BV Financial, Inc. 公佈第二季度及上半年業績（截至2026年6月30日）

EX-99.1
2
bvfl-ex99_1.htm
EX-99.1

 
 EX-99.1
 
 
 Exhibit 99.1

 Contact:
Michael J. Dee
Chief Financial Officer 
(410) 477- 5000
 
 
BV FINANCIAL, INC. ANNOUNCES FINANCIAL RESULTS 
Baltimore, Maryland, July 24, 2026– BV Financial, Inc. (NASDAQ: BVFL), the holding company for BayVanguard Bank (the “Bank”), today reported net income of $3.5 million, or $0.42 per diluted share, for the quarter ended June 30, 2026 compared to net income of $2.9 million, or $0.29 per diluted share, for the quarter ended June 30, 2025. Net income for the six-month period ended June 30, 2026 was $4.6 million or $0.55 per diluted share compared to net income of $5.0 million or $0.50 per diluted share for the six-month period ended June 30, 2025. 
Adjusted net income, a non-GAAP financial metric, was $3.9 million or $0.47 per diluted share and $3.7 or $0.37 per diluted share million for the quarters ended June 30, 2026 and 2025 and $7.1 million or $0.86 per diluted share and $6.7 million or $0.67 per diluted share for the year to date periods ended June 30, 2026 and 2025, respectively. For a reconciliation of net income as reported and Non-GAAP adjusted net income, see the table below.
Additionally, management refers to another non-GAAP metric called Operating Pre-Provision Net Revenue (OPPNR) to monitor the Company’s financial results. This metric excludes the expense, or reversal of the expense for the provision for credit losses as well as changes in the effective tax rate. Since the adoption of ASC 326 (CECL) in January 2023, the provision line item on the income statement has been extremely volatile, making this metric more meaningful. OPPNR was $5.2 million or $0.63 per diluted share for the three months ended June 30, 2026 compared to $5.4 million or $0.54 per diluted share for the three months ended June 30, 2025. OPPNR was $10.1 million or $1.22 per diluted share in the six-months ended June 30, 2026 compared to $9.6 million or $0.97 per diluted share in the six months ended June 30, 2025. For a reconciliation of net income as reported and Non-GAAP OPPNR, see the table below.
 
 Financial Highlights 
•Return on average assets and return on average equity for the three months ended June 30, 2026 was 1.54% and 7.56%, respectively.

•Net loans decreased $44.3 million or 5.9% to $711.6 million compared to $754.9 million at December 31, 2025.

•Deposits decreased $0.2 million or -0.03% from $676.1 million at December 31, 2025 to $675.9 million at June 30, 2026.

•All $35.0 million in borrowings from the Federal Home Loan Bank of Atlanta “FHLB” that were outstanding at March 31, 2026 were paid off in the quarter. This pay-off resulted in a gain (decrease in interest expense) of $0.3 million.

 

 
 

 •Non-accrual loans increased $1.1 million to $3.4 million at June 30, 2026 from $2.3 million at December 31, 2025. 

•The Company recorded reversals in the provisions for credit losses of $216,000 for the three months ended June 30, 2026 and $227,000 for the six months ended June 30, 2026. 

•During the quarter ended June 30, 2026, the Company repurchased 230,000 shares of its outstanding common stock at an average price of $20.03.

FINANCIAL CONDITION DISCUSSION
 
Total Assets. Total assets were $877.9 million at June 30, 2026, a decrease of $34.3 million, or -3.76%, from $912.2 million at December 31, 2025. The decrease was due primarily to the Company utilizing cash resulting from shrinkage of the loan portfolio to repay $35.0 million in borrowings from the FHLB. 
 
Cash and Cash Equivalents. Cash and cash equivalents increased $13.2 million, or 23.7%, to $68.9 million at June 30, 2026 from $55.7 million at December 31, 2025. The increase in cash is primarily a result of loan pay-offs exceeding the pay-off of the FHLB borrowings. 
 
Loans Receivable. Loans receivable decreased $44.3 million, or 5.9%, to $710.6 million at June 30, 2026 from $754.9 million at December 31, 2025. The largest decreases in the portfolio occurred in the construction & land ($12.6 million), commercial investor real estate ($10.6 million) and commercial ($10.4 million). 
 
Securities. Securities available for sale decreased by $1.0 million or 3.0% from December 31, 2025 as paydowns in the mortgage-backed securities were not replaced with new purchases. The held-to-maturity portfolio experienced a slight decrease due to paydowns.
 
Federal Home Loan Bank Stock Federal Home Loan Bank of Atlanta stock decreased $1.7 million or 71.6% as a result of the advance pay-off reducing the required ownership amount. 
 
Total Liabilities. Total liabilities decreased $33.6 million or -4.6%, to $694.7 million at June 30, 2026 from $728.4 million at December 31, 2025. The decrease was due primarily to the decrease in borrowings. 
 
