Mvb Financial Corp 8-K, filed Jul 29, 2024

Mvb Financial Corp (MVBF)

8-K 2024-07-29 For: 2024-07-29

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Added on July 04, 2026

About this 8-K

Mvb Financial Corp filed this 8-K on July 29, 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
	2024		2024		2023		2024		2023
	Second Quarter		First Quarter		Second Quarter
Interest income	$	46,127	$	50,030	$	47,031	$	96,157	$	91,794
Interest expense	18,557		19,891		17,449		38,448		29,483
Net interest income	27,570		30,139		29,582		57,709		62,311
Provision (release of allowance) for credit losses	254		1,997		(4,235)		2,251		341
Net interest income after provision (release of allowance) for credit losses	27,316		28,142		33,817		55,458		61,970




Total noninterest income	7,142		7,834		6,419		14,976		9,486

Noninterest expense:
Salaries and employee benefits	15,949		16,489		15,746		32,438		32,492
Other expense	12,981		13,702		14,536		26,683		26,107
Total noninterest expenses	28,930		30,191		30,282		59,121		58,599

Income before income taxes	5,528		5,785		9,954		11,313		12,857
Income taxes	1,379		1,283		1,956		2,662		2,421
Net income from continuing operations, before noncontrolling interest	4,149		4,502		7,998		8,651		10,436
Income from discontinued operations, before income taxes	—		—		—		—		11,831
Income taxes - discontinued operations	—		—		—		—		3,049
Net income from discontinued operations	—		—		—		—		8,782
Net Income, before noncontrolling interest	4,149		4,502		7,998		8,651		19,218
Net (income) loss attributable to noncontrolling interest	(60)		(20)		114		(80)		236


Net income available to common shareholders	$	4,089	$	4,482	$	8,112	$	8,571	$	19,454

Earnings per share from continuing operations - basic	$	0.32	$	0.35	$	0.64	$	0.67	$	0.84
Earnings per share from discontinued operations - basic	$	—	$	—	$	—	$	—	$	0.69
Earnings per share - basic	$	0.32	$	0.35	$	0.64	$	0.67	$	1.54
Earnings per share from continuing operations - diluted	$	0.31	$	0.34	$	0.63	$	0.66	$	0.82
Earnings per share from discontinued operations - diluted	$	—	$	—	$	—	$	—	$	0.68
Earnings per share - diluted	$	0.31	$	0.34	$	0.63	$	0.66	$	1.50


Date of Report (Date of earliest event reported):			July 29, 2024


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


	June 30, 2024		March 31, 2024			June 30, 2023
Cash and cash equivalents	$	455,517	$	640,426		$	455,835

Securities available-for-sale, at fair value	361,254		349,678			329,137
Equity securities	41,261		41,037			41,082
Loans held-for-sale	—		—			7,009
Loans receivable	2,206,793		2,267,310			2,312,387
Less: Allowance for credit losses	(22,084)		(22,804)			(30,294)
Loans receivable, net	2,184,709		2,244,506			2,282,093
Premises and equipment, net	19,540		19,968			22,407



Other assets	225,723		251,775		—	214,284
Total assets	$	3,288,004	$	3,547,390		$	3,351,847

Noninterest-bearing deposits	$	983,809	$	1,391,070		$	987,555
Interest-bearing deposits	1,899,043		1,754,259			1,971,384


Senior term loan	—		6,549			8,835
Subordinated debt	73,663		73,602			73,414

Other liabilities	34,826		30,082		—	36,362
Stockholders' equity	296,663		291,828			274,297
Total liabilities and stockholders' equity	$	3,288,004	$	3,547,390		$	3,351,847


Three Months Ended June 30, 2024	CoRe Banking		Mortgage Banking		Financial Holding Company		Other		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	46,038	$	103	$	3	$	—	$	(17)	$	46,127
Interest expense	17,635		—		922		17		(17)		18,557
Net interest income (expense)	28,403		103		(919)		(17)		—		27,570
Provision for credit losses	254		—		—		—		—		254
Net interest income (expense) after provision for credit losses	28,149		103		(919)		(17)		—		27,316




Noninterest income	4,898		485		2,769		3,128		(4,138)		7,142

Noninterest Expenses:
Salaries and employee benefits	9,359		—		4,473		2,117		—		15,949
Other expenses	13,257		—		2,080		1,782		(4,138)		12,981
Total noninterest expenses	22,616		—		6,553		3,899		(4,138)		28,930

