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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2025
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_______to________

Commission File Number: 001-41764

BV FINANCIAL, INC.

(Exact Name of Registrant as Specified in Its Charter)


Maryland		14-1920944
(State of Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

7114 North Point Road, Baltimore, MD, 21219

(Address of Principal Executive Offices) (Zip Code)

(410) 477-5000

(Registrant’s Telephone Number, Including Area Code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)


Securities registered pursuant to Section 12(b) of Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BVFL	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☐	Accelerated Filer	☐
Non-accelerated Filer	☒	Smaller Reporting Company	☒
Emerging growth company	☒

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 7, 2025, the registrant had 10,528,744 shares of common stock outstanding.

TABLE OF CONTENTS


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets	1
	Consolidated Statements of Income	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Changes in Stockholders' Equity	4
	Consolidated Statements of Cash Flows	5
	Notes to Unaudited Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43
Signatures		44

BV FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	March 31, 2025			December 31, 2024
(dollars in thousands, except per share amounts)	(unaudited)			(derived from audited financial statements)

Assets
Cash	$	8,568		$	5,842
Interest-bearing deposits in other banks		62,252			64,658
Cash and cash equivalents		70,820			70,500
Equity investment		408			391
Securities available for sale		35,185			37,259
Securities held to maturity (fair value of $5,191 and $5,171, ACL of $3 and $4)		5,909			5,979
Total loans		750,174			737,760
Allowance for credit losses		(8,888	)		(8,522	)
Net loans		741,286			729,238
Foreclosed real estate		158			159
Premises and equipment, net		13,243			13,224
Federal Home Loan Bank of Atlanta stock, at cost		1,385			1,366
Investment in life insurance		20,145			20,058
Accrued interest receivable		3,121			3,161
Goodwill		14,420			14,420
Intangible assets, net		786			831
Deferred tax assets, net		8,989			8,899
Other assets		6,083			6,336
Total assets	$	921,938		$	911,821
Liabilities and Stockholders' Equity
Liabilities
Noninterest-bearing deposits	$	136,261		$	129,724
Interest-bearing deposits		521,635			521,767
Total deposits		657,896			651,491
FHLB borrowings		15,000			15,000
Subordinated debentures		34,922			34,883
Other liabilities		16,047			14,948
Total liabilities		723,865			716,322
Stockholders' equity
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding; Common stock, $0.01 par value; 45,000,000 shares authorized at March 31, 2025 and December 31, 2024; 10,594,044 shares issued and outstanding as of March 31, 2025 and 10,645,284 issued and outstanding as of December 31, 2024		106			106
Paid-in capital		94,915			94,679
Retained earnings		111,594			109,495
Unearned common stock held by employee stock ownership plan		(7,115	)		(7,160	)
Accumulated other comprehensive loss		(1,427	)		(1,621	)
Total stockholders' equity		198,073			195,499
Total liabilities and stockholders' equity	$	921,938		$	911,821

See notes to consolidated financial statements. 1

BV FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)


(dollars in thousands, except per share amounts)	Three Months Ended March 31,
Interest Income	2025		2024
Loans, including fees	$	10,741	$	9,782
Investment securities available for sale		350		306
Investment securities held to maturity		47		92
Other interest income		743		824
Total interest income		11,881		11,004
Interest Expense
Interest on deposits		2,601		1,986
Interest on FHLB borrowings		171		—
Interest on subordinated debentures		466		1,055
Total interest expense		3,238		3,041
Net interest income		8,643		7,963
Provision for credit losses		297		18
Net interest income after provision for credit losses		8,346		7,945
Noninterest Income
Service fees on deposits		103		103
Fees from debit cards		164		171
Income from investment in life insurance		87		87
Other income		176		217
Total noninterest income		530		578
Noninterest Expense
Compensation and related benefits		4,524		3,129
Occupancy		444		438
Data processing		397		377
Advertising		6		5
Professional fees		231		112
Equipment		91		102
Foreclosed real estate and holding costs		3		5
Amortization of intangible assets		45		45
FDIC insurance premiums		81		83
Other		356		627
Total noninterest expense		6,178		4,923
Net income before tax		2,698		3,600
Income tax expense		599		1,026
Net income	$	2,099	$	2,574
Basic earnings per share	$	0.21	$	0.24
Diluted earnings per share	$	0.21	$	0.24

