Mvb Financial Corp 8-K, filed Feb 14, 2024

Mvb Financial Corp (MVBF)

8-K 2024-02-14 For: 2024-02-14

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Added on April 06, 2026

About this 8-K

Mvb Financial Corp filed this 8-K on February 14, 2024.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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West Virginia	001-38314	20-0034461
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


301 Virginia Avenue, Fairmont, WV			26554-2777
(Address of principal executive offices)			(Zip Code)


(304) 363-4800
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)


			MVB Financial Corp.
			By:			/s/ Donald T. Robinson
						Donald T. Robinson President and Chief Financial Officer


	Quarterly						Year-to-Date
	2023		2023		2022		2023		2022
	Fourth Quarter		Third Quarter		Fourth Quarter
Interest income	$	49,699	$	48,325	$	40,702	$	189,818	$	125,957
Interest expense	18,592		18,460		7,253		66,535		14,154
Net interest income	31,107		29,865		33,449		123,283		111,803
Provision (release of allowance) for credit losses	(2,103)		(159)		2,694		(1,921)		14,194
Net interest income after provision (release of allowance) for credit losses	33,210		30,024		30,755		125,204		97,609

Total noninterest income	4,438		5,791		3,435		19,715		27,565

Noninterest expense:
Salaries and employee benefits	14,863		16,016		14,317		63,371		62,534
Other expense	13,438		14,709		12,424		54,254		47,612
Total noninterest expenses	28,301		30,725		26,741		117,625		110,146

Income before income taxes	9,347		5,090		7,449		27,294		15,028
Income taxes	1,431		1,218		1,731		5,070		3,294
Net income from continuing operations before noncontrolling interest	7,916		3,872		5,718		22,224		11,734
Income from discontinued operations before income taxes	—		—		888		11,831		3,487
Income taxes - discontinued operations	—		—		236		3,049		834
Net income from discontinued operations	—		—		652		8,782		2,653
Net (income) loss attributable to noncontrolling interest	(5)		(5)		139		226		660


Net income available to common shareholders	$	7,911	$	3,867	$	6,509	$	31,232	$	15,047

Earnings per share from continuing operations - basic	$	0.62	$	0.30	$	0.47	$	1.77	$	1.01
Earnings per share from discontinued operations - basic	$	—	$	—	$	0.05	$	0.69	$	0.22
Earnings per share - basic	$	0.62	$	0.30	$	0.52	$	2.46	$	1.23
Earnings per share from continuing operations - diluted	$	0.61	$	0.29	$	0.45	$	1.72	$	0.96
Earnings per share from discontinued operations - diluted	$	—	$	—	$	0.05	$	0.68	$	0.21
Earnings per share - diluted	$	0.61	$	0.29	$	0.50	$	2.40	$	1.17


Date of Report (Date of earliest event reported):			February 14, 2024


MVB Financial Corp.
(Exact name of registrant as specified in its charter)


	December 31, 2023		September 30, 2023		December 31, 2022
Cash and cash equivalents	$	398,229	$	587,100	$	40,280

Securities available-for-sale, at fair value	345,275		311,537		379,814
Equity securities	41,086		40,835		38,744
Loans held-for-sale	629		7,603		23,126
Loans receivable	2,317,594		2,270,433		2,372,645
Less: Allowance for credit losses	(22,124)		(24,276)		(23,837)
Loans receivable, net	2,295,470		2,246,157		2,348,808
Premises and equipment, net	20,928		21,468		23,630
Assets from discontinued operations	—		—		4,315
Goodwill	2,838		2,838		2,838

Other assets	209,427		220,045		207,295
Total assets	$	3,313,882	$	3,437,583	$	3,068,850

Noninterest-bearing deposits	$	1,197,272	$	1,093,903	$	1,231,544
Interest-bearing deposits	1,704,204		1,944,986		1,338,938

