B
BV Financial, Inc.
BVFLCIK 0001302387NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthSavings Institution, Federally CharteredMarylandFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$13.49M
Total Assets
$912.21M
Equity
$183.80M
Shares Out
8.75M
Op. Cash Flow
$19.02M
Business
BV Financial, Inc. operates as a bank holding company that conducts its operations primarily through its wholly owned subsidiary, BayVanguard Bank, providing full-service community banking. It offers deposit accounts, consumer and commercial lending products, including one- to four-family residential mortgages, commercial real estate loans, construction and land loans, marine and farm loans, and investment securities. Key business segments include consumer, community and investment real estate lending groups, treasury and investment management, and loan servicing and foreclosure-related real estate subsidiaries. The company distributes products through a main office, branch network, and an interactive teller machine in the Baltimore market and select Eastern Shore counties in Maryland.
Summary from filing dated 2025-03-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Loans, including fees | 46 | 41 | 38 | 31 | |
| Investment securities available for sale | 1 | 1 | 1 | 610,000 | |
| Investment securities held to maturity | 185,000 | 314,000 | 367,000 | 245,000 | |
| Other interest income | 3 | 4 | 4 | 1 | |
| Total interest income | 50 | 47 | 43 | 33 | |
| Interest on deposits | 11 | 9 | 6 | 1 | |
| Interest on FHLB borrowings | 279,000 | 2,000 | 1 | 11,000 | |
| Interest on subordinated debentures | 2 | 2 | 2 | 2 | |
| Total interest expense | 13 | 11 | 9 | — | |
| Net interest income | 37 | 35 | 34 | 30 | |
| Recovery of credit losses | −2 | −203,000 | −45,000 | 1 | |
| Net interest income after (recovery of) provision for credit losses | 39 | 35 | 34 | 29 | |
| Income from investment in life insurance | 383,000 | 400,000 | 641,000 | 1 | |
| Gain on foreclosed real estate | 26,000 | — | 709,000 | — | |
| Loss on sale of fixed assets | −32,000 | — | 188,000 | 246,000 | |
| Other income | 1 | 982,000 | 1 | 3 | |
| Total noninterest income | 3 | 3 | 4 | 6 | |
| Compensation and related benefits | 16 | 14 | 12 | 10 | |
| Occupancy | 2 | 2 | 2 | 2 | |
| Data processing | 2 | 1 | 1 | 1 | |
| Advertising | 37,000 | 23,000 | 43,000 | 23,000 | |
| Professional fees | 933,000 | 1 | 886,000 | 607,000 | |
| Equipment | 370,000 | 396,000 | 425,000 | 436,000 | |
| Foreclosed real estate and holding costs | 5,000 | 13,000 | 186,000 | 965,000 | |
| Amortization of intangible assets | 180,000 | 181,000 | 183,000 | 183,000 | |
| FDIC insurance premiums | 330,000 | 326,000 | 336,000 | 219,000 | |
| Other | 2 | 2 | 2 | 4 | |
| Total noninterest expense | 23 | 21 | 19 | 20 | |
| Net income before tax | 19 | 16 | 19 | 15 | |
| Income tax expense | 5 | 5 | 5 | 4 | |
| Net income | 13 | 12 | 14 | 11 | |
| Basic earnings per share | 1.44 | 1.1 | 1.47 | 1.32 | |
| Diluted earnings per share | 1.43 | 1.09 | 1.47 | 1.32 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 6 | 6 | 9 | 13 | — | |
| Interest-bearing deposits in other banks | 50 | 65 | 64 | 56 | — | |
| Cash and cash equivalents | 56 | 71 | 74 | 69 | — | |
| Equity Investment | 404,000 | 391,000 | 256,000 | 221,000 | — | |
| Securities available for sale | 33 | 37 | 35 | 33 | — | |
| Securities held to maturity (fair value of $5,101 and $5,171, ACL of $2 and $4) | 6 | 6 | 10 | 10 | — | |
| Loans held for maturity | 755 | 738 | 705 | 663 | — | |
| Allowance for credit losses | −6 | −9 | −9 | −4 | −3 | |
| Net loans | 748 | 729 | 696 | 659 | — | |
| Other real estate owned | 0 | 159,000 | 170,000 | 2 | — | |
| Premises and equipment, net | 12 | 13 | 14 | 15 | — | |
| Federal Home Loan Bank of Atlanta stock, at cost | 2 | 1 | 626,000 | 977,000 | — | |
| Investment in life insurance | 20 | 20 | 20 | 20 | — | |
| Accrued interest receivable | 3 | 3 | 3 | 3 | — | |
| Goodwill | 14 | 14 | 14 | 14 | — | |
| Intangible assets, net | 651,000 | 831,000 | 1 | 1 | — | |
| Deferred tax assets, net | 8 | 9 | 9 | 9 | — | |
| Other assets | 8 | 6 | 8 | 8 | — | |
| Total assets | 912 | 912 | 885 | 845 | — | |
| Noninterest-bearing deposits | 138 | 130 | 142 | 167 | — | |
