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Sep 30, 2021
Mvb Financial Q3 2021 Earnings Report
Reported net income and continued fintech initiatives and core funding transformation.
Key Takeaways
MVB Financial Corp. reported a strong third quarter, driven by its fintech initiatives and core funding transformation. Net income reached $11.8 million, with basic earnings per share at $1.00 and diluted earnings per share at $0.92. The company saw significant growth in noninterest-bearing Fintech deposits, representing nearly 42% of total deposit funding.
Strong core deposit growth driven by Fintech and gaming verticals, with noninterest-bearing deposits up 55% year-over-year.
Loans grew by $66.9 million compared to the previous quarter, despite banking center sales and PPP loan forgiveness.
Tangible book value per share increased by 5% from the previous quarter and 16% year-over-year.
Corporate actions reflect a reallocation of resources amid Fintech success, including the sale of banking centers and new partnerships.
Forward Guidance
MVB Financial did not provide specific forward guidance in the provided document. The document focuses on the results of the third quarter of 2021 and recent corporate actions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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