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Jun 30, 2020
Mvb Financial Q2 2020 Earnings Report
Reported strong second quarter results with a 17% increase in net income and a 95% increase in noninterest-bearing deposits from the previous year.
Key Takeaways
MVB Financial Corp. reported a strong second quarter of 2020, with net income of $18.0 million, or $1.50 basic and $1.49 diluted earnings per share. The company completed three strategic transactions, including the FDIC-assisted acquisition of The First State Bank, the acquisition of Paladin, LLC, and the sale of four banking centers in the Eastern Panhandle region of WV.
Completed three strategic transactions: the FDIC-assisted acquisition of The First State Bank, the acquisition of Paladin, LLC, and the sale of four banking centers in the Eastern Panhandle region of WV.
Tangible book value per share was $16.65 as of June 30, 2020, an increase of $1.49 from March 31, 2020, and an increase of $1.81 from June 30, 2019.
Net interest income was $18.5 million for the quarter ended June 30, 2020, an increase of $2.3 million, or 14.1%, from the quarter ended March 31, 2020, and an increase of $3.9 million, or 27.0%, from the quarter ended June 30, 2019.
Noninterest-bearing deposits were $528.5 million as of June 30, 2020, an increase of $119.0 million, or 29.1%, from March 31, 2020, and an increase of $257.9 million, or 95.3%, from June 30, 2019.
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