BV Financial, Inc. Announces Financial Results and Completion of Acquisition of Delmarva Bancshares, Inc.

BV Financial, Inc. Announces Financial Results and Completion of Acquisition of Delmarva Bancshares, Inc.

  • Posted: 11/3/2020
  • Jennifer Lian

BALTIMORE, MD / ACCESSWIRE / November 2, 2020 / BV Financial, Inc. (OTC PINK:BVFL), the holding company for BayVanguard Bank, today reported net income of $1. 5 million, or $0.20 per diluted share, for the quarter ended September 30, 2020 compared to net income of $785,000, or $0.11 per diluted share, for the quarter ended September 30, 2019. The results reflect the first full quarter after the integration of the operations of MB Bancorp, Inc., and its wholly-owned subsidiary, Madison Bank that were acquired on February 29, 2020, as well as $270,000 in income from life insurance proceeds in excess of book value. Net income for the nine-month period ended September 30, 2020 was $6.2 million, or $0.87 per diluted share, compared to net income of $1.9 million, or $0.32 per diluted share, in the nine-month period ended September 30, 2019. Year to date income includes a $3.6 million gain on bargain purchase from the acquisition of MB Bancorp.

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