MVB Financial(US:MVBF)2025-11-06 21:05Financial Performance - Net income attributable to the parent for the three months ended September 30, 2025, was $17,136 thousand, a substantial increase from $2,080 thousand in 2024, reflecting an increase of 720.77%[16] - Earnings per common shareholder (basic) rose to $1.36 for the three months ended September 30, 2025, compared to $0.16 in 2024, an increase of 750%[16] - Net income for the nine months ended September 30, 2025, was $22,697,000, compared to $10,807,000 for the same period in 2024, representing a significant increase[22] - The company reported a net income of $17.1 million for the three months ended September 30, 2025, compared to $2.1 million for the same period in 2024[153] - For the nine months ended September 30, 2025, net income was $22.7 million, up from $10.7 million for the same period in 2024[155] Asset Growth - Total assets increased to $3,232,953 thousand as of September 30, 2025, up from $3,128,704 thousand at December 31, 2024, representing a growth of 3.33%[14] - Total stockholders' equity increased to $327,752,000 as of September 30, 2025, from $289,384,000 at December 31, 2023, reflecting a growth of approximately 13.3%[20] - Total assets increased by $104.2 million during the nine months ended September 30, 2025, with the equity to assets ratio rising to 10.1% from 9.8% at December 31, 2024[209] Deposits - Total deposits reached $2,776,078 thousand as of September 30, 2025, up from $2,693,615 thousand at December 31, 2024, indicating a growth of 3.07%[14] - Total deposits increased to $2.78 billion at September 30, 2025, from $2.69 billion at December 31, 2024, with Fintech deposits rising to $1.10 billion[200] - Off-balance sheet deposits totaled $911.6 million as of September 30, 2025, down from $1.42 billion at December 31, 2024, primarily representing the gaming and banking-as-a-service industries[205] Income and Expenses - Net interest income after provision for credit losses for the three months ended September 30, 2025, was $22,146 thousand, compared to $25,626 thousand for the same period in 2024, a decrease of 13.73%[15] - Total noninterest expenses for the three months ended September 30, 2025, were $33,331 thousand, compared to $29,485 thousand in 2024, an increase of 13.93%[15] - Total noninterest expenses for the nine months ended September 30, 2025, were $90,601, an increase from $88,606 in 2024, reflecting a rise of 2.2%[142] Credit Losses - Provision for credit losses increased to $4,427 thousand for the three months ended September 30, 2025, compared to $959 thousand in 2024, an increase of 361.66%[15] - The allowance for credit losses stood at $23,322 thousand as of September 30, 2025, up from $19,663 thousand at December 31, 2024, an increase of 18.06%[14] - The provision for credit losses for the three months ended September 30, 2025, was $3,209 thousand, compared to $5,370 thousand for the same period in 2024, indicating a decrease of about 40.2%[80] Loan Portfolio - As of September 30, 2025, total loans amounted to $2,260,041 thousand, an increase from $2,099,117 thousand as of December 31, 2024, representing a growth of approximately 7.67%[48] - The commercial loan segment reached $1,592,801 thousand as of September 30, 2025, up from $1,416,856 thousand at the end of 2024, indicating an increase of about 12.43%[48] - The total for home equity lines of credit loans was $10.476 million, with no charge-offs reported[67] Noninterest Income - Noninterest income surged to $34,612 thousand for the three months ended September 30, 2025, compared to $6,657 thousand in the same period of 2024, marking a significant increase of 419.57%[15] - For the nine months ended September 30, 2025, noninterest income totaled $49.6 million, an increase of $27.9 million from $21.6 million in the prior year, driven by a $34.7 million gain on divestitures and a $5.3 million increase in equity method investment income[181] Market and Economic Conditions - The bank expects potential economic volatility over the next one to two years, impacting credit loss estimates[72] - The company is preparing to adopt new accounting standards related to income tax disclosures effective after December 15, 2024, which may impact footnote disclosures but not the consolidated financial statements materially[37] Stockholder Activities - The company executed a stock buyback program, repurchasing common stock worth $10,018,000 during the nine months ended September 30, 2025[22] - The company plans to repurchase up to $10 million of its common stock starting in November 2025[147] Risk Management - The Bank engages an external consultant to conduct independent loan reviews annually, targeting 35% to 40% of the Bank's commercial outstanding loan balances for review[65] - The company is actively monitoring the performance and credit quality of its loan portfolio by analyzing the past due status of the portfolio[70]