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 September 30, 2023 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 | | 20-00 ...

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 June 30, 2023 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 | | 20-0034461 ...

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, 2023 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 20-0034461 (Sta ...

Financial Performance and Risks - The company's noninterest bearing deposits increased from 10.9% of total deposits as of December 31, 2017, to 47.9% as of December 31, 2022, largely due to its gaming initiative[160]. - Gaming deposits totaled $652.1 million as of December 31, 2022, down from $911.6 million as of December 31, 2021, with $536.9 million concentrated among the three largest clients[160]. - The Federal Reserve Board has significantly decreased benchmark interest rates to near zero in response to the COVID-19 pandemic, but is now reversing this policy due to inflation concerns, leading to rising market interest rates[159]. - The transition from LIBOR to SOFR as the primary interest rate benchmark is expected to create considerable costs and additional risks for the company[165]. - The company may experience adverse effects on its financial condition due to potential losses from credit risk associated with counterparties in the financial services industry[161]. - The company is facing significant volatility in cryptocurrency markets, which may materially impact financial statements and stock market price[171]. - The company is subject to liquidity risk, which could disrupt its ability to meet financial obligations if funding sources are restricted[184][185]. - Economic downturns may lead to deposit base outflows, limiting access to liquidity and increasing funding costs[186]. - The company’s ability to pay dividends is restricted by federal policies and regulations, and future dividend payments depend on various factors including earnings and capital requirements[217]. - The inability to generate profits and pay dividends could adversely affect the company's financial condition and results of operations[210]. Business Strategy and Growth - The company is focused on long-term growth through new business initiatives, including investments in FinTech and cryptocurrency, which present substantial risks and uncertainties[168]. - The company has increased its investments in securities and loan growth due to the rise in noninterest bearing deposits[160]. - The company is pursuing strategies to acquire and internally develop technologies to scale and diversify banking capabilities, with uncertain timing for profitability[172]. - The introduction of new lines of business may require significant investment and may not meet initial timetables or profitability targets due to external factors[173]. Competition and Market Position - The company faces significant competition from various financial institutions, which may adversely affect its market position and profitability[162]. - The trading volume of the company's common stock is lower than that of larger financial services companies, which may affect liquidity and marketability[212]. - The company is engaged in relationships with clients in the payments, digital savings, and gaming industries, which could be impacted by regulatory changes[169]. Regulatory and Compliance Risks - The merger with IFH is pending regulatory approvals, and its success will depend on realizing anticipated cost savings without adversely affecting revenues[177][178]. - Integration challenges post-merger may lead to loss of key employees and disrupt ongoing business operations, affecting the combined company's performance[180][181]. - The company is subject to extensive federal, state, and local taxes, which could adversely affect performance if tax laws change[204]. - The company must comply with capital adequacy guidelines imposed by the Federal Reserve Board and the FDIC, failure to meet these could compromise its status as a financial holding company[208]. - The company faces risks related to compliance with the Sarbanes-Oxley Act, and any material weaknesses in internal controls could lead to sanctions and loss of investor confidence[218]. Operational Risks - The company relies on external vendors for operations, and any failure in their performance could disrupt business and adversely impact financial condition[196]. - Environmental liability risks associated with lending activities could lead to significant remediation costs and affect property values[197]. - The accuracy of customer information is critical, as reliance on inaccurate data could materially impact financial condition and results of operations[198]. - Changes in accounting policies and estimates could materially affect how the company reports its financial condition and results of operations[221]. - The company’s financial condition may be negatively impacted by disruptions in securities markets, leading to potential impairments of its investment securities portfolio[220]. - The company is exposed to risks from inadequate or inaccurate analytical and forecasting models, which could result in unexpected losses or insufficient allowances for loan losses[225]. - The company’s stock price can be volatile, influenced by market fluctuations, economic conditions, and regulatory changes[215].

