Welcome to our dedicated page for BV Financial news (Ticker: BVFL), a resource for investors and traders seeking the latest updates and insights on BV Financial stock.
BV Financial Inc is a federally-chartered savings and loan holding company offering a range of financial services to consumers and businesses. The company provides various deposit accounts, including savings, interest checking, money market, personal and business checking, non-interest checking, education savings, small business checking, business checking, certificates of deposit, and IRA certificates of deposit. The revenue sources include interest and dividends earned on loans and investment securities.
As of June 30, 2023, the company reported total assets of $920.8 million, a significant increase from $845.0 million at the end of 2022. The increase was driven by growth in cash, loans receivable, and securities, partially offset by decreases in repossessed assets and life insurance value.
With headquarters in Baltimore, Maryland, BV Financial Inc is the parent company of BayVanguard Bank, operating 15 branches across the Baltimore metropolitan area and the eastern shore of Maryland. The bank focuses on serving the financial service needs of consumers and businesses, embodying a community-oriented approach.
BV Financial, Inc. (OTC PINK:BVFL) issued a correction to its financial results for Q4 and the fiscal year ended December 31, 2022. The gain on bargain purchase from the North Arundel Savings Bank acquisition was adjusted from $2.3 million to $1.3 million, impacting net income and other key metrics. Post-correction, the net income for 2022 is $10.5 million ($1.41 per diluted share), down from initial figures of $11.5 million. Total assets rose to $844.9 million, while non-performing assets increased to $7.9 million. The Tier 1 leverage capital ratio improved to 13.39%, surpassing regulatory standards for well-capitalized institutions.
BV Financial, Inc. (OTC PINK:BVFL) reported a net income of $11.5 million, or $1.54 per diluted share for the year ending December 31, 2022, up from $9.4 million or $1.32 per diluted share in 2021. The Q4 2022 net income reached $3.7 million or $0.50 per share, up from $2.6 million or $0.36 per share a year earlier. Key factors included a $2.3 million gain from the North Arundel Savings Bank merger and $1.4 million in excess insurance proceeds. Non-performing assets rose to $7.9 million from $4.4 million year-over-year. BV Financial's total assets amounted to $844.1 million, with a Tier 1 leverage capital ratio of 13.34%.
BV Financial, Inc. (OTC Pink: BVFL) has announced a Plan of Conversion and Reorganization to transition from a mutual holding company to a stock holding company. The Bay-Vanguard, M.H.C., Inc. will merge into the Company, affecting around 86.6% of outstanding shares. Minority stockholders will exchange their shares for new common stock based on an established exchange ratio. A stock offering will be available primarily to eligible depositors of the Bank as of December 31, 2021. The transaction, pending necessary approvals, is expected to finalize in Q3 2023. Legal and marketing advice is provided by Luse Gorman, PC and Performance Trust Capital Partners, respectively.
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%.
BV Financial, Inc. (OTC:BVFL) reported a net income of $2.8 million or $0.37 per diluted share for Q2 2022, an increase from $1.9 million or $0.27 per share in Q2 2021. For the first half of 2022, net income rose to $5.2 million or $0.70 per share from $4.6 million or $0.65 per share in the same period last year. Non-performing assets grew to $6.4 million, while the loan loss allowance increased to $3.1 million. Total assets reached $857.3 million, reflecting robust growth in loans and deposits.
FAQ
What is the current stock price of BV Financial (BVFL)?
What is the market cap of BV Financial (BVFL)?
What services does BV Financial Inc offer?
Where is BV Financial Inc headquartered?
How many branches does BayVanguard Bank have?
What are the revenue sources for BV Financial Inc?
What was the total assets of BV Financial Inc as of June 30, 2023?
How has the total assets of BV Financial Inc changed?
