Earnings release
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Exhibit 99.1 Contact: Michael J. Dee Chief Financial Officer (410) 477- 5000 BV FINANCIAL, INC. ANNOUNCES FINANCIAL RESULTS Baltimore, Maryland, July 24, 2026– BV Financial, Inc. (NASDAQ: BVFL), the holding company for BayVanguard Bank (the “Bank”), today reported net income of $3.5 million, or $0.42 per diluted share, for the quarter ended June 30, 2026 compared to net income of $2.9 million, or $0.29 per diluted share, for the quarter ended June 30, 2025. Net income for the six-month period ended June 30, 2026 was $4.6 million or $0.55 per diluted share compared to net income of $5.0 million or $0.50 per diluted share for the six-month period ended June 30, 2025. Adjusted net income, a non-GAAP financial metric, was $3.9 million or $0.47 per diluted share and $3.7 or $0.37 per diluted share million for the quarters ended June 30, 2026 and 2025 and $7.1 million or $0.86 per diluted share and $6.7 million or $0.67 per diluted share for the year to date periods ended June 30, 2026 and 2025, respectively. For a reconciliation of net income as reported and Non-GAAP adjusted net income, see the table below. Additionally, management refers to another non-GAAP metric called Operating Pre-Provision Net Revenue (OPPNR) to monitor the Company’s financial results. This metric excludes the expense, or reversal of the expense for the provision for credit losses as well as changes in the effective tax rate. Since the adoption of ASC 326 (CECL) in January 2023, the provision line item on the income statement has been extremely volatile, making this metric more meaningful. OPPNR was $5.2 million or $0.63 per diluted share for the three months ended June 30, 2026 compared to $5.4 million or $0.54 per diluted share for the three months ended June 30, 2025. OPPNR was $10.1 million or $1.22 per diluted share in the six-months ended June 30, 2026 compared to $9.6 million or $0.97 per diluted share in the six months ended June 30, 2025. For a reconciliation of net income as reported and Non- GAAP OPPNR, see the table below. Financial Highlights • Return on average assets and return on average equity for the three months ended June 30, 2026 was 1.54% and 7.56%, respectively. • Net loans decreased $44.3 million or 5.9% to $711.6 million compared to $754.9 million at December 31, 2025. • Deposits decreased $0.2 million or -0.03% from $676.1 million at December 31, 2025 to $675.9 million at June 30, 2026. • All $35.0 million in borrowings from the Federal Home Loan Bank of Atlanta “FHLB” that were outstanding at March 31, 2026 were paid off in the quarter. This pay-off resulted in a gain (decrease in interest expense) of $0.3 million.
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• Non-accrual loans increased $1.1 million to $3.4 million at June 30, 2026 from $2.3 million at December 31, 2025. • The Company recorded reversals in the provisions for credit losses of $216,000 for the three months ended June 30, 2026 and $227,000 for the six months ended June 30, 2026. • During the quarter ended June 30, 2026, the Company repurchased 230,000 shares of its outstanding common stock at an average price of $20.03. FINANCIAL CONDITION DISCUSSION Total Assets. Total assets were $877.9 million at June 30, 2026, a decrease of $34.3 million, or -3.76%, from $912.2 million at December 31, 2025. The decrease was due primarily to the Company utilizing cash resulting from shrinkage of the loan portfolio to repay $35.0 million in borrowings from the FHLB. Cash and Cash Equivalents. Cash and cash equivalents increased $13.2 million, or 23.7%, to $68.9 million at June 30, 2026 from $55.7 million at December 31, 2025. The increase in cash is primarily a result of loan pay- offs exceeding the pay-off of the FHLB borrowings. Loans Receivable. Loans receivable decreased $44.3 million, or 5.9%, to $710.6 million at June 30, 2026 from $754.9 million at December 31, 2025. The largest decreases in the portfolio occurred in the construction & land ($12.6 million), commercial investor real estate ($10.6 million) and commercial ($10.4 million). Securities. Securities available for sale decreased by $1.0 million or 3.0% from December 31, 2025 as paydowns in the mortgage-backed securities were not replaced with new purchases. The held-to-maturity portfolio experienced a slight decrease due to paydowns. Federal Home Loan Bank Stock Federal Home Loan Bank of Atlanta stock decreased $1.7 million or 71.6% as a result of the advance pay-off reducing the required ownership amount. Total Liabilities. Total liabilities decreased $33.6 million or -4.6%, to $694.7 million at June 30, 2026 from $728.4 million at December 31, 2025. The decrease was due primarily to the decrease in borrowings. Deposits. Total deposits decreased $0.2 million, or -0.03% to $675.9 million at June 30, 2026 from $676.1 million at December 31, 2025. Interest-bearing deposits were flat at $138.4 million. Noninterest bearing deposits decreased $0.2 million, or -0.03%, to $537.5 million at June 30, 2026 from $537.7 million at December 31, 2025. Stockholders’ Equity. Stockholders’ equity decreased $0.6 million, or -0.33%, to $183.2 million at June 30, 2026 from $183.8 million at December 31, 2025 as net income and the impact of earned stock compensation was offset by $6.6 million in stock repurchases during the period.
