Capital allocation is heavily skewed toward share repurchases rather than dividends, while the operating cash flow to net income ratio of 3.38x in 2026Q1 warrants scrutiny regarding the sustainability of core earnings.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 |
|---|
| Cash from Operations | 18.28M | 19.02M | 16.06M | 15.19M | 9.71M | 10.58M | 5.02M | 1.16M | 1.9M | 1.59M | 1.05M | 1.14M | 1.75M | 1.87M | 1.67M | 2.05M | -29K | 323K | 552K | 958K | 693K | 684K |
| Operating CF Growth % | 90.5% | 18.43% | 5.72% | 56.4% | -8.16% | 110.55% | 334.23% | -39.04% | 19% | 51.33% | -7.14% | -35.18% | -6.51% | 11.95% | -18.27% | 7158.62% | -108.98% | -41.49% | -42.38% | 38.24% | 1.32% | - |
| Net Income | 12.49M | 13.49M | 11.72M | 13.71M | 10.52M | 9.44M | 7.64M | 2.47M | 91K | 653K | -120K | 713K | 689K | 488K | 1.07M | -2.72M | -330K | 91K | 439K | 562K | 542K | 394K |
| Depreciation & Amortization | 615K | 813K | 1M | 1.05M | 1.04M | 1.02M | 696K | 399K | 212K | 235K | 241K | 245K | 279K | 227K | 166K | 259K | 278K | 151K | 272K | 174K | 31K | 0 |
| Deferred Taxes | 1.49M | 1.15M | -58K | 207K | 308K | 273K | 548K | 428K | 1.05M | 357K | 0 | 0 | 0 | 0 | 0 | -1.74M | -190K | -159K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.5M | -2.54M | 487K | -1.78M | -2.58M | -2.75M | -3.72M | 168K | 155K | 571K | 1.29M | 369K | 981K | 629K | 647K | 5.74M | 616K | 0 | -159K | 222K | 120K | 288K |
| Working Capital Changes | 2.36M | 1.77M | 829K | 1.14M | 158K | 2.19M | -153K | -2.39M | 314K | -277K | -118K | -192K | -198K | 529K | -213K | 359K | -403K | 194K | 0 | 0 | 0 | 2K |
| Cash from Investing | 16.44M | -13.29M | -32.5M | -35.17M | -27.76M | 17.45M | 32.33M | 23.79M | 2.34M | -4.89M | -1.14M | 9.65M | 6.57M | 4.71M | 1.85M | 7.84M | 23.87M | 4.77M | -17.54M | -21.66M | -12.93M | -7.23M |
| Purchase of Investments | -16.71M | -16.01M | -14.5M | -6.92M | -12M | -18.01M | 0 | 0 | -1.53M | -8.03M | -14.1M | -6.5M | 0 | -12.65M | -28.56M | -6.27M | -17.36M | -140K | -549K | -97K | -3.59M | -4.07M |
| Sale/Maturity of Investments | 19.43M | 20.88M | 16.32M | 5.94M | 9.65M | 9.25M | 11.42M | 5.25M | 3.09M | 4.15M | 11.16M | 7.84M | 2.68M | 21.21M | 30.58M | 9.69M | 4.61M | 1.75M | 281K | 2.35M | 3.61M | 7.98M |
| Net Investment Activity | 2.71M | 4.87M | 1.82M | -974K | -2.35M | -8.76M | 11.42M | 5.25M | 1.56M | -3.88M | -2.94M | 1.34M | 2.68M | 8.56M | 2.02M | 3.42M | -12.75M | 1.61M | -268K | 2.26M | 19K | 3.91M |
| Acquisitions | 0 | 0 | 7K | 0 | 8.52M | 0 | 136M | 19.32M | 0 | 0 | 0 | 1.8M | 0 | 1.71M | 673K | 0 | 46.91M | 0 | 0 | 0 | 0 | 85K |
| Other Investing | 13.75M | -17.93M | -33.71M | -34.04M | -33.43M | 26.62M | -114.71M | -304K | 818K | -912K | 1.88M | 6.61M | 3.99M | -5.48M | 41K | 4.54M | -9.41M | 3.23M | -17.21M | -23.86M | -11.82M | -10.08M |
| Cash from Financing | -30.95M | -20.53M | 13.19M | 25.07M | -24.49M | -8.83M | 30.11M | -7.24M | -3.85M | 1.45M | 12K | -9.67M | -7.72M | -10.86M | 1.08M | -6.93M | -20.91M | -2.46M | 17.73M | 19.17M | 12.28M | 10.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -171K | -186K | -163K | 0 | 0 | 0 | 0 |
| Share Repurchases | -31M | -30.02M | -17.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5K | -1.34M | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 97.99M | 1K | 36K | 17K | 36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.97M | 0 | 0 |
| Net Stock Activity | -31M | -30.02M | -17.7M | 97.99M | 1K | 36K | 17K | 36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5K | -1.34M | 0 | 0 | 9.97M | 0 | 0 |
| Debt Issuance (Net) | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 847K | 0 | -1000K | -1000K | -1000K | 1000K | 1000K | 0 | 186K |
| Other Financing | 15.05M | 24.5M | 18.99M | -60.92M | -36.49M | 8.98M | 88K | -7.27M | -3.85M | 1.45M | 12K | -9.67M | -7.72M | -11.71M | 1.08M | 522K | -13.39M | -1.29M | 8.7M | 4.2M | 12.28M | 10.12M |
| Net Change in Cash | 3.76M | -14.79M | -3.24M | 5.09M | -42.54M | 19.2M | 67.76M | 17.71M | 385K | -1.84M | -71K | 0 | 0 | 0 | 0 | 2.96M | 2.92M | 2.64M | 743K | -1.54M | 43K | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 55.7M | 70.5M | 73.74M | 68.65M | 111.19M | 91.99M | 24.23M | 6.52M | 9.83M | 11.68M | 0 | 0 | 0 | 0 | 0 | 8.28M | 5.36M | 2.72M | 8.34M | 9.87M | 9.83M | 0 |
