BVFL 8-K

BV Financial, Inc. (BVFL)

8-K 2025-10-20 For: 2025-10-17

View Original

Added on April 08, 2026


Maryland	001-36094	14-1920944
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

7114 North Point Blvd.
Baltimore, Maryland		21219
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BVFL	The Nasdaq Stock Market LLC


			BV FINANCIAL, INC.

Date:	October 20, 2025	By:	/s/ Michael J. Dee
			Chief Financial Officer


BV FINANCIAL, INC.
Consolidated Financial Ratios

	At or For the Three Months						At or For the Nine Months
	Ended September 30,						Ended September 30,
	2025			2024			2025			2024

Performance Ratios(1):
Return on average assets		1.65	%		1.70	%		1.27	%		1.46	%
Return on average equity		7.77	%		7.32	%		5.93	%		6.39	%
Interest rate spread(2)		3.65	%		3.71	%		3.54	%		3.48	%
Net interest margin(3)		4.40	%		4.49	%		4.29	%		4.25	%
Non-interest expense to average assets		2.59	%		2.46	%		2.61	%		2.29	%
Efficiency ratio(4)		58.58	%		54.73	%		61.25	%		54.53	%
Average interest-earning assets to average interest-bearing liabilities		150.18	%		156.49	%		149.97	%		155.24	%
Average equity to average assets		21.19	%		23.29	%		21.48	%		22.90	%
Credit Quality Ratios:
Allowance for credit losses as a percentage of total loans		1.10	%		1.15	%		1.10	%		1.15	%
Allowance for credit losses as a percentage of non-performing loans		233.53	%		201.60	%		233.53	%		201.60	%
Net charge-offs (recoveries) to average outstanding loans during the year		0.00	%		-0.04	%		0.00	%		-0.04	%
Non-performing loans as a percentage of total loans		0.47	%		0.57	%		0.47	%		0.57	%
Non-performing loans as a percentage of total assets		0.39	%		0.44	%		0.39	%		0.44	%
Total non-performing assets as a percentage of total assets		0.39	%		0.46	%		0.39	%		0.46	%

Other:
Number of offices	12			13			12			13
Number of full-time equivalent employees	105			111			105			111
Weighted average shares outstanding		9,078,667			10,752,069			9,778,841			10,686,024

(1) Performance ratios are annualized.
(2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Represents net interest income as a percentage of average interest-earning assets.
(4) Represents non-interest expenses divided by the sum of net interest income and non-interest income.


BV FINANCIAL, INC.
Consolidated Balance Sheets

	September 30, 2025			December 31, 2024
(dollars in thousands, except share amounts)	(unaudited)

Assets
Cash	$	6,061		$	5,842
Interest-bearing deposits in other banks		57,485			64,658
Cash and cash equivalents		63,546			70,500
Equity Investment		405			391
Securities available for sale		34,482			37,259
Securities held to maturity (fair value of $5,131 and $5,171, ACL of $2 and $4)		5,784			5,979
Loans held for maturity		746,072			737,760
Allowance for Credit Losses		(8,197	)		(8,522	)
Net Loans		737,875			729,238
Foreclosed real estate		—			159
Premises and equipment, net		12,686			13,224
Federal Home Loan Bank of Atlanta stock, at cost		656			1,366
Investment in life insurance		20,347			20,058
Accrued interest receivable		3,049			3,161
Goodwill		14,420			14,420
Intangible assets, net		696			831
Deferred tax assets, net		9,267			8,899
Other assets		6,173			6,336
Total assets	$	909,386		$	911,821
Liabilities and Stockholders' Equity
Liabilities
Noninterest-bearing deposits	$	134,742		$	129,724
Interest-bearing deposits		529,048			521,767
Total deposits		663,790			651,491

FHLB borrowings		—			15,000
Subordinated debentures		35,000			34,883
Other liabilities		20,386			14,948
Total liabilities		719,176			716,322
Stockholders' equity
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding		—			—
Common stock, $0.01 par value; 45,000,000 shares authorized in 2025 and 2024; 9,536,094 shares issued and outstanding as of September 30, 2025; 10,645,284 shares issued and outstanding as of December 31, 2024		95			106
Paid-in capital		80,151			94,679
Unearned common stock held by employee stock ownership plan		(7,023	)		(7,160	)
Retained earnings		118,185			109,495
Accumulated other comprehensive loss		(1,198	)		(1,621	)
Total stockholders' equity		190,210			195,499
Total liabilities and stockholders' equity	$	909,386		$	911,821

BVFL 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.