See notes to consolidated financial statements. 2

BV FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)


	Three Months Ended March 31,
(dollars in thousands)	2025			2024
Net income	$	2,099		$	2,574

Other comprehensive income
Unrealized gain (loss) on securities available for sale		268			3
Income tax relating to securities available for sale		(74	)		(1	)
Other comprehensive income		194			2

Total comprehensive income	$	2,293		$	2,576

See notes to consolidated financial statements. 3

BV FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(unaudited)

For the Three Months Ended March 31, 2025 and 2024



(dollars in thousands)	Common stock		Paid-in capital			Unearned common stock held by ESOP			Retained earnings		Accumulated other comprehensive loss			Total

Balance, December 31, 2024	$	106	$	94,679		$	(7,160	)	$	109,495	$	(1,621	)	$	195,499
Net income		—		—			—			2,099		—			2,099
Other comprehensive income
(net of tax of ($74))		—		—			—			—		194			194
Stock compensation		—		1,217			—			—		—			1,217
Repurchased shares to authorized and unissued		—		(981	)		—			—		—			(981	)
ESOP shares committed to be released		—		—			45			—		—			45

Balance, March 31, 2025	$	106	$	94,915		$	(7,115	)	$	111,594	$	(1,427	)	$	198,073




(dollars in thousands)	Common stock		Paid-in capital			Unearned common stock held by ESOP			Retained earnings		Accumulated other comprehensive loss			Total

Balance, December 31, 2023	$	114	$	110,465		$	(7,328	)	$	97,772	$	(1,958	)	$	199,065
Net income		—		—			—			2,574		—			2,574
Other comprehensive income
(net of tax of ($1))		—		—			—			—		2			2
Stock compensation		—		69			—			—		—			69
ESOP shares committed to be released		—		—			42			—		—			42

Balance, March 31, 2024	$	114	$	110,534		$	(7,286	)	$	100,346	$	(1,956	)	$	201,752

See notes to consolidated financial statements. 4

BV FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
(dollars in thousands)	2025			2024
Cash flows from operating activities
Net income	$	2,099		$	2,574
Adjustments to reconcile net income to net cash provided by operating activities
Net accretion of discounts and premiums		(232	)		—
Provision for credit losses		297			18
Proceeds received on foreclosed real estate		1			—
Amortization of deferred loan fees/costs		(42	)		(38	)
Amortization of intangible assets		45			45
Amortization of debt issuance costs		39			39
Write-off fair market value of subordinated debentures		—			566
Depreciation of premises and equipment		198			212
Deferred tax expense		(164	)		269
Increase in cash surrender value of life insurance		(87	)		(87	)
Stock-based compensation expense		1,217			27
ESOP compensation expense		45			—
Decrease in accrued interest and other assets		293			714
Increase in other liabilities		726			228
Net cash provided by operating activities		4,435			4,567
Cash flows from investing activities
Increase in equity trading account		3			—
Proceeds from maturities and principal payments of investment securities available for sale		7,726			6,321
Purchases of investment securities available for sale		(5,301	)		(5,328	)
Proceeds from maturities and principal payments of investment securities held to maturity		71			56
Net (increase) in loans		(12,264	)		(3,869	)
Purchase of premises and equipment		(217	)		(435	)
Purchase of Federal Home Loan Bank of Atlanta stock		(19	)		(28	)
Net cash used in investing activities		(10,001	)		(3,283	)
Cash flows provided by financing activities
(Decrease) increase in official checks		(590	)		(218	)
Net increase in deposits		6,495			5,412
Increase in advance payments by borrowers for taxes and insurance		962			1,710
Repayment of subordinate debt		—			(3,093	)
Repurchase of shares		(981	)		—
Net cash provided by financing activities		5,886			3,811
Net increase in cash and cash equivalents		320			5,095
Cash and cash equivalents at beginning of period		70,500			73,742
Cash and cash equivalents at end of period	$	70,820		$	78,837
Supplementary cash flows information
Interest paid	$	2,331		$	2,480
Income taxes (recovered) paid	$	(173	)	$	269
Supplementary noncash transactions

