MVB Financial Corp. reported a net income of $9.4 million for the fourth quarter of 2024, a substantial increase from the prior quarter. This growth was primarily driven by an $11.8 million gain on the sale of assets from a sale-leaseback transaction and increased revenue from its Victor Technologies subsidiary. The company also saw enhanced foundational strength with improved capital ratios and a decline in nonperforming loans.
Net income for Q4 2024 was $9.4 million, an increase of $7.4 million from the prior quarter.
Total noninterest income increased by $14.6 million, or 219.7%, primarily due to an $11.8 million gain on sale of assets.
Noninterest expense increased by $4.1 million, or 14.0%, mainly due to higher employee benefits and professional fees.
Nonperforming loans declined by $3.9 million, or 13.8%, to $24.6 million, representing 1.2% of total loans.
MVB Financial is optimistic about its future business model evolution, focusing on payments to drive revenue and building loan pipelines. The company aims to leverage its strong funding profile, liquidity, and capital management for long-term success.
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