Income (loss), before income taxes	10,431		588		(4,703)		(788)		—		5,528
Income taxes	2,438		145		(1,016)		(188)		—		1,379




Net income (loss), before noncontrolling interest	7,993		443		(3,687)		(600)		—		4,149
Net income attributable to noncontrolling interest	—		—		—		(60)		—		(60)


Net income (loss) available to common shareholders	$	7,993	$	443	$	(3,687)	$	(660)	$	—	$	4,089


Three Months Ended March 31, 2024	CoRe Banking		Mortgage Banking		Financial Holding Company		Other		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	49,942	$	103	$	2	$	—	$	(17)	$	50,030
Interest expense	18,927		—		959		22		(17)		19,891
Net interest income (expense)	31,015		103		(957)		(22)		—		30,139
Provision for credit losses	1,997		—		—		—		—		1,997
Net interest income (expense) after provision for credit losses	29,018		103		(957)		(22)		—		28,142




Noninterest income	7,521		(1,129)		2,265		3,264		(4,087)		7,834

Noninterest Expenses:
Salaries and employee benefits	9,823		—		4,678		1,988		—		16,489
Other expenses	13,821		—		1,841		2,127		(4,087)		13,702
Total noninterest expenses	23,644		—		6,519		4,115		(4,087)		30,191

Income (loss) before income taxes	12,895		(1,026)		(5,211)		(873)		—		5,785
Income taxes	2,878		(229)		(1,157)		(209)		—		1,283




Net income (loss), before noncontrolling interest							—
Net income attributable to noncontrolling interest	—		—		—		(20)		—		(20)


Net income (loss) available to common shareholders	$	10,017	$	(797)	$	(4,054)	$	(684)	$	—	$	4,482


Three Months Ended June 30, 2023	CoRe Banking		Mortgage Banking		Financial Holding Company		Other		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	46,929	$	105	$	3	$	6	$	(12)	$	47,031
Interest expense	16,439		—		999		23		(12)		17,449
Net interest income (expense)	30,490		105		(996)		(17)		—		29,582
Release of allowance for credit losses	(4,235)		—		—		—		—		(4,235)
Net interest income (expense) after release of allowance for credit losses	34,725		105		(996)		(17)		—		33,817




Noninterest income	4,113		1,872		3,116		1,051		(3,733)		6,419

Noninterest Expenses:
Salaries and employee benefits	9,053		7		4,623		2,063		—		15,746
Other expenses	14,148		18		2,163		1,940		(3,733)		14,536
Total noninterest expenses	23,201		25		6,786		4,003		(3,733)		30,282

Income (loss), before income taxes	15,637		1,952		(4,666)		(2,969)		—		9,954
Income taxes	3,237		643		(1,207)		(717)		—		1,956




Net income (loss), before noncontrolling interest	12,400		1,309		(3,459)		(2,252)		—		7,998
Net income attributable to noncontrolling interest	—		—		—		114		—		114


Net income (loss) available to common shareholders	$	12,400	$	1,309	$	(3,459)	$	(2,138)	$	—	$	8,112


Six Months Ended June 30, 2024	CoRe Banking		Mortgage Banking		Financial Holding Company		Other		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	95,980	$	206	$	5	$	—	$	(34)	$	96,157
Interest expense	36,562		—		1,881		39		(34)		38,448
Net interest income (expense)	59,418		206		(1,876)		(39)		—		57,709
Provision for credit losses	2,251		—		—		—		—		2,251
Net interest income (expense) after provision for credit losses	57,167		206		(1,876)		(39)		—		55,458




Noninterest income	12,419		(644)		5,034		6,392		(8,225)		14,976

Noninterest Expenses:
Salaries and employee benefits	19,182		—		9,151		4,105		—		32,438
Other expenses	27,078		—		3,921		3,909		(8,225)		26,683
Total noninterest expenses	46,260		—		13,072		8,014		(8,225)		59,121

Income (loss), before income taxes	23,326		(438)		(9,914)		(1,661)		—		11,313
Income taxes	5,316		(84)		(2,173)		(397)		—		2,662




Net income (loss), before noncontrolling interest	18,010		(354)		(7,741)		(1,264)		—		8,651
Net income attributable to noncontrolling interest	—		—		—		(80)		—		(80)


Net income (loss) available to common shareholders	$	18,010	$	(354)	$	(7,741)	$	(1,344)	$	—	$	8,571