Noncash investing and financing activities:
Net change on equity and available for sale securities	$	14		$	—
Net change on available for sale securities		(119	)		—
Net change on loans		(39	)		—
Deferred tax assets		74			—
Net change in adjusted other comprehensive income		194			—

See notes to consolidated financial statements. 5

BV FINANCIAL, INC. AND SUBSIDIARIES

Note 1 – Summary Of Significant Accounting Policies

General

The unaudited consolidated financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes of BV Financial, Inc. ("BV Financial," the "Company" or "we") included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Business

BV Financial was organized as a federal corporation and savings and loan holding company in January 2005 as part of the mutual holding company reorganization of Bay-Vanguard Federal Savings Bank. In February 2019, the Company became a Maryland-chartered corporation and a bank holding company.

Prior to consummation of its mutual to stock conversion in July 2023, BayVanguard, M.H.C., Inc. (the “MHC”) a Maryland-chartered mutual holding company, owned 86.3% of the outstanding common stock of the Company. On January 19, 2023, the MHC adopted a Plan of Conversion and Reorganization (the “Plan”) pursuant to which the MHC reorganized from the two-tier mutual holding company structure to the fully-public stock holding company structure (the “Conversion”). The conversion was consummated on July 31, 2023 on which date the MHC ceased to exist. As part of the Conversion, the Company sold 9,798,980 shares of its common stock at a price of $10.00 per share. Each outstanding share of Company common stock owned by the public stockholders of the Company were converted into new shares of Company common stock based on an exchange ratio of 1.5309-to-1. The Company had 11,375,803 shares of Company common stock outstanding as a result of the Conversion.

The Company is a registered bank holding company subject to comprehensive regulation and examination by the
Board of Governors of the Federal Reserve System (the “Federal Reserve Board”).

The Bank is headquartered in Baltimore, Maryland and is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses. The Bank is engaged primarily in the business of attracting deposits from the general public and using such funds to originate one- to- four-family real estate, construction, multi-family, commercial real estate, farm, marine loans, commercial and consumer loans.

The Bank's deposits are insured up to the applicable legal limits by the Federal Deposit Insurance Corporation's Deposit Insurance Fund. The Bank is a member of the Federal Home Loan Bank System.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, the Bank and the Bank's subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Basis of Financial Statement Presentation and Significant Estimates

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for credit losses, goodwill impairment, and the valuation of deferred tax assets.

BV FINANCIAL, INC. AND SUBSIDIARIES

Significant Group Concentrations of Credit Risk

A significant portion of the Company's activities are with customers located within the Baltimore metropolitan area and on the Eastern Shore of Maryland. The Company does not have any significant concentrations in any one industry or with any one customer.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, amounts due from banks, cash items in the process of clearing, and interest-bearing deposits with banks with original maturities of less than 90 days.

Securities

The Company classifies investment securities as held to maturity ("HTM") or available for sale ("AFS"). Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and are reported at amortized cost (including amortization of premiums or accretion of discounts). Net unrealized gains and losses for debt securities classified as available for sale are recognized as increases or decreases in other comprehensive income or loss, net of taxes, and excluded from the determination of net income.

Equity securities are reported at fair value with unrealized gains and losses included in net gains/losses in noninterest income.

Realized gains and losses on sales of securities are determined using the specific identification method and are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Premiums and discounts on callable debt securities are amortized through the earliest call date.

When the fair value of an AFS debt security has declined below its amortized cost basis, the Company is required to assess whether the decline is from a credit loss or other factors. For any security, either explicitly or implicitly guaranteed by the federal government, an analysis is performed on the individual security using the latest available information to determine if the decline in fair value is attributable to a credit loss. If such determination is made, the Company would record an allowance for credit loss for the debt instrument. As of March 31, 2025 and March 31, 2024, we recognized no credit losses on AFS securities.

For HTM debt securities, an allowance will be recognized when lifetime credit losses are expected, in an amount that reflects the expected contractual credit losses, even when the risk of such loss is remote. Any security, either explicitly or implicitly guaranteed by the U.S. Government is excluded from this analysis. This includes U.S. Treasury securities, securities issued by agencies of the U.S. Government and mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac.

