BV Financial, Inc. Announces Financial Results

Lower expenses and wider lending margins accompanied declining net income and higher nonperforming loans.

Rhea-AI Summary

BV Financial (NASDAQ:BVFL) reported third-quarter net income of $3.4 million, down year over year despite higher diluted earnings per share. Diluted earnings rose to $0.42 from $0.41. Nine-month net income fell to $8.0 million from $8.7 million, while diluted earnings increased to $0.97 from $0.88.

Third-quarter net interest income declined to $9.077 million from $9.350 million, but net interest margin widened to 4.46% from 4.40%. Quarterly noninterest expense fell to $5.1 million from $5.9 million. Non-GAAP operating pre-provision net revenue, an adjusted measure before credit costs, rose to $5.3 million from $5.2 million.

At September 30, 2026, net loans were $726.342 million versus $748.484 million at year-end, and FHLB borrowings fell to $5 million from $35 million. Nonperforming loans increased to $3.2 million from $2.3 million. Nine-month stock repurchases totaled $9.3 million.

14 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 16 points

How the balance works

Positive

• Moderate pointFHLB borrowings fell to $5 million from $35 million between year-end and September 30, 2026.
• Moderate pointNine-month stock repurchases totaled $9.3 million through September 30, 2026. 4.9% of market cap
• Moderate pointThird-quarter noninterest expense fell to $5.1 million from $5.9 million year over year.
• Moderate pointNine-month net interest income increased to $27.726 million from $27.149 million year over year.
• Moderate pointBook value per share rose to $21.95 from $19.95 at September 30, year over year.

9 minor points

• Minor pointThird-quarter net interest margin widened to 4.46% from 4.40% year over year.
• Minor pointNine-month net interest margin widened to 4.47% from 4.29% year over year.
• Minor pointThird-quarter non-GAAP operating pre-provision net revenue rose to $5.3 million from $5.2 million year over year.
• Minor pointNine-month non-GAAP operating pre-provision net revenue rose to $15.4 million from $14.8 million year over year.
• Minor pointThird-quarter interest-bearing liability costs fell to 2.14% from 2.25%; nine-month costs fell to 2.05% from 2.26%.
• Minor pointNoninterest-bearing deposits increased to $139.451 million from $138.360 million between year-end and September 30, 2026.
• Minor pointStockholders' equity increased to $184.229 million from $183.804 million between year-end and September 30, 2026.
• Minor pointTangible book value per share rose to $20.17 from $18.36 at September 30, year over year.
• Minor pointNonperforming loans declined to 0.44% of total loans from 0.47% at September 30, year over year.

Negative

• Moderate pointThird-quarter net income fell to $3.4 million from $3.7 million; diluted EPS rose to $0.42 from $0.41 year over year.
• Moderate pointNet loans declined to $726.342 million from $748.484 million between year-end and September 30, 2026.
• Moderate pointNonperforming loans increased to $3.2 million from $2.3 million between year-end and September 30, 2026.
• Moderate pointThird-quarter credit-loss provision was $213,000, versus a $1.014 million reversal a year earlier.
• Moderate pointThird-quarter net interest income declined to $9.077 million from $9.350 million year over year.
• Moderate pointNine-month noninterest expense rose to $18.1 million from $17.8 million, including $2.2 million in first-quarter executive-transition costs. 1.2% of market cap
• Moderate pointNine-month noninterest income fell to $1.7 million from $1.9 million, reflecting a former branch location's write-down.
• Moderate pointCash and cash equivalents fell to $50.003 million from $55.705 million between year-end and September 30, 2026.
• Moderate pointTotal assets declined to $877.997 million from $912.213 million between year-end and September 30, 2026.
• Moderate pointLoan-loss allowance coverage fell to 197.1% of nonperforming loans from 284.7% between year-end and September 30, 2026.

