BV Financial, Inc. reported its financial results for the third quarter of 2025, revealing a net income of $3.7 million, or $0.41 per diluted share, compared to $3.8 million, or $0.35 per diluted share, for the same period in 2024. For the nine months ended September 30, 2025, net income was $8.7 million, or $0.88 per diluted share, down from $9.8 million, or $0.91 per diluted share, in the prior year. The decrease in profitability was attributed to increased compensation expenses and smaller credits to the provision for credit losses, despite higher net interest and other income.
Total assets for BV Financial decreased slightly to $909.4 million as of September 30, 2025, down from $911.8 million at the end of 2024. This decline was primarily due to the repayment of $15 million in Federal Home Loan Bank (FHLB) borrowings, which was partially offset by an increase in loans. Loans receivable rose by $8.3 million, or 1.1%, to $746.1 million, driven by growth in owner-occupied one-to-four family loans, commercial loans, and construction loans. The allowance for credit losses decreased to $8.2 million, representing 1.10% of total loans, compared to 1.15% at the end of 2024.
On the liability side, total liabilities increased by $2.8 million, or 0.4%, to $719.2 million, primarily due to a rise in deposits. Total deposits grew by $12.3 million, or 1.9%, to $663.8 million, with both interest-bearing and noninterest-bearing deposits contributing to this increase. Stockholders' equity decreased by $5.3 million, or 2.7%, to $190.2 million, largely due to $17.7 million in stock repurchases, which were offset by net income and a reduction in accumulated other comprehensive loss.
In terms of operational metrics, BV Financial's net interest income for the third quarter was $9.4 million, slightly up from $9.3 million in the same quarter of 2024. The net interest margin for the quarter was 4.40%, down from 4.49% a year earlier. Interest income increased by $377,000, or 3.1%, driven by a rise in loan interest income, while interest expense rose by $330,000, or 11.6%, primarily due to higher rates on deposits. The company recorded a reversal of the provision for credit losses of $1.0 million for the quarter, compared to a $714,000 reversal in the prior year.
Looking ahead, BV Financial remains focused on maintaining its liquidity and capital position, with a strong emphasis on managing its loan portfolio and deposit base. The company has a $162.5 million line of credit with the FHLB and continues to monitor its liquidity position closely. As of September 30, 2025, the bank exceeded all regulatory capital requirements and was categorized as well-capitalized, indicating a solid foundation for future growth and stability.
About BV Financial, Inc.
BV Financial, Inc. is a Maryland-chartered bank holding company operating primarily through its subsidiary, BayVanguard Bank, a full-service community bank headquartered in Baltimore. The bank offers deposit accounts and originates loans focused on commercial real estate, one- to four-family residential mortgages, commercial, construction, marine, and farm loans. It serves consumers and businesses mainly in Maryland, leveraging conservative underwriting and local market expertise to provide tailored financial solutions.
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