The allowance for credit losses ("ACL") for HTM securities is computed using bond global default rates tracked by S&P with a loss given default of 45%. Accrued interest receivable on the HTM debt securities excluded from this analysis totaled $12,000 at March 31, 2025. At March 31, 2025 and 2024, the ACL for HTM securities was $3,155 and $5,171, respectively.

Federal Home Loan Bank Stock

Federal law requires a member institution of the Federal Home Loan Bank System to hold stock of its district Federal Home Loan Bank (the "FHLB") in an amount determined by both asset size and borrowings from the FHLB. Purchases and sales of stock are made directly with the FHLB at par value.

The Bank held $1.4 million of FHLB restricted stock at March 31, 2025 and December 31, 2024.

The restricted stock is carried at cost. Management evaluates whether this investment is impaired based on its assessment of the ultimate recoverability of the investment rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of the investment is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this

BV FINANCIAL, INC. AND SUBSIDIARIES

situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB.

Loans Receivable

Loans receivable are stated at unpaid principal balances, adjusted for premiums and discounts on loans purchased, the undisbursed portion of loans in process, net deferred loan origination fees and costs, fair value adjustments on loans acquired in a merger, and the allowance for credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment to the yield of the related loans. The Company is amortizing these amounts over the contractual life of the loan using the interest method. For purchased loans, the related premium or discount is recognized over the contractual life of the purchased loan and is included as part of interest income. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Interest received on non-accrual loans generally is either applied against principal or reported as interest income, according to management's judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest payments on impaired loans are recorded in the same manner as interest payments on non-accrual loans.

Allowance for Credit Losses

The ACL is an estimate of the expected credit losses for loans held for investment and for off-balance sheet exposures. ASC 326, "Financial Instruments-Credit Losses," requires an immediate recognition of the credit loss expected to occur over the lifetime of a financial asset whether originated or purchased. Charge-offs are recorded to the ACL when management believes the loan is uncollectible. Subsequent recoveries, if any, are credited to the ACL. Management believes the ACL is maintained in accordance with GAAP and is in compliance with appropriate regulatory guidelines.

The ACL includes quantitative estimates of losses for collectively and individually evaluated loans. The quantitative estimate for collectively evaluated loans (other than investor commercial real estate loans) is determined using the average charge-off method that utilizes historical losses for all Maryland banks with assets less than $1 billion beginning in March 2000. The loss history is updated through the most recent quarter-end prior to the reporting period. The investor commercial real estate portfolio utilizes the national loss history for banks with assets less than $1 billion over the same time period. Investor CRE loans are made nationwide, therefore, management deems it appropriate to utilize national loss rates when evaluating this portfolio. Adjustments are made to the historical loss factors under each scenario for economic conditions, portfolio concentrations, collateral values, the level and trend of delinquent and non-accrual loans and internal changes in staffing, loan policies and monitoring of the portfolio. Loans are selected for individual evaluation primarily based on their payment status and whether the loan has been placed on non-accrual status. Loans on non-accrual status include all loans greater than 90 days delinquent and other loans with weaknesses sufficient for management to place these loans on non-accrual status.

The ACL is measured on a collective basis when similar risk factors exist as determined by internal loan coding and assignment to a portfolio segment.

The Company utilizes reasonable and supportable forecasts of future economic conditions when estimating the ACL on loans. The model's calculation also uses an adjustment for a 12-month forecast period utilizing the most recent 12-month economic forecast from the Federal Reserve Board for national gross domestic product ("GDP"). The model compares the average history of loss rates described above to the forecasted GDP to determine the necessity and amount of any forward looking adjustment.

The establishment of the ACL is significantly affected by management's judgment and by economic and other uncertainties, and different amounts may be reported under different conditions or assumptions. The Federal Deposit Insurance Corporation (the "FDIC") and the Maryland Office of the Commissioner of Financial Regulation, as an integral part of their

BV FINANCIAL, INC. AND SUBSIDIARIES

examination process, periodically review the ACL for reasonableness and, as a result of such reviews, we may be required to increase our ACL or recognize loan charge-offs.

