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Mar 31, 2022
Mvb Financial Q1 2022 Earnings Report
MVB Financial reported first quarter results, demonstrating adaptability to changing market conditions and growth in Fintech and gaming initiatives.
Key Takeaways
MVB Financial Corp. announced financial results for the first quarter of 2022, with a net income of $2.9 million, or $0.22 diluted earnings per share. Fintech and gaming initiatives drove growth in noninterest-bearing deposits, which now represent 52% of total deposit balances. Loan growth was robust, driven by strategic lending partnerships.
Fintech and Gaming initiatives drive growth in low-cost deposits, with NIB deposits up 17% from Q4 2021 and 56% from Q1 2021.
Total deposits increased by 5.5% compared to December 31, 2021, and 13.2% compared to March 31, 2021.
Total loan balances increased by 1.5% compared to December 31, 2021, and 12.6% compared to March 31, 2021.
The company increased the quarterly cash dividend to $0.17 per share, up 13.3% from the previous quarter and 70.0% from the same quarter last year.
Forward Guidance
The company did not include forward guidance in the press release.
Historical Earnings Impact
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