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Strong First Quarter Growth in Loans, Deposits and Investments in Technology is Distancing MVB from the Pack
FAIRMONT, W. Va.--(BUSINESS WIRE)-- MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB,” or the “Company”) today reported net income of $8.1 million,
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”) today reported net income of $8.1 million, or $0.70 basic and $0.66 diluted earnings per share for the three months ended March 31, 2021.\n\n\n\n \n\n\n\n \n\n\n\nQuarterly\n\n\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n\n\n \n\n\n\n \n\n\n\nFirst Quarter\n\n\n\n \n\n\n\nFourth Quarter\n\n\n\n \n\n\n\nFirst Quarter\n\n\n\n\n\nNet income\n\n\n\n \n\n\n\n$\n\n\n\n8,085\n\n\n\n \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\n1,048\n\n\n\n \n\n\n\n\n\nEarnings per share - basic\n\n\n\n \n\n\n\n$\n\n\n\n0.70\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1.00\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.08\n\n\n\n \n\n\n\n\n\nEarnings per share - diluted\n\n\n\n \n\n\n\n$\n\n\n\n0.66\n\n\n\n \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\n0.08\n\n\n\n \n\n\n\n\nFIRST QUARTER 2021 HIGHLIGHTS\n\n\nDeposits: Noninterest-bearing (“NIB”) deposits were $837.2 million as of March 31, 2021, an increase of $121.4 million, or 17.0%, from December 31, 2020, and an increase of $449.7 million, or 116.0%, from March 31, 2020. NIB deposits as a percentage of total deposits were 37.8% as of March 31, 2021, compared to 36.1% as of December 31, 2020 and 24.2% as of March 31, 2020.\n\n\nTangible Book Value (“TBV”) per Share: TBV per share, a non-U.S. GAAP measure, was $19.98 as of March 31, 2021 an increase of $0.26, or 1.3%, from December 31, 2020, and an increase of $4.82, or 31.8%, from March 31, 2020. A reconciliation of TBV to its most comparable U.S. GAAP measure is included below.\n\n\nAsset Quality: Nonperforming assets, including nonperforming loans and other real estate owned, were $16.8 million, or 0.6% of total assets, compared to $19.4 million, or 0.8%, at December 31, 2020, and $7.1 million, or 0.3%, at March 31, 2020.\n\n\nCapital: MVB Bank, Inc. (“MVB Bank” or the “Bank”) finished the first quarter with strong capital ratios. As of March 31, 2021, the Bank’s Community Bank Leverage Ratio was 11.3%. The Company’s tangible common equity to tangible assets was 8.8% as of March 31, 2021.\n\n\nFee Income: Payment card and service charge income was $1.5 million for the quarter ended March 31, 2021, an increase of $0.4 million, or 35.1%, compared to the quarter ended December 31, ...