Deposits. Total deposits decreased $0.2 million, or -0.03% to $675.9 million at June 30, 2026 from $676.1 million at December 31, 2025. Interest-bearing deposits were flat at $138.4 million. Noninterest bearing deposits decreased $0.2 million, or -0.03%, to $537.5 million at June 30, 2026 from $537.7 million at December 31, 2025.
 
Stockholders’ Equity. Stockholders’ equity decreased $0.6 million, or -0.33%, to $183.2 million at June 30, 2026 from $183.8 million at December 31, 2025 as net income and the impact of earned stock compensation was offset by $6.6 million in stock repurchases during the period. 
 
 

 

 
 

 RESULTS OF OPERATION DISCUSSION
Net Income. Net income was $3.5 million or $0.42 per diluted share for the three months ended June 30, 2026 compared to $2.9 million or $0.29 per diluted share for the three months ended June 30, 2025. Net income was $4.6 million or $0.55 per diluted share for the six months ended June 30, 2026 compared to $5.0 million or $0.50 per diluted share for the six months ended June 30, 2025. The decrease in income for the year to date period is due to the $2.2 million first quarter executive transition expense and the related tax impact.
Net Interest Income. Net interest income was $9.5 million for the three months ended June 30, 2026 compared to $9.2 million for the three months ended June 30, 2025. The net interest margin for the three months ended June 30, 2026 was 4.58% compared to 4.36% for the three months ended June 30, 2025. The increase in net interest income was primarily due to higher yields on interest earning assets and lower interest expense due to the pay-offs of borrowings. 
Net interest income was $18.6 million for the six months ended June 30, 2026, compared to $17.8 million in the six months ended June 30, 2025. The net interest margin for the six months ended June 30, 2026 was 4.47% compared to 4.24% for the six months ended June 30, 2025. The increase in net interest income was primarily due to higher yields earned on loans and lower interest expense due to the pay-off of the FHLB borrowings in 2026 and the pay-off of the subordinated debentures in December 2025. 
Noninterest Income. For the three months ended June 30, 2026, noninterest income totaled approximately $467,000 compared to $714,000 for the quarter ended June 30, 2025. The decrease is attributable to the $135,000 write-down of a former branch location to estimated sales proceeds and lower miscellaneous fees on loans and deposits. 
For the six months ended June 30, 2026 noninterest income totaled $1.0 million compared to $1.2 million for the six months ended and June 30, 2025. The decrease is due to lower miscellaneous loan and deposit fees and the write-down of the former branch location.
Noninterest Expense. For the three months ended June 30, 2026, noninterest expense totaled $5.5 million compared to $5.8 million in the three months ended June 30, 2025. Decreases in compensation and benefits of $506,000 due lower staffing and lower expenses of the 2024 Equity plan offset increases in other categories. Occupancy expense increased by $97,000 primarily due to costs of repairing a branch location after a major water leak. Professional fees increased due to higher legal expenses, data processing expense increased due to new product implementation fees and other expenses increased due to higher loan related expenses. 
For the six months ended June 30, 2026, noninterest expense totaled $13.1 million as compared to $11.9 million in the six months ended June 30, 2025. Compensation and benefits expense increased $0.7 million due to the $2.2 million cost of the executive transition in the first quarter somewhat offset by lower staffing and lower costs of the 2024 Equity plan. Occupancy expense increased by $109,000 due to the branch repair costs noted above and higher heating bills in the first quarter. Adjusting for expenses related to the 2024 Equity Plan and executive transition, non-interest expense for the six months ended June 30, 2026 increased 0.8% to $9.68 million, compared with $9.60 million for the six months ended June 30, 2025.

 

 
 

 Asset Quality. Non-performing assets at June 30, 2026 totaled $3.4 million, of which all are nonperforming loans, compared to $2.3 million at December 31, 2025, also all of which are nonperforming loans. At June 30, 2026, the allowance for credit losses on loans was $6.2 million, which represented 0.87% of total loans and 182.1% of non-performing loans compared to $6.4 million at December 31, 2025, which represented 0.85% of total loans and 284.7% of non-performing loans. 
 
 
Forward-Looking Statements
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, increased competitive pressures, the effects of inflation, potential recessionary conditions, general economic conditions or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve Board, the impact of the imposition of tariffs and any retaliatory responses, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio, changes in demand for our products and services, accounting and tax changes, 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, the current or anticipated impact of military conflict, terrorism or other geopolitical events, a potential government shutdown, a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company’s financial condition and results of operations and the business in which the Company and the Bank are engaged and the failure to maintain current technologies, the failure to retain or attract employees.
 
BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with twelve 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.
 
 
 
 
 
 
 

 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 BV FINANCIAL, INC.