Six Months Ended June 30, 2023	CoRe Banking		Mortgage Banking		Financial Holding Company		Other		Intercompany Eliminations		Consolidated
(Dollars in thousands)
Interest income	$	91,591	$	210	$	36	$	—	$	(43)	$	91,794
Interest expense	27,480		—		1,992		54		(43)		29,483
Net interest income (expense)	64,111		210		(1,956)		(54)		—		62,311
Provision for credit losses	341		—		—		—		—		341
Net interest income (expense) after provision for credit losses	63,770		210		(1,956)		(54)		—		61,970




Noninterest income	7,131		686		5,526		2,835		(6,692)		9,486

Noninterest Expenses:
Salaries and employee benefits	18,104		7		9,573		4,808		—		32,492
Other expenses	25,202		52		4,080		3,465		(6,692)		26,107
Total noninterest expenses	43,306		59		13,653		8,273		(6,692)		58,599

Income (loss), before income taxes	27,595		837		(10,083)		(5,492)		—		12,857
Income taxes	5,752		139		(2,149)		(1,321)		—		2,421
Net income (loss) from continuing operations	21,843		698		(7,934)		(4,171)		—		10,436
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), before noncontrolling interest	21,843		698		(7,934)		4,611		—		19,218
Net loss attributable to noncontrolling interest	—		—		—		236		—		236


Net income (loss) available to common shareholders	$	21,843	$	698	$	(7,934)	$	4,847	$	—	$	19,454


	Three Months Ended						Three Months Ended						Three Months Ended
	June 30, 2024						March 31, 2024						June 30, 2023
	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	$	380,278	$	5,065	5.36	%	$	549,894	$	7,341	5.37	%	$	444,600	$	5,542	5.00	%

Investment securities:
Taxable	252,963		1,905		3.03		246,091		1,743		2.85		220,687		1,229		2.23
Tax-exempt 1	102,785		684		2.68		106,309		887		3.36		123,497		1,147		3.73
Loans and loans held-for-sale: 2
Commercial	1,597,359		30,824		7.76		1,626,286		32,152		7.95		1,635,438		30,534		7.49
Tax-exempt 1	3,261		35		4.32		3,373		37		4.41		3,822		42		4.41
Real estate	563,011		6,391		4.57		576,148		6,612		4.62		593,767		5,691		3.84
Consumer	73,531		1,374		7.52		77,300		1,452		7.55		128,113		3,096		9.69
Total loans	2,237,162		38,624		6.94		2,283,107		40,253		7.09		2,361,140		39,363		6.69
Total earning assets	2,973,188		46,278		6.26		3,185,401		50,224		6.34		3,149,924		47,281		6.02
Less: Allowance for credit losses	(22,596)						(22,258)						(35,143)
Cash and due from banks	4,528						5,405						5,756
Other assets	305,644						335,029						289,161
Total assets	$	3,260,764					$	3,503,577					$	3,409,698

Liabilities
Deposits:
NOW	$	465,587	$	4,139	3.58	%	$	555,530	$	4,929	3.57	%	$	682,277	$	4,816	2.83	%
Money market checking	400,205		3,337		3.35		408,764		3,759		3.70		615,962		2,439		1.59
Savings	112,225		944		3.38		163,611		1,640		4.03		72,289		351		1.95
IRAs	7,948		81		4.10		7,762		74		3.83		6,401		45		2.82
CDs	731,337		9,130		5.02		674,611		8,529		5.08		662,753		8,799		5.33
Repurchase agreements and federal funds sold	3,459		4		0.47		2,951		—		—		5,428		—		—
FHLB and other borrowings	—		—		—		44		1		9.14		158		—		—
Senior term loan 3	2,736		114		16.76		6,736		150		8.96		9,351		198		8.49
Subordinated debt	73,629		808		4.41		73,571		809		4.42		73,382		801		4.38
Total interest-bearing liabilities	1,797,126		18,557		4.15		1,893,580		19,891		4.22		2,128,001		17,449		3.29
Noninterest-bearing demand deposits	1,139,070						1,279,194						971,436
Other liabilities	36,101						42,017						38,842
Total liabilities	2,972,297						3,214,791						3,138,279

Stockholders’ equity

Common stock	13,731						13,659						13,533
Paid-in capital	162,518						161,532						158,601
Treasury stock	(16,741)						(16,741)						(16,741)
Retained earnings	161,709						160,933						148,600
Accumulated other comprehensive loss	(32,299)						(30,559)						(32,714)
Total stockholders’ equity attributable to parent	288,918						288,824						271,279
Noncontrolling interest	(451)						(38)						140
Total stockholders’ equity	288,467						288,786						271,419
Total liabilities and stockholders’ equity	$	3,260,764					$	3,503,577					$	3,409,698

