BV Financial, Inc. Announces Financial Results
BALTIMORE, MD / ACCESS Newswire / April 24, 2026 / BV Financial, Inc. (NASDAQ:BVFL), (the "Company") the holding company for BayVanguard Bank (the "Bank"), reported net income of $1.1 million or $0.13 per diluted share for the quarter ended March 31, 2026 compared to net income of $2.1 million or $0.21 per diluted share for the quarter ended March 31, 2025.
Adjusted net income, a non-GAAP financial metric, was $3.3 million for the quarter ended March 31, 2026 compared to $2.9 million for the quarter ended March 31, 2025. For a reconciliation of net income as reported and non-GAAP adjusted net income, see the table below.
Financial Highlights
As previously disclosed in a Form 8-K file with the Securities and Exchange Commission, former Co-President & CEO David Flair resigned in January. In connection with his resignation, he received a payment of $2.2 million in the quarter ended March 31, 2026.
The Company generated strong net interest margins and net interest spread of 4.36% and 3.68%, respectively in the quarter ended March 31, 2026 compared to 4.12% and 3.37% in the quarter ended March 31, 2025.
Share repurchases of 102,076 shares of common stock at a weighted average price of $18.72 were executed in the quarter ended March 31, 2026.
Return on average assets and return on average equity for the quarter ended March 31, 2026 were 0.48% and 2.38%, respectively. Return on average assets and return on average equity for the three months ended March 31, 2025 were 0.92% and 4.28%, respectively.
Loans decreased $19.3 million, or -2.56% to $735.6 million at March 31, 2026 compared to $754.9 million at December 31, 2025.
Deposits decreased $2.6 million, or -0.38%, to $673.5 million at March 31, 2026 from $676.1 million at December 31, 2025.
Financial Condition
Total Assets. Total assets were $910.9 million at March 31, 2025, a decrease of $1.4 million, or 0.2%, from $912.2 million at December 31, 2025. The decrease was due primarily to the decrease of $19.3 million in loans, partially offset by an increase of $18.9 million in cash and cash equivalents.
Cash and Cash Equivalents. Cash and cash equivalents increased $18.9 million, or 33.9%, to $74.6 million at March 31, 2026 from $55.7 million at December 31, 2025. The increase in cash was primarily a result of the pay-downs in loans.
Net Loans Receivable. Loans receivable decreased $19.3 million, or 2.6%, to $735.6 million at March 31, 2026 from $754.9 million at December 31, 2025. Real estate loans decreased $11.3 million while consumer and commercial loans decreased $8.0 million.
Securities. Securities available for sale decreased by $336,000, or 1.0%, from December 31, 2025 as paydowns and maturities were not fully replaced with new purchases. The held-to-maturity portfolio experienced a slight decrease due to paydowns.
Total Liabilities. Total liabilities decreased $1.2 million, or 0.16%, to $727.2 million at March 31, 2026 from $728.4 million at December 31, 2025. The decrease was due primarily to the decrease in deposits offset by an increase in other liabilities.
Deposits. Total deposits decreased $2.6 million, or 0.38% to $673.5 million at March 31, 2026 from $676.1 million at December 31, 2025. Interest-bearing deposits decreased $3.5 million, or 0.7%, to $534.2 million at March 31, 2026 from $537.7 million at December 31, 2025. Noninterest bearing deposits increased $1.0 million, or 0.7%, to $139.3 million at March 31, 2026 from $138.4 million at December 31, 2025.
Federal Home Loan Bank Borrowings. The Company had $35 million in Federal Home Loan Bank borrowings at March 31, 2026 and December 31, 2025.
Stockholders' Equity. Stockholders' equity decreased $167,000, or 0.1%, to $183.6 million at March 31, 2026 from $183.8 million at December 31, 2025 a due to $2.0 million in stock repurchases offset by net income, and the impact of equity compensation plans.
Asset Quality. Non-performing loans at March 31, 2026 totaled $2.6 million, compared to $2.3 million at December 31, 2025. The Company had no foreclosed real estate at either period. At March 31, 2026, the allowance for credit losses on loans was $6.4 million, which represented 0.87% of total loans and 282.9% of non-performing loans compared to $6.4 million at December 31, 2025, which represented 0.85% of total loans and 284.72% of non-performing loans.
Comparison of Operating Results for the Three Months Ended March 31, 2026 and 2025
Net Income. Net income was $1.1 million, or $0.13 per diluted share, for the quarter ended March 31, 2026 compared to net income of $2.1 million or $0.21 per diluted share, for the quarter ended March 31, 2025. The decrease was primarily due to the previously-noted executive payout, offset by higher net interest income.
Net Interest Income. Net interest income was $9.1 million for the three months ended March 31, 2026 compared to $8.6 million for the three months ended March 31, 2025. The net interest margin for the three months ended March 31, 2026 was 4.36% compared to 4.12% for the three months ended March 31, 2025. The increase in net interest income was due primarily to the Bank's utilization of lower cost Federal Home Loan Bank borrowings to replace the $35.0 million in subordinated debt that was paid off in December 2025 and higher rates earned on the loan portfolio, offset by lower yields on other interest-earning assets.
Provision for Credit Losses. The Company recorded a recovery of credit losses of $11,000 for the three months ended March 31, 2026 compared to a provision of $297,000 for the three months ended March 31, 2025.
Noninterest Income. For the three months ended March 31, 2026, noninterest income totaled approximately $528,000 compared to $530,000 for the quarter ended March 31, 2025.
