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About BV Financial Inc. (BVFL)
BV Financial Inc. is a federally-chartered savings and loan holding company headquartered in Baltimore, Maryland. Through its subsidiary, BayVanguard Bank, the company operates as a full-service, community-oriented financial institution, providing a wide range of traditional banking products and services to both individual and business customers. With a regional presence spanning thirteen branches across the Baltimore metropolitan area and Maryland's eastern shore, BV Financial is dedicated to addressing the financial needs of its local communities.
Core Business Model
The company generates revenue primarily through interest and dividends earned on loans and investment securities. Its diverse portfolio includes savings accounts, interest-bearing and non-interest-bearing checking accounts, money market accounts, certificates of deposit (CDs), and Individual Retirement Account (IRA) CDs. BV Financial also offers specialized products such as small business checking and education savings accounts, catering to a broad spectrum of financial needs.
Loan and Credit Operations
BV Financial maintains a robust loan portfolio, focusing on commercial and industrial loans, investor commercial real estate loans, and residential mortgages. The company's disciplined lending practices and strong asset quality are evidenced by its consistent reduction in non-performing assets and delinquent loans. BV Financial's allowance for credit losses reflects its commitment to prudent risk management, ensuring a healthy balance sheet and financial stability.
Market Position and Differentiation
Operating in a highly competitive financial services sector, BV Financial differentiates itself through its community-focused approach. By prioritizing personalized customer service and localized decision-making, the company has built strong relationships within its service areas. Its strategic use of brokered deposits to optimize funding costs further enhances its operational efficiency.
Financial Stability and Growth
BV Financial has demonstrated consistent growth in its total assets, deposits, and cash balances. Despite industry-wide challenges such as fluctuating interest rates and competitive pressures, the company has maintained a strong net interest margin and steady income generation. Its proactive approach to managing interest rate risk and operational expenses underscores its resilience and adaptability in a dynamic economic environment.
Community Commitment
As a community-oriented institution, BV Financial is deeply invested in the economic well-being of the regions it serves. The company supports local businesses and individuals by offering accessible financial solutions, fostering economic growth, and contributing to the overall development of its communities.
Conclusion
BV Financial Inc. represents a compelling example of a community-focused financial institution that balances traditional banking values with modern financial strategies. Its commitment to asset quality, operational efficiency, and customer-centric services positions it as a reliable partner for consumers and businesses alike. With a strong foundation in Maryland, BV Financial continues to adapt to industry trends while staying true to its mission of serving the financial needs of its communities.
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.
BV Financial, Inc. (OTC PINK:BVFL) reported a net income of $2.4 million, or $0.33 per diluted share, for Q1 2022, down from $2.7 million, or $0.38 per diluted share in Q1 2021. Notable events include $0.6 million in other income from a loan payoff and a $0.3 million gain on a bargain purchase from the NASB merger, offset by $0.3 million in related conversion expenses. Non-performing assets increased to $5.8 million, and the loan loss allowance stood at $2.9 million, or 0.45% of total loans. Total assets rose to $857.1 million, reflecting strong capital ratios exceeding regulatory requirements.
BV Financial, Inc. (OTC PINK: BVFL) reported a net income of $9.4 million, or $1.32 per diluted share, for the year ended December 31, 2021, up from $7.6 million, or $1.07 per share for 2020. Total assets stood at $815.1 million, with net loans at $584.4 million and deposits at $680.0 million. Non-performing assets decreased to $4.4 million, improving from $8.5 million in 2020. The Tier 1 leverage capital ratio was 11.79%, indicating continued compliance with regulatory standards. The acquisition of North Arundel Bank was completed on January 1, 2022.
BV Financial, Inc. (OTC PINK: BVFL) announced the acquisition of North Arundel Bank on January 4, 2022. This transaction involves the issuance of 251,004 shares of common stock to its parent mutual holding company, Bay-Vanguard, M.H.C., Inc. The combined assets of BayVanguard Bank now amount to approximately $835 million, with $713 million in deposits and $107 million in stockholders' equity. The conversion of data processing systems is expected around March 5, 2022.
BV Financial, Inc. (OTC PINK:BVFL) reported a net income of $2.2 million or $0.31 per diluted share for Q3 2021, up from $1.5 million or $0.20 per diluted share in Q3 2020. Year-to-date income stood at $6.8 million or $0.96 per diluted share, compared to $5.9 million or $0.82 in the same period in 2020. Non-performing assets decreased to $8.1 million from $8.4 million at year-end 2020. Total assets amounted to $807.4 million, with a strong Tier 1 leverage capital ratio of 11.54%.
BV Financial, Inc. (OTC PINK:BVFL) announced a merger with North Arundel Savings Bank, enhancing its presence in Anne Arundel County. Under the merger agreement, North Arundel's depositors will retain their rights as depositors of BayVanguard Bank, the surviving entity. This transaction is expected to be accretive to BV Financial's earnings per share for 2022, increasing consolidated assets from approximately $801 million to $848 million. The merger is slated for completion in Q4 2021 or Q1 2022, pending regulatory approvals.
BV Financial, Inc. (OTC PINK:BVFL) reported a net income of $1.9 million ($0.27 per diluted share) for Q2 2021, a decline from $3.8 million ($0.53 per diluted share) in Q2 2020. For the first half of 2021, net income rose to $4.6 million ($0.65 per diluted share) from $4.4 million ($0.63 per diluted share) in H1 2020. Non-performing assets totaled $8.3 million as of June 30, 2021, slightly down from $8.4 million at year-end 2020. Total assets were $807.6 million, with a Tier 1 leverage capital ratio of 11.17%, still above regulatory standards.
BV Financial, Inc. (OTC PINK:BVFL) held its annual stockholders' meeting on May 6, 2021, where three directors: Joseph S. Galli, Kim C. Lidell, and Timothy L. Prindle were elected for three-year terms. Stockholders approved the 2021 Equity Incentive Plan, which has received approval from the Federal Reserve Bank. Additionally, Rowles & Company, LLP was ratified as the independent auditor for the fiscal year ending December 31, 2021. BV Financial is the parent company of BayVanguard Bank, serving the Baltimore area.
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.
BV Financial, Inc. (OTC PINK: BVFL) has successfully completed a $35 million private placement of its 4.875% Fixed-to-Floating Rate Subordinated Notes. These notes will mature on December 30, 2030, offering fixed interest until December 30, 2025, after which the interest will be tied to the current three-month secured overnight financing rate (SOFR) plus 472 basis points. The proceeds will primarily fund the upcoming acquisition of Delmarva Bancshares, Inc., anticipated to close on October 31, 2020.
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