Mvb Financial Corp 8-K, filed Aug 1, 2022

Mvb Financial Corp (MVBF)

8-K 2022-08-01 For: 2022-08-01

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Added on July 04, 2026

About this 8-K

Mvb Financial Corp filed this 8-K on August 1, 2022.

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
	Second Quarter		First Quarter		Second Quarter


Net income	$	2,956	$	2,864	$	9,247	$	5,820	$	17,332



Earnings per share - basic	$	0.24	$	0.24	$	0.79	$	0.48	$	1.49



Earnings per share - diluted	$	0.23	$	0.22	$	0.73	$	0.45	$	1.39


Date of Report (Date of earliest event reported):			August 1, 2022


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


	June 30, 2022		March 31, 2022		June 30, 2021
Cash and cash equivalents	$	161,761	$	353,972	$	332,771
Certificates of deposit with banks	496		2,229		11,803
Securities available-for-sale, at fair value	376,737		395,301		450,772
Equity securities	34,250		34,447		32,215
Loans held-for-sale	11,856		9,161		—
Loans receivable	2,215,114		1,897,853		1,697,326
Less: Allowance for loan losses	(22,734)		(18,808)		(24,882)
Loans receivable, net	2,192,380		1,879,045		1,672,444
Premises and equipment, net	25,272		25,357		21,033
Goodwill	3,988		3,988		4,119
Assets of branches held-for-sale	—		—		59,488
Other assets	177,688		189,964		149,895
Total assets	$	2,984,428	$	2,893,464	$	2,734,540

Noninterest-bearing deposits	$	1,342,916	$	1,308,998	$	932,660
Interest-bearing deposits	1,272,054		1,200,081		1,296,515
Liabilities of branches held-for-sale	—		—		165,750
FHLB and other borrowings	—		—		100
Subordinated debt	73,158		73,094		43,480
Other liabilities	43,390		47,429		46,635
Stockholders' equity, including noncontrolling interest	252,910		263,862		249,400
Total liabilities and stockholders' equity	$	2,984,428	$	2,893,464	$	2,734,540


Three Months Ended June 30, 2022	CoRe Banking		Mortgage Banking		Professional Services		Edge Ventures		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	27,910	$	103	$	—	$	—	$	87	$	(10)	$	28,090
Interest expense	672		—		8		—		760		(10)		1,430
Net interest income (expense)	27,238		103		(8)		—		(673)		—		26,660
Provision for loan losses	5,100		—		—		—		—		—		5,100
Net interest income (expense) after provision for loan losses	22,138		103		(8)		—		(673)		—		21,560




Total noninterest income	7,093		787		5,686		110		3,228		(4,995)		11,909

Noninterest Expenses:
Salaries and employee benefits	9,948		—		3,872		724		4,439		—		18,983
Other expenses	10,913		94		1,407		1,170		2,247		(4,995)		10,836
Total noninterest expenses	20,861		94		5,279		1,894		6,686		(4,995)		29,819

Income (loss) before income taxes	8,370		796		399		(1,784)		(4,131)		—		3,650
Income taxes	1,771		207		95		(399)		(815)		—		859




Net income (loss)	6,599		589		304		(1,385)		(3,316)		—		2,791
Net loss attributable to noncontrolling interest	—		—		63		102		—		—		165


Net income (loss) available to common shareholders	$	6,599	$	589	$	367	$	(1,283)	$	(3,316)	$	—	$	2,956


Three Months Ended March 31, 2022	CoRe Banking		Mortgage Banking		Professional Services		Edge Ventures		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	23,171	$	103	$	—	$	—	$	(7)	$	(5)	$	23,262
Interest expense	659		—		7		—		753		(5)		1,414
Net interest income (expense)	22,512		103		(7)		—		(760)		—		21,848
Provision for loan losses	1,280		—		—		—		—		—		1,280
Net interest income (expense) after provision for loan losses	21,232		103		(7)		—		(760)		—		20,568