FHLB and other borrowings	—		—		102,333
Senior term loan	6,786		8,473		9,765
Subordinated debt	73,540		73,478		73,286
Liabilities from discontinued operations	—		—		5,444
Other liabilities	42,738		45,374		46,149
Stockholders' equity	289,342		271,369		261,391
Total liabilities and stockholders' equity	$	3,313,882	$	3,437,583	$	3,068,850


Twelve Months Ended December 31, 2023	CoRe Banking		Mortgage Banking		Financial Holding Company		Other		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	189,498	$	416	$	41	$	—	$	(137)	$	189,818
Interest expense	62,507		—		3,985		180		(137)		66,535
Net interest income (expense)	126,991		416		(3,944)		(180)		—		123,283
Release of allowance for credit losses	(1,921)		—		—		—		—		(1,921)
Net interest income (expense) after release of allowance for credit losses	128,912		416		(3,944)		(180)		—		125,204

Noninterest income	17,286		(2,486)		10,453		9,138		(14,676)		19,715




Noninterest expenses:
Salaries and employee benefits	37,265		7		17,041		9,058		—		63,371
Other expense	53,221		65		8,233		7,411		(14,676)		54,254
Total noninterest expenses	90,486		72		25,274		16,469		(14,676)		117,625

Income (loss) before income taxes	55,712		(2,142)		(18,765)		(7,511)		—		27,294
Income taxes	12,342		(557)		(4,923)		(1,792)		—		5,070
Net income (loss) from continuing operations	43,370		(1,585)		(13,842)		(5,719)		—		22,224
Income from discontinued operations before income taxes	—		—		—		11,831		—		11,831
Income tax expense - discontinued operations	—		—		—		3,049		—		3,049
Net income from discontinued operations	—		—		—		8,782		—		8,782
Net income (loss)	43,370		(1,585)		(13,842)		3,063		—		31,006
Net loss attributable to noncontrolling interest	—		—		—		226		—		226
Net income (loss) available to common shareholders	$	43,370	$	(1,585)	$	(13,842)	$	3,289	$	—	$	31,232


Twelve Months Ended December 31, 2022	CoRe Banking		Mortgage Banking		Financial Holding Company		Other		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	125,426	$	429	$	146	$	—	$	(44)	$	125,957
Interest expense	10,920		—		3,234		44		(44)		14,154
Net interest income (expense)	114,506		429		(3,088)		(44)		—		111,803
Provision for credit losses	14,194		—		—		—		—		14,194
Net interest income (expense) after provision for credit losses	100,312		429		(3,088)		(44)		—		97,609




Noninterest income	22,673		37		10,576		6,120		(11,841)		27,565

Noninterest expenses:
Salaries and employee benefits	36,960		8		16,582		8,984		—		62,534
Other expenses	44,873		142		8,049		6,389		(11,841)		47,612
Total noninterest expenses	81,833		150		24,631		15,373		(11,841)		110,146

Income (loss) before income taxes	41,152		316		(17,143)		(9,297)		—		15,028
Income taxes	8,882		77		(3,472)		(2,193)		—		3,294
Net income (loss) from continuing operations	32,270		239		(13,671)		(7,104)		—		11,734
Income from discontinued operations before income taxes	—		—		—		3,487		—		3,487
Income tax expense - discontinued operations	—		—		—		834		—		834
Net income from discontinued operations	—		—		—		2,653		—		2,653
Net income (loss)	32,270		239		(13,671)		(4,451)		—		14,387
Net loss attributable to noncontrolling interest	—		—		—		660		—		660
Net income (loss) available to common shareholders	$	32,270	$	239	$	(13,671)	$	(3,791)	$	—	$	15,047


	Three Months Ended						Three Months Ended						Three Months Ended
	December 31, 2023						September 30, 2023						December 31, 2022
	Average Balance		Interest Income/ Expense		Yield/ Cost		Average Balance		Interest Income/ Expense		Yield/ Cost		Average Balance		Interest Income/ Expense		Yield/ Cost
Assets
Interest-bearing balances with banks	$	442,521	$	5,944	5.33	%	$	483,158	$	6,404	5.26	%	$	113,500	$	982	3.43	%