Net interest spread (tax-equivalent)					2.11	%					2.12	%					2.73	%
Net interest income and margin (tax-equivalent)1			$	27,721	3.75	%			$	30,333	3.83	%			$	29,832	3.80	%
Less: Tax-equivalent adjustments			$	(151)					$	(194)					$	(250)
Net interest spread					2.09	%					2.10	%					2.70	%
Net interest income and margin			$	27,570	3.73	%			$	30,139	3.81	%			$	29,582	3.77	%


	Six Months Ended						Six Months Ended
	June 30, 2024						June 30, 2023
	Average Balance		Interest Income/ Expense		Yield/ Cost		Average Balance		Interest Income/ Expense		Yield/ Cost
Assets
Interest-bearing balances with banks	$	465,086	$	12,406	5.36	%	$	365,291	$	8,695	4.80	%

Investment securities:
Taxable	249,527		3,648		2.94		228,587		3,077		2.71
Tax-exempt 1	104,547		1,570		3.02		130,609		2,456		3.79
Loans and loans held-for-sale: 2
Commercial	1,611,822		62,975		7.86		1,628,015		59,065		7.32
Tax-exempt 1	3,317		72		4.37		3,882		85		4.42
Real estate	569,579		13,004		4.59		607,501		11,992		3.98
Consumer	75,416		2,827		7.54		132,804		6,959		10.57
Total loans	2,260,134		78,878		7.02		2,372,202		78,101		6.64
Total earning assets	3,079,294		96,502		6.30		3,096,689		92,329		6.01
Less: Allowance for credit losses	(22,427)						(32,653)
Cash and due from banks	4,967						3,015
Other assets	320,338						314,279
Total assets	$	3,382,172					$	3,381,330

Liabilities
Deposits:
NOW	$	510,558	$	9,068	3.57	%	$	739,273	$	9,478	2.59	%
Money market checking	404,484		7,096		3.53		413,718		3,367		1.64
Savings	137,918		2,585		3.77		82,735		991		2.42
IRAs	7,856		155		3.97		6,276		72		2.31
CDs	702,974		17,657		5.05		525,213		12,695		4.87
Repurchase agreements and federal funds sold	3,205		5		0.31		6,514		—		—
FHLB and other borrowings	22		1		9.14		35,347		888		5.07
Senior term loan 3	4,736		264		11.21		9,557		392		8.27
Subordinated debt	73,600		1,617		4.42		73,350		1,600		4.40
Total interest-bearing liabilities	1,845,353		38,448		4.19		1,891,983		29,483		3.14
Noninterest-bearing demand deposits	1,209,132						1,174,965
Other liabilities	39,059						37,969
Total liabilities	3,093,544						3,104,917

Stockholders’ equity

Common stock	13,695						13,502
Paid-in capital	162,025						156,009
Treasury stock	(16,741)						(16,741)
Retained earnings	161,322						157,464
Accumulated other comprehensive income loss	(31,429)						(34,022)
Total stockholders’ equity attributable to parent	288,872						276,212
Noncontrolling interest	(244)						201
Total stockholders’ equity	288,628						276,413
Total liabilities and stockholders’ equity	$	3,382,172					$	3,381,330

Net interest spread (tax-equivalent)					2.11	%					2.87	%
Net interest income and margin (tax-equivalent)1			$	58,054	3.79	%			$	62,846	4.09	%
Less: Tax-equivalent adjustments			$	(345)					$	(535)
Net interest spread					2.09	%					2.84	%
Net interest income and margin			$	57,709	3.77	%			$	62,311	4.06	%


	Quarterly						Year-to-Date
	2024		2024		2023		2024		2023
	Second Quarter		First Quarter		Second Quarter
Card acquiring income	$	337	$	251	$	788	$	588	$	1,410
Service charges on deposits	1,103		1,523		1,060		2,626		2,186
Interchange income	2,377		3,039		1,655		5,416		3,517
Total payment card and service charge income	3,817		4,813		3,503		8,630		7,113

Equity method investments gain (loss)	484		(1,128)		1,873		(644)		680
Compliance and consulting income	1,274		1,000		996		2,274		2,012
Loss on sale of loans	—		—		(989)		—		(1,345)
Investment portfolio gains (losses)	117		609		(134)		726		(1,978)
Loss on acquisition and divestiture activity	—		—		(986)		—		(986)
Other noninterest income	1,450		2,540		2,156		3,990		3,990