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RESULTS OF OPERATION DISCUSSION Net Income. Net income was $3.5 million or $0.42 per diluted share for the three months ended June 30, 2026 compared to $2.9 million or $0.29 per diluted share for the three months ended June 30, 2025. Net income was $4.6 million or $0.55 per diluted share for the six months ended June 30, 2026 compared to $5.0 million or $0.50 per diluted share for the six months ended June 30, 2025. The decrease in income for the year to date period is due to the $2.2 million first quarter executive transition expense and the related tax impact. Net Interest Income. Net interest income was $9.5 million for the three months ended June 30, 2026 compared to $9.2 million for the three months ended June 30, 2025. The net interest margin for the three months ended June 30, 2026 was 4.58% compared to 4.36% for the three months ended June 30, 2025. The increase in net interest income was primarily due to higher yields on interest earning assets and lower interest expense due to the pay-offs of borrowings. Net interest income was $18.6 million for the six months ended June 30, 2026, compared to $17.8 million in the six months ended June 30, 2025. The net interest margin for the six months ended June 30, 2026 was 4.47% compared to 4.24% for the six months ended June 30, 2025. The increase in net interest income was primarily due to higher yields earned on loans and lower interest expense due to the pay-off of the FHLB borrowings in 2026 and the pay- off of the subordinated debentures in December 2025. Noninterest Income. For the three months ended June 30, 2026, noninterest income totaled approximately $467,000 compared to $714,000 for the quarter ended June 30, 2025. The decrease is attributable to the $135,000 write-down of a former branch location to estimated sales proceeds and lower miscellaneous fees on loans and deposits. For the six months ended June 30, 2026 noninterest income totaled $1.0 million compared to $1.2 million for the six months ended and June 30, 2025. The decrease is due to lower miscellaneous loan and deposit fees and the write-down of the former branch location. Noninterest Expense. For the three months ended June 30, 2026, noninterest expense totaled $5.5 million compared to $5.8 million in the three months ended June 30, 2025. Decreases in compensation and benefits of $506,000 due lower staffing and lower expenses of the 2024 Equity plan offset increases in other categories. Occupancy expense increased by $97,000 primarily due to costs of repairing a branch location after a major water leak. Professional fees increased due to higher legal expenses, data processing expense increased due to new product implementation fees and other expenses increased due to higher loan related expenses. For the six months ended June 30, 2026, noninterest expense totaled $13.1 million as compared to $11.9 million in the six months ended June 30, 2025. Compensation and benefits expense increased $0.7 million due to the $2.2 million cost of the executive transition in the first quarter somewhat offset by lower staffing and lower costs of the 2024 Equity plan. Occupancy expense increased by $109,000 due to the branch repair costs noted above and higher heating bills in the first quarter. Adjusting for expenses related to the 2024 Equity Plan and executive transition, non-interest expense for the six months ended June 30, 2026 increased 0.8% to $9.68 million, compared with $9.60 million for the six months ended June 30, 2025.
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Asset Quality. Non-performing assets at June 30, 2026 totaled $3.4 million, of which all are nonperforming loans, compared to $2.3 million at December 31, 2025, also all of which are nonperforming loans. At June 30, 2026, the allowance for credit losses on loans was $6.2 million, which represented 0.87% of total loans and 182.1% of non- performing loans compared to $6.4 million at December 31, 2025, which represented 0.85% of total loans and 284.7% of non-performing loans. Forward-Looking Statements This press release may contain certain forward-looking statements that are based on management’s current expectations regarding economic, legislative and regulatory issues that may impact the Company’s earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, increased competitive pressures, the effects of inflation, potential recessionary conditions, general economic conditions or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve Board, the impact of the imposition of tariffs and any retaliatory responses, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio, changes in demand for our products and services, accounting and tax changes, deposit flows, real estate values and competition, changes in accounting principles, policies or guidelines, changes in legislation or regulation and other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services, the current or anticipated impact of military conflict, terrorism or other geopolitical events, a potential government shutdown, a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company’s financial condition and results of operations and the business in which the Company and the Bank are engaged and the failure to maintain current technologies, the failure to retain or attract employees. BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with twelve branches in the Baltimore metropolitan area and the eastern shore of Maryland. The Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses.