BV FINANCIAL, INC.
Consolidated Statements of Income


(dollars in thousands, except per share amounts)	Three Months Ended September 30,						Nine Months Ended September 30,
Interest Income	2025			2024			2025			2024
Loans, including fees	$	11,519		$	10,522		$	33,594		$	30,481
Investment securities available for sale		329			353			1,003			966
Investment securities held to maturity		46			83			139			266
Other interest income		633			1,192			1,938			3,058
Total interest income		12,527			12,150			36,674			34,771
Interest Expense
Interest on deposits		2,712			2,381			7,935			6,610
Interest on FHLB borrowings		-			-			194			-
Interest on Subordinated debentures		465			466			1,396			1,985
Total interest expense		3,177			2,847			9,525			8,595
Net interest income		9,350			9,303			27,149			26,176
Provision for (recovery of) credit losses		(1,014	)		(714	)		(539	)		(806	)
Net interest income after provision for (recovery of) credit losses		10,364			10,017			27,688			26,982
Noninterest Income
Service fees on deposits		122			103			337			303
Fees from debit cards		183			175			524			529
Income from investment in life insurance		88			91			289			290
Gain on foreclosed real estate		26			-			26			-
(Loss) on sale of fixed assets		(8	)		-			(8	)		-
Other income		273			327			760			747
Total noninterest income		684			696			1,928			1,869
Noninterest Expense
Compensation and related benefits		4,064			3,494			12,606			9,714
Occupancy		415			396			1,238			1,242
Data processing		372			366			1,164			1,117
Advertising		5			6			14			16
Professional fees		239			400			718			757
Equipment		92			97			278			301
Foreclosed real estate and repossessed assets holding costs		2			(3	)		5			13
Amortization of intangible assets		45			45			135			135
FDIC insurance premiums		83			82			247			246
Other expense		561			590			1,405			1,751
Total noninterest expense		5,878			5,473			17,810			15,292
Net income before tax		5,170			5,240			11,806			13,559
Income tax expense		1,440			1,442			3,116			3,788
Net income	$	3,730		$	3,798		$	8,690		$	9,771
Basic earnings per share	$	0.41		$	0.35		$	0.89		$	0.91
Diluted earnings per share	$	0.41		$	0.35		$	0.88		$	0.91


BV FINANCIAL, INC.
Average Balance Sheet for the Quarters ended September 30,
(Dollars in thousands)

	For the Three Months Ended September 30,
	2025								2024
(dollars in thousands)	Average Outstanding Balance			Interest		Average Yield/Rate			Average Outstanding Balance			Interest		Average Yield/Rate
	(Unaudited)
Interest-earning assets:
Loans	$	743,119		$	11,519		6.15	%	$	690,170		$	10,522		6.05	%
Securities available-for-sale		35,107			329		3.72	%		36,201			353		3.87	%
Securities held-to-maturity		6,465			46		2.82	%		9,937			83		3.31	%
Cash, cash equivalents and other interest-earning assets		57,784			633		4.38	%		86,322			1,192		5.48	%
Total interest-earning assets		842,475			12,527		5.90	%		822,630			12,150		5.86	%
Noninterest-earning assets		63,948								68,767
Total assets	$	906,423							$	891,397

Interest-bearing liabilities:
Interest-bearing demand deposits	$	75,302			151		0.80	%	$	79,652			207		1.03	%
Savings deposits		117,422			136		0.46	%		128,918			89		0.27	%
Money market deposits		128,265			787		2.43	%		108,518			669		2.45	%
Certificates of deposit		205,022			1,638		3.17	%		173,751			1,416		3.23	%
Total interest-bearing deposits		526,011			2,712		2.05	%		490,839			2,381		1.92	%
Subordinated debentures		34,983			465		5.27	%		34,827			466		5.30	%
Total borrowings		34,983			465		5.27	%		34,827			466		5.30	%
Total interest-bearing liabilities		560,994			3,177		2.25	%		525,666			2,847		2.15	%
Noninterest-bearing demand deposits		137,179								140,039
Other noninterest-bearing liabilities		16,191								18,101
Total liabilities		714,364								683,806
Equity		192,059								207,591
Total liabilities and equity	$	906,423							$	891,397
Net interest income				$	9,350							$	9,303
Net interest rate spread							3.65	%							3.71	%
Net interest-earning assets	$	281,481							$	296,964
Net interest margin							4.40	%							4.49	%
Average interest-earning assets to interest-bearing liabilities		150.18	%							156.49	%


