reconciliation table.

 

 

 

 

 

BV FINANCIAL, INC.

 

Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

March 31, 2026

 

 

December 31, 2025

 

(dollars in thousands, except share amounts)

 

(unaudited)

 

 

derived from audited financial statements

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Cash

 

$

6,908

 

 

$

5,616

 

Interest-bearing deposits in other banks

 

 

67,669

 

 

 

50,089

 

Cash and cash equivalents

 

 

74,577

 

 

 

55,705

 

Equity Investment

 

 

406

 

 

 

404

 

Securities available for sale

 

 

32,890

 

 

 

33,226

 

Securities held to maturity (fair value of $5,047 and $5,102, ACL of $1 and $2)

 

 

5,691

 

 

 

5,736

 

Loans held for maturity

 

 

735,608

 

 

 

754,921

 

Allowance for Credit Losses

 

 

(6,399

)

 

 

(6,437

)

Net Loans

 

 

729,209

 

 

 

748,484

 

Premises and equipment, net

 

 

12,307

 

 

 

12,493

 

Federal Home Loan Bank of Atlanta stock, at cost

 

 

2,324

 

 

 

2,324

 

Investment in life insurance

 

 

20,526

 

 

 

20,441

 

Accrued interest receivable

 

 

2,990

 

 

 

3,149

 

Goodwill

 

 

14,420

 

 

 

14,420

 

Intangible assets, net

 

 

606

 

 

 

651

 

Deferred tax assets, net

 

 

7,404

 

 

 

7,563

 

Other assets

 

 

7,507

 

 

 

7,617

 

Total assets

 

$

910,857

 

 

$

912,213

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

139,318

 

 

$

138,360

 

Interest-bearing deposits

 

 

534,195

 

 

 

537,734

 

Total deposits

 

 

673,513

 

 

 

676,094

 

 

 

 

 

 

 

 

FHLB borrowings

 

 

35,000

 

 

 

35,000

 

Other liabilities

 

 

18,707

 

 

 

17,315

 

Total liabilities

 

 

727,220

 

 

 

728,409

 

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 in 2026 and 2025; 8,750,737 shares issued and outstanding as of March 31, 2026; 8,852,813 shares issued and outstanding as of December 31, 2025

 

 

87

 

 

 

88

 

Paid-in capital

 

 

67,564

 

 

 

68,834

 

Unearned common stock held by employee stock ownership plan

 

 

(6,929

)

 

 

(6,978

)

Retained earnings

 

 

124,081

 

 

 

122,990

 

Accumulated other comprehensive loss

 

 

(1,166

)

 

 

(1,130

)

Total stockholders' equity

 

 

183,637

 

 

 

183,804

 

Total liabilities and stockholders' equity

 

$

910,857

 

 

$

912,213

 

 

BV FINANCIAL, INC.

 

Consolidated Statements of Income

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

(dollars in thousands, except per share amounts)

 

Three Months Ended March 31,

 

Interest Income

 

2026

 

 

2025

 

Loans, including fees

 

$

11,143

 

 

$

10,741

 

Investment securities available for sale

 

 

289

 

 

 

350

 

Investment securities held to maturity

 

 

45

 

 

 

47

 

Other interest income

 

 

605

 

 

 

743

 

Total interest income

 

 

12,082

 

 

 

11,881

 

Interest Expense

 

 

 

 

 

 

Interest on deposits

 

 

2,652

 

 

 

2,601

 

Interest on FHLB borrowings

 

 

319

 

 

 

171

 

Interest on Subordinated debentures

 

 

—

 

 

 

466

 

Total interest expense

 

 

2,971

 

 

 

3,238

 

Net interest income

 

 

9,111

 

 

 

8,643

 

(Recovery of) provision for credit losses

 

 

(11

)

 

 

297

 

Net interest income after provision for (recovery of) credit losses

 

 

9,122

 

 

 

8,346

 

Noninterest Income

 

 

 

 

 

 

Service fees on deposits

 

 

109

 

 

 

