MVB Financial Corporation Announces Fourth Quarter Results and Record Earnings for Year-End 2021

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, 2021, with reported net income of $10.0 million, or $0.83 basic and $0.77 diluted earnings per share for the three months ended December 31, 2021.\n\n\n\n \n\n\n\n \n\n\n\nQuarterly\n\n\n\n \n\n\n\nYear-to-Date\n\n\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n\n\n \n\n\n\n \n\n\n\nFourth Quarter\n\n\n\n \n\n\n\nThird Quarter\n\n\n\n \n\n\n\nFourth Quarter\n\n\n\n \n\n\n\n \n\n\n\n\n\nNet income\n\n\n\n \n\n\n\n$\n\n\n\n9,959\n\n\n\n \n\n\n\n$\n\n\n\n11,828\n\n\n\n \n\n\n\n$\n\n\n\n11,838\n\n\n\n \n\n\n\n$\n\n\n\n39,121\n\n\n\n \n\n\n\n$\n\n\n\n37,411\n\n\n\n\n\nEarnings per share - basic\n\n\n\n \n\n\n\n$\n\n\n\n0.83\n\n\n\n \n\n\n\n$\n\n\n\n1.00\n\n\n\n \n\n\n\n$\n\n\n\n1.00\n\n\n\n \n\n\n\n$\n\n\n\n3.32\n\n\n\n \n\n\n\n$\n\n\n\n3.13\n\n\n\n\n\nEarnings per share - diluted\n\n\n\n \n\n\n\n$\n\n\n\n0.77\n\n\n\n \n\n\n\n$\n\n\n\n0.92\n\n\n\n \n\n\n\n$\n\n\n\n0.97\n\n\n\n \n\n\n\n$\n\n\n\n3.10\n\n\n\n \n\n\n\n$\n\n\n\n3.06\n\n\n\n\nEarnings for the fourth quarter were impacted by the release of allowance for loan losses of $5.7 million. The after-tax impact of the release on basic and diluted earnings per share was $0.38 and $0.35, respectively, for the three months ended December 31, 2021.\n\n“MVB’s fourth quarter and record earnings for 2021 reflect the diversity of our tech-forward business model, as well as our strong positioning for the future,” said Larry F. Mazza, Chief Executive Officer, MVB Financial. “The transformation of our ‘best-in-class’ funding profile continues, as noninterest-bearing deposits now represent 47% of MVB Bank’s total deposit funding, up from 8% when we pivoted our company seven years ago. At the same time, our loan growth initiatives have come to fruition against the backdrop of a strengthening economy and rising interest rates, leaving our highly-liquid balance sheet very well-positioned, highlighted on one side by strong low-cost funding, and on the other by an increasingly diverse loan growth engine.”\n\nMazza added, “Other recent highlights include substantial gains recog...

More updates from Mvb Financial Corp.