Business
BV Financial, Inc. Announces Financial Results and Completion of Acquisition of Delmarva Bancshares, Inc.
BALTIMORE, MD / ACCESSWIRE / November 2, 2020 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank, today reported net income of $1.
About this update from Bv Financial, Inc.
[{"type":"text","content":"BALTIMORE, MD / ACCESSWIRE / November 2, 2020 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank, today reported net income of $1. 5 million, or $0.20 per diluted share, for the quarter ended September 30, 2020 compared to net income of $785,000, or $0.11 per diluted share, for the quarter ended September 30, 2019. The results reflect the first full quarter after the integration of the operations of MB Bancorp, Inc., and its wholly-owned subsidiary, Madison Bank that were acquired on February 29, 2020, as well as $270,000 in income from life insurance proceeds in excess of book value. Net income for the nine-month period ended September 30, 2020 was $6.2 million, or $0.87 per diluted share, compared to net income of $1.9 million, or $0.32 per diluted share, in the nine-month period ended September 30, 2019. Year to date income includes a $3.6 million gain on bargain purchase from the acquisition of MB Bancorp.Non-performing assets at September 30, 2020 totaled $669,000 consisting of $517,000 in nonperforming loans and $152,000 in other real estate owned, compared to $1.6 million at December 31, 2019, consisting of $1.1 million in non-performing loans and $500,000 in other real estate owned. At September 30, 2020, the loan loss allowance was $1.6 million, which represented 0.45% of total loans and 304.6% of non-performing loans compared to $1.6 million at December 31, 2019, which represented 0.54% of total loans and 112.5% of non-performing loans. In addition, at September 30, 2020, the Bank had credit impairment allowances of $2.6 million that is not included in the loan loss allowance. The credit impairment allowances were established for loans acquired in the MB Bancorp, Kopernik and Vigilant mergers.At September 30, 2020, BV Financial, Inc. had total assets of $415.5 million, net loans of $350.0 million, deposits of $313.9 million and total stockholders' equity of $72.2 million compared to $294.2 million, $235.2 million, $217.8 million and $66.0 million at December 31, 2019, respectively.BayVanguard's Tier 1 leverage capital ratio was 15.15% at September 30, 2020 compared to 20.74% at December 31, 2019. This ratio and the Bank's other capital measurements continue to exceed all regulatory standards for \"well-capitalized\" financial institutions.Acquisition of Delmarva Bancshares and 1880 BankOn Oc...