BV Financial, Inc.: BV Financial, Inc Announces Financial Results

Baltimore, Maryland, BV Financial, Inc. (OTC PINK: BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $10.5 million, or $1.41 per diluted share, for the year ended December 31, 2022 compared to net income of $9.4 million, or $1.32 per diluted share, for the year ended December 31, 2021. Net income for the quarter ended December 31, 2022 was $2.7 million, or $0.37 per diluted share, compared to net income of $2.6 million, or $0.36 per diluted share in the quarter ended December 31, 2021. Included in the 2022 annual results were $1.3 million in a gain on bargain purchase recognized in the merger with North Arundel Savings Bank, $1.4 million in excess insurance proceeds, as well as $1.8 million in merger expenses and $0.5 million in a lease buyout cost for a branch whose deposits were moved to the North Arundel location. Included in the December 2022 quarterly results are $0.6 million in bargain purchase gains, $1.1 million in excess insurance proceeds and $1.6 million in merger expenses.

Non-performing assets on December 31, 2022 totaled $7.9 million consisting of $5.9 million in nonperforming loans and $2.0 million in other real estate owned, compared to $4.4 million at December 31, 2021, consisting of $2.4 million in non-performing loans and $2.0 million in other real estate owned. On December 31, 2022, the loan loss allowance was $3.8 million, which represented 0.57% of total loans and 64.8% of non-performing loans compared to $2.6 million at December 31, 2021, which represented 0.45% of total loans and 111.3% of non-performing loans. In addition, on December 31, 2022, the Bank had a credit impairment valuation allowance of $3.8 million that is not included in the Bank's allowance for loan loss estimate which is in accordance with U.S. Generally Accepted Accounting Principles. The credit impairment allowances were established for loans acquired in the Delmarva Bancshares, MB Bancorp, Kopernik, North Arundel and Vigilant mergers.

At December 31, 2022, BV Financial, Inc. had total assets of $844.9 million, net loans of $659.1 million, deposits of $684.6 million and total stockholders' equity of $97.8 million compared to $815.1 million, $584.4 million, $680.0 million and $83.4 million at December 31, 2021, respectively.

BayVanguard Bank's Tier 1 leverage capital ratio was 13.39% at December 31, 2022 compared to 11.79% at December 31, 2021. This ratio and the Bank's other capital measurements continue to exceed all regulatory standards for "well-capitalized" financial institutions.

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, 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.

BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Edgemere, Maryland with fifteen 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 within its market area.

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

BV Financial & Subsidiaries
Consolidated Statement of Condition
		Unaudited
		12/31/2022				12/31/2021
ASSETS
Cash			12,704				8,484
Interest bearing deposits in other banks			55,452				102,456
			68,156				110,940
Time Deposits in Other Banks			496				250
Equity securities at fair value			221				-
Investment AFS			33,034				37,793
Investment HTM			10,461				4,059
Loans			659,131				584,438
Loans Held For sale			-				-
Repossessed Assets			1,987				1,987
Premises and Equipment			15,176				15,050
FHLB of Atlanta Stock			977				404
Cash Surrender Value of Life Insurance			19,983				25,966
Accrued Interest Receivable			2,952				2,583
Goodwill			14,420				14,420
Other Intangible Assets			1,195				1,293
Deferred Tax Asset			9,113				8,322
Other Assets			7,661				7,625
Total Assets		$	844,963			$	815,130
LIABILITIES
Deposits - non interest bearing			167,202				175,019
Deposits - interest bearing			517,416				505,006
Total Deposits			684,618				680,025
Advances From the FHLB			12,000				-
Subordinated debentures			37,039				36,828
Other Liabilities			13,555				14,831
Total Liabilities			747,212				731,684
EQUITY
Common Stock at par			74				71
Common Stock in excess of par			15,406				9,383
Retained Earnings			84,612				74,088
Net Unrealized Gain (Loss) on Securities			(2,341	)			(96	)
Total Equity			97,751				83,446
Total Liabilites and Equity		$	844,963			$	815,130
Total common shares outstanding			7,418,575				7,138,221

BV Financial & Subsidiaries
YTD Consolidated Statement of Income
		Unaudited
		12/31/2022				12/31/2021
INTEREST INCOME
Loans, including fees		$	31,259			$	28,728
Investment Securities			856				511
Other Interest Income			1,235				139
Total Interest Income			33,350				29,378
Interest on Deposits			1,353				1,896
Interest on Borrowed Money			2,077				1,837
Total Interest Expense			3,430				3,733
							2836840.15
Net Interest Income Before Provision For Loss			29,920				25,645
Provision for Loan Losses			1,038				575
Net Interest Income			28,882				25,070
Debit Card Income			755				780
Service Fees On Deposits			460				444
Income from Life Insurance			1,492				683
Gain (loss) on repossessed assets			-				12
Gain on sale of building\equipment			246				-
Gain on sale of Loans held for sale			1				57
Gain on Bargain Purchase			1,340				-
Other Income			1,371				395
Total Other Income			5,665				2,371
Compensation			10,130				7,907
Occupancy			1,661				1,685
Data Processing			1,419				1,608
Advertising			23				23
Professional fees			607				587
Equipment			436				453
Foreclosed Real Estate Holding Costs			965				227
Amortization of intangible assets			184				176
FDIC insurance premiums			219				190
Other			4,350				1,761
Total Non-Interest Expense			19,994				14,617
Net Income Before Tax			14,553				12,824
Provision for Income Tax			4,029				3,383
Net Income		$	10,524			$	9,441
Basic Earnings per share		$	1.42			$	1.33
Diluted earnings per share		$	1.41			$	1.32
Return on average assets			1.23	%			1.16	%
Return on average equity			11.40	%			11.98	%
Efficiency ratio			57.88	%			53.27	%
Net Interest margin			3.91	%			3.53	%

BV Financial & Subsidiaries
QTRLY Consolidated Statement of Income
		Unaudited
		12/31/2022				12/31/2021
INTEREST INCOME
Loans, including fees		$	8,547			$	7,525
Investment Securities			313				150
Other Interest Income			509				45
Total Interest Income			9,369				7,720
Interest on Deposits			369				395
Interest on Borrowed Money			543				502
Total Interest Expense			912				897
Net Interest Income Before Provision For Loss			8,457				6,823
Provision for Loan Losses			451				305
Net Interest Income			8,006				6,518
Debit Card Income			188				197
Service Fees On Deposits			116				107
Income from Life Insurance			1,182				98
Gain (loss) on repossessed assets			-				-
Gain on sale of building\Equipment			(33	)			-
Gain on sale of Loans			-				13
Gain on Bargain Purchase			646				-
Other Income			216				123
Total Other Income			2,315				538
Compensation			2,649				2,182
Occupancy			440				431
Data Processing			349				336
Advertising			6				6
Professional fees			155				150
Equipment			24				110
Foreclosed Real Estate Holding Costs			568				155
Amortization of intangible assets			46				44
FDIC insurance premiums			55				51
Other			2,052				266
Total Non-Interest Expense			6,344				3,731
Net Income Before Tax			3,977				3,325
Provision for Income Tax			1,247				718
Net Income		$	2,730			$	2,607
Basic Earnings per share		$	0.37			$	0.37
Diluted earnings per share		$	0.37			$	0.36
Return on average assets			1.29	%			1.28	%
Return on average equity			11.41	%			12.64	%
Efficiency ratio			61.47	%			56.72	%
Net Interest margin			4.45	%			4.01	%

SOURCE: BV Financial, Inc.

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