BV Financial Q1 Net Income Halves to $1.1M on $2.2M CEO Payout
BV Financial reported Q1 net income of $1.1M ($0.13 per diluted share) down from $2.1M ($0.21) in Q1 2025, reflecting a $2.2M CEO exit payment, while adjusted net income rose to $3.3M from $2.9M. Net interest margin widened to 4.36% (from 4.12%) and loans declined 2.6% to $735.6M.
1. Quarter Financial Performance
BV Financial reported Q1 net income of $1.1 million ($0.13 per diluted share), down from $2.1 million ($0.21) in Q1 2025, while non-GAAP adjusted net income rose to $3.3 million from $2.9 million.
2. Net Interest Margin and Balance Sheet Trends
Net interest income increased to $9.1 million with a net interest margin of 4.36% compared to 4.12%, as loans decreased to $735.6 million and deposits dipped to $673.5 million, while cash balances grew by $18.9 million to $74.6 million.
3. Expense Drivers and Capital Actions
Noninterest expense climbed to $7.6 million primarily due to a $2.2 million CEO exit payment and merit increases, and the company repurchased 102,076 shares at an average price of $18.72, leaving stockholders’ equity at $183.6 million.