Financial Performance - Net income attributable to the parent for the three months ended September 30, 2022, was $2,718 thousand, a decrease of 77.0% from $11,828 thousand in the same period of 2021[16]. - Basic earnings per share (EPS) for the three months ended September 30, 2022, was $0.22, a decrease from $1.00 in the same period of 2021, reflecting a decline of 78.0%[16]. - The company reported a comprehensive loss of $7,839 thousand for the three months ended September 30, 2022, compared to a comprehensive income of $11,014 thousand in the same period of 2021[18]. - The company reported a net loss of $1,698,000 from Edge Ventures for the three months ended September 30, 2022, compared to a net loss of $1,677,000 in the same period of 2021, indicating a slight increase in losses[150]. - Total net income available to common shareholders for the three months ended September 30, 2022, was $2,718 thousand, compared to $11,828 thousand for the same period in 2021[145]. - Total net income available to common shareholders for the three months ended September 30, 2022, was $8,033,000, a decrease from $13,563,000 in the same period of 2021, reflecting a decline of 40.9%[150]. Asset and Liability Management - Total assets increased to $3,139,922 thousand as of September 30, 2022, up from $2,792,449 thousand at December 31, 2021, representing a growth of 12.4%[14]. - Total liabilities rose to $2,895,562 thousand as of September 30, 2022, compared to $2,517,146 thousand at December 31, 2021, marking an increase of 15.0%[14]. - The allowance for loan losses increased to $26,515 thousand as of September 30, 2022, from $18,266 thousand at December 31, 2021, indicating a higher reserve for potential loan defaults[14]. - The total loan portfolio amounted to $2,470,438 thousand, with non-accrual loans totaling $22,350 thousand[75]. - The total loans categorized as "Pass" rated were $2,386,206,000 as of September 30, 2022, compared to $1,770,237,000 at the end of 2021, showing a 34.6% increase[72]. Income and Expense Analysis - Net interest income for the three months ended September 30, 2022, was $29,846 thousand, a 56.2% increase compared to $19,096 thousand for the same period in 2021[15]. - Noninterest income decreased to $8,191 thousand for the three months ended September 30, 2022, down from $21,951 thousand in the same period of 2021, a decline of 62.7%[15]. - Total noninterest expenses for the three months ended September 30, 2022, were $29,965,000, an increase from $25,829,000 in the same period of 2021, reflecting a rise of 16.5%[150]. - The company reported a net amortization and accretion of investments of $2,020,000 in 2022, down from $3,011,000 in 2021[25]. - The total charge-offs for the nine months ended September 30, 2022, were $7,304 thousand, primarily related to the subprime consumer automobile loan portfolio[85]. Loan Performance and Risk Assessment - Provision for loan losses was $5,120 thousand for the three months ended September 30, 2022, compared to $380 thousand in the same period of 2021, indicating a significant increase in risk assessment[15]. - The total criticized loans (Special Mention, Substandard, and Doubtful) amounted to $78,232,000 as of September 30, 2022, compared to $63,864,000 at the end of 2021, marking a 22.4% increase[72]. - The average recorded investment in impaired loans for the three months ended September 30, 2022, was $23,711,000, compared to $17,819,000 for the same period in 2021, indicating a 33.1% increase[62]. - Troubled debt restructured loans totaled $12.2 million as of September 30, 2022, with accruing loans representing 16% of total impaired loans[88]. - The allowance for loan losses (ALL) balance increased to $26,515 thousand as of September 30, 2022, from $18,266 thousand at December 31, 2021[85]. Market and Economic Conditions - Future outlook remains cautious amid market fluctuations and economic uncertainties[21]. - The impact of the COVID-19 pandemic continues to pose uncertainties for future operating results[40]. - The Federal Reserve raised its key interest rate to a range of 3.00% to 3.25% as of September 30, 2022, impacting the bank's interest income strategy[183]. - Management identified additional qualitative factors that may affect estimated credit losses, including lending policies and economic conditions[80]. - The company expects to enhance core deposits and fee income through the expansion of treasury services for Fintech and emerging technology companies[159]. Capital and Equity Management - Total stockholders' equity as of March 31, 2022, was $263.862 million, a decrease from $275.303 million at the end of 2021, representing a decline of about 4.2%[20]. - Tangible book value per common share decreased to $19.38 as of September 30, 2022, from $21.64 in 2021, a decline of 10.5%[179]. - The company completed the acquisition of 37.5% equity interest in Warp Speed Holdings for $38.4 million in cash and shares valued at $9.6 million[154][165]. - A merger agreement was entered into with Integrated Financial Holdings, Inc., where IFH shareholders will receive 1.21 shares of MVB common stock for each share of IFH common stock[153][167]. - The balance of recurring Level III assets, consisting solely of municipal securities, was $35,129,000 as of September 30, 2022, down from $41,763,000 at December 31, 2021[135].

