Mvb Financial Corp 8-K, filed Feb 17, 2023

Mvb Financial Corp (MVBF)

8-K 2023-02-17 For: 2023-02-17

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Added on July 04, 2026

About this 8-K

Mvb Financial Corp filed this 8-K on February 17, 2023.

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
	2022		2022		2021		2022		2021
	Fourth Quarter		Third Quarter		Fourth Quarter


Net income	$	6,509	$	2,718	$	9,959	$	15,047	$	39,121



Earnings per share - basic	$	0.52	$	0.22	$	0.83	$	1.23	$	3.32



Earnings per share - diluted	$	0.50	$	0.21	$	0.77	$	1.17	$	3.10


Date of Report (Date of earliest event reported):			February 17, 2023


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


	December 31, 2022		September 30, 2022		December 31, 2021
Cash and cash equivalents	$	40,280	$	79,946	$	307,437
Certificates of deposit with banks	—		—		2,719
Securities available-for-sale, at fair value	379,814		366,742		421,466
Equity securities	38,744		34,101		32,402
Loans held-for-sale	23,126		19,977		—
Loans receivable	2,359,416		2,471,395		1,869,838
Less: Allowance for loan losses	(23,837)		(26,515)		(18,266)
Loans receivable, net	2,335,579		2,444,880		1,851,572
Premises and equipment, net	23,653		24,668		25,052
Goodwill	3,988		3,988		3,988

Other assets	210,437		165,620		147,813
Total assets	$	3,055,621	$	3,139,922	$	2,792,449

Noninterest-bearing deposits	$	1,231,544	$	1,411,772	$	1,120,433
Interest-bearing deposits	1,338,938		1,285,186		1,257,172

FHLB and other borrowings	102,333		73,328		—
Secured borrowings	9,765		—		—
Subordinated debt	73,286		73,222		73,030
Other liabilities	48,129		52,054		66,511
Stockholders' equity, including noncontrolling interest	261,391		244,360		275,303
Total liabilities and stockholders' equity	$	3,055,621	$	3,139,922	$	2,792,449


Twelve Months Ended December 31, 2022	CoRe Banking		Mortgage Banking		Professional Services		Edge Ventures		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	125,426	$	429	$	—	$	—	$	146	$	(44)	$	125,957
Interest expense	10,919		—		39		5		3,234		(44)		14,153
Net interest income	114,507		429		(39)		(5)		(3,088)		—		111,804
Provision for loan losses	14,194		—		—		—		—		—		14,194
Net interest income after provision for loan losses	100,313		429		(39)		(5)		(3,088)		—		97,610

Noninterest income	22,673		37		22,812		459		10,576		(18,263)		38,294




Noninterest Expenses:
Salaries and employee benefits	36,960		8		15,276		3,336		16,582		—		72,162
Other expense	44,873		142		5,233		5,192		8,049		(18,263)		45,226
Total noninterest expenses	81,833		150		20,509		8,528		24,631		(18,263)		117,388

Income (loss) before income taxes	41,153		316		2,264		(8,074)		(17,143)		—		18,516
Income tax expense (benefit)	8,882		77		567		(1,926)		(3,472)		—		4,128
Net income (loss)	32,271		239		1,697		(6,148)		(13,671)		—		14,388




Net loss attributable to noncontrolling interest	—		—		207		453		—		—		660


Net income (loss) available to common shareholders	$	32,271	$	239	$	1,904	$	(5,695)	$	(13,671)	$	—	$	15,048


Twelve Months Ended December 31, 2021	CoRe Banking		Mortgage Banking		Professional Services		Edge Ventures		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	83,023	$	411	$	(8)	$	—	$	15	$	(12)	$	83,429
Interest expense	4,078		—		16		—		2,188		(12)		6,270
Net interest income	78,945		411		(24)		—		(2,173)		—		77,159
Release of allowance for loan losses	(6,274)		(1)		—		—		—		—		(6,275)
Net interest income after release of allowance for loan losses	85,219		412		(24)		—		(2,173)		—		83,434




