MVB Financial Corp. Announces Fourth Quarter and Full Year 2025 Results

MVB Financial Corp. Announces Fourth Quarter and Full Year 2025 Results MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”), the holding company for MVB Bank, Inc. ("MVB Bank"), today announced financial results for the fourth quarter and year ended December 31, 2025. The Fintech-enabled bank powering payments, banking-as-a-service, Fintech lending sponsorship and gaming programs for leading Fintech companies nationwide reported net income of $4.2 million, or $0.33 basic and $0.32 diluted earnings per share, for the fourth quarter 2025. Fourth Quarter 2025 Highlights As Compared To Third Quarter 2025 Net interest income grew 6.8% to $28.4 million. Expanded net interest margin by 17 basis points to 3.70%. Strong loan growth at 3.7%. Noninterest bearing deposits up to 40.3% of total deposits. Payment card and service charge income increased 19.4%. Maintained strong capital and liquidity positions. Onboarding payment opportunities and pipeline remained robust. From Larry F. Mazza, Chief Executive Officer, MVB Financial: “MVB delivered solid fourth quarter results to close out a successful 2025, with strong momentum building across our entire business platform. We benefited from the tailwind of net interest income growth, net interest margin expansion and a third consecutive quarter of strong loan growth. Loan pipelines remain healthy and core fee income categories continue to build momentum as we enter the first quarter of 2026, positioning us for sustained growth. “2025 was a year of significant accomplishment for MVB – one in which we strengthened fundamentals across the board, sharpened our strategic focus and laid the groundwork for sustained improvement. Additionally, the successful sale of Victor validated our innovative Fintech incubator strategy, while providing capital flexibility to accelerate our growth initiatives and further optimize our balance sheet. We’re executing on our strategic initiatives and building toward enhanced profitability that positions us well for 2026 and beyond. In addition, my recent personal decision to exercise options and retain all shares underscores my deep confidence in our strategic execution and strong momentum in our business.” FOURTH QUARTER 2025 HIGHLIGHTS Continued strong loan growth and net interest margin expansion drive robust net interest income growth.Net interest income and net interest income on a fully tax-equivalent basis, a non-GAAP financial measure 1, increased $1.8 million, or 6.8%, to $28.4 million and $1.7 million, or 6.5%, to $28.5 million, respectively, relative to the prior quarter, primarily reflecting a higher net interest margin and higher average earning asset balances.Net interest margin and net interest margin on a fully tax-equivalent basis, a non-GAAP financial measure 1, was 3.70% and 3.71%, up 17 and 16 basis points, respectively, from the prior quarter, primarily reflecting lower funding costs and higher average earning asset yields.Total cost of funds was 2.30%, a nine basis point improvement from the prior quarter, reflecting lower rates paid on all interest-bearing deposit categories and a positive shift in the mix of interest-bearing liabilities.The yield on average earning assets was 5.94%, up four basis points from the prior quarter, reflecting a positive shift in the mix of earning assets, including higher loan and investment portfolio balances and less cash, and higher investment portfolio yields, owing to the previously-disclosed balance sheet restructuring actions.Total loan balances were $2.34 billion at December 31, 2025, an increase of $83.8 million, or 3.7%, from September 30, 2025, and $243.0 million, or 11.6%, from December 31, 2024. The increase relative to the prior quarters reflects stronger loan demand and improved market conditions.Deposit mix shift improvement led by growth in noninterest bearing deposits.Total deposits