6 minor points

• Minor pointNine-month net income fell to $8.0 million from $8.7 million; diluted EPS rose to $0.97 from $0.88 year over year.
• Minor pointNine-month credit-loss reversal narrowed to $14,000 from $539,000 year over year.
• Minor pointTotal deposits declined to $673.956 million from $676.094 million between year-end and September 30, 2026.
• Minor pointThird-quarter deposit costs rose to 2.14% from 2.05%; nine-month costs rose to 2.07% from 2.03%.
• Minor pointThird-quarter annualized return on assets fell to 1.57% from 1.65%; nine-month returns fell to 1.19% from 1.27%.
• Minor pointThird-quarter annualized return on equity fell to 7.50% from 7.77%; nine-month returns fell to 5.81% from 5.93%.

News Explained

BV Financial reports that it repurchased 163,540 outstanding common shares during the quarter at an average of $21.16; its reported shares outstanding were 8,391,276 on September 30, 2026, versus 8,852,813 on December 31, 2025, leaving a smaller reported share pool.

Key Figures

Quarterly net income: $3.4 million vs. $3.7 million Quarterly diluted EPS: $0.42 vs. $0.41 Nine-month net income: $8.0 million vs. $8.7 million +5 more

Quarterly net income

$3.4 million vs. $3.7 million

Quarter ended September 30, 2026 vs. 2025

Quarterly diluted EPS

$0.42 vs. $0.41

Quarter ended September 30, 2026 vs. 2025

Nine-month net income

$8.0 million vs. $8.7 million

Nine months ended September 30, 2026 vs. 2025

Nine-month diluted EPS

$0.97 vs. $0.88

Nine months ended September 30, 2026 vs. 2025

Quarterly OPPNR

$5.3 million vs. $5.2 million

Three months ended September 30, 2026 vs. 2025

Nine-month OPPNR

$15.4 million vs. $14.8 million

Nine months ended September 30, 2026 vs. 2025

Common shares repurchased

163,540 shares at an average price of $21.16

Quarter ended September 30, 2026

Non-accrual loans

$3.2 million vs. $2.3 million

September 30, 2026 vs. December 31, 2025

Previous Earnings Reports

1 past event · Latest: Oct 17

Same Type 1 event

1. Oct 17

   earnings report

   24h Move

   +8.0%

   Q3 2025 net income declined year over year despite adjusted income disclosure.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, cecl, non-accrual loans

3 terms

non-gaap financial

"Operating pre-provision net revenue (OPPNR) is a non-GAAP financial metric"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

cecl technical

"Since the adoption of ASC 326 (CECL) in January 2023"

An accounting standard that requires banks and other lenders to estimate and record expected credit losses for loans and similar financial assets up front, based on historical experience, current conditions and reasonable forecasts. It matters to investors because it changes how much a firm must set aside as a loss reserve, which directly affects reported profits, capital levels and perceived financial strength—think of it as stocking a reserve for future bad loans before the rain starts.

non-accrual loans financial

"Non-accrual loans increased $0.9 million to $3.2 million"

A non-accrual loan is a loan a lender has decided is unlikely to produce the scheduled interest payments, so the lender stops counting future interest as income and may record the loan at a reduced value. Think of it like renting out a house where the tenant has stopped paying: you stop counting future rent as earnings because it’s uncertain you’ll get it. For investors, a rise in non-accrual loans signals worsening credit quality, lower reported income and higher potential losses that can weaken a bank’s capital and share price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

BALTIMORE, MD / ACCESS Newswire / October 23, 2026 / BV Financial, Inc. (NASDAQ:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $3.4 million, or $0.42 per diluted share, for the quarter ended September 30, 2026 compared to net income of $3.7 million, or $0.41 per diluted share, for the quarter ended September 30, 2025. Net income for the nine-month period ended September 30, 2026 was $8.0 million or $0.97 per diluted share compared to net income of $8.7 million or $0.88 per diluted share for the nine-month period ended September 30, 2025.

