BV Financial, Inc. Announces Financial Results

BALTIMORE, MD / ACCESSWIRE / July 21, 2022 / BV Financial, Inc. (OTC:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $2.8 million, or $0.37 per diluted share, for the quarter ended June 30, 2022 compared to net income of $1.9 million, or $0.27 per diluted share, for the quarter ended June 30, 2021. Net income for the six-month period ended June 30, 2022 was $5.2 million or $0.70 per diluted share compared to net income of $4.6 million or $0.65 per diluted share in the six-month period ended June 30, 2021.

Non-performing assets at June 30, 2022 totaled $6.4 million consisting of $4.4 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 June 30 2022, the loan loss allowance was $3.1 million, which represented 0.49% of total loans and 70.7% 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 June 30, 2022, the Bank had a credit impairment valuation allowance of $4.3 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 June 30, 2022, BV Financial, Inc. had total assets of $857.3 million, net loans of $630.2 million, deposits of $712.6 million and total stockholders' equity of $91.9 million compared to $815.1 million, $584.4 million, $680.0 million and $83.4 million at December 31, 2021, respectively.

BayVanguard's Tier 1 leverage capital ratio was 12.29% at June 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 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.

BV Financial & Subsidiaries
Consolidated Statement of Condition

Unaudited
6/30/2022 12/31/2021
ASSETS

Cash
9,871 8,484
Interest bearing deposits in other banks
94,940 102,456
104,811 110,940
Time Deposits in Other Banks
496 250
Equity securities at fair value
240 -
Investment AFS
35,886 37,793
Investment HTM
7,389 4,059
Loans
630,249 584,438
Loans Held For sale
- -
Repossessed Assets
1,987 1,987
Premises and Equipment
15,674 15,050
FHLB of Atlanta Stock
489 404
Cash Surrender Value of Life Insurance
26,187 25,966
Accrued Interest Receivable
2,833 2,583
Goodwill
14,420 14,420
Other Intangible Assets
1,287 1,293
Deferred Tax Asset
8,272 8,322
Other Assets
7,032 7,625
Total Assets
$857,252 $815,130
LIABILITIES
Deposits - non interest bearing
176,642 175,019
Deposits - interest bearing
535,968 505,006
Total Deposits
712,610 680,025
Borrowed Money
36,933 36,828
Official Checks
2,615 2,417
Advanced Payments By Borrowers
6,198 4,514
Other Liabilities
6,970 7,900
Total Liabilities
765,326 731,684
EQUITY
Common Stock at par
74 71
Common Stock in excess of par
9,773 9,383
Retained Earnings
83,770 74,088
Net Unrealized Gain (Loss) on Securities
(1,691) (96)
Total Equity
91,926 83,446
Total Liabilites and Equity
$857,252 $815,130

BV Financial & Subsidiaries
YTD Consolidated Statement of Income

6/30/2022 6/30/2021
INTEREST INCOME


Loans, including fees
$14,776 $14,125
Investment Securities
366 228
Other Interest Income
268 57
Total Interest Income
15,410 14,410
Interest on Deposits
690 1,076
Interest on Borrowed Money
1,012 833
Total Interest Expense
1,702 1,909
Net Interest Income Before Provision For Loss
13,708 12,501
Provision for Loan Losses
401 180
Net Interest Income
13,307 12,321
Debit Card Income
381 391
Service Fees On Deposits
234 227
Income from Life Insurance
221 487
Gain (loss) on repossessed assets
- 12
Gain on sale of building
235 -
Gain on sale of Loans
1 31
Gain on Bargain Purchase
694 -
Other Income
902 158
Total Other Income
2,668 1,306
Compensation
4,815 3,294
Occupancy
911 817
Data Processing
731 996
Advertising
11 13
Professional fees
319 306
Equipment
214 249
Foreclosed Real Estate Holding Costs
58 49
Amortization of intangible assets
91 91
FDIC insurance premiums
108 88
Other
1,789 1,083
Total Non-Interest Expense
9,047 6,986
Net Income Before Tax
6,928 6,641
Provision for Income Tax
1,746 2,013
Net Income
$5,182 $4,628
Basic Earnings per share
$0.70 $0.65
Diluted earnings per share
$0.70 $0.65
Return on average assets
1.22% 1.14%
Return on average equity
11.65% 12.03%
Efficiency ratio
56.63% 51.27%
Net Interest margin
3.60% 3.47%

BV Financial & Subsidiaries
QTRLY Consolidated Statement of Income

6/30/2022 6/30/2021
INTEREST INCOME


Loans, including fees
$7,573 $6,928
Investment Securities
194 110
Other Interest Income
233 29
Total Interest Income
8,000 7,067
Interest on Deposits
321 496
Interest on Borrowed Money
514 517
Total Interest Expense
835 1,013
Net Interest Income Before Provision For Loss
7,165 6,054
Provision for Loan Losses
224 90
Net Interest Income
6,941 5,964
Debit Card Income
198 202
Service Fees On Deposits
121 110
Income from Life Insurance
128 139
Gain (loss) on repossessed assets
- -
Gain on sale of building
235 -
Gain on sale of Loans
1 17
Gain on Bargain Purchase
364 -
Other Income
135 79
Total Other Income
1,182 547
Compensation
2,413 1,755
Occupancy
447 425
Data Processing
367 379
Advertising
7 8
Professional fees
144 203
Equipment
102 106
Foreclosed Real Estate Holding Costs
48 44
Amortization of intangible assets
46 45
FDIC insurance premiums
55 53
Other
1,060 613
Total Non-Interest Expense
4,689 3,631
Net Income Before Tax
3,434 2,880
Provision for Income Tax
669 935
Net Income
$2,765 $1,945
Basic Earnings per share
$0.37 $0.27
Diluted earnings per share
$0.37 $0.27
Return on average assets
1.28% 0.96%
Return on average equity
12.21% 9.99%
Efficiency ratio
57.72% 55.77%
Net Interest margin
3.92% 3.30%

Contact:

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

SOURCE: BV Financial, Inc.



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