BV Financial, Inc. Announces Financial Results
Rhea-AI Summary
BV Financial (NASDAQ:BVFL) reported net income of $3.5 million, or $0.42 per diluted share, for Q2 2026, up from $2.9 million, or $0.29, in Q2 2025. Six‑month 2026 net income was $4.6 million ($0.55 per diluted share) versus $5.0 million ($0.50) a year earlier, reflecting a disclosed $2.2 million executive transition expense in Q1.
Adjusted net income was $3.9 million ($0.47 per diluted share) for Q2 2026 and $7.1 million ($0.86) year‑to‑date. Operating pre‑provision net revenue (OPPNR) was $5.2 million for Q2 2026 and $10.1 million year‑to‑date. The net interest margin rose to 4.58% in Q2 2026 from 4.36% a year earlier, and return on average assets reached 1.54%, with return on average equity at 7.56%.
Total assets declined to $878 million, mainly due to a $44.3 million (5.9%) reduction in loans as the company used cash to fully repay $35.0 million of Federal Home Loan Bank borrowings, producing a $0.3 million reduction in interest expense. Deposits were essentially unchanged at $675.9 million. Non‑accrual loans increased to $3.4 million, while the allowance for credit losses on loans was $6.2 million, or 0.87% of total loans.
During Q2 2026, BV Financial repurchased 230,000 common shares at an average price of $20.03, contributing to stockholders’ equity of $183.2 million at June 30, 2026.
Positive
- Q2 2026 net income $3.5 million vs. $2.9 million in Q2 2025
- Q2 2026 diluted EPS $0.42 vs. $0.29 in Q2 2025
- Net interest margin 4.58% in Q2 2026 vs. 4.36% in Q2 2025
- OPPNR year-to-date $10.1 million vs. $9.6 million in 2025 period
- FHLB borrowings repaid $35.0 million, with $0.3 million interest expense reduction
- Share repurchases 230,000 shares in Q2 2026 at $20.03 average price
Negative
- Total assets decreased 3.76% to $877.9 million since December 31, 2025
- Loans receivable declined $44.3 million (5.9%) to $710.6 million
- Six-month 2026 net income $4.6 million vs. $5.0 million in 2025 period
- Noninterest income Q2 2026 $467,000 vs. $714,000 in Q2 2025
- Non-accrual loans increased $1.1 million to $3.4 million vs. December 31, 2025
- Six-month noninterest expense rose to $13.1 million from $11.9 million
News Market Reaction – BVFL
In the Jul 24 session, BVFL declined 0.97%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 24 | Q1 earnings report | Positive | +1.2% | Adjusted earnings increased while reported quarterly income declined year over year. |
| Jan 23 | Annual earnings report | Positive | -0.8% | Full-year earnings rose, but shares recorded a negative 24-hour reaction. |
| Oct 17 | Q3 earnings report | Negative | +8.0% | Quarterly and year-to-date earnings declined despite a positive share reaction. |
| Jul 17 | Q2 earnings report | Negative | +0.5% | Quarterly earnings declined while the stock posted a positive reaction. |
| Apr 17 | Q1 earnings report | Negative | +3.1% | Quarterly earnings declined, yet the stock recorded a positive reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings reactions diverged from the reported earnings direction in four of five tag-matched events.
Key Terms
non-gaap financial
operating pre-provision net revenue financial
cecl regulatory
non-accrual loans financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BALTIMORE, MD / ACCESS Newswire / July 24, 2026 / BV Financial, Inc. (NASDAQ:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of
Adjusted net income, a non-GAAP financial metric, was
Additionally, management refers to another non-GAAP metric called Operating Pre-Provision Net revenue (OPPNR) 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 changes in the effective tax rate. 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 more meaningful. OPPNR was
Financial Highlights
Return on average assets and return on average equity for the three months ended June 30, 2026 was
1.54% and7.56% , respectively.Net loans decreased
$44.3 million or5.9% to$711.6 million compared to$754.9 million at December 31, 2025.Deposits decreased
$0.2 million or -0.03% from$676.1 million at December 31, 2025 to$675.9 million at June 30, 2026.All
$35.0 million in borrowings from the Federal Home Loan Bank of Atlanta "FHLB" that were outstanding at March 31, 2026 were paid off in the quarter. This pay-off resulted in a gain (decrease in interest expense) of$0.3 million .Non-accrual loans increased
$1.1 million to$3.4 million at June 30, 2026 from$2.3 million at December 31, 2025..The Company recorded reversals in the provisions for credit losses of
$216,000 for the three months ended June 30, 2026 and$227,000 for the six months ended June 30, 2026.During the quarter ended June 30, 2026, the Company repurchased 230,000 shares of its outstanding common stock at an average price of
$20.03 .
