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Mar 31, 2024
Mvb Financial Q1 2024 Earnings Report
Reported net income for Q1 2024 with growth in fintech fee income and noninterest bearing deposits.
Key Takeaways
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.
Revenue by Segment
Forward Guidance
The report does not include forward guidance. Therefore, the following sections are empty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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