MVB Financial(MVBF) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $9.4 million, an increase of $7.4 million from the prior quarter[4] - Net income available to common shareholders for Q4 2024 was $9,440,000, an increase of 353.8% from $2,080,000 in Q3 2024 and an increase of 19.9% from $7,911,000 in Q4 2023[34] - Earnings per share from continuing operations for Q4 2024 was $0.73, compared to $0.16 in Q3 2024 and $0.62 in Q4 2023[34] - The efficiency ratio improved to 72.8% in the fourth quarter of 2024 from 88.7% in the third quarter of 2024[44] Income and Expenses - Noninterest income increased by $14.6 million, or 219.7%, to $21.3 million compared to the prior quarter, primarily due to an $11.8 million gain on sale of assets[9] - Noninterest expense rose by $4.1 million, or 14.0%, to $33.6 million from the prior quarter, driven mainly by higher personnel costs[16] - Interest income for Q4 2024 was $43,058,000, a decrease of 8.5% from Q3 2024's $46,627,000 and a decrease of 13.5% from Q4 2023's $49,699,000[34] - Net interest income after provision for credit losses for Q4 2024 was $24,573,000, down 3.9% from Q3 2024 and down 26.0% from Q4 2023[34] Loans and Deposits - Loans totaled $2.10 billion, a decline of $71.1 million, or 3.3%, from the previous quarter[17] - Deposits decreased by $308.0 million, or 10.3%, to $2.69 billion compared to the prior quarter[18] - Nonperforming loans decreased by $3.9 million, or 13.8%, to $24.6 million, representing 1.2% of total loans[22] - Loans originated in 2024 totaled $5,228,415,000, an increase from $4,319,382,000 in 2023[44] Assets and Equity - Total assets as of December 31, 2024, were $3,128,704,000, a decrease from $3,418,756,000 as of September 30, 2024, and a decrease from $3,313,882,000 as of December 31, 2023[38] - Total stockholders' equity attributable to the parent increased to $296,996 million from $293,849 million[40] - Tangible book value per share increased by 0.7% to $23.37 from the prior quarter[4] - Total equity attributable to the parent increased to $305,679,000 as of December 31, 2024, compared to $303,086,000 as of September 30, 2024[47] Credit Quality - The provision for credit losses totaled $0.3 million, down from $1.0 million in the prior quarter[24] - The allowance for credit losses was $21,542 million, slightly decreased from $22,043 million in the prior quarter[40] - The company reported a provision for credit losses of $331,000 in Q4 2024, compared to a release of allowance of $2,103,000 in Q4 2023[34] - The allowance for credit losses was $19,663,000, compared to $22,124,000 a year earlier, indicating improved asset quality[44] Future Plans - The company plans to continue focusing on expanding its fintech investments and addressing operational risks in the upcoming quarters[28] - The company plans to continue focusing on market expansion and enhancing its product offerings in the upcoming quarters[40]