MVB Financial Corp. reported a net income of $3.0 million, or $0.23 diluted earnings per share, for the second quarter of 2022. Strong deposit growth, robust loan growth, and margin expansion drove net interest income growth. The company's Fintech-related fee income increases gained traction. However, a significant increase in provision for loan losses and a slowdown in the mortgage business created downward pressure on the quarter's results.
Total deposits increased by $105.9 million, or 4.2%, from March 31, 2022.
Noninterest-bearing deposits increased by $33.9 million, or 2.6%, from March 31, 2022.
Total loan balances increased by $313.3 million, or 16.7%, compared to March 31, 2022.
Net interest margin increased by 92 basis points versus the quarter ended March 31, 2022.
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