Total noninterest income	6,898		1,223		5,557		75		2,671		(4,554)		11,870

Noninterest Expenses:
Salaries and employee benefits	9,508		—		3,798		599		4,056		—		17,961
Other expenses	11,048		—		1,155		1,047		2,205		(4,554)		10,901
Total noninterest expenses	20,556		—		4,953		1,646		6,261		(4,554)		28,862

Income (loss) before income taxes	7,574		1,326		597		(1,571)		(4,350)		—		3,576
Income taxes	1,631		341		164		(362)		(869)		—		905




Net income (loss)	5,943		985		433		(1,209)		(3,481)		—		2,671
Net loss attributable to noncontrolling interest	—		—		95		98		—		—		193


Net income (loss) available to common shareholders	$	5,943	$	985	$	528	$	(1,111)	$	(3,481)	$	—	$	2,864


Three Months Ended June 30, 2021	CoRe Banking		Mortgage Banking		Professional Services		Edge Ventures		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	20,736	$	98	$	—	$	—	$	—	$	(1)	$	20,833
Interest expense	1,287		—		3		—		490		(2)		1,778
Net interest income (expense)	19,449		98		(3)		—		(490)		1		19,055
Release of allowance for loan losses	(1,540)		—		—		—		—		—		(1,540)
Net interest income (expense) after release of allowance for loan losses	20,989		98		(3)		—		(490)		1		20,595




Total noninterest income	6,700		4,546		3,286		—		2,309		(3,197)		13,644

Noninterest Expenses:
Salaries and employee benefits	8,038		—		2,212		134		3,277		—		13,661
Other expenses	10,289		23		1,167		122		1,337		(3,196)		9,742
Total noninterest expenses	18,327		23		3,379		256		4,614		(3,196)		23,403

Income (loss) before income taxes	9,362		4,621		(96)		(256)		(2,795)		—		10,836
Income taxes	1,266		1,120		(32)		(66)		(615)		—		1,673




Net income (loss)	8,096		3,501		(64)		(190)		(2,180)		—		9,163
Net loss attributable to noncontrolling interest	—		—		46		38		—		—		84


Net income (loss) available to common shareholders	$	8,096	$	3,501	$	(18)	$	(152)	$	(2,180)	$	—	$	9,247


Six Months Ended June 30, 2022	CoRe Banking		Mortgage Banking		Professional Services		Edge Ventures		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	51,081	$	206	$	—	$	—	$	80	$	(15)	$	51,352
Interest expense	1,331		—		15		—		1,513		(15)		2,844
Net interest income (expense)	49,750		206		(15)		—		(1,433)		—		48,508
Provision for loan losses	6,380		—		—		—		—		—		6,380
Net interest income (expense) after provision for loan losses	43,370		206		(15)		—		(1,433)		—		42,128




Total noninterest income	13,991		2,010		11,243		185		5,899		(9,549)		23,779

Noninterest Expenses:
Salaries and employee benefits	19,456		—		7,670		1,323		8,495		—		36,944
Other expenses	21,961		94		2,562		2,217		4,452		(9,549)		21,737
Total noninterest expenses	41,417		94		10,232		3,540		12,947		(9,549)		58,681

Income (loss) before income taxes	15,944		2,122		996		(3,355)		(8,481)		—		7,226
Income taxes	3,402		548		259		(761)		(1,684)		—		1,764




Net income (loss)	12,542		1,574		737		(2,594)		(6,797)		—		5,462
Net loss attributable to noncontrolling interest	—		—		158		200		—		—		358


Net income (loss) available to common shareholders	$	12,542	$	1,574	$	895	$	(2,394)	$	(6,797)	$	—	$	5,820


Six Months Ended June 30, 2021	CoRe Banking		Mortgage Banking		Professional Services		Edge Ventures		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	39,695	$	202	$	—	$	—	$	1	$	(2)	$	39,896
Interest expense	2,379		—		3		—		956		(2)		3,336
Net interest income (expense)	37,316		202		(3)		—		(955)		—		36,560
Release of allowance for loan losses	(920)		(2)		—		—		—		—		(922)
Net interest income (expense) after release of allowance for loan losses	38,236		204		(3)		—		(955)		—		37,482




