BV Financial, Inc. - BVFL STOCK NEWS

BV Financial, Inc. (NASDAQ:BVFL), the holding company for BayVanguard Bank, has announced the adoption and regulatory non-objection for its first stock repurchase program since completing its mutual-to-stock conversion on July 31, 2023. The program, set to begin no earlier than August 1, 2024, allows for the repurchase of up to 10% of the company's outstanding shares (approximately 1,138,772 shares) through June 30, 2025.

The repurchases may be executed in open market or private transactions, subject to management's discretion and various factors including stock price, market conditions, and the company's financial performance. BV Financial is not obligated to repurchase any specific number of shares or within a specific timeframe. The program aims to provide flexibility in capital management and potentially enhance shareholder value.

BV Financial (NASDAQ:BVFL) reported net income of $3.4 million, or $0.32 per diluted share, for Q2 2024, down from $3.9 million, or $0.49 per share, in Q2 2023. For H1 2024, net income was $6.0 million or $0.52 per share, compared to $7.0 million or $0.88 per share in H1 2023. Key highlights include:

- Return on average assets: 1.52%
- Return on average equity: 6.68%
- Deposits increased 1.0% to $640.3 million
- Cash and cash equivalents up 23.0% to $90.4 million
- Non-accrual loans decreased 22.0% to $8.2 million
- Net interest margin improved to 4.33% in Q2 2024

The company's asset quality improved, with non-performing assets decreasing to $8.4 million. The allowance for credit losses on loans was $8.5 million, representing 1.22% of total loans and 103.9% of non-performing loans.

BV Financial, Inc announced its financial results for the quarter ended March 31, 2024, reporting a net income of $2.6 million or $0.24 per diluted share, compared to $3.1 million or $0.39 per diluted share in the same period last year. The decrease was primarily due to paying off $3.0 million in debt, resulting in a write-off of $566,000. Return on average assets and equity decreased, while loans and deposits saw slight increases. The company recorded a provision for credit losses and saw changes in its financial condition, liabilities, deposits, and stockholders' equity. Non-performing assets remained stable, and operating results showed a decline in net interest income and noninterest income, with an increase in noninterest expenses. Income tax expenses and effective tax rates also fluctuated.

BV Financial, Inc. reported a net income of $13.7 million for the year ended December 31, 2023, with a return on average equity of 9.93%. The company completed its conversion to a stock holding company, selling 9,798,980 shares of its common stock at $10.00 per share. Total equity increased by $101.3 million, and net loans increased by 5.63% to $696.2 million. However, deposits decreased by 7.38% to $634.1 million. Non-performing assets totaled $10.7 million, and the allowance for credit losses on loans was $8.6 million, representing 1.21% of total loans. Net interest income was $34.2 million for the year, with a net interest margin of 4.23%.

BV Financial, Inc. reported net income of $3.7 million for Q3 2023, compared to $2.6 million in Q3 2022. Net income for the nine-month period was $10.7 million, compared to $7.8 million in the same period last year. Return on average assets was 1.58% for Q3 2023 and 1.61% for the nine-month period. Net loans increased by $39.8 million, while deposits decreased by $38.1 million. Total equity increased by $97.1 million. Total assets were $931.4 million at September 30, 2023, an increase of $86.4 million from December 31, 2022.

BV Financial, Inc. (BVFL) has completed the conversion from the mutual holding company to the stock holding company form of organization, along with a related stock offering. The MHC ceased to exist after the conversion. Approximately 11,374,706 shares of Company common stock are now outstanding, and the stock is expected to trade on the Nasdaq Capital Market under the trading symbol 'BVFL' starting August 1, 2023.

BV Financial, Inc. has received all regulatory approvals to close the conversion of Bay-Vanguard, M.H.C., Inc. from mutual to stock form and the related stock offering. The closing is expected on July 31, 2023, and the company's common stock will begin trading on the Nasdaq Capital Market under the symbol 'BVFL' on August 1, 2023. The company expects to sell 9,798,980 shares of its common stock at $10.00 per share, including shares sold to BayVanguard Bank's Employee Stock Ownership Plan. Each outstanding share of common stock will be converted into new shares based on an exchange ratio of 1.5309-to-one, with cash issued for fractional shares.