Noninterest Expense. For the three months ended March 31, 2026, noninterest expense totaled $7.6 million compared to $6.2 million for the three months ended March 31, 2025. Compensation and benefits expenses increased $1.3 million, or 27.8% primarily due to the executive payout noted above and regular merit salary increases somewhat offset by lower equity compensation costs of $0.5 million. Other expenses increased $141,000 or 39.6%.
Income taxes. For the three months ended March 31, 2026, income tax expense was $961,000 for an effective tax rate of 46.8%. In the quarter ended March 31, 2025, income tax expense was $599,000 for an effective tax rate of 22.2%. The increase in the effective tax rate is primarily attributable to the non-deductible portion of the executive transition payment.
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.
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.
Contact:
Michael J. Dee
Chief Financial Officer
(410) 477- 5000
BV FINANCIAL, INC.
Consolidated Financial Ratios
At or For the Three Months
Ended March 31,
2026
2025
0.48
%
0.92
%
2.38
%
4.28
%
3.67
%
3.37
%
4.36
%
4.12
%
5.79
%
5.66
%
2.11
%
2.29
%
1.59
%
1.61
%
6.11
%
5.89
%
3.33
%
2.70
%
78.82
%
67.36
%
148.43
%
148.50
%
20.08
%
21.40
%
0.87
%
1.18
%
282.88
%
183.87
%
-
-
0.36
%
0.64
%
0.29
%
0.52
%
0.29
%
0.53
%
$
0.13
$
0.21
$
0.13
$
0.21
$
20.99
$
18.70
$
19.27
$
17.26
8,156,732
9,900,938
(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
March 31, 2026
December 31, 2025
(unaudited)
derived from audited financial statements
$
6,908
$
5,616
67,669
50,089
74,577
55,705
406
404
32,890
33,226
5,691
5,736
735,608
754,921
(6,399
)
(6,437
)
729,209
748,484
12,307
12,493
2,324
2,324
20,526
20,441
2,990
3,149
14,420
14,420
606
651
7,404
7,563
7,507
7,617
$
910,857
$
912,213
$
139,318
$
138,360
534,195
537,734
673,513
676,094
35,000
35,000
18,707
17,315
727,220
728,409
-
-
87
88
67,564
68,834
(6,929
)
(6,978
)
124,081
122,990
(1,166
)
(1,130
)
183,637
183,804
$
910,857
$
912,213
BV FINANCIAL, INC.
Consolidated Statements of Income
(unaudited)
Three Months Ended March 31,
2026
2025
$
11,143
$
10,741
289
350
45
47
605
743
12,082
11,881
2,652
2,601
319
171
-
466
2,971
3,238
9,111
8,643
(11
)
297
9,122
8,346
109
103
164
164
86
87
169
176
528
530
5,780
4,524
456
444
399
397
15
6
237
231
89
91
(5
)
3
45
45
85
81
497
356
7,598
6,178
2,052
2,698
961
599
$
1,091
$
2,099
$
0.13
$
0.21
$
0.13
$
0.21
BV FINANCIAL, INC.
Average Balance Sheet for the Quarters ended March 31,
(Dollars in thousands, unaudited)
For the Three Months Ended March 31,
2026
2025
Average Outstanding Balance
Interest
Average Yield/Rate
Average Outstanding Balance
Interest
Average Yield/Rate
(Unaudited)
$
739,885
$
11,143
6.11
%
$
739,666
$
10,741
5.89
%
33,538
289
3.49
%
36,884
350
3.85
%
8,040
45
2.27
%
7,323
47
2.60
%
65,221
605
3.79
%
66,832
743
4.51
%
846,684
12,082
5.79
%
850,705
11,881
5.66
%
65,375
65,008
$
912,059
$
915,713
$
75,739
167
0.89
%
$
80,149
171
0.87
%
115,833
147
0.51
%
122,458
99
0.33
%
124,717
684
2.22
%
124,962
764
2.48
%
219,142
1,654
3.06
%
195,379
1,567
3.52
%
535,431
2,652
2.01
%
522,948
2,601
2.02
%
35,000
319
3.70
%
15,000
171
4.62
%
-
-
-
34,905
466
5.41
%
35,000
319
3.70
%
49,905
637
5.18
%
570,431
2,971
2.11
%
572,853
3,238
2.29
%
139,808
131,981
18,645
14,941
728,884
719,775
183,175
195,938
$
912,059
$
915,713
$
9,111
$
8,643
3.68
%
3.37
%
$
276,253
$
277,852
4.36
%
4.12
%
148.43
%
148.50
%
ALLOWANCE FOR CREDIT LOSS - LOANS
(Dollars in thousands, unaudited)
QTR
QTR
3/31/2026
3/31/2025
$
6,437
$
8,522
(56
)
351
(1
)
(3
)
(19
)
(16
)
-
-
-
-
-
(1
)
-
-
2
5
-
-
-
-
(18
)
(15
)
$
6,399
$
8,888
140
299
1
3
$
6,540
$
9,190
46
(53
)
(1
)
(1
)
$
45
$
(54
)
$
(11
)
$
297
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 March 31,
2026
2025
$
1,091
$
2,099
601
1,155
2,203
-
(576
)
(306
)
$
3,319
$
2,948
NON-GAAP TANGIBLE BOOK VALUE PER COMMON SHARE
$
183,637
$
198,073
14,420
14,420
606
786
$
168,611
$
182,867
8,750,737
10,594,044
$
19.27
$
17.26
SOURCE: BV Financial, Inc.