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