Total noninterest income	11,445		10,953		4,978		—		3,890		(5,164)		26,102

Noninterest Expenses:
Salaries and employee benefits	15,874		—		3,106		246		6,346		—		25,572
Other expenses	17,729		86		1,685		193		2,420		(5,164)		16,949
Total noninterest expenses	33,603		86		4,791		439		8,766		(5,164)		42,521

Income (loss) before income taxes	16,078		11,071		184		(439)		(5,831)		—		21,063
Income taxes	2,403		2,684		27		(113)		(1,159)		—		3,842




Net income (loss)	13,675		8,387		157		(326)		(4,672)		—		17,221
Net loss attributable to noncontrolling interest	—		—		46		65		—		—		111
Net income (loss) attributable to parent	13,675		8,387		203		(261)		(4,672)		—		17,332
Preferred stock dividends	—		—		—		—		35		—		35
Net income (loss) available to common shareholders	$	13,675	$	8,387	$	203	$	(261)	$	(4,707)	$	—	$	17,297


	Three Months Ended						Three Months Ended						Three Months Ended
	June 30, 2022						March 31, 2022						June 30, 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	$	197,613	$	304	0.62	%	$	595,574	$	214	0.15	%	$	178,792	$	40	0.09	%
CDs with banks	1,582		9		2.28		2,352		13		2.24		11,803		58		1.97
Investment securities:
Taxable	237,745		838		1.41		241,974		648		1.09		254,536		625		0.98
Tax-exempt 2	147,646		1,342		3.65		128,588		1,137		3.59		207,830		1,640		3.17
Loans and loans held-for-sale: 1
Commercial 3	1,564,266		20,021		5.13		1,453,262		16,979		4.74		1,416,669		15,884		4.50
Tax-exempt 2	4,930		52		4.23		5,066		52		4.16		6,905		78		4.53
Real estate	393,983		2,674		2.72		338,826		2,340		2.80		320,528		2,747		3.44
Consumer	88,366		3,142		14.26		54,623		2,128		15.80		6,550		122		7.47
Total loans	2,051,545		25,889		5.06		1,851,777		21,499		4.71		1,750,652		18,831		4.31
Total earning assets	2,636,131		28,382		4.32		2,820,265		23,511		3.38		2,403,613		21,194		3.54
Less: Allowance for loan losses	(19,927)						(18,343)						(26,625)
Cash and due from banks	5,579						6,067						22,141
Other assets	237,016						248,803						193,165
Total assets	$	2,858,799					$	3,056,792					$	2,592,294

Liabilities
Deposits:
NOW	$	654,781	$	256	0.16	%	$	785,108	$	193	0.10	%	$	716,924	$	643	0.36	%
Money market checking	380,295		184		0.19		466,287		202		0.18		466,091		221		0.19
Savings	27,496		1		0.01		50,041		1		0.01		52,992		—		—
IRAs	6,314		17		1.08		6,370		17		1.08		12,358		40		1.30
CDs	75,487		203		1.08		87,237		243		1.13		156,507		332		0.85
Repurchase agreements and federal funds sold	11,566		1		0.03		11,823		5		0.17		10,833		3		0.11
FHLB and other borrowings	2,312		8		1.39		—		—		—		55,402		49		0.35
Subordinated debt	73,126		760		4.17		73,062		753		4.18		43,462		490		4.52
Total interest-bearing liabilities	1,231,377		1,430		0.47		1,479,928		1,414		0.39		1,514,569		1,778		0.47
Noninterest-bearing demand deposits	1,331,357						1,260,965						810,298
Other liabilities	40,900						46,318						28,688
Total liabilities	2,603,634						2,787,211						2,353,555

