[Q1 2025 Financial Highlights](index=1&type=section&id=Q1%202025%20Financial%20Highlights) [Overview of Q1 2025 Performance](index=1&type=section&id=Overview%20of%20Q1%202025%20Performance) MVB Financial reported a net income of $3.6 million, with improved net interest margin, reduced noninterest expenses, enhanced capital, and increased book value per share Q1 2025 Key Financial Results | Metric | Value | | :--- | :--- | | Net Income | $3.6 million | | Basic Earnings Per Share | $0.28 | | Diluted Earnings Per Share | $0.27 | Q1 2025 Key Performance Changes (vs. Q4 2024) | Metric | Value/Change | | :--- | :--- | | Net Interest Margin | 3.63% (+20 bps) | | Net Interest Income | +7.1% | | Noninterest Expense | -14.6% | | Book Value Per Share | $23.94 (+1.4%) | | Tangible Book Value Per Share | $23.85 (+2.1%) | - Noninterest bearing deposits constituted **40.0% of total deposits**, indicating a strong funding profile[4](index=4&type=chunk) - The company reported improved asset quality indicators and further enhanced capital strength[4](index=4&type=chunk) [CEO's Remarks](index=1&type=section&id=CEO%27s%20Remarks) CEO Larry F. Mazza highlighted Q1 results as tangible progress from strategic repositioning, noting strong funding, margin expansion, and expense management - The CEO views the Q1 results as a reflection of tangible progress following the strategic repositioning of the business model over the past year[5](index=5&type=chunk) - A best-in-class funding profile was credited for the meaningful expansion in net interest margin and growth in net interest income[5](index=5&type=chunk) - Significant progress was made in right-sizing the cost structure after prior infrastructure investments made to support the next phase of growth[6](index=6&type=chunk) - Asset quality metrics improved, the strong liquidity position was preserved, and the capital base was further strengthened, providing flexibility for opportunistic capital deployment[6](index=6&type=chunk) [Detailed Financial Analysis](index=4&type=section&id=Detailed%20Financial%20Analysis) [Income Statement Analysis](index=4&type=section&id=Income%20Statement%20Analysis) Net interest income rose 7.1% with margin expansion, while noninterest income declined due to a prior one-time gain, and expenses decreased 14.6% Net Interest Income and Margin (Tax-Equivalent) | Metric | Q1 2025 | Q4 2024 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Net Interest Income | $26.9 million | $25.1 million | +7.1% | | Net Interest Margin | 3.66% | 3.46% | +20 bps | - The increase in net interest margin from the prior quarter was primarily driven by a decline in funding costs to **2.28% from 2.56%**, reflecting a favorable shift in deposit mix[11](index=11&type=chunk)[12](index=12&type=chunk) - Noninterest income declined by **$14.3 million** from the prior quarter, largely due to the absence of an **$11.8 million** gain on sale of assets that occurred in Q4 2024[13](index=13&type=chunk) - Noninterest expense decreased by **$4.9 million (14.6%)** from the prior quarter, mainly due to lower salaries and employee benefits (-$2.4 million) and professional fees (-$2.2 million)[15](index=15&type=chunk) [Balance Sheet Analysis](index=5&type=section&id=Balance%20Sheet%20Analysis) Total loans and deposits decreased, but noninterest-bearing deposits and off-balance sheet deposits increased, reflecting a shift in funding mix Loan and Deposit Balances (as of March 31, 2025) | Metric | Value | Change vs. Dec 31, 2024 | | :--- | :--- | :--- | | Total Loans | $2.06 billion | -1.8% | | Total Deposits | $2.58 billion | -4.1% | | Noninterest-Bearing Deposits | $1.03 billion | +9.8% | - The decline in loans included **$13.4 million** in amortization and payoffs of classified loans, which strengthened the portfolio's asset quality[17](index=17&type=chunk) - The decrease in total deposits was mainly driven by a **$90.2 million (18.2%)** decline in brokered CDs[18](index=18&type=chunk) - Off-balance sheet deposits increased by **$98.6 million (6.9%)** from the prior quarter to **$1.52 billion**, which are used to generate fee income and manage liquidity[21](index=21&type=chunk) [Capital Adequacy](index=7&type=section&id=Capital%20Adequacy) MVB's capital position strengthened in Q1 2025, with improved Tangible Common Equity and regulatory capital ratios, while maintaining its dividend Capital Ratios Comparison | Ratio | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Community Bank Leverage Ratio | 10.9% | 11.2% | | Tier 1 Risk-Based Capital Ratio | 15.5% | 15.1% | | Total Risk-Based