# EDGAR Filing Document

**Accession Number:** 0001302387
**File Stem:** 0001193125-25-243407
**Filing Date:** 2025-10
**Character Count:** 39365
**Document Hash:** 16b8c60bca0dda1d6e449eb7c141584c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-243407.hdr.sgml**: 20251020

**ACCESSION NUMBER**: 0001193125-25-243407

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20251017

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251020

**DATE AS OF CHANGE**: 20251020

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BV Financial, Inc.
- **CENTRAL INDEX KEY:** 0001302387
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 141920944
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41764
- **FILM NUMBER:** 251403381

**BUSINESS ADDRESS:**
- **STREET 1:** 7114 NORTH POINT ROAD
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21219
- **BUSINESS PHONE:** 410-477-5000

**MAIL ADDRESS:**
- **STREET 1:** 7114 NORTH POINT ROAD
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21219

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** October 17, 2025<br>

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BV FINANCIAL, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Maryland | 001-36094 | 14-1920944 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 7114 North Point Blvd. |  |  |
| Baltimore**,** Maryland |  | 21219 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 410 477-5000<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On October 17, 2025, BV Financial, Inc. (the "Company"), the holding company for BayVanguard Bank, issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the Company's press release is attached as Exhibit 99.1 and is furnished herewith.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

Exhibit No. Description

[<u>99.1</u>](bvfl-ex99_1.htm)Press Release dated October 17, 2025

104 Cover Page Interactive Data File (embedded within Inline XBRL document)

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | BV FINANCIAL, INC. |
| Date: | October 20, 2025 | By:  | /s/ Michael J. Dee |
|  |  |  | Chief Financial Officer |

---

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## Exhibit 99.1

Exhibit 99.1

Contact:

Michael J. Dee

Chief Financial Officer

(410) 477- 5000

**BV FINANCIAL, INC. ANNOUNCES FINANCIAL RESULTS** 

**Announces Adoption and Regulatory Non-Objection For Stock Repurchase Program**

Baltimore, Maryland, October 17, 2025– BV Financial, Inc. (NASDAQ: BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of $3.7 million, or $0.41 per diluted share, for the quarter ended September 30, 2025 compared to net income of $3.8 million, or $0.35 per diluted share, for the quarter ended September 30, 2024. Net income for the nine-month period ended September 30, 2025 was $8.7 million or $0.88 per diluted share compared to net income of $9.8 million or $0.91 per diluted share for the nine-month period ended September 30, 2024.

Adjusted net income, a non-GAAP financial metric, was $4.4 million and $4.1 million for the quarters ended September 30, 2025 and 2024, respectively, and $11.1 million and $10.0 million for the nine months ended September 30, 2025, and 2024, respectively. For a reconciliation of net income as reported and non-GAAP adjusted net income, see the table attached to this predd release.

**Financial Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Return on average assets and return on average equity for the three months ended September 30, 2025, was 1.65% and 7.77%, respectively. Return on average assets and return on average equity for the nine months ended September 30, 2025 was 1.27% and 5.93%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net loans increased $8.6 million or 1.2% to $737.9 million compared to $729.2 million on December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deposits increased $12.3 million or 1.9% from $651.5 million on December 31, 2024 to $663.8 million at September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-accrual loans decreased $500,000 to $3.5 million at September 30, 2025 from $4.0 million at December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company recorded a recovery of provision for credit losses of $1.0 million for the three months ended September 30, 2025 and $539,000 for the nine months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the quarter ended September 30, 2025, the Company repurchased 782,324 shares of its outstanding common stock at an average price of $16.14.

**<u>FINANCIAL CONDITION DISCUSSION</u>**

**Total Assets.** Total assets were $909.4 million at September 30, 2025, a decrease of $2.4 million,

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or 0.27%, from $911.8 million at December 31, 2024.

**Cash and Cash Equivalents.** Cash and cash equivalents decreased $7.0 million, or 9.9%, to $63.5 million at September 30, 2025 from $70.5 million at December 31, 2024. The decrease in cash was primarily a result loan growth and the pay-off of $15 million in FHLB borrowings offset by deposit growth and securities repayments.

**Loans Receivable.** Loans receivable increased $8.3 million, or 1.1%, to $746.1 million at September 30, 2025 from $737.8 million at December 31, 2024. Increases in in owner occupied 1-4 loans, commercial loans and construction loans offset decreases in investor commercial real estate loans, non-owner occupied 1-4 loans, owner occupied 1-4 junior liens, owner occupied commercial real estate, marine and farm loans.

