MVB Financial Corp. Announces Fourth Quarter and Full Year 2024 Results
Fourth Quarter 2024 Highlights
Net income was
Noninterest bearing deposits represent
Tangible book value per share of
Capital strength further enhanced.
MVB names Jeffrey Weidley as Chief Deposit Officer and Joe Rodriguez as Chief Risk Officer.
From Larry F. Mazza, Chief Executive Officer, MVB Financial:
“While the fourth quarter presented financial challenges, MVB continued to adapt and narrow our strategic focus, positioning the company for long-term success. The fourth quarter marked the end of a pivotal transition year, during which we simplified our growth strategy and strengthened our team to make meaningful investments in the future. Recent key leadership appointments have been made to help support this shift. In mid-November, risk management industry veteran Joe Rodriguez, formerly of Capital One, joined as Chief Risk Officer, bringing a wealth of experience in transforming risk management into a key business driver. After year-end, we appointed Jeffrey Weidley as Chief Deposit Officer. A seasoned banker in the DC metro area, Jeffrey will oversee strategies to grow MVB’s deposit base.
“Looking ahead, I’m encouraged by the continued evolution of our business model and our strong foundation, which includes a best-in-class core funding profile, a strong liquidity position, capital management strength and stable asset quality. Our laser focus on payments continues to drive meaningful progress, as we deliver innovative solutions to support our existing clients and grow revenue. With loan pipelines building and a renewed sense of optimism across the broader economy, MVB is well-positioned to adapt to future opportunities and create long-term value for our clients and stakeholders.”
FOURTH QUARTER 2024 HIGHLIGHTS
-
Noninterest income higher on gain on sale of assets and higher revenue from Victor subsidiary; expenses higher due primarily to higher personnel costs.
-
Total noninterest income increased
, or$14.6 million 219.7% , relative to the prior quarter, to . The increase is primarily attributable to the$21.3 million gain on sale of assets associated with the previously disclosed sale-leaseback transaction, an increase of$11.8 million in other operating income, driven by net deposit network fee income and revenue from our subsidiary Victor Technologies, Inc. (“Victor”), and a$1.2 million increase in gain on sale of loans.$1.0 million -
Noninterest expense increased
, or$4.1 million 14.0% , relative to the prior quarter, to . The increase is primarily due to employee benefits costs and incentive compensation, as well as higher professional fees driven by incremental internal audit and legal fees. Additionally, other operating expenses increased reflecting higher correspondent banking fees driven by transaction volume.$33.6 million
-
Total noninterest income increased
-
Measures of foundational strength were further enhanced.
-
The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were
11.2% ,15.1% , and15.8% , respectively, compared to10.9% ,14.9% , and15.7% , respectively, at the prior quarter-end. -
The tangible common equity ratio, a non-
U.S. GAAP financial measure, was9.7% as of December 31, 2024, up from8.8% as of September 30, 2024. -
Book value per share and tangible book value per share, a non-
U.S. GAAP measure, were and$23.61 , respectively, which both represent increases of$23.37 0.7% relative to the prior quarter-end. -
Nonperforming loans declined
, or$3.9 million 13.8% , to , or$24.6 million 1.2% of total loans, from , or$28.6 million 1.3% of total loans, at the prior quarter-end. Criticized loans totaled , or$130.5 million 6.2% of total loans, as compared to , or$124.2 million 5.7% of total loans, at the prior quarter-end. -
Provision for credit losses totaled
, down from$0.3 million for the prior quarter as a result of lower loan balances. Allowance for credit losses was$1.0 million 0.9% of total loans at December 31, 2024, as compared to1.0% at the prior quarter-end.
-
The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were
INCOME STATEMENT
Net interest income on a tax-equivalent basis totaled
Interest income declined
Interest expense declined
On a fully tax-equivalent basis, net interest margin for the fourth quarter of 2024 was
Noninterest income totaled
Noninterest expense totaled
BALANCE SHEET
Loans totaled
Deposits totaled
In January 2025, the Bank sold its interest in Trabian Technology, Inc (“Trabian”). As a result, the related assets and liabilities of Trabian are shown as held-for-sale on the condensed consolidated balance sheet.
CAPITAL
The Community Bank Leverage Ratio was
The Company issued a quarterly cash dividend of
ASSET QUALITY
Nonperforming loans totaled
Net charge-offs were
The provision for credit losses totaled
About MVB Financial Corp.
MVB Financial, the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market® (“Nasdaq”) under the ticker “MVBF.”
MVB is a financial holding company headquartered in
Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services.
For more information about MVB, please visit ir.mvbbanking.com.
Forward-looking Statements
MVB Financial has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and are subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may,” “could,” “should,” “would,” “will,” “plans,” “believes,” “estimates,” “expects,” “anticipates,” “intends,” “continues” or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity and credit risk; changes in market interest rates; impacts related to or resulting from recent turmoil in the banking industry; inability to successfully execute business plans, including strategies related to investments in Fintech companies; competition; unforeseen events, such as pandemics or natural disasters, and any governmental or societal responses thereto; changes in economic, business and political conditions; changes in demand for loan products and deposit flow; changes in deposit classifications; operational risks and risk management failures; and government regulation and supervision. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as its other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. Except as required by law, the Company disclaims any obligation to update, revise or correct any forward-looking statements.