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BV FINANCIAL, INC. Consolidated Financial Ratios At or For the Three Months At or For the Six Months Ended June 30, Ended June 30, 2026 2025 2026 2025 Performance Ratios : Return on average assets 1.54% 1.26% 1.00% 1.09% Return on average equity 7.56% 5.78% 4.97% 5.03% Interest rate spread 3.95% 3.60% 3.81% 3.48% Net interest margin 4.58% 4.36% 4.47% 4.24% Yields on earning assets 5.86% 5.84% 5.83% 5.75% Cost of interest-bearing liabilities 1.91% 2.24% 2.01% 2.27% Cost of deposits 2.07% 2.02% 2.04% 2.02% Yield on loans 6.21% 6.04% 6.16% 5.97% Non-interest expense to average assets 2.44% 2.54% 2.89% 2.62% Efficiency ratio 54.87% 58.30% 66.62% 62.66% Average interest-earning assets to average interest-bearing liabilities 149.24% 151.25% 148.83% 149.86% Average equity to average assets 21.88% 21.88% 20.21% 21.62% Credit Quality Ratios: Allowance for credit losses as a percentage of total loans 0.87% 1.22% 0.87% 1.22% Allowance for credit losses as a percentage of non-performing loans 182.07% 208.61% 182.07% 208.61% Net charge-offs (recoveries) to average outstanding loans during the year 0.00% 0.00% 0.00% -0.01% Non-performing loans as a percentage of total loans 0.48% 0.58% 0.48% 0.58% Non-performing loans as a percentage of total assets 0.39% 0.48% 0.39% 0.48% Total non-performing assets as a percentage of total assets 0.39% 0.50% 0.39% 0.50% Per Share Data Earnings per common share, basic $ 0.43 $ 0.29 $ 0.56 $ 0.50 Earnings per common share, diluted $ 0.42 $ 0.29 $ 0.55 $ 0.50 Book value per common share $ 21.50 $ 19.19 $ 21.50 $ 19.19 Tangible book value per common share $ 19.74 $ 17.72 $ 19.74 $ 17.72 Weighted average shares outstanding 8,012,679 9,858,540 8,077,169 9,878,319 (1) Performance ratios are annualized. (2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. (3) Represents net interest income as a percentage of average interest-earning assets. (4) Represents non-interest expenses divided by the sum of net interest income and non-interest income. (5) Represents total equity less goodwill less other intangible assets divided by common shares outstanding. See non-GAAP reconciliation table. (1) (2) (3) (4) (5)
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BV FINANCIAL, INC. Consolidated Balance Sheets June 30, 2026 December 31, 2025 (dollars in thousands, except share amounts) (unaudited) derived from audited financial statements Assets Cash $ 8,664 $ 5,616 Interest-bearing deposits in other banks 60,238 50,089 Cash and cash equivalents 68,902 55,705 Equity Investment 405 404 Securities available for sale 32,218 33,226 Securities held to maturity (fair value of $5,082 and $5,102, ACL of $1 and $2) 5,647 5,736 Loans held for maturity 710,625 754,921 Allowance for Credit Losses (6,214) (6,437) Net Loans 704,411 748,484 Premises and equipment, net 12,223 12,493 Federal Home Loan Bank of Atlanta stock, at cost 661 2,324 Investment in life insurance 20,642 20,441 Accrued interest receivable 3,020 3,149 Goodwill 14,420 14,420 Intangible assets, net 561 651 Deferred tax assets, net 7,558 7,563 Other assets 7,288 7,617 Total assets $ 877,956 $ 912,213 Liabilities and Stockholders' Equity Liabilities Noninterest-bearing deposits $ 138,384 $ 138,360 Interest-bearing deposits 537,506 537,734 Total deposits 675,890 676,094 FHLB borrowings — 35,000 Other liabilities 18,865 17,315 Total liabilities 694,755 728,409 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 in 2026 and 2025; 8,520,245 shares issued and outstanding as of June 30, 2026; 8,852,813 shares issued and outstanding as of December 31, 2025 85 88 Paid-in capital 63,629 68,834 Unearned common stock held by employee stock ownership plan (6,879) (6,978) Retained earnings 127,543 122,990 Accumulated other comprehensive loss (1,177) (1,130) Total stockholders' equity 183,201 183,804 Total liabilities and stockholders' equity $ 877,956 $ 912,213
