Document
N E W S R E L E A S E
MVB Financial Corp. Announces Second Quarter 2026 Results
Company to Host a Conference Call and Webcast at 5:00 PM ET
(FAIRMONT, WV) July 28, 2026 – MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”), the holding company for MVB Bank, Inc. (“MVB Bank”), today announced financial results for the second quarter of 2026. The Fintech-enabled bank powering payments, banking-as-a-service and gaming programs for leading Fintech companies nationwide, reported net income of $12.3 million, or $0.95 basic and $0.93 diluted earnings per share, for the second quarter of 2026.
Second Quarter 2026 Highlights (Compared to First Quarter 2026)
Net income of $12.3 million, up significantly compared to both Q1 2026 and Q2 2025.
Loan balances up 3.0%, or 12.1% annualized, marking the fifth consecutive quarter of loan growth.
Balance sheet deposits up 7.4%, or 29.5% annualized, including 5.7% growth in noninterest-bearing deposits driven by payments-related deposits.
Exclusive of the previously disclosed $10.0 million pre-tax gain related to an existing Fintech investment recognized in the second quarter, noninterest income up 6.7%, led by 18.1% growth in payment card and service charge income.
Net interest margin on a fully tax-equivalent (“FTE”) basis, a non-U.S. GAAP financial measure1, expanded 43 basis points; Core FTE net interest margin, a non-U.S. GAAP financial measure1, up 14 basis points to 3.87%.
From Larry F. Mazza, President and Chief Executive Officer, MVB Financial:
“The strong second quarter results reflected continued progress and momentum across both our core banking franchise and our Fintech banking platform. Loan and deposit growth remained solid, net interest income improved and we saw encouraging momentum across our payments business, contributing to both fee income growth and deposit generation during the quarter. These results demonstrate our diversified business model’s strength and our team’s disciplined execution of our strategy.
1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.
“We also successfully resolved our largest nonperforming loan during the quarter through full repayment, improving our credit profile, while benefiting from an improvement in second quarter net interest income. Additionally, the underlying trends across our core banking franchise remained positive as we continued to grow loans, expand our deposit base, strengthen our funding and margin profile and build our Fintech partnership pipeline.
“As previously disclosed, we also recognized a gain during the quarter related to an existing Fintech investment. Together with the successful monetization of our internally incubated Victor platform last year, these transactions demonstrate our ability to both incubate and invest in innovative Fintech businesses. These activities continue to generate shareholder value, while enabling ongoing investment across the business, balance sheet optimization and the long-term growth of the Company’s earnings power.”
SECOND QUARTER 2026 HIGHLIGHTS
•Net Interest Income, Net Interest Margin and Balance Sheet Trends
•FTE net interest income, a non-U.S. GAAP financial measure1, totaled $32.4 million, up $3.8 million, or 13.4%, from prior quarter, primarily reflecting continued loan growth, a lower overall cost of funds and interest income associated with the successful resolution of the Company’s largest nonperforming loan. Excluding the interest income associated with the loan payoff, FTE net interest income was up 5.4% from the prior quarter.
•FTE net interest margin, a non-U.S. GAAP financial measure1, increased to 4.16%, up from 3.73% in the prior quarter. The increase primarily reflected continued improvement in the Company’s funding profile, including growth in noninterest-bearing deposits and the full quarter benefit of previously disclosed balance sheet optimization initiatives completed during the first quarter of 2026, loan growth and interest income associated with the resolution of the Company’s largest nonperforming loan. Excluding the aforementioned loan payoff, the core FTE net interest margin, a non-U.S. GAAP financial measure1, was approximately 3.87%, representing 14 basis points of expansion.
•Total loan balances up $72.7 million, or 3.0%, from the prior quarter to $2.48 billion, reflecting improved market conditions, and representing the fifth consecutive quarter of loan growth.
