MVB FINANCIAL CORP
For the period ended Mar 31, 2024. Filed May 7, 2024.
View on SEC.govAbout this filing
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.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Income
(Unaudited) (Dollars in thousands, except per share data)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| INTEREST INCOME | ||
| Interest and fees on loans | $40,216 | $38,695 |
| Interest on deposits with banks | 7,341 | 3,153 |
| Interest on investment securities | 1,743 | 1,848 |
| Interest on tax-exempt loans and securities | 730 | 1,067 |
| Total interest income | 50,030 | 44,763 |
| INTEREST EXPENSE | ||
| Interest on deposits | 18,931 | 10,153 |
| Interest on short-term borrowings | 1 | 888 |
| Interest on subordinated debt | 809 | 799 |
| Interest on senior term loan | 150 | 194 |
| Total interest expense | 19,891 | 12,034 |
| NET INTEREST INCOME | 30,139 | 32,729 |
| Provision for credit losses | 1,997 | 4,576 |
| Net interest income after provision for credit losses | 28,142 | 28,153 |
| NONINTEREST INCOME | ||
| Payment card and service charge income | 4,813 | 3,610 |
| Insurance and investment services income | 66 | 92 |
| Gain (loss) on sale of available-for-sale securities, net | 658 | (1,536) |
| Loss on derivatives, net | — | (100) |
| Loss on sale of loans, net | — | (356) |
| Holding loss on equity securities | (49) | (308) |
| Compliance and consulting income | 1,000 | 1,016 |
| Equity method investments loss | (1,128) | (1,193) |
| Other operating income | 2,474 | 1,842 |
| Total noninterest income | 7,834 | 3,067 |
| NONINTEREST EXPENSES | ||
| Salaries and employee benefits | 16,489 | 16,746 |
| Occupancy expense | 864 | 792 |
| Equipment depreciation and maintenance | 1,216 | 1,457 |
| Data processing and communications | 1,459 | 1,148 |
| Professional fees | 5,737 | 2,951 |
| Insurance, tax and assessment expense | 892 | 904 |
| Travel, entertainment, dues and subscriptions | 1,551 | 1,922 |
| Other operating expenses | 1,983 | 2,397 |
| Total noninterest expense | 30,191 | 28,317 |
| Income from continuing operations, before income taxes | 5,785 | 2,903 |
| Income taxes | 1,283 | 465 |
| Net income from continuing operations | 4,502 | 2,438 |
| Income from discontinued operations, before income taxes | — | 11,831 |
| Income taxes from discontinued operations | — | 3,049 |
| Net income from discontinued operations | — | 8,782 |
|---|---|---|
| Net income, before noncontrolling interest | 4,502 | 11,220 |
| Net (income) loss attributable to noncontrolling interest | (20) | 122 |
| Net income attributable to parent | $4,482 | $11,342 |
| Earnings per share from continuing operations - basic | $0.35 | $0.20 |
| Earnings per share from discontinued operations - basic | $— | $0.70 |
| Earnings per common shareholder - basic | $0.35 | $0.90 |
| Earnings per share from continuing operations - diluted | $0.34 | $0.20 |
| Earnings per share from discontinued operations - diluted | $— | $0.67 |
| Earnings per common shareholder - diluted | $0.34 | $0.87 |
| Weighted-average shares outstanding - basic | 12,810,956 | 12,623,361 |
| Weighted-average shares outstanding - diluted | 13,119,292 | 13,016,082 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.