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Contact : Michael J. Dee Chief Financial Officer ( 410 ) 477-5000 BV FINANCIAL , INC . ANNOUNCES FINANCIAL RESULTS Edgemere , Maryland , April 22 , 2021. - BV Financial , Inc. ( OTCBB : BVFL ) , the holding company for BayVanguard Bank , today reported net income of $ 2.7 million , or $ 0.37 per diluted share , for the three months ended March 31,2021 compared to net income of $ 671,000 , or $ 0.09 per diluted share , for the three months ended March 31 , 2020. The results in the current quarter reflect the first full quarter after the acquisition of Delmarva Bancshares , Inc. , on October 31 , 2020. The March 2020 results included one month of combined operations with MB Bancorp , Inc. , that was purchased on February 29 , 2020 . The increase in net income for the three months ended March 31 , 2021 was largely attributable to a $ 3.5 million or 120.3 % increase in net interest income before the provision for loan losses , a $ 0.6 million or 310.3 % increase in non - interest income , somewhat offset by a $ 1.2 million , or 56.6 % increase in non - interest expense . The increase in net interest income is primarily due to the higher volume of earning assets offsetting the net negative impact of lower rates . Non - interest income in the period included $ 0.25 million in life insurance proceeds in excess of cash surrender value . The provision for loan losses increased $ 14,000 or 18.4 % to $ 90,000 . The increase in operating expenses is primarily the result of the increased size of the Company resulting from the two aforementioned acquisitions . Non - performing assets increased to $ 9.7 million at March 31 , 2021 compared to $ 8.4 million at December 31,2020 . At March 31 , 2021 , the loan loss allowance was $ 2.0 million , which represented 0.32 % of total loans and 26.0 % of non - performing loans compared to $ 1.8 million at December 31 , 2020 , which represented 0.30 % of total loans and 32.3 % of non - performing loans . In addition , at March 31 , 2021 and December 31 , 2020 , the Bank had credit impairment allowances on acquired loans of $ 6.6 million and $ 6.9 million , respectively , that is not included in the loan loss allowance . The credit impairment allowances were established for loans acquired in the mergers with Vigilant Savings Bank in 2013 , Kopernik Bank in 2019 and MB Bancorp , Inc. and Delmarva Bancshares in 2020 . As of March 31 , 2021 , BV Financial , Inc. had assets of $ 815.6 million , net loans of $ 618.4 million , deposits of $ 684.3 million and total stockholders ' equity of $ 76.7 million compared to $ 815.6 million , $ 607.1 million , $ 675.1 million and $ 74.0 million at December 31 , 2020 . BayVanguard's Tier 1 leverage capital ratio was approximately 10.76 % at March 31 , 2021 compared to 12.97 % at December 31 , 2020. This ratio and the Bank's other capital measurements continue to exceed all regulatory standards for " well - capitalized " financial institutions . US2008 5332229 1