  

 

 
 Consolidated Financial Ratios

  

 

 
  

  

  

  

  

  

  

  

  

 

 
  

 At or For the Three Months

  

 At or For the Six Months

  

 

 
 Ended June 30,

  

 Ended June 30,

  

 

 
  

 2026

  

 2025

  

 2026

  

 2025

  

 

 
 Performance Ratios(1):

  

  

  

  

  

  

  

  

 

 
 Return on average assets

  

 1.54

 %

  

 1.26

 %

  

 1.00

 %

  

 1.09

 %

 

 
 Return on average equity

  

 7.56

 %

  

 5.78

 %

  

 4.97

 %

  

 5.03

 %

 

 
 Interest rate spread(2)

  

 3.95

 %

  

 3.60

 %

  

 3.81

 %

  

 3.48

 %

 

 
 Net interest margin(3)

  

 4.58

 %

  

 4.36

 %

  

 4.47

 %

  

 4.24

 %

 

 
 Yields on earning assets

  

 5.86

 %

  

 5.84

 %

  

 5.83

 %

  

 5.75

 %

 

 
 Cost of interest-bearing liabilities

  

 1.91

 %

  

 2.24

 %

  

 2.01

 %

  

 2.27

 %

 

 
 Cost of deposits

  

 2.07

 %

  

 2.02

 %

  

 2.04

 %

  

 2.02

 %

 

 
 Yield on loans

  

 6.21

 %

  

 6.04

 %

  

 6.16

 %

  

 5.97

 %

 

 
 Non-interest expense to average assets

  

 2.44

 %

  

 2.54

 %

  

 2.89

 %

  

 2.62

 %

 

 
 Efficiency ratio(4)

  

 54.87

 %

  

 58.30

 %

  

 66.62

 %

  

 62.66

 %

 

 
 Average interest-earning assets to average interest-bearing liabilities

  

 149.24

 %

  

 151.25

 %

  

 148.83

 %

  

 149.86

 %

 

 
 Average equity to average assets

  

 21.88

 %

  

 21.88

 %

  

 20.21

 %

  

 21.62

 %

 

 
 Credit Quality Ratios:

  

  

  

  

  

  

  

  

 

 
 Allowance for credit losses as a percentage of total loans

  

 0.87

 %

  

 1.22

 %

  

 0.87

 %

  

 1.22

 %

 

 
 Allowance for credit losses as a percentage of non-performing loans

  

 182.07

 %

  

 208.61

 %

  

 182.07

 %

  

 208.61

 %

 

 
 Net charge-offs (recoveries) to average outstanding loans during the year

  

 0.00

 %

  

 0.00

 %

  

 0.00

 %

  

 -0.01

 %

 

 
 Non-performing loans as a percentage of total loans

  

 0.48

 %

  

 0.58

 %

  

 0.48

 %

  

 0.58

 %

 

 
 Non-performing loans as a percentage of total assets

  

 0.39

 %

  

 0.48

 %

  

 0.39

 %

  

 0.48

 %

 

 
 Total non-performing assets as a percentage of total assets

  

 0.39

 %

  

 0.50

 %

  

 0.39

 %

  

 0.50

 %

 

 
 Per Share Data

  

  

  

  

  

  

  

  

 

 
 Earnings per common share, basic

 $

 0.43

  

 $

 0.29

  

 $

 0.56

  

 $

 0.50

  

 

 
 Earnings per common share, diluted

 $

 0.42

  

 $

 0.29

  

 $

 0.55

  

 $

 0.50

  

 

 
 Book value per common share

 $

 21.50

  

 $

 19.19

  

 $

 21.50

  

 $

 19.19

  

 

 
 Tangible book value per common share(5)

 $

 19.74

  

 $

 17.72

  

 $

 19.74

  

 $

 17.72

  

 

 
 Weighted average shares outstanding

  

 8,012,679

  

  

 9,858,540

  

  

 8,077,169

  

  

 9,878,319

  

 

 
  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

 

 
 (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.

  

  

  

  

  

  

  

  

 

 
 (5) Represents total equity less goodwill less other intangible assets divided by common shares outstanding. See non-GAAP reconciliation table.

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

 

  

 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
 BV FINANCIAL, INC.