increased $66.0 million, or 2.4%, to $2.84 billion at December 31, 2025 relative to the prior quarter. Noninterest bearing deposits (“NIB”) totaled $1.14 billion as of December 31, 2025, an increase of $117.5 million, or 11.4%, from September 30, 2025 and $203.7 million, or 21.6%, from December 31, 2024. NIB deposits represented 40.3% of total deposits as of December 31, 2025, compared to 37.0% of total deposits as of September 30, 2025 and 34.9% as of December 31, 2024. Growth in NIB deposits compared to prior quarters primarily reflected strong growth from new and existing relationship partners.Noninterest income and noninterest expense lower due to previously disclosed events; Core fee categories show momentum.Noninterest income totaled $10.7 million for the fourth quarter of 2025, a decline of $23.9 million, or 69.1%, from the prior quarter, due primarily to the $34.1 million gain on sale of Victor Technologies, Inc. (“Victor”), partially offset by the $7.6 million net loss on the sale of available-for-sale investment securities related to the strategic repositioning of the securities portfolio during the third quarter of 2025.Payment card and service charge income was $4.5 million, up 19.4% from $3.8 million during the prior quarter, due primarily to higher card acquiring income and interchange income. Equity method investment income from MVB’s mortgage segment was $2.8 million, up from $2.4 million in the prior quarter.Noninterest expense totaled $31.5 million, a decline of $1.8 million, or 5.5%, from the prior quarter, due primarily to a decline in compensation-related costs associated with the sale of Victor during the prior quarter.Measures of foundational strength were generally stable.The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were 11.1%, 13.7%, and 14.5%, respectively, compared to 11.1%, 14.1%, and 15.0%, respectively, at the prior quarter-end.The common equity to assets ratio and tangible common equity ratio, a non-GAAP financial measure 1, were both 10.1% as of December 31, 2025, in line with the prior quarter-end level.Book value per common share and tangible book value per common share, a non-GAAP measure 1, were $26.26 and $26.17, respectively, which represent increases of 0.7% relative to the prior quarter-end.Nonperforming loans totaled $30.7 million, or 1.3% of total loans, as of December 31, 2025, compared to $26.2 million, or 1.2% of total loans, as of the prior quarter-end. Approximately two-thirds of nonperforming loans consist of commercial real estate and residential mortgage loans with a weighted-average loan to value of 55.5%.Criticized loans as a percentage of total loans were 3.6% as of December 31, 2025, compared to 4.1% as of the prior quarter end.Classified loans as a percentage of total loans were 2.3% as of December 31, 2025, compared to 2.4% as of the prior quarter end.Net charge-offs were $3.9 million, or 0.68% annualized of total loans, compared to $0.7 million, or 0.12% annualized of total loans for the prior quarter. The increased level of net charge-offs for the quarter is attributed to aggressively managing certain commercial and industrial and Small Business Administration credits where we had built specific reserves and is expected to normalize going forward. The provision for credit losses totaled $2.1 million, compared to $4.4 million for the prior quarter. Provision expense for the fourth quarter of 2025 included strong loan growth. The allowance for credit losses was 0.93% of total loans at December 31, 2025, as compared to 1.03% at the prior quarter-end. 1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release. About MVB Financial Corp. MVB Financial, the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market® (“Nasdaq”) under the ticker “MVBF.” MVB is a financial holding company headquartered in Fairmont, West Virginia. Through its subsidiary, MVB Bank, and MVB Bank’s subsidiaries, MVB Financial provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. For more information about MVB, please visit ir.mvbbanking.com. Forward-looking Statements MVB Financial has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and are subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may,” “could,” “should,” “would,” “will,” “plans,” “believes,” “estimates,” “expects,” “anticipates,” “intends,” “continues” or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity and credit risk; changes in market interest rates; inability to successfully execute business plans, including strategies related to investments in Fintech companies; competition; unforeseen events, such as pandemics or natural disasters, and any governmental or societal responses thereto; changes in economic, business and political conditions, including, without limitation, the imposition of international trade policies and any retaliatory responses thereto; changes in demand for loan products and deposit flow; changes in deposit classifications; operational risks and risk management failures; and government regulation and supervision. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as its other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. Except as required by law, the Company disclaims any obligation to update, revise or correct any forward-looking statements. Accounting standards require the consideration of subsequent events occurring after the balance sheet date for matters that require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s financial statements when filed with the SEC. Accordingly, the consolidated financial information in this announcement is subject to change. Non-GAAP Financial Measures This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these non-GAAP measures in its analysis of the Company’s performance. These measures should not be considered a substitute for GAAP basis measures, nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company’s financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by the Company. As a complement to GAAP financial measures, management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures. MVB Financial Corp. Financial Highlights Consolidated Statements of Income (Unaudited) (Dollars in thousands, except per share data) Three Months Ended Twelve Months Ended 2025 2025 2024 2025 2024 Fourth Quarter Third Quarter Fourth Quarter Interest income $ 45,490 $ 44,220 $ 43,058 $ 175,323 $ 185,842 Interest expense 17,111 17,647 18,154 67,915 76,644 Net interest income 28,379 26,573 24,904 107,408 109,198 Provision for credit losses 2,143 4,427 331 8,737 3,541 Net interest income after provision for credit losses 26,236 22,146 24,573 98,671 105,657 Total noninterest income 10,701 34,612 21,280 60,266 42,913 Noninterest expense: Salaries and employee benefits 17,372 21,399 18,795 70,984 67,955 Other expense 14,114 11,932 14,825 51,103 54,271 Total noninterest expenses 31,486 33,331 33,620 122,087 122,226 Income before income taxes 5,451 23,427 12,233 36,850 26,344 Income taxes 1,226 6,291 2,795 9,928 6,099 Net income, before noncontrolling interest 4,225 17,136 9,438 26,922 20,245 Net loss (income) attributable to noncontrolling interest — — 2 18 (154 ) Net income available to common shareholders $ 4,225 $ 17,136 $ 9,440 $ 26,940 $ 20,091 Earnings per share - basic $ 0.33 $ 1.36 $ 0.73 $ 2.11 $ 1.56 Earnings per share - diluted $ 0.32 $ 1.32 $ 0.72 $ 2.06 $ 1.53 Noninterest Income (Unaudited) (Dollars in thousands) Three Months Ended Twelve Months Ended 2025 2025 2024 2025 2024 Fourth Quarter Third Quarter Fourth Quarter Card acquiring income $ 908 $ 500 $ 489 $ 2,455 $ 1,413 Service charges on deposits 831 970 859 4,034 4,573 Interchange income 2,741 2,283 2,470 11,382 10,314 Total payment card and service charge income 4,480 3,753 3,818 17,871 16,300 Equity method investments income 2,796 2,395 1,319 8,151 1,421 Compliance and consulting income 21 56 1,110 584 4,675 Gain (loss) on sale of loans — — 1,012 (149 ) 1,038 Investment portfolio gains (losses) 3,452 (6,638 ) 721 (3,660 ) 1,945 Gain on divestiture activity 160 34,086 — 34,854 — (Loss) gain on disposal of assets — (47 ) 11,771 (404 ) 11,703 (Loss) gain on derivatives (466 ) — 60 (466 ) 60 Other noninterest income 258 1,007 1,469 3,485 5,771 Total noninterest income $ 10,701 $ 34,612 $ 21,280 $ 60,266 $ 42,913 Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands) December 31, 2025 September 30, 2025 December 31, 2024 Cash and cash equivalents $ 244,125 $ 300,042 $ 317,913 Securities available-for-sale, at fair value 410,510 324,709 410,959 Equity securities 50,643 44,199 42,583 Loans receivable 2,343,163 2,259,386 2,100,131 Less: Allowance for credit losses (21,827 ) (23,322 ) (19,663 ) Loans receivable, net 2,321,336 2,236,064 2,080,468 Premises and equipment, net 10,379 10,351 12,475 Assets held-for-sale — — 2,278 Other assets 271,925 317,588 262,028 Total assets $ 3,308,918 $ 3,232,953 $ 3,128,704 Noninterest-bearing deposits $ 1,144,682 $ 1,027,231 $ 940,994 Interest-bearing deposits 1,697,364 1,748,847 1,752,621 Subordinated debt 74,026 73,976 73,787 Liabilities held-for-sale — — 720 Other liabilities 58,878 55,147 54,791 Stockholders' equity 333,968 327,752 305,791 Total liabilities and stockholders' equity $ 3,308,918 $ 3,232,953 $ 3,128,704 Average Balances and Interest Rates (Unaudited) (Dollars in thousands) Three Months Ended Three Months Ended Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 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 $ 363,831 $ 3,618 3.95 % $ 410,979 $ 4,396 4.24 % $ 358,699 $ 4,191 4.65 % Investment securities: Taxable 330,865 3,888 4.66 299,747 3,144 4.16 290,468 2,199 3.01 Tax-exempt1 53,162 556 4.15 94,081 822 3.47 105,190 851 3.22 Loans and loans held-for-sale:2 Commercial 1,720,707 30,663 7.07 1,589,996 29,194 7.28 1,504,730 28,727 7.59 Tax-exempt1 2,399 27 4.47 2,588 29 4.45 2,939 32 4.33 Real estate 500,193 5,412 4.29 527,420 5,638 4.24 560,790 6,025 4.27 Consumer 73,657 1,449 7.80 61,642 1,177 7.58 64,700 1,219 7.50 Total loans 2,296,956 37,551 6.49 2,181,646 36,038 6.55 2,133,159 36,003 6.71 Total earning assets 3,044,814 45,613 5.94 2,986,453 44,400 5.90 2,887,516 43,244 5.96 Less: Allowance for credit losses (23,497 ) (21,157 ) (21,542 ) Cash and due from banks 11,614 11,012 6,407 Other assets 309,283 299,774 284,294 Total assets $ 3,342,214 $ 3,276,082 $ 3,156,675 Liabilities Deposits: NOW $ 820,803 $ 5,687 2.75 % $ 746,687 $ 5,676 3.02 % $ 529,505 $ 4,092 3.07 % Money market checking 481,573 2,864 2.36 486,684 3,216 2.62 344,546 2,296 2.65 Savings 153,130 1,147 2.97 151,801 1,249 3.26 68,875 288 1.66 IRAs 7,406 66 3.54 7,410 67 3.59 8,085 92 4.53 CDs 587,912 6,429 4.34 601,020 6,628 4.38 834,668 10,561 5.03 Repurchase agreements and federal funds sold 3,153 13 1.64 3,309 14 1.68 3,904 21 2.14 FHLB and other borrowings — — — 145 — — 11 — — Subordinated debt 74,015 905 4.85 73,951 797 4.28 73,765 804 4.34 Total interest-bearing liabilities 2,127,992 17,111 3.19 2,071,007 17,647 3.38 1,863,359 18,154 3.88 Noninterest-bearing demand deposits 824,967 862,124 961,142 Other liabilities 58,816 43,482 35,055 Total liabilities 3,011,775 2,976,613 2,859,556 Stockholders’ equity Common stock 13,954 13,883 13,785 Paid-in capital 168,589 166,488 163,986 Treasury stock (26,917 ) (25,578 ) (16,741 ) Retained earnings 189,132 172,258 161,382 Accumulated other comprehensive loss (14,319 ) (27,582 ) (25,416 ) Total stockholders’ equity attributable to parent 330,439 299,469 296,996 Noncontrolling interest — — 123 Total stockholders’ equity 330,439 299,469 297,119 Total liabilities and stockholders’ equity $ 3,342,214 $ 3,276,082 $ 3,156,675 Net interest spread (tax-equivalent) 2.75 % 2.52 % 2.08 % Net interest income and margin (tax-equivalent)1 $ 28,502 3.71 % $ 26,753 3.55 % $ 25,090 3.46 % Less: Tax-equivalent adjustments $ (123 ) $ (180 ) $ (186 ) Net interest spread 2.74 % 2.49 % 2.05 % Net interest income and margin $ 28,379 3.70 % $ 26,573 3.53 % $ 24,904 3.43 % 1 In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 21% for the periods presented, which is a non-GAAP financial measure. See the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 12. 