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Sep 30, 2024
Mvb Financial Q3 2024 Earnings Report
MVB Financial reported net income with digital asset program exit reducing EPS.
Key Takeaways
MVB Financial Corp. reported a net income of $2.1 million, or $0.16 basic and diluted earnings per share, for the third quarter of 2024. The results were impacted by the wind-down of the digital asset program, which reduced EPS by $0.29. However, the company saw growth in payments-related deposits and an enhanced capital base.
Digital asset program exit reduced EPS by $0.29 in Q3 2024.
Noninterest bearing deposits represent 33.0% of total deposits.
On balance sheet payments-related deposits increased by 60.8% due to growth in existing relationships.
Tangible book value per share of $23.20, up 2.2% from the prior quarter.
Revenue by Segment
Forward Guidance
MVB continues to be proactive, and we have adapted our growth strategy related to changing market conditions. To this end, we have simplified our number of strategic initiatives to five as we move into fourth quarter. This laser focus by Team MVB will enhance our ability to effectively execute on our revised strategy.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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