Stockholders’ equity
Preferred stock	—						—						—
Common stock	13,289						13,458						12,487
Paid-in capital	145,014						143,795						141,782
Treasury stock	(16,741)						(16,741)						(16,741)
Retained earnings	137,989						137,633						98,413
Accumulated other comprehensive income (loss)	(25,097)						(9,466)						2,194
Total stockholders’ equity attributable to parent	254,454						268,679						238,135
Noncontrolling interest	711						902						604
Total stockholders’ equity	255,165						269,581						238,739
Total liabilities and stockholders’ equity	$	2,858,799					$	3,056,792					$	2,592,294

Net interest spread (tax-equivalent)					3.85	%					2.99	%					3.07	%
Net interest income and margin (tax-equivalent)2			$	26,952	4.10	%			$	22,097	3.18	%			$	19,416	3.24	%
Less: Tax-equivalent adjustments			$	(292)					$	(249)					$	(361)
Net interest spread					3.80	%					2.96	%					3.01	%
Net interest income and margin			$	26,660	4.06	%			$	21,848	3.14	%			$	19,055	3.18	%


	Six Months Ended						Six Months Ended
	June 30, 2022						June 30, 2021
	Average Balance		Interest Income/ Expense		Yield/ Cost		Average Balance		Interest Income/ Expense		Yield/ Cost
Assets
Interest-bearing balances with banks	$	395,494	$	518	0.26	%	$	218,919	$	105	0.10	%
CDs with banks	1,964		22		2.26		11,803		115		1.96
Investment securities:
Taxable	239,849		1,486		1.25		213,944		1,256		1.18
Tax-exempt 2	138,170		2,478		3.62		210,146		3,354		3.22
Loans and loans held-for-sale: 1
Commercial 3	1,509,071		37,000		4.94		1,339,983		30,055		4.52
Tax-exempt 2	4,998		105		4.24		7,055		159		4.54
Real estate	366,557		5,014		2.76		306,878		5,430		3.57
Consumer	71,588		5,271		14.85		7,120		160		4.53
Total loans	1,952,214		47,390		4.90		1,661,036		35,804		4.35
Total earning assets	2,727,691		51,894		3.84		2,315,848		40,634		3.54
Less: Allowance for loan losses	(19,139)						(26,399)
Cash and due from banks	5,822						21,549
Other assets	242,875						201,533
Total assets	$	2,957,249					$	2,512,531

Liabilities
Deposits:
NOW	$	650,903	$	449	0.14	%	$	618,478	$	987	0.32	%
Money market checking	423,053		386		0.18		476,628		452		0.19
Savings	38,706		2		0.01		46,366		5		0.02
IRAs	6,341		34		1.08		12,525		82		1.32
CDs	81,329		446		1.11		162,694		758		0.94
Repurchase agreements and federal funds sold	11,693		3		0.05		10,542		8		0.15
FHLB and other borrowings	1,163		11		1.91		50,901		88		0.35
Subordinated debt	73,094		1,513		4.17		43,444		956		4.44
Total interest-bearing liabilities	1,286,282		2,844		0.45		1,421,578		3,336		0.47
Noninterest-bearing demand deposits	1,365,037						816,078
Other liabilities	43,594						36,960
Total liabilities	2,694,913						2,274,616

Stockholders’ equity
Preferred stock	—						1,168
Common stock	13,373						12,433
Paid-in capital	144,408						139,330
Treasury stock	(16,741)						(16,741)
Retained earnings	137,815						99,336
Accumulated other comprehensive income (loss)	(17,325)						2,083
Total stockholders’ equity attributable to parent	261,530						237,609
Noncontrolling interest	806						306
Total stockholders’ equity	262,336						237,915
Total liabilities and stockholders’ equity	$	2,957,249					$	2,512,531

Net interest spread (tax-equivalent)					3.39	%					3.07	%
Net interest income and margin (tax-equivalent)2			$	49,050	3.63	%			$	37,298	3.25	%
Less: Tax-equivalent adjustments			$	(542)					$	(738)
Net interest spread					3.35	%					3.00	%
Net interest income and margin			$	48,508	3.59	%			$	36,560	3.18	%


