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Here are 1-3 brief analogies to describe BV Financial (BVFL):

• A regional bank in Maryland, like a much smaller, local **Bank of America**.
• It's a community bank, offering traditional services similar to a local **PNC Bank** branch, but on a much smaller scale.
• Think of it as a neighborhood bank for Maryland, operating much like a local **Chase Bank** for everyday banking needs.

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• Deposit Services: Offers various types of accounts including checking, savings, money market, and certificates of deposit for individuals and businesses.
• Residential Mortgage Loans: Provides loans for the purchase, construction, or refinancing of one-to-four family residential properties.
• Commercial Real Estate Loans: Extends financing for the acquisition, development, or refinancing of commercial properties.
• Commercial Business Loans: Offers loans and lines of credit to businesses for working capital, equipment, and other business needs.
• Consumer Loans: Provides personal loans, home equity lines of credit, and other financing options for individual needs.

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BV Financial, Inc. (symbol: BVFL) is the bank holding company for BayVanguard Bank, a community bank primarily serving customers in the Baltimore metropolitan area and surrounding Maryland counties. As a financial institution, it does not have "major customers" in the traditional sense of companies that purchase its products or services in large, identifiable volumes. Instead, its customer base is diversified across numerous individuals and businesses.

The company primarily sells its financial services to individuals and other businesses. The up to three categories of customers that BV Financial serves are:

• Individual Customers (Consumers): This category includes individuals and families who utilize a broad range of personal banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit, residential mortgages, home equity loans, and various consumer loans.
• Small to Medium-sized Business Customers: These are local businesses that leverage the bank's commercial banking services, including business checking and savings accounts, commercial real estate loans, commercial and industrial loans (such as lines of credit, term loans, and equipment financing), and other treasury management services.
• Commercial Real Estate Investors and Developers: A significant portion of the bank's lending activities is directed towards financing the acquisition, development, and construction of commercial real estate properties for professional investors and developers within its market.

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David M. Flair Co-President and Co-Chief Executive Officer

Mr. David M. Flair has served as Co-President and Co-Chief Executive Officer of BV Financial, Inc., BayVanguard Bank, and Bay-Vanguard, M.H.C. since February 28, 2019. Prior to this, he was the Chief Financial Officer of BV Financial and BayVanguard from 2012 to 2014, and then President of both entities in 2014. Before joining BV Financial, Mr. Flair was the Chief Financial Officer of Advance Bank in Baltimore, Maryland, starting in 2006, where he also held roles as a director and Acting Chief Executive Officer until his departure in 2012. He is a certified public accountant and previously a partner with Anderson Associates LLP. Under his leadership, BayVanguard Bank has expanded through several mergers and acquisitions, including Vigilant Federal Savings Bank (2013), Kopernik Bank (2019), Madison Bank of Maryland (2020), 1880 Bank (2020), and North Arundel Savings Bank (2022).

Timothy L. Prindle Co-President and Co-Chief Executive Officer

Mr. Timothy L. Prindle holds the position of Co-President and Co-Chief Executive Officer of BV Financial, Inc. and its subsidiary. He joined the company as Co-President and Co-CEO in 2019 following the acquisition of Kopernik Bank.

Michael J. Dee Executive Vice President and Chief Financial Officer

Mr. Michael J. Dee is the Executive Vice President and Chief Financial Officer of BV Financial, Inc. He is also identified as the contact person for the company's financial announcements.

Gregory J. Olinde Executive Vice President and Chief Lending Officer

Mr. Gregory J. Olinde serves as the Executive Vice President and Chief Lending Officer for BV Financial, Inc.

Rose M. Searcy Executive Vice President of Human Resources

Ms. Rose M. Searcy is the Executive Vice President of Human Resources at BV Financial, Inc.

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The most significant risk to BV Financial is Credit Risk. As a financial institution, BV Financial's profitability and financial health are highly dependent on the ability of its borrowers to repay their loans. Factors such as a decline in economic conditions, issues with specific loans, historical loan loss experience, and the fair value of underlying collateral can all affect potential credit losses.

Another key risk is intense Competition within its market area. BV Financial competes with a diverse range of financial institutions, including large money center and regional banks, community banks, credit unions, savings institutions, mortgage banking firms, consumer finance companies, and financial technology (fintech) companies. This competition exists for both attracting deposits and making loans, which can impact the company's market share and profitability.

Finally, Cybersecurity Risk is a material concern. The company's reliance on technology and the sensitive nature of financial data make it vulnerable to cybersecurity threats. While BV Financial employs measures like an Information Security Officer, an Enterprise Risk Management Committee, and external consultants to manage these risks, the evolving nature of cyber threats means that the ability of its board to oversee these functions is dependent on management and consultant input.

