MVB Financial(US:MVBF)2024-04-29 20:41Financial Performance - MVB Financial reported net income of $4.5 million, or $0.35 basic and $0.34 diluted earnings per share for Q1 2024[2]. - Net income available to common shareholders for Q1 2024 was $4.482 million, down from $7.911 million in Q4 2023 and $11.342 million in Q1 2023[35]. - Net income for Q1 2024 was $4,482,000, a decrease of 43.5% from $7,911,000 in Q4 2023 and a decrease of 60.5% from $11,342,000 in Q1 2023[48]. - Earnings per share from continuing operations for Q1 2024 was $0.35, compared to $0.62 in Q4 2023 and $0.20 in Q1 2023[35]. - The company reported a net loss before noncontrolling interest of $4,054,000 in Q1 2024, compared to a net income of $7,916,000 in Q4 2023[42]. Revenue and Income - Total revenue increased by 6.8%, or $2.4 million, compared to Q4 2023, driven by a 26.3% growth in fintech fee income, or $1.0 million[3][10]. - Total interest income for Q1 2024 was $50.030 million, an increase from $49.699 million in Q4 2023 and $44.763 million in Q1 2023[35]. - Noninterest income grew by 76.5%, or $3.4 million, to $7.8 million compared to Q4 2023, primarily due to higher payment card and service charge income[10][17]. - Total noninterest income increased to $7.834 million in Q1 2024, compared to $4.438 million in Q4 2023 and $3.067 million in Q1 2023[37]. Assets and Deposits - Total assets increased to $3,547.390 million as of March 31, 2024, compared to $3,313.882 million at December 31, 2023[39]. - Total deposits rose by 8.4%, or $243.9 million, to $3.15 billion, with noninterest bearing deposits increasing by 16.2%, or $193.8 million, representing 44.2% of total deposits[9][21]. - Cash and cash equivalents rose to $640.426 million as of March 31, 2024, up from $398.229 million at December 31, 2023[39]. Loans and Credit Quality - Nonperforming loans decreased by 8.7%, or $0.7 million, to $7.5 million, or 0.3% of total loans[4][10]. - Nonperforming loans totaled $7.5 million, or 0.3% of total loans, as of March 31, 2024, down from $8.3 million (0.4%) as of December 31, 2023, and $13.1 million (0.6%) as of March 31, 2023[24]. - The provision for credit losses totaled $2.0 million, compared to a $2.1 million release of allowance in the prior quarter and a provision of $4.6 million for Q1 2023[26]. - Net charge-offs were $1.3 million, or 0.2% of total loans, for Q1 2024, compared to $0.5 million (0.1%) for Q4 2023 and $1.7 million (0.3%) for Q1 2023[25]. Interest Income and Expenses - Net interest income on a fully tax-equivalent basis declined by 3.1%, or $1.0 million, to $30.3 million compared to Q4 2023[12][15]. - Net interest income after provision for credit losses was $28.142 million for Q1 2024, down from $33.210 million in Q4 2023 but slightly up from $28.153 million in Q1 2023[35]. - Interest expense for Q1 2024 was $19,891,000, compared to $18,592,000 in Q4 2023, reflecting an increase of about 7%[42]. - The net interest margin for Q1 2024 was 3.83%, down from 4.06% in Q4 2023 and 4.40% in Q1 2023[48]. Equity and Book Value - The tangible book value per share increased by 0.2% to $22.48 compared to the prior quarter-end[4][10]. - Book value per common share increased to $22.73 in Q1 2024 from $22.68 in Q4 2023, reflecting a positive trend in shareholder equity[48]. - Total equity attributable to parent rose to $291,850,000 in Q1 2024 from $289,384,000 in Q4 2023 and $271,131,000 in Q1 2023[50]. Operational Efficiency - The efficiency ratio for Q1 2024 was 79.5%, consistent with 79.6% in Q4 2023, indicating stable operational efficiency[48]. - Total noninterest expenses for Q1 2024 were $30,191,000, compared to $28,301,000 in Q4 2023, representing an increase of about 6.7%[42]. - Salaries and employee benefits for Q1 2024 totaled $16,489,000, an increase from $14,863,000 in Q4 2023, indicating a rise of approximately 10.9%[42].