MVB FINANCIAL CORP
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
MVBF$25.61-0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
(Unaudited) (Dollars in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES | ||
| Net income, before noncontrolling interest | $4,502 | $11,220 |
| Adjustments to reconcile net income, before noncontrolling interest, to net cash from operating activities: | ||
| Net amortization and accretion of investments | 525 | 569 |
| Net amortization of deferred loan costs | 320 | 541 |
| Provision for credit losses | 1,997 | 4,576 |
| Depreciation and amortization | 1,102 | 1,424 |
| Stock-based compensation | 780 | 831 |
| Stock-based compensation related to equity method investments | 104 | 69 |
| Loans originated for sale | — | (402) |
| Proceeds of loans held-for-sale sold | — | 3,551 |
| Holding loss on equity securities | 49 | 308 |
| (Gain) loss on sale of available-for-sale securities, net | (658) | 1,536 |
| Gain on sale of loans held-for-sale | — | (205) |
| Loss on sale of loans held-for-investment | — | 561 |
| Gain on sale of discontinued operations | — | (11,800) |
| Gain on sale of other real estate owned | — | (137) |
| Income on bank-owned life insurance | (282) | (260) |
| Deferred income taxes | 20 | 22 |
| Equity method investments loss | 1,128 | 1,193 |
| Other assets | (23,847) | (24,180) |
| Other liabilities | (11,001) | 5,812 |
| Net cash from operating activities | (25,261) | (4,771) |
| INVESTING ACTIVITIES | ||
| Purchases of available-for-sale investment securities | (34,833) | (10,417) |
| Net maturities/paydowns of available-for-sale investment securities | 2,075 | 3,503 |
| Sales of available-for-sale investment securities | 11,711 | 54,531 |
| Purchases of premises and equipment | (921) | (908) |
| Disposals of premises and equipment | 54 | 427 |
| Net change in loans | 49,276 | 25,378 |
| Proceeds of loans held-for-investment sold | — | 130 |
| Proceeds from sale of other real estate owned | — | 374 |
| Investment in equity method investments | (1,564) | (119) |
| Purchase of equity securities | — | (140) |
| Net cash transferred for sale of discontinued operations | — | (3,935) |
| Net cash from investing activities | 25,798 | 68,824 |
| FINANCING ACTIVITIES | ||
| Net change in deposits | 243,853 | 580,333 |
| Net change in repurchase agreements | (1,011) | (4,618) |
| Net change in FHLB and other borrowings | — | (102,333) |
| Principal payments on senior term loan | (250) | (131) |
| Common stock options exercised | 1,213 | 70 |
| Withholding cash issued in lieu of restricted stock | — | (243) |
| Cash dividends paid on common stock | (2,145) | (2,146) |
| Net cash from financing activities | 241,660 | 470,932 |
|---|---|---|
| Net change in cash and cash equivalents | 242,197 | 534,985 |
| Cash and cash equivalents, beginning of period | 398,229 | 40,280 |
| Cash and cash equivalents, end of period | $640,426 | $575,265 |
| Cash payments for: | ||
| Interest on deposits, repurchase agreements and borrowings | $19,212 | $12,152 |
| Income taxes | 117 | 25 |
| Supplemental disclosure of cash flow information: | ||
| Change in unrealized holding losses on securities available-for-sale | (4,144) | 9,241 |
| Employee stock-based compensation tax withholding obligations | — | (13) |
| Impact of adopting ASC 326, net of tax | — | 6,642 |
| Loans transferred to (out of) loans held-for-sale | (629) | 232 |
| Due from broker for available-for-sale investment securities sold | 12,633 | — |
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