BV Financial, Inc., the holding company for BayVanguard Bank, reported financial results for the quarter ended September 30, 2026. The company announced net income of $3.4 million, or $0.42 per diluted share, for the three months ended September 30, 2026. This figure represents a decrease from the $3.7 million, or $0.41 per diluted share, reported for the same period in the prior year.
For the nine-month period ended September 30, 2026, net income totaled $8.0 million, or $0.97 per diluted share. This is a decrease from the $8.7 million, or $0.88 per diluted share, reported for the nine-month period ended September 30, 2025. The filing attributes the year-to-date decrease in income to a $2.2 million expense related to executive transition in the first quarter and changes in the provision for credit losses.
Operating pre-provision net revenue (OPPNR), a non-GAAP metric used to evaluate core earnings before credit costs, was $5.3 million, or $0.65 per diluted share, for the quarter ended September 30, 2026. This compares to $5.2 million, or $0.57 per diluted share, for the same period in 2025.
BV Financial reported a return on average assets of 1.57% and a return on average equity of 7.50% for the quarter ended September 30, 2026. The company’s total assets decreased to $877.9 million at September 30, 2026, down from $912.2 million at December 31, 2025. The decrease in assets was primarily driven by the repayment of $30.0 million in borrowings from the Federal Home Loan Bank of Atlanta.
Net loans decreased by $22.1 million, or 2.96%, to $726.34 million at September 30, 2026. The largest decreases in the loan portfolio occurred in commercial loans ($11.6 million), construction and land loans ($9.4 million), and one-to-four family non-owner-occupied loans ($7.1 million). Non-accrual loans increased to $3.2 million at September 30, 2026, from $2.3 million at December 31, 2025.
BV Financial repurchased 163,540 shares of its outstanding common stock during the quarter ended September 30, 2026, at an average price of $21.16 per share. Stockholders' equity increased to $184.2 million at September 30, 2026, from $183.8 million at December 31, 2025.