•Total deposits were $3.11 billion as of June 30, 2026, an increase of $214.0 million, or 7.4%, from the prior quarter-end, including a $58.1 million increase in noninterest-bearing deposits. Growth in payments-related deposits contributed to quarter-end balances, helping diversify the Company’s funding base during what has historically been a seasonally softer quarter for deposit growth particularly in gaming and certain banking-as-a-service relationships.
1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.
2
•Noninterest-bearing deposits represented 34.4% of total deposits as of June 30, 2026, compared to 34.9% as of the prior quarter-end. The loan-to-deposit ratio was 79.6% as compared to 83.0% at the prior quarter-end.
•Noninterest Income and Expense
•Total noninterest income was $18.8 million, compared to $8.2 million in the prior quarter. The increase primarily reflected the previously disclosed $10.0 million pre-tax gain related to an existing Fintech investment. Excluding this gain, core fee income was up 6.7% from the prior quarter, led by continued growth in payment card and service charge income.
•The Company continued to execute its Fintech banking platform strategy during the quarter through new client onboarding and continued progress across its payment business, contributing to growth in both payments-related deposits and payment card revenue.
•Total noninterest expense was $30.4 million, compared to $28.1 million in the prior quarter, an increase of 8.2%. The increase included approximately $0.6 million in nonrecurring expenses, annual merit increases, higher incentive compensation accruals and continued investment in strategic growth initiatives, including the build out of the Company’s specialty lending platform and ongoing technology and artificial intelligence initiatives.
•Asset Quality and Capital
•Nonperforming loans totaled $29.2 million, or 1.2% of total loans, as of June 30, 2026, compared to $34.7 million, or 1.4% of total loans, as of the prior quarter-end. The decline was driven by the successful resolution of the Company’s largest nonperforming loan during the quarter, partially offset by new nonperforming loans, which did not reflect any notable industry or geographic concentration.
•Criticized loans as a percentage of total loans were 3.1% as of June 30, 2026, compared to 3.7% as of March 31, 2026. Classified loans as a percentage of total loans were 1.9%, compared to 2.2% as of the prior quarter end.
•Net charge-offs were $1.4 million, or 0.23% annualized of average loans, for the second quarter, compared to $1.5 million, or 0.26% annualized, for the prior quarter.
•Provision for credit losses totaled $4.7 million, compared to $1.9 million for the prior quarter. The increase in provision for credit losses reflected continued growth of the loan portfolio, specific reserves associated with a small number of isolated credits, as well as updates to the allowance methodology based on current economic conditions and qualitative factors. The
allowance for credit losses for loans increased to 1.14% of total loans at June 30, 2026, compared to 0.94% at the prior quarter-end.
•The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were 10.3%, 12.2% and 13.2%, respectively, at June 30, 2026, compared to 10.1%, 12.6% and 13.5%, respectively, at the prior quarter-end.
•The tangible common equity ratio, a non-U.S. GAAP financial measure1, was 9.7% as of June 30, 2026, compared to 10.0% as of March 31, 2026 and 9.3% as of June 30, 2025.
•During the quarter, the Company repurchased 48,432 shares of common stock for approximately $1.2 million at an average price of $25.56 per share under its previously authorized share repurchase program.
•Book value per common share and tangible book value per common share, a non-U.S. GAAP financial measure1, were $26.61 and $26.52, respectively, at June 30, 2026, compared to $26.07 and $25.98, respectively, at the prior quarter-end.
1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.
4
Conference Call and Webcast
The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, July 28, 2026, to discuss its quarterly financial results. The call can be accessed via telephone at 877-451-6152 (domestic) or 201-389-0879 (international). A recorded replay can be accessed through August 11, 2026, by dialing 844-512-2921 (domestic) or 412-317-6671 (international); access code: 13760259. Additionally, interested parties can listen to a live webcast of the call on the Company's website at ir.mvbbanking.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.
About MVB Financial Corp.
