Mvb Financial Corp 8-K, filed Nov 1, 2021

Mvb Financial Corp (MVBF)

8-K 2021-11-01 For: 2021-11-01

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Added on April 06, 2026

About this 8-K

Mvb Financial Corp filed this 8-K on November 1, 2021.

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/ Larry F. Mazza
						Larry F. Mazza President and Chief Executive Officer


	Quarterly						Year-to-Date
	2021		2021		2020		2021		2020
	Third Quarter		Second Quarter		Third Quarter


Net income	$	11,828	$	9,247	$	6,491	$	29,160	$	25,573



Earnings per share - basic	$	1.00	$	0.79	$	0.53	$	2.49	$	2.11



Earnings per share - diluted	$	0.92	$	0.73	$	0.53	$	2.32	$	2.07


Date of Report (Date of earliest event reported):			November 1, 2021


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


	September 30, 2021		June 30, 2021		September 30, 2020
Cash and cash equivalents	$	390,081	$	332,771	$	295,823
Certificates of deposit with banks	9,582		11,803		12,301
Securities available-for-sale, at fair value	439,023		450,772		297,964
Equity securities	29,809		32,215		24,164
Loans held-for-sale	—		—		2,271
Loans receivable	1,764,186		1,697,326		1,428,593
Less: Allowance for loan losses	(25,187)		(24,882)		(25,913)
Loans receivable, net	1,738,999		1,672,444		1,402,680
Premises and equipment, net	25,043		21,033		26,176
Goodwill	3,988		4,119		2,350
Assets of branches held-for-sale	—		59,488		—
Other assets	152,299		149,895		150,730
Total assets	$	2,788,824	$	2,734,540	$	2,214,459

Noninterest-bearing deposits	$	999,328	$	932,660	$	642,835
Interest-bearing deposits	1,399,612		1,296,515		1,256,122
Liabilities of branches held-for-sale	—		165,750		—
FHLB and other borrowings	—		100		25,800
Subordinated debt	72,966		43,480		4,124
Other liabilities	50,218		46,635		51,462
Stockholders' equity, including noncontrolling interest	266,700		249,400		234,116
Total liabilities and stockholders' equity	$	2,788,824	$	2,734,540	$	2,214,459


Three Months Ended September 30, 2021	CoRe Banking		Mortgage Banking		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	20,383	$	105	$	1	$	(5)	$	20,484
Interest expense	912		—		481		(5)		1,388
Net interest income	19,471		105		(480)		—		19,096
Provision for loan losses	379		1		—		—		380
Net interest income after provision for loan losses	19,092		104		(480)		—		18,716




Total noninterest income	20,211		3,546		2,002		(3,808)		21,951

Noninterest Expenses:
Salaries and employee benefits	13,097		47		3,384		—		16,528
Other expense	11,654		(198)		1,653		(3,808)		9,301
Total noninterest expenses	24,751		(151)		5,037		(3,808)		25,829

Income (loss) before income taxes	14,552		3,801		(3,515)		—		14,838
Income tax expense (benefit)	2,973		922		(731)		—		3,164




Net income (loss) before noncontrolling interest	11,579		2,879		(2,784)		—		11,674
Net loss attributable to noncontrolling interest	154		—		—		—		154
Net income (loss) attributable to parent	11,733		2,879		(2,784)		—		11,828
Preferred stock dividends	—		—		—		—		—
Net income (loss) available to common shareholders	$	11,733	$	2,879	$	(2,784)	$	—	$	11,828


Three Months Ended June 30, 2021	CoRe Banking		Mortgage Banking		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	20,736	$	98	$	—	$	(1)	$	20,833
Interest expense	1,290		—		490		(2)		1,778
Net interest income	19,446		98		(490)		1		19,055
Release of allowance for loan losses	(1,540)		—		—		—		(1,540)
Net interest income after release of allowance for loan losses	20,986		98		(490)		1		20,595




Total noninterest income	9,986		4,546		2,309		(3,197)		13,644

Noninterest Expenses:
Salaries and employee benefits	10,384		—		3,277		—		13,661
Other expense	11,578		23		1,337		(3,196)		9,742
Total noninterest expenses	21,962		23		4,614		(3,196)		23,403

Income (loss) before income taxes	9,010		4,621		(2,795)		—		10,836
Income tax expense (benefit)	1,168		1,120		(615)		—		1,673
Net income (loss) before noncontrolling interest	7,842		3,501		(2,180)		—		9,163
Net loss attributable to noncontrolling interest	84		—		—		—		84
Net income (loss) attributable to parent	7,926		3,501		(2,180)		—		9,247
Preferred stock dividends	—		—		—		—		—
Net income (loss) available to common shareholders	$	7,926	$	3,501	$	(2,180)	$	—	$	9,247