**Securities.** Securities available for sale decreased by $2.8 million or 7.5% from December 31, 2024 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 increased $2.8 million or 0.4%, to $719.2 million at September 30, 2025 from $716.3 million at December 31, 2024.The increase was due primarily to the increase in deposits and other liabilities offset by a decrease in borrowings.

**Deposits.** Total deposits increased $12.3 million, or 1.9% to $663.8 million at September 30, 2025 from $651.5 million at December 31, 2024. Interest-bearing deposits increased $7.3 million, or 1.4%, to $529.0 million at September 30, 2025 from $521.8 million at December 31, 2024. Noninterest bearing deposits increased $5.0 million, or 3.9%, to $134.7 million at September 30, 2025 from $129.7 million at December 31, 2024.

**Stockholders' Equity*.*** Stockholders' equity decreased $5.3 million, or 2.7%, to $190.2 million at September 30, 2025 from $195.5 million at December 31, 2024 as net income, the decrease in the accumulative other comprehensive loss and the impact of equity compensation plans was offset by $17.7 million in stock repurchase during the year-to-date period.

**<u>RESULTS OF OPERATION DISCUSSION</u>**

**Net Income.** Net income was $3.7 million or $0.41 per diluted share for the three months ended September 30, 2025 compared to $3.8 million or $0.35 per diluted share for the three months ended September 30, 2024. Net income was $8.7 million or $0.88 per diluted share for the nine months ended September 30, 2025 compared to $9.8 million or $0.91 per diluted share for the nine months ended September 30, 2024. The decreases were due to higher compensation expenses and smaller credits to the provision for credit losses offsetting higher net interest and other income.

**Net Interest Income.** Net interest income was $9.4 million for the three months ended September 30, 2025 compared to $9.3 million for the three months ended September 30, 2024.

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The net interest margin for the three months ended September 30, 2025 was 4.40% compared to 4.49% for the three months ended September 30, 2024. The increase in net interest income was due to higher average balances of interest earning assets and higher yields on these assets offset by a higher average balance of deposits and higher rates paid on deposits.

Net interest income was $27.1 million for the nine months ended September 30, 2025, compared to $26.2 million in the nine months ended September 30, 2024. The net interest margin for the nine months ended September 30, 2025 was 4.29% compared to 4.25% for the nine months ended September 30, 2024. The increase in net interest income was due to higher average balances of interest earning assets and higher yields on these assets offsetting the increase in interest expense due to a higher volume of deposits and higher rates paid on deposits.

**Noninterest Income**. For the three months ended September 30, 2025, noninterest income totaled approximately $684,000 compared to $696,000 for the quarter ended September 30, 2024.

For the nine months ended September 30, 2025 and September 30, 2024, noninterest income totaled $1.9 million.

**Noninterest Expense.** For the three months ended September 30, 2025, noninterest expense totaled $5.9 million compared to $5.5 million in the three months ended September 30, 2024. Compensation and benefits increased $570,000, primarily due to the costs of the 2024 equity incentive plan. For the quarter ended September 30, 2024, the expenses of the 2024 equity incentive plan were only applicable for one month based on the grant dates of the awards. All other expense categories combined decreased by $165,000 in the quarter ended September 30, 2025 when compared to the quarter ended September 30, 2024.

For the nine months ended September 30, 2025, noninterest expense totaled $17.8 million as compared to $15.3 million in the nine months ended September 30, 2024. Compensation and benefits expense increased $2.9 million. For the nine months ended September 30, 2025, the expenses of the 2024 equity incentive plan were applicable for all nine months compared to one month for the nine month period ended September 30, 2024. The increase in plan expenses totaled $2.9 million in the 2025 year-to-date period when compared to the same period in 2024. All other expense categories combined decreased by $374,000 in the quarter ended September 30, 2025 when compared to the quarter ended September 30, 2024.

**Asset Quality.** Non-performing assets at September 30, 2025 totaled $3.5 million consisting of $3.5 million in nonperforming loans and $0 in other real estate owned, compared to $4.2 million at December 31, 2024, consisting of $4.0 million in non-performing loans and $159,000 in other real estate owned. At September 30, 2025, the allowance for credit losses on loans was $8.2 million, which represented 1.10% of total loans and 233.5% of non-performing loans compared to $8.5 million at December 31, 2024, which represented 1.15% of total loans and 212.5% of non-performing loans.

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**<u>STOCK REPURCHASE PROGRAM</u>**

The Company has adopted, and received the non-objection of the Federal Reserve Bank of Richmond (the "Federal Reserve") to initiate, a stock repurchase program for up to 10% of the Company's outstanding shares of common stock (approximately 9,536,094 shares). This is the Company's third stock repurchase program since completing its mutual-to-stock conversion and related stock offering on July 31, 2023.