MVB Financial Corp. (Nasdaq: MVBF) is an innovative bank powering Fintech solutions in payments, card issuance and online gaming programs for leading Fintech companies nationwide, while providing traditional retail and commercial banking services within established markets. MVB’s comprehensive platform includes money movement solutions across all modalities and embedded finance capabilities. MVB combines proven Fintech builder/incubator capabilities, innovative culture, regulatory expertise, core banking and AI-driven operational efficiency to enable Fintech partners to navigate complex regulatory requirements while accelerating time-to-market. For more information about MVB, please visit ir.mvbbanking.com.
Forward-Looking Statements
MVB Financial has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and are subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may,” “could,” “should,” “would,” “will,” “plans,” “believes,” “estimates,” “expects,” “anticipates,” “intends,” “continues” or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity and credit risk; changes in market interest rates; inability to successfully execute business plans, including strategies related to investments in Fintech companies; competition; industry factors and volatility and disruption in local, national and international political and economic conditions, such as economic slowdowns or recessions, nationally and in the markets in which we operate and other developments such as wars, natural disasters, epidemics or pandemics, military actions, terrorists attacks or geopolitical conflict, and any governmental or
societal responses thereto; changes in demand for loan products and deposit flow; changes in deposit classifications; operational risks and risk management failures; and government regulation and supervision. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as well as its other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. Except as required by law, the Company disclaims any obligation to update, revise or correct any forward-looking statements.
Accounting standards require the consideration of subsequent events occurring after the balance sheet date for matters that require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s financial statements when filed with the SEC. Accordingly, the consolidated financial information in this announcement is subject to change.
Questions or comments concerning this earnings release should be directed to:
MVB Financial Corp.
Michael R. Sumbs, Executive Vice President and Chief Financial Officer
(844) 682-2265
msumbs@mvbbanking.com
Amy Baker, VP, Corporate Communications and Marketing
(844) 682-2265
abaker@mvbbanking.com
Non-U.S. GAAP Financial Measures
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these non-U.S. GAAP financial measures in its analysis of the Company’s performance. These measures should not be considered a substitute for GAAP basis measures, nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-U.S. GAAP financial measures that exclude the impact of specified items provides useful supplemental information that is essential to a proper understanding of the Company’s financial condition and results. Non-U.S. financial GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by the Company. As a complement to GAAP financial measures, management believes these non-U.S. GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-U.S. GAAP financial measures. See the tables below for a reconciliation of these non-U.S. GAAP financial measures to the most directly comparable GAAP financial measures.
MVB Financial Corp.
Financial Highlights
Consolidated Statements of Income
(Unaudited) (Dollars in thousands, except per share data)
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Quarterly |
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Year-to-Date |
|
|
2026 |
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2026 |
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2025 |
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2026 |
|
2025 |
|
|
Second Quarter |
|
First Quarter |
|
Second Quarter |
|
|
| Interest income |
|
$ |
48,583 |
|
|
$ |
44,774 |
|
|
$ |
42,384 |
|
|
$ |
93,357 |
|
|
$ |
85,613 |
|
| Interest expense |
|
16,309 |
|
|
16,322 |
|
|
16,604 |
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|
32,631 |
|
|
33,157 |
|
| Net interest income |
|
32,274 |
|
|
28,452 |
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|
25,780 |
|
|
60,726 |
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|
52,456 |
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| Provision for credit losses |
|
4,677 |
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|
1,854 |
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|
1,990 |
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|
