BV Financial, Inc. Announces Financial Results
Rhea-AI Summary
BV Financial (NASDAQ:BVFL) reported net income of $1.1M ($0.13 diluted) for Q1 2026 versus $2.1M ($0.21) in Q1 2025, and adjusted net income of $3.3M versus $2.9M a year earlier. Cash and cash equivalents rose to $74.6M. Noninterest expense increased to $7.6M, driven by a $2.2M executive transition payment. Net interest margin was 4.36%. Loans decreased to $735.6M; deposits were $673.5M.
Positive
- Adjusted net income rose to $3.3M (+~13.8% YoY)
- Cash and cash equivalents increased 33.9% to $74.6M
Negative
- Net income declined ~47% to $1.1M (Q1 2026 vs Q1 2025)
- Noninterest expense increased 22.6% to $7.6M
- Executive transition payment of $2.2M in Q1 2026 reduced earnings and raised expense
- Return on average assets fell from 0.92% to 0.48% (Q1 2025 vs Q1 2026)
News Market Reaction – BVFL
In the Apr 24 session, BVFL gained 1.20%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 23 | Full-year 2025 earnings | Positive | -0.8% | Reported higher 2025 net income and adjusted earnings with improved asset quality. |
| Oct 17 | Q3 2025 earnings | Neutral | +8.0% | Q3 2025 earnings with modest declines but stronger adjusted income and new buyback. |
| Jul 17 | Q2 2025 earnings | Neutral | +0.5% | Q2 2025 results showing lower earnings but loan and deposit growth and solid margins. |
| Apr 17 | Q1 2025 earnings | Negative | +3.1% | Q1 2025 net income decline with softer returns but higher net interest margin. |
| Jan 27 | Full-year 2024 earnings | Negative | -3.5% | 2024 earnings down year over year despite growth in loans, deposits and assets. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings headlines have produced mixed reactions, with both positive and negative moves and several instances where market reaction diverged from the fundamental tone.
Over the last five earnings releases, BV Financial reported fluctuating profitability but consistent balance-sheet growth and active capital returns. Results included full-year 2024 net income of $11.7M, rising to $13.5M in 2025, alongside expanding loans and deposits. Management repeatedly used buybacks, repurchasing more than 1.8M shares in 2025. Asset quality steadily improved, with non-performing assets falling to $2.3M. Today’s Q1 2026 update follows this pattern of detailed balance-sheet and margin disclosure.
Key Terms
non-gaap financial
net interest margin financial
net interest spread financial
federal home loan bank borrowings financial
held-to-maturity financial
non-performing loans financial
allowance for credit losses financial
effective tax rate financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BALTIMORE, MD / ACCESS Newswire / April 24, 2026 / BV Financial, Inc. (NASDAQ:BVFL), (the "Company") the holding company for BayVanguard Bank (the "Bank"), reported net income of
Adjusted net income, a non-GAAP financial metric, was
Financial Highlights
As previously disclosed in a Form 8-K file with the Securities and Exchange Commission, former Co-President & CEO David Flair resigned in January. In connection with his resignation, he received a payment of
$2.2 million in the quarter ended March 31, 2026.The Company generated strong net interest margins and net interest spread of
4.36% and3.68% , respectively in the quarter ended March 31, 2026 compared to4.12% and3.37% in the quarter ended March 31, 2025.Share repurchases of 102,076 shares of common stock at a weighted average price of
$18.72 were executed in the quarter ended March 31, 2026.Return on average assets and return on average equity for the quarter ended March 31, 2026 were
0.48% and2.38% , respectively. Return on average assets and return on average equity for the three months ended March 31, 2025 were0.92% and4.28% , respectively.Loans decreased
$19.3 million , or -2.56% to$735.6 million at March 31, 2026 compared to$754.9 million at December 31, 2025.Deposits decreased
$2.6 million , or -0.38% , to$673.5 million at March 31, 2026 from$676.1 million at December 31, 2025.
Financial Condition
Total Assets. Total assets were
Cash and Cash Equivalents. Cash and cash equivalents increased
Net Loans Receivable. Loans receivable decreased
Securities. Securities available for sale decreased by
Total Liabilities. Total liabilities decreased
Deposits. Total deposits decreased
Federal Home Loan Bank Borrowings. The Company had
Stockholders' Equity. Stockholders' equity decreased
Asset Quality. Non-performing loans at March 31, 2026 totaled
Comparison of Operating Results for the Three Months Ended March 31, 2026 and 2025
Net Income. Net income was
Net Interest Income. Net interest income was
Provision for Credit Losses. The Company recorded a recovery of credit losses of
Noninterest Income. For the three months ended March 31, 2026, noninterest income totaled approximately
Noninterest Expense. For the three months ended March 31, 2026, noninterest expense totaled
Income taxes. For the three months ended March 31, 2026, income tax expense was
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.