FINANCIAL CONDITION DISCUSSION
Total Assets. Total assets were
Cash and Cash Equivalents. Cash and cash equivalents increased
Loans Receivable. Loans receivable decreased
Securities. Securities available for sale decreased by
Federal Home Loan Bank Stock Federal Home Loan Bank of Atlanta stock decreased
Total Liabilities. Total liabilities decreased
Deposits. Total deposits decreased
Stockholders' Equity. Stockholders' equity decreased
RESULTS OF OPERATION DISCUSSION
Net Income. Net income was
Net Interest Income. Net interest income was
Net interest income was
Noninterest Income. For the three months ended June 30, 2026, noninterest income totaled approximately
For the six months ended June 30, 2026 noninterest income totaled
Noninterest Expense. For the three months ended June 30, 2026, noninterest expense totaled
For the six months ended June 30, 2026, noninterest expense totaled
Asset Quality. Non-performing assets at June 30, 2026 totaled
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 Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Performance Ratios(1): | ||||||||||||||||
Return on average assets | 1.54 | % | 1.26 | % | 1.00 | % | 1.09 | % | ||||||||
Return on average equity | 7.56 | % | 5.78 | % | 4.97 | % | 5.03 | % | ||||||||
Interest rate spread(2) | 3.95 | % | 3.60 | % | 3.81 | % | 3.48 | % | ||||||||
Net interest margin(3) | 4.58 | % | 4.36 | % | 4.47 | % | 4.24 | % | ||||||||
Yields on earning assets | 5.86 | % | 5.84 | % | 5.83 | % | 5.75 | % | ||||||||
Cost of interest-bearing liabilities | 1.91 | % | 2.24 | % | 2.01 | % | 2.27 | % | ||||||||
Cost of deposits | 2.07 | % | 2.02 | % | 2.04 | % | 2.02 | % | ||||||||
Yield on loans | 6.21 | % | 6.04 | % | 6.16 | % | 5.97 | % | ||||||||
Non-interest expense to average assets | 2.44 | % | 2.54 | % | 2.89 | % | 2.62 | % | ||||||||
Efficiency ratio(4) | 54.87 | % | 58.30 | % | 66.62 | % | 62.66 | % | ||||||||
Average interest-earning assets to average interest-bearing liabilities | 149.24 | % | 151.25 | % | 148.83 | % | 149.86 | % | ||||||||
Average equity to average assets | 21.88 | % | 21.88 | % | 20.21 | % | 21.62 | % | ||||||||
Credit Quality Ratios: | ||||||||||||||||
Allowance for credit losses as a percentage of total loans | 0.87 | % | 1.22 | % | 0.87 | % | 1.22 | % | ||||||||
Allowance for credit losses as a percentage of non-performing loans | 182.07 | % | 208.61 | % | 182.07 | % | 208.61 | % | ||||||||
Net charge-offs (recoveries) to average outstanding loans during the year | 0.00 | % | 0.00 | % | 0.00 | % | -0.01 | % | ||||||||
Non-performing loans as a percentage of total loans | 0.48 | % | 0.58 | % | 0.48 | % | 0.58 | % | ||||||||
Non-performing loans as a percentage of total assets | 0.39 | % | 0.48 | % | 0.39 | % | 0.48 | % | ||||||||
Total non-performing assets as a percentage of total assets | 0.39 | % | 0.50 | % | 0.39 | % | 0.50 | % | ||||||||
Per Share Data | ||||||||||||||||
Earnings per common share, basic | $ | 0.43 | $ | 0.29 | $ | 0.56 | $ | 0.50 | ||||||||
Earnings per common share, diluted | $ | 0.42 | $ | 0.29 | $ | 0.55 | $ | 0.50 | ||||||||
Book value per common share | $ | 21.50 | $ | 19.19 | $ | 21.50 | $ | 19.19 | ||||||||
Tangible book value per common share(5) | $ | 19.74 | $ | 17.72 | $ | 19.74 | $ | 17.72 | ||||||||
Weighted average shares outstanding | 8,012,679 | 9,858,540 | 8,077,169 | 9,878,319 | ||||||||||||
(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
June 30, | December 31, | |||||||