Three Months Ended September 30, 2020	CoRe Banking		Mortgage Banking		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	18,737	$	78	$	—	$	(188)	$	18,627
Interest expense	2,553		232		20		(188)		2,617
Net interest income	16,184		(154)		(20)		—		16,010
Provision for loan losses	8,631		—		—		—		8,631
Net interest income after provision for loan losses	7,553		(154)		(20)		—		7,379




Total noninterest income	3,106		16,793		1,481		(1,982)		19,398

Noninterest Expenses:
Salaries and employee benefits	7,526		82		2,911		—		10,519
Other expense	8,389		68		1,271		(1,982)		7,746
Total noninterest expenses	15,915		150		4,182		(1,982)		18,265

Income (loss) before income taxes	(5,256)		16,489		(2,721)		—		8,512
Income tax expense (benefit)	(1,556)		4,245		(668)		—		2,021




Net income (loss)	(3,700)		12,244		(2,053)		—		6,491
Preferred stock dividends	—		—		116		—		116
Net income (loss) available to common shareholders	$	(3,700)	$	12,244	$	(2,169)	$	—	$	6,375


Nine Months Ended September 30, 2021	CoRe Banking		Mortgage Banking		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	60,078	$	307	$	2	$	(7)	$	60,380
Interest expense	3,294		—		1,437		(7)		4,724
Net interest income	56,784		307		(1,435)		—		55,656
Release of allowance for loan losses	(541)		(1)		—		—		(542)
Net interest income after release of allowance for loan losses	57,325		308		(1,435)		—		56,198




Total noninterest income	36,634		14,499		5,892		(8,972)		48,053

Noninterest Expenses:
Salaries and employee benefits	32,323		47		9,730		—		42,100
Other expense	31,261		(112)		4,073		(8,972)		26,250
Total noninterest expenses	63,584		(65)		13,803		(8,972)		68,350

Income (loss) before income taxes	30,375		14,872		(9,346)		—		35,901
Income tax expense (benefit)	5,290		3,606		(1,890)		—		7,006




Net income (loss) before noncontrolling interest	25,085		11,266		(7,456)		—		28,895
Net loss attributable to noncontrolling interest	265		—		—		—		265
Net income (loss) attributable to parent	25,350		11,266		(7,456)		—		29,160
Preferred stock dividends	—		—		35		—		35
Net income (loss) available to common shareholders	$	25,350	$	11,266	$	(7,491)	$	—	$	29,125


Nine Months Ended September 30, 2020	CoRe Banking		Mortgage Banking		Financial Holding Company		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	56,693	$	6,034	$	2	$	(1,629)	$	61,100
Interest expense	9,418		3,136		78		(2,171)		10,461
Net interest income (loss)	47,275		2,898		(76)		542		50,639
Provision for loan losses	16,361		4		—		—		16,365
Net interest income (loss) after provision for loan losses	30,914		2,894		(76)		542		34,274

Total noninterest income	24,394		53,140		4,664		(6,437)		75,761

Noninterest Expenses:
Salaries and employee benefits	19,562		21,550		8,248		—		49,360
Other expense	24,172		4,780		3,837		(5,895)		26,894
Total noninterest expenses	43,734		26,330		12,085		(5,895)		76,254

Income (loss) before income taxes	11,574		29,704		(7,497)		—		33,781
Income tax expense (benefit)	2,336		7,696		(1,824)		—		8,208




Net income (loss)	9,238		22,008		(5,673)		—		25,573
Preferred stock dividends	—		—		345		—		345
Net income (loss) available to common shareholders	$	9,238	$	22,008	$	(6,018)	$	—	$	25,228