Capital Ratio | 16.4% | 15.8% | | Tangible Common Equity Ratio (Non-GAAP) | 10.2% | 9.7% | - The company issued a quarterly cash dividend of **$0.17 per share**, consistent with the previous quarter and the same quarter last year[23](index=23&type=chunk) [Asset Quality](index=7&type=section&id=Asset%20Quality) Asset quality improved with a 17.6% decrease in nonperforming loans and lower net charge-offs, while the allowance for credit losses remained stable Asset Quality Indicators | Metric | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Nonperforming Loans | $20.3 million (1.0% of loans) | $24.6 million (1.2% of loans) | | Net Charge-offs | $0.9 million (0.2% of loans) | $1.5 million (0.3% of loans) | | Provision for Credit Losses | $0.2 million | $0.3 million | - Classified loans as a percentage of total loans decreased to **3.2%** as of March 31, 2025, from **3.8%** at the end of the prior quarter[24](index=24&type=chunk) - The allowance for credit losses for loans was **0.9%** of total loans, consistent with the prior quarter-end[26](index=26&type=chunk) [Financial Statements and Data](index=11&type=section&id=Financial%20Statements%20and%20Data) [Consolidated Statements of Income](index=11&type=section&id=Consolidated%20Statements%20of%20Income) This table presents the unaudited consolidated income statement for Q1 2025, detailing income, expenses, and earnings per share Consolidated Statements of Income (Unaudited, in thousands, except per share data) | | 2025 First Quarter | 2024 Fourth Quarter | 2024 First Quarter | | :--- | :--- | :--- | :--- | | Net interest income | $ 26,676 | $ 24,904 | $ 30,139 | | Provision for credit losses | 177 | 331 | 1,997 | | Total noninterest income | 7,008 | 21,280 | 7,834 | | Total noninterest expenses | 28,701 | 33,620 | 30,191 | | Net income available to common shareholders | $ 3,577 | $ 9,440 | $ 4,482 | | Earnings per share - basic | $ 0.28 | $ 0.73 | $ 0.35 | | Earnings per share - diluted | $ 0.27 | $ 0.72 | $ 0.34 | [Noninterest Income Breakdown](index=11&type=section&id=Noninterest%20Income%20Breakdown) This table details noninterest income components for Q1 2025 and comparative quarters, highlighting the impact of a prior asset sale gain Noninterest Income (Unaudited, in thousands) | | 2025 First Quarter | 2024 Fourth Quarter | 2024 First Quarter | | :--- | :--- | :--- | :--- | | Total payment card and service charge income | $ 4,985 | $ 3,818 | $ 4,813 | | Equity method investments income (loss) | 645 | 1,319 | (1,128) | | Gain (loss) on sale of loans | (69) | 1,012 | — | | Gain on divestiture activity | 608 | — | — | | Gain (loss) on sale of assets | (342) | 11,771 | — | | Total noninterest income | $ 7,008 | $ 21,280 | $ 7,834 | [Condensed Consolidated Balance Sheets](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This table presents the condensed consolidated balance sheet as of March 31, 2025, detailing key asset, liability, and equity accounts Condensed Consolidated Balance Sheets (Unaudited, in thousands) | | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Total assets | $ 3,019,687 | $ 3,128,704 | $ 3,547,390 | | Loans receivable, net | 2,044,131 | 2,080,468 | 2,244,506 | | Total deposits | 2,583,798 | 2,693,615 | 3,145,329 | | Noninterest-bearing deposits | 1,033,056 | 940,994 | 1,391,070 | | Stockholders' equity | 310,054 | 305,791 | 291,828 | | Total liabilities and stockholders' equity | $ 3,019,687 | $ 3,128,704 | $ 3,547,390 | [Average Balances and Interest Rates](index=13&type=section&id=Average%20Balances%20and%20Interest%20Rates) This table details average balances, interest income/expense, and yields/costs for earning assets and interest-bearing liabilities Average Balances and Rates Highlights (Q1 2025, in thousands) | Category | Average Balance | Yield/Cost | | :--- | :--- | :--- | | Total earning assets | $2,979,992 | 5.91% | | Total loans | $2,104,126 | 6.76% | | Total interest-bearing liabilities | $1,811,603 | 3.71% | | Net interest spread (tax equivalent) | - | 2.20% | | Net interest margin (tax equivalent) | - | 3.66% | [Selected Financial Data](index=15&type=section&id=Selected%20Financial%20Data) This table summarizes key performance ratios, per-share data, and asset quality metrics for Q1 2025 and comparative quarters Selected Performance Ratios (Q1 2025) | Ratio | Value | | :--- | :--- | | Return on average assets | 0.4% | | Return on average equity | 4.7% | | Net interest margin (tax-equivalent) | 3.66% | | Efficiency ratio | 85.2% | | Equity to assets | 10.3% | | Nonperforming loans to total loans | 1.0% | [Non-U.S. GAAP Reconciliations](index=16&type=section&id=Non-U.S.