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The emergence of digital-first banks and fintech companies poses a clear threat. These entities leverage technology to offer seamless online and mobile banking experiences, often with lower overheads and specialized services, directly competing for BV Financial's traditional customer base. This shift appeals particularly to younger demographics who prioritize digital convenience and accessibility over physical branch presence, potentially eroding BVFL's deposit base and lending opportunities as customers seek more modern and efficient banking alternatives.

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BV Financial (symbol: BVFL) operates as the holding company for BayVanguard Bank, providing a range of financial services primarily to individuals and businesses in the United States, with its headquarters in Baltimore, Maryland. Its main products and services include deposit accounts (checking, savings, money market, and certificates of deposit) and various loan products (real estate, home equity, construction, auto, boat, other personal loans, personal credit cards, and commercial lending products).

Addressable Markets:

• Community Banking (United States): The community banking market in the United States, which encompasses deposit products and general banking services, was estimated to be between USD 16.76 billion and USD 17.79 billion in 2024. This market is projected to grow to approximately USD 26.98 billion by 2029 with a compound annual growth rate (CAGR) of 8.6%, and up to USD 30.46 billion by 2035 with a CAGR of 5.58%.
• Mortgage Lending (United States): The US home loan market, relevant for BV Financial's real estate, home equity, and construction loan products, reached USD 2.29 trillion in 2025 and is forecasted to grow to USD 3.02 trillion by 2030, advancing at a 5.63% CAGR. Another estimate for the broader mortgage lender market size in the United States was $1.15 trillion in 2024, with a projection to grow to $2.04 trillion by 2029 at a CAGR of 12.2%.

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• Loan Growth: The company has demonstrated consistent growth in its loan portfolio. For instance, net loans increased by $8.6 million (1.2%) to $737.9 million by September 30, 2025, compared to December 31, 2024. Similarly, net loans increased by $13.2 million (1.8%) to $742.4 million in Q2 2025 over December 31, 2024. Continued expansion in real estate, commercial, and other loan products offered by BayVanguard Bank is a primary driver of interest income.
• Deposit Growth: BV Financial has also experienced an increase in its deposit base. Total deposits grew by $12.3 million (1.9%) to $663.8 million by September 30, 2025, from December 31, 2024. A larger deposit base provides a stable funding source for lending activities and contributes to net interest income.
• Net Interest Margin (NIM) Improvement: The company has shown an ability to improve its net interest margin. The net interest margin for the six months ended June 30, 2025, was 4.24%, up from 4.12% in the same period of 2024. An improved NIM indicates more efficient management of interest-earning assets and interest-bearing liabilities, which directly boosts net interest income.
• Expansion of Financial Services and Customer Base in Maryland: As the holding company for BayVanguard Bank, BV Financial offers a wide array of financial services to individuals and businesses across its fourteen banking locations in Maryland. Continued organic growth through attracting new customers and expanding the utilization of existing services like checking, savings, commercial lending, and online banking within its established market is crucial for revenue growth.
• Strategic Deployment of Capital: Management and the Board are focused on deploying capital to generate the best possible return for shareholders. This strategic capital deployment could lead to investments in technology, new product development, or small acquisitions that enhance operational efficiency and expand revenue-generating opportunities.

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Share Repurchases

• BV Financial announced a stock repurchase program in April 2025, authorizing the repurchase of up to 10% of its outstanding common stock, which equates to approximately 10.6 million shares. This program is slated to expire on December 31, 2025, unless extended.
• A previous stock repurchase program was completed in January 2025, during which the company bought back 50,038 shares at an average cost of $17.08.
• In Q3 2025, BV Financial repurchased 782,324 shares of its outstanding common stock at an average price of $16.14. The company also adopted a new 10% share repurchase program (approximately 9.54 million shares) through June 30, 2026, subject to regulatory non-objection and available capital.

Share Issuance

• On July 31, 2023, BV Financial completed its conversion from a mutual holding company to a stock company with a public offering. As part of this conversion, the company sold 9,798,980 shares of its common stock at a price of $10.00 per share.
• Approximately 11,374,706 shares of common stock were outstanding as a result of the conversion.

Capital Expenditures

• Net change in property, plant, and equipment (a proxy for capital expenditures) for BV Financial was approximately $-0.61 million in 2024, $3.02 million in 2023, $0.44 million in 2022, $-0.53 million in 2021, and $0.05 million in 2020.