Accounting standards require the consideration of subsequent events occurring after the balance sheet date for matters that require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s financial statements when filed with the SEC. Accordingly, the consolidated financial information in this announcement is subject to change.
Non-
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in
MVB Financial Corp. |
|||||||||||||||||||
Financial Highlights
|
|||||||||||||||||||
|
|
Quarterly |
|
Year-to-Date |
|||||||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
|
|
Fourth Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
|
|||||||||||
Interest income |
|
$ |
43,058 |
|
$ |
46,627 |
|
|
$ |
49,699 |
|
|
$ |
185,842 |
|
|
$ |
189,818 |
|
Interest expense |
|
|
18,154 |
|
|
20,042 |
|
|
|
18,592 |
|
|
|
76,644 |
|
|
|
66,535 |
|
Net interest income |
|
|
24,904 |
|
|
26,585 |
|
|
|
31,107 |
|
|
|
109,198 |
|
|
|
123,283 |
|
Provision (release of allowance) for credit losses |
|
|
331 |
|
|
959 |
|
|
|
(2,103 |
) |
|
|
3,541 |
|
|
|
(1,921 |
) |
Net interest income after provision (release of allowance) for credit losses |
|
|
24,573 |
|
|
25,626 |
|
|
|
33,210 |
|
|
|
105,657 |
|
|
|
125,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total noninterest income |
|
|
21,280 |
|
|
6,657 |
|
|
|
4,438 |
|
|
|
42,913 |
|
|
|
19,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Salaries and employee benefits |
|
|
18,795 |
|
|
16,722 |
|
|
|
14,863 |
|
|
|
67,955 |
|
|
|
63,371 |
|
Other expense |
|
|
14,825 |
|
|
12,763 |
|
|
|
13,438 |
|
|
|
54,271 |
|
|
|
54,254 |
|
Total noninterest expenses |
|
|
33,620 |
|
|
29,485 |
|
|
|
28,301 |
|
|
|
122,226 |
|
|
|
117,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Income before income taxes |
|
|
12,233 |
|
|
2,798 |
|
|
|
9,347 |
|
|
|
26,344 |
|
|
|
27,294 |
|
Income taxes |
|
|
2,795 |
|
|
642 |
|
|
|
1,431 |
|
|
|
6,099 |
|
|
|
5,070 |
|
Net income from continuing operations before noncontrolling interest |
|
|
9,438 |
|
|
2,156 |
|
|
|
7,916 |
|
|
|
20,245 |
|
|
|
22,224 |
|
Income from discontinued operations before income taxes |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,831 |
|
Income taxes - discontinued operations |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,049 |
|
Net income from discontinued operations |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,782 |
|
Net income, before noncontrolling interest |
|
|
9,438 |
|
|
2,156 |
|
|
|
7,916 |
|
|
|
20,245 |
|
|
|
31,006 |
|
Net (income) loss attributable to noncontrolling interest |
|
|
2 |
|
|
(76 |
) |
|
|
(5 |
) |
|
|
(154 |
) |
|
|
226 |
|
Net income available to common shareholders |
|
$ |
9,440 |
|
$ |
2,080 |
|
|
$ |
7,911 |
|
|
$ |
20,091 |
|
|
$ |
31,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings per share from continuing operations - basic |
|
$ |
0.73 |
|
$ |
0.16 |
|
|
$ |
0.62 |
|
|
$ |
1.56 |
|
|
$ |
1.77 |
|
Earnings per share from discontinued operations - basic |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.69 |
|
Earnings per share - basic |
|
$ |
0.73 |
|
$ |
0.16 |
|
|
$ |
0.62 |
|
|
$ |
1.56 |
|
|
$ |
2.46 |
|
Earnings per share from continuing operations - diluted |
|
$ |
0.72 |
|
$ |
0.16 |
|
|
$ |
0.61 |
|
|
$ |
1.53 |
|
|
$ |
1.72 |
|
Earnings per share from discontinued operations - diluted |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.68 |
|
Earnings per share - diluted |
|
$ |
0.72 |
|
$ |
0.16 |
|
|
$ |
0.61 |
|
|
$ |
1.53 |
|
|
$ |
2.40 |
|