Operating pre-provision net revenue (OPPNR) is a non-GAAP financial metric used by management to monitor the Company's financial results. This metric excludes the expense, or reversal of the expense for the provision for credit losses as well as the costs of the 2024 Equity Incentive Plan, costs associated with out executive transition in the first quarter and the associated changes in the effective tax rate, and other items. Since the adoption of ASC 326 (CECL) in January 2023, the provision line item on the income statement has been extremely volatile, making this metric useful for management in evaluating core earnings capacity before credit costs. OPPNR was $5.3 million or $0.65 per diluted share for the three months ended September 30, 2026, compared to $5.2 million or $0.57 per diluted share for the three months ended September 30, 2025. OPPNR was $15.4 million or $1.87 per diluted share for the nine-months ended September 30, 2026 compared to $14.8 million or $1.50 per diluted share for the nine-month period ended September 30, 2025. For a reconciliation of pre-provision net interest income as reported and non-GAAP OPPNR, see the table at the end of this press release.

Financial Highlights

• Return on average assets and return on average equity for the three months ended September 30, 2026 were 1.57% and 7.50%, respectively.
• Net loans decreased $22.1 million or 2.96% to $726.34 million compared to $748.48 million at December 31, 2025.
• Deposits decreased $2.1 million or 0.32% from $676.1 million at December 31, 2025 to $674.0 million at September 30, 2026.
• Borrowings from the Federal Home Loan Bank of Atlanta "FHLB" decreased by $30.0 million or 85.7%.
• Non-accrual loans increased $0.9 million to $3.2 million at September 30, 2026 from $2.3 million at December 31, 2025.
• The Company recorded a provision for credit losses of $0.2 million for the quarter ended September 30, 2026 and a reversal in the provisions for credit losses of $14,000 for the nine-months ended September 30, 2026.
• During the quarter ended September 30, 2026, the Company repurchased 163,540 shares of its outstanding common stock at an average price of $21.16.

FINANCIAL CONDITION

Total Assets. Total assets were $877.9 million at September 30, 2026, a decrease of $34.2 million, or 3.76%, from $912.2 million at December 31, 2025. The decrease was due primarily to the Company utilizing cash resulting from a decrease in the loan portfolio to repay $30.0 million in borrowings from the FHLB.

Cash and Cash Equivalents. Cash and cash equivalents decreased $5.7 million, or 10.2%, to $50.0 million at September 30, 2026 from $55.7 million at December 31, 2025. The decrease in cash was primarily a result of the pay-off of the FHLB borrowings.

Loans Receivable. Loans receivable decreased $22.2 million, or 2.9%, to $732.7 million at September 30, 2026 from $754.9 million at December 31, 2025. The largest decreases in the portfolio occurred in the commercial ($11.6) million, construction and land ($9.4 million), and one-to-four family non-owner-occupied loans ($7.1) million.

Securities. Securities available for sale decreased by $2.3 million or 7.0% from December 31, 2025 as paydowns and maturities were not entirely replaced with new purchases. The held-to-maturity portfolio decreased due to the pay-off of two holdings of subordinated debentures.

Federal Home Loan Bank Stock Federal Home Loan Bank of Atlanta stock decreased $1.4 million or 61.3% as a result of the advance pay-off reducing the required ownership amount.

Total Liabilities. Total liabilities decreased $34.6 million or 4.7%, to $693.8million at September 30, 2026 from $728.4million at December 31, 2025. The decrease was due primarily to the decrease in borrowings.

Deposits. Total deposits decreased $2.1 million, or 0.32% to $674.0 million at September 30, 2026 from $676.1 million at December 31, 2025. Noninterest-bearing deposits increased $1.1 million or 0.8% to $139.5 million. Interest bearing deposits decreased $3.2 million, or 0.60%, to $534.5 million at September 30, 2026 from $537.7 million at December 31, 2025.