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BV FINANCIAL, INC. Consolidated Statements of Income (dollars in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, Interest Income 2026 2025 2026 2025 Loans, including fees $ 11,165 $ 11,334 $ 22,308 $ 22,075 Investment securities available for sale 282 324 571 674 Investment securities held to maturity 45 46 90 93 Other interest income 713 562 1,318 1,305 Total interest income 12,205 12,266 24,287 24,147 Interest Expense Interest on deposits 2,771 2,622 5,423 5,223 Interest on FHLB borrowings (104) 23 215 — Interest on Subordinated debentures — 465 — 1,125 Total interest expense 2,667 3,110 5,638 6,348 Net interest income 9,538 9,156 18,649 17,799 Provision for (recovery of) credit losses (216) 178 (227) 475 Net interest income after provision for (recovery of) credit losses 9,754 8,978 18,876 17,324 Noninterest Income Service fees on deposits 105 112 215 216 Fees from debit cards 182 177 346 341 Income from investment in life insurance 116 114 202 201 (Loss) on sale of fixed assets (135) — (135) — Other income 199 311 367 485 Total noninterest income 467 714 995 1,243 Noninterest Expense Compensation and related benefits 3,512 4,018 9,292 8,542 Occupancy 476 379 932 823 Data processing 437 395 836 792 Advertising 19 3 33 9 Professional fees 315 249 551 479 Equipment 89 94 178 185 Foreclosed real estate and repossessed assets holding costs — — (5) 2 Amortization of intangible assets 45 45 90 90 FDIC insurance premiums 87 84 172 165 Other expense 510 488 1,009 845 Total noninterest expense 5,490 5,755 13,088 11,932 Net income before tax 4,731 3,937 6,783 6,635 Income tax expense 1,269 1,076 2,230 1,675 Net income $ 3,462 $ 2,861 $ 4,553 $ 4,960 Basic earnings per share $ 0.43 $ 0.29 $ 0.56 $ 0.50 Diluted earnings per share $ 0.42 $ 0.29 $ 0.55 $ 0.50
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BV FINANCIAL, INC. Average Balance Sheet for the Quarters ended June 30, (Dollars in thousands) For the Three Months Ended June 30, 2026 2025 (dollars in thousands) Average Outstanding Balance Interest Average Yield/Rate Average Outstanding Balance Interest Average Yield/Rate (Unaudited) Interest-earning assets: Loans $ 721,303 $ 11,165 6.21% $ 752,181 $ 11,334 6.04% Securities available-for-sale 32,614 282 3.47% 34,770 324 3.74% Securities held-to-maturity 7,396 45 2.44% 6,624 46 2.79% Cash, cash equivalents and other interest-earning assets 73,450 713 3.92% 49,450 562 4.60% Total interest-earning assets 834,763 12,205 5.86% 843,025 12,266 5.84% Noninterest-earning assets 65,598 64,324 Total assets $ 900,361 $ 907,349 Interest-bearing liabilities: Interest-bearing demand deposits $ 70,143 153 0.87% $ 76,698 159 0.83% Savings deposits 115,314 145 0.50% 120,584 106 0.35% Money market deposits 130,067 744 2.29% 125,686 766 2.44% Certificates of deposit 221,400 1,729 3.13% 197,488 1,591 3.23% Total interest-bearing deposits 536,924 2,771 2.07% 520,456 2,622 2.02% Federal Home Loan Bank advances 22,418 (104) (1.86)% 1,978 23 4.66% Subordinated debentures — — — 34,945 465 5.34% Total borrowings 22,418 (104) (1.86)% 36,923 488 5.30% Total interest-bearingliabilities 559,342 2,667 1.91% 557,379 3,110 2.24%Noninterest-bearing demand deposits 139,862 134,841 Other noninterest-bearing liabilities 18,063 16,930 Total liabilities 717,267 709,150 Equity 183,094 198,199 Total liabilities and equity $ 900,361 $ 907,349 Net interest income $ 9,538 $ 9,156 Net interest rate spread 3.95% 3.60% Net interest-earning assets $ 275,421 $ 285,646 Net interest margin 4.58% 4.36% Average interest-earning assets to interest-bearing liabilities 149.24% 151.25%
