MVB FINANCIAL CORP

For the period ended Jun 30, 2024. Filed Aug 8, 2024.

About 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.

Jun 30, 2024 · Filed Aug 8, 2024

MVBF$25.61-0.7%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income

(Unaudited) (Dollars in thousands, except per share data)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
INTEREST INCOME
Interest and fees on loans	$38,590	$39,321	$78,806	$78,016
Interest on deposits with banks	5,065	5,542	12,406	8,695
Interest on investment securities	1,905	1,229	3,648	3,077
Interest on tax-exempt loans and securities	567	939	1,297	2,006
Total interest income	46,127	47,031	96,157	91,794
INTEREST EXPENSE
Interest on deposits	17,630	16,450	36,561	26,603
Interest on short-term borrowings and repurchase agreements	5	—	6	888
Interest on subordinated debt	808	801	1,617	1,600
Interest on senior term loan	114	198	264	392
Total interest expense	18,557	17,449	38,448	29,483
NET INTEREST INCOME	27,570	29,582	57,709	62,311
Provision (release of allowance) for credit losses	254	(4,235)	2,251	341
Net interest income after provision (release of allowance) for credit losses	27,316	33,817	55,458	61,970
NONINTEREST INCOME
Payment card and service charge income	3,817	3,503	8,630	7,113
Insurance income	64	78	130	170
Gain (loss) on sale of available-for-sale securities, net	—	—	658	(1,536)
Gain (loss) on sale of equity securities, net	103	(294)	103	(294)
Loss on sale of loans, net	—	(989)	—	(1,345)
Holding gain (loss) on equity securities	14	160	(35)	(148)
Compliance and consulting income	1,274	996	2,274	2,012
Equity method investments income (loss)	484	1,873	(644)	680
Loss on divestiture activity	—	(986)	—	(986)
Other operating income	1,386	2,078	3,860	3,820
Total noninterest income	7,142	6,419	14,976	9,486
NONINTEREST EXPENSES
Salaries and employee benefits	15,949	15,746	32,438	32,492
Occupancy expense	949	1,090	1,813	1,882
Equipment depreciation and maintenance	1,218	1,451	2,434	2,908
Data processing and communications	1,313	1,118	2,772	2,266
Professional fees	5,192	3,948	10,929	6,899
Insurance, tax and assessment expense	1,085	1,131	1,977	2,035
Travel, entertainment, dues and subscriptions	1,433	2,137	2,984	4,059
Other operating expenses	1,791	3,661	3,774	6,058
Total noninterest expense	28,930	30,282	59,121	58,599
Income from continuing operations, before income taxes	5,528	9,954	11,313	12,857
Income taxes	1,379	1,956	2,662	2,421
Net income from continuing operations	4,149	7,998	8,651	10,436

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	4,149	7,998	8,651	19,218
Net (income) loss attributable to noncontrolling interest	(60)	114	(80)	236
Net income attributable to parent	$4,089	$8,112	$8,571	$19,454
Earnings per share from continuing operations - basic	$0.32	$0.64	$0.67	$0.84
Earnings per share from discontinued operations - basic	$—	$—	$—	$0.69
Earnings per common shareholder - basic	$0.32	$0.64	$0.67	$1.54
Earnings per share from continuing operations - diluted	$0.31	$0.63	$0.66	$0.82
Earnings per share from discontinued operations - diluted	$—	$—	$—	$0.68
Earnings per common shareholder - diluted	$0.31	$0.63	$0.66	$1.50
Weighted-average shares outstanding - basic	12,883,426	12,689,669	12,847,191	12,656,698
Weighted-average shares outstanding - diluted	13,045,660	12,915,294	13,058,791	12,959,725

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.