Investment securities:
Taxable	222,303		1,444		2.58		206,340		1,056		2.03		233,839		1,114		1.89
Tax-exempt 1	98,464		876		3.53		107,490		1,016		3.75		136,313		1,343		3.91
Loans and loans held-for-sale: 2
Commercial 3	1,635,510		33,665		8.17		1,593,875		31,348		7.80		1,667,981		27,947		6.65
Tax-exempt 1	3,492		38		4.32		3,678		40		4.31		4,161		47		4.48
Real estate	576,580		6,421		4.42		573,579		6,351		4.39		631,450		6,000		3.77
Consumer	76,088		1,503		7.84		95,032		2,331		9.73		139,705		3,563		10.12
Total loans	2,291,670		41,627		7.21		2,266,164		40,070		7.02		2,443,297		37,557		6.10
Total earning assets	3,054,958		49,891		6.48		3,063,152		48,546		6.29		2,926,949		40,996		5.56
Less: Allowance for credit losses	(24,079)						(29,693)						(27,530)
Cash and due from banks	5,771						6,686						5,643
Other assets	292,574						281,504						266,292
Total assets	$	3,329,224					$	3,321,649					$	3,171,354

Liabilities
Deposits:
NOW	$	637,144	$	5,386	3.35	%	$	674,745	$	4,970	2.92	%	$	791,227	$	2,880	1.44	%
Money market checking	650,925		3,691		2.25		537,592		3,294		2.43		219,334		643		1.16
Savings	70,146		442		2.50		72,206		438		2.41		77,416		263		1.35
IRAs	7,296		66		3.59		6,788		56		3.27		6,053		20		1.31
CDs	590,517		8,014		5.38		664,281		8,702		5.20		314,723		2,380		3.00
Repurchase agreements and federal funds sold	4,736		—		—		4,911		—		—		9,958		1		0.04
FHLB and other borrowings	11		—		—		278		—		—		11,128		115		4.10
Senior term loan	8,183		183		8.87		8,751		191		8.66		9,235		163		7.00
Subordinated debt	73,510		810		4.37		73,446		809		4.37		73,254		787		4.26
Total interest-bearing liabilities	2,042,468		18,592		3.61		2,042,998		18,460		3.58		1,512,328		7,252		1.90
Noninterest-bearing demand deposits	975,122						975,164						1,377,880
Other liabilities	39,410						38,021						40,264
Total liabilities	3,057,000						3,056,183						2,930,472

Stockholders’ equity

Common stock	13,588						13,570						13,452
Paid-in capital	160,106						159,050						156,111
Treasury stock	(16,741)						(16,741)						(16,741)
Retained earnings	156,004						146,504						129,454
Accumulated other comprehensive loss	(40,688)						(36,865)						(41,793)
Total stockholders’ equity attributable to parent	272,269						265,518						240,483
Noncontrolling interest	(45)						(52)						399
Total stockholders’ equity	272,224						265,466						240,882
Total liabilities and stockholders’ equity	$	3,329,224					$	3,321,649					$	3,171,354

Net interest spread (tax-equivalent)					2.87	%					2.71	%					3.66	%
Net interest income and margin (tax-equivalent) 1			$	31,299	4.06	%			$	30,086	3.90	%			$	33,744	4.57	%
Less: Tax-equivalent adjustments			$	(193)					$	(221)					$	(295)
Net interest spread					2.84	%					2.68	%					3.62	%
Net interest income and margin			$	31,107	4.04	%			$	29,865	3.87	%			$	33,449	4.53	%