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BV FINANCIAL, INC. Average Balance Sheet for the Six Months ended June 30, (Dollars in thousands) For the Six Months Ended June 30, 2026 2025 (dollars in thousands) Average Outstanding Balance Interest Average Yield/Rate Average Outstanding Balance Interest Average Yield/Rate (Unaudited) Interest-earning assets: Loans $ 730,542 $ 22,308 6.16% $ 745,958 $ 22,075 5.97% Securities available-for-sale 33,073 571 3.48% 35,821 674 3.79% Securities held-to-maturity 7,716 90 2.35% 6,971 93 2.69% Cash, cash equivalents and other interest-earning assets 69,357 1,318 3.85% 58,091 1,305 4.55% Total interest-earning assets 840,688 24,287 5.83% 846,841 24,147 5.75% Noninterest-earning assets 65,489 64,667 Total assets $ 906,177 $ 911,508 Interest-bearing liabilities: Interest-bearing demand deposits $ 72,925 320 0.88% $ 78,414 330 0.85% Savings deposits 115,572 292 0.51% 121,516 206 0.34% Money market deposits 127,407 1,428 2.26% 125,326 1,530 2.46% Certificates of deposit 220,277 3,383 3.10% 196,440 3,157 3.24% Total interest-bearing deposits 536,181 5,423 2.04% 521,696 5,223 2.02% Federal Home Loan Bank advances 28,674 215 1.51% 8,453 194 4.63% Subordinated debentures — — — 34,925 931 5.38% Total borrowings 28,674 215 1.51% 43,378 1,125 5.23% Total interest-bearingliabilities 564,855 5,638 2.01% 565,074 6,348 2.27%Noninterest-bearing demand deposits 139,835 133,419 Other noninterest-bearing liabilities 18,353 15,940 Total liabilities 723,043 714,433 Equity 183,134 197,075 Total liabilities and equity $ 906,177 $ 911,508 Net interest income $ 18,649 $ 17,799 Net interest rate spread 3.82% 3.48% Net interest-earning assets $ 275,833 $ 281,767 Net interest margin 4.47% 4.24% Average interest-earning assets to interest-bearing liabilities 148.83% 149.86%
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ALLOWANCE FOR CREDIT LOSS - LOANS (Dollars in thousands) QTR YTD 6/30/2026 6/30/2026 Beginning Balance $ 6,399 $ 6,437 Provision for credit loss -loans (200) (256) Net Charge-offs (recoveries): Owner Occupied 1-4 (1) (2) Non-Owner Occupied 1-4 (14) (33) Investor Commercial Real Estate — — OO Commercial Real Estate — — Construction & Land — — Farm Loans — — Marine & Consumer — 2 Guaranteed by the US Gov't — — Commercial — — Net charge-offs (recoveries) (15) (33) Ending Balance- ACL for Loans $ 6,214 $ 6,214 Balance Reserve for unfunded loan commitments 125 125 Balance Reserve for HTM Securities 1 1 Total ACL $ 6,340 $ 6,340 Provision expense for Unfunded Commitments (16) 30 Provision expense for HTM Securities — (1) Total other provision expense $ (16) $ 29 Total provision for (recovery of ) credit losses $ (216) $ (227)
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RECONCILIATION TABLE (UNAUDITED) NON-GAAP ADJUSTED NET INCOME Non-GAAP Reconciliation In addition to results presented in accordance with generally accepted accounting principles utilized in the Unites States ("GAAP"), this earnings release contains a non-GAAP financial measure, Non-GAAP adjusted net income. The Company believes this non-GAAP financial measure is useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time. Non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Three Months ended June 30, Six Months ended June 30, Non-GAAP Adjusted Net Income 2026 2025 2026 Net Income (GAAP) $ 3,462 $ 2,861 $ 4,553 2024 Equity Plan Expenses 601 1,162 $ 1,204 Cost of executive transition - - 2,203 Tax impact (159) (308) (903) Non GAAP adjusted net income $ 3,904 $ 3,715 $ 7,057 Adjusted Net Income per Share $ 0.48 $ 0.38 $ 0.88 Adjusted Net Income per diluted share $ 0.47 $ 0.37 $ 0.86 Non-GAAP Operating Pre-provision Net Revenue (OPPNR) Net Interest Income before provision $ 9,538 $ 9,156 $ 18,649 Plus: Purchase Accounting Amortization 51 44 93 Plus: Non-interest income 467 714 995 Less: Non-interest expense (5,490) (5,755) (13,088) Plus: CDI amortization 45 45 90 Plus: 2024 Equity Plan expense 601 1,162 1,204 Plus: Executive transition expense - - 2,203 Operating Pre-Provision Net Revenue $ 5,212 $ 5,366 $ 10,146 OPPNR per share $ 0.65 $ 0.65 $ 1.26 OPPNR per diluted share $ 0.63 $ 0.54 $ 1.22 Non-GAAP Tangible Book Value per Common Share 2026 2025 Total Equity (GAAP) $ 183,201 $ 197,991 Less Goodwill 14,420 14,420 Less other intangible assets 561 741 Tangible equity $ 168,220 $ 182,830 Common shares outstanding 8,520,225 10,318,408 Tangible book value per share $ 19.74 $ 17.72