BV Financial, Inc. Announces Financial Results

BALTIMORE, MD / ACCESSWIRE / October 21, 2022 / BV Financial, Inc. (OTCBB:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $2.6 million, or $0.35 per diluted share, for the quarter ended September 30, 2022 compared to net income of $2.2 million, or $0.31 per diluted share, for the quarter ended September 30, 2021. Net income for the six-month period ended September 30, 2022 was $7.8 million or $1.05 per diluted share compared to net income of $6.8 million or $0.96 per diluted share in the six-month period ended September 30, 2021.

Non-performing assets at September 30, 2022 totaled $8.5 million consisting of $6.5 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 September 30 2022, the loan loss allowance was $3.3 million, which represented 0.51% of total loans and 51.1% 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 September 30, 2022, the Bank had a credit impairment valuation allowance of $4.1 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 September 30, 2022, BV Financial, Inc. had total assets of $848.4 million, net loans of $646.8 million, deposits of $703.9 million and total stockholders' equity of $94.0 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 12.70% at September 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 seventeen 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.

Contact:

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

SOURCE: BV Financial, Inc.