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Headline: BV Financial Announces Financial Results
Location: US
Post Date: Jan 24, 2023 5:14 PM
TAG ID: awire112830
DocID: 736610
Word Count: approx. 1285 words
 
 
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BALTIMORE, MD / ACCESSWIRE / January 24, 2023 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $11.5 million, or $1.54 per diluted share, for the year ended December 31, 2022 compared to net income of $9.4 million, or $1.32 per diluted share, for the year ended December 31, 2021. Net income for the quarter ended December 31, 2022 was $3.7 million or $0.50 per diluted share compared to net income of $2.6 million or $0.36 per diluted share in the quarter ended December 31, 2021. Included in the 2022 annual results are $2.3 million in a gain on bargain purchase recognized in the merger with North Arundel Savings Bank, $1.4 million in excess insurance proceeds, as well as $1.8 million in merger expenses and $0.5 million in a lease buyout cost for a branch whose deposits were moved to the North Arundel location. Included in the December 2022 quarterly results are $1.6 in bargain purchase gains, $1.1 million in excess insurance proceeds and $1.6 million in merger expenses. In the December quarter, certain expenses paid by North Arundel prior to the close of the merger were reclassified as an increase in both bargain purchase gains and merger expenses in the Bank's financial statements. These reclassifications had no impact on net income.

Non-performing assets on December 31, 2022 totaled $7.9 million consisting of $5.9 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. On December 31 2022, the loan loss allowance was $3.8 million, which represented 0.57% of total loans and 64.8% 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, on December 31, 2022, the Bank had a credit impairment valuation allowances of $3.8 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 December 31, 2022, BV Financial, Inc. had total assets of $844.1 million, net loans of $659.1 million, deposits of $684.6 million and total stockholders' equity of $97.8 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 13.34% at December 31, 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 fifteen 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 12/31/2022 12/31/2021 ASSETS Cash 12,704 8,484 Interest bearing deposits in other banks 55,452 102,456 68,156 110,940 Time Deposits in Other Banks 496 250 Equity securities at fair value 221 - Investment AFS 33,034 37,793 Investment HTM 10,461 4,059 Loans 659,131 584,438 Loans Held For sale - - Repossessed Assets 1,987 1,987 Premises and Equipment 15,176 15,050 FHLB of Atlanta Stock 977 404 Cash Surrender Value of Life Insurance 19,983 25,966 Accrued Interest Receivable 2,952 2,583 Goodwill 14,420 14,420 Other Intangible Assets 1,195 1,293 Deferred Tax Asset 8,225 8,322 Other Assets 7,661 7,625 Total Assets $ 844,075 $ 815,130 LIABILITIES Deposits - non interest bearing 167,202 175,019 Deposits - interest bearing 517,416 505,006 Total Deposits 684,618 680,025 Advances From the FHLB 12,000 - Subordinated debentures 37,039 36,828 Official Checks 3,065 2,417 Advanced Payments By Borrowers 3,157 4,514 Other Liabilities 6,445 7,900 Total Liabilities 746,324 731,684 EQUITY Common Stock at par 74 71 Common Stock in excess of par 9,947 9,383 Retained Earnings 90,071 74,088 Net Unrealized Gain (Loss) on Securities (2,341 ) (96 ) Total Equity 97,751 83,446 Total Liabilites and Equity $ 844,075 $ 815,130 Total common shares outstanding 7,418,575 7,138,221 BV Financial & Subsidiaries YTD Consolidated Statement of Income Unaudited 12/31/2022 12/31/2021 INTEREST INCOME Loans, including fees $ 31,259 $ 28,728 Investment Securities 856 511 Other Interest Income 1,235 139 Total Interest Income 33,350 29,378 Interest on Deposits 1,353 1,896 Interest on Borrowed Money 2,077 1,837 Total Interest Expense 3,430 3,733 2836840.15 Net Interest Income Before Provision For Loss 29,920 25,645 Provision for Loan Losses 1,038 575 Net Interest Income 28,882 25,070 Debit Card Income 755 780 Service Fees On Deposits 460 444 Income from Life Insurance 1,492 683 Gain (loss) on repossessed assets - 12 Gain on sale of building\equipment 246 - Gain on sale of Loans held for sale 1 57 Gain on Bargain Purchase 2,300 - Other Income 1,371 395 Total Other Income 6,625 2,371 Compensation 10,130 7,907 Occupancy 1,661 1,685 Data Processing 1,419 1,608 Advertising 23 23 Professional fees 607 587 Equipment 436 453 Foreclosed Real Estate Holding Costs 965 227 Amortization of intangible assets 184 176 FDIC insurance premiums 219 190 Other 4,350 1,761 Total Non-Interest Expense 19,994 14,617 Net Income Before Tax 15,513 12,824 Provision for Income Tax 4,028 3,383 Net Income $ 11,485 $ 9,441 Basic Earnings per share $ 1.55 $ 1.33 Diluted earnings per share $ 1.54 $ 1.32 Return on average assets 1.35 % 1.16 % Return on average equity 12.44 % 11.98 % Efficiency ratio 56.31 % 53.27 % Net Interest margin 3.91 % 3.53 % BV Financial & Subsidiaries QTRLY Consolidated Statement of Income Unaudited 12/31/2022 12/31/2021 INTEREST INCOME Loans, including fees $ 8,547 $ 7,525 Investment Securities 313 150 Other Interest Income 509 45 Total Interest Income 9,369 7,720 Interest on Deposits 369 395 Interest on Borrowed Money 543 502 Total Interest Expense 912 897 Net Interest Income Before Provision For Loss 8,457 6,823 Provision for Loan Losses 451 305 Net Interest Income 8,006 6,518 Debit Card Income 188 197 Service Fees On Deposits 116 107 Income from Life Insurance 1,182 98 Gain (loss) on repossessed assets - - Gain on sale of building\Equipment (33 ) - Gain on sale of Loans - 13 Gain on Bargain Purchase 1,606 - Other Income 216 123 Total Other Income 3,275 538 Compensation 2,649 2,182 Occupancy 440 431 Data Processing 349 336 Advertising 6 6 Professional fees 155 150 Equipment 24 110 Foreclosed Real Estate Holding Costs 568 155 Amortization of intangible assets 46 44 FDIC insurance premiums 55 51 Other 2,052 266 Total Non-Interest Expense 6,344 3,731 Net Income Before Tax 4,937 3,325 Provision for Income Tax 1,247 718 Net Income $ 3,690 $ 2,607 Basic Earnings per share $ 0.50 $ 0.37 Diluted earnings per share $ 0.50 $ 0.36 Return on average assets 1.75 % 1.28 % Return on average equity 15.43 % 12.64 % Efficiency ratio 49.50 % 56.72 % Net Interest margin 4.45 % 4.01 %

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

SOURCE: BV Financial, Inc. View source version on accesswire.com: https://www.accesswire.com/736610/BV-Financial-Announces-Financial-Results

 
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