MVB Financial Corp. - MVBF STOCK NEWS

MVB Financial Corp. (NASDAQ: MVBF) reported a first-quarter 2022 net income of $2.9 million, or $0.24 per share, down from $9.96 million and $0.83 per share in the previous quarter. Noninterest-bearing deposits surged to $1.31 billion, representing 52% of total deposits, driven by fintech and gaming initiatives. Total loans increased to $1.88 billion, primarily from strategic partnerships. The company raised its quarterly cash dividend by 13.3% to $0.17 per share, marking the fifth consecutive increase. However, noninterest income declined 18.4% due to reduced mortgage banking revenue.

MVB Financial Corp. (Nasdaq: MVBF) announced a definitive agreement to acquire a 38% interest in Warp Speed Holdings LLC for $48 million, composed of $38.4 million in cash and $9.6 million in MVB common stock. Warp includes companies like OneTrust, specializing in mortgage services and data analytics, having originated over $4 billion in loans during 2020-2021. MVB anticipates the acquisition will enhance fee income and drive strong loan growth, with expected double-digit earnings accretion. The transaction, expected to close in mid-2022, is pending regulatory approvals.

MVB Financial Corp. (MVBF) reported a net income of $10 million for Q4 2021, translating to $0.83 basic and $0.77 diluted earnings per share. Key metrics include a 6% increase in total loans to $1.87 billion and a 29% year-over-year growth. Noninterest-bearing deposits rose to $1.12 billion, comprising 47% of total deposits. The dividend increased by 7% to $0.15 per share. MVB's Fintech investments yielded $2.8 million, contributing to a tangible book value of $22.17 per share. Despite a 34% drop in noninterest income from the prior quarter, the bank maintains a strong liquidity position.

MVB Financial Corp. (MVBF) has declared a quarterly cash dividend of $0.17 per share, marking a 13.3% increase from the previous quarter's dividend of $0.15. This dividend will be paid to shareholders of record as of March 1, 2022, with a payment date of March 15, 2022. The CEO, Larry F. Mazza, expressed satisfaction with the Company’s performance and the ongoing value creation for shareholders. This announcement reflects the Company's strong positioning and focus on a tech-forward business model.

The Board of Directors of MVB Financial Corp. (MVBF) has announced changes to its Executive Team to better align with its strategic goals. Donald T. Robinson will become President while continuing as interim CFO. CEO Larry F. Mazza emphasized the need for an adaptable structure to support MVB's initiatives. Additional transitions include John Marion as COO, Jamie R. Nalls as President of CoRe Banking, and Brad Greathouse as Chief Administration Officer. These changes aim to enhance shareholder value through focused corporate development and strategic execution.

The Board of Directors of MVB Financial Corp. has appointed Daniel W. Holt as a Member of the Board, effective January 17, 2022. Holt, who previously served on the Board from 2017 to 2021, is recognized for his expertise in the Fintech sector. He is the Co-Founder and CEO of BillGO, a leading bill management platform. Holt's experience includes leadership roles in Silicon Valley and serving in the U.S. Air Force. His appointment is subject to shareholder approval at the annual meeting on May 17, 2022.

MVB Financial Corp. (NASDAQ: MVBF) has been awarded the prestigious Great Place to Work Certification™, with 94% of its employees affirming it as a great workplace, significantly higher than the national average of 59%. This recognition underscores MVB's commitment to fostering a supportive and innovative work culture. Employees at certified workplaces are 4.5 times more likely to find great bosses and are 93% more likely to enjoy coming to work. MVB aims to embody a high-trust environment, with a focus on success for its clients and communities.

MVB Financial Corp. (NASDAQ: MVBF) has been awarded the title of Bank of the Year – United States for 2021 by The Banker magazine, a prestigious global finance publication. This recognition was announced during a virtual ceremony on December 1, where MVB Bank was the only institution to receive this honor. The awards celebrate banks that demonstrate exceptional performance, strategic initiatives, and effective responses to challenges such as the COVID-19 pandemic. MVB’s CEO, Larry F. Mazza, expressed gratitude to teammates, directors, clients, and shareholders for their support.