| Cash at End | 74.58M | 55.7M | 70.5M | 73.74M | 68.65M | 111.19M | 91.99M | 24.23M | 10.22M | 9.83M | -71K | 0 | 0 | 0 | 0 | 11.24M | 8.28M | 5.36M | 9.08M | 8.34M | 9.87M | 0 |
| Interest Paid | 12.88M | 12.72M | 11.34M | 9.19M | 3.43M | 4.01M | 2.82M | 1.76M | 779K | 782K | 0 | 0 | 0 | 0 | 0 | 4.37M | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 1.8M | 3.01M | 5.89M | 4.92M | 4.03M | 2.14M | 1.21M | 118K | 25K | 25K | 0 | 0 | 0 | 0 | 0 | 138K | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 18.25M | 18.79M | 15.45M | 15.04M | 9.21M | 10.16M | 4.65M | 684K | 1.86M | 1.49M | 972K | 1.04M | 1.65M | 1.8M | 788K | 1.93M | -908K | 253K | 492K | 903K | -429K | -464K |
| FCF Growth % | 17.45% | 21.58% | 2.75% | 63.24% | -9.35% | 118.61% | 579.68% | -63.27% | 24.72% | 53.6% | -6.27% | -37.19% | -8.28% | 128.43% | -59.21% | 312.78% | -458.89% | -48.58% | -45.52% | 310.49% | 7.54% | - |
Regional Real Estate Concentration
Based on the provided cash flow data, BVFL consistently recycles capital through its investment portfolio, with quarterly purchase activity often mirroring sale proceeds, such as the $6.0 million in purchases and $6.3 million in sales recorded during 2026Q1, suggesting a strategy focused on maintaining portfolio liquidity.
The bank appears to utilize its investment securities as a primary liquidity buffer rather than a long-term yield-enhancement vehicle. This high turnover rate indicates that management is actively adjusting the duration and composition of the portfolio to navigate interest rate volatility, which may limit the potential for significant capital gains but protects the balance sheet from duration risk.
According to historical cash flow statements, BVFL has prioritized share repurchases over dividend distributions, evidenced by a significant $17.7 million buyback in 2024Q4 and a $12.8 million outflow in 2025Q3, while maintaining a consistent policy of zero dividend payments to shareholders across the observed ten-quarter period.
The absence of dividend payments suggests that the Mutual Holding Company structure may be incentivizing capital retention or share count reduction to boost per-share metrics for minority holders. Investors should monitor whether this aggressive buyback pace remains sustainable given the bank's need to maintain regulatory capital buffers amidst regional economic uncertainty.
As reported in the cash flow statements, the bank's provision for credit losses has exhibited notable volatility, ranging from a $1.0 million reversal in 2025Q3 to a $603,000 charge in 2024Q4, which directly influences the reported operating cash flow and complicates the assessment of core earnings quality.
The frequent swings between provisioning and reversals suggest that management's credit outlook is highly reactive to the Baltimore real estate market's performance. This inconsistency in non-cash adjustments makes it difficult to rely on operating cash flow as a stable indicator of the bank's underlying profitability or its ability to absorb potential credit shocks.
Based on the reported figures, the bank's operating cash flow frequently exceeds net income, as seen in the 3.38x ratio in 2026Q1, which warrants further investigation into whether this divergence is driven by non-cash accounting adjustments or significant changes in working capital items typical of regional banking operations.
The disconnect between net income and operating cash flow suggests that headline earnings may not fully capture the bank's cash-generating capacity. Analysts should be wary that the reported cash flow statement may mask underlying pressures in loan origination or deposit stability that are not immediately apparent in the net income line.
Quick answers to the most common questions about buying BVFL stock.
BV Financial, Inc. (BVFL) generated $19.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BV Financial, Inc. (BVFL) generated $18.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
BV Financial, Inc. (BVFL) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, BV Financial, Inc. (BVFL) spent $30.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.