| Interest-bearing deposits | 538 | 522 | 492 | 517 | — | |
| Total deposits | 676 | 651 | 634 | 685 | — | |
| FHLB borrowings | 35 | 15 | 0 | 12 | — | |
| Subordinated Debentures | 0 | 35 | 37 | 37 | — | |
| Other liabilities | 17 | 15 | 15 | 14 | — | |
| Total liabilities | 728 | 716 | 686 | 747 | — | |
| Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding | 0 | 0 | 0 | — | — | |
| Common stock, $0.01 par value; 45,000,000 shares authorized at December 31, 2025 and December 31, 2024; 8,852,813 shares issued and outstanding as of December 31, 2025 and 10,645,284 shares issued and outstanding as of December 31, 2024 | 88,000 | 106,000 | 114,000 | 74,000 | — | |
| Paid-in capital | 69 | 95 | 110 | 15 | — | |
| Unearned common stock held by employee stock ownership plan | −7 | −7 | −7 | — | — | |
| Retained earnings | 123 | 109 | 98 | 85 | — | |
| Accumulated other comprehensive loss | −1 | −2 | −2 | −2 | — | |
| Total stockholders' equity | 184 | 195 | 199 | 98 | 83 | |
| Total liabilities and stockholders' equity | 912 | 912 | 885 | 845 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Net accretion of discounts and premiums | 72,000 | −57,000 | −117,000 | −681,000 | |
| Proceed payments received on foreclosed real estate | — | 11,000 | — | — | |
| Amortization of deferred loan fees/costs | 48,000 | 415,000 | −475,000 | −1 | |
| Amortization of debt issuance costs | 117,000 | 155,000 | 156,000 | 155,000 | |
| Write off fair market value of subordinated debt | — | 566,000 | — | — | |
| Depreciation of premises and equipment | 633,000 | 822,000 | 869,000 | 860,000 | |
| Loss on sale of assets | 32,000 | — | −188,000 | — | |
| Deferred tax expense (benefit) | 1 | −58,000 | 207,000 | 308,000 | |
| Increase in cash surrender value of life insurance | −383,000 | −400,000 | −405,000 | −398,000 | |
| Stock-based compensation expense | 4 | 2 | 357,000 | 258,000 | |
| ESOP compensation expense | 182,000 | 168,000 | 511,000 | — | |
| Increase in accrued interest and other assets | 673,000 | 2 | −299,000 | 852,000 | |
| Increase (decrease) increase in other liabilities | 1 | −1 | 1 | −694,000 | |
| Net cash provided by operating activities | 19 | 16 | 15 | 10 | |
| Increase in equity trading account | −13,000 | 7,000 | — | — | |
| Proceeds from maturities and principal payments of investment securities available for sale | 21 | 12 | 5 | 8 | |
| Purchases of investment securities available for sale | −16 | −15 | −7 | −5 | |
| Proceeds from maturities and principal payments of investment securities held to maturity | 244,000 | 4 | 488,000 | 2 | |
| Net increase in loans | −17 | −33 | −38 | −40 | |
| Purchase of premises and equipment | −237,000 | −611,000 | −155,000 | −502,000 | |
| Proceeds from sale of Federal Home Loan Bank Stock | 1 | — | 2 | 510,000 | |
| Purchase of Federal Home Loan Bank of Atlanta stock | −2 | −740,000 | −1 | −1 | |
| Net cash used in investing activities | −13 | −32 | −35 | −28 | |
| (Decrease) increase in official checks | −376,000 | 181,000 | −410,000 | 648,000 | |
| Net increase in deposits | 25 | 17 | −50 | −36 | |
| Increase in advance payments by borrowers for taxes and insurance | 270,000 | 1 | 231,000 | −1 | |
| Advances from the Federal Home Loan Bank of Atlanta | 35 | 15 | 26 | 24 | |
| Repayments of advances from Federal Home Loan Bank of Atlanta | −15 | — | −38 | −12 | |
| Repayments of subordinated debt | −35 | −3 | — | — | |
| Repurchase of shares | −30 | −18 | — | — | |
| Net cash (used in) provided by financing activities | −21 | 13 | 25 | −24 | |
| Net increase (decrease) in cash and cash equivalents | −15 | −3 | 5 | −43 | |
| Interest paid | 13 | 11 | 9 | 3 | |
| Income taxes paid | 3 | 6 | — | — | |
| Net change on equity and available for sale securities | −677,000 | 37,000 | — | — | |
| Net change on loans | −159,000 | −200,000 | — | — | |
| Net change in foreclosed real estate | 159,000 | — | — | — | |
| Transfers from property plant and equipment to other assets | 303,000 | 815,000 | — | — | |
| Deferred tax assets | 186,000 | 128,000 | — | — | |
| Net change in adjusted other comprehensive income | 491,000 | 337,000 | — | — |
Filings
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