MVB Financial Corp. Reports Strong Fourth Quarter 2020 Results and Finishes 2020 with Record Earnings

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[{"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 $0.97 diluted earnings per share, for the three months ended December 31, 2020. For the year ended December 31, 2020, the Company reported net income of $37.4 million, or $3.13 basic and $3.06 diluted earnings per share.\n\n\n\n \n\n\n\n \n\n\n\nQuarterly\n\n\n\n \n\n\n\nFull Year\n\n\n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n\n\n \n\n\n\n \n\n\n\nFourth Quarter\n\n\n\n \n\n\n\nThird Quarter\n\n\n\n \n\n\n\nFourth Quarter\n\n\n\n \n\n\n\n \n\n\n\n\n\nNet income\n\n\n\n \n\n\n\n$\n\n\n\n11,838\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n6,491\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n4,095\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n37,411\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n26,991\n\n\n\n \n\n\n\n\n\nEarnings per share - basic\n\n\n\n \n\n\n\n$\n\n\n\n1.00\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.53\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.34\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n3.13\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n2.26\n\n\n\n \n\n\n\n\n\nEarnings per share - diluted\n\n\n\n \n\n\n\n$\n\n\n\n0.97\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.53\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.32\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n3.06\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n2.20\n\n\n\n \n\n\n\n\nFOURTH QUARTER 2020 HIGHLIGHTS\n\n\nDeposits: Noninterest-bearing (“NIB”) deposits were $715.8 million as of December 31, 2020, an increase of $73.0 million, or 11.3%, from September 30, 2020, and an increase of $437.2 million, or 157.0%, from December 31, 2019. As of December 31, 2020, NIB deposits were 36.1% of total deposits, compared to 33.9% at September 30, 2020, and 22.0% as of December 31, 2019.\n\n\nAsset Quality: Allowance for loan losses to total loans was 1.8% as of December 31, 2020, a decrease of four basis points from September 30, 2020, and an increase of 92 basis points from December 31, 2019. Excluding Paycheck Protection Program (“PPP”) loans of $82.0 million which are generally fully guaranteed by the U.S. government, allowance for loan losses to total loans was 1.9% as of December 31, 2020, a decrease of five basis points from September 30, 2020, and an increase of 102 basis points from December 31, 2019.\n\n\nGrowth in Tangible Boo...

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