EDGEMERE, MD / ACCESSWIRE / January 20, 2022 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank, today reported net income of $9.4 million or $1.32 per diluted share, for the twelve months ended December 31, 2021 compared to $7.6 million, or $1.07 per diluted share, for the year ended December 31, 2020. The 2020 results include ten months of combined operations of BV Financial, Inc. and the former MB Bancorp, Inc. and its subsidiary, Madison Bank which was acquired as of February 29, 2020, a $3.3 million gain on bargain purchase recognized in the acquisition of MB Bancorp, Inc., and two months of combined operations with the former Delmarva Bancshares and its subsidiary, 1880 Bank that was acquired as of October 31, 2020.
At December 31, 2021, BV Financial, Inc. had total assets of $815.1 million, net loans of $584.4 million, deposits of $680.0 million and total stockholders' equity of $83.4 million compared to $815.6 million, $607.1 million, $675.1 million and $74.0 million at December 31, 2020, respectively.
Non-performing assets at December 31, 2021 totaled $4.4 million consisting of $2.4 million in nonperforming loans and $2.0 million on other real estate owned, compared to $8.5 million at December 31, 2020, consisting of $5.7 million in non-performing loans and $2.8 million in other real estate owned. At December 31, 2021, the loan loss allowance was $2.7 million, which represented 0.45% of total loans and 110.0% of non-performing loans. Additionally, the Company has $4.5 million in credit impairment allowances for the acquired loan portfolios. The acquired loan portfolios total $279.7 million or 47.3% of total loans at December 31, 2021. Adding the credit impairment allowances to the loan loss reserves results in an allowance to loan ratio of 1.22% and an allowance to non-performing loan ratio of 296.8%.
BayVanguard Bank's Tier 1 leverage capital ratio was 11.79% at December 31 2021 compared to 13.05% at December 31, 2020. This ratio and the Bank's other capital measurements continue to exceed all regulatory standards for "well-capitalized" financial institutions.
As previously announced, effective January 1, 2022, BayVanguard Bank acquired North Arundel Bank. As part of this mutual to mutual transaction, BV Financial Inc., issued 251,004 shares of common stock to Bay-Vanguard M.H.C.
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 sixteen other 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.
BV Financial & Subsidiaries | ||||||||
Consolidated Statement of Condition | ||||||||
| Unaudited | ||||||||
| 12/31/2021 | 12/31/2020 | |||||||
| ASSETS | ||||||||
| Cash | 8,484 | 10,971 | ||||||
| Interest bearing deposits in other banks | 102,456 | 80,769 | ||||||
| 110,940 | 91,740 | |||||||
| Time Deposits in Other Banks | 250 | 250 | ||||||
| Investment AFS | 37,793 | 32,463 | ||||||
| Investment HTM | 8,379 | 7,466 | ||||||
| Loans | 584,438 | 607,073 | ||||||
| Loans Held For sale | - | 322 | ||||||
| Repossessed Assets | 1,987 | 2,790 | ||||||
| Premises and Equipment | 15,050 | 15,482 | ||||||
| FHLB of Atlanta Stock | 404 | 1,280 | ||||||
| Cash Surrender Value of Life Insurance | 25,966 | 26,195 | ||||||
| Accrued Interest Receivable | 2,583 | 2,936 | ||||||
| Goodwill | 14,420 | 12,830 | ||||||
| Other Intangible Assets | 1,293 | 1,469 | ||||||
| Deferred Tax Asset | 8,285 | 8,156 | ||||||
| Other Assets | 3,305 | 5,113 | ||||||
| Total Assets | $ | 815,093 | $ | 815,565 | ||||
| LIABILITIES | ||||||||
| Deposits - non interest bearing | 175,019 | 151,087 | ||||||
| Deposits - interest bearing | 505,006 | 524,009 | ||||||
| Total Deposits | 680,025 | 675,096 | ||||||
| Borrowed Money | 36,828 | 54,655 | ||||||
| Official Checks | 2,417 | 1,657 | ||||||
| Advanced Payments By Borrowers | 4,514 | 1,582 | ||||||
| Other Liabilities | 7,863 | 8,554 | ||||||
| Total Liabilities | 731,647 | 741,544 | ||||||
| EQUITY | ||||||||
| Common Stock at par | 71 | 73 | ||||||
| Common Stock in excess of par | 9,559 | 10,919 | ||||||
| Restricted Stock | (176 | ) | - | |||||
| Treasury Shares | - | (1,979 | ) | |||||
| Retained Earnings | 74,088 | 64,647 | ||||||
| Net Unrealized Gain (Loss) on Securities | (96 | ) | 361 | |||||
| Total Equity | 83,446 | 74,021 | ||||||
| Total Liabilites and Equity | $ | 815,093 | $ | 815,565 | ||||
BV Financial & Subsidiaries | ||||||||
Consolidated Statement of Income | ||||||||
| Unaudited | ||||||||
| 12/31/2021 | 12/31/2020 | |||||||
| INTEREST INCOME | ||||||||
| Loans, including fees | $ | 28,728 | $ | 17,764 | ||||
| Investment Securities | 540 | 310 | ||||||
| Other Interest Income | 139 | 155 | ||||||
| Total Interest Income | 29,407 | 18,229 | ||||||
| Interest on Deposits | 1,895 | 2,299 | ||||||
| Interest on Borrowed Money | 1,837 | 605 | ||||||
| Total Interest Expense | 3,732 | 2,904 | ||||||
| Net Interest Income Before Provision For Loss | 25,674 | 15,325 | ||||||
| Provision for Loan Losses | 575 | 695 | ||||||
| Net Interest Income | 25,099 | 14,630 | ||||||
| Debit Card Income | 780 | 231 | ||||||
| Service Fees On Deposits | 444 | 228 | ||||||
| Income from Life Insurance | 683 | 770 | ||||||
| Gain on sale of securities | - | - | ||||||
| Gain (loss) on repossessed assets | 12 | (17 | ) | |||||
| Gain on sale of Loans | 57 | 21 | ||||||
| Other Income | 366 | 3,703 | ||||||
| Total Other Income | 2,342 | 4,936 | ||||||
| Compensation | 7,907 | 6,071 | ||||||
| Occupancy | 1,685 | 1,039 | ||||||
| Data Processing | 1,608 | 868 | ||||||
| Advertising | 23 | 20 | ||||||
| Professional fees | 587 | 876 | ||||||
| Equipment | 453 | 270 | ||||||
| Foreclosed Real Estate Holding Costs | 227 | 111 | ||||||
| Write-down of REO | - | - | ||||||
| Amortization of intangible assets | 177 | 155 | ||||||
| FDIC insurance premiums | 190 | 39 | ||||||
| Other | 1,760 | 1,123 | ||||||
| Total Non-Interest Expense | 14,617 | 10,572 | ||||||
| Net Income Before Tax | 12,824 | 8,994 | ||||||
| Provision for Income Tax | 3,383 | 1,349 | ||||||
| Net Income | $ | 9,441 | $ | 7,645 | ||||
| Basic Earnings per share | $ | 1.33 | $ | 1.08 | ||||
| Diluted earnings per share | $ | 1.32 | $ | 1.07 | ||||
SOURCE: BV Financial, Inc.
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