%20GAAP%20Reconciliations) These tables reconcile non-U.S. GAAP financial measures, including net interest margin and tangible common equity, to their U.S. GAAP equivalents Reconciliation of Net Interest Margin (Q1 2025) | Metric | Value | | :--- | :--- | | Net interest margin (U.S. GAAP) | 3.63% | | Impact of fully tax-equivalent adjustment | +0.03% | | Net interest margin (Non-U.S. GAAP) | 3.66% | Reconciliation of Tangible Common Equity (March 31, 2025) | Metric | Value | | :--- | :--- | | Total equity attributable to parent | $310,054 thousand | | Less: Total intangibles | ($1,200) thousand | | Tangible common equity | $308,854 thousand | | Tangible book value per common share | $23.85 | | Tangible common equity ratio | 10.2% | [Supplementary Information](index=8&type=section&id=Supplementary%20Information) [About MVB Financial Corp.](index=8&type=section&id=About%20MVB%20Financial%20Corp.) MVB Financial Corp. is a publicly traded financial holding company providing services through MVB Bank in the Mid-Atlantic region - MVB Financial Corp. is the holding company for MVB Bank and is publicly traded on Nasdaq under the ticker "**MVBF**"[27](index=27&type=chunk) - The company is headquartered in Fairmont, West Virginia, and serves clients in the Mid-Atlantic region and beyond[27](index=27&type=chunk) [Forward-looking Statements](index=8&type=section&id=Forward-looking%20Statements) This section cautions that forward-looking statements are subject to risks and uncertainties, advising reliance on SEC filings for details - The press release contains forward-looking statements regarding possible future results of operations, which are protected under the Private Securities Litigation Reform Act of 1995[30](index=30&type=chunk) - Numerous factors could cause actual results to differ materially from those expressed in forward-looking statements, including market, economic, operational, liquidity, and credit risks[31](index=31&type=chunk) - The company disclaims any obligation to update forward-looking statements and directs readers to its Annual Report on Form 10-K for additional risk factors[31](index=31&type=chunk) [Non-U.S. GAAP Financial Measures Explanation](index=10&type=section&id=Non-U.S.%20GAAP%20Financial%20Measures%20Explanation) This section explains the use of non-U.S. GAAP financial measures for supplemental analysis, noting they are not substitutes for U.S. GAAP - The document uses non-U.S. GAAP financial measures which management believes provide useful supplemental information for understanding the company's financial condition and results[34](index=34&type=chunk) - These measures are not substitutes for U.S. GAAP basis measures and are presented to assist investors in comparing financial conditions, consistent with industry practice[34](index=34&type=chunk)

Financial Performance and Position - On-balance sheet gaming deposits totaled $227.6 million as of December 31, 2024, down from $354.1 million as of December 31, 2023[150] - Off-balance sheet gaming deposits totaled $221.0 million as of December 31, 2024, compared to $277.1 million as of December 31, 2023[150] - The company had $3.1 million of goodwill and other intangible assets as of December 31, 2024, with potential future write-downs impacting financial results[154] - The company anticipates potential volatility in earnings from Fintech investments, which could impact strategic initiatives[157] - The company may experience dilution of tangible book value and net income per common share from future acquisitions[163] Strategic Initiatives and Growth - The company is focused on long-term growth through new business initiatives, including investments in Fintech, which carry substantial risks[155] - The company sold its interest in Trabian in January 2025, indicating ongoing strategic asset management[162] Regulatory and Compliance Risks - The company is subject to extensive government regulation, which could adversely affect its business and operations[186] - The company's ability to pay dividends is restricted by capital adequacy requirements imposed by regulatory authorities[190] - The company's ability to pay dividends is uncertain and may depend on future earnings, capital requirements, and regulatory restrictions[197] - The company is subject to federal policies that restrict dividend payments, which could limit shareholder returns[197] - Compliance with Nasdaq listing requirements is critical; failure to maintain compliance could lead to delisting and