The calculation of ACL excludes accrued interest receivable balances because these balances are reversed in a timely manner against previously recognized interest income when a loan is placed on non-accrual status.

Loan Commitments and Allowance for Credit Losses on Off-Balance Sheet Credit Exposure

The Company's off-balance sheet credit instruments primarily consist of unfunded commitments on existing loans. In the ordinary course of business, the Company has entered into commitments to extend credit. Such financial instruments are recorded on the balance sheet when they are funded.

The Company records a reserve for unfunded commitments on off-balance sheet credit exposures through a charge to the provision for credit loss expense. The reserve is estimated by loan segment at each measurement date under the ASC 326 model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur, and is included in other liabilities on the Company's Consolidated Balance Sheets.

Foreclosed Real Estate

Foreclosed real estate and repossessed assets are composed of property acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure. If the fair value of the asset, net of estimated selling costs, is less than the related loan balance at the time of acquisition, a charge against the allowance for credit losses is recorded. After foreclosure, valuations are periodically performed by management and the assets are carried at the lower of cost or fair value less estimated costs to sell. Revenues and expenses from operations and changes in the valuation allowance are included in noninterest income and expenses.

Premises and Equipment

Land is stated at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed based on the straight-line method over the estimated useful lives of the respective assets. Expenditures for improvements are capitalized while costs for maintenance and repairs are expensed as incurred.

Leases

The Company determines if an arrangement is a lease at inception. All of the Company’s leases are currently classified as operating leases and are included in other assets and other liabilities on the Company’s Consolidated Balance Sheets. Periodic operating lease costs are recorded in occupancy expenses of premises on the Company's Consolidated Statements of Income.

Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangements. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the expected future lease payments over the remaining lease term. In determining the present value of future lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating ROU assets are adjusted for any lease payments made at or before the lease commencement date, initial direct costs, any lease incentives received and, for acquired leases, any favorable or unfavorable fair value adjustments. The present value of the lease liability may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options provided in the lease terms. Lease expense is recognized on a straight-line basis over the expected lease term. Lease agreements that include lease and non-lease components, such as common area maintenance charges, are accounted for separately.

Investment in Life Insurance

Investment in life insurance is reflected at the net cash surrender value to the Company.

BV FINANCIAL, INC. AND SUBSIDIARIES

Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is evaluated for impairment at least annually and on an interim basis if an event or circumstance indicates it is likely an impairment has occurred. Any impairment of goodwill would be recorded against income in the period of impairment.

Intangible Assets

Intangible assets, consisting of core deposit intangibles, represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged on its own or in combination with a related contract, asset or liability. Core deposit intangibles are amortized on an accelerated basis over an estimated useful life. Core deposit intangibles are evaluated annually for impairment. Any impairment of intangible assets would be recorded against income in the period of impairment.

Deferred Income Taxes

Deferred income taxes are recognized for temporary differences between the financial reporting basis and income tax basis of assets and liabilities based on enacted tax rates expected to be in effect when such amounts are realized or settled. Deferred tax assets are recognized only to the extent that it is more likely than not that such amounts will be realized based on consideration of available evidence.

Statements of Cash Flows

Cash and cash equivalents in the statements of cash flows include cash, federal funds sold and interest-bearing deposits in other banks. Federal funds are generally purchased and sold for one-day periods.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Earnings Per Share

Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the appropriate period. Diluted earnings per share are computed by dividing net income by the weighted average shares outstanding as adjusted for the dilutive effect of stock options based on the treasury stock method. Unearned ESOP shares are removed from the weighted average number of shares in the calculations. As of March 31, 2025 and March 31, 2024, the Company had 933,033 and 55,648 outstanding stock options, respectively. As a result of the Conversion, the number of shares subject to the stock option and the price of the options have been adjusted to reflect the 1.5309-to-1 exchange ratio. Options with an exercise price greater than the average market price of the common shares are excluded from the calculation as their effect would be anti-dilutive. There were no anti-dilutive options outstanding as of March 31, 2025.

Information related to the calculation of earnings per share is presented in Note 12.

Stock-Based Compensation

The Company accounts for stock-based compensation under the fair value method of accounting. For stock options, the Company uses a Black-Scholes valuation model to measure stock-based compensation expense at the date of grant. Compensation expense related to stock-based awards is recognized over the period during which an individual is required to provide service in exchange for such award.