  

 

 
 Consolidated Balance Sheets

  

 

 
  

  

  

  

  

  

  

 

 
 

  

 June 30, 2026

  

  

 December 31, 2025

  

 

 
 (dollars in thousands, except share amounts)

  

 (unaudited)

  

  

 derived from audited financial statements

  

 

 
  

  

  

  

  

  

  

 

 
 Assets

  

  

  

  

  

  

 

 
 Cash

  

 $

 8,664

  

  

 $

 5,616

  

 

 
 Interest-bearing deposits in other banks

  

  

 60,238

  

  

  

 50,089

  

 

 
 Cash and cash equivalents

  

  

 68,902

  

  

  

 55,705

  

 

 
 Equity Investment

  

  

 405

  

  

  

 404

  

 

 
 Securities available for sale

  

  

 32,218

  

  

  

 33,226

  

 

 
 Securities held to maturity (fair value of $5,082 and $5,102, ACL of $1 and $2)

  

  

 5,647

  

  

  

 5,736

  

 

 
 Loans held for maturity

  

  

 710,625

  

  

  

 754,921

  

 

 
 Allowance for Credit Losses

  

  

 (6,214

 )

  

  

 (6,437

 )

 

 
 Net Loans

  

  

 704,411

  

  

  

 748,484

  

 

 
 Premises and equipment, net

  

  

 12,223

  

  

  

 12,493

  

 

 
 Federal Home Loan Bank of Atlanta stock, at cost

  

  

 661

  

  

  

 2,324

  

 

 
 Investment in life insurance

  

  

 20,642

  

  

  

 20,441

  

 

 
 Accrued interest receivable

  

  

 3,020

  

  

  

 3,149

  

 

 
 Goodwill

  

  

 14,420

  

  

  

 14,420

  

 

 
 Intangible assets, net

  

  

 561

  

  

  

 651

  

 

 
 Deferred tax assets, net

  

  

 7,558

  

  

  

 7,563

  

 

 
 Other assets

  

  

 7,288

  

  

  

 7,617

  

 

 
 Total assets

  

 $

 877,956

  

  

 $

 912,213

  

 

 
 Liabilities and Stockholders' Equity

  

  

  

  

  

  

 

 
 Liabilities

  

  

  

  

  

  

 

 
 Noninterest-bearing deposits

  

 $

 138,384

  

  

 $

 138,360

  

 

 
 Interest-bearing deposits

  

  

 537,506

  

  

  

 537,734

  

 

 
 Total deposits

  

  

 675,890

  

  

  

 676,094

  

 

 
  

  

  

  

  

  

  

 

 
 FHLB borrowings

  

  

 —

  

  

  

 35,000

  

 

 
 Other liabilities

  

  

 18,865

  

  

  

 17,315

  

 

 
 Total liabilities

  

  

 694,755

  

  

  

 728,409

  

 

 
 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 2026 and 2025; 8,520,245 shares issued and outstanding as of June 30, 2026; 8,852,813 shares issued and outstanding as of December 31, 2025

  

  

 85

  

  

  

 88

  

 

 
 Paid-in capital

  

  

 63,629

  

  

  

 68,834

  

 

 
 Unearned common stock held by employee stock ownership plan

  

  

 (6,879

 )

  

  

 (6,978

 )

 

 
 Retained earnings

  

  

 127,543

  

  

  

 122,990

  

 

 
 Accumulated other comprehensive loss

  

  

 (1,177

 )

  

  

 (1,130

 )

 

 
 Total stockholders' equity

  

  

 183,201

  

  

  

 183,804

  

 

 
 Total liabilities and stockholders' equity

  

 $

 877,956

  

  

 $

 912,213

  

 

  

 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 BV FINANCIAL, INC.

  

 

 
 Consolidated Statements of Income

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 (dollars in thousands, except per share amounts)

  

 Three Months Ended June 30,

  

  

 Six Months Ended June 30,

  

 

 
 Interest Income

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Loans, including fees

  

 $

 11,165

  

  

 $

 11,334

  

  

 $

 22,308

  

  

 $

 22,075

  

 

 
 Investment securities available for sale

  

  

 282

  

  

  

 324

  

  

  

 571

  

  

  

 674

  

 

 
 Investment securities held to maturity

  

  

 45

  

  

  

 46

  

  

  

 90

  

  

  

 93

  

 

 
 Other interest income

  

  

 713

  

  

  

 562

  

  

  

 1,318

  

  

  

 1,305

  

 

 
 Total interest income

  

  

 12,205

  

  

  

 12,266

  

  

  

 24,287

  

  

  

 24,147

  

 

 
 Interest Expense

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest on deposits

  

  

 2,771

  

  

  

 2,622

  

  

  

 5,423

  

  

  

 5,223

  

 

 
 Interest on FHLB borrowings

  

  

 (104

 )

  

  

 23

  

  

  

 215

  

  

  

 —

  

 

 
 Interest on Subordinated debentures

  

  

 —

  

  

  

 465

  

  

  

 —

  

  

  

 1,125

  

 

 
 Total interest expense

  

  

 2,667

  

  

  

 3,110

  

  

  

 5,638

  

  

  

 6,348

  

 

 
 Net interest income

  

  

 9,538

  

  

  

 9,156

  

  

  

 18,649

  

  

  

 17,799

  

 

 
 Provision for (recovery of) credit losses

  

  

 (216

 )

  

  

 178

  

