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Mar 31, 2023
Mvb Financial Q1 2023 Earnings Report
Announced first quarter 2023 results with net income of $11.3 million.
Key Takeaways
MVB Financial Corp. reported a net income of $11.3 million for Q1 2023, with earnings per share at $0.90 basic and $0.87 diluted. Total deposits increased by 22.6% from the prior quarter, and liquidity improved, with a loan to deposit ratio of 74.9%. The company completed the sale of Chartwell Compliance, resulting in a pre-tax gain of $11.8 million.
Total deposits increased by 22.6%, or $580.3 million, from the prior quarter end.
Liquidity improved with loan to deposit ratio of 74.9% at quarter-end versus 92.3% at the prior quarter end and total cash and cash equivalents of $575.3 million.
Net interest income decreased 2.2% from the prior quarter but increased 49.8% from the year-ago period.
Tangible book value grew 4.5% per share to $21.17 from the prior quarter end.
Forward Guidance
MVB remains well-positioned to navigate what is expected to be continued challenging market conditions for the foreseeable future.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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