	Three Months Ended						Three Months Ended						Three Months Ended
	September 30, 2021						June 30, 2021						September 30, 2020
	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	$	184,131	$	60	0.13	%	$	178,792	$	40	0.09	%	$	174,203	$	45	0.10	%
CDs with banks	11,065		52		1.86		11,803		58		1.97		12,641		61		1.91
Investment securities:
Taxable	238,807		575		0.96		254,536		625		0.98		103,497		411		1.58
Tax-exempt 2	202,380		1,528		3.00		207,830		1,640		3.17		142,301		1,344		3.75
Loans and loans held-for-sale: 1
Commercial 3	1,416,236		15,646		4.38		1,416,669		16,058		4.55		1,160,214		14,108		4.82
Tax-exempt 2	6,678		77		4.57		6,905		78		4.53		7,752		91		4.66
Real estate	297,450		2,282		3.04		320,528		2,573		3.22		325,992		2,749		3.35
Consumer	16,133		602		14.80		6,550		122		7.47		6,613		119		7.14
Total loans	1,736,497		18,607		4.25		1,750,652		18,831		4.31		1,500,571		17,067		4.51
Total earning assets	2,372,880		20,822		3.48		2,403,613		21,194		3.54		1,933,213		18,928		3.88
Less: Allowance for loan losses	(24,978)						(26,625)						(18,906)
Cash and due from banks	5,922						22,141						28,299
Other assets	200,536						193,165						205,038
Total assets	$	2,554,360					$	2,592,294					$	2,147,644

Liabilities
Deposits:
NOW	$	743,632	$	333	0.18	%	$	716,924	$	643	0.36	%	$	381,375	$	496	0.52	%
Money market checking	433,216		211		0.19		466,091		221		0.19		479,418		380		0.31
Savings	42,126		—		—		52,992		—		—		49,698		7		0.06
IRAs	7,302		21		1.14		12,358		40		1.30		12,389		44		1.41
CDs	121,482		333		1.09		156,507		332		0.85		334,828		967		1.15
Repurchase agreements and federal funds sold	10,941		3		0.11		10,833		3		0.11		10,145		4		0.16
FHLB and other borrowings	494		6		4.82		55,402		49		0.35		34,138		699		8.12
Subordinated debt	44,460		481		4.29		43,462		490		4.52		4,124		20		1.92
Total interest-bearing liabilities	1,403,653		1,388		0.39		1,514,569		1,778		0.47		1,306,115		2,617		0.79
Noninterest-bearing demand deposits	852,872						810,298						542,467
Other liabilities	36,097						28,688						68,223
Total liabilities	2,292,622						2,353,555						1,916,805

Stockholders’ equity
Preferred stock	—						—						7,334
Common stock	12,704						12,487						12,066
Paid-in capital	141,246						141,782						124,003
Treasury stock	(16,741)						(16,741)						(2,022)
Retained earnings	122,361						98,413						90,113
Accumulated other comprehensive income	1,207						2,194						(655)
Total stockholders’ equity attributable to parent	260,777						238,135						230,839
Noncontrolling interest	961						604						—
Total stockholders’ equity	261,738						238,739						230,839
Total liabilities and stockholders’ equity	$	2,554,360					$	2,592,294					$	2,147,644

Net interest spread (tax-equivalent)					3.09						3.07						3.09
Net interest income and margin (tax-equivalent) 2			$	19,434	3.25	%			$	19,416	3.24	%			$	16,311	3.35	%
Less: Tax-equivalent adjustments			$	(338)					$	(361)					$	(301)
Net interest spread					3.03	%					3.01	%					3.03	%
Net interest income and margin			$	19,096	3.19	%			$	19,055	3.18	%			$	16,010	3.29	%


	Nine Months Ended						Nine Months Ended
	September 30, 2021						September 30, 2020
	Average Balance		Interest Income/ Expense		Yield/ Cost			Average Balance		Interest Income/ Expense		Yield/ Cost
Assets
Interest-bearing balances with banks	$	207,195	$	164	0.11	%		$	77,667	$	110	0.19	%
CDs with banks	11,554		168		1.94			12,667		187		1.97
Investment securities:
Taxable	222,323		1,831		1.10			104,450		1,554		1.98
Tax-exempt 2	207,529		4,881		3.14			125,493		3,703		3.93
Loans and loans held-for-sale: 1
Commercial 3	1,365,680		45,905		4.49			1,138,438		42,292		4.95
Tax-exempt 2	6,928		237		4.57			9,457		329		4.64
Real estate	303,701		7,509		3.31			428,989		13,402		4.16
Consumer	10,157		762		10.03			6,805		370		7.24
Total loans	1,686,466		54,413		4.31			1,583,689		56,393		4.74
Total earning assets	2,335,067		61,457		3.52			1,903,966		61,947		4.33
Less: Allowance for loan losses	(25,920)							(14,857)
Cash and due from banks	16,274							27,781
Other assets	201,198							178,701
Total assets	$	2,526,619						$	2,095,591

