BV Financial, Inc. Announces Financial Results

Companies Mentioned:

Primary Exchange: OTC PINK
Under the Symbol: BVFL

$19.00

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BV Financial, Inc. Announces Financial Results

Thursday, October 17, 2019 9:00 AM

BALTIMORE, MD / ACCESSWIRE / October 17, 2019 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank, today reported net income of $785,000, or $0.11 per diluted share, for the quarter ended September 30, 2019 compared to $163,000, or $0.05 per diluted share, for the quarter ended September 30, 2018. Net income for the nine-month period ended September 30, 2019 was $1.86 million or $0.32 per diluted share compared to net income of $407,000 or $0.13 per diluted share in the nine-month period ended September 30, 2018.

Non-performing assets at September 30, 2019 totaled $2.2 million consisting of $1.6 million in nonperforming loans and $0.6 million on other real estate owned, compared to $1.5 million at June 30, 2018, consisting of $0.8 million in non-performing loans and $0.7 million in other real estate owned. At September 30, 2019, the loan loss allowance was $1.4 million, which represented 0.58% of total loans and 87.0% of non-performing loans compared to $1.8 million at June 30, 2018, which represented 1.43% of total loans and 214.8% of non-performing loans. In addition, at September 30, 2019, the Bank had a credit impairment allowance of $1.4 million that is not included in the loan loss allowance. The credit impairment allowance was established for loans acquired in the Kopernik and Vigilant mergers.

At September 30, 2019, BV Financial, Inc. had total assets of $297.4 million, net loans of $233.0 million, deposits of $219.7 million and total stockholders' equity of $65.4 million compared to $167.2 million, $124.6 million, $138.7 million and $21.6 million at June 30, 2018, respectively.

BayVanguard Bank's Tier 1 leverage capital ratio was approximately 20.30% at September 30, 2019 compared to 12.23% at June 30, 2018. 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 Baltimore, Maryland with six other branches in the Baltimore metropolitan area. 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)
 
           
 
  9/30/2019     6/30/2018  
 
  (unaudited)        
Selected Balance Sheet Data:
           
 
           
Total Assets
  $ 297,368     $ 167,206  
Investment securities
    15,256       19,009  
Loans recievable, net
    233,028       124,608  
Total Deposits
    219,670       138,685  
Borrowings
    3,000       3,000  
Stockholders' Equity
    65,378       21,650  
 
               
 
               
Three Months Ended June 30,
 
               
Operating results:
    2019       2018  
 
               
Interest Income
  $ 3,373     $ 1,688  
Interest Expense
    499       206  
Net Interest income
    2,874       1,482  
Provision for Loan Losses
    30       20  
Net Interest Income after provision
    2,844       1,462  
 
               
Non-Interest Income
    149       123  
Non-Interest expense
    1,940       1,374  
Income before taxes
    1,053       211  
Income taxes
    268       48  
Net Income
  $ 785     $ 163  
 
               
Diluted Income per share
  $ 0.11     $ 0.05  
 
               
 
               
   
Nine Months Ended June 30,
 
               
Operating results:
    2019       2018  
 
               
Interest Income
  $ 8,945     $ 5,098  
Interest Expense
    1,266       589  
Net Interest income
    7,679       4,509  
Provision for Loan Losses
    80       14  
Net Interest Income after provision
    7,599       4,495  
 
               
Non-Interest Income
    349       348  
Non-Interest expense
    5,428       3,987  
Income before taxes
    2,520       856  
Income taxes
    660       449  
Net Income
  $ 1,860     $ 407  
 
               
Diluted Income per share
  $ 0.32     $ 0.13  
                 

SOURCE: BV Financial, Inc. 


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