Noninterest income	33,179		16,342		14,931		71		11,103		(13,030)		62,596

Noninterest Expenses:
Salaries and employee benefits	33,595		—		10,949		1,962		13,704		—		60,210
Other expense	37,033		16		4,095		2,555		6,573		(13,030)		37,242
Total noninterest expenses	70,628		16		15,044		4,517		20,277		(13,030)		97,452

Income (loss) before income taxes	47,770		16,738		(137)		(4,446)		(11,347)		—		48,578
Income tax expense (benefit)	9,154		4,068		(105)		(1,144)		(2,091)		—		9,882





Net income (loss)	38,616		12,670		(32)		(3,302)		(9,256)		—		38,696
Net loss attributable to noncontrolling interest	—		—		210		215		—		—		425
Net income (loss) attributable to parent	38,616		12,670		178		(3,087)		(9,256)		—		39,121
Preferred stock dividends	—		—		—		—		35		—		35
Net income (loss) available to common shareholders	$	38,616	$	12,670	$	178	$	(3,087)	$	(9,291)	$	—	$	39,086


	Three Months Ended						Three Months Ended						Three Months Ended
	December 31, 2022						September 30, 2022						December 31, 2021
	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	$	113,500	$	982	3.43	%	$	32,552	$	111	1.35	%	$	376,667	$	141	0.15	%
CDs with banks	—		—		—		232		2		3.42		6,998		33		1.87
Investment securities:
Taxable	233,839		1,114		1.89		231,953		897		1.53		258,534		573		0.88
Tax-exempt 2	136,313		1,343		3.91		144,719		1,346		3.69		183,736		1,447		3.12
Loans and loans held-for-sale: 1
Commercial 3	1,667,981		27,947		6.65		1,687,383		22,898		5.38		1,451,347		17,653		4.83
Tax-exempt 2	4,161		47		4.48		4,498		51		4.50		5,811		65		4.41
Real estate	631,450		6,000		3.77		579,685		4,707		3.22		320,078		2,153		2.67
Consumer	139,705		3,563		10.12		129,464		4,183		12.82		32,903		1,306		15.75
Total loans	2,443,297		37,557		6.10		2,401,030		31,839		5.26		1,810,139		21,177		4.64
Total earning assets	2,926,949		40,996		5.56		2,810,486		34,195		4.83		2,636,074		23,370		3.52
Less: Allowance for loan losses	(27,530)						(23,083)						(24,977)
Cash and due from banks	5,643						5,399						6,751
Other assets	266,292						227,337						204,001
Total assets	$	3,171,354					$	3,020,139					$	2,821,849

Liabilities
Deposits:
NOW	$	791,227	$	2,880	1.44	%	$	734,271	$	1,393	0.75	%	$	711,805	$	289	0.16	%
Money market checking	219,334		643		1.16		258,527		422		0.65		489,818		221		0.18
Savings	77,416		263		1.35		71,370		153		0.85		36,455		1		0.01
IRAs	6,053		20		1.31		6,132		17		1.10		6,439		18		1.11
CDs	314,723		2,380		3.00		202,299		988		1.94		91,059		263		1.15
Repurchase agreements and federal funds sold	9,958		1		0.04		10,627		1		0.04		11,249		3		0.11
FHLB and other borrowings	11,128		115		4.10		48,058		311		2.57		79		—		—
Secured borrowings	9,235		163		7.00		—		—		—		—		—		—
Subordinated debt	73,254		787		4.26		73,190		771		4.18		72,995		751		4.08
Total interest-bearing liabilities	1,512,328		7,252		1.90		1,404,474		4,056		1.15		1,419,899		1,546		0.43
Noninterest-bearing demand deposits	1,377,880						1,321,982						1,092,520
Other liabilities	40,264						37,019						42,318
Total liabilities	2,930,472						2,763,475						2,554,737

Stockholders’ equity
Preferred stock	—						—						597
Common stock	13,452						13,086						12,878
Paid-in capital	156,111						145,877						142,479
Treasury stock	(16,741)						(16,741)						(16,741)
Retained earnings	129,853						144,816						129,896
Accumulated other comprehensive loss	(41,793)						(30,915)						(3,188)
Total stockholders’ equity attributable to parent	240,882						256,123						265,921
Noncontrolling interest	399						541						1,147
Total stockholders’ equity	240,483						256,664						267,068
Total liabilities and stockholders’ equity	$	3,171,354					$	3,020,139					$	2,821,805

