MVB Financial Corp. reported a net income of $4.5 million, or $0.35 basic and $0.34 diluted earnings per share for Q1 2024. The company saw an increase in total revenue driven by fintech fee income growth and a rise in noninterest bearing deposits. However, earnings were weighed down by higher costs related to regulatory compliance and cyclical challenges.
Total revenue increased by 6.8%, or $2.4 million, compared to the previous quarter.
Fintech fee income grew by 26.3%, or $1.0 million, compared to the previous quarter.
Noninterest bearing deposits increased by 16.2%, or $193.8 million, now representing 44% of total deposits.
Nonperforming loans declined by 8.7%, indicating stable asset quality.
The report does not include forward guidance. Therefore, the following sections are empty.
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