(dollars in thousands, except share amounts) | (unaudited) | derived from | ||||||
Assets | ||||||||
Cash | $ | 8,664 | $ | 5,616 | ||||
Interest-bearing deposits in other banks | 60,238 | 50,089 | ||||||
Cash and cash equivalents | 68,902 | 55,705 | ||||||
Equity Investment | 405 | 404 | ||||||
Securities available for sale | 32,218 | 33,226 | ||||||
Securities held to maturity (fair value of | 5,647 | 5,736 | ||||||
Loans held for maturity | 710,625 | 754,921 | ||||||
Allowance for Credit Losses | (6,214 | ) | (6,437 | ) | ||||
Net Loans | 704,411 | 748,484 | ||||||
Premises and equipment, net | 12,223 | 12,493 | ||||||
Federal Home Loan Bank of Atlanta stock, at cost | 661 | 2,324 | ||||||
Investment in life insurance | 20,642 | 20,441 | ||||||
Accrued interest receivable | 3,020 | 3,149 | ||||||
Goodwill | 14,420 | 14,420 | ||||||
Intangible assets, net | 561 | 651 | ||||||
Deferred tax assets, net | 7,558 | 7,563 | ||||||
Other assets | 7,288 | 7,617 | ||||||
Total assets | $ | 877,956 | $ | 912,213 | ||||
Liabilities and Stockholders' Equity | ||||||||
Liabilities | ||||||||
Noninterest-bearing deposits | $ | 138,384 | $ | 138,360 | ||||
Interest-bearing deposits | 537,506 | 537,734 | ||||||
Total deposits | 675,890 | 676,094 | ||||||
FHLB borrowings | - | 35,000 | ||||||
Other liabilities | 18,865 | 17,315 | ||||||
Total liabilities | 694,755 | 728,409 | ||||||
Stockholders' equity | ||||||||
Preferred stock, | - | - | ||||||
Common stock, | 85 | 88 | ||||||
Paid-in capital | 63,629 | 68,834 | ||||||
Unearned common stock held by employee stock ownership plan | (6,879 | ) | (6,978 | ) | ||||
Retained earnings | 127,543 | 122,990 | ||||||
Accumulated other comprehensive loss | (1,177 | ) | (1,130 | ) | ||||
Total stockholders' equity | 183,201 | 183,804 | ||||||
Total liabilities and stockholders' equity | $ | 877,956 | $ | 912,213 | ||||
BV FINANCIAL, INC.
Consolidated Statements of Income
(dollars in thousands, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Interest Income | 2026 | 2025 | 2026 | 2025 | ||||||||||||
Loans, including fees | $ | 11,165 | $ | 11,334 | $ | 22,308 | $ | 22,075 | ||||||||
Investment securities available for sale | 282 | 324 | 571 | 674 | ||||||||||||
Investment securities held to maturity | 45 | 46 | 90 | 93 | ||||||||||||
Other interest income | 713 | 562 | 1,318 | 1,305 | ||||||||||||
Total interest income | 12,205 | 12,266 | 24,287 | 24,147 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 2,771 | 2,622 | 5,423 | 5,223 | ||||||||||||
Interest on FHLB borrowings | (104 | ) | 23 | 215 | - | |||||||||||
Interest on Subordinated debentures | - | 465 | - | 1,125 | ||||||||||||
Total interest expense | 2,667 | 3,110 | 5,638 | 6,348 | ||||||||||||
Net interest income | 9,538 | 9,156 | 18,649 | 17,799 | ||||||||||||
Provision for (recovery of) credit losses | (216 | ) | 178 | (227 | ) | 475 | ||||||||||
Net interest income after provision for (recovery of) credit losses | 9,754 | 8,978 | 18,876 | 17,324 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service fees on deposits | 105 | 112 | 215 | 216 | ||||||||||||
Fees from debit cards | 182 | 177 | 346 | 341 | ||||||||||||
Income from investment in life insurance | 116 | 114 | 202 | 201 | ||||||||||||
(Loss) on sale of fixed assets | (135 | ) | - | (135 | ) | - | ||||||||||
Other income | 199 | 311 | 367 | 485 | ||||||||||||
Total noninterest income | 467 | 714 | 995 | 1,243 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and related benefits | 3,512 | 4,018 | 9,292 | 8,542 | ||||||||||||