  

  

 (227

 )

  

  

 475

  

 

 
 Net interest income after provision for (recovery of) credit losses

  

  

 9,754

  

  

  

 8,978

  

  

  

 18,876

  

  

  

 17,324

  

 

 
 Noninterest Income

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Service fees on deposits

  

  

 105

  

  

  

 112

  

  

  

 215

  

  

  

 216

  

 

 
 Fees from debit cards

  

  

 182

  

  

  

 177

  

  

  

 346

  

  

  

 341

  

 

 
 Income from investment in life insurance

  

  

 116

  

  

  

 114

  

  

  

 202

  

  

  

 201

  

 

 
 (Loss) on sale of fixed assets

  

  

 (135

 )

  

  

 —

  

  

  

 (135

 )

  

  

 —

  

 

 
 Other income

  

  

 199

  

  

  

 311

  

  

  

 367

  

  

  

 485

  

 

 
 Total noninterest income

  

  

 467

  

  

  

 714

  

  

  

 995

  

  

  

 1,243

  

 

 
 Noninterest Expense

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Compensation and related benefits

  

  

 3,512

  

  

  

 4,018

  

  

  

 9,292

  

  

  

 8,542

  

 

 
 Occupancy

  

  

 476

  

  

  

 379

  

  

  

 932

  

  

  

 823

  

 

 
 Data processing

  

  

 437

  

  

  

 395

  

  

  

 836

  

  

  

 792

  

 

 
 Advertising

  

  

 19

  

  

  

 3

  

  

  

 33

  

  

  

 9

  

 

 
 Professional fees

  

  

 315

  

  

  

 249

  

  

  

 551

  

  

  

 479

  

 

 
 Equipment

  

  

 89

  

  

  

 94

  

  

  

 178

  

  

  

 185

  

 

 
 Foreclosed real estate and repossessed assets holding costs

  

  

 —

  

  

  

 —

  

  

  

 (5

 )

  

  

 2

  

 

 
 Amortization of intangible assets

  

  

 45

  

  

  

 45

  

  

  

 90

  

  

  

 90

  

 

 
 FDIC insurance premiums

  

  

 87

  

  

  

 84

  

  

  

 172

  

  

  

 165

  

 

 
 Other expense

  

  

 510

  

  

  

 488

  

  

  

 1,009

  

  

  

 845

  

 

 
 Total noninterest expense

  

  

 5,490

  

  

  

 5,755

  

  

  

 13,088

  

  

  

 11,932

  

 

 
 Net income before tax

  

  

 4,731

  

  

  

 3,937

  

  

  

 6,783

  

  

  

 6,635

  

 

 
 Income tax expense

  

  

 1,269

  

  

  

 1,076

  

  

  

 2,230

  

  

  

 1,675

  

 

 
 Net income

  

 $

 3,462

  

  

 $

 2,861

  

  

 $

 4,553

  

  

 $

 4,960

  

 

 
 Basic earnings per share

  

 $

 0.43

  

  

 $

 0.29

  

  

 $

 0.56

  

  

 $

 0.50

  

 

 
 Diluted earnings per share

  

 $

 0.42

  

  

 $

 0.29

  

  

 $

 0.55

  

  

 $

 0.50

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

  

 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 BV FINANCIAL, INC.

  

 

 
 Average Balance Sheet for the Quarters ended June 30,

  

 

 
 (Dollars in thousands)

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 

  

 For the Three Months Ended June 30,

  

 

 
 

  

 2026

  

  

 2025

  

 

 
 (dollars in thousands)

  

 Average Outstanding Balance

  

  

 Interest

  

  

 Average Yield/Rate

  

  

 Average Outstanding Balance

  

  

 Interest

  

  

 Average Yield/Rate

  

 

 
 

  

 (Unaudited)

  

 

 
 Interest-earning assets:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans

  

 $

 721,303

  

  

 $

 11,165

  

  

  

 6.21

 %

  

 $

 752,181

  

  

 $

 11,334

  

  

  

 6.04

 %

 

 
 Securities available-for-sale

  

  

 32,614

  

  

  

 282

  

  

  

 3.47

 %

  

  

 34,770

  

  

  

 324

  

  

  

 3.74

 %

 

 
 Securities held-to-maturity

  

  

 7,396

  

  

  

 45

  

  

  

 2.44

 %

  

  

 6,624

  

  

  

 46

  

  

  

 2.79

 %

 

 
 Cash, cash equivalents and other interest-earning assets

  

  

 73,450

  

  

  

 713

  

  

  

 3.92

 %

  

  

 49,450

  

  

  

 562

  

  

  

 4.60

 %

 

 
 Total interest-earning assets

  

  

 834,763

  

  

  

 12,205

  

  

  

 5.86

 %

  

  

 843,025

  

  

  

 12,266

  

  

