BALTIMORE, MD / ACCESSWIRE / October 21, 2021 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank, today reported net income of $2.2 million, or $0.31 per diluted share, for the quarter ended September 30, 2021 compared to net income of $1.5 million or $0.20 per diluted share, for the quarter ended September 30, 2020. Net income for the nine-month period ended September 30, 2021 was $6.8 million or $0.96 per diluted share compared to net income of $5.9 million or $0.82 per diluted share in the nine-month period ended September 30, 2020. Year to date income in the prior year-to-date period includes a $3.3 million gain on bargain purchase from the acquisition of MB Bancorp. The results in the current quarter and year to date periods reflect the operations of the former Delmarva Bancshares and 1880 Bank that were acquired on October 31, 2020.
Non-performing assets at September 30, 2021 totaled $8.1 million consisting of $6.3 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 September 30 2021, the loan loss allowance was $2.3 million, which represented 0.39% of total loans and 36.0% 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 September 30, 2021, the Bank had credit impairment allowances of $5.6 million that is not included in the loan loss allowance. The credit impairment allowances were established for loans acquired in the Delmarva Bancshares, MB Bancorp, Kopernik and Vigilant mergers. At September 30, 2021, these acquired loans totaled $318.8 million or 55.1% of the loan portfolio.
At September 30, 2021, BV Financial, Inc. had total assets of $807.4 million, net loans of $571.9 million, deposits of $674.2 million and total stockholders' equity of $80.9 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 11.54% at September 30, 2021 compared to 13.05% at December 31, 2020. This ratio and the Bank's other capital measurements continue to exceed all regulatory standards for "well-capitalized" financial institutions.
BV Financial, Inc., in a press release dated August 5, 2021 announced the signing of a definitive merger agreement whereby BayVanguard Bank has agreed to merge with North Arundel Savings Bank. As a merger among mutual institutions, there is no consideration to be paid.
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) | |||||
| 9/30/2021 | 12/31/2020 | ||||
Selected Balance Sheet Data: | |||||
Total Assets | $ | 807,356 | $ | 815,565 | |
Investment securities | 47,120 | 39,929 | |||
Loans receivable, net | 571,901 | 607,073 | |||
Total Deposits | 674,181 | 675,096 | |||
Borrowings | 36,775 | 54,655 | |||
Stockholders' Equity | 80,949 | 74,021 | |||
| Three Months Ended September 30, | |||||
Operating results: | 2021 | 2020 | |||
Interest Income | $ | 7,264 | $ | 4,269 | |
Interest Expense | 927 | 610 | |||
Net Interest income | 6,337 | 3,659 | |||
Provision for Loan Losses | 90 | 60 | |||
Net Interest Income after provision | 6,247 | 3,599 | |||
Non-Interest Income | 511 | 520 | |||
Non-Interest expense | 3,901 | 2,271 | |||
Income before taxes | 2,857 | 1,848 | |||
Income taxes | 652 | 396 | |||
Net Income | $ | 2,205 | $ | 1,452 | |
Diluted Income per share | $ | 0.31 | $ | 0.20 | |
| Nine Months Ended September 30, | |||||
Operating results: | 2021 | 2020 | |||
Interest Income | $ | 21,674 | $ | 11,800 | |
Interest Expense | 2,837 | 1,832 | |||
Net Interest income | 18,837 | 9,968 | |||
Provision for Loan Losses | 270 | 293 | |||
Net Interest Income after provision | 18,567 | 9,675 | |||
Non-Interest Income | 1,816 | 961 | |||
Gain on Bargain Purchase | - | 3,285 | |||
Non-Interest expense | 10,885 | 7,064 | |||
Income before taxes | 9,498 | 6,857 | |||
Income taxes | 2,665 | 982 | |||
Net Income | $ | 6,833 | $ | 5,875 | |
Diluted Income per share | $ | 0.96 | $ | 0.82 | |
SOURCE: BV Financial, Inc.