6,531 |
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|
2,167 |
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| Net interest income after provision for credit losses |
|
27,597 |
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|
26,598 |
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23,790 |
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|
54,195 |
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|
50,289 |
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| Total noninterest income |
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18,796 |
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8,209 |
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7,945 |
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27,005 |
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14,953 |
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| Noninterest expense: |
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| Salaries and employee benefits |
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17,641 |
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16,152 |
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15,801 |
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33,793 |
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|
32,213 |
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| Other expense |
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12,769 |
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11,960 |
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|
12,768 |
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24,729 |
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|
25,057 |
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| Total noninterest expenses |
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30,410 |
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28,112 |
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|
28,569 |
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58,522 |
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57,270 |
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| Income before income taxes |
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15,983 |
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|
6,695 |
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|
3,166 |
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|
22,678 |
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|
7,972 |
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| Income taxes |
|
3,732 |
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|
1,511 |
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|
1,164 |
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|
5,243 |
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|
2,411 |
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| Net income, before noncontrolling interest |
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12,251 |
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|
5,184 |
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|
2,002 |
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|
17,435 |
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|
5,561 |
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| Net loss attributable to noncontrolling interest |
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— |
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— |
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— |
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— |
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18 |
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| Net income available to common shareholders |
|
$ |
12,251 |
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|
$ |
5,184 |
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|
$ |
2,002 |
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|
$ |
17,435 |
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|
$ |
5,579 |
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| Earnings per share - basic |
|
$ |
0.95 |
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$ |
0.41 |
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$ |
0.16 |
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$ |
1.36 |
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|
$ |
0.43 |
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| Earnings per share - diluted |
|
$ |
0.93 |
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$ |
0.39 |
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$ |
0.15 |
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$ |
1.32 |
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$ |
0.42 |
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Noninterest Income
(Unaudited) (Dollars in thousands)
