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BV Financial, Inc. Announces Financial Results

By: BV Financial, Inc. via AccessWire

July 23, 2021 at 08:30 AM EDT

BALTIMORE, MD / ACCESSWIRE / July 23, 2021 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $1.9 million, or $0.27 per diluted share, for the quarter ended June 30, 2021 compared to net income of $3.8 million, or $0.53 per diluted share, for the quarter ended June 30, 2020. Net income for the six-month period ended June 30, 2021 was $4.6 million or $0.65 per diluted share compared to net income of $4.4 million or $0.63 per diluted share in the six-month period ended June 30, 2020. The prior three and six months results include a $3.3 million gain from bargain purchase that resulted from the acquisition of MB Bancorp and its subsidiary, Madison Bank of Maryland on February 29, 2020.

Non-performing assets at June 30, 2021 totaled $8.3 million consisting of $6.5 million in nonperforming loans and $1.8 million in other real estate owned, compared to $8.4 million at December 31, 2020, consisting of $5.6 million in non-performing loans and $2.8 million in other real estate owned. At June 30 2021, the loan loss allowance was $2.1 million, which represented 0.35% of total loans and 32.9% of non-performing loans compared to $1.8 million at December 31, 2020, which represented 0.30% of total loans and 32.5% of non-performing loans. In addition, at June 30, 2021, the Bank had a credit impairment valuation allowance of $6.0 million that is not included in the Bank's allowance for loan loss estimate which is in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). The credit impairment allowances were established for loans acquired in the Delmarva Bancshares, MB Bancorp, Kopernik and Vigilant mergers.

At June 30, 2021, BV Financial, Inc. had total assets of $807.6 million, net loans of $600.5 million, deposits of $676.4 million and total stockholders' equity of $78.5 million compared to $815.6 million, $607.1 million, $675.1 million and $74.0 million at December 31, 2020, respectively.

BayVanguard's Tier 1 leverage capital ratio was 11.17% at June 30, 2021 compared to 12.97% at December 31, 2020. This ratio and the Bank's other capital measurements continue to exceed all regulatory standards for "well-capitalized" financial institutions.

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, 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.

BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Edgemere, Maryland with ten branches in the Baltimore metropolitan area. The Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses within its market area.

Contact:

Michael J. Dee
Chief Financial Officer
(410) 477- 5000

BV Financial, Inc.
Consolidated Financial Highlights
(In thousands, except per share data)

	6/30/2021		12/31/2020
Selected Balance Sheet Data:

Total Assets	$	807,595	$	815,565
Investment securities		39,289		39,929
Loans receivable, net		600,547		607,073
Total Deposits		676,377		675,096
Borrowings		36,722		54,655
Stockholders' Equity		78,511		74,021

Three Months Ended June 30,
Operating results:	2021		2020

Interest Income	$	7,067	$	4,024
Interest Expense		1,013		639
Net Interest income		6,054		3,385
Provision for Loan Losses		90		158
Net Interest Income after provision		5,964		3,227

Non-Interest Income		547		255
Bargain Pruchase Gain		-		3,285
Non-Interest expense		3,631		2,651
Income before taxes		2,880		4,116
Income taxes		935		364
Net Income	$	1,945	$	3,752

Diluted Income per share	$	0.27	$	0.53

Six Months Ended June 30,
Operating results:	2021		2020

Interest Income	$	14,410	$	7,531
Interest Expense		1,910		1,222
Net Interest income		12,500		6,309
Provision for Loan Losses		180		233
Net Interest Income after provision		12,320		6,076

Non-Interest Income		1,305		441
Bargain Purchase Gain		-		3,285
Non-Interest expense		6,984		4,794
Income before taxes		6,641		5,008
Income taxes		2,013		586
Net Income	$	4,628	$	4,422

Diluted Income per share	$	0.65	$	0.63

SOURCE: BV Financial, Inc.

View source version on accesswire.com:
https://www.accesswire.com/656787/BV-Financial-Inc-Announces-Financial-Results

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