Mvb Financial

May 03, 2021

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Mar 31, 2021

Mvb Financial Q1 2021 Earnings Report

MVB Financial reported strong first quarter growth in loans, deposits, and investments in technology.

Key Takeaways

MVB Financial Corp. reported a 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. The company saw growth in loans and deposits and made significant investments in technology.

Noninterest-bearing deposits increased by $121.4 million, or 17.0%, from December 31, 2020, and an increase of $449.7 million, or 116.0%, from March 31, 2020.

Tangible Book Value per Share 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.

Nonperforming assets 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.

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, 2020, and an increase of $0.9 million, or 171.5%, compared to the quarter ended March 31, 2020.

Community Bank Leverage Ratio

11.3%

Cash and Equivalents

$340M