	Quarterly						Year-to-Date
	2022		2022		2021		2022		2021
	Second Quarter		First Quarter		Second Quarter
Card acquiring income	$	750	$	983	$	810	$	1,733	$	1,412
Service charges on deposits	973		872		113		1,845		361
Interchange income	2,292		787		1,003		3,079		1,646
Total payment card and service charge income	4,015		2,642		1,926		6,657		3,419

Income from ICM equity method investment 1	732		1,250		4,528		1,982		10,997
Loss from other equity method investments	(183)		(112)		—		(295)		—
Total equity method investment income	549		1,138		4,528		1,687		10,997

Compliance and consulting income	3,750		3,869		1,868		7,619		3,149
Gain on sale of loans	1,405		1,083		1,447		2,488		2,217
Investment portfolio gains	145		2,394		2,412		2,539		4,070
Other noninterest income	2,045		744		1,463		2,789		2,250

Total noninterest income	$	11,909	$	11,870	$	13,644	$	23,779	$	26,102


	Quarterly									Year-to-Date
	2022			2022			2021			2022			2021
	Second Quarter			First Quarter			Second Quarter
Earnings and Per Share Data:
Net income	$	2,956		$	2,864		$	9,247		$	5,820		$	17,332
Net income available to common shareholders	$	2,956		$	2,864		$	9,247		$	5,820		$	17,297
Earnings per share - basic	$	0.24		$	0.24		$	0.79		$	0.48		$	1.49
Earnings per share - diluted	$	0.23		$	0.22		$	0.73		$	0.45		$	1.39
Cash dividends paid per common share	$	0.17		$	0.17		$	0.12		$	0.34		$	0.22
Book value per common share	$	20.63		$	21.66		$	21.12		$	20.63		$	21.12
Tangible book value per common share 1	$	20.14		$	21.16		$	20.54		$	20.14		$	20.54
Weighted-average shares outstanding - basic	12,176,805			12,093,179			11,639,237			12,135,223			11,585,059
Weighted-average shares outstanding - diluted	12,895,581			12,927,811			12,612,030			12,870,892			12,449,973

Performance Ratios:
Return on average assets 2	0.4		%	0.4		%	1.4		%	0.4		%	1.4		%
Return on average equity 2	4.6		%	4.2		%	15.5		%	4.4		%	14.6		%
Net interest margin 3 4	4.10		%	3.18		%	3.24		%	3.63		%	3.25		%
Efficiency ratio 5	77.3		%	85.6		%	71.6		%	81.2		%	67.9		%
Overhead ratio 2 6	4.2		%	3.8		%	3.6		%	4.0		%	3.4		%
Equity to assets	8.5		%	9.1		%	9.1		%	8.5		%	9.1		%

Asset Quality Data and Ratios:
Charge-offs	$	2,529		$	1,124		$	—		$	3,652		$	265
Recoveries	$	1,355		$	386		$	208		$	1,741		$	225
Net loan charge-offs to total loans 2 7	0.2		%	0.2		%	(0.1)		%	0.2		%	—		%
Allowance for loan losses	$	22,734		$	18,808		$	24,882		$	22,734		$	24,882
Allowance for loan losses to total loans 8	1.03		%	0.99		%	1.47		%	1.03		%	1.47		%
Nonperforming loans	$	19,295		$	18,048		$	15,501		$	19,295		$	15,501
Nonperforming loans to total loans	0.9		%	1.0		%	0.9		%	0.9		%	0.9		%

Intercoastal Mortgage Company, LLC Production Data9:
Mortgage pipeline	$	1,114,061		$	1,092,006		$	1,238,935		$	1,114,061		$	1,238,935
Loans originated	$	976,004		$	1,130,698		$	1,677,431		$	2,106,702		$	3,765,806
Loans closed	$	843,305		$	780,842		$	1,490,965		$	1,624,147		$	3,396,991
Loans sold	$	692,553		$	688,094		$	1,493,198		$	1,380,646		$	3,271,288