MVB Financial(US:MVBF)2024-10-30 20:02Financial 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].