Mvb Financial Corp · Q3 2022 earnings

Briefing

Announced financial results with net income of $2.7 million and diluted earnings per share of $0.21.

MVB Financial Corp. reported net income of $2.7 million, or $0.21 diluted earnings per share for Q3 2022. The company saw strong loan production, growth in low-cost deposits, and net interest margin expansion, resulting in robust growth in net interest income. Challenges emerged due to higher interest rates and a slowing economy impacting the mortgage business and fee income, coupled with elevated provisioning for loan losses related to strong loan growth.

• Total deposits were $2.70 billion as of September 30, 2022, an increase of $82.0 million, or 3.1%, from June 30, 2022.
• Noninterest-bearing deposits were $1.41 billion as of September 30, 2022, an increase of $68.9 million, or 5.1%, from June 30, 2022.
• Net interest income on a tax-equivalent basis totaled $30.1 million for the quarter ended September 30, 2022, up $3.2 million, or 11.8%, from the quarter ended June 30, 2022.
• Total loan balances of $2.47 billion as of September 30, 2022 increased by $256.3 million, or 11.6%, compared to June 30, 2022.

Headline financials

Revenue & EPS history

MVB is implementing initiatives that are expected to drive a 12% reduction from MVB’s annualized third quarter 2022 noninterest expense base, with 75% of the projected cost savings to be achieved by the end of the first quarter 2023, and the remainder expected to be fully captured by the end of the third quarter of 2023.