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.