Noninterest Income
|
|||||||||||||||||||
|
|
Quarterly |
|
Year-to-Date |
|||||||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
|
|
Fourth Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
|
|||||||||||
Card acquiring income |
|
$ |
489 |
|
$ |
336 |
|
|
$ |
1,348 |
|
|
$ |
1,413 |
|
|
$ |
3,603 |
|
Service charges on deposits |
|
|
859 |
|
|
1,088 |
|
|
|
174 |
|
|
|
4,573 |
|
|
|
2,850 |
|
Interchange income |
|
|
2,470 |
|
|
2,428 |
|
|
|
2,289 |
|
|
|
10,314 |
|
|
|
7,323 |
|
Total payment card and service charge income |
|
|
3,818 |
|
|
3,852 |
|
|
|
3,811 |
|
|
|
16,300 |
|
|
|
13,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Equity method investments income (loss) |
|
|
1,319 |
|
|
746 |
|
|
|
(2,429 |
) |
|
|
1,421 |
|
|
|
(2,499 |
) |
Compliance and consulting income |
|
|
1,110 |
|
|
1,291 |
|
|
|
986 |
|
|
|
4,675 |
|
|
|
4,312 |
|
Gain (loss) on sale of loans |
|
|
1,012 |
|
|
26 |
|
|
|
271 |
|
|
|
1,038 |
|
|
|
(744 |
) |
Investment portfolio gains (losses) |
|
|
721 |
|
|
498 |
|
|
|
75 |
|
|
|
1,945 |
|
|
|
(1,659 |
) |
Loss on acquisition and divestiture activity |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(986 |
) |
Gain (loss) on sale of assets |
|
|
11,771 |
|
|
(2 |
) |
|
|
— |
|
|
|
11,703 |
|
|
|
— |
|
Other noninterest income |
|
|
1,529 |
|
|
246 |
|
|
|
1,724 |
|
|
|
5,831 |
|
|
7,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total noninterest income |
|
$ |
21,280 |
|
$ |
6,657 |
|
|
$ |
4,438 |
|
|
$ |
42,913 |
|
|
$ |
19,715 |
|
Condensed Consolidated Balance Sheets
|
||||||||||||
|
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
||||||
Cash and cash equivalents |
|
$ |
317,913 |
|
|
$ |
610,911 |
|
|
$ |
398,229 |
|
Securities available-for-sale, at fair value |
|
|
411,640 |
|
|
|
374,828 |
|
|
|
345,275 |
|
Equity securities |
|
|
42,583 |
|
|
|
41,760 |
|
|
|
41,086 |
|
Loans held-for-sale |
|
|
— |
|
|
|
— |
|
|
|
629 |
|
Loans receivable |
|
|
2,100,131 |
|
|
|
2,171,272 |
|
|
|
2,317,594 |
|
Less: Allowance for credit losses |
|
|
(19,663 |
) |
|
|
(21,499 |
) |
|
|
(22,124 |
) |
Loans receivable, net |
|
|
2,080,468 |
|
|
|
2,149,773 |
|
|
|
2,295,470 |
|
Premises and equipment, net |
|
|
12,475 |
|
|
|
18,838 |
|
|
|
20,928 |
|
Assets held-for-sale |
|
|
2,278 |
|
|
|
— |
|
|
|
— |
|
Other assets |
|
|
261,347 |
|
|
|
222,646 |
|
|
|
212,265 |
|
Total assets |
|
$ |
3,128,704 |
|
|
$ |
3,418,756 |
|
|
$ |
3,313,882 |
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing deposits |
|
$ |
940,994 |
|
|
$ |
989,144 |
|
|
$ |
1,197,272 |
|
Interest-bearing deposits |
|
|
1,752,621 |
|
|
|
2,012,504 |
|
|
|
1,704,204 |
|
Senior term loan |
|
|
— |
|
|
|
— |
|
|
|
6,786 |
|
Subordinated debt |
|
|
73,787 |
|
|
|
73,725 |
|
|
|
73,540 |
|
Liabilities held-for-sale |
|
|
720 |
|
|
|
— |
|
|
|
— |
|
Other liabilities |
|
|
54,791 |
|
|
|
40,183 |
|
|
|
42,738 |
|
Stockholders' equity |
|
|
305,791 |
|
|
|
303,200 |
|
|
|
289,342 |
|
Total liabilities and stockholders' equity |
|
$ |
3,128,704 |
|
|
$ |
3,418,756 |
|
|
$ |
3,313,882 |
|
Average Balances and Interest Rates
|
|||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|||||||||||||||||||||||||||
|
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
|||||||||||||||||||||||||||
|
|
Average Balance |
|
Interest Income/ Expense |
|
Yield/ Cost |
|
Average Balance |
|
Interest Income/ Expense |
|
Yield/ Cost |
|
Average Balance |
|
Interest Income/ Expense |
|
Yield/ Cost |
|||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing balances with banks |