103

 

Fees from debit cards

 

 

164

 

 

 

164

 

Income from investment in life insurance

 

 

86

 

 

 

87

 

Other income

 

 

169

 

 

 

176

 

Total noninterest income

 

 

528

 

 

 

530

 

Noninterest Expense

 

 

 

 

 

 

Compensation and related benefits

 

 

5,780

 

 

 

4,524

 

Occupancy

 

 

456

 

 

 

444

 

Data processing

 

 

399

 

 

 

397

 

Advertising

 

 

15

 

 

 

6

 

Professional fees

 

 

237

 

 

 

231

 

Equipment

 

 

89

 

 

 

91

 

Foreclosed real estate and repossessed assets holding costs

 

 

(5

)

 

 

3

 

Amortization of intangible assets

 

 

45

 

 

 

45

 

FDIC insurance premiums

 

 

85

 

 

 

81

 

Other expense

 

 

497

 

 

 

356

 

Total noninterest expense

 

 

7,598

 

 

 

6,178

 

Net income before tax

 

 

2,052

 

 

 

2,698

 

Income tax expense

 

 

961

 

 

 

599

 

Net income

 

$

1,091

 

 

$

2,099

 

Basic earnings per share

 

$

0.13

 

 

$

0.21

 

Diluted earnings per share

 

$

0.13

 

 

$

0.21

 

 

 

 

 

 

 

 

 

BV FINANCIAL, INC.

 

Average Balance Sheet for the Quarters ended March 31,

 

(Dollars in thousands, unaudited )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

2026

 

 

2025

 

(dollars in thousands)

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

Average Outstanding Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

(Unaudited)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

739,885

 

 

$

11,143

 

 

 

6.11

%

 

$

739,666

 

 

$

10,741

 

 

 

5.89

%

Securities available-for-sale

 

 

33,538

 

 

 

289

 

 

 

3.49

%

 

 

36,884

 

 

 

350

 

 

 

3.85

%

Securities held-to-maturity

 

 

8,040

 

 

 

45

 

 

 

2.27

%

 

 

7,323

 

 

 

47

 

 

 

2.60

%

Cash, cash equivalents and other interest-earning assets

 

 

65,221

 

 

 

605

 

 

 

3.79

%

 

 

66,832

 

 

 

743

 

 

 

4.51

%

Total interest-earning assets

 

 

846,684

 

 

 

12,082

 

 

 

5.79

%

 

 

850,705

 

 

 

11,881

 

 

 

5.66

%

Noninterest-earning assets

 

 

65,375

 

 

 

 

 

 

 

 

 

65,008

 

 

 

 

 

 

 

Total assets

 

$

912,059

 

 

 

 

 

 

 

 

$

915,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

 

$

75,739

 

 

 

167

 

 

 

0.89

%

 

$

80,149

 

 

 

171

 

 

 

0.87

%

Savings deposits

 

 

115,833

 

 

 

147

 

 

 

0.51

%

 

 

122,458

 

 

 

99

 

 

 

0.33

%

Money market deposits

 

 

124,717

 

 

 

684

 

 

 

2.22

%

 

 

124,962

 

 

 

764

 

 

 

2.48

%

Certificates of deposit

 

 

219,142

 

 

 

1,654

 

 

 

3.06

%

 

 

195,379

 

 

 

1,567

 

 

 

3.52

%

Total interest-bearing deposits

 

 

535,431

 

 

 

2,652

 

 

 

2.01

%

 

 

522,948

 

 

 

2,601

 

 

 

2.02

%

Federal Home Loan Bank advances

 

 

35,000

 

 

 

319

 

 

 

3.70

%

 

 

15,000

 

 

 

171

 

 

 

4.62

%

Subordinated debentures

 

 

—

 

 

 

—

 

 

 

—

 

 

 

34,905

 

 

 

466

 

 

 

5.41

%

Total borrowings

 

 

35,000

 

 

 

319

 

 

 

3.70

%

 

 

49,905

 

 

 

637

 

 

