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MVB Financial Corp. (NASDAQ: MVBF) has declared a quarterly cash dividend of $0.15 per share for shareholders of record as of December 1, 2021, payable on December 15, 2021. This represents a 7% increase from the previous quarter's dividend of $0.14 per share. The company noted strong third-quarter performance driven by robust loan growth and advancements in their Fintech business, which supported the growth in tangible book value per share and reflected the value created for shareholders.
Positive
Dividend increased by 7% to $0.15 per share.
Strong loan growth contributing to financial performance.
Growth in tangible book value per share.
Negative
None.
FAIRMONT, W.Va.--(BUSINESS WIRE)--
MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB,” or the “Company”) has declared a quarterly cash dividend of $0.15 per share for shareholders of record as of December 1, 2021, payable on December 15, 2021. This is the fourth quarterly dividend for 2021 and includes a 7% increase in dividends as compared to the previous quarter dividend of $0.14 per share.
"MVB’s third quarter results and actions reflect our embrace of the transformative power of technology in our industry and strong fundamental performance led by robust loan growth,“ said Larry F. Mazza, President and CEO, MVB Financial.
“During the third quarter, we made considerable progress in our efforts to build a world-class deposit franchise. Low-cost funding from our Fintech business has allowed for a focused reallocation of our resources. Our industry-leading growth in tangible book value per share, built on our foundation of safety and soundness, and our multiple increases in dividends are indicative of the value that MVB is creating for shareholders.”
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, 2020, 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.