Stockholders' Equity. Stockholders' equity increased $0.4 million, or 0.23%, to $184.2 million at September 30, 2026 from $183.8 million at December 31, 2025 as net income and the impact of earned stock compensation offset the $9.3 million in stock repurchases during the period.

RESULTS OF OPERATION

Net Income. Net income was $3.4 million or $0.42 per diluted share for the three months ended September 30, 2026 compared to $3.7 million or $0.41 per diluted share for the three months ended September 30, 2025. Net income was $8.0 million or $0.97 per diluted share for the nine- months ended September 30, 2026 compared to $8.7 million or $0.88 per diluted share for the nine months ended September 30, 2025. The decrease in income for the year-to-date period is due to both the $2.2 million first quarter executive transition expense and the related tax impact as well as changes in the provision for credit losses.

Net Interest Income. Net interest income was $9.1 million for the three months ended September 30, 2026 compared to $9.4 million for the three months ended September 30, 2025. The net interest margin for the three months ended September 30, 2026 was 4.46% compared to 4.40% for the three months ended September 30, 2025. The decrease in net interest income was primarily due to the lower average balance of loans outstanding in the period.

Net interest income was $27.7 million for the nine months ended September 30, 2026, compared to $27.1 million for the nine months ended September 30, 2025. The net interest margin for the nine months ended September 30, 2026 was 4.47% compared to 4.29% for the nine months ended September 30, 2025. The increase in net interest income was primarily due to the lower borrowing costs in the period due to the pay-off of the subordinated debentures in December 2025.

Noninterest Income. For the three months ended September 30, 2026 and 2025, noninterest income totaled $0.68 million.

For the nine months ended September 30, 2026 noninterest income totaled $1.7 million compared to $1.9 million for the nine months ended and September 30, 2025. The decrease was due to the write-down of a former branch location prior to its sale.

Noninterest Expense. For the three months ended September 30, 2026, noninterest expense totaled $5.1 million compared to $5.9 million for the three months ended September 30, 2025. Decreases in compensation and benefits of $0.7 million due to lower staffing and lower expenses for the 2024 Equity Plan as well as a decrease in other expense of $0.1 million, primarily due to lower fraud losses, were the primary drivers of the overall decrease.

For the nine months ended September 30, 2026, noninterest expense totaled $18.1 million as compared to $17.8 million for the nine months ended September 30, 2025. Compensation and benefits expense increased $0.1 million due to the $2.2 million cost of the executive transition in the first quarter mostly offset by lower staffing levels and lower costs of the 2024 Equity Plan. Data processing expenses increased $81,000 due to the cost of new product implementation.

Asset Quality. Non-performing assets at September 30, 2026 totaled $3.2 million, compared to $2.3 million at December 31, 2025, all of which were nonperforming loans. At September 30, 2026, the allowance for credit losses on loans was $6.3 million, which represented 0.86% of total loans and 197.1% of non-performing loans compared to $6.4 million at December 31, 2025, which represented 0.85% of total loans and 284.7% of non-performing loans.

Forward-Looking Statements

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, increased competitive pressures, the effects of inflation, potential recessionary conditions, general economic conditions or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve Board, the impact of the imposition of tariffs and any retaliatory responses, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio, changes in demand for our products and services, accounting and tax changes, 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, the current or anticipated impact of military conflict, terrorism or other geopolitical events, a potential government shutdown, a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's financial condition and results of operations and the business in which the Company and the Bank are engaged and the failure to maintain current technologies, the failure to retain or attract employees.

BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with twelve 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.