  

 5.84

 %

 

 
 Noninterest-earning assets

  

  

 65,598

  

  

  

  

  

  

  

  

  

 64,324

  

  

  

  

  

  

  

 

 
 Total assets

  

 $

 900,361

  

  

  

  

  

  

  

  

 $

 907,349

  

  

  

  

  

  

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest-bearing liabilities:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest-bearing demand deposits

  

 $

 70,143

  

  

  

 153

  

  

  

 0.87

 %

  

 $

 76,698

  

  

  

 159

  

  

  

 0.83

 %

 

 
 Savings deposits

  

  

 115,314

  

  

  

 145

  

  

  

 0.50

 %

  

  

 120,584

  

  

  

 106

  

  

  

 0.35

 %

 

 
 Money market deposits

  

  

 130,067

  

  

  

 744

  

  

  

 2.29

 %

  

  

 125,686

  

  

  

 766

  

  

  

 2.44

 %

 

 
 Certificates of deposit

  

  

 221,400

  

  

  

 1,729

  

  

  

 3.13

 %

  

  

 197,488

  

  

  

 1,591

  

  

  

 3.23

 %

 

 
 Total interest-bearing deposits

  

  

 536,924

  

  

  

 2,771

  

  

  

 2.07

 %

  

  

 520,456

  

  

  

 2,622

  

  

  

 2.02

 %

 

 
 Federal Home Loan Bank advances

  

  

 22,418

  

  

  

 (104

 )

  

  

 (1.86

 )%

  

  

 1,978

  

  

  

 23

  

  

  

 4.66

 %

 

 
 Subordinated debentures

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 34,945

  

  

  

 465

  

  

  

 5.34

 %

 

 
 Total borrowings

  

  

 22,418

  

  

  

 (104

 )

  

  

 (1.86

 )%

  

  

 36,923

  

  

  

 488

  

  

  

 5.30

 %

 

 
 Total interest-bearingliabilities

  

  

 559,342

  

  

  

 2,667

  

  

  

 1.91

 %

  

  

 557,379

  

  

  

 3,110

  

  

  

 2.24

 %

 

 
 Noninterest-bearing demand deposits

  

  

 139,862

  

  

  

  

  

  

  

  

  

 134,841

  

  

  

  

  

  

  

 

 
 Other noninterest-bearing liabilities

  

  

 18,063

  

  

  

  

  

  

  

  

  

 16,930

  

  

  

  

  

  

  

 

 
 Total liabilities

  

  

 717,267

  

  

  

  

  

  

  

  

  

 709,150

  

  

  

  

  

  

  

 

 
 Equity

  

  

 183,094

  

  

  

  

  

  

  

  

  

 198,199

  

  

  

  

  

  

  

 

 
 Total liabilities and equity

  

 $

 900,361

  

  

  

  

  

  

  

  

 $

 907,349

  

  

  

  

  

  

  

 

 
 Net interest income

  

  

  

  

 $

 9,538

  

  

  

  

  

  

  

  

 $

 9,156

  

  

  

  

 

 
 Net interest rate spread

  

  

  

  

  

  

  

  

 3.95

 %

  

  

  

  

  

  

  

  

 3.60

 %

 

 
 Net interest-earning assets

  

 $

 275,421

  

  

  

  

  

  

  

  

 $

 285,646

  

  

  

  

  

  

  

 

 
 Net interest margin

  

  

  

  

  

  

  

  

 4.58

 %

  

  

  

  

  

  

  

  

 4.36

 %

 

 
 Average interest-earning assets to interest-bearing liabilities

  

  

 149.24

 %

  

  

  

  

  

  

  

  

 151.25

 %

  

  

  

  

  

  

 

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 BV FINANCIAL, INC.

  

 

 
 Average Balance Sheet for the Six Months ended June 30,

  

 

 
 (Dollars in thousands)

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 

  

 For the Six Months Ended June 30,

  

 

 
 

  

 2026

  

  

 2025

  

 

 
 (dollars in thousands)

  

 Average Outstanding Balance

  

  

 Interest

  

  

 Average Yield/Rate

  

  

 Average Outstanding Balance

  

  

 Interest

  

  

 Average Yield/Rate

  

 

 
 

  

 (Unaudited)

  

 

 
 Interest-earning assets:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans

  

 $

 730,542

  

  

 $

 22,308

  

  

  

 6.16

 %

  

 $

 745,958

  

  

 $

 22,075

  

  

  

 5.97

 %

 

 
 Securities available-for-sale

  

  

 33,073

  

  

  

 571

  

  

  

 3.48

 %

  

  

 35,821

  

  

  

 674

  

  

  

 3.79

 %

 

 
 Securities held-to-maturity

  

  

 7,716

  

  

  

 90

  

  

  

 2.35

 %

  

  

 6,971

  

  

