Mon, 27 Sep 2021

BV Financial, Inc. Announces Financial Results

ACCESSWIRE
23 Jul 2021, 22:43 GMT+10

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)

SOURCE: BV Financial, Inc.



View source version on accesswire.com:
https://www.accesswire.com/656787/BV-Financial-Inc-Announces-Financial-Results

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