MVB Financial(MVBF) - 2019 Q3 - Quarterly Report

Financial Performance - Net income for the nine months ended September 30, 2019, was $22,896 thousand, a significant increase of 154% compared to $9,004 thousand for the same period in 2018[10]. - Comprehensive income for the nine months ended September 30, 2019, was $27,560 thousand, compared to $4,032 thousand in 2018, reflecting a substantial increase[14]. - The company reported a net income available to common shareholders of $22,532 thousand for the nine months ended September 30, 2019, compared to $8,638 thousand in 2018, an increase of 161%[11]. - Net income from continuing operations for the nine months ended September 30, 2019, was $22,469 thousand, compared to $9,004 thousand for the same period in 2018, representing a 149% increase[141]. - Basic earnings per share from continuing operations increased to $1.89 for the three months ended September 30, 2019, up from $0.80 in the same period of 2018, reflecting a 136% growth[141]. Asset Growth - Total assets increased to $1,961,952 thousand as of September 30, 2019, up from $1,750,969 thousand at December 31, 2018, representing a growth of 12%[8]. - Total stockholders' equity increased to $206,240,000 as of September 30, 2019, up from $176,773,000 at the beginning of the year, reflecting a growth of approximately 16.6%[15]. - The estimated fair value of loans, net increased from $1,276,065 thousand on December 31, 2018, to $1,371,646 thousand on September 30, 2019, an increase of approximately 7.5%[129]. Income Sources - Total noninterest income increased to $49,848 thousand for the nine months ended September 30, 2019, up from $30,345 thousand in 2018, marking a growth of 64%[10]. - Noninterest income in the Mortgage Banking segment increased by $5.2 million, primarily due to a $3.0 million rise in mortgage fee income and a $2.2 million increase in gain on derivatives[159]. - Service charges on deposit accounts increased to $985 thousand for the nine months ended September 30, 2019, compared to $741 thousand in the same period of 2018, reflecting a growth of 33%[176]. Loan and Deposit Activity - Total loans increased to $1,382.3 million as of September 30, 2019, compared to $1,304.6 million as of December 31, 2018, reflecting a growth of approximately 5.9%[52]. - Total deposits reached $1,456,404 thousand as of September 30, 2019, an increase of 11% from $1,309,154 thousand at December 31, 2018[8]. - The net increase in deposits for the nine months ended September 30, 2019, was $147,250,000, compared to $219,606,000 in the same period of 2018[16]. Expenses and Provisions - Noninterest expenses increased by $2.2 million, primarily due to a $1.3 million rise in salaries and employee benefits expense[154]. - Provision expense decreased by $400 thousand, reflecting the net impact of various factors[154]. - The allowance for loan losses was $11.874 million, representing 0.86% of total loans[191]. Acquisitions and Investments - The acquisition of Chartwell Compliance was completed for a total purchase consideration of $4.1 million, including $3.1 million in cash and $1.0 million in common stock[180]. - The Company recognized $2.264 million in noninterest income in scope of Topic 606 for the nine months ended September 30, 2019, compared to $1.489 million for the same period in 2018, indicating a growth of 52%[176]. Financial Ratios - The return on average assets was 1.67% for the nine months ended September 30, 2019, compared to 0.75% for the same period in 2018[191]. - The return on average equity was 15.99% for the nine months ended September 30, 2019, compared to 7.65% for the same period in 2018[191]. - The efficiency ratio improved to 66.63% for the nine months ended September 30, 2019, compared to 80.02% for the same period in 2018[191]. Employee and Operational Metrics - The company had 420 full-time equivalent employees as of September 30, 2019[202]. - The company reported capital expenditures of $505 thousand for the three months ended September 30, 2019[150].