Liabilities
Deposits:
NOW	$	660,655	$	1,323	0.27	%		$	385,413	$	2,070	0.72	%
Money market checking	461,998		662		0.19			447,219		2,397		0.71
Savings	44,938		4		0.01			43,606		16		0.05
IRAs	10,764		102		1.27			13,785		169		1.63
CDs	148,807		1,091		0.98			388,190		4,188		1.44
Repurchase agreements and federal funds sold	10,677		10		0.13			9,784		19		0.26
FHLB and other borrowings	33,914		95		0.37			75,451		1,524		2.69
Subordinated debt	43,786		1,437		4.39			4,124		78		2.52
Total interest-bearing liabilities	1,415,539		4,724		0.45			1,367,572		10,461		1.02
Noninterest-bearing demand deposits	828,469							442,378
Other liabilities	36,665							63,853
Total liabilities	2,280,673							1,873,803

Stockholders’ equity
Preferred stock	774							7,334
Common stock	12,524							12,031
Paid-in capital	139,980							123,342
Treasury stock	(16,741)							(1,533)
Retained earnings	107,094							81,476
Accumulated other comprehensive income (loss)	1,788							(862)
Total stockholders’ equity attributable to parent	245,419							221,788
Noncontrolling interest	527							—
Total stockholders’ equity	245,946							221,788
Total liabilities and stockholders’ equity	$	2,526,619						$	2,095,591

Net interest spread (tax-equivalent)					3.07							3.31
Net interest income and margin (tax-equivalent) 2			$	56,733	3.25	%				$	51,486	3.60	%
Less: Tax-equivalent adjustments			$	(1,077)						$	(847)
Net interest spread					3.01	%						3.26	%
Net interest income and margin			$	55,656	3.19	%				$	50,639	3.54	%


	Quarterly									Year-to-Date
	2021			2021			2020			2021			2020
	Third Quarter			Second Quarter			Third Quarter
Earnings and Per Share Data:
Net income	$	11,828		$	9,247		$	6,491		$	29,160		$	25,573
Net income available to common shareholders	$	11,828		$	9,247		$	6,375		$	29,125		$	25,228
Earnings per share - basic	$	1.00		$	0.79		$	0.53		$	2.49		$	2.11
Earnings per share - diluted	$	0.92		$	0.73		$	0.53		$	2.32		$	2.07
Cash dividends paid per common share	$	0.14		$	0.12		$	0.09		$	0.36		$	0.27
Book value per common share	$	22.18		$	21.12		$	19.07		$	22.18		$	19.07
Tangible book value per common share	$	21.64		$	20.54		$	18.66		$	21.64		$	18.66
Weighted-average shares outstanding - basic	11,880,348			11,639,237			11,948,989			11,684,570			11,948,857
Weighted-average shares outstanding - diluted	12,824,309			12,612,030			12,116,418			12,565,809			12,185,137

Performance Ratios:
Return on average assets 1	1.9		%	1.4		%	1.2		%	1.5		%	1.6		%
Return on average equity 1	18.1		%	15.5		%	11.3		%	15.8		%	15.4		%
Net interest margin 2 3	3.25		%	3.24		%	3.35		%	3.25		%	3.60		%
Efficiency ratio 4	62.9		%	71.6		%	51.6		%	65.9		%	60.3		%
Overhead ratio 1 5	4.0		%	3.6		%	3.4		%	3.6		%	4.9		%
Equity to assets	9.5		%	9.1		%	10.6		%	9.5		%	10.6		%

Asset Quality Data and Ratios:
Charge-offs	$	98		$	—		$	111		$	363		$	1,890
Recoveries	$	23		$	208		$	5		$	248		$	17
Net loan charge-offs to total loans 1 6	—		%	(0.1)		%	—		%	—		%	0.2		%
Allowance for loan losses	$	25,187		$	24,882		$	25,913		$	25,187		$	25,913
Allowance for loan losses to total loans 7	1.4		%	1.5		%	1.8		%	1.4		%	1.8		%
Nonperforming loans	$	17,453		$	15,501		$	14,893		$	17,453		$	14,893
Nonperforming loans to total loans	1.0		%	0.9		%	1.0		%	1.0		%	1.0		%

ICM Production Data:
Mortgage pipeline	$	1,150,116		$	1,238,935		$	1,538,554		$	1,150,116		$	1,538,554
Loans originated	$	1,456,588		$	1,677,431		$	2,291,065		$	5,222,394		$	2,291,065
Loans closed	$	1,233,605		$	1,490,965		$	1,619,379		$	4,630,597		$	1,619,379
Loans sold	$	1,098,475		$	1,493,198		$	1,215,512		$	4,368,875		$	1,215,512