|
$ |
358,699 |
|
|
$ |
4,191 |
|
|
4.65 |
% |
|
$ |
400,330 |
|
|
$ |
5,218 |
|
|
5.19 |
% |
|
$ |
442,521 |
|
|
$ |
5,944 |
|
|
5.33 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable |
|
|
290,468 |
|
|
|
2,199 |
|
|
3.01 |
|
|
|
258,151 |
|
|
|
1,846 |
|
|
2.84 |
|
|
|
222,303 |
|
|
|
1,444 |
|
|
2.58 |
|
Tax-exempt 1 |
|
|
105,190 |
|
|
|
851 |
|
|
3.22 |
|
|
|
104,769 |
|
|
|
867 |
|
|
3.29 |
|
|
|
98,464 |
|
|
|
876 |
|
|
3.53 |
|
Loans and loans held-for-sale: 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial 3 |
|
|
1,504,730 |
|
|
|
28,727 |
|
|
7.59 |
|
|
|
1,553,666 |
|
|
|
31,136 |
|
|
7.97 |
|
|
|
1,635,510 |
|
|
|
33,665 |
|
|
8.17 |
|
Tax-exempt 1 |
|
|
2,939 |
|
|
|
32 |
|
|
4.33 |
|
|
|
3,129 |
|
|
|
34 |
|
|
4.32 |
|
|
|
3,492 |
|
|
|
38 |
|
|
4.32 |
|
Real estate |
|
|
560,790 |
|
|
|
6,025 |
|
|
4.27 |
|
|
|
558,691 |
|
|
|
6,446 |
|
|
4.59 |
|
|
|
576,580 |
|
|
|
6,421 |
|
|
4.42 |
|
Consumer |
|
|
64,700 |
|
|
|
1,219 |
|
|
7.50 |
|
|
|
68,337 |
|
|
|
1,269 |
|
|
7.39 |
|
|
|
76,088 |
|
|
|
1,503 |
|
|
7.84 |
|
Total loans |
|
|
2,133,159 |
|
|
|
36,003 |
|
|
6.71 |
|
|
|
2,183,823 |
|
|
|
38,885 |
|
|
7.08 |
|
|
|
2,291,670 |
|
|
|
41,627 |
|
|
7.21 |
|
Total earning assets |
|
|
2,887,516 |
|
|
|
43,244 |
|
|
5.96 |
|
|
|
2,947,073 |
|
|
|
46,816 |
|
|
6.32 |
|
|
|
3,054,958 |
|
|
|
49,891 |
|
|
6.48 |
|
Less: Allowance for credit losses |
|
|
(21,542 |
) |
|
|
|
|
|
|
(22,043 |
) |
|
|
|
|
|
|
(24,079 |
) |
|
|
|
|
|||||||||
Cash and due from banks |
|
|
6,407 |
|
|
|
|
|
|
|
4,638 |
|
|
|
|
|
|
|
5,771 |
|
|
|
|
|
|||||||||
Other assets |
|
|
284,294 |
|
|
|
|
|
|
|
284,640 |
|
|
|
|
|
|
|
292,574 |
|
|
|
|
|
|||||||||
Total assets |
|
$ |
3,156,675 |
|
|
|
|
|
|
$ |
3,214,308 |
|
|
|
|
|
|
$ |
3,329,224 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
NOW |
|
$ |
529,505 |
|
|
$ |
4,092 |
|
|
3.07 |
% |
|
$ |
534,494 |
|
|
$ |
4,422 |
|
|
3.29 |
% |
|
$ |
637,144 |
|
|
$ |
5,386 |
|
|
3.35 |
% |
Money market checking |
|
|
344,546 |
|
|
|
2,296 |
|
|
2.65 |
|
|
|
434,174 |
|
|
|
3,378 |
|
|
3.10 |
|
|
|
650,925 |
|
|
|
3,691 |
|
|
2.25 |
|
Savings |
|
|
68,875 |
|
|
|
288 |
|
|
1.66 |
|
|
|
116,861 |
|
|
|
883 |
|
|
3.01 |
|
|
|
70,146 |
|
|
|
442 |
|
|
2.50 |
|
IRAs |
|
|
8,085 |
|
|
|
92 |
|
|
4.53 |
|
|
|
8,164 |
|
|
|
91 |
|
|
4.43 |
|
|
|
7,296 |
|
|
|
66 |
|
|
3.59 |
|
CDs |
|
|
834,668 |
|
|
|
10,561 |
|
|
5.03 |
|
|
|
800,986 |
|
|
|
10,440 |
|
|
5.19 |
|
|
|
590,517 |
|
|
|
8,014 |
|
|
5.38 |
|
Repurchase agreements and federal funds sold |
|
|
3,904 |
|
|
|
21 |
|
|
2.14 |
|
|
|
3,589 |
|
|
|
19 |
|
|
2.11 |
|
|
|
4,736 |
|
|
|
— |
|
|
— |
|
FHLB and other borrowings |
|
|
11 |
|
|
|
— |
|
|
— |
|
|
|
44 |
|
|
|
— |
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
— |
|
Senior term loan3 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
8,183 |
|
|
|
183 |
|
|
8.87 |
|
Subordinated debt |
|
|
73,765 |
|
|
|
804 |
|
|
4.34 |
|
|
|
73,702 |
|
|
|
809 |
|
|
4.37 |
|
|
|
73,510 |
|
|
|
810 |
|
|
4.37 |
|
Total interest-bearing liabilities |
|
|
1,863,359 |
|
|
|
18,154 |
|
|
3.88 |
|
|
|
1,972,014 |
|
|
|
20,042 |
|
|
4.04 |
|
|
|
2,042,468 |
|
|
|
18,592 |
|
|
3.61 |
|
Noninterest-bearing demand deposits |
|
|
961,142 |
|
|
|
|
|
|
|
910,787 |
|
|
|
|
|
|
|
975,122 |
|
|
|
|
|
|||||||||
Other liabilities |
|
|
35,055 |
|
|
|
|
|
|
|
37,591 |
|
|
|
|
|
|
|
39,410 |
|
|
|
|
|
|||||||||
Total liabilities |
|
|
2,859,556 |
|
|
|
|
|
|
|
2,920,392 |
|
|
