Business
MVB Financial Corp. Announces Second Quarter 2023 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 second quarter of 2023, with reported net income of $8.1 million, or $0.64 basic and $0.63 diluted earnings per share.\n\n\nBalance sheet loan to deposit ratio of 78.1%\n\n\nOff-balance sheet deposits increased to $1.1 billion\n\n\nCRE concentration of 217% of total risk based capital\n\n\nTotal risk based capital of 14.9%\n\n\nFrom Larry F. Mazza, Chief Executive Officer, MVB Financial:\n\n\n“Following the market events of March 2023, we took decisive action. Out of an abundance of caution, we maintained our already-strong balance sheet liquidity position, and in anticipation of new regulatory and compliance requirements for the industry, took additional steps to enhance our risk management and compliance infrastructure. These actions increased our funding costs and noninterest expenses during the second quarter, but helped to strengthen our foundation during a tumultuous period for the industry. Moreover, we further de-risked our loan portfolio with the sale of a portion of our subprime automobile loans, and during the quarter, we had no outstanding FHLB or other short-term borrowings, no held-to-maturity investment securities and a limited concentration of CRE loans and office exposure. Despite these unexpected challenges, we generated strong earnings for the second quarter. Looking ahead, I am encouraged by our team’s continuous adaptability, the stability of our asset quality and our strong liquidity, funding and capital position as we look to a pick-up in high-quality loan growth as we move forward.”\n\n\nSECOND QUARTER 2023 HIGHLIGHTS\n\n\n\nAnticipated industry seasonality and a shifting mix impacted deposit growth trends.\n\n\nTotal deposits declined 6.1%, or $191.9 million, to $2.96 billion, compared to the prior quarter-end, primarily reflecting seasonal considerations in gaming and Banking-as-a-Service (“BaaS”) deposits, primarily offset by growth in certificates of deposit (“CDs”) and other interest-bearing deposits. Relative to the comparable period of the prior year, total deposits increased 13.2%, or $344.0 million.\n\n\n\nTotal off-balance sheet deposits increased to $1.1 billion as compared to $1.0 bil...