MVB Financial Corp. Declares Fourth Quarter 2023 Dividend

Rhea-AI Summary

MVB Financial Corp. (MVBF) declares a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of December 1, 2023, payable on December 15, 2023. This is the fourth quarterly dividend for 2023. CEO Larry F. Mazza emphasizes the company's strong foundation, optimized earnings power, improved liquidity position, and steps taken to enhance risk management and compliance infrastructure.

Positive

• Maintaining the quarterly cash dividend at $0.17 per share demonstrates stability and commitment to shareholders.
• Optimizing earnings power and growing low-cost deposits while reducing higher-cost funding improves the deposit mix and strengthens the liquidity position.
• Enhancing risk management and compliance infrastructure anticipates changing industry requirements and positions the company for long-term growth and profitability.

Negative

• Elevated costs related to risk management and compliance infrastructure have weighed on short-term earnings.

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 December 1, 2023, payable on December 15, 2023. This is the fourth quarterly dividend for 2023.

“While market conditions remained volatile during the third quarter, Team MVB built upon our already strong foundation. We continued to optimize our earnings power and grew low-cost deposits and reduced higher-cost funding, further optimizing our deposit mix, improving our strong liquidity position, and with asset yields continuing to reprice higher, drove improvement in our net interest margin,” said Larry F. Mazza, CEO, MVB Financial.

“Since the industry disruption in March of this year, we took additional steps to enhance our risk management and compliance infrastructure in anticipation of changing industry requirements. These elevated costs have weighed on our earnings in the short-term, but they leave us well positioned to drive growth and improve profitability, while maintaining our foundational strength in the long run. We are pleased to create value for our 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 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 bank failures and volatility; inability to achieve anticipated synergies and successfully integrate recent mergers and acquisitions; inability to successfully execute business plans, including strategies related to investments in Fintech companies; competition; the pace of recovery following the continued effects 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, 2022, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231121345446/en/

MEDIA CONTACT

Amy Baker

VP, Corporate Communications and Marketing

MVB Bank

abaker@mvbbanking.com

(844) 682-2265

INVESTOR RELATIONS

Marcie Lipscomb

mlipscomb@mvbbanking.com

(844) 682-2265

Source: MVB Financial Corp.

FAQ

What is the quarterly cash dividend declared by MVB Financial Corp. (MVBF)?

MVB Financial Corp. (MVBF) has declared a quarterly cash dividend of $0.17 per share for shareholders of record as of December 1, 2023, payable on December 15, 2023.

How many quarterly dividends has MVB Financial Corp. (MVBF) declared in 2023?

This is the fourth quarterly dividend declared by MVB Financial Corp. (MVBF) in 2023.

What steps has MVB Financial Corp. (MVBF) taken to enhance its risk management and compliance infrastructure?

MVB Financial Corp. (MVBF) has taken additional steps to enhance its risk management and compliance infrastructure in anticipation of changing industry requirements, despite the elevated costs weighing on short-term earnings.

What is the CEO's outlook on the company's performance and future prospects?

CEO Larry F. Mazza emphasizes the company's strong foundation, optimized earnings power, improved liquidity position, and steps taken to enhance risk management and compliance infrastructure, positioning the company for long-term growth and profitability.