 

5.18

%

Total interest-bearing
liabilities

 

 

570,431

 

 

 

2,971

 

 

 

2.11

%

 

 

572,853

 

 

 

3,238

 

 

 

2.29

%

Noninterest-bearing demand deposits

 

 

139,808

 

 

 

 

 

 

 

 

 

131,981

 

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

 

18,645

 

 

 

 

 

 

 

 

 

14,941

 

 

 

 

 

 

 

Total liabilities

 

 

728,884

 

 

 

 

 

 

 

 

 

719,775

 

 

 

 

 

 

 

Equity

 

 

183,175

 

 

 

 

 

 

 

 

 

195,938

 

 

 

 

 

 

 

Total liabilities and equity

 

$

912,059

 

 

 

 

 

 

 

 

$

915,713

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

9,111

 

 

 

 

 

 

 

 

$

8,643

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

3.68

%

 

 

 

 

 

 

 

 

3.37

%

Net interest-earning assets

 

$

276,253

 

 

 

 

 

 

 

 

$

277,852

 

 

 

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

4.36

%

 

 

 

 

 

 

 

 

4.12

%

Average interest-earning assets to interest-bearing liabilities

 

 

148.43

%

 

 

 

 

 

 

 

 

148.50

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALLOWANCE FOR CREDIT LOSS - LOANS

 

(Dollars in thousands, unaudited)

 

 

QTR

 

QTR

 

 

3/31/2026

 

3/31/2025

 

 

 

 

 

 

Beginning Balance

$

6,437

 

$

8,522

 

 

 

 

 

Provision for (recovery of) credit loss -loans

 

(56

)

 

351

 

 

 

 

 

Net Charge-offs (recoveries):

 

 

 

 

Owner Occupied 1-4

 

(1

)

 

(3

)

Non-Owner Occupied 1-4

 

(19

)

 

(16

)

Investor Commercial Real Estate

 

—

 

 

—

 

OO Commercial Real Estate

 

—

 

 

—

 

Construction & Land

 

—

 

 

(1

)

Farm Loans

 

—

 

 

—

 

Marine & Consumer

 

2

 

 

5

 

Guaranteed by the US Gov't

 

—

 

 

—

 

Commercial

 

—

 

 

—

 

Net charge-offs (recoveries)

 

(18

)

 

(15

)

 

 

 

 

Ending Balance- ACL for Loans

$

6,399

 

$

8,888

 

 

 

 

 

Balance Reserve for unfunded loan commitments

 

140

 

 

299

 

Balance Reserve for HTM Securities

 

1

 

 

3

 

Total ACL

$

6,540

 

$

9,190

 

 

 

 

 

Provision expense for Unfunded Commitments

 

46

 

 

(53

)

Provision expense for HTM Securities

 

(1

)

 

(1

)

Total other provision expense

$

45

 

$

(54

)

Total (Recovery of) provision for credit losses

$

(11

)

$

297

 

 

 

 

 

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 March 31,

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (GAAP)

$

1,091

 

 

$

2,099

 

 

 

 

2024 Equity Plan Expenses

601

 

 

 

1,155

 

 

 

 

Cost of executive transition

 

2,203

 

 

 

-

 

 

 

 

Tax impact

 

(576

)

 

 

(306

)

 

 

 

Non-GAAP Adusted Net Income

$

3,319

 

 

$

2,948

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-GAAP TANGIBLE BOOK VALUE PER COMMON SHARE

 

 

 

 

 

 

 

 

 

Total Equity (GAAP)

$

183,637

 

 

$

198,073

 

 

 

 

  Less Goodwill

 

14,420

 

 

 

14,420

 

 

 

 

  Less other intangible assets

 

606

 

 

 

786

 

 

 

 

Tangible equity

$

168,611

 

 

$

182,867

 

 

 

 

Common shares outstanding

 

8,750,737

 

 

 

10,594,044

 

 

 

 

Tangible book value per share

$

19.27

 

 

$

17.26

 

 

 

 

 

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