BV Financial Inc. announces its financial results

0

EDGEMERE, MD/ACCESSWIRE/April 21, 2022/ BV Financial, Inc. BVFLthe holding company of BayVanguard Bank, today reported net income of $2.4 million, or $0.33 per diluted share, for the three months ended March 31, 2022, compared with net income of $2.7 million dollars, or $0.38 per diluted share, for the three months ended March 31, 2021.

During the three months ended March 31, 2022, the Company recognized $0.6 million in other income upon repayment of a customer’s loan relationship, $0.3 million in gain on purchase at favorable terms related to the merger with North Arundel Savings Bank (NASB) as well as $0.3 million of expenses related to the conversion of NASB systems. During the three months ended March 31, 2021, the Company recognized $0.3 million in additional insurance proceeds, a $0.2 million reduction in interest on borrowed money due to increased the fair market value adjustment on the repayment of subordinated debt assumed in the 2020 acquisition of Delmarva Bancshares and deferred $0.7 million of compensation expense related to the second round of PPP financing of the SBA during the quarter. This deferred compensation is amortized into interest income as the population of PPP loans declines.

Non-performing assets increased to $5.8 million as of March 31, 2022 from $4.4 million as of December 31, 2021. As of March 31, 2022, the allowance for loan losses was $2.9 million, which represented 0.45% of total loans and 76.6% of non-performing loans compared to $2.7 million as of December 31, 2021, which represents 0.45% of total loans and 111.3% of non-performing loans. In addition, as at March 31, 2022 and December 31, 2021, the Bank had credit impairment provisions on purchased loans of $4.6 million and $4.5 million, respectively, which are not included in allowance for loan losses. Credit impairment allowances have been established for loans acquired in the mergers with Vigilant Savings Bank in 2013, Kopernik Bank in 2019, MB Bancorp, Inc. and Delmarva Bancshares in 2020 and NASB in 2022. As of March 31, 2022, these loans acquired totaled $290.4. million or 45.4% of the portfolio.

As of March 31, 2022, BV Financial, Inc. had assets of $857.1 million, net loans of $632.7 million, deposits of $709.6 million and total shareholders’ equity of 89.4 million, compared to $815.1 million, $584.4 million, $680.0 million and $83.4 million as of December 31, 2021.

BayVanguard Bank’s Tier 1 leverage capital ratio was approximately 12.19% as of March 31, 2022, compared to 11.79% as of December 31, 2021. This ratio and the Bank’s other capital measures continue to exceed all regulatory standards for “well capitalized” financial institutions.

As previously reported, in January 2022 BayVanguard Bank acquired NASB. At closing, NASB had approximately $35.3 million in loans and $40.3 million in deposits. As part of this transaction, BV Financial, Inc. issued 251,004 common shares to Bay-vanguard Mutual Holding Company.

This press release may contain certain forward-looking statements based on management’s current expectations regarding economic, legislative and regulatory matters that may affect the Company’s earnings in future periods. Factors that could cause future results to differ materially from management’s current 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 laws or regulations and other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, prices, products and services.

About BV Financial, Inc.

BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Edgemere, Maryland, with seventeen other branches in the Baltimore metropolitan area and on the east coast of Maryland. The Bank is a full-service, community-focused financial institution dedicated to serving the financial services needs of consumers and businesses in its market area.

Consolidated Statement of Condition
Unaudited

03/31/22 12/31/21

ASSETS

Species

12,934 8,484

Remunerated deposits in other banks

84,292 102,456
97,226 110,940

Term deposits in other banks

992 250

Investment FAS

39 182 37,793

Investment HTM

7,566 4,059

Equity securities

244

Loans

632 705 584,438

Loans held for sale

Assets taken over

1,987 1,987

Premises and equipment

16,175 15,050

Atlanta Stock FHLB

489 404

Cash value of life insurance

26,059 25,966

Accrued interest receivable

2,769 2,583

Good will

14,420 14,420

Other intangible assets

1,333 1,293

Deferred tax asset

8,433 8,322

other assets

7,471 7,625

Total assets

$ 857 051 $ 815 130

LIABILITIES

Deposits – non-interest bearing

167 171 175,019

Deposits – interest bearing

542 452 505,006

Total deposits

709 623 680,025

Borrowed money

36,881 36,828

Official checks

7,256 2,417

Advance payments by borrowers

4,978 4,514

Other liabilities

8,932 7,900

Total responsibilities

767 670 731 684

EQUITY

Ordinary shares at par

74 71

Ordinary shares above par

9,421 9,383

Retained earnings

81,005 74,088

Net unrealized gain (loss) on securities

(1,119 ) (96 )

Total equity

89,381 83,446

Total Liabilities and Equity

$ 857 051 $ 815 130

BV Financial & Subsidiaries
Consolidated income statement

03/31/22 03/31/21

INTEREST INCOME

Loans including fees

$ 7,202 $ 7,197

Investment security

172 118

Other interest income

39 28

Total interest income

7,413 7,343

Interest on deposits

367 580

Interest on borrowed money

503 317

Total interest expense

870 897

Net interest income before provision for losses

6,543 6,446

Allowance for loan losses

177 90

Net interest income

6,366 6,356

Debit Card Revenue

182 189

Service charges on deposits

113 117

Life insurance income

93 348

Gain (loss) on assets taken over

12

Gain on sale of loans

14

Gain on cheap purchase

330

Other income

770 79

Total other income

1,488 759

Compensation

2,402 1,539

Occupation

464 392

Data processing

365 617

Advertisement

5 5

Professional fees

175 103

Equipment

112 143

Costs of holding foreclosed real estate

ten 6

Amortization of intangible assets

45 45

FDIC insurance premiums

53 36

Other

727 468

Total non-interest expense

4,358 3,354

Net income before tax

3,496 3,761

Provision for income tax

1,078 1,078

Net revenue

$ 2,418 $ 2,683

Basic earnings per share

$ 0.33 $ 0.38

Diluted earnings per share

$ 0.33 $ 0.38

CONTACT:
Michael J.Dee
Financial director
(410) 477-5000

THE SOURCE: BV Financial, Inc.

See the source version on accesswire.com:

https://www.accesswire.com/698398/BV-Financial-Inc-Announces-Financial-Results

Share.

Comments are closed.