MVB Financial(MVBF)

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MVB Financial (MVBF) Beats Q4 Earnings and Revenue Estimates
ZACKS· 2025-02-13 23:46
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]
MVB Financial(MVBF) - 2024 Q4 - Annual Results
2025-02-13 21:31
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]
MVB Financial(MVBF) - 2024 Q3 - Quarterly Report
2024-11-05 21:05
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]
MVB Financial (MVBF) Misses Q3 Earnings and Revenue Estimates
ZACKS· 2024-10-30 22:11
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]
MVB Financial(MVBF) - 2024 Q3 - Quarterly Results
2024-10-30 20:02
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].
MVB Financial (MVBF) Misses Q2 Earnings and Revenue Estimates
ZACKS· 2024-07-29 22:50
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].
MVB Financial(MVBF) - 2024 Q2 - Quarterly Results
2024-07-29 20:34
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) | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|-------------|----------------------------------------------------------------|------ ...
MVB Financial(MVBF) - 2024 Q1 - Quarterly Report
2024-05-07 20:55
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 ...
MVB Financial(MVBF) - 2024 Q1 - Quarterly Results
2024-04-29 20:41
Exhibit 99.1 N E W S R E L E A S E MVB Financial Corp. Announces First Quarter 2024 Results (FAIRMONT, WV) April 29, 2024 – MVB Financial Corp. (NASDAQ: MVBF) ("MVB Financial," "MVB" or the "Company"), the holding company for MVB Bank, Inc. ("MVB Bank"), today announced financial results for the first quarter of 2024, with reported net income of $4.5 million, or $0.35 basic and $0.34 diluted earnings per share. First Quarter 2024 Highlights As Compared to Fourth Quarter 2023 Total revenue increased 6.8%, or ...
MVB Financial(MVBF) - 2023 Q4 - Annual Report
2024-03-12 22:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO 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 20-0034461 (Stat ...