Welcome to our dedicated page for Bv Financial news (Ticker: BVFL), a resource for investors and traders seeking the latest updates and insights on Bv Financial stock.
BV Financial, Inc. reports recurring developments as the holding company for BayVanguard Bank, a commercial banking institution funded by deposits and interest-earning assets. Company news centers on quarterly and annual earnings, net interest margin and spread, loan and deposit trends, securities portfolio activity, borrowings, and asset-quality measures such as non-performing loans, foreclosed real estate, and the allowance for credit losses.
Updates also cover capital management, including common-stock repurchase programs that require regulatory non-objection, as well as executive leadership changes and other governance events tied to the bank holding company.
BV Financial, Inc. (OTC PINK: BVFL) announced the acquisition of North Arundel Bank on January 4, 2022. This transaction involves the issuance of 251,004 shares of common stock to its parent mutual holding company, Bay-Vanguard, M.H.C., Inc. The combined assets of BayVanguard Bank now amount to approximately $835 million, with $713 million in deposits and $107 million in stockholders' equity. The conversion of data processing systems is expected around March 5, 2022.
BV Financial, Inc. (OTC PINK:BVFL) reported a net income of $2.2 million or $0.31 per diluted share for Q3 2021, up from $1.5 million or $0.20 per diluted share in Q3 2020. Year-to-date income stood at $6.8 million or $0.96 per diluted share, compared to $5.9 million or $0.82 in the same period in 2020. Non-performing assets decreased to $8.1 million from $8.4 million at year-end 2020. Total assets amounted to $807.4 million, with a strong Tier 1 leverage capital ratio of 11.54%.
BV Financial, Inc. (OTC PINK:BVFL) announced a merger with North Arundel Savings Bank, enhancing its presence in Anne Arundel County. Under the merger agreement, North Arundel's depositors will retain their rights as depositors of BayVanguard Bank, the surviving entity. This transaction is expected to be accretive to BV Financial's earnings per share for 2022, increasing consolidated assets from approximately $801 million to $848 million. The merger is slated for completion in Q4 2021 or Q1 2022, pending regulatory approvals.
BV Financial, Inc. (OTC PINK:BVFL) reported a net income of $1.9 million ($0.27 per diluted share) for Q2 2021, a decline from $3.8 million ($0.53 per diluted share) in Q2 2020. For the first half of 2021, net income rose to $4.6 million ($0.65 per diluted share) from $4.4 million ($0.63 per diluted share) in H1 2020. Non-performing assets totaled $8.3 million as of June 30, 2021, slightly down from $8.4 million at year-end 2020. Total assets were $807.6 million, with a Tier 1 leverage capital ratio of 11.17%, still above regulatory standards.
BV Financial, Inc. (OTC PINK:BVFL) held its annual stockholders' meeting on May 6, 2021, where three directors: Joseph S. Galli, Kim C. Lidell, and Timothy L. Prindle were elected for three-year terms. Stockholders approved the 2021 Equity Incentive Plan, which has received approval from the Federal Reserve Bank. Additionally, Rowles & Company, LLP was ratified as the independent auditor for the fiscal year ending December 31, 2021. BV Financial is the parent company of BayVanguard Bank, serving the Baltimore area.
BV Financial, Inc. (OTC PINK:BVFL) reported a net income of $2.7 million, or $0.37 per diluted share, for Q1 2021, significantly up from $671,000 or $0.09 per share in Q1 2020. This growth follows the acquisition of Delmarva Bancshares on October 31, 2020. Key drivers included a 120.3% surge in net interest income and a 310.3% rise in non-interest income, despite a 56.6% increase in non-interest expenses. Assets totaled $815.6 million with a Tier 1 capital ratio of 10.76%, exceeding regulatory standards.
BV Financial, Inc. (OTC PINK: BVFL) has successfully completed a $35 million private placement of its 4.875% Fixed-to-Floating Rate Subordinated Notes. These notes will mature on December 30, 2030, offering fixed interest until December 30, 2025, after which the interest will be tied to the current three-month secured overnight financing rate (SOFR) plus 472 basis points. The proceeds will primarily fund the upcoming acquisition of Delmarva Bancshares, Inc., anticipated to close on October 31, 2020.