BSVN — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-11

• Income before taxes was $15.8 million, an increase of $2.1 million, or 15.4%, for the three months ended March 31, 2026 as compared to income before taxes of $13.7 million for the same period in 2025.

• Pre-tax return on average assets and return on average equity was 3.37% and 25.06%, respectively for the three months ended March 31, 2026, as compared to 3.20% and 25.47%, respectively, for the same period in 2025. Our efficiency ratio for the three months ended March 31, 2026 was 39.64% as compare…

• Regarding the subsequent event item mentioned in Note 1 herein, management has successfully completed its objective to maximize the loan loss recovery related to an oil and gas loan. To refresh memories, in the fourth quarter of 2023 management expended $16.5 million to acquire certain oil and gas a…

• GAAP to Non-GAAP Reconciliation for Oil and Gas Assets (dollars in thousands):

• Net Cash Returned is a non-GAAP financial measure used by management to analyze the cash cycle of this specific investment. This measure has significant limitations and is not a substitute for results prepared in accordance with U.S. GAAP. It should not be considered in isolation or as an alternativ…

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• Pre-tax net income was $14.2 million, a decrease of $1.3 million, or 8.5%, for the three months ended September 30, 2025 as compared to pre-tax net income of $15.5 million for the same period in 2024. Pre-tax net income was $42.6 million, a decrease of $3.0 million, or 6.6%, for the nine months ende…

• Return on average assets and return on average equity was 2.33% and 18.11%, respectively for the three months ended September 30, 2025, as compared to 2.73% and 23.67%, respectively, for the same period in 2024. Return on average assets and return on average equity was 2.41% and 18.96%, respectively…

• The provision for credit losses for the three months ended September 30, 2025 increased $0.7 million, or 100.0%, as compared to the same period in 2024. The provision for credit losses for the nine months ended September 30, 2025 increased $0.7 million, or 100.0%, as compared to the same period in 2…

• Net Interest Income and Net Interest Margin. The following table presents, for the periods indicated, information about: (i) weighted average balances, the total dollar amount of interest income from interest-earning assets, and the resultant average yields; (ii) average balances, the total dollar a…

• Taxable-equivalent yield of 2.60% as of September 30, 2025, applying a 23.6% effective tax rate.

Text added vs the prior filing · source: 10-Q · 2026-05-11

• Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of March 31, 2026.

• Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of March 31, 2026. This conclusion is due to the material weaknesses in our internal control over financial reporting that were previously dis…

• As disclosed in Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2025, management identified the following material weaknesses in our internal control over financial reporting:

• Completeness and accuracy of information produced by the entity;

• Management is committed to the remediation of these material weaknesses. During the quarter ended March 31, 2026, we continued to implement our remediation plan, and these ongoing efforts represent a change in our internal control over financial reporting. Specific remediation activities undertaken …

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness as of September 30, 2025 of our disclosure controls and procedures, as defined Rules 13a-15(e) and 15d-15(e) under the Exchange Act. In designing and evalua…

• There was no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, such contr…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• From time to time, the Company or the Bank is a party to claims and legal proceedings arising in the ordinary course of business. Management does not believe any present litigation or the resolution thereof will have a material adverse effect on the business, consolidated financial condition or resu…

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• From time to time, we are a party to legal actions that are routine and incidental to our business. Given the nature, scope and complexity of the extensive legal and regulatory landscape applicable to our business, including laws and regulations governing consumer protections, fair lending, fair lab…