Occupancy | 476 | 379 | 932 | 823 | ||||||||||||
Data processing | 437 | 395 | 836 | 792 | ||||||||||||
Advertising | 19 | 3 | 33 | 9 | ||||||||||||
Professional fees | 315 | 249 | 551 | 479 | ||||||||||||
Equipment | 89 | 94 | 178 | 185 | ||||||||||||
Foreclosed real estate and repossessed assets holding costs | - | - | (5 | ) | 2 | |||||||||||
Amortization of intangible assets | 45 | 45 | 90 | 90 | ||||||||||||
FDIC insurance premiums | 87 | 84 | 172 | 165 | ||||||||||||
Other expense | 510 | 488 | 1,009 | 845 | ||||||||||||
Total noninterest expense | 5,490 | 5,755 | 13,088 | 11,932 | ||||||||||||
Net income before tax | 4,731 | 3,937 | 6,783 | 6,635 | ||||||||||||
Income tax expense | 1,269 | 1,076 | 2,230 | 1,675 | ||||||||||||
Net income | $ | 3,462 | $ | 2,861 | $ | 4,553 | $ | 4,960 | ||||||||
Basic earnings per share | $ | 0.43 | $ | 0.29 | $ | 0.56 | $ | 0.50 | ||||||||
Diluted earnings per share | $ | 0.42 | $ | 0.29 | $ | 0.55 | $ | 0.50 | ||||||||
BV FINANCIAL, INC.
Average Balance Sheet for the Quarters ended June 30,
(Dollars in thousands)
For the Three Months Ended June 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 | $ | 721,303 | $ | 11,165 | 6.21 | % | $ | 752,181 | $ | 11,334 | 6.04 | % | ||||||||||||
Securities available-for-sale | 32,614 | 282 | 3.47 | % | 34,770 | 324 | 3.74 | % | ||||||||||||||||
Securities held-to-maturity | 7,396 | 45 | 2.44 | % | 6,624 | 46 | 2.79 | % | ||||||||||||||||
Cash, cash equivalents and other interest-earning assets | 73,450 | 713 | 3.92 | % | 49,450 | 562 | 4.60 | % | ||||||||||||||||
Total interest-earning assets | 834,763 | 12,205 | 5.86 | % | 843,025 | 12,266 | 5.84 | % | ||||||||||||||||
Noninterest-earning assets | 65,598 | 64,324 | ||||||||||||||||||||||
Total assets | $ | 900,361 | $ | 907,349 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 70,143 | 153 | 0.87 | % | $ | 76,698 | 159 | 0.83 | % | ||||||||||||||
Savings deposits | 115,314 | 145 | 0.50 | % | 120,584 | 106 | 0.35 | % | ||||||||||||||||
Money market deposits | 130,067 | 744 | 2.29 | % | 125,686 | 766 | 2.44 | % | ||||||||||||||||
Certificates of deposit | 221,400 | 1,729 | 3.13 | % | 197,488 | 1,591 | 3.23 | % | ||||||||||||||||
Total interest-bearing deposits | 536,924 | 2,771 | 2.07 | % | 520,456 | 2,622 | 2.02 | % | ||||||||||||||||
Federal Home Loan Bank advances | 22,418 | (104 | ) | (1.86 | )% | 1,978 | 23 | 4.66 | % | |||||||||||||||
Subordinated debentures | - | - | - | 34,945 | 465 | 5.34 | % | |||||||||||||||||
Total borrowings | 22,418 | (104 | ) | (1.86 | )% | 36,923 | 488 | 5.30 | % | |||||||||||||||
Total interest-bearing liabilities | 559,342 | 2,667 | 1.91 | % | 557,379 | 3,110 | 2.24 | % | ||||||||||||||||
Noninterest-bearing demand deposits | 139,862 | 134,841 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 18,063 | 16,930 | ||||||||||||||||||||||
Total liabilities | 717,267 | 709,150 | ||||||||||||||||||||||
Equity | 183,094 | 198,199 | ||||||||||||||||||||||
Total liabilities and equity | $ | 900,361 | $ | 907,349 | ||||||||||||||||||||
Net interest income | $ | 9,538 | $ | 9,156 | ||||||||||||||||||||
Net interest rate spread | 3.95 | % | 3.60 | % | ||||||||||||||||||||
Net interest-earning assets | $ | 275,421 | $ | 285,646 | ||||||||||||||||||||
Net interest margin | 4.58 | % | 4.36 | % | ||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 149.24 | % | 151.25 | % | ||||||||||||||||||||
BV FINANCIAL, INC.
