BV Financial, Inc. Announces Financial Results

·4 min read

BALTIMORE, MD / ACCESSWIRE / October 21, 2021 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank, today reported net income of $2.2 million, or $0.31 per diluted share, for the quarter ended September 30, 2021 compared to net income of $1.5 million or $0.20 per diluted share, for the quarter ended September 30, 2020. Net income for the nine-month period ended September 30, 2021 was $6.8 million or $0.96 per diluted share compared to net income of $5.9 million or $0.82 per diluted share in the nine-month period ended September 30, 2020. Year to date income in the prior year-to-date period includes a $3.3 million gain on bargain purchase from the acquisition of MB Bancorp. The results in the current quarter and year to date periods reflect the operations of the former Delmarva Bancshares and 1880 Bank that were acquired on October 31, 2020.

Non-performing assets at September 30, 2021 totaled $8.1 million consisting of $6.3 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 September 30 2021, the loan loss allowance was $2.3 million, which represented 0.39% of total loans and 36.0% 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 September 30, 2021, the Bank had credit impairment allowances of $5.6 million that is not included in the loan loss allowance. The credit impairment allowances were established for loans acquired in the Delmarva Bancshares, MB Bancorp, Kopernik and Vigilant mergers. At September 30, 2021, these acquired loans totaled $318.8 million or 55.1% of the loan portfolio.

At September 30, 2021, BV Financial, Inc. had total assets of $807.4 million, net loans of $571.9 million, deposits of $674.2 million and total stockholders' equity of $80.9 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 11.54% at September 30, 2021 compared to 13.05% at December 31, 2020. This ratio and the Bank's other capital measurements continue to exceed all regulatory standards for "well-capitalized" financial institutions.

BV Financial, Inc., in a press release dated August 5, 2021 announced the signing of a definitive merger agreement whereby BayVanguard Bank has agreed to merge with North Arundel Savings Bank. As a merger among mutual institutions, there is no consideration to be paid.

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)

9/30/2021

12/31/2020

Selected Balance Sheet Data:

Total Assets

$

807,356

$

815,565

Investment securities

47,120

39,929

Loans receivable, net

571,901

607,073

Total Deposits

674,181

675,096

Borrowings

36,775

54,655

Stockholders' Equity

80,949

74,021

Three Months Ended September 30,

Operating results:

2021

2020

Interest Income

$

7,264

$

4,269

Interest Expense

927

610

Net Interest income

6,337

3,659

Provision for Loan Losses

90

60

Net Interest Income after provision

6,247

3,599

Non-Interest Income

511

520

Non-Interest expense

3,901

2,271

Income before taxes

2,857

1,848

Income taxes

652

396

Net Income

$

2,205

$

1,452

Diluted Income per share

$

0.31

$

0.20

Nine Months Ended September 30,

Operating results:

2021

2020

Interest Income

$

21,674

$

11,800

Interest Expense

2,837

1,832

Net Interest income

18,837

9,968

Provision for Loan Losses

270

293

Net Interest Income after provision

18,567

9,675

Non-Interest Income

1,816

961

Gain on Bargain Purchase

-

3,285

Non-Interest expense

10,885

7,064

Income before taxes

9,498

6,857

Income taxes

2,665

982

Net Income

$

6,833

$

5,875

Diluted Income per share

$

0.96

$

0.82

SOURCE: BV Financial, Inc.



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