MVB Financial(US:MVBF)2025-10-29 20:31Financial Performance - MVB Financial reported a net income of $17.1 million for Q3 2025, translating to $1.36 and $1.32 per basic and diluted share, respectively[2]. - Net interest income increased by 3.1% to $26.8 million, driven by robust loan growth of 4.9%, with total loan balances reaching $2.26 billion[9][17]. - Total noninterest income surged by 335.6% to $34.6 million, primarily due to the gain from the sale of Victor, despite a $7.6 million loss from securities repositioning[9][14]. - Net interest income for Q3 2025 was $26,573,000, compared to $25,780,000 in Q2 2025, reflecting a growth of 3.1%[49]. - Earnings per share (basic) for the third quarter of 2025 was $1.36, compared to $0.16 in the second quarter of 2025[37]. - Earnings per share (diluted) increased to $1.32 in Q3 2025 from $0.16 in Q3 2024, reflecting strong performance[48]. - The efficiency ratio improved to 54.5% in Q3 2025 from 88.7% in Q3 2024, indicating better cost management[48]. Asset and Liability Management - Total assets as of September 30, 2025, were $3,232,953, a slight increase from $3,224,008 in June 30, 2025, but a decrease from $3,418,756 in September 30, 2024[41]. - Total liabilities decreased to $2,905,201 as of September 30, 2025, from $2,921,693 in June 30, 2025, and $3,115,556 in September 30, 2024[41]. - Total stockholders' equity increased to $327,752 as of September 30, 2025, compared to $302,315 in June 30, 2025, and $303,200 in September 30, 2024[41]. Loan and Credit Quality - Nonperforming loans totaled $26.2 million, or 1.2% of total loans, reflecting an increase from the previous quarter due to one specific credit downgrade[10]. - The provision for credit losses totaled $4.4 million for the third quarter of 2025, up from $2.0 million in the prior quarter[26]. - The allowance for credit losses for loans was 1.03% of total loans at September 30, 2025, compared to 0.97% at June 30, 2025[27]. - Criticized loans as a percentage of total loans decreased to 4.1% as of September 30, 2025, from 5.2% as of June 30, 2025[24]. - Nonperforming loans increased to $26,214,000, up from $21,055,000 in the previous year, suggesting potential asset quality concerns[48]. - The allowance for credit losses was $23,322,000, compared to $21,499,000 in the same period last year, reflecting increased provisions for potential loan losses[48]. Shareholder Returns - The company completed a $10.0 million share repurchase program, buying back 473,584 shares at an average price of $21.15 per share[4]. - The Company issued a quarterly cash dividend of $0.17 per share during the third quarter of 2025, consistent with previous quarters[22]. - Cash dividends paid per common share remained stable at $0.17 for both Q3 2025 and Q3 2024[48]. Capital Ratios - The Community Bank Leverage Ratio was 11.1%, while the Tier 1 Risk-Based Capital Ratio stood at 14.1% as of September 30, 2025[21]. - The Total Risk-Based Capital Ratio was 15.0% as of September 30, 2025, down from 15.5% as of June 30, 2025[22]. - Tangible common equity ratio improved to 10.1% in Q3 2025, up from 9.3% in Q2 2025[51]. Other Financial Metrics - The average yield on loans for the three months ended September 30, 2025, was 6.55%, down from 6.78% in June 30, 2025, and 7.08% in September 30, 2024[43]. - Total interest-bearing liabilities were $2,071,007 for the three months ended September 30, 2025, with an average cost of 3.38%[43]. - Noninterest-bearing deposits were $862,124 as of September 30, 2025, compared to $886,657 in June 30, 2025, and $910,787 in September 30, 2024[43]. - The net interest margin (tax-equivalent) for Q3 2025 was 3.55%, slightly down from 3.61% in Q3 2024[48]. - The impact of fully tax-equivalent adjustment on net interest income was $180,000 in Q3 2025, compared to $177,000 in Q2 2025[49].