BV Financial, Inc. Announces Financial Results
BALTIMORE, MD / ACCESSWIRE / July 23, 2021 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of
Non-performing assets at June 30, 2021 totaled
At June 30, 2021, BV Financial, Inc. had total assets of
BayVanguard's Tier 1 leverage capital ratio was
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.
Contact:
Michael J. Dee
Chief Financial Officer
(410) 477- 5000
BV Financial, Inc.
Consolidated Financial Highlights
(In thousands, except per share data)
6/30/2021 | 12/31/2020 | |||||||
Selected Balance Sheet Data: | ||||||||
Total Assets | $ | 807,595 | $ | 815,565 | ||||
Investment securities | 39,289 | 39,929 | ||||||
Loans receivable, net | 600,547 | 607,073 | ||||||
Total Deposits | 676,377 | 675,096 | ||||||
Borrowings | 36,722 | 54,655 | ||||||
Stockholders' Equity | 78,511 | 74,021 | ||||||
Three Months Ended June 30, | ||||||||
Operating results: | 2021 |
|
| 2020 | ||||
Interest Income | $ | 7,067 | $ | 4,024 | ||||
Interest Expense | 1,013 | 639 | ||||||
Net Interest income | 6,054 | 3,385 | ||||||
Provision for Loan Losses | 90 | 158 | ||||||
Net Interest Income after provision | 5,964 | 3,227 | ||||||
Non-Interest Income | 547 | 255 | ||||||
Bargain Pruchase Gain | - | 3,285 | ||||||
Non-Interest expense | 3,631 | 2,651 | ||||||
Income before taxes | 2,880 | 4,116 | ||||||
Income taxes | 935 | 364 | ||||||
Net Income | $ | 1,945 | $ | 3,752 | ||||
Diluted Income per share | $ | 0.27 | $ | 0.53 | ||||
Six Months Ended June 30, | ||||||||
Operating results: | 2021 |
|
| 2020 | ||||
Interest Income | $ | 14,410 | $ | 7,531 | ||||
Interest Expense | 1,910 | 1,222 | ||||||
Net Interest income | 12,500 | 6,309 | ||||||
Provision for Loan Losses | 180 | 233 | ||||||
Net Interest Income after provision | 12,320 | 6,076 | ||||||
Non-Interest Income | 1,305 | 441 | ||||||
Bargain Purchase Gain | - | 3,285 | ||||||
Non-Interest expense | 6,984 | 4,794 | ||||||
Income before taxes | 6,641 | 5,008 | ||||||
Income taxes | 2,013 | 586 | ||||||
Net Income | $ | 4,628 | $ | 4,422 | ||||
Diluted Income per share | $ | 0.65 | $ | 0.63 | ||||
SOURCE: BV Financial, Inc.
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