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MVB Financial Corp. Announces Second Quarter 2024 Results
FAIRMONT, W.Va.--(BUSINESS WIRE)-- MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”), the holding company for MVB Bank, Inc. ("MVB
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 2024, with reported net income of $4.1 million, or $0.32 basic and $0.31 diluted earnings per share.\n\n\nSecond Quarter 2024 Highlights\n\n\nMVB names payments industry veteran Jeremy Kuiper as Fintech President.\n\n\nMVB and Intuit-Credit Karma renew partnership agreement.\n\n\nExit of digital asset program account relationships during second quarter reduced EPS by $0.08 with strong funding and liquidity profile maintained.\n\n\nNoninterest bearing deposits represent 34.1% of total deposits | Loan-to-deposit ratio of 76.5%.\n\n\nNoninterest expense declined 4.2% from prior quarter on easing cost pressures.\n\n\nFrom Larry F. Mazza, Chief Executive Officer, MVB Financial:\n\n\n“There were several notable developments during the second quarter that impacted our near-term financial results, while also helping to solidify our strategy, setting the stage for future growth and improved profitability.\n\n\n“First, we have extended the term of our partnership agreement with Intuit-Credit Karma, the consumer technology platform with more than 120 million members in the U.S. We have been trusted partners for five years and look forward to further strengthening our relationship to benefit our clients and communities.\n\n\n“Second, as previously disclosed, MVB Bank has named Jeremy Kuiper as Executive Vice President, Fintech President. Jeremy brings 25 years of payments industry experience at the executive and board level. With Jeremy’s expertise, we look forward to expanding our Fintech banking to even greater success as a key driver of deposits and fee income for MVB Bank.\n\n\n“Finally, we initiated the process of winding down MVB’s digital asset program account relationships. Changing market conditions and profitability challenges contributed to an unfavorable risk/reward dynamic, prompting our decision to exit this business. This action reduced our second quarter EPS by $0.08.\n\n\n“MVB’s second quarter financial results were otherwise solid, marked by improved expense control, shareholder value creation in the form of tangible book value per share growth, improved measures of capital strength and seasonal c...