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) | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|-------------|----------------------------------------------------------------|------ ...

Financial Performance - The company reported a significant increase in net income, reaching $45 million, a 15% increase compared to the previous quarter[5]. - Total assets grew to $1.2 billion, reflecting a 10% increase year-over-year[5]. - The loan portfolio expanded by 12%, totaling $800 million, driven by increased demand in the commercial sector[5]. - Customer deposits increased by 8% to $900 million, indicating strong customer confidence and retention[5]. - The company reported a return on equity (ROE) of 12%, maintaining a strong position in the market[5]. Future Plans - The company plans to launch a new digital banking platform in Q2 2024, aimed at enhancing customer experience and operational efficiency[5]. - Future guidance estimates a revenue growth of 10-12% for the next fiscal year, supported by strategic investments in technology[5]. - The company is exploring potential acquisitions in the fintech space to diversify its service offerings and expand market reach[5]. Operational Challenges - Operating expenses increased by 5% due to investments in technology and talent acquisition[5]. - The management highlighted ongoing regulatory challenges but expressed confidence in navigating the evolving landscape[5].

Financial Performance - MVB Financial reported net income of $4.5 million, or $0.35 basic and $0.34 diluted earnings per share for Q1 2024[2]. - Net income available to common shareholders for Q1 2024 was $4.482 million, down from $7.911 million in Q4 2023 and $11.342 million in Q1 2023[35]. - Net income for Q1 2024 was $4,482,000, a decrease of 43.5% from $7,911,000 in Q4 2023 and a decrease of 60.5% from $11,342,000 in Q1 2023[48]. - Earnings per share from continuing operations for Q1 2024 was $0.35, compared to $0.62 in Q4 2023 and $0.20 in Q1 2023[35]. - The company reported a net loss before noncontrolling interest of $4,054,000 in Q1 2024, compared to a net income of $7,916,000 in Q4 2023[42]. Revenue and Income - Total revenue increased by 6.8%, or $2.4 million, compared to Q4 2023, driven by a 26.3% growth in fintech fee income, or $1.0 million[3][10]. - Total interest income for Q1 2024 was $50.030 million, an increase from $49.699 million in Q4 2023 and $44.763 million in Q1 2023[35]. - Noninterest income grew by 76.5%, or $3.4 million, to $7.8 million compared to Q4 2023, primarily due to higher payment card and service charge income[10][17]. - Total noninterest income increased to $7.834 million in Q1 2024, compared to $4.438 million in Q4 2023 and $3.067 million in Q1 2023[37]. Assets and Deposits - Total assets increased to $3,547.390 million as of March 31, 2024, compared to $3,313.882 million at December 31, 2023[39]. - Total deposits rose by 8.4%, or $243.9 million, to $3.15 billion, with noninterest bearing deposits increasing by 16.2%, or $193.8 million, representing 44.2% of total deposits[9][21]. - Cash and cash equivalents rose to $640.426 million as of March 31, 2024, up from $398.229 million at December 31, 2023[39]. Loans and Credit Quality - Nonperforming loans decreased by 8.7%, or $0.7 million, to $7.5 million, or 0.3% of total loans[4][10]. - Nonperforming loans totaled $7.5 million, or 0.3% of total loans, as of March 31, 2024, down from $8.3 million (0.4%) as of December 31, 2023, and $13.1 million (0.6%) as of March 31, 2023[24]. - The provision for credit losses totaled $2.0 million, compared to a $2.1 million release of allowance in the prior quarter and a provision of $4.6 million for Q1 2023[26]. - Net charge-offs were $1.3 million, or 0.2% of total loans, for Q1 2024, compared to $0.5 million (0.1%) for Q4 2023 and $1.7 million (0.3%) for Q1 2023[25]. Interest Income and Expenses - Net interest income on a fully tax-equivalent basis declined by 3.1%, or $1.0 million, to $30.3 million compared to Q4 2023[12][15]. - Net interest income after provision for credit losses was $28.142 million for Q1 2024, down from $33.210 million in Q4 2023 but slightly up from $28.153 million in Q1 2023[35]. - Interest expense for Q1 2024 was $19,891,000, compared to $18,592,000 in Q4 2023, reflecting an increase of about 7%[42]. - The net interest margin for Q1 2024 was 3.83%, down from 4.06% in Q4 2023 and 4.40% in Q1 2023[48]. Equity and Book Value - The tangible book value per share increased by 0.2% to $22.48 compared to the prior quarter-end[4][10]. - Book value per common share increased to $22.73 in Q1 2024 from $22.68 in Q4 2023, reflecting a positive trend in shareholder equity[48]. - Total equity attributable to parent rose to $291,850,000 in Q1 2024 from $289,384,000 in Q4 2023 and $271,131,000 in Q1 2023[50]. Operational Efficiency - The efficiency ratio for Q1 2024 was 79.5%, consistent with 79.6% in Q4 2023, indicating stable operational efficiency[48]. - Total noninterest expenses for Q1 2024 were $30,191,000, compared to $28,301,000 in Q4 2023, representing an increase of about 6.7%[42]. - Salaries and employee benefits for Q1 2024 totaled $16,489,000, an increase from $14,863,000 in Q4 2023, indicating a rise of approximately 10.9%[42].

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 ...

Financial Performance - The company reported a significant increase in total assets, reaching $1.5 billion, up 15% year-over-year[5] - Net income for the quarter was $25 million, representing a 10% increase compared to the previous quarter[5] - The company anticipates a revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion[5] Customer Growth - The company experienced a 20% growth in customer deposits, totaling $1.2 billion, driven by enhanced digital banking services[5] - The company plans to expand its market presence by entering two new states by Q3 2024, aiming for a 25% increase in customer base[5] Loan and Investment Activity - Loan origination volume increased by 30%, amounting to $300 million, reflecting strong demand in the commercial sector[5] - Research and development expenses rose to $5 million, focusing on new fintech solutions and digital asset management[5] Regulatory and Operational Challenges - A merger agreement with Integrated Financial Holdings, Inc. was terminated, which may impact stock performance and customer retention[5] - The company is facing increased regulatory scrutiny in the fintech sector, which may affect operational strategies moving forward[5] - Cybersecurity risks remain a top concern, with ongoing investments in technology to mitigate potential threats[5]

Financial Performance - The company reported a significant increase in net income, reaching $XX million, representing a YY% increase compared to the previous quarter[5]. - Total assets grew to $ZZ billion, reflecting a growth rate of AA% year-over-year[5]. - The company experienced a XX% increase in customer deposits, totaling $BB billion, driven by enhanced customer engagement strategies[5]. - The loan portfolio expanded by YY%, amounting to $CC billion, indicating strong demand for lending products[5]. Future Growth Strategies - The company is targeting a revenue growth of DD% for the next fiscal year, supported by new product launches and market expansion initiatives[5]. - Investment in technology and FinTech solutions is expected to increase by EE%, aimed at improving operational efficiency and customer experience[5]. - The company plans to enter new markets, with an estimated investment of $FF million to support this expansion[5]. Market Challenges - A merger agreement with Integrated Financial Holdings, Inc. was terminated, which may impact the company's stock price and customer retention efforts[5]. - The company is facing increased competition in the financial services sector, which may pressure pricing and product offerings[5]. - Regulatory scrutiny in the FinTech sector is anticipated to increase, necessitating enhanced compliance measures[5].