Net interest spread (tax-equivalent)					3.66						3.68						3.09
Net interest income and margin (tax-equivalent) 2			$	33,744	4.57	%			$	30,139	4.25	%			$	21,824	3.28	%
Less: Tax-equivalent adjustments			$	(295)					$	(293)					$	(320)
Net interest spread					3.62						3.64						3.04
Net interest income and margin			$	33,449	4.53	%			$	29,846	4.21	%			$	21,503	3.24	%


	Twelve Months Ended						Twelve Months Ended
	December 31, 2022						December 31, 2021
	Average Balance		Interest Income/ Expense		Yield/ Cost		Average Balance		Interest Income/ Expense		Yield/ Cost
Assets
Interest-bearing balances with banks	$	232,935	$	1,613	0.69	%	$	249,801	$	305	0.12	%
CDs with banks	1,033		24		2.32		10,406		201		1.93
Investment securities:
Taxable	236,344		3,496		1.48		231,450		2,405		1.04
Tax-exempt 2	139,353		5,166		3.71		201,532		6,328		3.14
Loans and loans held-for-sale: 1
Commercial 3	1,594,069		87,845		5.51		1,387,273		63,551		4.58
Tax-exempt 2	4,661		203		4.36		6,646		300		4.51
Real estate	487,044		15,721		3.23		307,829		9,662		3.14
Consumer	103,345		13,017		12.60		15,890		2,069		13.02
Total loans	2,189,119		116,786		5.33		1,717,638		75,582		4.40
Total earning assets	2,798,784		127,085		4.54		2,410,827		84,821		3.52
Less: Allowance for loan losses	(22,248)						(25,682)
Cash and due from banks	5,670						13,874
Other assets	244,861						201,904
Total assets	$	3,027,067					$	2,600,923

Liabilities
Deposits:
NOW	$	707,282	$	4,724	0.67	%	$	673,547	$	1,612	0.24	%
Money market checking	330,208		1,449		0.44		469,010		883		0.19
Savings	56,697		418		0.74		42,800		5		0.01
IRAs	6,216		71		1.14		9,674		121		1.25
CDs	170,648		3,814		2.24		134,250		1,355		1.01
Repurchase agreements and federal funds sold	10,987		6		0.05		10,821		13		0.12
FHLB and other borrowings	15,494		437		2.82		25,275		93		0.37
Secured borrowings	2,328		163		7.00		—		—		—
Subordinated debt	73,159		3,072		4.20		51,149		2,188		4.28
Total interest-bearing liabilities	1,373,019		14,154		1.03		1,416,526		6,270		0.44
Noninterest-bearing demand deposits	1,357,426						895,024
Other liabilities	41,098						38,100
Total liabilities	2,771,543						2,349,650

Stockholders’ equity
Preferred stock	—						730
Common stock	13,320						12,614
Paid-in capital	147,728						140,610
Treasury stock	(16,741)						(16,741)
Retained earnings	138,135						112,842
Accumulated other comprehensive income (loss)	(26,918)						534
Total stockholders’ equity attributable to parent	255,524						250,589
Noncontrolling interest	637						683
Total stockholders’ equity	256,161						251,272
Total liabilities and stockholders’ equity	$	3,027,067					$	2,600,912

Net interest spread (tax-equivalent)					3.51						3.08
Net interest income and margin (tax-equivalent) 2			$	112,931	4.04	%			$	78,551	3.26	%
Less: Tax-equivalent adjustments			$	(1,128)					$	(1,392)
Net interest spread					3.47						3.02
Net interest income and margin			$	111,803	3.99	%			$	77,159	3.20	%


	Quarterly						Year-to-Date
	2022		2022		2021		2022		2021
	Fourth Quarter		Third Quarter		Fourth Quarter
Card acquiring income	$	497	$	560	$	1,713	$	2,790	$	3,817
Service charges on deposits	684		889		135		3,418		634
Interchange income	497		1,864		572		5,440		3,073
Total payment card and service charge income	1,678		3,313		2,420		11,648		7,524