Repurchases are expected to commence after the date of this press release. Once initiated, shares of the Company's common stock may be repurchased pursuant to the program in open market or private transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program will expire on June 30, 2026, unless extended by the Board of Directors pursuant to further non-objection from the Federal Reserve.

Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be subject to the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.

The timing and amount of share repurchases under this authorization may be suspended, terminated or modified by the Company at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period**.**

**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, the imposition of tariffs or other domestic or international governmental policies, 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. Treasury and the Board of Governors of the FRB, the impact of the federal government shutdown, 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, a potential government shutdown, a

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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, our ability to enter into new markets successfully and capitalize on growth opportunities and 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** |
| **Consolidated Financial Ratios** | **Consolidated Financial Ratios** | **Consolidated Financial Ratios** | **Consolidated Financial Ratios** | **Consolidated Financial Ratios** |
|  | **At or For the Three Months** | **At or For the Three Months** | **At or For the Nine Months** | **At or For the Nine Months** |
|  | **Ended September 30,** | **Ended September 30,** | **Ended September 30,** | **Ended September 30,** |
|  | **<u>2025</u>** | **<u>2024</u>** | **<u>2025</u>** | **<u>2024</u>** |
| &nbsp;&nbsp;**Performance Ratios**<sup>(1)</sup>**:** |  |  |  |  |
| 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<sup>(2)</sup> | 3.65% | 3.71% | 3.54% | 3.48% |
| Net interest margin<sup>(3)</sup> | 4.40% | 4.49% | 4.29% | 4.25% |
| Non-interest expense to average assets | 2.59% | 2.46% | 2.61% | 2.29% |
| Efficiency ratio<sup>(4)</sup> | 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% |
| &nbsp;&nbsp;**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% |
| &nbsp;&nbsp;**Other:** |  |  |  |  |
| &nbsp;&nbsp;Number of offices | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;Number of full-time equivalent employees | &nbsp;&nbsp;105 | &nbsp;&nbsp;111 | &nbsp;&nbsp;105 | &nbsp;&nbsp;111 |
| &nbsp;&nbsp;Weighted average shares outstanding | 9078667 | 10752069 | 9778841 | 10686024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Performance ratios are annualized. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents net interest income as a percentage of average interest-earning assets. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents non-interest expenses divided by the sum of net interest income and non-interest income. |  |  |  |  |

