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Highlights

  • Net income of BV Financial declined to USD 2.9 million in Q2 2025 from USD 3.4 million last year
  • Deposits at the company increased by USD 7.4 million to USD 658.9 million as of June 30, 2025
  • Net interest income rose to USD 9.2 million in Q2 2025, compared to USD 8.9 million in Q2 2024

BV Financial, Inc. (NASDAQ:BVFL), the holding company of BayVanguard Bank, reported net income of USD 2.9 million, or USD 0.29 per diluted share, for the quarter ended June 30, 2025. This marks a decrease from USD 3.4 million, or USD 0.32 per diluted share, for the same quarter in 2024. For the six-month period, net income totaled USD 5.0 million, or USD 0.50 per diluted share, compared to USD 6.0 million, or USD 0.52 per diluted share, in the prior year.

Adjusted net income, a non-GAAP figure, was USD 3.7 million for the quarter, compared to USD 3.4 million in the same period last year. For the six-month period ending June 30, 2025, adjusted net income rose to USD 6.7 million from USD 6.04 million.

Return on average assets and return on average equity for the quarter were 1.26 percent and 5.78 percent, respectively. Net interest income increased to USD 9.2 million from USD 8.9 million in Q2 2024. The net interest margin for the quarter rose slightly to 4.36 percent from 4.33 percent. For the first half of 2025, net interest income was USD 17.8 million compared to USD 16.9 million in the same period last year, with the margin improving to 4.24 percent from 4.12 percent.

As of June 30, 2025, total assets stood at USD 908.3 million, down USD 3.5 million from December 31, 2024. The decline was largely driven by the repayment of USD 15.0 million in borrowings from the Federal Home Loan Bank. Cash and cash equivalents fell by USD 14.2 million to USD 56.3 million in the same period.

Loans receivable increased by USD 13.8 million to USD 751.6 million, led by growth in owner-occupied residential, commercial, and construction lending. Total deposits rose by USD 7.4 million to USD 658.9 million, including increases in both interest-bearing and non-interest-bearing categories.

Noninterest income reached USD 714,000 in Q2 2025, up from USD 596,000 in Q2 2024, driven by higher fees on loans and deposits. Noninterest expenses rose to USD 5.8 million from USD 4.9 million in the prior year, primarily due to USD 1.1 million in compensation tied to the company’s Equity Incentive Plan for 2024. For the six-month period, noninterest expenses totaled USD 11.9 million, up from USD 9.8 million.

Non-performing assets stood at USD 4.5 million as of June 30, 2025, slightly higher than USD 4.2 million at the end of 2024. The allowance for credit losses on loans was USD 9.2 million, or 1.22 percent of total loans, covering 208.6 percent of non-performing loans.

During the quarter, the company repurchased 277,000 shares at an average price of USD 15.29. Stockholders' equity increased by USD 2.5 million to USD 198.0 million, reflecting earnings and reduced other comprehensive losses, partly offset by the repurchase activity.