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Quarterly |
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Year-to-Date |
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2026 |
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2026 |
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2025 |
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2026 |
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2025 |
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Second Quarter |
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First Quarter |
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Second Quarter |
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| Payment card and service charge income |
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$ |
6,008 |
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$ |
5,086 |
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$ |
4,653 |
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$ |
11,094 |
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$ |
9,638 |
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| Investment portfolio gains (losses) |
|
11,269 |
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|
669 |
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(166) |
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|
11,938 |
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(474) |
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| Equity method investments income |
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1,834 |
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1,966 |
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2,315 |
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|
3,800 |
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|
2,960 |
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| Gain on divestiture activity |
|
— |
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— |
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— |
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— |
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|
608 |
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| Loss on derivatives |
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(677) |
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|
— |
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— |
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(677) |
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|
— |
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| Other noninterest income |
|
362 |
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|
488 |
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|
1,143 |
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|
850 |
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|
2,221 |
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| Total noninterest income |
|
$ |
18,796 |
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|
$ |
8,209 |
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|
$ |
7,945 |
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$ |
27,005 |
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$ |
14,953 |
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Condensed Consolidated Balance Sheets
(Unaudited) (Dollars in thousands)
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June 30, 2026 |
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March 31, 2026 |
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June 30, 2025 |
| Cash and cash equivalents |
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$ |
312,596 |
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$ |
177,635 |
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$ |
399,379 |
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| Investment securities available-for-sale |
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429,578 |
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421,729 |
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396,555 |
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| Equity securities |
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62,503 |
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51,459 |
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43,923 |
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| Loans receivable |
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2,476,393 |
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2,403,739 |
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2,153,309 |
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| Less: Allowance for credit losses |
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(28,217) |
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(22,605) |
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(20,785) |