Contact:

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

BV FINANCIAL, INC.
Consolidated Financial Ratios

		At or For the Three Months								At or For the Nine Months
		Ended September 30,								Ended September 30,
		2026				2025				2026				2025
Performance Ratios(1):
Return on average assets			1.57	%			1.65	%			1.19	%			1.27	%
Return on average equity			7.50	%			7.77	%			5.81	%			5.93	%
Interest rate spread(2)			3.74	%			3.65	%			3.79	%			3.54	%
Net interest margin(3)			4.46	%			4.40	%			4.47	%			4.29	%
Yields on earning assets			5.88	%			5.90	%			5.84	%			5.80	%
Cost of interest-bearing liabilities			2.14	%			2.25	%			2.05	%			2.26	%
Cost of interest bearing deposits			2.14	%			2.05	%			2.07	%			2.03	%
Yield on loans			6.17	%			6.15	%			6.16	%			6.03	%
Non-interest expense to average assets			2.32	%			2.59	%			2.70	%			2.61	%
Efficiency ratio(4)			51.81	%			58.58	%			61.71	%			61.25	%
Average interest-earning assets to average interest-bearing liabilities			150.95	%			150.18	%			149.52	%			149.97	%
Average equity to average assets			21.00	%			21.19	%			20.47	%			21.48	%
Credit Quality Ratios:
Allowance for credit losses as a percentage of total loans			0.86	%			1.10	%			0.86	%			1.10	%
Allowance for credit losses as a percentage of non-performing loans			197.11	%			233.53	%			197.11	%			233.53	%
Net charge-offs (recoveries) to average outstanding loans during the year			0.01	%			0.00	%			0.00	%			0.00	%
Non-performing loans as a percentage of total loans			0.44	%			0.47	%			0.44	%			0.47	%
Non-performing loans as a percentage of total assets			0.37	%			0.39	%			0.37	%			0.39	%
Total non-performing assets as a percentage of total assets			0.37	%			0.39	%			0.37	%			0.39	%
Per Share Data
Earnings per common share, basic		$	0.44			$	0.41			$	1.00			$	0.89
Earnings per common share, diluted		$	0.42			$	0.41			$	0.97			$	0.88
Book value per common share		$	21.95			$	19.95			$	21.95			$	19.95
Tangible book value per common share(5)		$	20.17			$	18.36			$	20.17			$	18.36
Weighted average shares outstanding			7,821,602				9,078,667				7,991,887				9,778,481

(1) Performance ratios are annualized.
(2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities
(3) Represents net interest income as a percentage of average interest-earning assets.
(4) Represents non-interest expenses divided by the sum of net interest income and non-interest income.
(5) Represents total equity less goodwill less other intangible assets divided by common shares outstanding. See non-GAAP reconciliation table.

BV FINANCIAL, INC.
Consolidated Balance Sheets

		September 30, 2026				December 31, 2025
(dollars in thousands, except share amounts)		(unaudited)				derived from audited financial statements
Assets
Cash		$	7,214			$	5,616
Interest-bearing deposits in other banks			42,789				50,089
Cash and cash equivalents			50,003				55,705
Equity Investment			404				404
Securities available for sale			30,884				33,226
Securities held to maturity (fair value of $3,562 and $5,102, ACL of $0 and $2)			4,150				5,736
Loans			732,673				754,921
Allowance for Credit Losses			(6,331	)			(6,437	)
Net Loans			726,342				748,484
Premises and equipment, net			12,042				12,493
Federal Home Loan Bank of Atlanta stock, at cost			899				2,324
Investment in life insurance			20,730				20,441
Accrued interest receivable			3,072				3,149
Goodwill			14,420				14,420
Intangible assets, net			516				651
Deferred tax assets, net			7,524				7,563
Other assets			7,011				7,617
Total assets		$	877,997			$	912,213
Liabilities and Stockholders' Equity
Liabilities
Noninterest-bearing deposits		$	139,451			$	138,360
Interest-bearing deposits			534,505				537,734
Total deposits			673,956				676,094
FHLB borrowings			5,000				35,000
Other liabilities			14,812				17,315
Total liabilities			693,768				728,409
Stockholders' equity
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding			-				-
Common stock, $0.01 par value; 45,000,000 shares authorized in 2026 and 2025; 8,391,276 shares issued and outstanding as of September 30, 2026; 8,852,813 shares issued and outstanding as of December 31, 2025			84				88
Paid-in capital			61,453				68,834
Unearned common stock held by employee stock ownership plan			(6,830	)			(6,978	)
Retained earnings			130,979				122,990
Accumulated other comprehensive loss			(1,457	)			(1,130	)
Total stockholders' equity			184,229				183,804
Total liabilities and stockholders' equity		$	877,997			$	912,213