	Twelve Months Ended						Twelve Months Ended
	December 31, 2023						December 31, 2022
	Average Balance		Interest Income/ Expense		Yield/ Cost		Average Balance		Interest Income/ Expense		Yield/ Cost
Assets
Interest-bearing balances with banks	$	414,466	$	21,043	5.08	%	$	232,935	$	1,613	0.69	%
CDs with banks	—		—		—		1,033		24		2.32
Investment securities:
Taxable	221,395		5,576		2.52		236,344		3,496		1.48
Tax-exempt 1	116,680		4,347		3.73		139,353		5,166		3.71
Loans and loans held-for-sale: 2
Commercial 3	1,621,299		124,078		7.65		1,594,069		87,845		5.51
Tax-exempt 1	3,732		163		4.37		4,661		203		4.36
Real estate	591,157		24,764		4.19		487,044		15,721		3.23
Consumer	108,988		10,793		9.90		103,345		13,017		12.60
Total loans	2,325,176		159,798		6.87		2,189,119		116,786		5.33
Total earning assets	3,077,717		190,764		6.20		2,798,784		127,085		4.54
Less: Allowance for loan losses	(29,746)						(22,248)
Cash and due from banks	6,659						5,670
Other assets	302,036						244,861
Total assets	$	3,356,666					$	3,027,067

Liabilities
Deposits:
NOW	$	697,266	$	19,851	2.85	%	$	707,282	$	4,724	0.67	%
Money market checking	504,730		10,352		2.05		330,208		1,449		0.44
Savings	76,908		1,871		2.43		56,697		418		0.74
IRAs	6,662		194		2.91		6,216		71		1.14
CDs	576,726		29,392		5.10		170,648		3,814		2.24
Repurchase agreements and federal funds sold	5,662		1		0.02		10,987		6		0.05
FHLB and other borrowings	17,542		890		5.07		15,494		437		2.82
Senior term loan	9,007		766		8.50		2,328		163		7.00
Subordinated debt	73,415		3,219		4.38		73,159		3,072		4.20
Total interest-bearing liabilities	1,967,918		66,536		3.38		1,373,019		14,154		1.03
Noninterest-bearing demand deposits	1,074,292						1,357,426
Other liabilities	40,435						41,098
Total liabilities	3,082,645						2,771,543

Stockholders’ equity
Preferred stock	—						—
Common stock	13,541						13,320
Paid-in capital	159,523						147,728
Treasury stock	(16,741)						(16,741)
Retained earnings	154,041						137,498
Accumulated other comprehensive loss	(36,419)						(26,918)
Total stockholders’ equity attributable to parent	273,945						254,887
Noncontrolling interest	76						637
Total stockholders’ equity	274,021						255,524
Total liabilities and stockholders’ equity	$	3,356,666					$	3,027,067

Net interest spread (tax-equivalent)					2.82	%					3.51	%
Net interest income and margin (tax-equivalent) 1			$	124,228	4.04	%			$	112,931	4.04	%
Less: Tax-equivalent adjustments			$	(946)					$	(1,128)
Net interest spread					2.79	%					3.47	%
Net interest income and margin			$	123,283	4.01	%			$	111,803	3.99	%


	Quarterly						Year-to-Date
	2023		2023		2022		2023		2022
	Fourth Quarter		Third Quarter		Fourth Quarter
Card acquiring income	$	1,348	$	845	$	497	$	3,603	$	2,790
Service charges on deposits	174		490		684		2,850		3,418
Interchange income	2,289		1,517		497		7,323		5,440
Total payment card and service charge income	3,811		2,852		1,678		13,776		11,648

Equity method investments loss	(2,429)		(750)		(1,379)		(2,499)		(713)
Compliance and consulting income	986		1,314		1,217		4,312		4,598
Gain (loss) on sale of loans	271		330		(2,131)		(744)		1,655
Investment portfolio gains (losses)	75		244		(1,397)		(1,659)		925
Loss on acquisition and divestiture activity	—		—		—		(986)		—
Other noninterest income	1,724		1,801		5,447		7,515		9,452

Total noninterest income	$	4,438	$	5,791	$	3,435	$	19,715	$	27,565


	Quarterly									Year-to-Date
	2023			2023			2022			2023			2022
	Fourth Quarter			Third Quarter			Fourth Quarter
Earnings and Per Share Data:
Net income	$	7,911		$	3,867		$	6,509		31,232			15,047