BV FINANCIAL, INC. AND SUBSIDIARIES

At the Company’s Annual Meeting of Stockholders held on September 5, 2024, the stockholders approved the 2024 Equity Incentive Plan. In September 2024, the Company granted 878,916 stock options and 343,562 shares of restricted stock.

Revenue Recognition

Management is required by accounting pronouncements governing the recognition of revenue to recognize revenue when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

The Company records revenue from contracts with customers in accordance with ASC 606, “Revenue from Contracts with Customers.” Under ASC 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation.

The Company’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of ASC 606. The Company evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity.

Accounting Standards Updates

ASU 2023-09, “Income Taxes (Topic 740), Improvement to Income Tax Disclosures.” The amendments in ASU 2023-09 require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The adoption of ASU 2023-09 is not expected to have a material impact on the Company's financial statements.

In November 2024, the FASB issued 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The purpose of this amendment is to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales and research and development). The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact these changes may have on our consolidated financial statements.

BV FINANCIAL, INC. AND SUBSIDIARIES

Note 2 - Securities

Securities available for sale at March 31, 2025 and December 31, 2024 consisted of the following:


	March 31, 2025
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value

Available for sale
Agencies	$	489	$	1	$	—	$	490
Corporate securities		1,728		—		166		1,562
Mortgage-backed securities		20,736		9		1,813		18,932
Treasuries		14,200		7		6		14,201
Total	$	37,153	$	17	$	1,985	$	35,185


	December 31, 2024
(dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value

Available for sale
Agencies	$	528	$	—	$	6	$	522
Corporate securities		1,727		—		192		1,535
Mortgage-backed securities		22,950		6		2,062		20,894
Treasuries		14,289		19		—		14,308
Total	$	39,494	$	25	$	2,260	$	37,259

BV FINANCIAL, INC. AND SUBSIDIARIES

Securities held to maturity at March 31, 2025 and December 31, 2024 consisted of the following:


	March 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Held to maturity
Corporate securities (1)	$	3,197	$	—	$	283	$	2,914
Mortgage-backed securities		2,712		2		437		2,277
Total	$	5,909	$	2	$	720	$	5,191


	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Held to maturity
Corporate securities (1)	$	3,196	$	—	$	336	$	2,860
Mortgage-backed securities		2,783		2		474		2,311
Total	$	5,979	$	2	$	810	$	5,171

(1) Amount is net of CECL credit reserve of $3,000 at March 31, 2025 and $4,000 at December 31, 2024.

The Company pledged securities with an amortized cost of $31.6 million and a fair value of $29.4 million at March 31, 2025 to secure deposits from municipalities. At December 31, 2024, the Company pledged securities with an amortized cost of $33.6 million and a fair value of $31.2 million to secure deposits from municipalities. The amortized cost and fair value of securities as of March 31, 2025 and December 31, 2024, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties.


	March 31, 2025
	Available for sale				Held to maturity
	Amortized		Fair		Amortized		Fair
(dollars in thousands)	cost		value		cost		value

Maturing
Due under one year	$	24,375	$	24,318	$	161	$	162
Due after one year through five years		120		117		3,312		3,023
Due after five years through ten years		1,764		1,572		342		325
Due after ten years		10,894		9,178		2,094		1,681
Total	$	37,153	$	35,185	$	5,909	$	5,191

All mortgage-backed securities are guaranteed by Freddie Mac, Fannie Mae or Ginnie Mae.