BV FINANCIAL, INC.
Consolidated Statements of Income

(dollars in thousands, except per share amounts)		Three Months Ended September 30,								Nine Months Ended September 30,
Interest Income		2026				2025				2026				2025
Loans, including fees		$	11,163			$	11,519			$	33,471			$	33,594
Investment securities available for sale			292				329				863				1,003
Investment securities held to maturity			40				46				130				139
Other interest income			468				633				1,786				1,938
Total interest income			11,963				12,527				36,250				36,674
Interest Expense
Interest on deposits			2,885				2,712				8,308				7,935
Interest on FHLB borrowings			1				-				216				194
Interest on Subordinated debentures			-				465				-				1,396
Total interest expense			2,886				3,177				8,524				9,525
Net interest income			9,077				9,350				27,726				27,149
Provision for (recovery of) credit losses			213				(1,014	)			(14	)			(539	)
Net interest income after provision for (recovery of) credit losses			8,864				10,364				27,740				27,688
Noninterest Income
Service fees on deposits			105				122				319				337
Fees from debit cards			183				183				528				524
Income from investment in life insurance			87				88				289				289
Gain on foreclosed realestate			-				26				-				26
(Loss) on sale of fixed assets			-				(8	)			(135	)			(8	)
Other income			306				273				675				760
Total noninterest income			681				684				1,676				1,928
Noninterest Expense
Compensation and related benefits			3,412				4,064				12,704				12,606
Occupancy			349				415				1,280				1,238
Data processing			409				372				1,245				1,164
Advertising			6				5				39				14
Professional fees			213				239				764				718
Equipment			82				92				260				278
Foreclosed real estate and repossessed assets holding costs			-				2				(5	)			5
Amortization of intangible assets			45				45				135				135
FDIC insurance premiums			85				83				257				247
Other expense			455				561				1,465				1,405
Total noninterest expense			5,056				5,878				18,144				17,810
Net income before tax			4,489				5,170				11,272				11,806
Income tax expense			1,053				1,440				3,283				3,116
Net income		$	3,436			$	3,730			$	7,989			$	8,690
Basic earnings per share		$	0.44			$	0.41			$	1.00			$	0.89
Diluted earnings per share		$	0.42			$	0.41			$	0.97			$	0.88

BV FINANCIAL, INC.
Average Balance Sheet for the Quarters ended September 30,
(Dollars in thousands)

