MVB FINANCIAL CORP

For the period ended Sep 30, 2024. Filed Nov 5, 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.

Sep 30, 2024 · Filed Nov 5, 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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
INTEREST INCOME
Interest and fees on loans	$38,851	$40,030	$117,657	$118,046
Interest on deposits with banks	5,218	6,404	17,624	15,099
Interest on investment securities	1,846	1,056	5,494	4,133
Interest on tax-exempt loans and securities	712	835	2,009	2,841
Total interest income	46,627	48,325	142,784	140,119
INTEREST EXPENSE
Interest on deposits	19,214	17,460	55,775	44,063
Interest on short-term borrowings and repurchase agreements	19	—	25	888
Interest on subordinated debt	809	809	2,426	2,409
Interest on senior term loan	—	191	264	583
Total interest expense	20,042	18,460	58,490	47,943
NET INTEREST INCOME	26,585	29,865	84,294	92,176
Provision (release of allowance) for credit losses	959	(159)	3,210	182
Net interest income after provision (release of allowance) for credit losses	25,626	30,024	81,084	91,994
NONINTEREST INCOME
Payment card and service charge income	3,852	2,852	12,482	9,965
Insurance income	78	81	208	251
Gain (loss) on sale of available-for-sale securities, net	—	—	658	(1,536)
Gain (loss) on sale of equity securities, net	—	25	103	(269)
Gain (loss) on sale of loans, net	26	330	26	(1,015)
Holding gain on equity securities	498	219	463	71
Compliance and consulting income	1,291	1,314	3,565	3,326
Equity method investments income (loss)	746	(750)	102	(70)
Loss on divestiture activity	—	—	—	(986)
Other operating income	166	1,720	4,026	5,540
Total noninterest income	6,657	5,791	21,633	15,277
NONINTEREST EXPENSES
Salaries and employee benefits	16,722	16,016	49,160	48,508
Occupancy expense	1,041	921	2,854	2,803
Equipment depreciation and maintenance	1,130	1,439	3,564	4,347
Data processing and communications	1,356	1,257	4,128	3,523
Professional fees	4,649	5,682	15,578	12,581
Insurance, tax and assessment expense	1,041	1,397	3,018	3,432
Travel, entertainment, dues and subscriptions	1,782	1,362	4,766	5,421
Other operating expenses	1,764	2,651	5,538	8,709
Total noninterest expense	29,485	30,725	88,606	89,324
Income from continuing operations, before income taxes	2,798	5,090	14,111	17,947
Income taxes	642	1,218	3,304	3,639
Net income from continuing operations	2,156	3,872	10,807	14,308

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	2,156	3,872	10,807	23,090
Net (income) loss attributable to noncontrolling interest	(76)	(5)	(156)	231
Net income attributable to parent	$2,080	$3,867	$10,651	$23,321
Earnings per share from continuing operations - basic	$0.16	$0.30	$0.83	$1.15
Earnings per share from discontinued operations - basic	$—	$—	$—	$0.69
Earnings per common shareholder - basic	$0.16	$0.30	$0.83	$1.84
Earnings per share from continuing operations - diluted	$0.16	$0.29	$0.81	$1.12
Earnings per share from discontinued operations - diluted	$—	$—	$—	$0.67
Earnings per common shareholder - diluted	$0.16	$0.29	$0.81	$1.79
Weighted-average shares outstanding - basic	12,927,962	12,722,010	12,874,311	12,678,708
Weighted-average shares outstanding - diluted	13,169,011	13,116,629	13,121,245	13,012,834

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.