BV Financial, Inc. Announces Financial Results.BALTIMORE -- BV Financial, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BVFL), the holding company for Bay-Vanguard Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , today reported net income of $73,000, or $0.03 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the quarter ended September 30, 2009, compared to net income of $244,000, or $0.11 per diluted share, for the quarter ended September 30, 2008. The decreased earnings in fiscal 2009 were attributed largely to a decrease in net interest income and increases in non-interest expense, provision for loan losses and income taxes. Net interest income decreased mainly due to a decrease in the average balance of the loan portfolio of approximately $10.2 million and a decrease in the yield of the investment portfolio. Non-interest expense increased mainly due to an increase in compensation expense related to increased accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. for retirement benefits. Non-interest income for the period ended September 30, 2009 increased when compared to September 30, 2008 due to an increase of $34,000 in the value of the Bank's mutual fund investment. A $56,000 provision for loan losses was recognized during the most recent quarter reflecting continued economic weakness in the Bank's market area. At September 30, 2009, the loan loss allowance was $911,000, which represented 0.78% of total loans and 51.2% of non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. at September 30, 2009. BV Financial paid a dividend of $0.05 per share during the most recent quarter, unchanged from each of the last three quarters. The financial results in fiscal 2009 further strengthened Bay-Vanguard's Tier 1 capital Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves. Notes: Equity capital includes instruments that can't be redeemed at the option of the holder. ratio from 6.95% for the fiscal year ended June 30, 2009 to approximately 6.99% for the quarter ended September 30, 2009. This ratio and the Bank's other capital measurements continue to exceed all regulatory standards for "well-capitalized" financial institutions. This press release may contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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, 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. BV Financial, Inc. is the parent company of Bay-Vanguard Federal Savings Bank. Bay-Vanguard Federal Savings Bank is headquartered in Baltimore, Maryland "Baltimore" redirects here. For the surrounding county, see Baltimore County, Maryland. For other uses, see Baltimore (disambiguation). Baltimore is an independent city located in the state of Maryland in the United States. with four other branches in the Baltimore metropolitan area Baltimore-Towson, MD MSA is a U.S. Metropolitan Statistical Area (MSA) as defined by the United States Office of Management and Budget (OMB) as of November 2004. It is located in Maryland and had a population of 2,655,675 as of 2005, making it the 19th most populus MSA in the . The Bank is a full service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses within its market area. [TABLE OMITTED] [TABLE OMITTED] |
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