		For the Three Months Ended September 30,
		2026												2025
(dollars in thousands)		Average Outstanding Balance				Interest				Average Yield/Rate				Average Outstanding Balance				Interest				Average Yield/Rate
		(Unaudited)
Interest-earning assets:
Loans		$	717,546			$	11,163				6.17	%		$	743,119			$	11,519				6.15	%
Securities available-for-sale			31,476				292				3.68	%			35,107				329				3.72	%
Securities held-to-maturity			5,428				40				2.92	%			6,465				46				2.82	%
Cash, cash equivalents and other interest-earning assets			53,132				468				3.52	%			57,784				633				4.38	%
Total interest-earning assets			807,582				11,963				5.88	%			842,475				12,527				5.90	%
Noninterest-earning assets			65,533												63,948
Total assets		$	873,115											$	906,423
Interest-bearing liabilities:
Interest-bearing demand deposits		$	66,753				133				0.79	%		$	75,302				151				0.80	%
Savings deposits			109,602				146				0.53	%			117,422				136				0.46	%
Money market deposits			131,640				771				2.32	%			128,265				787				2.43	%
Certificates of deposit			226,950				1,835				3.21	%			205,022				1,638				3.17	%
Total interest-bearing deposits			534,945				2,885				2.14	%			526,011				2,712				2.05	%
Federal Home Loan Bank advances			54				1				4.18	%			-				-				-
Subordinated debentures			-				-				-				34,983				465				5.27	%
Total borrowings			54				1				4.18	%			34,983				465				5.27	%
Total interest-bearing liabilities			534,999				2,886				2.14	%			560,994				3,177				2.25	%
Noninterest-bearing demand deposits			138,658												137,179
Other noninterest-bearing liabilities			16,140												16,191
Total liabilities			689,797												714,364
Equity			183,318												192,059
Total liabilities and equity		$	873,115											$	906,423
Net interest income						$	9,077											$	9,350
Net interest rate spread											3.74	%											3.65	%
Net interest-earning assets		$	272,583											$	281,481
Net interest margin											4.46	%											4.40	%
Average interest-earning assets to interest-bearing liabilities			150.95	%											150.18	%

BV FINANCIAL, INC.
Average Balance Sheet for the Nine Months ended September 30,
(Dollars in thousands)

		For the Nine Months Ended September 30,
		2026												2025
(dollars in thousands)		Average Outstanding Balance				Interest				Average Yield/Rate				Average Outstanding Balance				Interest				Average Yield/Rate
		(Unaudited)
Interest-earning assets:
Loans		$	726,162			$	33,471				6.16	%		$	745,001			$	33,594				6.03	%
Securities available-for-sale			32,534				863				3.55	%			35,580				1,003				3.77	%
Securities held-to-maturity			6,944				130				2.50	%			6,801				139				2.73	%
Cash, cash equivalents and other interest-earning assets			63,889				1,786				3.76	%			57,988				1,938				4.49	%
Total interest-earning assets			829,529				36,250				5.84	%			845,370				36,674				5.80	%
Noninterest-earning assets			65,506												64,424
Total assets		$	895,035											$	909,794
Interest-bearing liabilities:
Interest-bearing demand deposits		$	70,845				454				0.86	%		$	77,365				482				0.83	%
Savings deposits			113,560				439				0.52	%			120,136				342				0.38	%
Money market deposits			128,833				2,200				2.28	%			126,316				2,318				2.45	%
Certificates of deposit			222,525				5,215				3.13	%			199,332				4,793				3.21	%
Total interest-bearing deposits			535,763				8,308				2.07	%			523,149				7,935				2.03	%
Federal Home Loan Bank advances			19,029				216				1.52	%			5,604				194				4.63	%
Subordinated debentures			-				-				-				34,944				1,396				5.34	%
Total borrowings			19,029				216				1.52	%			40,548				1,590				5.24	%
Total interest-bearing liabilities			554,792				8,524				2.05	%			563,697				9,525				2.26	%
Noninterest-bearing demand deposits			139,439												134,686
Other noninterest-bearing liabilities			17,608												16,027
Total liabilities			711,839												714,410
Equity			183,196												195,384
Total liabilities and equity		$	895,035											$	909,794
Net interest income						$	27,726											$	27,149
Net interest rate spread											3.79	%											3.54	%
Net interest-earning assets		$	274,737											$	281,673
Net interest margin											4.47	%											4.29	%
Average interest-earning assets to interest-bearing liabilities			149.52	%											149.97	%

ALLOWANCE FOR CREDIT LOSS - LOANS
(Dollars in thousands)

