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Contact : Michael J. Dee Chief Financial Officer ( 410 ) 477-5000 BV FINANCIAL , INC . ANNOUNCES FINANCIAL RESULTS Baltimore , Maryland , October 21 , 2021- BV Financial , Inc. ( OTCBB : BVFL ) , the holding company for BayVanguard Bank , today reported net income of $ 2.2 million , or $ 0.31 per diluted share , for the quarter ended September 30 , 2021 compared to net income of $ 1.5 million or $ 0.20 per diluted share , for the quarter ended September 30 , 2020. Net income for the nine - month period ended September 30 , 2021 was $ 6.8 million or $ 0.96 per diluted share compared to net income of $ 5.9 million or $ 0.82 per diluted share in the nine - month period ended September 30 , 2020. Year to date income in the prior year - to - date period includes a $ 3.3 million gain on bargain purchase from the acquisition of MB Bancorp . The results in the current quarter and year to date periods reflect the operations of the former Delmarva Bancshares and 1880 Bank that were acquired on October 31 , 2020 . Non - performing assets at September 30 , 2021 totaled $ 8.1 million consisting of $ 6.3 million in nonperforming loans and $ 1.8 million in other real estate owned , compared to $ 8.4 million at December 31 , 2020 , consisting of $ 5.6 million in non - performing loans and $ 2.8 million in other real estate owned . At September 30 2021 , the loan loss allowance was $ 2.3 million , which represented 0.39 % of total loans and 36.0 % of non - performing loans compared to $ 1.8 million at December 31 , 2020 , which represented 0.30 % of total loans and 32.5 % of non- performing loans . In addition , at September 30 , 2021 , the Bank had credit impairment allowances of $ 5.6 million that is not included in the loan loss allowance . The credit impairment allowances were established for loans acquired in the Delmarva Bancshares , MB Bancorp , Kopernik and Vigilant mergers . At September 30 , 2021 , these acquired loans totaled $ 318.8 million or 55.1 % of the loan portfolio . At September 30 , 2021 , BV Financial , Inc. had total assets of $ 807.4 million , net loans of $ 571.9 million , deposits of $ 674.2 million and total stockholders ' equity of $ 80.9 million compared to $ 815.6 million , $ 607.1 million , $ 675.1 million and $ 74.0 million at December 31 , 2020 , respectively . Bay Vanguard's Tier 1 leverage capital ratio was 11.54 % at September 30 , 2021 compared to 13.05 % at December 31 , 2020. This ratio and the Bank's other capital measurements continue to exceed all regulatory standards for " well - capitalized ” financial institutions . BV Financial , Inc. , in a press release dated August 5 , 2021 announced the signing of a definitive merger agreement whereby Bay Vanguard Bank has agreed to merge with North Arundel Savings Bank . As a merger among mutual institutions , there is no consideration to be paid .