Average Balance Sheet for the Six Months ended June 30,
(Dollars in thousands)
For the Six Months Ended June 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 | $ | 730,542 | $ | 22,308 | 6.16 | % | $ | 745,958 | $ | 22,075 | 5.97 | % | ||||||||||||
Securities available-for-sale | 33,073 | 571 | 3.48 | % | 35,821 | 674 | 3.79 | % | ||||||||||||||||
Securities held-to-maturity | 7,716 | 90 | 2.35 | % | 6,971 | 93 | 2.69 | % | ||||||||||||||||
Cash, cash equivalents and other interest-earning assets | 69,357 | 1,318 | 3.85 | % | 58,091 | 1,305 | 4.55 | % | ||||||||||||||||
Total interest-earning assets | 840,688 | 24,287 | 5.83 | % | 846,841 | 24,147 | 5.75 | % | ||||||||||||||||
Noninterest-earning assets | 65,489 | 64,667 | ||||||||||||||||||||||
Total assets | $ | 906,177 | $ | 911,508 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 72,925 | 320 | 0.88 | % | $ | 78,414 | 330 | 400.00 | % | ||||||||||||||
Savings deposits | 115,572 | 292 | 0.51 | % | 121,516 | 206 | 0.34 | % | ||||||||||||||||
Money market deposits | 127,407 | 1,428 | 2.26 | % | 125,326 | 1,530 | 2.46 | % | ||||||||||||||||
Certificates of deposit | 220,277 | 3,383 | 3.10 | % | 196,439 | 3,157 | 3.24 | % | ||||||||||||||||
Total interest-bearing deposits | 536,181 | 5,423 | 2.04 | % | 521,695 | 5,223 | 2.02 | % | ||||||||||||||||
Federal Home Loan Bank advances | 28,674 | 215 | 1.51 | % | 8,453 | 194 | 4.63 | % | ||||||||||||||||
Subordinated debentures | - | - | - | 34,925 | 931 | 5.38 | % | |||||||||||||||||
Total borrowings | 28,674 | 215 | 1.51 | % | 43,378 | 1,125 | 5.23 | % | ||||||||||||||||
Total interest-bearing liabilities | 564,855 | 5,638 | 2.01 | % | 565,073 | 6,348 | 2.27 | % | ||||||||||||||||
Noninterest-bearing demand deposits | 139,835 | 133,419 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 18,353 | 15,939 | ||||||||||||||||||||||
Total liabilities | 723,043 | 714,433 | ||||||||||||||||||||||
Equity | 183,134 | 197,075 | ||||||||||||||||||||||
Total liabilities and equity | $ | 906,177 | $ | 911,508 | ||||||||||||||||||||
Net interest income | $ | 18,649 | $ | 17,799 | ||||||||||||||||||||
Net interest rate spread | 3.82 | % | 3.48 | % | ||||||||||||||||||||
Net interest-earning assets | $ | 275,833 | $ | 281,768 | ||||||||||||||||||||
Net interest margin | 4.47 | % | 4.24 | % | ||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 148.83 | % | 149.86 | % | ||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSS - LOANS
(Dollars in thousands)
QTR | YTD | |||||||
6/30/2026 | 6/30/2026 | |||||||
Beginning Balance | $ | 6,399 | $ | 6,437 | ||||
Provision for credit loss -loans | (200 | ) | (256 | ) | ||||
Net Charge-offs (recoveries): | ||||||||
Owner Occupied 1-4 | (1 | ) | (2 | ) | ||||
Non-Owner Occupied 1-4 | (14 | ) | (33 | ) | ||||
Investor Commercial Real Estate | - | - | ||||||
OO Commercial Real Estate | - | - | ||||||
Construction & Land | - | - | ||||||
Farm Loans | - | - | ||||||
