BV Financial, Inc. Announces Financial Results

Rhea-AI Summary

BV Financial, Inc. (BVFL) reported net income of $2.6 million or $0.35 per diluted share for Q3 2022, up from $2.2 million or $0.31 per diluted share in Q3 2021. For the six-month period ending September 30, 2022, net income rose to $7.8 million or $1.05 per diluted share, compared to $6.8 million or $0.96 in the prior year. Total assets increased to $848.4 million. However, non-performing assets rose to $8.5 million, with a lower allowance coverage of 51.1% against non-performing loans. The Bank's Tier 1 leverage capital ratio improved to 12.70%.

Positive

• Net income for Q3 2022 increased by 18.2% YoY.
• Total assets grew to $848.4 million.
• Tier 1 leverage capital ratio improved to 12.70%, exceeding regulatory standards.

Negative

• Non-performing assets increased to $8.5 million from $4.4 million.
• Allowance for loan losses coverage dropped to 51.1% of non-performing loans from 111.3%.

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

FAQ

What are BV Financial's earnings for Q3 2022?

BV Financial reported net income of $2.6 million or $0.35 per diluted share for Q3 2022.

How did BV Financial's net income change year over year?

Net income increased from $2.2 million in Q3 2021 to $2.6 million in Q3 2022.

What was BV Financial's total assets as of September 30, 2022?

BV Financial had total assets of $848.4 million as of September 30, 2022.

What is the status of BV Financial's non-performing assets?

As of September 30, 2022, non-performing assets totaled $8.5 million, up from $4.4 million at the end of 2021.

What is the Tier 1 leverage capital ratio for BV Financial?

The Tier 1 leverage capital ratio for BV Financial was 12.70% at September 30, 2022.