|
|
|
|
|
3,057,000 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Common stock |
|
|
13,785 |
|
|
|
|
|
|
|
13,776 |
|
|
|
|
|
|
|
13,588 |
|
|
|
|
|
|||||||||
Paid-in capital |
|
|
163,986 |
|
|
|
|
|
|
|
163,189 |
|
|
|
|
|
|
|
160,106 |
|
|
|
|
|
|||||||||
Treasury stock |
|
|
(16,741 |
) |
|
|
|
|
|
|
(16,741 |
) |
|
|
|
|
|
|
(16,741 |
) |
|
|
|
|
|||||||||
Retained earnings |
|
|
161,382 |
|
|
|
|
|
|
|
160,694 |
|
|
|
|
|
|
|
156,004 |
|
|
|
|
|
|||||||||
Accumulated other comprehensive loss |
|
|
(25,416 |
) |
|
|
|
|
|
|
(27,069 |
) |
|
|
|
|
|
|
(40,688 |
) |
|
|
|
|
|||||||||
Total stockholders’ equity attributable to parent |
|
|
296,996 |
|
|
|
|
|
|
|
293,849 |
|
|
|
|
|
|
|
272,269 |
|
|
|
|
|
|||||||||
Noncontrolling interest |
|
|
123 |
|
|
|
|
|
|
|
67 |
|
|
|
|
|
|
|
(45 |
) |
|
|
|
|
|||||||||
Total stockholders’ equity |
|
|
297,119 |
|
|
|
|
|
|
|
293,916 |
|
|
|
|
|
|
|
272,224 |
|
|
|
|
|
|||||||||
Total liabilities and stockholders’ equity |
|
$ |
3,156,675 |
|
|
|
|
|
|
$ |
3,214,308 |
|
|
|
|
|
|
$ |
3,329,224 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest spread (tax-equivalent) |
|
|
|
|
|
2.08 |
% |
|
|
|
|
|
2.28 |
% |
|
|
|
|
|
2.87 |
% |
||||||||||||
Net interest income and margin (tax-equivalent) 1 |
|
$ |
25,090 |
|
|
3.46 |
% |
|
|
|
$ |
26,774 |
|
|
3.61 |
% |
|
|
|
$ |
31,299 |
|
|
4.06 |
% |
||||||||
Less: Tax-equivalent adjustments |
|
|
|
$ |
(186 |
) |
|
|
|
|
|
$ |
(189 |
) |
|
|
|
|
|
$ |
(193 |
) |
|
|
|||||||||
Net interest spread |
|
|
|
|
|
2.05 |
% |
|
|
|
|
|
2.25 |
% |
|
|
|
|
|
2.84 |
% |
||||||||||||
Net interest income and margin |
|
|
|
$ |
24,904 |
|
|
3.43 |
% |
|
|
|
$ |
26,585 |
|
|
3.59 |
% |
|
|
|
$ |
31,107 |
|
|
4.04 |
% |
||||||
1 In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate. 3 The senior term loan was paid off in May 2024, and the unamortized debt issuance costs were recorded as interest expense upon the repayment. |
|
|
Twelve Months Ended |
|
Twelve Months Ended |
||||||||||||||||||
|
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||||||||||
|
|
Average Balance |
|
Interest Income/ Expense |
|
Yield/ Cost |
|
Average Balance |
|
Interest Income/ Expense |
|
Yield/ Cost |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing balances with banks |
|
$ |
422,165 |
|
|
$ |
21,814 |
|
|
5.17 |
% |
|
$ |
414,466 |
|
|
$ |
21,043 |
|
|
5.08 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable |
|
|
261,986 |
|
|
|
7,693 |
|
|
2.94 |
|
|
|
221,395 |
|
|
|
5,576 |
|
|
2.52 |
|
Tax-exempt 1 |
|
|
104,765 |
|
|
|
3,287 |
|
|
3.14 |
|
|
|
116,680 |
|
|
|
4,347 |
|
|
3.73 |
|
Loans and loans held-for-sale: 2 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial |
|
|
1,570,284 |
|
|
|
122,839 |
|
|
7.82 |
|
|
|
1,621,299 |
|
|
|
124,078 |
|
|
7.65 |
|
Tax-exempt 1 |
|
|
3,175 |
|
|
|
139 |
|
|
4.38 |
|
|
|
3,732 |
|
|
|
163 |
|
|
4.37 |
|
Real estate |
|
|
564,633 |
|
|
|
25,474 |
|
|
4.51 |
|
|
|
591,157 |
|
|
|
24,764 |
|
|
4.19 |
|
Consumer |
|
|
70,943 |
|
|
|
5,314 |
|
|
7.49 |
|
|
|
108,988 |
|
|
|
10,793 |
|
|
9.90 |
|
Total loans |
|
|
2,209,035 |
|
|
|
153,766 |
|
|
6.96 |
|
|
|
2,325,176 |
|
|
|
159,798 |
|
|
6.87 |
|
Total earning assets |
|
|
2,997,951 |
|
|
|
186,560 |
|
|
6.22 |
|
|
|
3,077,717 |
|
|
|
190,764 |
|
|
6.20 |
|
Less: Allowance for loan losses |
|
|
(22,108 |
) |
|
|
|
|
|
|
(29,746 |
) |
|
|
|
|
||||||
Cash and due from banks |
|
|
5,246 |
|
|
|
|
|
|
|
6,659 |
|
|
|
|
|
||||||
Other assets |
|
|
302,304 |
|
|
|
|
|
