BV Financial, Inc. reported net income of $3.8 million, or $0.35 per diluted share, for the third quarter ended September 30, 2024. This compares to net income of $3.7 million, or $0.35 per diluted share, for the same period in 2023, indicating stable profitability year-over-year. Net interest income increased to $9.3 million for the quarter, up from $8.9 million in the prior year, driven by higher yields on interest-earning assets.
The company's net interest margin expanded to 4.49% in Q3 2024 from 4.10% in Q3 2023, reflecting improved asset yields and managed funding costs. Total assets increased by $7.4 million to $892.7 million at September 30, 2024, while stockholders' equity rose by $10.6 million to $209.7 million. Loans receivable decreased by $11.0 million to $693.2 million, and total deposits saw a slight increase of $200,000 to $634.3 million.
Asset quality showed significant improvement, with non-performing assets totaling $4.1 million at September 30, 2024, a decrease from $10.7 million at December 31, 2023. This reduction was primarily due to the payoff of a $3.8 million investor commercial real estate loan that was previously on non-accrual status. The allowance for credit losses as a percentage of total loans was 1.15% at quarter-end, and 201.6% of non-performing loans, indicating strong coverage.
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