MVB Financial Corp. Declares Fourth Quarter 2024 Dividend

Rhea-AI Summary

MVB Financial Corp. (NASDAQ: MVBF) has announced a quarterly cash dividend of $0.17 per share for the fourth quarter of 2024. The dividend will be paid on December 15, 2024, to shareholders of record as of December 1, 2024. This payment maintains the same dividend level as the previous quarter. The company reports stable asset quality, an enhanced capital base, and growth in tangible book value per share, positioning itself for future growth and improved profitability.

Positive

• Maintained quarterly dividend of $0.17 per share
• Stable asset quality reported
• Enhanced capital base
• Growth in tangible book value per share

Negative

• None.

Insights

Financial Analyst

The maintained quarterly dividend of $0.17 per share represents an annual yield of approximately 4.2% at current share prices, which is competitive within the regional banking sector. The company's commitment to maintaining its dividend level signals confidence in their cash flow and capital position, particularly noteworthy given the challenging environment for regional banks. The CEO's comments about stable asset quality and enhanced capital base suggest prudent balance sheet management, though investors should note that maintaining rather than increasing the dividend indicates a conservative capital allocation strategy. The growth in tangible book value is a positive indicator for long-term shareholder value, even as the bank navigates the current interest rate environment.

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, 2024, payable on December 15, 2024. This is the fourth quarterly dividend for 2024.

“We are pleased to continue to add value for our shareholders and encouraged by the adaptability of Team MVB and the resilience of our business model,” said Larry F. Mazza, Chief Executive Officer, MVB Financial.

“MVB’s foundational strength remains intact, evidenced by stable asset quality, an enhanced capital base and growth in tangible book value per share. We are increasingly well-positioned for future growth and improved profitability.”

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/20241121464014/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 MVB Financial's dividend amount for Q4 2024?

MVB Financial (MVBF) declared a quarterly cash dividend of $0.17 per share for Q4 2024.

When is MVB Financial's Q4 2024 dividend payable?

The Q4 2024 dividend is payable on December 15, 2024, to shareholders of record as of December 1, 2024.

Has MVBF changed its dividend amount from the previous quarter?

No, MVB Financial maintained its quarterly dividend amount of $0.17 per share, unchanged from the previous quarter.

What financial strengths did MVBF report in their dividend announcement?

MVBF reported stable asset quality, an enhanced capital base, and growth in tangible book value per share.