BV FINANCIAL, INC.
Average Balance Sheet for the Nine Months ended September 30,
(Dollars in thousands)

	For the Nine Months Ended September 30,
	2025								2024
(dollars in thousands)	Average Outstanding Balance			Interest		Average Yield/Rate			Average Outstanding Balance			Interest		Average Yield/Rate
	(Unaudited)
Interest-earning assets:
Loans	$	745,001		$	33,594		6.03	%	$	701,310		$	30,481		5.79	%
Securities available-for-sale		35,580			1,003		3.77	%		34,569			966		3.72	%
Securities held-to-maturity		6,801			139		2.73	%		10,507			266		3.37	%
Cash, cash equivalents and other interest-earning assets		57,988			1,938		4.49	%		74,720			3,058		5.46	%
Total interest-earning assets		845,370			36,674		5.80	%		821,106			34,771		5.64	%
Noninterest-earning assets		64,424								68,985
Total assets	$	909,794							$	890,091

Interest-bearing liabilities:
Interest-bearing demand deposits	$	77,365			482		0.83	%	$	83,683			681		1.08	%
Savings deposits		120,136			342		0.38	%		138,474			250		0.24	%
Money market deposits		126,316			2,318		2.45	%		96,724			1,496		2.06	%
Certificates of deposit		199,332			4,793		3.21	%		174,896			4,183		3.19	%
Total interest-bearing deposits		523,149			7,935		2.03	%		493,777			6,610		1.78	%
Federal Home Loan Bank advances		5,604			194		4.63	%		—			—		—
Subordinated debentures		34,944			1,396		5.34	%		35,139			1,985		7.53	%
Total borrowings		40,548			1,590		5.24	%		35,139			1,985		7.53	%
Total interest-bearing liabilities		563,697			9,525		2.26	%		528,916			8,595		2.16	%
Noninterest-bearing demand deposits		134,686								139,642
Other noninterest-bearing liabilities		16,027								17,676
Total liabilities		714,410								686,234
Equity		195,384								203,857
Total liabilities and equity	$	909,794							$	890,091
Net interest income				$	27,149							$	26,176
Net interest rate spread							3.54	%							3.48	%
Net interest-earning assets	$	281,673							$	292,190
Net interest margin							4.29	%							4.25	%
Average interest-earning assets to interest-bearing liabilities		149.97	%							155.24	%


ALLOWANCE FOR CREDIT LOSS - LOANS
(Dollars in thousands)
	QTR			YTD
	9/30/2025			9/30/2025

Beginning Balance	$	9,159		$	8,522

Provision for credit loss -loans		(980	)		(387	)

Net Charge-offs (recoveries):
Owner Occupied 1-4		(3	)		(19	)
Non-Owner Occupied 1-4		(16	)		(47	)
Investor Commercial Real Estate		—			—
OO Commercial Real Estate		—			—
Construction & Land		(1	)		(2	)
Farm Loans		—			—
Marine & Consumer		2			6
Guaranteed by the US Gov't		—			—
Commercial		—			—
Net charge-offs (recoveries)		(18	)		(62	)

Ending Balance- ACL for Loans	$	8,197		$	8,197

Balance Reserve for unfunded loan commitments		203			203
Balance Reserve for HTM Securities		2			2
Total ACL	$	8,402		$	8,402

Provision expense for Unfunded Commitments		(33	)		(151	)
Provision expense for HTM Securities		(1	)		(1	)
Total other provision expense	$	(34	)	$	(152	)
Total provision for (recovery of ) credit losses	$	(1,014	)	$	(539	)


RECONCILIATION TABLE (UNAUDITED)
NON-GAAP ADJUSTED NET INCOME

Non-GAAP Reconciliation
In addition to results presented in accordance with generally accepted accounting principles utilized in the Unites States ("GAAP"), this earnings release contains a non-GAAP financial measure, Non-GAAP adjusted net income. The Company believes this non-GAAP financial measure is useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time. Non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.





	Three Months ended September 30,
	2025		2024

Net Income (GAAP)	$	3,730	$	3,798
Plus(minus) tax adjusted items:
2024 Equity Plan Expenses - tax adjusted		701		279
Non GAAP adjusted net income	$	4,431	$	4,077



	Nine Months ended September 30,
	2025		2024

Net Income (GAAP)	$	8,690	$	9,771
Plus(minus) tax adjusted items:
2024 Equity Plan Expenses - tax adjusted		2,415		279
Non GAAP adjusted net income	$	11,105	$	10,050