Earnings per share from continuing operations - basic	$	0.62		$	0.30		$	0.47		$	1.77		$	1.01
Earnings per share from discontinued operations - basic	$	—		$	—		$	0.05		$	0.69		$	0.22
Earnings per share - basic	$	0.62		$	0.30		$	0.52		$	2.46		$	1.23
Earnings per share from continuing operations - diluted	$	0.61		$	0.29		$	0.45		$	1.72		$	0.96
Earnings per share from discontinued operations - diluted	$	—		$	—		$	0.05		$	0.68		$	0.21
Earnings per share - diluted	$	0.61		$	0.29		$	0.50		$	2.40		$	1.17
Cash dividends paid per common share	$	0.17		$	0.17		$	0.17		$	0.68		$	0.68
Book value per common share	$	22.68		$	21.33		$	20.69		$	22.68		$	20.69
Tangible book value per common share 1	$	22.43		$	21.08		$	20.25		$	22.43		$	20.25
Weighted-average shares outstanding - basic	12,740,193			12,722,010			12,604,193			12,694,206			12,279,462
Weighted-average shares outstanding - diluted	13,024,562			13,116,629			13,012,460			12,997,332			12,870,734

Performance Ratios:
Return on average assets 2	1.0		%	0.5		%	0.8		%	0.9		%	0.5		%
Return on average equity 2	11.6		%	5.8		%	10.8		%	11.4		%	5.9		%
Net interest margin 3 4	4.06		%	3.90		%	4.57		%	4.04		%	4.04		%
Efficiency ratio 5 10	79.6		%	86.2		%	72.3		%	82.3		%	78.2		%
Overhead ratio 2 6	3.4		%	3.7		%	3.6		%	3.5		%	3.9		%
Equity to assets	8.7		%	7.9		%	8.5		%	8.7		%	8.5		%

Asset Quality Data and Ratios:
Charge-offs	$	1,868		$	8,064		$	7,878		$	18,479		$	15,183
Recoveries	$	1,343		$	2,205		$	2,507		$	9,185		$	6,560
Net loan charge-offs to total loans 2 7	0.1		%	1.0		%	0.9		%	0.4		%	0.4		%
Allowance for credit losses	$	22,124		$	24,276		$	23,837		$	22,124		$	23,837
Allowance for credit losses to total loans 8	0.95		%	1.07		%	1.00		%	0.95		%	1.00		%
Nonperforming loans	$	8,267		$	10,593		$	11,165		$	8,267		$	11,165
Nonperforming loans to total loans	0.4		%	0.5		%	0.5		%	0.4		%	0.5		%

Mortgage Company Equity Method Investees Production Data9:
Mortgage pipeline	$	706,873		$	643,578		$	678,345		$	706,873		$	678,345
Loans originated	$	1,020,128		$	1,131,963		$	407,070		$	4,319,382		$	3,120,577
Loans closed	$	724,453		$	786,885		$	388,417		$	3,007,221		$	2,628,149


	December 31, 2023			September 30, 2023			December 31, 2022
Tangible Book Value per Common Share
Goodwill	$	2,838		$	2,838		$	3,988
Intangibles	352			375			1,631
Total intangibles	$	3,190		$	3,213		$	5,619

Total equity attributable to parent	$	289,384		$	271,416		$	261,084
Less: Total intangibles	(3,190)			(3,213)			(5,619)
Tangible common equity	$	286,194		$	268,203		$	255,465

Tangible common equity	$	286,194		$	268,203		$	255,465
Common shares outstanding (000s)	12,758			12,726			12,618
Tangible book value per common share	$	22.43		$	21.08		$	20.25

Tangible Common Equity Ratio
Total assets	$	3,313,882		$	3,437,583		$	3,068,850
Less: Total intangibles	(3,190)			(3,213)			(5,619)
Tangible assets	$	3,310,692		$	3,434,370		$	3,063,231

Tangible assets	$	3,310,692		$	3,434,370		$	3,063,231
Tangible common equity	$	286,194		$	268,203		$	255,465
Tangible common equity ratio	8.6		%	7.8		%	8.3		%