BV Financial, Inc. Announces Financial Results

October 21, 2022 at 09:25 AM EDT

BALTIMORE, MD / ACCESSWIRE / October 21, 2022 / BV Financial, Inc. (OTCBB:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $2.6 million, or $0.35 per diluted share, for the quarter ended September 30, 2022 compared to net income of $2.2 million, or $0.31 per diluted share, for the quarter ended September 30, 2021. Net income for the six-month period ended September 30, 2022 was $7.8 million or $1.05 per diluted share compared to net income of $6.8 million or $0.96 per diluted share in the six-month period ended September 30, 2021.

Non-performing assets at September 30, 2022 totaled $8.5 million consisting of $6.5 million in nonperforming loans and $2.0 million in other real estate owned, compared to $4.4 million at December 31, 2021, consisting of $2.4 million in non-performing loans and $2.0 million in other real estate owned. At September 30 2022, the loan loss allowance was $3.3 million, which represented 0.51% of total loans and 51.1% of non-performing loans compared to $2.6 million at December 31, 2021, which represented 0.45% of total loans and 111.3% of non-performing loans. In addition, at September 30, 2022, the Bank had a credit impairment valuation allowance of $4.1 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, North Arundel and Vigilant mergers.

At September 30, 2022, BV Financial, Inc. had total assets of $848.4 million, net loans of $646.8 million, deposits of $703.9 million and total stockholders' equity of $94.0 million compared to $815.1 million, $584.4 million, $680.0 million and $83.4 million at December 31, 2021, respectively.

BayVanguard Bank's Tier 1 leverage capital ratio was 12.70% at September 30, 2022 compared to 11.79% at December 31, 2021. 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 seventeen 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 within its market area.

BV Financial & Subsidiaries
Consolidated Statement of Condition
	Unaudited
	9/30/2022			12/31/2021
ASSETS
Cash		10,100			8,484
Interest bearing deposits in other banks		67,826			102,456
		77,926			110,940

Time Deposits in Other Banks		496			250
Equity securities at fair value		232			-
Investment AFS		34,533			37,793
Investment HTM		10,737			4,059
Loans		646,853			584,438
Loans Held For sale		-			-
Repossessed Assets		1,987			1,987
Premises and Equipment		15,375			15,050
FHLB of Atlanta Stock		489			404
Cash Surrender Value of Life Insurance		26,276			25,966
Accrued Interest Receivable		2,744			2,583
Goodwill		14,420			14,420
Other Intangible Assets		1,241			1,293
Deferred Tax Asset		8,243			8,322
Other Assets		6,816			7,625

Total Assets	$	848,368		$	815,130

LIABILITIES
Deposits - non interest bearing		167,027			175,019
Deposits - interest bearing		536,956			505,006
Total Deposits		703,983			680,025

Borrowed Money		36,986			36,828
Official Checks		2,618			2,417
Advanced Payments By Borrowers		3,088			4,514
Other Liabilities		7,722			7,900

Total Liabilities		754,397			731,684
EQUITY

Common Stock at par		74			71
Common Stock in excess of par		9,866			9,383
Retained Earnings		86,381			74,088
Net Unrealized Gain (Loss) on Securities		(2,350	)		(96	)

Total Equity		93,971			83,446

Total Liabilities and Equity	$	848,368		$	815,130

BV Financial & Subsidiaries
YTD Consolidated Statement of Income

	9/30/2022			9/30/2021
INTEREST INCOME
Loans, including fees	$	22,712		$	21,204
Investment Securities		542			377
Other Interest Income		740			93
Total Interest Income		23,994			21,674


Interest on Deposits		984			1,501
Interest on Borrowed Money		1,548			1,336
Total Interest Expense		2,532			2,837
					2836840.15

Net Interest Income Before Provision For Loss		21,462			18,837
Provision for Loan Losses		587			270
Net Interest Income		20,875			18,567

Debit Card Income		567			583
Service Fees On Deposits		344			337
Income from Life Insurance		310			585
Gain (loss) on repossessed assets		-			-
Gain on sale of building		279			44
Gain on sale of Loans		1			11
Gain on Bargain Purchase		694			-
Other Income		1,154			256
Total Other Income		3,349			1,816

Compensation		7,480			5,724
Occupancy		1,221			1,255
Data Processing		1,070			1,272
Advertising		16			17
Professional fees		452			436
Equipment		411			344
Foreclosed Real Estate Holding Costs		396			72
Amortization of intangible assets		137			133
FDIC insurance premiums		165			139
Other		2,301			1,493
Total Non-Interest Expense		13,649			10,885

Net Income Before Tax		10,575			9,498

Provision for Income Tax		2,781			2,665

Net Income	$	7,794		$	6,833

Basic Earnings per share	$	1.05		$	0.96
Diluted earnings per share	$	1.05		$	0.96

Return on average assets		1.21	%		1.12	%
Return on average equity		11.40	%		11.67	%
Efficiency ratio		56.34	%		53.40	%
Net Interest margin		3.73	%		3.50	%

	BV Financial & Subsidiaries
	QTRLY Consolidated Statement of Income
		9/30/2022			9/30/2021
INTEREST INCOME
Loans, including fees		$	7,936		$	7,078
Investment Securities			176			149
Other Interest Income			465			37
Total Interest Income			8,577			7,264


Interest on Deposits			296			425
Interest on Borrowed Money			528			502
Total Interest Expense			824			927


Net Interest Income Before Provision For Loss			7,753			6,337
Provision for Loan Losses			186			90
Net Interest Income			7,567			6,247

Debit Card Income			186			192
Service Fees On Deposits			110			110
Income from Life Insurance			89			98
Gain (loss) on repossessed assets			-			-
Gain on sale of building			45			-
Gain on sale of Loans			-			13
Gain on Bargain Purchase			-			-
Other Income			252			98
Total Other Income			682			511

Compensation			2,666			2,430
Occupancy			310			437
Data Processing			339			276
Advertising			5			4
Professional fees			133			130
Equipment			197			95
Foreclosed Real Estate Holding Costs			338			23
Amortization of intangible assets			46			42
FDIC insurance premiums			57			51
Other			511			413
Total Non-Interest Expense			4,602			3,901

Net Income Before Tax			3,647			2,857

Provision for Income Tax			1,035			652

Net Income		$	2,612		$	2,205

Basic Earnings per share		$	0.35		$	0.31
Diluted earnings per share		$	0.35		$	0.31

Return on average assets			1.22	%		1.09	%
Return on average equity			11.15	%		10.99	%
Efficiency ratio			55.79	%		57.72	%
Net Interest margin			4.00	%		3.75	%

Contact:

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

SOURCE: BV Financial, Inc.

View source version on accesswire.com:
https://www.accesswire.com/721563/BV-Financial-Inc-Announces-Financial-Results

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BV Financial, Inc. Announces Financial Results

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