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| Loans receivable, net |
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2,448,176 |
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2,381,134 |
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2,132,524 |
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| Premises and equipment, net |
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9,935 |
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10,071 |
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10,877 |
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| Other assets |
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283,065 |
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280,270 |
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|
240,750 |
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| Total assets |
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$ |
3,545,853 |
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$ |
3,322,298 |
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$ |
3,224,008 |
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| Noninterest-bearing deposits |
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$ |
1,069,207 |
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$ |
1,011,098 |
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$ |
1,050,104 |
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| Interest-bearing deposits |
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2,042,169 |
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1,886,246 |
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1,754,319 |
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| Subordinated debt |
|
34,072 |
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34,046 |
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|
73,912 |
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| Revolving line of credit |
|
20,000 |
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20,000 |
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|
— |
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| Other liabilities |
|
35,862 |
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|
35,988 |
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|
43,358 |
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| Total liabilities |
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3,201,310 |
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2,987,378 |
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2,921,693 |
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| Common stock |
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14,323 |
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|
14,174 |
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|
13,877 |
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| Additional paid-in capital |
|
172,940 |
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|
172,397 |
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|
166,078 |
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| Retained earnings |
|
203,497 |
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|
193,413 |
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|
173,350 |
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| Accumulated other comprehensive loss |
|
(18,039) |
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|
(18,061) |
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(27,869) |
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| Treasury stock |
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(28,178) |
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|
(27,003) |
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|
(23,121) |
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| Total stockholders’ equity |
|
344,543 |
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|
334,920 |
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|
302,315 |
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| Total liabilities and stockholders’ equity |
|
$ |
3,545,853 |
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$ |
3,322,298 |
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$ |
3,224,008 |
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Average Balances and Interest Rates
(Unaudited) (Dollars in thousands)
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Three Months Ended |
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Three Months Ended |
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Three Months Ended |
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June 30, 2026 |
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March 31, 2026 |
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June 30, 2025 |
