MVB Financial(US:MVBF)2020-08-06 17:51Financial Performance - Net income from continuing operations was $19,082 thousand for the six months ended June 30, 2020, compared to $18,123 thousand for the same period in 2019, indicating a growth of 5.3%[11]. - Net income for the six months ended June 30, 2020, was $19,082,000, compared to $18,569,000 for the same period in 2019, reflecting an increase of 2.8%[18]. - Net income for the three months ended June 30, 2020, was $18,034 thousand, compared to $15,377 thousand for the same period in 2019, reflecting an increase of about 17.2%[158]. - The Company reported a total noninterest income of $56.363 million for the six months ended June 30, 2020, compared to $35.152 million for the same period in 2019, representing a 60.4% increase[194]. - Total revenue for the three months ended June 30, 2020, was $21,774 thousand, an increase from $20,470 thousand for the same period in 2019, representing a growth of approximately 6.4%[157]. Asset Growth - Total assets increased to $2,215,157 thousand as of June 30, 2020, up from $1,944,114 thousand at December 31, 2019, representing a growth of approximately 14%[8]. - Total stockholders' equity increased to $228,500,000 as of June 30, 2020, up from $211,936,000 at the end of 2019, reflecting a growth of 7.8%[18]. - The company reported cash and cash equivalents of $78,854,000 at the end of June 30, 2020, compared to $21,209,000 at the end of the previous year, indicating a substantial increase in liquidity[19]. - The balance of loans held for sale increased to $242,089,000 as of June 30, 2020, compared to $109,788,000 at December 31, 2019, reflecting a significant growth[135]. Loan and Deposit Metrics - Net loans rose to $1,476,930 thousand, an increase of 8.3% from $1,362,766 thousand at the end of 2019[8]. - Total deposits reached $1,863,963 thousand, reflecting a significant increase of 47.3% compared to $1,265,042 thousand at the end of 2019[8]. - The net increase in deposits was $456,265,000 for the six months ended June 30, 2020, compared to $68,583,000 in 2019, showing strong deposit growth[19]. - The company’s residential real estate loans increased to $279,626 thousand as of June 30, 2020, compared to $271,604 thousand at December 31, 2019, reflecting a growth of approximately 3.0%[49]. Provision for Loan Losses - The provision for loan losses increased significantly to $7,734 thousand for the six months ended June 30, 2020, compared to $900 thousand in the same period of 2019[10]. - The provision for loan losses for the three months ended June 30, 2020, was $6,596 thousand, compared to $600 thousand for the same period in 2019, indicating a significant increase of approximately 1,032.7%[157]. - The allowance for loan losses (ALL) increased to $17,569 thousand as of June 30, 2020, up from $11,775 thousand at December 31, 2019, indicating a rise of approximately 49.4%[62]. Noninterest Income and Expenses - Noninterest income surged to $56,363 thousand for the six months ended June 30, 2020, up from $35,152 thousand in the prior year, marking a growth of 60.4%[10]. - The company reported total noninterest expenses of $33,333 thousand for the three months ended June 30, 2020, compared to $20,390 thousand for the same period in 2019, indicating an increase of approximately 63.6%[158]. - Noninterest income in the Mortgage Banking segment increased by $17.6 million, primarily due to a $12.3 million increase in the gain on derivatives and a $5.4 million increase in mortgage fee income[173]. Acquisitions and Business Combinations - The company completed a business combination that resulted in net cash provided of $64,633,000, contributing positively to its financial position[18]. - The Bank acquired assets and assumed liabilities of First State Bank for a net asset discount of $33.2 million, with total deposits valued at approximately $140.0 million[201]. - A pre-tax bargain purchase gain of $4.671 million was recognized on the First State Bank acquisition[207]. Risk and Impairment - Impaired loans increased by $8.1 million, or 85.1%, during the six months ended June 30, 2020, primarily due to the identification of $8.2 million of impaired loans[72]. - The total impaired loans as of June 30, 2020, were $17,748,000, with $10,737,000 requiring a specific allowance[72]. - The company evaluates loans for impairment based on payment status, collateral value, and the probability of collecting scheduled payments[63]. Stock and Shareholder Information - Earnings per share from continuing operations increased to $1.58 for the six months ended June 30, 2020, compared to $1.54 in the same period of 2019[13]. - The Company’s stock repurchase program allows for the repurchase of up to $5.0 million of its outstanding shares over 12 months[149]. - The Company repurchased a total of 45,600 shares of its common stock in March, May, and June 2020, at average prices of $16.00, $14.18, and $13.53 respectively[150][151][152].