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BV Financial, Inc. Announces Financial Results

Friday, 21 October 2022 09:25 AM

BV Financial, Inc.

Topic:
Earnings

BALTIMORE, MD / ACCESSWIRE / October 21, 2022 / BV Financial, Inc. (OTCBB:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $2.6 million, or $0.35 per diluted share, for the quarter ended September 30, 2022 compared to net income of $2.2 million, or $0.31 per diluted share, for the quarter ended September 30, 2021. Net income for the six-month period ended September 30, 2022 was $7.8 million or $1.05 per diluted share compared to net income of $6.8 million or $0.96 per diluted share in the six-month period ended September 30, 2021.

Non-performing assets at September 30, 2022 totaled $8.5 million consisting of $6.5 million in nonperforming loans and $2.0 million in other real estate owned, compared to $4.4 million at December 31, 2021, consisting of $2.4 million in non-performing loans and $2.0 million in other real estate owned. At September 30 2022, the loan loss allowance was $3.3 million, which represented 0.51% of total loans and 51.1% of non-performing loans compared to $2.6 million at December 31, 2021, which represented 0.45% of total loans and 111.3% of non-performing loans. In addition, at September 30, 2022, the Bank had a credit impairment valuation allowance of $4.1 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, North Arundel and Vigilant mergers.

At September 30, 2022, BV Financial, Inc. had total assets of $848.4 million, net loans of $646.8 million, deposits of $703.9 million and total stockholders' equity of $94.0 million compared to $815.1 million, $584.4 million, $680.0 million and $83.4 million at December 31, 2021, respectively.

BayVanguard Bank's Tier 1 leverage capital ratio was 12.70% at September 30, 2022 compared to 11.79% at December 31, 2021. 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 seventeen branches in the Baltimore metropolitan area and the eastern shore of Maryland. 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.

BV Financial & Subsidiaries
Consolidated Statement of Condition
Unaudited
9/30/2022 12/31/2021
ASSETS
Cash
10,100 8,484
Interest bearing deposits in other banks
67,826 102,456
77,926 110,940
Time Deposits in Other Banks
496 250
Equity securities at fair value
232 -
Investment AFS
34,533 37,793
Investment HTM
10,737 4,059
Loans
646,853 584,438
Loans Held For sale
- -
Repossessed Assets
1,987 1,987
Premises and Equipment
15,375 15,050
FHLB of Atlanta Stock
489 404
Cash Surrender Value of Life Insurance
26,276 25,966
Accrued Interest Receivable
2,744 2,583
Goodwill
14,420 14,420
Other Intangible Assets
1,241 1,293
Deferred Tax Asset
8,243 8,322
Other Assets
6,816 7,625
Total Assets
$848,368 $815,130
LIABILITIES
Deposits - non interest bearing
167,027 175,019
Deposits - interest bearing
536,956 505,006
Total Deposits
703,983 680,025
Borrowed Money
36,986 36,828
Official Checks
2,618 2,417
Advanced Payments By Borrowers
3,088 4,514
Other Liabilities
7,722 7,900
Total Liabilities
754,397 731,684
EQUITY
Common Stock at par
74 71
Common Stock in excess of par
9,866 9,383
Retained Earnings
86,381 74,088
Net Unrealized Gain (Loss) on Securities
(2,350) (96)
Total Equity
93,971 83,446
Total Liabilities and Equity
$848,368 $815,130
BV Financial & Subsidiaries
YTD Consolidated Statement of Income
9/30/2022 9/30/2021
INTEREST INCOME
Loans, including fees
$22,712 $21,204
Investment Securities
542 377
Other Interest Income
740 93
Total Interest Income
23,994 21,674
Interest on Deposits
984 1,501
Interest on Borrowed Money
1,548 1,336
Total Interest Expense
2,532 2,837
2836840.15
Net Interest Income Before Provision For Loss
21,462 18,837
Provision for Loan Losses
587 270
Net Interest Income
20,875 18,567
Debit Card Income
567 583
Service Fees On Deposits
344 337
Income from Life Insurance
310 585
Gain (loss) on repossessed assets
- -
Gain on sale of building
279 44
Gain on sale of Loans
1 11
Gain on Bargain Purchase
694 -
Other Income
1,154 256
Total Other Income
3,349 1,816
Compensation
7,480 5,724
Occupancy
1,221 1,255
Data Processing
1,070 1,272
Advertising
16 17
Professional fees
452 436
Equipment
411 344
Foreclosed Real Estate Holding Costs
396 72
Amortization of intangible assets
137 133
FDIC insurance premiums
165 139
Other
2,301 1,493
Total Non-Interest Expense
13,649 10,885
Net Income Before Tax
10,575 9,498
Provision for Income Tax
2,781 2,665
Net Income
$7,794 $6,833
Basic Earnings per share
$1.05 $0.96
Diluted earnings per share
$1.05 $0.96
Return on average assets
1.21% 1.12%
Return on average equity
11.40% 11.67%
Efficiency ratio
56.34% 53.40%
Net Interest margin
3.73% 3.50%
BV Financial & Subsidiaries
QTRLY Consolidated Statement of Income


9/30/2022 9/30/2021
INTEREST INCOME
Loans, including fees
$7,936 $7,078
Investment Securities
176 149
Other Interest Income
465 37
Total Interest Income
8,577 7,264
Interest on Deposits
296 425
Interest on Borrowed Money
528 502
Total Interest Expense
824 927
Net Interest Income Before Provision For Loss
7,753 6,337
Provision for Loan Losses
186 90
Net Interest Income
7,567 6,247
Debit Card Income
186 192
Service Fees On Deposits
110 110
Income from Life Insurance
89 98
Gain (loss) on repossessed assets
- -
Gain on sale of building
45 -
Gain on sale of Loans
- 13
Gain on Bargain Purchase
- -
Other Income
252 98
Total Other Income
682 511
Compensation
2,666 2,430
Occupancy
310 437
Data Processing
339 276
Advertising
5 4
Professional fees
133 130
Equipment
197 95
Foreclosed Real Estate Holding Costs
338 23
Amortization of intangible assets
46 42
FDIC insurance premiums
57 51
Other
511 413
Total Non-Interest Expense
4,602 3,901
Net Income Before Tax
3,647 2,857
Provision for Income Tax
1,035 652
Net Income
$2,612 $2,205
Basic Earnings per share
$0.35 $0.31
Diluted earnings per share
$0.35 $0.31
Return on average assets
1.22% 1.09%
Return on average equity
11.15% 10.99%
Efficiency ratio
55.79% 57.72%
Net Interest margin
4.00% 3.75%

Contact:

Michael J. Dee
Chief Financial Officer
(410) 477- 5000

SOURCE: BV Financial, Inc.

Topic:
Earnings
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