BV Financial, Inc.

BV Financial, Inc. reported a net income of $3.5 million, or $0.42 per diluted share, for the second quarter ended June 30, 2026, an increase from $2.9 million, or $0.29 per diluted share, in the same period last year. Net interest income improved to $9.5 million, and the company successfully paid off $35.0 million in FHLB borrowings. However, net loans and total deposits experienced decreases, and non-accrual loans increased during the period. Year-to-date net income was lower due to a first-quarter executive transition expense.

BV Financial, Inc. announced the election of Timothy L. Prindle as Chairman of the Board, effective June 1, 2026. Mr. Prindle will continue in his roles as President and CEO, with the Board citing his extensive knowledge and leadership as reasons for combining the roles to align operations with strategic plans. Concurrently, the independent directors elected William B. Crompton, III as Lead Independent Director to ensure strong independent oversight.

BV Financial, Inc. announced that it received non-objection from the Federal Reserve Bank of Richmond to initiate a new stock repurchase program. This program authorizes the repurchase of up to 10% of the company's outstanding common stock, totaling approximately 861,000 shares. The new repurchases are expected to commence once the current program, which has about 45,000 shares remaining, is completed.

BV Financial, Inc. reported a significant decrease in net income for the quarter ended March 31, 2026, falling to $1.1 million or $0.13 per diluted share, compared to $2.1 million or $0.21 per diluted share in the prior year. This decline was impacted by a $2.2 million payment to the former Co-President & CEO. However, adjusted net income, a non-GAAP metric, showed an increase to $3.3 million from $2.9 million year-over-year, indicating underlying operational strength despite the one-time expense.