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| | | |
|:---|:---|:---|
| **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
|  | **September 30, 2025** | **December 31, 2024** |
| (dollars in thousands, except share amounts) | **(unaudited)** |  |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $6061 | $5842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits in other banks | 57485 | 64658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **63546** | **70500** |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Investment | 405 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 34482 | 37259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities held to maturity (fair value of $5,131 and $5,171, ACL of $2 and $4) | 5784 | 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for maturity | 746072 | 737760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for Credit Losses | (8197) | (8522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Loans | 737875 | 729238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreclosed real estate |  | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment, net | 12686 | 13224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank of Atlanta stock, at cost | 656 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in life insurance | 20347 | 20058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | 3049 | 3161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 14420 | 14420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 696 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets, net | 9267 | 8899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 6173 | 6336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**909386** | $**911821** |
| **Liabilities and Stockholders' Equity** |  |  |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | $134742 | $129724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 529048 | 521767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **663790** | **651491** |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLB borrowings |  | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures | 35000 | 34883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 20386 | 14948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **719176** | **716322** |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 80151 | 94679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned common stock held by employee stock ownership plan | (7023) | (7160) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 118185 | 109495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1198) | (1621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **190210** | **195499** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**909386** | $**911821** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** |
| **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** |
| (dollars in thousands, except per share amounts) | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Interest Income** | **2025** | **2024** | **2025** | **2024** |
| Loans, including fees | $11519 | $10522 | $33594 | $30481 |
| Investment securities available for sale | 329 | 353 | 1003 | 966 |
| Investment securities held to maturity | 46 | 83 | 139 | 266 |
| Other interest income | 633 | 1192 | 1938 | 3058 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest income** | **12527** | **12150** | **36674** | **34771** |
| **Interest Expense** |  |  |  |  |
| Interest on deposits | 2712 | 2381 | 7935 | 6610 |
| Interest on FHLB borrowings | - | - | 194 | - |
| Interest on Subordinated debentures | 465 | 466 | 1396 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest expense** | **3177** | **2847** | **9525** | **8595** |
| **Net interest income** | **9350** | **9303** | **27149** | **26176** |
| Provision for (recovery of) credit losses | (1014) | (714) | (539) | (806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for (recovery of) credit losses | **10364** | **10017** | **27688** | **26982** |
| **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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest income** | **684** | **696** | **1928** | **1869** |
| **Noninterest Expense** |  |  |  |  |
| Compensation and related benefits | 4064 | 3494 | 12606 | 9714 |
| Occupancy | 415 | 396 | 1238 | 1242 |
| Data processing | 372 | 366 | 1164 | 1117 |
| 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 | 1405 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest expense** | **5878** | **5473** | **17810** | **15292** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income before tax** | **5170** | **5240** | **11806** | **13559** |
| Income tax expense | 1440 | 1442 | 3116 | 3788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $**3730** | $**3798** | $**8690** | $**9771** |
| **Basic earnings per share** | $0.41 | $0.35 | $0.89 | $0.91 |
| **Diluted earnings per share** | $0.41 | $0.35 | $0.88 | $0.91 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** |
| **Average Balance Sheet for the Quarters ended September 30,** | **Average Balance Sheet for the Quarters ended September 30,** | **Average Balance Sheet for the Quarters ended September 30,** | **Average Balance Sheet for the Quarters ended September 30,** | **Average Balance Sheet for the Quarters ended September 30,** | **Average Balance Sheet for the Quarters ended September 30,** | **Average Balance Sheet for the Quarters ended September 30,** |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| (dollars in thousands) | **Average Outstanding Balance** | **Interest** | **Average Yield/Rate** | Average Outstanding Balance | Interest | Average Yield/Rate |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Loans | $743119 | $11519 | 6.15% | $690170 | $10522 | 6.05% |
| Securities available-for-sale | 35107 | 329 | 3.72% | 36201 | 353 | 3.87% |
| Securities held-to-maturity | 6465 | 46 | 2.82% | 9937 | 83 | 3.31% |
| Cash, cash equivalents and other interest-earning assets | 57784 | 633 | 4.38% | 86322 | 1192 | 5.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest-earning assets** | 842475 | 12527 | 5.90% | 822630 | 12150 | 5.86% |
| Noninterest-earning assets | 63948 |  |  | 68767 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $906423 |  |  | $891397 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Interest-bearing demand deposits | $75302 | 151 | 0.80% | $79652 | 207 | 1.03% |
| Savings deposits | 117422 | 136 | 0.46% | 128918 | 89 | 0.27% |
| Money market deposits | 128265 | 787 | 2.43% | 108518 | 669 | 2.45% |
| Certificates of deposit | 205022 | 1638 | 3.17% | 173751 | 1416 | 3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest-bearing deposits** | 526011 | 2712 | 2.05% | 490839 | 2381 | 1.92% |
| Subordinated debentures | 34983 | 465 | 5.27% | 34827 | 466 | 5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total borrowings** | 34983 | 465 | 5.27% | 34827 | 466 | 5.30% |
| **Total interest-bearing<br>liabilities** | 560994 | 3177 | 2.25% | 525666 | 2847 | 2.15% |
| Noninterest-bearing demand deposits | 137179 |  |  | 140039 |  |  |
| Other noninterest-bearing liabilities | 16191 |  |  | 18101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 714364 |  |  | 683806 |  |  |
| Equity | 192059 |  |  | 207591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $906423 |  |  | $891397 |  |  |
| Net interest income |  | $9350 |  |  | $9303 |  |
| Net interest rate spread |  |  | 3.65% |  |  | 3.71% |
| **Net interest-earning assets** | $281481 |  |  | $296964 |  |  |
| Net interest margin |  |  | 4.40% |  |  | 4.49% |
| Average interest-earning assets to interest-bearing liabilities | 150.18% |  |  | 156.49% |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** |
| **Average Balance Sheet for the Nine Months ended September 30,** | **Average Balance Sheet for the Nine Months ended September 30,** | **Average Balance Sheet for the Nine Months ended September 30,** | **Average Balance Sheet for the Nine Months ended September 30,** | **Average Balance Sheet for the Nine Months ended September 30,** | **Average Balance Sheet for the Nine Months ended September 30,** | **Average Balance Sheet for the Nine Months ended September 30,** |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| (dollars in thousands) | **Average Outstanding Balance** | **Interest** | **Average Yield/Rate** | Average Outstanding Balance | Interest | Average Yield/Rate |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Loans | $745001 | $33594 | 6.03% | $701310 | $30481 | 5.79% |
| Securities available-for-sale | 35580 | 1003 | 3.77% | 34569 | 966 | 3.72% |
| Securities held-to-maturity | 6801 | 139 | 2.73% | 10507 | 266 | 3.37% |
| Cash, cash equivalents and other interest-earning assets | 57988 | 1938 | 4.49% | 74720 | 3058 | 5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest-earning assets** | 845370 | 36674 | 5.80% | 821106 | 34771 | 5.64% |
| Noninterest-earning assets | 64424 |  |  | 68985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $909794 |  |  | $890091 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Interest-bearing demand deposits | $77365 | 482 | 0.83% | $83683 | 681 | 1.08% |
| Savings deposits | 120136 | 342 | 0.38% | 138474 | 250 | 0.24% |
| Money market deposits | 126316 | 2318 | 2.45% | 96724 | 1496 | 2.06% |
| Certificates of deposit | 199332 | 4793 | 3.21% | 174896 | 4183 | 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest-bearing deposits** | 523149 | 7935 | 2.03% | 493777 | 6610 | 1.78% |
| Federal Home Loan Bank advances | 5604 | 194 | 4.63% |  |  |  |
| Subordinated debentures | 34944 | 1396 | 5.34% | 35139 | 1985 | 7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total borrowings** | 40548 | 1590 | 5.24% | 35139 | 1985 | 7.53% |
| **Total interest-bearing<br>liabilities** | 563697 | 9525 | 2.26% | 528916 | 8595 | 2.16% |
| Noninterest-bearing demand deposits | 134686 |  |  | 139642 |  |  |
| Other noninterest-bearing liabilities | 16027 |  |  | 17676 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 714410 |  |  | 686234 |  |  |
| Equity | 195384 |  |  | 203857 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $909794 |  |  | $890091 |  |  |
| Net interest income |  | $27149 |  |  | $26176 |  |
| Net interest rate spread |  |  | 3.54% |  |  | 3.48% |
| **Net interest-earning assets** | $281673 |  |  | $292190 |  |  |
| Net interest margin |  |  | 4.29% |  |  | 4.25% |
| Average interest-earning assets to interest-bearing liabilities | 149.97% |  |  | 155.24% |  |  |

