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BV Financial sees 3Q profit rise

BV Financial Inc., of Baltimore, the parent company of Bay-Vanguard Federal Savings Bank, reported net income of $212,000, or 7 cents per diluted share, for its fiscal third quarter ended March 31, 2014, compared to net income of $149,000, or 6 cents per diluted share, for the year-ago period.

Bank officials attributed the increase in net income to an increase in net interest income, offsetting increases in the provision for loan losses and operating expenses.

The increases in net interest income were primarily due to higher average balances of earning assets resulting from the merger with Vigilant Federal Savings Bank in May 2013.

The merger was also primarily responsible for an increase in operating expenses.