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MVB Financial Corp. Declares First Quarter 2023 Dividend
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
MVB Financial Corp. (NASDAQ: MVBF) has announced a quarterly cash dividend of $0.17 per share, consistent with the previous quarter. Shareholders of record as of March 1, 2023, will receive payment on March 15, 2023. The dividend marks the company's first for 2023. CEO Larry F. Mazza highlighted significant advancements under their MVB-F1: Success Loves Speed Strategic Plan, alongside challenges from wet track conditions. Key improvements include enhanced net interest margins and decreased expenses, contributing to positive operating leverage and a strong capital base.
Positive
Declared a quarterly cash dividend of $0.17 per share.
Improved core earnings driven by net interest margin expansion.
Decreased expenses leading to positive operating leverage.
Growth in tangible book value per share.
Negative
Ongoing challenges with wet track conditions.
FAIRMONT, W.Va.--(BUSINESS WIRE)--
MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”) has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of March 1, 2023, payable on March 15, 2023. This is the first quarterly dividend for 2023.
“Fourth quarter results reflected notable progress on our MVB-F1: Success Loves Speed Strategic Plan and ongoing challenges with wet track conditions,” said Larry F. Mazza, Chief Executive Officer, MVB Financial.
“Our core earnings power improved, driven by net interest margin expansion and net interest income growth, while our actions to right-size the cost base drove expenses lower, resulting in positive operating leverage. Underlying it all, our solid foundation remained intact, as evidenced by capital strength, sound asset quality and growth in tangible book value per share. We continue to execute on our strategy to drive shareholder value.”
About MVB Financial Corp.
MVB Financial Corp., the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc., and the Bank's subsidiaries, the Company provides banking services to Fintech clients throughout the United States. For more information about MVB, please visit http://ir.mvbbanking.com.
Forward-Looking Statements
MVB Financial Corp. 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 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; inability to achieve anticipated synergies and successfully integrate recent mergers and acquisitions; inability to successfully execute business plans, including strategies related to investments in financial technology companies; competition; length and severity of the COVID-19 pandemic and its impact on the Company’s business and financial condition; changes in economic, business, and political conditions; changes in demand for loan products and deposit flow; 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, 2021, as well as its other filings with the 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.
