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Mar 31, 2020
Mvb Financial Q1 2020 Earnings Report
Reported first quarter results with increase in noninterest-bearing deposits.
Key Takeaways
MVB Financial Corp. reported a net income of $1.0 million, or $0.08 basic and diluted earnings per share for the three months ended March 31, 2020. Total deposits increased and borrowings decreased from December 31, 2019. Volatility in the mortgage market caused a decrease in the derivative asset.
Net interest margin continued to grow and was 3.60%.
Loans increased $14.3 million, or 1.0%, from December 31, 2019.
Nonperforming loans totaled $5.9 million, or 0.42%, of total loans as of March 31, 2020.
Deposits increased $332.7 million, or 22.9%, from December 31, 2019.
Forward Guidance
MVB believes the impact on the U.S. and world economy from the COVID-19 pandemic will be substantial, and MVB will continue to respond accordingly.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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