|
|
302,036 |
|
|
|
|
|
||||||
Total assets |
|
$ |
3,283,393 |
|
|
|
|
|
|
$ |
3,356,666 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW |
|
$ |
521,337 |
|
|
$ |
17,587 |
|
|
3.37 |
% |
|
$ |
697,266 |
|
|
$ |
19,851 |
|
|
2.85 |
% |
Money market checking |
|
|
396,881 |
|
|
|
12,770 |
|
|
3.22 |
|
|
|
504,730 |
|
|
|
10,352 |
|
|
2.05 |
|
Savings |
|
|
115,270 |
|
|
|
3,756 |
|
|
3.26 |
|
|
|
76,908 |
|
|
|
1,871 |
|
|
2.43 |
|
IRAs |
|
|
7,990 |
|
|
|
338 |
|
|
4.23 |
|
|
|
6,662 |
|
|
|
194 |
|
|
2.91 |
|
CDs |
|
|
760,714 |
|
|
|
38,654 |
|
|
5.08 |
|
|
|
576,726 |
|
|
|
29,392 |
|
|
5.10 |
|
Repurchase agreements and federal funds sold |
|
|
3,477 |
|
|
|
44 |
|
|
1.27 |
|
|
|
5,662 |
|
|
|
1 |
|
|
0.02 |
|
FHLB and other borrowings |
|
|
25 |
|
|
|
2 |
|
|
6.46 |
|
|
|
17,542 |
|
|
|
889 |
|
|
5.07 |
|
Senior term loan3 |
|
|
2,355 |
|
|
|
264 |
|
|
11.21 |
|
|
|
9,007 |
|
|
|
766 |
|
|
8.50 |
|
Subordinated debt |
|
|
73,667 |
|
|
|
3,229 |
|
|
4.38 |
|
|
|
73,415 |
|
|
|
3,219 |
|
|
4.38 |
|
Total interest-bearing liabilities |
|
|
1,881,716 |
|
|
|
76,644 |
|
|
4.07 |
|
|
|
1,967,918 |
|
|
|
66,535 |
|
|
3.38 |
|
Noninterest-bearing demand deposits |
|
|
1,071,900 |
|
|
|
|
|
|
|
1,074,292 |
|
|
|
|
|
||||||
Other liabilities |
|
|
37,683 |
|
|
|
|
|
|
|
40,435 |
|
|
|
|
|
||||||
Total liabilities |
|
|
2,991,299 |
|
|
|
|
|
|
|
3,082,645 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stock |
|
|
13,738 |
|
|
|
|
|
|
|
13,541 |
|
|
|
|
|
||||||
Paid-in capital |
|
|
162,811 |
|
|
|
|
|
|
|
159,523 |
|
|
|
|
|
||||||
Treasury stock |
|
|
(16,741 |
) |
|
|
|
|
|
|
(16,741 |
) |
|
|
|
|
||||||
Retained earnings |
|
|
161,181 |
|
|
|
|
|
|
|
154,041 |
|
|
|
|
|
||||||
Accumulated other comprehensive loss |
|
|
(28,821 |
) |
|
|
|
|
|
|
(36,419 |
) |
|
|
|
|
||||||
Total stockholders’ equity attributable to parent |
|
|
292,168 |
|
|
|
|
|
|
|
273,945 |
|
|
|
|
|
||||||
Noncontrolling interest |
|
|
(74 |
) |
|
|
|
|
|
|
76 |
|
|
|
|
|
||||||
Total stockholders’ equity |
|
|
292,094 |
|
|
|
|
|
|
|
274,021 |
|
|
|
|
|
||||||
Total liabilities and stockholders’ equity |
|
$ |
3,283,393 |
|
|
|
|
|
|
$ |
3,356,666 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest spread (tax-equivalent) |
|
|
|
|
|
2.15 |
% |
|
|
|
|
|
2.82 |
% |
||||||||
Net interest income and margin (tax-equivalent) 1 |
|
$ |
109,916 |
|
|
3.67 |
% |
|
|
|
$ |
124,229 |
|
|
4.04 |
% |
||||||
Less: Tax-equivalent adjustments |
|
|
|
$ |
(718 |
) |
|
|
|
|
|
$ |
(946 |
) |
|
|
||||||
Net interest spread |
|
|
|
|
|
2.13 |
% |
|
|
|
|
|
2.79 |
% |
||||||||
Net interest income and margin |
|
|
|
$ |
109,198 |
|
|
3.64 |
% |
|
|
|
$ |
123,283 |
|
|
4.01 |
% |
||||
1 In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate. 3 The senior term loan was paid off in May 2024, and the unamortized debt issuance costs were recorded as interest expense upon the repayment. |
||||||||||||||||||||||
Selected Financial Data
|
||||||||||||||||||||
|
|
Quarterly |
|
Year-to-Date |
||||||||||||||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
|
|
Fourth Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
|
||||||||||||
Earnings and Per Share Data: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
|
$ |
9,440 |
|
|
$ |
2,080 |
|
|
$ |
7,911 |
|
|
|
20,091 |
|
|
|
31,232 |
|
Earnings per share from continuing operations - basic |
|
$ |
0.73 |
|
|
$ |
0.16 |
|
|
$ |
0.62 |
|
|
$ |
1.56 |
|
|
$ |
1.77 |
|