adversely affect stock trading[194] Market and Economic Conditions - The company faces competitive pressures that may increase funding costs and compress net interest margins due to the gaming deposit base[150] - A deterioration in economic conditions may result in deposit base outflows, limiting access to customary sources of liquidity[166] - The trading volume of the company's common stock is lower than that of larger financial services companies, which may affect marketability and price stability[193] - The stock price can be volatile, influenced by factors such as quarterly results, sustainable core earnings, and general market conditions[195] - The company's stock price may be affected by geopolitical conditions and economic fluctuations, including the upcoming 2024 U.S. presidential election[196] Operational and Technological Risks - The company is adapting to technological changes and evolving legislation, which may increase operational and compliance risks[156] - Cyberattacks on information systems could adversely affect operations and harm the business[169] - The company relies on external vendors for day-to-day operations, exposing it to risks if these vendors do not perform satisfactorily[177] - A significant portion of the loan portfolio is secured by real property, which may expose the company to environmental liability risks[178] Financial Reporting and Credit Risks - Changes in accounting standards by FASB and SEC could materially affect how the company reports its financial condition and results of operations[204] - The company relies on analytical and forecasting models for credit loss estimates and fair value measurements, which may prove inadequate during market stress[206] - The company may need to increase its allowance for credit losses if actual losses exceed reserves, potentially impacting financial results[203] - The company faces risks related to credit and liquidity, which may impact the valuation of its securities portfolio and lead to accounting charges[199] - The company is subject to liquidity risk, which could disrupt its ability to meet financial obligations[164] - Limited availability of borrowings from the FHLB system could negatively impact earnings[167] - Failure to meet capital adequacy guidelines could compromise the company's status as a financial holding company[189]

Core Viewpoint - MVB Financial (MVBF) reported quarterly earnings of $0.72 per share, significantly exceeding the Zacks Consensus Estimate of $0.27 per share, marking an earnings surprise of 166.67% [1][2] Financial Performance - The company posted revenues of $46.18 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 37.45%, compared to $35.55 million in the same quarter last year [2] - Over the last four quarters, MVB Financial has exceeded consensus EPS estimates only once [2] Stock Performance and Outlook - MVB Financial shares have declined approximately 3.6% since the beginning of the year, while the S&P 500 has gained 2.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.30 on revenues of $34.6 million, and for the current fiscal year, it is $1.62 on revenues of $146.7 million [7] Industry Context - The Financial - Miscellaneous Services industry, to which MVB Financial belongs, is currently ranked in the top 19% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]

Financial Performance - Net income for Q4 2024 was $9.4 million, an increase of $7.4 million from the prior quarter[4] - Net income available to common shareholders for Q4 2024 was $9,440,000, an increase of 353.8% from $2,080,000 in Q3 2024 and an increase of 19.9% from $7,911,000 in Q4 2023[34] - Earnings per share from continuing operations for Q4 2024 was $0.73, compared to $0.16 in Q3 2024 and $0.62 in Q4 2023[34] - The efficiency ratio improved to 72.8% in the fourth quarter of 2024 from 88.7% in the third quarter of 2024[44] Income and Expenses - Noninterest income increased by $14.6 million, or 219.7%, to $21.3 million compared to the prior quarter, primarily due to an $11.8 million gain on sale of assets[9] - Noninterest expense rose by $4.1 million, or 14.0%, to $33.6 million from the prior quarter, driven mainly by higher personnel costs[16] - Interest income for Q4 2024 was $43,058,000, a decrease of 8.5% from Q3 2024's $46,627,000 and a decrease of 13.5% from Q4 2023's $49,699,000[34] - Net interest income after provision for credit losses for Q4 2024 was $24,573,000, down 3.9% from Q3 2024 and down 26.0% from Q4 2023[34] Loans and Deposits - Loans totaled $2.10 billion, a decline of $71.1 million, or 3.3%, from