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MVB Financial Corp. Announces Fourth Quarter and Full Year 2022 Results
FAIRMONT, W. Va.--(BUSINESS WIRE)-- MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”), the holding company for MVB Bank, Inc.
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”), the holding company for MVB Bank, Inc. (\"MVB Bank\"), today announced financial results for the fourth quarter and year ended December 31, 2022, with reported net income of $6.5 million, or $0.52 basic and $0.50 diluted earnings per share for the three months ended December 31, 2022.\n\n\n\n \n\n\n\n \n\n\n\nQuarterly\n\n\n\n \n\n\n\nYear-to-Date\n\n\n\n\n\n \n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n\n\n \n\n\n\n \n\n\n\nFourth\nQuarter\n\n\n\n \n\n\n\nThird\nQuarter\n\n\n\n \n\n\n\nFourth\nQuarter\n\n\n\n \n\n\n\n \n\n\n\n\n\nNet income\n\n\n\n \n\n\n\n$\n\n\n\n6,509\n\n\n\n \n\n\n\n$\n\n\n\n2,718\n\n\n\n \n\n\n\n$\n\n\n\n9,959\n\n\n\n \n\n\n\n$\n\n\n\n15,047\n\n\n\n \n\n\n\n$\n\n\n\n39,121\n\n\n\n\n\nEarnings per share - basic\n\n\n\n \n\n\n\n$\n\n\n\n0.52\n\n\n\n \n\n\n\n$\n\n\n\n0.22\n\n\n\n \n\n\n\n$\n\n\n\n0.83\n\n\n\n \n\n\n\n$\n\n\n\n1.23\n\n\n\n \n\n\n\n$\n\n\n\n3.32\n\n\n\n\n\nEarnings per share - diluted\n\n\n\n \n\n\n\n$\n\n\n\n0.50\n\n\n\n \n\n\n\n$\n\n\n\n0.21\n\n\n\n \n\n\n\n$\n\n\n\n0.77\n\n\n\n \n\n\n\n$\n\n\n\n1.17\n\n\n\n \n\n\n\n$\n\n\n\n3.10\n\n\n\n\n“Our company made significant forward progress in 2022 on our MVB-F1: Success Loves Speed Strategic Plan, while adapting to challenging wet track conditions along the way,” said Larry F. Mazza, Chief Executive Officer, MVB Financial. “During the year, we welcomed new partners, delivered on the promise of our fast-track vehicles, and quickly adapted to setbacks brought on by market conditions.”\n\n“Fourth quarter results reflected both notable progress and ongoing challenges. Our core earnings power improved, driven by net interest margin expansion and net interest income growth, while our actions to right-size the cost base drove expenses lower, resulting in positive operating leverage. Underlying it all, our solid foundation remained intact, as evidenced by capital strength, sound asset quality and growth in tangible book value per share.”\n\nMazza added, “Looking to 2023, higher interest rates, slowing economic growth and lingering market uncertainty continue to weigh on our mortgage business, fee income and certain of our Fintech initiatives. Despite these challenges, we are...