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 June 30, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 MVB Financial Corp. (Exact name of registrant as specified in its charter) West Virginia 20-0034461 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 301 Virginia Avenue, Fairmont, WV 26554 (Address of principal executive offices) (Zi ...

Financial Performance - Net income attributable to the parent for Q1 2022 was $2,864 thousand, a decrease of 64.5% from $8,085 thousand in Q1 2021[15]. - Net income for Q1 2022 was $2.671 million, a decrease of 66.8% compared to $8.058 million in Q1 2021[20]. - The company reported a comprehensive loss of $10,692 thousand for Q1 2022, compared to a comprehensive income of $3,967 thousand in Q1 2021[16]. - Basic earnings per share (EPS) for Q1 2022 was $0.24, down 65.7% from $0.70 in Q1 2021; diluted EPS was $0.22, down 66.7% from $0.66[137]. - Return on average assets decreased to 0.4% for the three months ended March 31, 2022, down from 1.3% in the same period in 2021, attributed to a $5.2 million decrease in earnings[180]. - Return on average stockholders' equity decreased to 4.2% for the three months ended March 31, 2022, compared to 13.6% in the same period in 2021, due to a $5.2 million decrease in earnings[181]. Asset and Deposit Growth - Total assets increased to $2,893,464 thousand as of March 31, 2022, up from $2,792,449 thousand at December 31, 2021, representing a growth of 3.6%[14]. - Total deposits rose to $2,509,079 thousand as of March 31, 2022, compared to $2,377,605 thousand at December 31, 2021, marking an increase of 5.5%[14]. - Noninterest-bearing demand deposits rose to $1,308,998 thousand as of March 31, 2022, compared to $1,120,433 thousand at December 31, 2021, marking an increase of about 16.8%[102]. - Fintech deposits increased from $1.14 billion at December 31, 2021, to $1.25 billion as of March 31, 2022, driven by growth in gaming deposits, which rose to $970.4 million from $911.6 million[191]. Loan Performance - Total loans as of March 31, 2022, amounted to $1,882 billion, an increase from $1.661 billion at March 31, 2021[79]. - The total commercial loans stood at $1,481,407 thousand as of March 31, 2022, slightly up from $1,480,527 thousand at the end of 2021[46]. - The total past due loans as of March 31, 2022, amounted to $10.704 million, with $5.887 million classified as 90+ days past due[69]. - Nonperforming loans increased to $18,048 thousand in Q1 2022, compared to $11,577 thousand in Q1 2021, representing a rise in nonperforming loans to total loans receivable ratio to 1.0%[158]. - The total impaired loans as of March 31, 2022, were $22,526 thousand, compared to $22,455 thousand as of December 31, 2021, showing a slight increase[55]. Income and Expense Analysis - Net interest income for the three months ended March 31, 2022, was $21,848 thousand, an increase of 24.5% compared to $17,505 thousand for the same period in 2021[15]. - Total noninterest income for Q1 2022 was $11,870 thousand, a decrease of 4.7% from $12,458 thousand in Q1 2021[15]. - Noninterest expenses increased to $28,862 thousand in Q1 2022, up 50.9% from $19,118 thousand in Q1 2021[15]. - The efficiency ratio worsened to 85.6% in Q1 2022 from 63.8% in Q1 2021[158]. Loan Loss Provisions - The provision for loan losses was $1,280 thousand for Q1 2022, compared to $618 thousand in Q1 2021, indicating a significant increase of 106.5%[15]. - The allowance for loan losses increased to $18,808 thousand as of March 31, 2022, from $18,266 thousand at December 31, 2021, indicating a rise of 2.9%[14]. - The allowance for loan losses (ALL) balance at March 31, 2022, was $18.194 million, down from $17.603 million at December 31, 2021[78]. Investment and Securities - As of March 31, 2022, the total amortized cost of investment securities available-for-sale was $413.3 million, with a fair value of $395.3 million, reflecting an unrealized loss of $19.8 million[40]. - The fair value of available-for-sale investment securities was $395,301,000, with $355,633,000 classified as Level II and $39,668,000 as Level III[127]. - The company does not expect to sustain any material realized losses from the current decline in fair value of securities, which are considered temporarily impaired[43]. Capital and Equity - The company’s total stockholders' equity at the end of Q1 2022 was $263.862 million, a decrease from $275.303 million at the end of Q1 2021[20]. - Stockholders' equity decreased by $11.4 million to $263.9 million during the three months ended March 31, 2022, primarily due to a $13.6 million comprehensive loss[194]. - The equity to assets ratio declined from 9.8% at December 31, 2021, to 9.1% at March 31, 2022, as assets grew by $101.0 million[195]. Operational Insights - The company is expanding its treasury services to support financial and emerging technology companies, enhancing core deposits and fee income strategies[146]. - The company continues to invest in infrastructure to support future growth, focusing on margin improvement and operating efficiency[146]. - The Bank has an effective shelf registration covering $75 million of debt and equity securities available for issuance[202].