the previous quarter[17] - Deposits decreased by $308.0 million, or 10.3%, to $2.69 billion compared to the prior quarter[18] - Nonperforming loans decreased by $3.9 million, or 13.8%, to $24.6 million, representing 1.2% of total loans[22] - Loans originated in 2024 totaled $5,228,415,000, an increase from $4,319,382,000 in 2023[44] Assets and Equity - Total assets as of December 31, 2024, were $3,128,704,000, a decrease from $3,418,756,000 as of September 30, 2024, and a decrease from $3,313,882,000 as of December 31, 2023[38] - Total stockholders' equity attributable to the parent increased to $296,996 million from $293,849 million[40] - Tangible book value per share increased by 0.7% to $23.37 from the prior quarter[4] - Total equity attributable to the parent increased to $305,679,000 as of December 31, 2024, compared to $303,086,000 as of September 30, 2024[47] Credit Quality - The provision for credit losses totaled $0.3 million, down from $1.0 million in the prior quarter[24] - The allowance for credit losses was $21,542 million, slightly decreased from $22,043 million in the prior quarter[40] - The company reported a provision for credit losses of $331,000 in Q4 2024, compared to a release of allowance of $2,103,000 in Q4 2023[34] - The allowance for credit losses was $19,663,000, compared to $22,124,000 a year earlier, indicating improved asset quality[44] Future Plans - The company plans to continue focusing on expanding its fintech investments and addressing operational risks in the upcoming quarters[28] - The company plans to continue focusing on market expansion and enhancing its product offerings in the upcoming quarters[40]

Financial Performance - Total stockholders' equity increased to $303,200 million as of December 31, 2023, compared to $289,342 million in the previous period[12] - Retained earnings rose to $164,978 million from $160,862 million year-over-year[12] - Total liabilities and stockholders' equity reached $3,418,756 million, up from $3,313,882 million[12] - Net income from continuing operations was $2,156 million, down 44.3% from $3,872 million in the same quarter last year[15] - Earnings per share from continuing operations (basic) was $0.16, compared to $0.30 in the prior year, reflecting a decline of 46.7%[15] - Comprehensive income for the three months ended September 30, 2023, was $8,007 million, compared to a loss of $1,920 million in the prior year[17] - Net income for the quarter ended March 31, 2024, was $4.48 million, compared to $4.09 million for the previous quarter, representing an increase of about 9.0%[19] - The company reported a net income of $2.08 million for the quarter ended June 30, 2024, a decrease from $4.48 million in the previous quarter, indicating a decline of about 53.5%[19] - The company reported net income of $3.87 million for the quarter ended September 30, 2024, compared to $2.08 million for the previous quarter, representing an increase of about 86.5%[19] - Net income available to common shareholders for the nine months ended September 30, 2024, was $10,651 million, down from $23,321 million for the same period in 2023, indicating a decline of about 54.3%[183] Income and Expenses - Total interest income for the three months ended September 30, 2023, was $46,627 million, a decrease of 3.5% from $48,325 million in the same period last year[14] - Net interest income after provision for credit losses decreased to $25,626 million from $30,024 million, reflecting a decline of 14.8% year-over-year[14] - Noninterest income increased to $6,657 million for the three months ended September 30, 2023, compared to $5,791 million in the prior year, representing a growth of 15%[14] - Total noninterest expenses decreased slightly to $29,485 million from $30,725 million, a reduction of 4.0% year-over-year[14] - Provision for credit losses was $959 million, compared to a release of allowance of $(159) million in the same quarter last year[14] - The provision for credit losses for the nine months ended September 30, 2024, was $3,210, compared to $182 in the same period of 2023, indicating a significant increase[181] Equity and Stock Performance - The company declared dividends on common stock at $0.17 per share, totaling $2.145 million for the quarter ended March 31, 2024[19] - As of March 31, 2024, total stockholders' equity attributable to the parent increased to $291.85 million, up from $289.38 million at December 31, 2023, reflecting a growth of approximately 0.57%[19] - Total stockholders' equity at June 30, 2024, reached $296.63 million, an increase