MVB Financial Corp. Announces Second Quarter 2022 Results

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 second quarter of 2022, with reported net income of $3.0 million, or $0.24 basic and $0.23 diluted earnings per share.\n\n\n\n \n\n\n\n \n\n\n\nQuarterly\n\n\n\n \n\n\n\nYear-to-Date\n\n\n\n\n\n \n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n\n\n \n\n\n\n \n\n\n\nSecond Quarter\n\n\n\n \n\n\n\nFirst Quarter\n\n\n\n \n\n\n\nSecond Quarter\n\n\n\n \n\n\n\n \n\n\n\n\n\nNet income\n\n\n\n \n\n\n\n$\n\n\n\n2,956\n\n\n\n \n\n\n\n$\n\n\n\n2,864\n\n\n\n \n\n\n\n$\n\n\n\n9,247\n\n\n\n \n\n\n\n$\n\n\n\n5,820\n\n\n\n \n\n\n\n$\n\n\n\n17,332\n\n\n\n\n\nEarnings per share - basic\n\n\n\n \n\n\n\n$\n\n\n\n0.24\n\n\n\n \n\n\n\n$\n\n\n\n0.24\n\n\n\n \n\n\n\n$\n\n\n\n0.79\n\n\n\n \n\n\n\n$\n\n\n\n0.48\n\n\n\n \n\n\n\n$\n\n\n\n1.49\n\n\n\n\n\nEarnings per share - diluted\n\n\n\n \n\n\n\n$\n\n\n\n0.23\n\n\n\n \n\n\n\n$\n\n\n\n0.22\n\n\n\n \n\n\n\n$\n\n\n\n0.73\n\n\n\n \n\n\n\n$\n\n\n\n0.45\n\n\n\n \n\n\n\n$\n\n\n\n1.39\n\n\n\n\n“We continue to implement our MVB-F1: Success Loves Speed Strategy. Despite seasonality of our niche industries, our fast track growth vehicles remained strong because of our large noninterest-bearing deposit base, while our cost of funds held relatively steady. At the same time, robust loan growth and a favorable liquidity profile helped drive significant net interest margin expansion during the second quarter, while measures of asset quality remained stable,” said Larry F. Mazza, Chief Executive Officer, MVB Financial. “Our effort to diversify our net interest income through Fintech-related fee income increases also gained grip on the track. All in all, our growth vehicles are gaining speed through significant investment, highlighting the diversification inherent in our business strategy as we continue to maneuver in wet track conditions.\n\n“Due to strong loan growth, we reported a significant increase in provision for loan losses, creating downward pressure on the quarter, which, along with the continued slowdown in the mortgage business, contributed to masking some very positive underlying trends.”\n\nSECOND QUARTER 2022 HIGHLIGHTS\n\n\nStrong d...

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