BV Financial Q1 net income drops to $1.1M

BV Financial, Inc., parent of BayVanguard Bank, reported net income of $1.1 million, or $0.13 per diluted share, for the quarter ended March 31, 2026, down from $2.1 million, or $0.21, a year earlier, mainly due to a $2.2 million executive transition payment.

Rhea-AI Filing Summary

BV Financial, Inc., parent of BayVanguard Bank, reported net income of $1.1 million, or $0.13 per diluted share, for the quarter ended March 31, 2026, down from $2.1 million, or $0.21, a year earlier, mainly due to a $2.2 million executive transition payment. Non-GAAP adjusted net income rose to $3.3 million from $2.9 million, reflecting underlying performance excluding equity plan expenses and the transition cost.

Net interest income increased to $9.1 million from $8.6 million, with net interest margin improving to 4.36% from 4.12% as lower-cost FHLB borrowings replaced subordinated debt and loan yields rose. Loans declined to $735.6 million and deposits to $673.5 million, while non-performing loans remained low at 0.36% of total loans and the allowance for credit losses covered 282.9% of non-performing loans.

Positive

• Core profitability strengthened as net interest income rose to $9.1 million and net interest margin improved to 4.36% from 4.12%, supported by higher loan yields and lower funding costs after paying off subordinated debt.
• Asset quality remained strong with non-performing loans at 0.36% of total loans and the allowance for credit losses covering 282.9% of non-performing loans at March 31, 2026.

Negative

• Reported earnings declined sharply as GAAP net income fell to $1.1 million from $2.1 million, driven by a $2.2 million executive transition payment and a higher effective tax rate of 46.8%.
• Cost efficiency deteriorated with noninterest expense increasing to $7.6 million from $6.2 million and the efficiency ratio weakening to 78.82% from 67.36%.

Insights

Banking earnings analyst

One-time executive payout drove lower GAAP earnings despite stronger core margins.

BV Financial showed mixed first-quarter results. GAAP net income fell to $1.1M from $2.1M, mainly because of a $2.2M executive transition payment. Excluding this and equity plan expenses, non-GAAP adjusted net income increased to $3.3M from $2.9M.

Core banking performance improved. Net interest income rose to $9.1M with net interest margin at 4.36%, up from 4.12%, helped by replacing $35.0M of subordinated debt paid off in December 2025 with lower-cost FHLB borrowings and higher loan yields. Credit metrics remained solid, with non-performing loans at 0.36% of total loans and the allowance covering 282.9% of non-performing loans.

Operating costs were higher: noninterest expense rose to $7.6M from $6.2M, and the efficiency ratio weakened to 78.82% from 67.36%. The effective tax rate also jumped to 46.8%, driven by the non-deductible portion of the executive payment. Subsequent filings may provide more detail on how expense levels and margins trend after this transition-related quarter.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

GAAP net income: $1.1M Non-GAAP adjusted net income: $3.3M Net interest income: $9.1M +5 more

8 metrics

GAAP net income $1.1M Quarter ended March 31, 2026 vs $2.1M in 2025

Non-GAAP adjusted net income $3.3M Quarter ended March 31, 2026 vs $2.9M in 2025

Net interest income $9.1M Q1 2026, up from $8.6M in Q1 2025

Net interest margin 4.36% Q1 2026 vs 4.12% in Q1 2025

Executive transition payment $2.2M Paid in quarter ended March 31, 2026

Loans outstanding $735.6M March 31, 2026 vs $754.9M at December 31, 2025

Non-performing loans ratio 0.36% Non-performing loans as % of total loans at March 31, 2026

Tangible book value per share $19.27 March 31, 2026 vs $17.26 a year earlier

Key Terms

net interest margin, efficiency ratio, allowance for credit losses, non-performing loans, +2 more

6 terms

net interest margin financial

"The net interest margin for the three months ended March 31, 2026 was 4.36% compared to 4.12% for the three months ended March 31, 2025."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

efficiency ratio financial

"Efficiency ratio (4) | | 78.82 | % | | 67.36 | %"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

allowance for credit losses financial

"At March 31, 2026, the allowance for credit losses on loans was $6.4 million, which represented 0.87% of total loans and 282.9% of non-performing loans."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

non-performing loans financial

"Non-performing loans at March 31, 2026 totaled $2.6 million, compared to $2.3 million at December 31, 2025."

Loans on a bank’s books where the borrower has stopped making scheduled payments for a prolonged period (commonly about 90 days), so the lender no longer expects full repayment on time. Think of them as overdue IOUs that may never be paid back; a rising level of such loans weakens a lender’s earnings and balance sheet, signals greater credit risk in the economy, and can hurt investors through lower dividends, loan losses, or declines in the lender’s stock value.

non-GAAP adjusted net income financial

"Adjusted net income, a non-GAAP financial metric, was $3.3 million for the quarter ended March 31, 2026 compared to $2.9 million for the quarter ended March 31, 2025."