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Average
Balance |
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Interest
Income/
Expense |
|
Yield/
Cost |
|
Average
Balance |
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Interest
Income/
Expense |
|
Yield/
Cost |
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Average
Balance |
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Interest
Income/
Expense |
|
Yield/
Cost |
| Assets |
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| Interest-bearing balances with banks |
|
$ |
252,962 |
|
|
$ |
2,289 |
|
|
3.63 |
% |
|
$ |
340,906 |
|
|
$ |
3,031 |
|
|
3.61 |
% |
|
$ |
332,265 |
|
|
$ |
3,592 |
|
|
4.34 |
% |
|
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| Investment securities: |
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| Taxable |
|
371,891 |
|
|
4,790 |
|
|
5.17 |
|
|
361,901 |
|
|
4,409 |
|
|
4.94 |
|
|
305,600 |
|
|
2,828 |
|
|
3.71 |
|
Tax-exempt 1
|
|
55,637 |
|
|
538 |
|
|
3.88 |
|
|
56,737 |
|
|
557 |
|
|
3.98 |
|
|
96,135 |
|
|
819 |
|
|
3.42 |
|
Loans: 2
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
1,801,797 |
|
|
33,481 |
|
|
7.45 |
|
|
1,774,717 |
|
|
30,232 |
|
|
6.91 |
|
|
1,488,610 |
|
|
28,371 |
|
|
7.64 |
|
Tax-exempt 1
|
|
2,327 |
|
|
27 |
|
|
4.65 |
|
|
2,286 |
|
|
25 |
|
|
4.44 |
|
|
2,719 |
|
|
29 |
|
|
4.28 |
|
| Real estate |
|
490,000 |
|
|
5,061 |
|
|
4.14 |
|
|
487,773 |
|
|
4,883 |
|
|
4.06 |
|
|
538,595 |
|
|
5,826 |
|
|
4.34 |
|
| Consumer |
|
150,595 |
|
|
2,516 |
|
|
6.70 |
|
|
84,249 |
|
|
1,758 |
|
|
8.46 |
|
|
61,022 |
|
|
1,096 |
|
|
7.20 |
|
| Total loans |
|
2,444,719 |
|
|
41,085 |
|
|
6.74 |
|
|
2,349,025 |
|
|
36,898 |
|
|
6.37 |
|
|
2,090,946 |
|
|
35,322 |
|
|
6.78 |
|
| Total earning assets |
|
3,125,209 |
|
|
48,702 |
|
|
6.25 |
|
|
3,108,569 |
|
|
44,895 |
|
|
5.86 |
|
|
2,824,946 |
|
|
42,561 |
|
|
6.04 |
|
| Less: Allowance for credit losses |
|
(22,877) |
|
|
|
|
|
|
(21,829) |
|
|
|
|
|
|
(19,459) |
|
|
|
|
|
| Cash and due from banks |
|
9,742 |
|
|
|
|
|
|
9,947 |
|
|
|
|
|
|
8,215 |
|
|
|
|
|
| Other assets |
|
344,238 |
|
|
|
|
|
|
336,744 |
|
|
|
|
|
|
300,378 |
|
|
|
|
|
| Total assets |
|
$ |
3,456,312 |
|
|
|
|
|
|
$ |
3,433,431 |
|
|
|
|
|
|
$ |
3,114,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NOW |
|
$ |
798,433 |
|
|
$ |
6,388 |
|
|
3.21 |
% |
|
$ |
709,743 |
|
|
$ |
5,217 |
|
|
2.98 |
% |
|
$ |
658,490 |
|
|
$ |
4,966 |
|
|
3.02 |
% |
| Money market checking |
|
582,385 |
|
|
3,641 |
|
|
2.51 |
|
|
542,170 |
|
|
3,072 |
|
|
2.30 |
|
|
358,968 |
|
|
2,284 |
|
|
2.55 |
|
| Savings |
|
149,211 |
|
|
1,062 |
|
|
2.85 |
|
|
149,883 |
|
|
1,197 |
|
|
3.24 |
|
|
117,123 |
|
|
920 |
|
|
3.15 |
|
| IRAs |
|
6,580 |
|
|
51 |
|
|
3.11 |
|
|
7,137 |
|
|
60 |
|
|
3.41 |
|
|
7,414 |
|
|
68 |
|
|
3.68 |
|
| CDs |
|
447,766 |
|
|
4,483 |
|
|
4.02 |
|
|
550,973 |
|
|
5,764 |
|
|
4.24 |
|
|
657,367 |
|
|
7,545 |
|
|
4.60 |
|
| Total interest-bearing deposits |
|
1,984,375 |
|
|
15,625 |
|
|
3.16 |
|
|
1,959,906 |
|
|
15,310 |
|
|
3.17 |
|
|
1,799,362 |
|
|
15,783 |
|
|
3.52 |
|
| Repurchase agreements and federal funds sold |
|
4,549 |
|
|
23 |
|
|
2.03 |
|
|
4,186 |
|
|
21 |
|
|
2.03 |
|
|
4,081 |
|
|
24 |
|
|
2.36 |
|
| FHLB and other borrowings |
|
1,321 |
|
|
9 |
|
|
2.73 |
|
|
56 |
|
|
1 |
|
|
7.24 |
|
|
8 |
|
|
— |
|
|
— |
|
| Subordinated debt |
|
34,063 |
|
|
314 |
|
|
3.70 |
|
|
60,707 |
|
|
858 |
|
|
5.73 |
|
|
73,890 |
|
|
797 |
|
|
4.33 |
|
| Revolving line of credit |
|
20,000 |
|
|
338 |
|
|
6.78 |
|
|
7,556 |
|
|
132 |
|
|
7.08 |
|
|
— |
|
|
— |
|
|
— |
|
| Total interest-bearing liabilities |
|
2,044,308 |
|
|
16,309 |
|
|
3.20 |
|
|
2,032,411 |
|
|
16,322 |
|
|
3.26 |
|
|
1,877,341 |
|
|
16,604 |
|
|
3.55 |
|
| Noninterest-bearing demand deposits |
|
1,030,279 |
|
|
|
|
|
|
1,011,690 |
|
|
|
|
|
|
886,657 |
|
|
|
|
|
| Other liabilities |
|
37,872 |
|
|
|
|
|
|
50,811 |
|
|
|
|
|
|
44,021 |
|
|
|
|
|
| Total liabilities |
|
3,112,459 |
|
|
|
|
|
|
3,094,912 |
|
|
|
|
|
|
2,808,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock |
|
14,221 |
|
|
|
|
|
|
14,117 |
|
|
|
|
|
|
13,825 |
|
|
|
|
|
| Paid-in capital |
|
172,231 |
|
|
|
|
|
|
171,040 |
|
|
|
|
|
|
165,611 |
|
|
|
|
|
| Treasury stock |
|
(27,596) |
|
|
|
|
|
|
(27,003) |
|
|
|
|
|
|
(18,029) |
|
|
|
|
|
| Retained earnings |
|
202,957 |
|
|
|
|
|
|
193,468 |
|
|
|
|
|
|
173,394 |
|
|
|
|
|
| Accumulated other comprehensive loss |
|
(17,960) |
|
|
|
|
|
|
(13,103) |
|
|
|
|
|
|
(28,740) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total stockholders’ equity |
|
343,853 |
|
|
|
|
|
|
338,519 |
|
|
|
|
|
|
306,061 |
|
|
|
|
|
| Total liabilities and stockholders’ equity |
|
$ |
3,456,312 |
|
|
|
|
|
|
$ |
3,433,431 |
|
|
|
|
|
|
$ |
3,114,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin (tax-equivalent)1
|
|
|
|