2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate. Twelve Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 Average Balance Interest Income/ Expense Yield/ Cost Average Balance Interest Income/ Expense Yield/ Cost Assets Interest-bearing balances with banks $ 387,985 $ 16,340 4.21 % $ 422,165 $ 21,814 5.17 % Investment securities: Taxable 315,936 12,618 3.99 261,986 7,693 2.94 Tax-exempt1 86,231 3,052 3.54 104,765 3,287 3.14 Loans and loans held-for-sale:2 Commercial 1,573,561 116,248 7.39 1,570,284 122,839 7.82 Tax-exempt1 2,632 117 4.45 3,175 139 4.38 Real estate 527,951 22,737 4.31 564,633 25,474 4.51 Consumer 64,840 4,878 7.52 70,943 5,314 7.49 Total loans 2,168,984 143,980 6.64 2,209,035 153,766 6.96 Total earning assets 2,959,136 175,990 5.95 2,997,951 186,560 6.22 Less: Allowance for loan losses (20,947 ) (22,108 ) Cash and due from banks 9,472 5,246 Other assets 309,450 302,304 Total assets $ 3,257,111 $ 3,283,393 Liabilities Deposits: NOW $ 687,351 $ 19,463 2.83 % $ 521,337 $ 17,587 3.37 % Money market checking 416,336 10,457 2.51 396,881 12,770 3.22 Savings 128,233 3,898 3.04 115,270 3,756 3.26 IRAs 7,487 282 3.77 7,990 338 4.23 CDs 664,472 30,394 4.57 760,714 38,654 5.08 Repurchase agreements and federal funds sold 3,427 66 1.93 3,477 44 1.27 FHLB and other borrowings 1,300 59 4.54 25 2 6.46 Senior term loan3 — — — 2,355 264 11.21 Subordinated debt 73,922 3,296 4.46 73,667 3,229 4.38 Total interest-bearing liabilities 1,982,528 67,915 3.43 1,881,716 76,644 4.07 Noninterest-bearing demand deposits 915,744 1,071,900 Other liabilities 48,764 37,683 Total liabilities 2,947,036 2,991,299 Stockholders’ equity Common stock 13,865 13,738 Paid-in capital 166,424 162,811 Treasury stock (21,854 ) (16,741 ) Retained earnings 176,329 161,181 Accumulated other comprehensive loss (24,698 ) (28,821 ) Total stockholders’ equity attributable to parent 310,066 292,168 Noncontrolling interest 9 (74 ) Total stockholders’ equity 310,075 292,094 Total liabilities and stockholders’ equity $ 3,257,111 $ 3,283,393 Net interest spread (tax-equivalent) 2.52 % 2.15 % Net interest income and margin (tax-equivalent)1 $ 108,075 3.65 % $ 109,916 3.67 % Less: Tax-equivalent adjustments $ (667 ) $ (718 ) Net interest spread 2.49 % 2.13 % Net interest income and margin $ 107,408 3.63 % $ 109,198 3.64 % 1 In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 21% for the periods presented, which is a non-GAAP financial measure. See the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 12. 2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate. 3 The senior term loan was paid off in May 2024, and the unamortized debt issuance costs were recorded as interest expense upon the repayment. Selected Financial Data (Unaudited) (Dollars in thousands, except per share data) Three Months Ended Twelve Months Ended 2025 2025 2024 2025 2024 Fourth Quarter Third Quarter Fourth Quarter Earnings and Per Share Data: Net income $ 4,225 $ 17,136 $ 9,440 26,940 20,091 Earnings per share - basic $ 0.33 $ 1.36 $ 0.73 $ 2.11 $ 1.56 Earnings per share - diluted $ 0.32 $ 1.32 $ 0.72 $ 2.06 $ 1.53 Cash dividends paid per common share $ 0.17 $ 0.17 $ 0.17 $ 0.68 $ 0.68 Book value per common share $ 26.26 $ 26.07 $ 23.61 $ 26.26 $ 23.61 Tangible book value per common share1 $ 26.17 $ 25.98 $ 23.37 $ 26.17 $ 23.37 Weighted-average shares outstanding - basic 12,630,451 12,615,475 12,937,364 12,775,242 12,890,161 Weighted-average shares outstanding - diluted 13,082,568 13,010,527 13,195,215 13,105,521 13,136,758 Performance Ratios: Return on average assets2 0.5 % 2.1 % 1.2 % 0.8 % 0.6 % Return on average equity2 5.1 % 