of approximately 1.3% from $291.85 million at March 31, 2024[19] - As of September 30, 2024, total stockholders' equity increased to $303.09 million, up from $296.63 million at June 30, 2024, reflecting a growth of approximately 2.2%[19] - The weighted-average shares outstanding (basic) increased to 12,927,962 from 12,722,010 year-over-year[15] - Basic earnings per share from continuing operations for the three months ended September 30, 2024, was $0.16, compared to $0.30 for the same period in 2023, reflecting a decrease of approximately 46.7%[170] Loans and Credit Quality - Total loans decreased from $2,316,174 thousand as of December 31, 2023, to $2,169,947 thousand as of September 30, 2024, representing a decline of approximately 6.3%[55] - Commercial business loans decreased from $797,100 thousand to $701,974 thousand, a reduction of about 11.9%[55] - The bank employs a nine-point internal risk rating system to monitor credit quality, with "Pass" rated loans indicating adequate repayment sources[63][64] - The gross charge-offs for commercial business loans were $2.292 million, with a notable increase from $367,000 in the prior year[70] - The total amount of gross charge-offs across all categories reached $5,080 thousand in 2023, compared to $2,953 thousand in 2022, indicating a rising trend in charge-offs[73] - The allowance for credit losses (ACL) was calculated using a discounted cash flow methodology, reflecting expected credit losses based on historical data and economic forecasts[83] Market and Economic Outlook - The company anticipates continued growth in user data and market expansion strategies in the upcoming quarters[4] - Future performance may be impacted by interest rate fluctuations and evolving regulatory environments in the fintech sector[5] - The company expects economic improvements in its operating markets over the next one to two years, which may positively impact loan performance[84] - The company is focused on managing credit risk and ensuring sufficient allowance for credit losses amid economic uncertainties[5] Regulatory and Compliance - The company is currently evaluating the impact of new accounting standards on its consolidated financial statements[45] - The amendments from ASU 2023-09 will require additional disclosures regarding the effective tax rate reconciliation starting from fiscal years beginning after December 15, 2024[43] - The company does not expect the amendments from ASU 2024-01 to have a material impact on its consolidated financial statements[44]

Core Viewpoint - MVB Financial reported quarterly earnings of $0.16 per share, significantly missing the Zacks Consensus Estimate of $0.35 per share, representing a -54.29% earnings surprise [1][2] Financial Performance - The company posted revenues of $33.24 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 7.40% and down from $35.66 million a year ago [2] - Over the last four quarters, MVB Financial has surpassed consensus EPS estimates only once [2] Stock Performance - MVB Financial shares have declined approximately 9.2% since the beginning of the year, contrasting with the S&P 500's gain of 22.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.37 on revenues of $34.9 million, and for the current fiscal year, it is $1.38 on revenues of $143.5 million [7] - The estimate revisions trend for MVB Financial is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Financial - Miscellaneous Services industry, to which MVB Financial belongs, is currently in the top 35% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Performance - MVB Financial reported net income of $2.1 million, or $0.16 per share, for Q3 2024[1]. - Net income available to common shareholders for Q3 2024 was $2,080 million, compared to $4,089 million in Q2 2024, reflecting a decrease of 49.1%[46]. - Year-to-date net income reached $10,651,000 with an EPS of $0.83, while the same period in 2023 reported $23,321,000 and $1.15 respectively[52]. - Net income for Q3 2024 was $2,080,000 with earnings per share (EPS) of $0.16, compared to $4,089,000 and $0.32 in Q2 2024[52]. - The provision for credit losses was $1.0 million for the third quarter of 2024, compared to a release of allowance of $0.2 million a year earlier[35]. - The total income before income taxes for the nine months ended September 30, 2024, was $14,111,000, a decrease of 10.5% compared to the same period last year[47]. Deposits and Loans - Total deposits increased by 4.1%, or $118.8 million, to $3.00 billion compared to the prior quarter, driven by a 60.8% increase in