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 | ||||||||
Ended March 31, | ||||||||
2026 | 2025 | |||||||
Performance Ratios(1): | ||||||||
Return on average assets | 0.48 | % | 0.92 | % | ||||
Return on average equity | 2.38 | % | 4.28 | % | ||||
Interest rate spread(2) | 3.67 | % | 3.37 | % | ||||
Net interest margin(3) | 4.36 | % | 4.12 | % | ||||
Yields on earning assets | 5.79 | % | 5.66 | % | ||||
Cost of interest-bearing liabilities | 2.11 | % | 2.29 | % | ||||
Cost of deposits | 1.59 | % | 1.61 | % | ||||
Yield on loans | 6.11 | % | 5.89 | % | ||||
Non-interest expense to average assets | 3.33 | % | 2.70 | % | ||||
Efficiency ratio(4) | 78.82 | % | 67.36 | % | ||||
Average interest-earning assets to average interest-bearing liabilities | 148.43 | % | 148.50 | % | ||||
Average equity to average assets | 20.08 | % | 21.40 | % | ||||
Credit Quality Ratios: | ||||||||
Allowance for credit losses as a percentage of total loans | 0.87 | % | 1.18 | % | ||||
Allowance for credit losses as a percentage of non-performing loans | 282.88 | % | 183.87 | % | ||||
Net charge-offs to average outstanding loans during the year | - | - | ||||||
Non-performing loans as a percentage of total loans | 0.36 | % | 0.64 | % | ||||
Non-performing loans as a percentage of total assets | 0.29 | % | 0.52 | % | ||||
Total non-performing assets as a percentage of total assets | 0.29 | % | 0.53 | % | ||||
Per Share Data | ||||||||
Earnings per common share, basic | $ | 0.13 | $ | 0.21 | ||||
Earnings per common share, diluted | $ | 0.13 | $ | 0.21 | ||||
Book value per common share | $ | 20.99 | $ | 18.70 | ||||
Tangible book value per common share(5) | $ | 19.27 | $ | 17.26 | ||||
Weighted average shares outstanding | 8,156,732 | 9,900,938 | ||||||
(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
March 31, 2026 | December 31, 2025 | |||||||
(dollars in thousands, except share amounts) | (unaudited) | derived from audited financial statements | ||||||
Assets | ||||||||
Cash | $ | 6,908 | $ | 5,616 | ||||
Interest-bearing deposits in other banks | 67,669 | 50,089 | ||||||
Cash and cash equivalents | 74,577 | 55,705 | ||||||
Equity Investment | 406 | 404 | ||||||
Securities available for sale | 32,890 | 33,226 | ||||||
Securities held to maturity (fair value of | 5,691 | 5,736 | ||||||
Loans held for maturity | 735,608 | 754,921 | ||||||
Allowance for Credit Losses | (6,399 | ) | (6,437 | ) | ||||
Net Loans | 729,209 | 748,484 | ||||||
Premises and equipment, net | 12,307 | 12,493 | ||||||
Federal Home Loan Bank of Atlanta stock, at cost | 2,324 | 2,324 | ||||||
Investment in life insurance | 20,526 | 20,441 | ||||||
Accrued interest receivable | 2,990 | 3,149 | ||||||
Goodwill | 14,420 | 14,420 | ||||||
Intangible assets, net | 606 | 651 | ||||||
Deferred tax assets, net | 7,404 | 7,563 | ||||||
Other assets | 7,507 | 7,617 | ||||||
Total assets | $ | 910,857 | $ | 912,213 | ||||
Liabilities and Stockholders' Equity | ||||||||
Liabilities | ||||||||
Noninterest-bearing deposits | $ | 139,318 | $ | 138,360 | ||||
Interest-bearing deposits | 534,195 | 537,734 | ||||||
Total deposits | 673,513 | 676,094 | ||||||
FHLB borrowings | 35,000 | 35,000 | ||||||
Other liabilities | 18,707 | 17,315 | ||||||
Total liabilities | 727,220 | 728,409 | ||||||
Stockholders' equity | ||||||||
Preferred stock, | - | - | ||||||
Common stock, | 87 | 88 | ||||||
Paid-in capital | 67,564 | 68,834 | ||||||
Unearned common stock held by employee stock ownership plan | (6,929 | ) | (6,978 | ) | ||||
Retained earnings | 124,081 | 122,990 | ||||||
Accumulated other comprehensive loss | (1,166 | ) | (1,130 | ) | ||||
Total stockholders' equity | 183,637 | 183,804 | ||||||
Total liabilities and stockholders' equity | $ | 910,857 | $ | 912,213 | ||||
BV FINANCIAL, INC.