Income (loss) from ICM equity method investment	(1,174)		(831)		1,813		(23)		16,383
Income (loss) from other equity method investments	(205)		(190)		1,045		(690)		1,045
Total equity method investment income (loss)	(1,379)		(1,021)		2,858		(713)		17,428

Compliance and consulting income	4,149		3,736		3,463		15,504		9,625
Gain (loss) on sale of loans	(2,131)		1,298		1,053		1,655		4,178
Investment portfolio gains (losses)	(1,397)		(217)		2,521		925		7,656
Gains on acquisition and divestiture activity	—		—		—		—		10,783
Other noninterest income	5,404		1,082		2,227		9,275		5,402

Total noninterest income	$	6,324	$	8,191	$	14,542	$	38,294	$	62,596


	Quarterly									Year-to-Date
	2022			2022			2021			2022			2021
	Fourth Quarter			Third Quarter			Fourth Quarter
Earnings and Per Share Data:
Net income	$	6,509		$	2,718		$	9,959		15,047			39,121
Net income available to common shareholders	$	6,509		$	2,718		$	9,959		15,047			39,086
Earnings per share - basic	$	0.52		$	0.22		$	0.83		$	1.23		$	3.32
Earnings per share - diluted	$	0.50		$	0.21		$	0.77		$	1.17		$	3.10
Cash dividends paid per common share	$	0.17		$	0.17		$	0.15		$	0.68		$	0.51
Book value per common share	$	20.69		$	19.85		$	22.70		$	20.69		$	22.70
Tangible book value per common share 1	$	20.25		$	19.38		$	22.17		$	20.25		$	22.17
Weighted-average shares outstanding - basic	12,279,462			12,238,505			12,057,451			12,279,462			11,778,557
Weighted-average shares outstanding - diluted	12,870,734			12,854,951			12,944,919			12,870,734			12,613,620

Performance Ratios:
Return on average assets 2	0.8		%	0.4		%	1.4		%	0.5		%	1.5		%
Return on average equity 2	10.8		%	4.2		%	15.0		%	5.9		%	15.6		%
Net interest margin 3 4	4.57		%	4.25		%	3.28		%	4.04		%	3.26		%
Efficiency ratio 5	72.3		%	78.8		%	80.7		%	78.2		%	69.7		%
Overhead ratio 2 6	3.6		%	4.0		%	4.1		%	3.9		%	3.7		%
Equity to assets	8.5		%	7.8		%	9.8		%	8.5		%	9.8		%

Asset Quality Data and Ratios:
Charge-offs	$	7,878		$	3,653		$	1,619		$	15,183		$	1,619
Recoveries	$	2,507		$	2,313		$	316		$	6,560		$	316
Net loan charge-offs to total loans 2 7	0.9		%	0.2		%	0.1		%	0.4		%	0.1		%
Allowance for loan losses	$	23,837		$	26,515		$	18,266		$	23,837		$	18,266
Allowance for loan losses to total loans 8	1.01		%	1.07		%	0.98		%	1.01		%	0.98		%
Nonperforming loans	$	11,165		$	22,350		$	17,713		$	11,165		$	17,713
Nonperforming loans to total loans	0.5		%	0.9		%	0.9		%	0.5		%	0.9		%

Intercoastal Mortgage Company, LLC Production Data9:
Mortgage pipeline	$	678,345		$	792,388		$	1,007,990		$	678,345		$	1,007,990
Loans originated	$	407,070		$	606,805		$	1,046,977		$	3,120,577		$	6,269,371
Loans closed	$	388,417		$	615,585		$	977,354		$	2,628,149		$	5,607,951
Loans sold	$	326,003		$	619,059		$	957,153		$	2,325,709		$	5,326,029


	December 31, 2022		September 30, 2022		December 31, 2021
Goodwill	$	3,988	$	3,988	$	3,988
Intangibles	1,631		1,806		2,316
Total intangibles	5,619		5,794		6,304

Total equity attributable to parent	261,084		243,913		274,328

Less: Total intangibles	(5,619)		(5,794)		(6,304)
Tangible common equity	255,465		238,119		268,024

Tangible common equity	255,465		238,119		268,024
Common shares outstanding (000s)	12,618		12,287		12,087
Tangible book value per common share	$	20.25	$	19.38	$	22.17