payments-related deposits[7]. - Loans totaled $2.17 billion, a decline of 1.6%, or $35.5 million, from the previous quarter, reflecting slower loan growth[26]. - Off-balance sheet deposits increased by 6.3%, or $85.2 million, to $1.44 billion compared to the previous quarter, reflecting proactive management of deposit networks[30]. - Total loans originated in Q3 2024 amounted to $1,469,223,000, an increase from $1,383,405,000 in Q2 2024[52]. Interest Income and Margin - Net interest income on a fully tax-equivalent basis declined by 3.4%, or $0.9 million, to $26.8 million compared to the prior quarter[9]. - Net interest income for the third quarter of 2024 was $26,585 million, down from $29,865 million in the third quarter of 2023[42]. - The net interest margin for Q3 2024 was 3.59%, down from 3.73% in Q2 2024 and 3.87% in Q3 2023[53]. - The yield on taxable investment securities was 2.84%, while tax-exempt securities yielded 3.29%[49]. Noninterest Income and Expenses - Total noninterest income decreased by 6.8%, or $0.5 million, to $6.7 million compared to the prior quarter, primarily due to lower wire transfer fees[12]. - Total noninterest income for Q3 2024 was $6,657 million, compared to $7,142 million in Q2 2024, reflecting a decrease of 6.8%[43]. - Noninterest expenses for Q3 2024 totaled $29,485 million, an increase from $28,930 million in Q2 2024, representing a rise of 1.9%[46]. Asset Quality and Capital Ratios - Nonperforming loans rose to $28.6 million, or 1.3% of total loans, as of September 30, 2024, from $10.6 million, or 0.5% of total loans, a year earlier[33]. - The allowance for credit losses for loans was 0.99% of total loans as of September 30, 2024, down from 1.1% a year earlier[35]. - MVB's Tier 1 Risk-Based Capital Ratio increased to 14.9% as of September 30, 2024, compared to 14.0% a year ago[31]. - The Community Bank Leverage Ratio was 10.9%, up from 10.7% at the prior quarter end, indicating enhanced capital strength[14]. Shareholder Returns - The Company issued a quarterly cash dividend of $0.17 per share for the third quarter of 2024, consistent with the previous quarters[32]. - The tangible book value per share increased by 2.2% to $23.20 from the prior quarter[2]. - Total equity attributable to the parent increased to $303,086,000 in Q3 2024 from $296,625,000 in Q2 2024[54].

Core Viewpoint - MVB Financial reported disappointing earnings and revenues for the quarter ended June 2024, missing consensus estimates and showing a decline compared to the previous year [1][2][6]. Financial Performance - MVB Financial posted revenues of $34.71 million, missing the Zacks Consensus Estimate by 9.13%, and down from $36 million a year ago [2]. - The company reported earnings of $0.31 per share, missing the consensus estimate of $0.40 per share and down from $0.63 per share a year ago [6]. - The earnings surprise for the quarter was -22.50%, following a previous surprise of -17.07% [1]. Stock Performance - MVB Financial shares have increased approximately 9.8% since the beginning of the year, while the S&P 500 has gained 14.5% [3]. - The company has surpassed consensus EPS estimates only once in the last four quarters [7]. Future Outlook - The estimate revisions trend for MVB Financial is currently favorable, leading to a Zacks Rank 1 (Strong Buy), indicating expectations of outperforming the market in the near future [4]. - The current consensus EPS estimate for the upcoming quarter is $0.46 on revenues of $39.48 million, and for the current fiscal year, it is $1.68 on revenues of $155.42 million [14]. - The sustainability of the stock's price movement will depend on management's commentary during the earnings call [8]. Industry Context - MVB Financial belongs to the Zacks Financial - Miscellaneous Services industry, which is currently ranked in the top 41% of over 250 Zacks industries [11]. - The industry outlook can significantly impact the stock's performance, with top-ranked industries historically outperforming lower-ranked ones by a factor of more than 2 to 1 [11].

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. MVB Financial Corp. Financial Highlights Consolidated Statements of Income (Unaudited) (Dollars in thousands, except per share data) | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|-------------|----------------------------------------------------------------|------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. Commission File Number: 001-38314 MVB Financial Corp. (Exact name of registrant as specified in its charter) | West Virginia | | 20-003446 ...