		QTR				YTD
		9/30/26				9/30/26
Beginning Balance		$	6,214			$	6,437
Provision for credit loss -loans			171				(85	)
Net Charge-offs (recoveries):
Owner Occupied 1-4			(1	)			(3	)
Non-Owner Occupied 1-4			(17	)			(50	)
Investor Commercial Real Estate			-				-
OO Commercial Real Estate			-				-
Construction & Land			-				-
Farm Loans			-				-
Marine & Consumer			72				74
Guaranteed by the US Gov't			-				-
Commercial			-				-
Net charge-offs (recoveries)			54				21
Ending Balance- ACL for Loans		$	6,331			$	6,331
Balance Reserve for unfunded loan commitments			168				168
Balance Reserve for HTM Securities			-				-
Total ACL		$	6,499			$	6,499
Provision expense for Unfunded Commitments			42				72
Provision expense for HTM Securities			-				(1	)
Total other provision expense		$	42			$	71
Total provision for (recovery of ) credit losses		$	213			$	(14	)

Non-GAAP Reconciliation

In addition to results presented in accordance with generally accepted accounting principles utilized in the Unites States ("GAAP"), this earnings release contains non-GAAP financial measures, OPPNR and tangible book value . The Company believes this non-GAAP financial measure is useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time. Non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

		Three Months ended September 30,								Nine Months ended September 30,
Non-GAAP Adjusted Net Income		2026				2025				2026				2025
Net Income (GAAP)		$	3,436			$	3,730			$	7,989			$	8,690
2024 Equity Plan Expenses			508				977			$	1,712			$	3,309
Cost of executive transition			-				-				2,203
Tax impact			(135	)			(259	)			(1,037	)			(877	)
Non GAAP adjusted net income		$	3,809			$	4,448			$	10,867			$	11,122
Adjusted Net Income per Share		$	0.49			$	0.49			$	1.36			$	1.14
Adjusted Net Income per diluted share		$	0.47			$	0.48			$	1.32			$	1.13
Non-GAAP Operating Pre-provision Net Revenue (OPPNR)
Net Interest Income before provision		$	9,077			$	9,350			$	27,726			$	27,149
Plus: Purchase Accounting Amortization			30				36				123				130
Plus: Non-interest income			681				684				1,676				1,928
Less: Non-interest expense			(5,056	)			(5,878	)			(18,144	)			(17,810	)
Plus: CDI amortization			45				45				135				135
Plus: 2024 Equity Plan expense			508				977				1,712				3,309
Plus: Executive transition expense			-				-				2,203				-
Operating Pre-Provision Net Revenue		$	5,285			$	5,214			$	15,431			$	14,841
OPPNR per share		$	0.68			$	0.57			$	1.93			$	1.52
OPPNR per diluted share		$	0.65			$	0.57			$	1.87			$	1.50
Non-GAAP Tangible Book Value per Common Share
		9/30/26								9/30/25
Total Equity (GAAP)		$	184,229							$	190,210
Less Goodwill			14,420								14,420
Less other intangible assets			516								696
Tangible equity		$	169,293							$	175,094
Common shares outstanding			8,391,276								9,536,094
Tangible book value per share		$	20.17							$	18.36

SOURCE: BV Financial, Inc.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were BV Financial's third-quarter 2026 earnings?

BV Financial earned $3.4 million, or $0.42 per diluted share, for the quarter ended September 30, 2026. A year earlier, net income was $3.7 million, or $0.41 per diluted share. Net income declined while diluted earnings per share increased.

How did BV Financial's nonperforming loans change in 2026?

Nonperforming loans increased to $3.2 million at September 30, 2026, from $2.3 million at December 31, 2025. All nonperforming assets were nonperforming loans. The allowance for credit losses on loans was $6.3 million at September 30, representing 197.1% of nonperforming loans.

What does BV Financial exclude from operating pre-provision net revenue?

BV Financial's non-GAAP operating pre-provision net revenue excludes credit-loss provisions or reversals, 2024 Equity Incentive Plan costs, first-quarter executive-transition costs, associated effective-tax-rate changes, and other items. Management uses the measure to assess earnings capacity before credit costs because it considers the credit-loss provision line volatile.