Business
CORRECTION FROM SOURCE: BV Financial, Inc Announces Financial Results
BALTIMORE, MD / ACCESSWIRE/ March 13, 2023 / BV Financial, Inc. ("BV Financial") (OTC PINK:BVFL) today issued a correction to its financial results for the
About this update from Bv Financial, Inc.
[{"type":"text","content":"BALTIMORE, MD / ACCESSWIRE/ March 13, 2023 / BV Financial, Inc. (\"BV Financial\") (OTC PINK:BVFL) today issued a correction to its financial results for the quarter and year ended December 31, 2022, initially reported on January 24, 2023. In connection with its year-end audit and the finalization of the fair value adjustments recorded in connection with BayVanguard Bank's acquisition of North Arundel Savings Bank, the Company lowered its gain on bargain purchase recognized in connection with the merger from $2.3 million to $1.3 million and made a corresponding increase in the equity accounts to reflect the increase in the entity value of North Arundel. The result was an increase in equity received by BV Financial and a decrease in other income, net income, earnings per share, both basic and diluted, return on average assets, return on average equity and efficiency ratio as indicated below. The change had no impact on BV Financial's equity.For Year Ended December 31, 2022(Dollars in thousands, except per share data)Other IncomeNet IncomeEarnings per common share - basicEarnings Per Share -dilutedReturn on Average AssetsReturn on Average EquityEfficiency RatioAs Initially Reported$6,625$11,484$1.55$1.541.35%12.49%56.31%As Corrected$5,665$10,524$1.42$1.411.23%11.40%57.88%For Quarter Ended December 31, 2022(Dollars in thousands, except per share data)Other IncomeNet IncomeEarnings per common share - basicEarnings Per Share -dilutedReturn on Average AssetsReturn on Average EquityEfficiency RatioAs Initially Reported$3,275$3,690$0.50$0.501.75%15.43%49.50%As Corrected$2,315$2,730$0.37$0.371.29%11.41%61.47%The full text of the corrected release is a follows: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...