BV FINANCIAL, INC. AND SUBSIDIARIES

Investment securities with unrealized losses for continuous periods of less than 12 months and 12 months or longer are as follows:


	Less than 12 months				Over 12 months				Total
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
March 31, 2025	losses		value		losses		value		losses		value
(dollars in thousands)
Available for sale
Corporate securities	$	—	$	—	$	166	$	1,562		166		1,562
Mortgage-backed securities		—		196		1,813		16,404		1,813		16,600
Treasuries		6		9,236		—		—		6		9,236
Total	$	6	$	9,432	$	1,979	$	17,966	$	1,985	$	27,398

Held to maturity
Corporate securities (1)	$	—	$	—	$	283	$	2,917		283		2,917
Mortgage-backed securities		—		10		437		2,152		437		2,162
Total	$	—	$	10	$	720	$	5,069	$	720	$	5,079

	Less than 12 months				Over 12 months				Total
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
December 31, 2024	losses		value		losses		value		losses		value
(dollars in thousands)
Available for sale
Agency securities	$	6	$	522	$	—	$	—	$	6	$	522
Corporate securities		—		—		192		1,535		192		1,535
Mortgage-backed securities		—		214		2,062		18,400		2,062		18,614
Total	$	6	$	736	$	2,254	$	19,935	$	2,260	$	20,671

Held to maturity
Corporate securities (1)	$	—	$	—	$	336	$	2,860	$	336	$	2,860
Mortgage-backed securities		1		31		473		2,162		474		2,193
Total	$	1	$	31	$	809	$	5,022	$	810	$	5,053

(1) Fair value amount is net of CECL credit reserve of $3,000 at March 31, 2025 and $4,000 at December 31, 2024.

As of March 31, 2025 and December 31, 2024, the Company determined that for its available-for-sale debt securities in an unrealized loss position, it did not intend to sell nor was it more likely than not that it would be required to sell any security and that the decline in fair value was not due to credit factors, but due to changes in interest rates and other factors. Accordingly, at March 31, 2025 and December 31, 2024, the Company did not record an allowance for credit losses for its available-for-sale debt securities.

BV FINANCIAL, INC. AND SUBSIDIARIES

We monitor the credit quality of HTM debt securities through both internal analysis performed on a quarterly basis and credit ratings when available. The following table reflects the credit ratings for the HTM debt securities at March 31, 2025.


(dollars in thousands)	AAA		A-		BBB/BBB+		BBB-		Not Rated		Total

Corporate securities	$	—	$	500	$	1,248	$	700	$	749	$	3,197
Mortgage-backed securities		2,712		—		—		—		—		2,712
	$	2,712	$	500	$	1,248	$	700	$	749	$	5,909

The following table provides a breakdown of our HTM debt securities by year of origination at March 31, 2025.


(dollars in thousands)	Total		2025		2024		2023		2022		2021		Prior
Corporate securities	$	3,197	$	—	$	—	$	—	$	750	$	2,447	$	—
Mortgage-backed securities		2,712		—		—		—		1,801		101		810
	$	5,909	$	—	$	—	$	—	$	2,551	$	2,548	$	810

The following table is a roll forward of our allowance for credit losses on HTM debt securities at March 31, 2025 and 2024.


(dollars in thousands)	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Beginning balance	$	4		$	6
(Recovery) for credit losses		(1	)		(1	)
Ending Balance	$	3		$	5

BV FINANCIAL, INC. AND SUBSIDIARIES

Note 3 – Loans Receivable

Portfolio loans, net of deferred costs and fees, are summarized by type as follows at March 31, 2025 and December 31, 2024:


	Period Ended
	March 31, 2025						December 31, 2024
(dollars in thousands)	Amount			Percent			Amount			Percent
Real estate
One to four family - owner occupied	$	144,856			19.31	%	$	141,867			19.23	%
One to four family - non owner occupied		94,038			12.54	%		99,824			13.53	%
Commercial owner occupied		82,592			11.01	%		82,614			11.20	%
Commercial investor		333,014			44.39	%		328,680			44.56	%
Construction and land		32,275			4.30	%		30,578			4.14	%
Farm loans		11,551			1.54	%		11,329			1.54	%
Total real estate loans		698,326			93.09	%		694,892			94.20	%

Marine and other consumer loans		16,098			2.15	%		16,772			2.27	%
Guaranteed by U.S. Government		2,612			0.35	%		2,902			0.39	%
Commercial		33,138			4.41	%		23,194			3.14	%
Total consumer and commercial		51,848			6.91	%		42,868			5.80	%

Total loans		750,174			100.0	%		737,760			100.0	%
Allowance for credit losses		(8,888	)					(8,522	)
Total loans, net of deferred costs and fees	$	741,286					$

BV Financial, Inc. 10-Q