BV Financial, Inc. Announces Financial Results

BALTIMORE, MD / ACCESSWIRE / August 2, 2019 / BV Financial, Inc. BVFL, the holding company for BayVanguard Bank, today reported net income of $779,000, or $0.11 per diluted share, for the quarter ended June 30, 2019 compared to net income of $140,000, or $0.05 per diluted share, for the quarter ended June 30, 2018. The results reflect the first full quarter of operations after the close of the merger with Kopernik Bank on February 28, 2019. Net income for the six-month period ended June 30, 2019 was $1.1 million or $0.20 per diluted share compared to net income of $244,000 or $0.08 per diluted share in the six-month period ended June 30, 2018.

Non-performing assets at June 30, 2019 totaled $3.0 million consisting of $2.3 million in nonperforming loans and $0.7 million on other real estate owned, compared to $1.5 million at June 30, 2018, consisting of $0.8 million in non-performing loans and $0.7 million in other real estate owned. At June 30 2019, the loan loss allowance was $1.7 million, which represented 0.69% of total loans and 73.0% of non-performing loans compared to $1.8 million at June 30, 2018, which represented 1.43% of total loans and 214.8% of non-performing loans. In addition, at June 30, 2019, the Bank had a credit impairment allowance of $1.6 million that is not included in the loan loss allowance. The credit impairment allowance was established for loans acquired in the Kopernik and Vigilant mergers.

At June 30, 2019, BV Financial, Inc. had total assets of $299.6 million, net loans of $238.6 million, deposits of $220.9 million and total stockholders' equity of $64.6 million compared to $167.2 million, $124.6 million, $138.7 million and $21.6 million at June 30, 2018, respectively.

BayVanguard's Tier 1 leverage capital ratio was 20.04% at June 30, 2019 compared to 13.04% at June 30, 2018. 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 Baltimore, Maryland with seven branches in the Baltimore metropolitan area. 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, Inc.
Consolidated Financial Highlights

(In thousands, except per share data)

6/30/2019 6/30/2018
(unaudited)
Selected Balance Sheet Data:
Total Assets
$ 299,571 $ 167,206
Investment securities
15,707 19,009
Loans recievable, net
238,642 124,608
Total Deposits
220,907 138,685
Borrowings
3,000 3,000
Stockholders' Equity
64,561 21,650
Three Months Ended June 30,
Operating results:
2019 2018
Interest Income
$3,256 $ 1,743
Interest Expense
474 187
Net Interest income
2,782 1,556
Provision for Loan Losses
30 (66)
Net Interest Income after provision
2,752 1,622
Non-Interest Income
135 132
Non-Interest expense
1,805 1,247
Income before taxes
1,082 507
Income taxes
303 367
Net Income
$ 779 $ 140
Diluted Income per share
$ 0.11 $ 0.05
Six Months Ended June 30,
Operating results:
2019 2018

Interest Income

$ 5,572 $ 3,410
Interest Expense
767 383
Net Interest income
4,805 3,027
Provision for Loan Losses
50 (6)
Net Interest Income after provision
4,755 3,033
Non-Interest Income
200 225
Non-Interest expense
3,488 2,613
Income before taxes
1,467 645
Income taxes
392 401
Net Income
$ 1,075 $ 244
Diluted Income per share
$ 0.20 $ 0.08

SOURCE: BV Financial, Inc.



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