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Fintech Initiatives Continue to Power Core Funding Transformation
FAIRMONT, W. Va.--(BUSINESS WIRE)-- MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”) today reported net income of $11.8 million,
About this update from Mvb Financial Corp.
[{"type":"text","content":" FAIRMONT, W. Va.--(BUSINESS WIRE)--\nMVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”) today reported net income of $11.8 million, or $1.00 basic and $0.92 diluted earnings per share for the three months ended September 30, 2021.\n\n\n\n \n\n\n\n \n\n\n\nQuarterly\n\n\n\n \n\n\n\nYear-to-Date\n\n\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n\n\n \n\n\n\n \n\n\n\nThird Quarter\n\n\n\n \n\n\n\nSecond Quarter\n\n\n\n \n\n\n\nThird Quarter\n\n\n\n \n\n\n\n \n\n\n\n\n\nNet income\n\n\n\n \n\n\n\n$\n\n\n\n11,828\n\n\n\n \n\n\n\n$\n\n\n\n9,247\n\n\n\n \n\n\n\n$\n\n\n\n6,491\n\n\n\n \n\n\n\n$\n\n\n\n29,160\n\n\n\n \n\n\n\n$\n\n\n\n25,573\n\n\n\n\n\nEarnings per share - basic\n\n\n\n \n\n\n\n$\n\n\n\n1.00\n\n\n\n \n\n\n\n$\n\n\n\n0.79\n\n\n\n \n\n\n\n$\n\n\n\n0.53\n\n\n\n \n\n\n\n$\n\n\n\n2.49\n\n\n\n \n\n\n\n$\n\n\n\n2.11\n\n\n\n\n\nEarnings per share - diluted\n\n\n\n \n\n\n\n$\n\n\n\n0.92\n\n\n\n \n\n\n\n$\n\n\n\n0.73\n\n\n\n \n\n\n\n$\n\n\n\n0.53\n\n\n\n \n\n\n\n$\n\n\n\n2.32\n\n\n\n \n\n\n\n$\n\n\n\n2.07\n\n\n\n\n“MVB’s third quarter results and actions reflect our embrace of the transformative power of technology in our industry,” said Larry F. Mazza, President and CEO, MVB Financial. “During the third quarter, we made further progress in our efforts to build a world-class deposit franchise, with noninterest-bearing Fintech deposits now representing nearly 42% of our total deposit funding. We remain the clear leader in the online gaming segment, and the wind is at our back, with 33 states, 29 of which are operational, representing 57% of the U.S. adult population, having legalized sports betting to date. In addition to the beneficial impact to our margin, especially in a rising rate environment, low-cost funding from our Fintech business allows us to redeploy resources to faster-growth markets and additional technology spend and investments. Toward that end, during the third quarter, we exited our Southern West Virginia banking market, entered into a partnership agreement with NYDIG that allows our Fintech clients to offer Bitcoin-related products and expanded our investment in Interchecks Technologies, Inc., a Fintech portfolio investment that has become more integrated in our core business.”\n\nTHIRD QUARTER 2021 HIGHLIGHTS\n\n...