A company’s non-GAAP adjusted net income is its reported profit after management removes certain expenses or gains that it considers one-time, nonrecurring, or not part of core operations (for example, restructuring costs or stock-based pay). Investors watch it as an attempt to show the company’s ongoing earning power — like looking at a cleaned-up weekly budget — but because companies choose what to exclude, it’s important to compare the underlying details rather than the headline number alone.

tangible book value per common share financial

"Tangible book value per common share (5) | $ | 19.27 | | $ | 17.26 |"

A per-share measure of the company’s tangible net asset value available to common shareholders after removing intangible items (like goodwill, brand value, and patents) and any preferred shareholder claims. Think of it as the amount each common share would get if the company sold only its physical and financial assets and settled priority claims. Investors use it as a conservative baseline to judge whether a stock is cheaply priced relative to the company’s hard-asset backing.

Earnings Snapshot

Net income: $1.1M

Q1 2026

Net income $1.1M

Net interest income $9.1M

Non-GAAP adjusted net income $3.3M

FAQ

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

How did BVFL’s net income change in the quarter ended March 31, 2026?

BV Financial reported net income of $1.1 million, or $0.13 per diluted share, for the quarter ended March 31, 2026, down from $2.1 million, or $0.21 per diluted share, a year earlier, mainly due to a $2.2 million executive transition payment.

What was BVFL’s non-GAAP adjusted net income for Q1 2026?

Non-GAAP adjusted net income for BV Financial was $3.3 million for the quarter ended March 31, 2026, compared to $2.9 million a year earlier, adjusting for 2024 equity plan expenses, the $2.2 million executive transition cost, and the related tax impact.

How did BVFL’s net interest margin perform in the latest quarter?

BV Financial’s net interest margin improved to 4.36% for the three months ended March 31, 2026, from 4.12% a year earlier, as the bank benefited from higher yields on its loan portfolio and the replacement of subordinated debt with lower-cost Federal Home Loan Bank borrowings.

What were BVFL’s loan and deposit balances at March 31, 2026?

At March 31, 2026, BV Financial reported loans of $735.6 million, down from $754.9 million at December 31, 2025, and total deposits of $673.5 million, slightly lower than $676.1 million at year-end 2025, reflecting modest balance sheet contraction.

How strong is BVFL’s asset quality based on the latest results?

BV Financial’s asset quality indicators remained solid. Non-performing loans totaled $2.6 million at March 31, 2026, representing 0.36% of total loans, while the allowance for credit losses on loans was $6.4 million, covering 282.9% of non-performing loans.

What executive-related expense affected BVFL’s Q1 2026 results?

Results were significantly affected by a $2.2 million payment related to the January resignation of former Co-President and CEO David Flair. This executive transition payment increased compensation expenses and contributed to the decline in GAAP net income and the higher effective tax rate.

Did BVFL repurchase any shares during the quarter ended March 31, 2026?

Yes. BV Financial repurchased 102,076 shares of its common stock during the quarter ended March 31, 2026, at a weighted average price of $18.72 per share, which contributed to a small decrease in stockholders’ equity alongside the transition-related expenses.

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

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Accepted by SEC EDGAR 04/24/2026 - 04:25 PM Learn about SEC filing dates

false000130238700013023872026-04-242026-04-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 24, 2026

BV FINANCIAL, INC.

(Exact name of Registrant as Specified in Its Charter)

Maryland			001-36094	14-1920944
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
7114 North Point Blvd.
Baltimore, Maryland				21219
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 410 477-5000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		BVFL		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 24, 2026, BV Financial, Inc. (the “Company”), the holding company for BayVanguard Bank, issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the Company's press release is attached as Exhibit 99.1 and is furnished herewith.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Press Release dated April 24, 2026

104 Cover Page Interactive Data File (embedded within Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			BV FINANCIAL, INC.
Date:	April 24, 2026	By:	/s/ Michael J. Dee
			Chief Financial Officer

Exhibit 99.1

Contact:

Michael J. Dee

Chief Financial Officer

(410) 477- 5000

BV FINANCIAL, INC. ANNOUNCES FINANCIAL RESULTS

Baltimore, Maryland, April 24, 2026– BV Financial, Inc. (NASDAQ: BVFL), (the “Company”) the holding company for BayVanguard Bank (the “Bank”), reported net income of $1.1 million or $0.13 per diluted share for the quarter ended March 31, 2026 compared to net income of $2.1 million or $0.21 per diluted share for the quarter ended March 31, 2025.

Adjusted net income, a non-GAAP financial metric, was $3.3 million for the quarter ended March 31, 2026 compared to $2.9 million for the quarter ended March 31, 2025. For a reconciliation of net income as reported and non-GAAP adjusted net income, see the table below.