Consolidated Statements of Income
(unaudited) | ||||||||
(dollars in thousands, except per share amounts) | Three Months Ended March 31, | |||||||
Interest Income | 2026 | 2025 | ||||||
Loans, including fees | $ | 11,143 | $ | 10,741 | ||||
Investment securities available for sale | 289 | 350 | ||||||
Investment securities held to maturity | 45 | 47 | ||||||
Other interest income | 605 | 743 | ||||||
Total interest income | 12,082 | 11,881 | ||||||
Interest Expense | ||||||||
Interest on deposits | 2,652 | 2,601 | ||||||
Interest on FHLB borrowings | 319 | 171 | ||||||
Interest on Subordinated debentures | - | 466 | ||||||
Total interest expense | 2,971 | 3,238 | ||||||
Net interest income | 9,111 | 8,643 | ||||||
(Recovery of) provision for credit losses | (11 | ) | 297 | |||||
Net interest income after provision for (recovery of) credit losses | 9,122 | 8,346 | ||||||
Noninterest Income | ||||||||
Service fees on deposits | 109 | 103 | ||||||
Fees from debit cards | 164 | 164 | ||||||
Income from investment in life insurance | 86 | 87 | ||||||
Other income | 169 | 176 | ||||||
Total noninterest income | 528 | 530 | ||||||
Noninterest Expense | ||||||||
Compensation and related benefits | 5,780 | 4,524 | ||||||
Occupancy | 456 | 444 | ||||||
Data processing | 399 | 397 | ||||||
Advertising | 15 | 6 | ||||||
Professional fees | 237 | 231 | ||||||
Equipment | 89 | 91 | ||||||
Foreclosed real estate and repossessed assets holding costs | (5 | ) | 3 | |||||
Amortization of intangible assets | 45 | 45 | ||||||
FDIC insurance premiums | 85 | 81 | ||||||
Other expense | 497 | 356 | ||||||
Total noninterest expense | 7,598 | 6,178 | ||||||
Net income before tax | 2,052 | 2,698 | ||||||
Income tax expense | 961 | 599 | ||||||
Net income | $ | 1,091 | $ | 2,099 | ||||
Basic earnings per share | $ | 0.13 | $ | 0.21 | ||||
Diluted earnings per share | $ | 0.13 | $ | 0.21 | ||||
BV FINANCIAL, INC.
Average Balance Sheet for the Quarters ended March 31,
(Dollars in thousands, unaudited)
For the Three Months Ended March 31, | ||||||||||||||||||||||||
2026 | 2025 | |||||||||||||||||||||||
(dollars in thousands) | Average Outstanding Balance | Interest | Average Yield/Rate | Average Outstanding Balance | Interest | Average Yield/Rate | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans | $ | 739,885 | $ | 11,143 | 6.11 | % | $ | 739,666 | $ | 10,741 | 5.89 | % | ||||||||||||
Securities available-for-sale | 33,538 | 289 | 3.49 | % | 36,884 | 350 | 3.85 | % | ||||||||||||||||
Securities held-to-maturity | 8,040 | 45 | 2.27 | % | 7,323 | 47 | 2.60 | % | ||||||||||||||||
Cash, cash equivalents and other interest-earning assets | 65,221 | 605 | 3.79 | % | 66,832 | 743 | 4.51 | % | ||||||||||||||||
Total interest-earning assets | 846,684 | 12,082 | 5.79 | % | 850,705 | 11,881 | 5.66 | % | ||||||||||||||||
Noninterest-earning assets | 65,375 | 65,008 | ||||||||||||||||||||||
Total assets | $ | 912,059 | $ | 915,713 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 75,739 | 167 | 0.89 | % | $ | 80,149 | 171 | 0.87 | % | ||||||||||||||
Savings deposits | 115,833 | 147 | 0.51 | % | 122,458 | 99 | 0.33 | % | ||||||||||||||||
Money market deposits | 124,717 | 684 | 2.22 | % | 124,962 | 764 | 2.48 | % | ||||||||||||||||