Financial Performance and Risks - The company had $6.3 million in goodwill and other intangible assets as of December 31, 2021, which may require future write-downs if cash flows decline significantly [164]. - Continued elevated levels of inflation could adversely impact the company's business, potentially leading to increased interest expenses and volatility in loan demand [159]. - The company faces substantial competition from various financial institutions, which may affect its growth and profitability [161]. - The company has significant exposure to credit risk due to interrelated relationships with other financial institutions, which could adversely affect its financial condition [160]. - The company is subject to liquidity risk, which could disrupt its ability to meet financial obligations [179]. - Limited availability of borrowings from the FHLB system could negatively impact earnings and liquidity [181]. - The inability to generate profits and pay dividends could adversely affect the company's financial condition and results of operations [207]. Regulatory and Compliance Challenges - The company is subject to extensive federal and state regulations that significantly affect its lending practices, capital structure, and growth strategies [202]. - The company faces risks related to compliance with various regulations, which could result in enforcement actions and reputational damage [202]. - The transition away from LIBOR may create considerable costs and additional risks, impacting the company's financial instruments indexed to LIBOR [165]. - The company must effectively manage the transition from LIBOR to alternative rates to avoid reputational damage and financial losses [169]. - The company is expanding its banking-as-a-service business, which may face heightened regulatory scrutiny regarding consumer compliance [173]. Market and Economic Factors - The Federal Reserve may begin to increase interest rates, which could lead to unintended volatility in the financial system and impact the company's operations [158]. - The company may face competitive pressures to increase interest rates on deposits to retain its gaming customers, potentially increasing funding costs [163]. - Changes in tax laws may adversely affect performance and necessitate adjustments in accounting practices [201]. Strategic Initiatives and Investments - The company has undertaken various new business initiatives, which involve substantial risks and uncertainties, particularly in underdeveloped markets [170]. - The company is involved in innovative strategies to provide independent banking to corporate clients across the U.S., leveraging investments in Fintech, which may increase operational and compliance risks [171]. - Investments in Fintech companies have significantly impacted the company's results of operations and are expected to continue doing so in the future [175]. - Earnings from Fintech investments can be volatile, and any deterioration in their value could result in losses [176]. - Significant costs are anticipated for acquiring and developing new technologies to scale and diversify banking capabilities, with uncertain timing for profitability [172]. - Potential acquisitions may disrupt business and dilute stockholder value, with risks including payment of premiums and failure to realize expected benefits [178]. Operational and Internal Control Risks - Cybersecurity risks, including breaches and attacks, could adversely affect operations and customer trust [187]. - The company's risk management processes rely on analytical and forecasting models, which may prove inadequate, leading to unexpected losses or insufficient allowances for loan losses [224][225]. - The company has no material weaknesses in internal control over financial reporting as of December 31, 2021, but future weaknesses could lead to sanctions and loss of investor confidence [217]. - Changes in accounting standards and policies could materially impact how the company reports its financial condition and results of operations [223]. Stock Performance and Dividends - The trading volume of the company's common stock is lower than that of larger financial services companies, which may affect liquidity and marketability [209]. - The company's stock price can be volatile, influenced by factors such as quarterly results, analyst recommendations, and general market conditions [212][213]. - The company's ability to pay dividends is restricted by federal policies and regulations, and any future dividend payments will depend on various factors including future earnings and regulatory restrictions [214][215].

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 September 30, 2021 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 20-0034461 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) West Virginia 20-0034461 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 301 Virginia Avenue, Fairmont, WV 26554 (Address of principal executive offices) (Zip Code) (304) 363-4800 (Registrant's telephone number, including area code) Not Applicable FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURI ...