MVB Financial Corp. - MVBF STOCK NEWS

MVB Financial Corp. reported a net income of $8.1 million for Q1 2021, with basic earnings per share of $0.70. This represents a 31.8% increase in tangible book value per share year-over-year. Total deposits reached $2.22 billion, up 11.8% from the previous quarter. The company is expanding its fintech presence with acquisitions of Flexia Payments and Trabian Technology, enhancing its services in the gaming and financial sectors. Despite growth in loans and deposits, net interest income decreased by 1.0% from the last quarter.

MVB Bank, a subsidiary of MVB Financial Corp. (NASDAQ: MVBF), has signed an agreement for Summit Community Bank (NASDAQ: SMMF) to acquire nearly all of its Southern West Virginia banking operations. This transaction includes full-service banking centers and drive-up locations, with Summit assuming approximately $193 million in deposits and $57 million in loans. The deal aims to allow MVB to concentrate on its core markets and fintech growth. It is subject to closing conditions and regulatory approvals, expected to finalize in Q3 2021.

MVB Financial Corp. (Nasdaq: MVBF) announced its acquisition of a majority interest in Trabian Technology, Inc., a software firm for financial institutions. Trabian enhances MVB's Fintech vertical, adding technological expertise and a new revenue stream. Larry F. Mazza, CEO of MVB, emphasized the acquisition's role in expanding solutions for Fintech clients. Trabian will continue its mission and operations under CEO Matt Dean, now Executive Chairman. This strategic move aims to strengthen MVB's offerings and drive innovation in community finance.

MVB Financial reported a net income of $11.8 million for Q4 2020, equating to $1.00 basic and $0.97 diluted earnings per share. For the full year 2020, net income reached $37.4 million, resulting in $3.13 basic and $3.06 diluted EPS. These figures indicate robust financial performance, showcasing growth compared to the previous year's fourth quarter.

MVB Financial Corp. (NASDAQ: MVBF) has declared a quarterly cash dividend of $0.10 per share, payable on March 15, 2021, to shareholders of record by March 1, 2021. This marks an 11.1% increase from the previous quarter's dividend of $0.09 per share. Despite challenges posed by the COVID-19 pandemic, MVB achieved record earnings in 2020, highlighting strong business performance and growth in tangible book value and shareholder value. The Company remains committed to enhancing shareholder returns.

MVB Financial Corp. (NASDAQ: MVBF) has concluded its modified "Dutch auction" tender offer, purchasing 536,490 shares at $20.25 each, totaling approximately $10.86 million. This represents around 4.5% of shares outstanding as of December 22, 2020. The company has indicated plans to repurchase up to $39.2 million in additional shares by December 31, 2021, further allowing for various methods to return excess capital to shareholders, including potential dividends and accelerated share repurchases.

MVB Financial Corp. (NASDAQ: MVBF) announced preliminary results of its modified Dutch auction tender offer, set to acquire up to $45 million of its common stock at a purchase price between $18.00 and $20.25 per share. The tender offer expired on December 18, 2020, with 536,490 shares tendered at $20.25, totaling approximately $10.86 million. This represents about 4.5% of shares outstanding. The final purchase number and price will be confirmed post-settlement. The company may consider additional share repurchases and other means of returning capital to shareholders.

MVB Financial Corp. (NASDAQ: MVBF) has completed a private placement of $40 million in 4.25% fixed to floating rate subordinated notes due 2030. The net proceeds will fund a modified Dutch Auction tender offer for its common stock and general corporate purposes. The tender offer began on November 17, 2020, and will end on December 18, 2020, unless extended. These unsecured notes will provide Tier 2 capital. Shareholders decide on tendering shares, with prices set between $18.00 and $20.25 each.