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| | | |
|:---|:---|:---|
| **ALLOWANCE FOR CREDIT LOSS - LOANS** | **ALLOWANCE FOR CREDIT LOSS - LOANS** | **ALLOWANCE FOR CREDIT LOSS - LOANS** |
| (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
|  | QTR | YTD |
|  | <u>9/30/2025</u> | <u>9/30/2025</u> |
| Beginning Balance | $9159 | $8522 |
| Provision for credit loss - loans | (980) | (387) |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | <u>—</u> | <u>—</u> |
| Net charge-offs (recoveries) | (18) | (62) |
| **Ending Balance- ACL for Loans** | $<u>8197</u> | $<u>8197</u> |
| Balance Reserve for unfunded loan commitments | 203 | 203 |
| Balance Reserve for HTM Securities | <u>2</u> | <u>2</u> |
| Total ACL | $<u>8402</u> | $<u>8402</u> |
| Provision expense for Unfunded Commitments | (33) | (151) |
| Provision expense for HTM Securities | <u>(1</u><br><u>)</u> | <u>(1</u><br><u>)</u> |
| Total other provision expense | $<u>(34</u><br><u>)</u> | $<u>(152</u><br><u>)</u> |
| Total provision for (recovery of) credit losses | $<u>(1014</u><br><u>)</u> | $<u>(539</u><br><u>)</u> |

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| | | |
|:---|:---|:---|
| **RECONCILIATION TABLE (UNAUDITED)** | **RECONCILIATION TABLE (UNAUDITED)** | **RECONCILIATION TABLE (UNAUDITED)** |
| **NON-GAAP ADJUSTED NET INCOME** | **NON-GAAP ADJUSTED NET INCOME** | **NON-GAAP ADJUSTED NET INCOME** |
| **<u>Non-GAAP Reconciliation</u>** |  |  |
| 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. | 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. | 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, | Three Months ended September 30, |
|  | <u>2025</u> | <u>2024</u> |
| **Net Income (GAAP)** | $3730 | $3798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus(minus) tax adjusted items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Equity Plan Expenses - tax adjusted | <u>701</u> | <u>279</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Non GAAP adjusted net income | $<u>4431</u> | $<u>4077</u> |
|  | Nine Months ended September 30, | Nine Months ended September 30, |
|  | <u>2025</u> | <u>2024</u> |
| **Net Income (GAAP)** | $8690 | $9771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus(minus) tax adjusted items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Equity Plan Expenses - tax adjusted | <u>2415</u> | <u>279</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Non GAAP adjusted net income | $<u>11105</u> | $<u>10050</u> |

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