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% and 3.68%, respectively in the quarter ended March 31, 2026 compared to 4.12% and 3.37% 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% and 2.38%, respectively. Return on average assets and return on average equity for the three months ended March 31, 2025 were 0.92% and 4.28%, 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 $910.9 million at March 31, 2025, a decrease of $1.4 million, or 0.2%, from $912.2 million at December 31, 2025. The decrease was due primarily to the decrease of $19.3 million in loans, partially offset by an increase of $18.9 million in cash and cash equivalents.

Cash and Cash Equivalents. Cash and cash equivalents increased $18.9 million, or 33.9%, to $74.6 million at March 31, 2026 from $55.7 million at December 31, 2025. The increase in cash was primarily a result of the pay-downs in loans.



Net Loans Receivable. Loans receivable decreased $19.3 million, or 2.6%, to $735.6 million at March 31, 2026 from $754.9 million at December 31, 2025. Real estate loans decreased $11.3 million while consumer and commercial loans decreased $8.0 million.

Securities. Securities available for sale decreased by $336,000, or 1.0%, from December 31, 2025 as paydowns and maturities were not fully replaced with new purchases. The held-to-maturity portfolio experienced a slight decrease due to paydowns.



Total Liabilities. Total liabilities decreased $1.2 million, or 0.16%, to $727.2 million at March 31, 2026 from $728.4 million at December 31, 2025. The decrease was due primarily to the decrease in deposits offset by an increase in other liabilities.

Deposits. Total deposits decreased $2.6 million, or 0.38% to $673.5 million at March 31, 2026 from $676.1 million at December 31, 2025. Interest-bearing deposits decreased $3.5 million, or 0.7%, to $534.2 million at March 31, 2026 from $537.7 million at December 31, 2025. Noninterest bearing deposits increased $1.0 million, or 0.7%, to $139.3 million at March 31, 2026 from $138.4 million at December 31, 2025.



Federal Home Loan Bank Borrowings. The Company had $35 million in Federal Home Loan Bank borrowings at March 31, 2026 and December 31, 2025.

Stockholders’ Equity. Stockholders’ equity decreased $167,000, or 0.1%, to $183.6 million at March 31, 2026 from $183.8 million at December 31, 2025 a due to $2.0 million in stock repurchases offset by net income, and the impact of equity compensation plans.



Asset Quality. Non-performing loans at March 31, 2026 totaled $2.6 million, compared to $2.3 million at December 31, 2025. The Company had no foreclosed real estate at either period. At March 31, 2026, the allowance for credit losses on loans was $6.4 million, which represented 0.87% of total loans and 282.9% of non-performing loans compared to $6.4 million at December 31, 2025, which represented 0.85% of total loans and 284.72% of non-performing loans.

Comparison of Operating Results for the Three Months Ended March 31, 2026 and 2025

Net Income. Net income was $1.1 million, or $0.13 per diluted share, for the quarter ended March 31, 2026 compared to net income of $2.1 million or $0.21 per diluted share, for the quarter ended March 31, 2025. The decrease was primarily due to the previously-noted executive payout, offset by higher net interest income.

Net Interest Income. Net interest income was $9.1 million for the three months ended March 31, 2026 compared to $8.6 million for the three months ended March 31, 2025. The net interest margin for the three months ended March 31, 2026 was 4.36% compared to 4.12% for the three months

ended March 31, 2025. The increase in net interest income was due primarily to the Bank's utilization of lower cost Federal Home Loan Bank borrowings to replace the $35.0 million in subordinated debt that was paid off in December 2025 and higher rates earned on the loan portfolio, offset by lower yields on other interest-earning assets.

Provision for Credit Losses. The Company recorded a recovery of credit losses of $11,000 for the three months ended March 31, 2026 compared to a provision of $297,000 for the three months ended March 31, 2025.

Noninterest Income. For the three months ended March 31, 2026, noninterest income totaled approximately $528,000 compared to $530,000 for the quarter ended March 31, 2025.



Noninterest Expense. For the three months ended March 31, 2026, noninterest expense totaled $7.6 million compared to $6.2 million for the three months ended March 31, 2025. Compensation and benefits expenses increased $1.3 million, or 27.8% primarily due to the executive payout noted above and regular merit salary increases somewhat offset by lower equity compensation costs of $0.5 million. Other expenses increased $141,000 or 39.6%.

Income taxes. For the three months ended March 31, 2026, income tax expense was $961,000 for an effective tax rate of 46.8%. In the quarter ended March 31, 2025, income tax expense was $599,000 for an effective tax rate of 22.2%. The increase in the effective tax rate is primarily attributable to the non-deductible portion of the executive transition payment.

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.

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 $5,047 and $5,102, ACL of $1 and $2)			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, $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; 8,750,737 shares issued and outstanding as of March 31, 2026; 8,852,813 shares issued and outstanding as of December 31, 2025			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 Adusted 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

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