BV Financial,Inc. Announces Financial Results
BV Financial, Inc. (OTC PINK:BVFL) reported a net income of $2.7 million, or $0.37 per diluted share, for Q1 2021, significantly up from $671,000 or $0.09 per share in Q1 2020. This growth follows the acquisition of Delmarva Bancshares on October 31, 2020. Key drivers included a 120.3% surge in net interest income and a 310.3% rise in non-interest income, despite a 56.6% increase in non-interest expenses. Assets totaled $815.6 million with a Tier 1 capital ratio of 10.76%, exceeding regulatory standards.
- Net income increased to $2.7 million in Q1 2021 from $671,000 in Q1 2020.
- Net interest income rose by $3.5 million or 120.3% compared to the previous year.
- Non-interest income increased by $0.6 million or 310.3%, boosted by life insurance proceeds.
- Total assets remained stable at $815.6 million, showing strong financial health.
- Tier 1 leverage capital ratio of 10.76% exceeds regulatory standards.
- Non-performing assets increased to $9.7 million from $8.4 million within the same period.
- Loan loss allowance increased to $2.0 million, indicating higher credit risk.
- Non-interest expenses rose by $1.2 million or 56.6%, impacting net income growth.
EDGEMERE, MD / ACCESSWIRE / April 22, 2021 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank, today reported net income of
The increase in net income for the three months ended March 31, 2021 was largely attributable to a
Non-performing assets increased to
As of March 31, 2021, BV Financial, Inc. had assets of
BayVanguard's Tier 1 leverage capital ratio was approximately
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.
Further, given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: demand for our products and services may decline, making it difficult to grow assets and income; if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for loan losses may have to be increased if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; as the result of the decline in the Federal Reserve Board's target federal funds rate the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income; our cyber security risks are increased as the result of an increase in the number of employees working remotely; and FDIC premiums may increase if the agency experience additional resolution costs.
BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Edgemere, Maryland with sixteen other 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.
Contact:
Michael J. Dee
Chief Financial Officer
(410) 477-5000
| BV Financial , inc. Consolidated Financial Highlights (In thousands, except per share data) | |||||||||||
| 3/31/21 | 12/31/20 | ||||||||||
| (unaudited) | |||||||||||
Selected Balance Sheet Data: | |||||||||||
Total Assets | $ | 815,530 | $ | 815,565 | |||||||
Investment securities | 36,028 | 39,929 | |||||||||
Loans recievable, net | 618,356 | 607,073 | |||||||||
Total Deposits | 684,341 | 675,096 | |||||||||
Borrowings | 39,669 | 54,655 | |||||||||
Stockholders' Equity | 76,634 | 74,021 | |||||||||
| Three Months Ended March 31, | |||||||||||
Operating results: | 2021 | 2020 | |||||||||
Interest Income | $ | 7,343 | $ | 3,508 | |||||||
Interest Expense | 897 | 582 | |||||||||
Net Interest income | 6,446 | 2,926 | |||||||||
Provision for Loan Losses | 90 | 76 | |||||||||
Net Interest Income after provision | 6,356 | 2,850 | |||||||||
Non-Interest Income | 759 | 185 | |||||||||
Non-Interest expense | 3,354 | 2,142 | |||||||||
Income before taxes | 3,761 | 893 | |||||||||
Income taxes | 1,078 | 222 | |||||||||
Net Income | $ | 2,683 | $ | 671 | |||||||
Diluted Income per share | $ | 0.37 | $ | 0.09 | |||||||
SOURCE: BV Financial, Inc.
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