Earnings per share from discontinued operations - basic |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.69 |
|
Earnings per share - basic |
|
$ |
0.73 |
|
|
$ |
0.16 |
|
|
$ |
0.62 |
|
|
$ |
1.56 |
|
|
$ |
2.46 |
|
Earnings per share from continuing operations - diluted |
|
$ |
0.72 |
|
|
$ |
0.16 |
|
|
$ |
0.61 |
|
|
$ |
1.53 |
|
|
$ |
1.72 |
|
Earnings per share from discontinued operations - diluted |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.68 |
|
Earnings per share - diluted |
|
$ |
0.72 |
|
|
$ |
0.16 |
|
|
$ |
0.61 |
|
|
$ |
1.53 |
|
|
$ |
2.40 |
|
Cash dividends paid per common share |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.68 |
|
|
$ |
0.68 |
|
Book value per common share |
|
$ |
23.61 |
|
|
$ |
23.44 |
|
|
$ |
22.68 |
|
|
$ |
23.61 |
|
|
$ |
22.68 |
|
Tangible book value per common share 1 |
|
$ |
23.37 |
|
|
$ |
23.20 |
|
|
$ |
22.43 |
|
|
$ |
23.37 |
|
|
$ |
22.43 |
|
Weighted-average shares outstanding - basic |
|
|
12,937,364 |
|
|
|
12,927,962 |
|
|
|
12,740,193 |
|
|
|
12,890,161 |
|
|
|
12,694,206 |
|
Weighted-average shares outstanding - diluted |
|
|
13,195,215 |
|
|
|
13,169,011 |
|
|
|
13,024,562 |
|
|
|
13,136,758 |
|
|
|
12,997,332 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets 2 |
|
|
1.2 |
% |
|
|
0.3 |
% |
|
|
1.0 |
% |
|
|
0.6 |
% |
|
|
0.9 |
% |
Return on average equity 2 |
|
|
12.7 |
% |
|
|
2.8 |
% |
|
|
11.6 |
% |
|
|
6.9 |
% |
|
|
11.4 |
% |
Net interest margin 3 4 |
|
|
3.46 |
% |
|
|
3.61 |
% |
|
|
4.06 |
% |
|
|
3.67 |
% |
|
|
4.04 |
% |
Efficiency ratio 5 6 |
|
|
72.8 |
% |
|
|
88.7 |
% |
|
|
79.6 |
% |
|
|
80.4 |
% |
|
|
82.3 |
% |
Overhead ratio 2 7 |
|
|
4.3 |
% |
|
|
3.7 |
% |
|
|
3.4 |
% |
|
|
3.7 |
% |
|
|
3.5 |
% |
Equity to assets |
|
|
9.8 |
% |
|
|
8.9 |
% |
|
|
8.7 |
% |
|
|
9.8 |
% |
|
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality Data and Ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Charge-offs |
|
$ |
2,677 |
|
|
$ |
1,392 |
|
|
$ |
1,868 |
|
|
$ |
7,757 |
|
|
$ |
18,479 |
|
Recoveries |
|
$ |
1,153 |
|
|
$ |
681 |
|
|
$ |
1,343 |
|
|
$ |
3,357 |
|
|
$ |
9,185 |
|
Net loan charge-offs to total loans 2 8 |
|
|
0.3 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
0.2 |
% |
|
|
0.4 |
% |
Allowance for credit losses |
|
$ |
19,663 |
|
|
$ |
21,499 |
|
|
$ |
22,124 |
|
|
$ |
19,663 |
|
|
$ |
22,124 |
|
Allowance for credit losses to total loans 9 |
|
|
0.94 |
% |
|
|
0.99 |
% |
|
|
0.95 |
% |
|
|
0.94 |
% |
|
|
0.95 |
% |
Nonperforming loans |
|
$ |
24,607 |
|
|
$ |
28,556 |
|
|
$ |
8,267 |
|
|
$ |
24,607 |
|
|
$ |
8,267 |
|
Nonperforming loans to total loans |
|
|
1.2 |
% |
|
|
1.3 |
% |
|
|
0.4 |
% |
|
|
1.2 |
% |
|
|
0.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage Company Equity Method Investees Production Data10: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage pipeline |
|
$ |
1,025,742 |
|
|
$ |
1,048,865 |
|
|
$ |
706,873 |
|
|
$ |
1,025,742 |
|
|
$ |
706,873 |
|
Loans originated |
|
$ |
1,325,698 |
|
|
$ |
1,469,223 |
|
|
$ |
1,020,128 |
|
|
$ |
5,228,415 |
|
|
$ |
4,319,382 |
|
Loans closed |
|
$ |
947,004 |
|
|
$ |
937,333 |
|
|
$ |
724,453 |
|
|
$ |
3,366,493 |
|
|
$ |
3,007,221 |
|
Loans sold |
|
$ |
777,821 |
|
|
$ |
655,668 |
|
|
$ |
639,788 |
|
|
$ |
2,988,639 |
|
|
$ |
2,466,807 |
|
1 Common equity less total goodwill and intangibles per common share, a non- 2 Annualized for the quarterly periods presented. 3 Net interest income as a percentage of average interest-earning assets. 4 Presented on a fully tax-equivalent basis, a non-GAAP financial measure.
