BV Financial, Inc. Announces Financial Results

EDGEMERE, MD / ACCESSWIRE / January 20, 2022 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank, today reported net income of $9.4 million or $1.32 per diluted share, for the twelve months ended December 31, 2021 compared to $7.6 million, or $1.07 per diluted share, for the year ended December 31, 2020. The 2020 results include ten months of combined operations of BV Financial, Inc. and the former MB Bancorp, Inc. and its subsidiary, Madison Bank which was acquired as of February 29, 2020, a $3.3 million gain on bargain purchase recognized in the acquisition of MB Bancorp, Inc., and two months of combined operations with the former Delmarva Bancshares and its subsidiary, 1880 Bank that was acquired as of October 31, 2020.

At December 31, 2021, BV Financial, Inc. had total assets of $815.1 million, net loans of $584.4 million, deposits of $680.0 million and total stockholders' equity of $83.4 million compared to $815.6 million, $607.1 million, $675.1 million and $74.0 million at December 31, 2020, respectively.

Non-performing assets at December 31, 2021 totaled $4.4 million consisting of $2.4 million in nonperforming loans and $2.0 million on other real estate owned, compared to $8.5 million at December 31, 2020, consisting of $5.7 million in non-performing loans and $2.8 million in other real estate owned. At December 31, 2021, the loan loss allowance was $2.7 million, which represented 0.45% of total loans and 110.0% of non-performing loans. Additionally, the Company has $4.5 million in credit impairment allowances for the acquired loan portfolios. The acquired loan portfolios total $279.7 million or 47.3% of total loans at December 31, 2021. Adding the credit impairment allowances to the loan loss reserves results in an allowance to loan ratio of 1.22% and an allowance to non-performing loan ratio of 296.8%.

BayVanguard Bank's Tier 1 leverage capital ratio was 11.79% at December 31 2021 compared to 13.05% at December 31, 2020. This ratio and the Bank's other capital measurements continue to exceed all regulatory standards for "well-capitalized" financial institutions.

As previously announced, effective January 1, 2022, BayVanguard Bank acquired North Arundel Bank. As part of this mutual to mutual transaction, BV Financial Inc., issued 251,004 shares of common stock to Bay-Vanguard M.H.C.

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 sixteen other 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

12/31/2021 12/31/2020
ASSETS


Cash
8,484 10,971
Interest bearing deposits in other banks
102,456 80,769

110,940 91,740

Time Deposits in Other Banks
250 250
Investment AFS
37,793 32,463
Investment HTM
8,379 7,466
Loans
584,438 607,073
Loans Held For sale
- 322
Repossessed Assets
1,987 2,790
Premises and Equipment
15,050 15,482
FHLB of Atlanta Stock
404 1,280
Cash Surrender Value of Life Insurance
25,966 26,195
Accrued Interest Receivable
2,583 2,936
Goodwill
14,420 12,830
Other Intangible Assets
1,293 1,469
Deferred Tax Asset
8,285 8,156
Other Assets
3,305 5,113

Total Assets
$815,093 $815,565

LIABILITIES
Deposits - non interest bearing
175,019 151,087
Deposits - interest bearing
505,006 524,009
Total Deposits
680,025 675,096

Borrowed Money
36,828 54,655
Official Checks
2,417 1,657
Advanced Payments By Borrowers
4,514 1,582
Other Liabilities
7,863 8,554

Total Liabilities
731,647 741,544
EQUITY

Common Stock at par
71 73
Common Stock in excess of par
9,559 10,919
Restricted Stock
(176) -
Treasury Shares
- (1,979)
Retained Earnings
74,088 64,647
Net Unrealized Gain (Loss) on Securities
(96) 361

Total Equity
83,446 74,021

Total Liabilites and Equity
$815,093 $815,565

BV Financial & Subsidiaries

Consolidated Statement of Income





Unaudited

12/31/2021 12/31/2020
INTEREST INCOME


Loans, including fees
$28,728 $17,764
Investment Securities
540 310
Other Interest Income
139 155
Total Interest Income
29,407 18,229


Interest on Deposits
1,895 2,299
Interest on Borrowed Money
1,837 605
Total Interest Expense
3,732 2,904


Net Interest Income Before Provision For Loss
25,674 15,325
Provision for Loan Losses
575 695
Net Interest Income
25,099 14,630

Debit Card Income
780 231
Service Fees On Deposits
444 228
Income from Life Insurance
683 770
Gain on sale of securities
- -
Gain (loss) on repossessed assets
12 (17)
Gain on sale of Loans
57 21
Other Income
366 3,703
Total Other Income
2,342 4,936

Compensation
7,907 6,071
Occupancy
1,685 1,039
Data Processing
1,608 868
Advertising
23 20
Professional fees
587 876
Equipment
453 270
Foreclosed Real Estate Holding Costs
227 111
Write-down of REO
- -
Amortization of intangible assets
177 155
FDIC insurance premiums
190 39
Other
1,760 1,123
Total Non-Interest Expense
14,617 10,572

Net Income Before Tax
12,824 8,994

Provision for Income Tax
3,383 1,349

Net Income
$9,441 $7,645

Basic Earnings per share
$1.33 $1.08
Diluted earnings per share
$1.32 $1.07

SOURCE: BV Financial, Inc.



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