22.9 % 12.7 % 8.7 % 6.9 % Net interest margin3 4 3.71 % 3.55 % 3.46 % 3.65 % 3.67 % Efficiency ratio5 80.6 % 54.5 % 72.8 % 72.8 % 80.4 % Overhead ratio2 6 3.8 % 4.1 % 4.3 % 3.7 % 3.7 % Equity to assets 10.1 % 10.1 % 9.8 % 10.1 % 9.8 % Asset Quality Data and Ratios: Charge-offs $ 4,143 $ 967 $ 2,677 $ 7,125 $ 7,757 Recoveries $ 256 $ 295 $ 1,153 $ 1,526 $ 3,357 Net loan charge-offs to total loans2 7 0.68 % 0.12 % 0.29 % 0.26 % 0.20 % Allowance for credit losses $ 21,827 $ 23,322 $ 19,663 $ 21,827 $ 19,663 Allowance for credit losses to total loans8 0.93 % 1.03 % 0.94 % 0.93 % 0.94 % Nonperforming loans $ 30,655 $ 26,214 $ 24,607 $ 30,655 $ 24,607 Nonperforming loans to total loans 1.3 % 1.2 % 1.2 % 1.3 % 1.2 % Mortgage Company Equity Method Investees Production Data9: Mortgage pipeline $ 1,127,211 $ 1,174,362 $ 1,025,742 $ 1,127,211 $ 1,025,742 Loans originated $ 1,455,199 $ 1,546,353 $ 1,325,698 $ 5,664,857 $ 5,228,415 Loans closed $ 1,027,560 $ 1,014,469 $ 947,004 $ 3,812,413 $ 3,366,493 Loans sold $ 721,185 $ 702,938 $ 777,821 $ 2,767,843 $ 2,988,639 1 Common equity less total goodwill and intangibles per common share, a non-GAAP measure. See the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 12. 2 Annualized for the quarterly periods presented. 3 Net interest income as a percentage of average interest-earning assets. 4 Presented on a fully tax-equivalent basis, a non-GAAP financial measure. 5 Noninterest expense as a percentage of net interest income and noninterest income, a non-GAAP measure. 6 Noninterest expense as a percentage of average assets, a non-GAAP measure. 7 Charge-offs, less recoveries. 8 Excludes loans held for sale. 9 Information is related to Intercoastal Mortgage Company, LLC and Warp Speed Holdings LLC, entities in which MVB has an ownership interest that are accounted for as equity method investments. Non-GAAP Reconciliation: Net Interest Income and Net Interest Margin on a Fully Tax-Equivalent Basis The following table reconciles, for the periods shown below, net interest income on a fully tax-equivalent basis and net interest margin on a fully tax-equivalent basis: Three Months Ended Twelve Months Ended (Dollars in thousands) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net interest margin - GAAP basis Net interest income $ 28,379 $ 26,573 $ 24,904 $ 107,408 $ 109,198 Average interest-earning assets 3,044,814 2,986,453 2,887,516 2,959,136 2,997,951 Net interest margin 3.70 % 3.53 % 3.43 % 3.63 % 3.64 % Net interest margin - non-GAAP basis Net interest income $ 28,379 $ 26,573 $ 24,904 $ 107,408 $ 109,198 Impact of fully tax-equivalent adjustment 123 180 186 667 718 Net interest income on a fully tax-equivalent basis $ 28,502 $ 26,753 $ 25,090 $ 108,075 $ 109,916 Average interest-earning assets 3,044,814 2,986,453 2,887,516 2,959,136 2,997,951 Net interest margin on a fully tax-equivalent basis 3.71 % 3.55 % 3.46 % 3.65 % 3.67 % Non-GAAP Reconciliation: Tangible Book Value per Common Share and Tangible Common Equity Ratio (Unaudited) (Dollars in thousands, except per share data) December 31, 2025 September 30, 2025 December 31, 2024 Tangible Book Value per Common Share Goodwill $ 1,200 $ 1,200 $ 2,838 Intangibles — — 262 Total intangibles $ 1,200 $ 1,200 $ 3,100 Total equity attributable to parent $ 333,968 $ 327,752 $ 305,679 Less: Total intangibles (1,200 ) (1,200 ) (3,100 ) Tangible common equity $ 332,768 $ 326,552 $ 302,579 Tangible common equity $ 332,768 $ 326,552 $ 302,579 Common shares outstanding (000s) 12,716 12,570 12,945 Tangible book value per common share $ 26.17 $ 25.98 $ 23.37 Tangible Common Equity Ratio Total assets $ 3,308,918 $ 3,232,953 $ 3,128,704 Less: Total intangibles (1,200 ) (1,200 ) (3,100 ) Tangible assets $ 3,307,718 $ 3,231,753 $ 3,125,604 Tangible assets $ 3,307,718 $ 3,231,753 $ 3,125,604 Tangible common equity $ 332,768 $ 326,552 $ 302,579 Tangible common equity ratio 10.1 % 10.1 % 9.7 % Source: MVB Financial Corp.