5 Noninterest expense as a percentage of net interest income and noninterest income, a non- 6 Includes net income from discontinued operations.
7 Noninterest expense as a percentage of average assets, a non- 8 Charge-offs, less recoveries. 9 Excludes loans held for sale. 10 Information is related to Intercoastal Mortgage Company, LLC and Warp Speed Holdings LLC, entities in which MVB has an ownership interest that are accounted for as equity method investments. |
||||||||||||||||||||
Non-GAAP Reconciliation: Net Interest Margin on a Full Tax-Equivalent Basis
|
||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||
(Dollars in thousands) |
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||
Net interest margin - |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
$ |
24,904 |
|
|
$ |
26,585 |
|
|
$ |
31,107 |
|
|
$ |
109,198 |
|
|
$ |
123,283 |
|
Average interest-earning assets |
|
|
2,887,516 |
|
|
|
2,947,073 |
|
|
|
3,054,958 |
|
|
|
2,997,951 |
|
|
|
3,077,717 |
|
Net interest margin |
|
|
3.43 |
% |
|
|
3.59 |
% |
|
|
4.04 |
% |
|
|
3.64 |
% |
|
|
4.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin - non- |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
$ |
24,904 |
|
|
$ |
26,585 |
|
|
$ |
31,107 |
|
|
$ |
109,198 |
|
|
$ |
123,283 |
|
Impact of fully tax-equivalent adjustment |
|
|
186 |
|
|
|
189 |
|
|
|
193 |
|
|
|
718 |
|
|
|
946 |
|
Net interest income on a fully tax-equivalent basis |
|
$ |
25,090 |
|
|
$ |
26,774 |
|
|
$ |
31,299 |
|
|
$ |
109,916 |
|
|
$ |
124,229 |
|
Average interest-earning assets |
|
|
2,887,516 |
|
|
|
2,947,073 |
|
|
|
3,054,958 |
|
|
|
2,997,951 |
|
|
|
3,077,717 |
|
Net interest margin on a fully tax-equivalent basis |
|
|
3.46 |
% |
|
|
3.61 |
% |
|
|
4.06 |
% |
|
|
3.67 |
% |
|
|
4.04 |
% |
Non- |
||||||||||||
|
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
||||||
Tangible Book Value per Common Share |
|
|
|
|
|
|
||||||
Goodwill |
|
$ |
2,838 |
|
|
$ |
2,838 |
|
|
$ |
2,838 |
|
Intangibles |
|
|
262 |
|
|
|
285 |
|
|
|
352 |
|
Total intangibles |
|
$ |
3,100 |
|
|
$ |
3,123 |
|
|
$ |
3,190 |
|
|
|
|
|
|
|
|
||||||
Total equity attributable to parent |
|
$ |
305,679 |
|
|
$ |
303,086 |
|
|
$ |
289,384 |
|
Less: Total intangibles |
|
|
(3,100 |
) |
|
|
(3,123 |
) |
|
|
(3,190 |
) |
Tangible common equity |
|
$ |
302,579 |
|
|
$ |
299,963 |
|
|
$ |
286,194 |
|
|
|
|
|
|
|
|
||||||
Tangible common equity |
|
$ |
302,579 |
|
|
$ |
299,963 |
|
|
$ |
286,194 |
|
Common shares outstanding (000s) |
|
|
12,945 |
|
|
|
12,928 |
|
|
|
12,758 |
|
Tangible book value per common share |
|
$ |
23.37 |
|
|
$ |
23.20 |
|
|
$ |
22.43 |
|
|
|
|
|
|
|
|
||||||
Tangible Common Equity Ratio |
|
|
|
|
|
|
||||||
Total assets |
|
$ |
3,128,704 |
|
|
$ |
3,418,756 |
|
|
$ |
3,313,882 |
|
Less: Total intangibles |
|
|
(3,100 |
) |
|
|
(3,123 |
) |
|
|
(3,190 |
) |
Tangible assets |
|
$ |
3,125,604 |
|
|
$ |
3,415,633 |
|
|
$ |
3,310,692 |
|
|
|
|
|
|
|
|
||||||
Tangible assets |
|
$ |
3,125,604 |
|
|
$ |
3,415,633 |
|
|
$ |
3,310,692 |
|
Tangible common equity |
|
$ |
302,579 |
|
|
$ |
299,963 |
|
|
$ |
286,194 |
|
Tangible common equity ratio |
|
|
9.7 |
% |
|
|
8.8 |
% |
|
|
8.6 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250213015377/en/
Questions or comments concerning this earnings release should be directed to:
MVB Financial Corp.
Donald T.
(304) 598-3500
drobinson@mvbbanking.com
Amy Baker, VP, Corporate Communications and Marketing
(844) 682-2265
abaker@mvbbanking.com
Source: MVB Financial Corp.