  

 93

  

  

  

 2.69

 %

 

 
 Cash, cash equivalents and other interest-earning assets

  

  

 69,357

  

  

  

 1,318

  

  

  

 3.85

 %

  

  

 58,091

  

  

  

 1,305

  

  

  

 4.55

 %

 

 
 Total interest-earning assets

  

  

 840,688

  

  

  

 24,287

  

  

  

 5.83

 %

  

  

 846,841

  

  

  

 24,147

  

  

  

 5.75

 %

 

 
 Noninterest-earning assets

  

  

 65,489

  

  

  

  

  

  

  

  

  

 64,667

  

  

  

  

  

  

  

 

 
 Total assets

  

 $

 906,177

  

  

  

  

  

  

  

  

 $

 911,508

  

  

  

  

  

  

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest-bearing liabilities:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest-bearing demand deposits

  

 $

 72,925

  

  

  

 320

  

  

  

 0.88

 %

  

 $

 78,414

  

  

  

 330

  

  

  

 0.85

 %

 

 
 Savings deposits

  

  

 115,572

  

  

  

 292

  

  

  

 0.51

 %

  

  

 121,516

  

  

  

 206

  

  

  

 0.34

 %

 

 
 Money market deposits

  

  

 127,407

  

  

  

 1,428

  

  

  

 2.26

 %

  

  

 125,326

  

  

  

 1,530

  

  

  

 2.46

 %

 

 
 Certificates of deposit

  

  

 220,277

  

  

  

 3,383

  

  

  

 3.10

 %

  

  

 196,440

  

  

  

 3,157

  

  

  

 3.24

 %

 

 
 Total interest-bearing deposits

  

  

 536,181

  

  

  

 5,423

  

  

  

 2.04

 %

  

  

 521,696

  

  

  

 5,223

  

  

  

 2.02

 %

 

 
 Federal Home Loan Bank advances

  

  

 28,674

  

  

  

 215

  

  

  

 1.51

 %

  

  

 8,453

  

  

  

 194

  

  

  

 4.63

 %

 

 
 Subordinated debentures

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 34,925

  

  

  

 931

  

  

  

 5.38

 %

 

 
 Total borrowings

  

  

 28,674

  

  

  

 215

  

  

  

 1.51

 %

  

  

 43,378

  

  

  

 1,125

  

  

  

 5.23

 %

 

 
 Total interest-bearingliabilities

  

  

 564,855

  

  

  

 5,638

  

  

  

 2.01

 %

  

  

 565,074

  

  

  

 6,348

  

  

  

 2.27

 %

 

 
 Noninterest-bearing demand deposits

  

  

 139,835

  

  

  

  

  

  

  

  

  

 133,419

  

  

  

  

  

  

  

 

 
 Other noninterest-bearing liabilities

  

  

 18,353

  

  

  

  

  

  

  

  

  

 15,940

  

  

  

  

  

  

  

 

 
 Total liabilities

  

  

 723,043

  

  

  

  

  

  

  

  

  

 714,433

  

  

  

  

  

  

  

 

 
 Equity

  

  

 183,134

  

  

  

  

  

  

  

  

  

 197,075

  

  

  

  

  

  

  

 

 
 Total liabilities and equity

  

 $

 906,177

  

  

  

  

  

  

  

  

 $

 911,508

  

  

  

  

  

  

  

 

 
 Net interest income

  

  

  

  

 $

 18,649

  

  

  

  

  

  

  

  

 $

 17,799

  

  

  

  

 

 
 Net interest rate spread

  

  

  

  

  

  

  

  

 3.82

 %

  

  

  

  

  

  

  

  

 3.48

 %

 

 
 Net interest-earning assets

  

 $

 275,833

  

  

  

  

  

  

  

  

 $

 281,767

  

  

  

  

  

  

  

 

 
 Net interest margin

  

  

  

  

  

  

  

  

 4.47

 %

  

  

  

  

  

  

  

  

 4.24

 %

 

 
 Average interest-earning assets to interest-bearing liabilities

  

  

 148.83

 %

  

  

  

  

  

  

  

  

 149.86

 %

  

  

  

  

  

  

 

  
 
 
 
 
 
 

 

 
 

 
 
 
 
 
 
 
 
 
 
 

 
 ALLOWANCE FOR CREDIT LOSS - LOANS

  

 

 
 (Dollars in thousands)

  

 

 
  

 QTR

  

 YTD

  

 

 
  

 6/30/2026

  

 6/30/2026

  

 

 
  

  

  

  

  

 

 
 Beginning Balance

 $

 6,399

  

 $

 6,437

  

 

 
 

  

  

  

  

 

 
 Provision for credit loss -loans

  

 (200

 )

  

 (256

 )

 

 
 

  

  

  

  

 

 
   Net Charge-offs (recoveries):

