BV Financial, Inc. Announces Financial Results
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BV Financial, Inc. Announces Financial Results

Friday, July 23, 2021 8:30 AM
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Topic:
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BALTIMORE, MD / ACCESSWIRE / July 23, 2021 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $1.9 million, or $0.27 per diluted share, for the quarter ended June 30, 2021 compared to net income of $3.8 million, or $0.53 per diluted share, for the quarter ended June 30, 2020. Net income for the six-month period ended June 30, 2021 was $4.6 million or $0.65 per diluted share compared to net income of $4.4 million or $0.63 per diluted share in the six-month period ended June 30, 2020. The prior three and six months results include a $3.3 million gain from bargain purchase that resulted from the acquisition of MB Bancorp and its subsidiary, Madison Bank of Maryland on February 29, 2020.

Non-performing assets at June 30, 2021 totaled $8.3 million consisting of $6.5 million in nonperforming loans and $1.8 million in other real estate owned, compared to $8.4 million at December 31, 2020, consisting of $5.6 million in non-performing loans and $2.8 million in other real estate owned. At June 30 2021, the loan loss allowance was $2.1 million, which represented 0.35% of total loans and 32.9% of non-performing loans compared to $1.8 million at December 31, 2020, which represented 0.30% of total loans and 32.5% of non-performing loans. In addition, at June 30, 2021, the Bank had a credit impairment valuation allowance of $6.0 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 and Vigilant mergers.

At June 30, 2021, BV Financial, Inc. had total assets of $807.6 million, net loans of $600.5 million, deposits of $676.4 million and total stockholders' equity of $78.5 million compared to $815.6 million, $607.1 million, $675.1 million and $74.0 million at December 31, 2020, respectively.

BayVanguard's Tier 1 leverage capital ratio was 11.17% at June 30, 2021 compared to 12.97% at December 31, 2020. 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 ten 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)


 
 6/30/2021  12/31/2020 
Selected Balance Sheet Data:
 
 
  
 
 
  
 
  
 
 
Total Assets
 807,595  815,565 
Investment securities
  39,289   39,929 
Loans receivable, net
  600,547   607,073 
Total Deposits
  676,377   675,096 
Borrowings
  36,722   54,655 
Stockholders' Equity
  78,511   74,021 

 
        

Three Months Ended June 30,

Operating results:
 

2021

 

 

2020

 

 
        
Interest Income
 7,067  4,024 
Interest Expense
  1,013   639 
Net Interest income
  6,054   3,385 
Provision for Loan Losses
  90   158 
Net Interest Income after provision
  5,964   3,227 

 
        
Non-Interest Income
  547   255 
Bargain Pruchase Gain
  -   3,285 
Non-Interest expense
  3,631   2,651 
Income before taxes
  2,880   4,116 
Income taxes
  935   364 
Net Income
 1,945  3,752 

 
        
Diluted Income per share
 0.27  0.53 

 
        

Six Months Ended June 30,

Operating results:
 

2021

 

 

2020

 

 
        
Interest Income
 14,410  7,531 
Interest Expense
  1,910   1,222 
Net Interest income
  12,500   6,309 
Provision for Loan Losses
  180   233 
Net Interest Income after provision
  12,320   6,076 

 
        
Non-Interest Income
  1,305   441 
Bargain Purchase Gain
  -   3,285 
Non-Interest expense
  6,984   4,794 
Income before taxes
  6,641   5,008 
Income taxes
  2,013   586 
Net Income
 4,628  4,422 

 
        
Diluted Income per share
 0.65  0.63 
         

SOURCE: BV Financial, Inc.

BV Financial, Inc.
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