Total noninterest income	$	7,142	$	7,834	$	6,419	$	14,976	$	9,486


	Quarterly											Year-to-Date
	2024			2024			2023					2024			2023
	Second Quarter			First Quarter			Second Quarter
Earnings and Per Share Data:


Net income	$	4,089		$	4,482		$	8,112				$	8,571		$	19,454
Earnings per share from continuing operations - basic	$	0.32		$	0.35		$	0.64				$	0.67		$	0.84
Earnings per share from discontinued operations - basic	$	—		$	—		$	—				$	—		$	0.69
Earnings per share - basic	$	0.32		$	0.35		$	0.64				$	0.67		$	1.54
Earnings per share from continuing operations - diluted	$	0.31		$	0.34		$	0.63				$	0.66		$	0.82
Earnings per share from discontinued operations - diluted	$	—		$	—		$	—				$	—		$	0.68
Earnings per share - diluted	$	0.31		$	0.34		$	0.63				$	0.66		$	1.50
Cash dividends paid per common share	$	0.17		$	0.17		$	0.17				$	0.34		$	0.34
Book value per common share	$	22.94		$	22.73		$	21.57				$	22.94		$	21.57
Tangible book value per common share 1	$	22.70		$	22.48		$	21.31				$	22.70		$	21.31
Weighted-average shares outstanding - basic	12,883,426			12,810,956			12,689,669					12,847,191			12,656,698
Weighted-average shares outstanding - diluted	13,045,660			13,119,292			12,915,294					13,058,791			12,959,725

Performance Ratios:
Return on average assets 2	0.5		%	0.5		%	1.0		%			0.5		%	1.2		%
Return on average equity 2	5.7		%	6.2		%	12.0		%			5.9		%	14.1		%
Net interest margin 3 4	3.75		%	3.83		%	3.80		%			3.79		%	4.09		%
Efficiency ratio 5	83.3		%	79.5		%	84.1		%			81.3		%	70.9		%
Overhead ratio 2 6	3.5		%	3.4		%	3.6		%			3.5		%	3.5		%
Equity to assets	9.0		%	8.2		%	8.2		%			9.0		%	8.2		%

Asset Quality Data and Ratios:
Charge-offs	$	1,538		$	2,150		$	3,700				$	3,688		$	8,547
Recoveries	$	688		$	835		$	2,468				$	1,523		$	5,637
Net loan charge-offs to total loans 2 7	0.2		%	0.2		%	0.2		%			0.2		%	0.3		%
Allowance for credit losses	$	22,084		$	22,084		$	30,294				$	22,084		$	30,294
Allowance for credit losses to total loans 8	1.00		%	1.01		%	1.31		%	1.31	%	1.00		%	1.31		%
Nonperforming loans	$	23,099		$	7,546		$	13,646				$	23,099		$	13,646
Nonperforming loans to total loans	1.0		%	0.3		%	0.6		%			1.0		%	0.6		%

Mortgage Company Equity Method Investees Production Data9:
Mortgage pipeline	$	927,875		$	790,771		$	748,756				$	927,875		$	748,756
Loans originated	$	1,383,405		$	1,050,089		$	1,167,596				$	2,433,494		$	2,167,711


	June 30, 2024			March 31, 2024			June 30, 2023
Tangible Book Value per Common Share
Goodwill	$	2,838		$	2,838		$	2,838
Intangibles	307			330			397
Total intangibles	$	3,145		3,168			3,235

Total equity attributable to parent	$	296,625		291,850			274,349

Less: Total intangibles	(3,145)			(3,168)			(3,235)
Tangible common equity	$	293,480		$	288,682		$	271,114

Tangible common equity	$	293,480		$	288,682		$	271,114
Common shares outstanding (000s)	12,928			12,841			12,720
Tangible book value per common share	$	22.70		$	22.48		$	21.31

Tangible Common Equity Ratio
Total assets	$	3,288,004		$	3,547,390		$	3,351,847
Less: Total intangibles	(3,145)			(3,168)			(3,235)
Tangible assets	$	3,284,859		$	3,544,222		$	3,348,612

Tangible assets	$	3,284,859		$	3,544,222		$	3,348,612
Tangible common equity	$	293,480		$	288,682		$	271,114
Tangible common equity ratio	8.9		%	8.1		%	8.1		%