  

  

  

  

 

 
 Owner Occupied 1-4

  

 (1

 )

  

 (2

 )

 

 
 Non-Owner Occupied 1-4

  

 (14

 )

  

 (33

 )

 

 
 Investor Commercial Real Estate

  

 —

  

  

 —

  

 

 
 OO Commercial Real Estate

  

 —

  

  

 —

  

 

 
 Construction & Land

  

 —

  

  

 —

  

 

 
 Farm Loans

  

 —

  

  

 —

  

 

 
 Marine & Consumer

  

 —

  

  

 2

  

 

 
 Guaranteed by the US Gov't

  

 —

  

  

 —

  

 

 
 Commercial

  

 —

  

  

 —

  

 

 
 Net charge-offs (recoveries)

  

 (15

 )

  

 (33

 )

 

 
 

  

  

  

  

 

 
 Ending Balance- ACL for Loans

 $

 6,214

  

 $

 6,214

  

 

 
 

  

  

  

  

 

 
 Balance Reserve for unfunded loan commitments

  

 125

  

  

 125

  

 

 
 Balance Reserve for HTM Securities

  

 1

  

  

 1

  

 

 
 Total ACL

 $

 6,340

  

 $

 6,340

  

 

 
 

  

  

  

  

 

 
 Provision expense for Unfunded Commitments

  

 (16

 )

  

 30

  

 

 
 Provision expense for HTM Securities

  

 —

  

  

 (1

 )

 

 
 Total other provision expense

 $

 (16

 )

 $

 29

  

 

 
 Total provision for (recovery of ) credit losses

 $

 (216

 )

 $

 (227

 )

 

  
 
 
 

 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 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 June 30,

  

  

 Six Months ended June 30,

 

 
 Non-GAAP Adjusted Net Income

 2026

  

  

 2025

  

  

 2026

  

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Net Income (GAAP)

 $

 3,462

  

  

 $

 2,861

  

  

 $

 4,553

  

  

 

 
 2024 Equity Plan Expenses

  

 601

  

  

  

 1,162

  

  

 $

 1,204

  

  

 

 
 Cost of executive transition

  

 -

  

  

  

 -

  

  

  

 2,203

  

  

 

 
 Tax impact

  

 (159

 )

  

  

 (308

 )

  

  

 (903

 )

  

 

 
 Non GAAP adjusted net income

 $

 3,904

  

  

 $

 3,715

  

  

 $

 7,057

  

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Adjusted Net Income per Share

 $

 0.48

  

  

 $

 0.38

  

  

 $

 0.88

  

  

 

 
 Adjusted Net Income per diluted share

 $

 0.47

  

  

 $

 0.37

  

  

 $

 0.86

  

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Non-GAAP Operating Pre-provision Net Revenue (OPPNR)

  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Net Interest Income before provision

 $

 9,538

  

  

 $

 9,156

  

  

 $

 18,649

  

  

 

 
 Plus: Purchase Accounting Amortization

  

 51

  

  

  

 44

  

  

  

 93

  

  

 

 
 Plus: Non-interest income

  

 467

  

  

  

 714

  

  

  

 995

  

  

 

 
 Less: Non-interest expense

  

 (5,490

 )

  

  

 (5,755

 )

  

  

 (13,088

 )

  

 

 
 Plus: CDI amortization

  

 45

  

  

  

 45

  

  

  

 90

  

  

 

 
 Plus: 2024 Equity Plan expense

  

 601

  

  

  

 1,162

  

  

  

 1,204

  

  

 

 
 Plus: Executive transition expense

  

 -

  

  

  

 -

  

  

  

 2,203

  

  

 

 
 Operating Pre-Provision Net Revenue

 $

 5,212

  

  

 $

 5,366

  

  

 $

 10,146

  

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 OPPNR per share

 $

 0.65

  

  

 $

 0.65

  

  

 $

 1.26

  

  

 

 
 OPPNR per diluted share

 $

 0.63

  

  

 $

 0.54

  

  

 $

 1.22

  

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Non-GAAP Tangible Book Value per Common Share

  

  

  

  

  

  

  

  

  

 

 
  

 2026

  

  

  

  

  

 2025

  

  

 

 
 Total Equity (GAAP)

 $

 183,201

  

  

  

  

  

 $

 197,991

  

  

 

 
   Less Goodwill

  

 14,420

  

  

  

  

  

  

 14,420

  

  

 

 
   Less other intangible assets

  

 561

  

  

  

  

  

  

 741

  

  

 

 
 Tangible equity

 $

 168,220

  

  

  

  

  

 $

 182,830

  

  

 

 
 Common shares outstanding

  

 8,520,225

  

  

  

  

  

  

 10,318,408

  

  

 

 
 Tangible book value per share

 $

 19.74

  

  

  

  

  

 $

 17.72