Marine & Consumer | - | 2 | ||||||
Guaranteed by the US Gov't | - | - | ||||||
Commercial | - | - | ||||||
Net charge-offs (recoveries) | (15 | ) | (33 | ) | ||||
Ending Balance- ACL for Loans | $ | 6,214 | $ | 6,214 | ||||
Balance Reserve for unfunded loan commitments | 125 | 125 | ||||||
Balance Reserve for HTM Securities | 1 | 1 | ||||||
Total ACL | $ | 6,340 | $ | 6,340 | ||||
Provision expense for Unfunded Commitments | (16 | ) | 30 | |||||
Provision expense for HTM Securities | - | (1 | ) | |||||
Total other provision expense | $ | (16 | ) | $ | 29 | |||
Total provision for (recovery of ) credit losses | $ | (216 | ) | $ | (227 | ) | ||
RECONCILIATION TABLE (UNAUDITED)
NON-GAAP ADJUSTED NET INCOME
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 a non-GAAP financial measure, Non-GAAP adjusted net income. 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 June 30, | Six Months ended June 30, | |||||||||||||||
Non-GAAP Adjusted Net Income | 2026 | 2025 | 2026 | 2025 | ||||||||||||
Net Income (GAAP) | $ | 3,462 | $ | 2,861 | $ | 4,553 | $ | 4,960 | ||||||||
2024 Equity Plan Expenses | 601 | 1,162 | $ | 1,204 | $ | 2,332 | ||||||||||
Cost of executive transition | - | - | 2,203 | |||||||||||||
Tax impact | (159 | ) | (308 | ) | (903 | ) | (618 | ) | ||||||||
Non GAAP adjusted net income | $ | 3,904 | $ | 3,715 | $ | 7,057 | $ | 6,674 | ||||||||
Adjusted Net Income per Share | $ | 0.48 | $ | 0.38 | $ | 0.88 | $ | 0.68 | ||||||||
Adjusted Net Income per diluted share | $ | 0.47 | $ | 0.37 | $ | 0.86 | $ | 0.67 | ||||||||
Non-GAAP Operating Pre-provision Net Revenue (OPPNR) | ||||||||||||||||
Net Interest Income before provision | $ | 9,538 | $ | 9,156 | $ | 18,649 | $ | 17,799 | ||||||||
Plus: Purchase Accounting Amortization | 51 | 44 | 93 | 93 | ||||||||||||
Plus: Non-interest income | 467 | 714 | 995 | 1,243 | ||||||||||||
Less: Non-interest expense | (5,490 | ) | (5,755 | ) | (13,088 | ) | (11,932 | ) | ||||||||
Plus: CDI amortization | 45 | 45 | 90 | 90 | ||||||||||||
Plus: 2024 Equity Plan expense | 601 | 1,162 | 1,204 | 2,332 | ||||||||||||
Plus: Executive transition expense | - | - | 2,203 | - | ||||||||||||
Operating Pre-Provision Net Revenue | $ | 5,212 | $ | 5,366 | $ | 10,146 | $ | 9,625 | ||||||||
OPPNR per share | $ | 0.65 | $ | 0.65 | $ | 1.26 | $ | 0.97 | ||||||||
OPPNR per diluted share | $ | 0.63 | $ | 0.54 | $ | 1.22 | $ | 0.97 | ||||||||
Non-GAAP Tangible Book Value per Common Share | ||||||||||||||||
2026 | 2025 | |||||||||||||||
Total Equity (GAAP) | $ | 183,201 | $ | 197,991 | ||||||||||||
Less Goodwill | 14,420 | 14,420 | ||||||||||||||
Less other intangible assets | 561 | 741 | ||||||||||||||
Tangible equity | $ | 168,220 | $ | 182,830 | ||||||||||||
Common shares outstanding | 8,520,225 | 10,318,408 | ||||||||||||||
Tangible book value per share | $ | 19.74 | $ | 17.72 | ||||||||||||
SOURCE: BV Financial, Inc.
View the original press release on ACCESS Newswire