Mvb Financial

Jul 29, 2021

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Jun 30, 2021

Mvb Financial Q2 2021 Earnings Report

Reported net income driven by growth in noninterest-bearing deposits and loans.

Key Takeaways

MVB Financial Corp. reported a net income of $9.2 million, or $0.79 basic and $0.73 diluted earnings per share for the three months ended June 30, 2021. The company's financial technology and gaming initiatives drove continued transformation of MVB’s core funding profile.

Noninterest-bearing deposits increased 11% from March 31, 2021, and 76% from June 30, 2020.

Net interest income increased 9% compared to the quarter ended March 31, 2021, and 3% compared to the quarter ended June 30, 2020.

Tangible book value per share increased 3% from March 31, 2021, and 23% from June 30, 2020.

The release of allowance for loan losses totaled $1.5 million for the quarter ended June 30, 2021.