Certificates of deposit | 219,142 | 1,654 | 3.06 | % | 195,379 | 1,567 | 3.52 | % | ||||||||||||||||
Total interest-bearing deposits | 535,431 | 2,652 | 2.01 | % | 522,948 | 2,601 | 2.02 | % | ||||||||||||||||
Federal Home Loan Bank advances | 35,000 | 319 | 3.70 | % | 15,000 | 171 | 4.62 | % | ||||||||||||||||
Subordinated debentures | - | - | - | 34,905 | 466 | 5.41 | % | |||||||||||||||||
Total borrowings | 35,000 | 319 | 3.70 | % | 49,905 | 637 | 5.18 | % | ||||||||||||||||
Total interest-bearing liabilities | 570,431 | 2,971 | 2.11 | % | 572,853 | 3,238 | 2.29 | % | ||||||||||||||||
Noninterest-bearing demand deposits | 139,808 | 131,981 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 18,645 | 14,941 | ||||||||||||||||||||||
Total liabilities | 728,884 | 719,775 | ||||||||||||||||||||||
Equity | 183,175 | 195,938 | ||||||||||||||||||||||
Total liabilities and equity | $ | 912,059 | $ | 915,713 | ||||||||||||||||||||
Net interest income | $ | 9,111 | $ | 8,643 | ||||||||||||||||||||
Net interest rate spread | 3.68 | % | 3.37 | % | ||||||||||||||||||||
Net interest-earning assets | $ | 276,253 | $ | 277,852 | ||||||||||||||||||||
Net interest margin | 4.36 | % | 4.12 | % | ||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 148.43 | % | 148.50 | % | ||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSS - LOANS
(Dollars in thousands, unaudited)
QTR | QTR | |||||||
3/31/2026 | 3/31/2025 | |||||||
Beginning Balance | $ | 6,437 | $ | 8,522 | ||||
Provision for (recovery of) credit loss -loans | (56 | ) | 351 | |||||
Net Charge-offs (recoveries): | ||||||||
Owner Occupied 1-4 | (1 | ) | (3 | ) | ||||
Non-Owner Occupied 1-4 | (19 | ) | (16 | ) | ||||
Investor Commercial Real Estate | - | - | ||||||
OO Commercial Real Estate | - | - | ||||||
Construction & Land | - | (1 | ) | |||||
Farm Loans | - | - | ||||||
Marine & Consumer | 2 | 5 | ||||||
Guaranteed by the US Gov't | - | - | ||||||
Commercial | - | - | ||||||
Net charge-offs (recoveries) | (18 | ) | (15 | ) | ||||
Ending Balance- ACL for Loans | $ | 6,399 | $ | 8,888 | ||||
Balance Reserve for unfunded loan commitments | 140 | 299 | ||||||
Balance Reserve for HTM Securities | 1 | 3 | ||||||
Total ACL | $ | 6,540 | $ | 9,190 | ||||
Provision expense for Unfunded Commitments | 46 | (53 | ) | |||||
Provision expense for HTM Securities | (1 | ) | (1 | ) | ||||
Total other provision expense | $ | 45 | $ | (54 | ) | |||
Total (Recovery of) provision for credit losses | $ | (11 | ) | $ | 297 | |||
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 March 31, | ||||||||
2026 | 2025 | |||||||
Net Income (GAAP) | $ | 1,091 | $ | 2,099 | ||||
2024 Equity Plan Expenses | 601 | 1,155 | ||||||
Cost of executive transition | 2,203 | - | ||||||
Tax impact | (576 | ) | (306 | ) | ||||
Non-GAAP Adjusted Net Income | $ | 3,319 | $ | 2,948 | ||||
NON-GAAP TANGIBLE BOOK VALUE PER COMMON SHARE | ||||||||
Total Equity (GAAP) | $ | 183,637 | $ | 198,073 | ||||
Less Goodwill | 14,420 | 14,420 | ||||||
Less other intangible assets | 606 | 786 | ||||||
Tangible equity | $ | 168,611 | $ | 182,867 | ||||
Common shares outstanding | 8,750,737 | 10,594,044 | ||||||
Tangible book value per share | $ | 19.27 | $ | 17.26 | ||||
SOURCE: BV Financial, Inc.
View the original press release on ACCESS Newswire