$ |
32,393 |
|
|
4.16 |
% |
|
|
|
$ |
28,573 |
|
|
3.73 |
% |
|
|
|
$ |
25,957 |
|
|
3.69 |
% |
| Less: Tax-equivalent adjustments |
|
|
|
(119) |
|
|
|
|
|
|
(121) |
|
|
|
|
|
|
(177) |
|
|
|
| Net interest income and margin |
|
|
|
$ |
32,274 |
|
|
4.14 |
% |
|
|
|
$ |
28,452 |
|
|
3.71 |
% |
|
|
|
$ |
25,780 |
|
|
3.66 |
% |
1In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 21% for the periods presented, which is a non-U.S. GAAP financial measure. See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 13.
2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Six Months Ended |
|
|
June 30, 2026 |
|
June 30, 2025 |
|
|
Average
Balance |
|
Interest
Income/
Expense |
|
Yield/
Cost |
|
Average
Balance |
|
Interest
Income/
Expense |
|
Yield/
Cost |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing balances with banks |
|
$ |
296,691 |
|
|
$ |
5,320 |
|
|
3.62 |
% |
|
$ |
388,574 |
|
|
$ |
8,326 |
|
|
4.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Taxable |
|
366,924 |
|
|
9,199 |
|
|
5.06 |
|
|
316,577 |
|
|
5,586 |
|
|
3.56 |
|
Tax-exempt 1
|
|
56,184 |
|
|
1,095 |
|
|
3.93 |
|
|
99,050 |
|
|
1,676 |
|
|
3.41 |
|
Loans: 2
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
1,780,876 |
|
|
63,713 |
|
|
7.21 |
|
|
1,490,414 |
|
|
56,391 |
|
|
7.63 |
|
Tax-exempt 1
|
|
2,306 |
|
|
53 |
|
|
4.63 |
|
|
2,772 |
|
|
59 |
|
|
4.29 |
|
| Real estate |
|
488,893 |
|
|
9,944 |
|
|
4.10 |
|
|
542,330 |
|
|
11,688 |
|
|
4.35 |
|
| Consumer |
|
125,060 |
|
|
4,274 |
|
|
6.89 |
|
|
61,984 |
|
|
2,251 |
|
|
7.32 |
|
| Total loans |
|
2,397,135 |
|
|
77,984 |
|
|
6.56 |
|
|
2,097,500 |
|
|
70,389 |
|
|
6.77 |
|
| Total earning assets |
|
3,116,934 |
|
|
93,598 |
|
|
6.06 |
|
|
2,901,701 |
|
|
85,977 |
|
|
5.98 |
|
| Less: Allowance for loan losses |
|
(22,356) |
|
|
|
|
|
|
(19,544) |
|
|
|
|
|
| Cash and due from banks |
|
9,844 |
|
|
|
|
|
|
7,601 |
|
|
|
|
|
| Other assets |
|
340,511 |
|
|
|
|
|
|
314,450 |
|
|
|
|
|
| Total assets |
|
$ |
3,444,933 |
|
|
|
|
|
|
$ |
3,204,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
| NOW |
|
$ |
785,269 |
|
|
$ |
11,605 |
|
|
2.98 |
% |
|
$ |
589,361 |
|
|
$ |
8,100 |
|
|
2.77 |
% |
| Money market checking |
|
562,389 |
|
|
6,713 |
|
|
2.41 |
|
|
347,420 |
|
|
4,377 |
|
|
2.54 |
|
| Savings |
|
149,545 |
|
|
2,259 |
|
|
3.05 |
|
|
103,599 |
|
|
1,502 |
|
|
2.92 |
|
| IRAs |
|
6,857 |
|
|
111 |
|
|
3.26 |
|
|
7,567 |
|
|
149 |
|
|
3.97 |
|
| CDs |
|
499,084 |
|
|
10,247 |
|
|
4.14 |
|
|
735,639 |
|
|
17,338 |
|
|
4.75 |
|
| Total interest-bearing deposits |
|
2,003,144 |
|
|
30,935 |
|
|
3.11 |
|
|
1,783,586 |
|
|
31,466 |
|
|
3.56 |
|
| Repurchase agreements and federal funds sold |
|
4,369 |
|
|
45 |
|
|
2.08 |
|
|
3,627 |
|
|
39 |
|
|
2.17 |
|
| FHLB and other borrowings |
|
692 |
|
|
9 |
|
|
2.62 |
|
|
2,547 |
|
|
58 |
|
|
4.59 |
|
| Senior term loan |
|
13,812 |
|
|
470 |
|
|
6.86 |
|
|
— |
|
|
— |
|
|
— |
|
| Subordinated debt |
|
47,311 |
|
|
1,172 |
|
|
5.00 |
|
|
73,859 |
|
|
1,594 |
|
|
4.35 |
|
| Total interest-bearing liabilities |
|
2,069,328 |
|
|
32,631 |
|
|
3.18 |
|
|
1,863,619 |
|
|
33,157 |
|
|
3.59 |
|
| Noninterest-bearing demand deposits |
|
990,099 |
|
|
|
|
|
|
989,138 |
|
|
|
|
|
| Other liabilities |
|
44,306 |
|
|
|
|
|
|
46,339 |
|
|
|
|
|
| Total liabilities |
|
3,103,733 |
|
|
|
|
|
|
2,899,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock |
|
14,169 |
|
|
|
|
|
|
13,811 |
|
|
|
|
|
| Paid-in capital |
|
171,639 |
|
|
|
|
|
|
165,291 |
|
|
|
|
|
| Treasury stock |
|
(27,301) |
|
|
|
|
|
|
(17,389) |
|
|
|
|
|
| Retained earnings |
|
198,238 |
|
|
|
|
|
|
171,890 |
|
|
|
|
|
| Accumulated other comprehensive loss |
|
(15,545) |
|
|
|
|
|
|
(28,509) |
|
|
|
|
|
| Total stockholders’ equity attributable to parent |
|
341,200 |
|
|
|
|
|
|
305,094 |
|
|
|
|
|
| Noncontrolling interest |
|
— |
|
|
|
|
|
|
18 |
|
|
|
|
|
| Total stockholders’ equity |
|
341,200 |
|
|
|
|
|
|
305,112 |
|
|
|
|
|
| Total liabilities and stockholders’ equity |
|
$ |
3,444,933 |
|
|
|
|
|
|
$ |
3,204,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin (tax-equivalent) 1
|
|
|
|
$ |
60,967 |
|
|
3.94 |
% |
|
|
|
$ |
52,820 |
|
|
3.67 |
% |
| Less: Tax-equivalent adjustments |
|
|
|
(241) |
|
|
|
|
|
|
(364) |
|
|
|
| Net interest income and margin |
|
|
|
$ |
60,726 |
|
|
3.93 |
% |
|
|
|
$ |
52,456 |
|
|
3.65 |
% |
1 In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 21% for the periods presented, which is a non-U.S. GAAP financial measure. See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 13.
2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.
Selected Financial Data
(Unaudited) (Dollars in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
Year-to-Date |
|
|
2026 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
Second Quarter |
|
First Quarter |
|
Second Quarter |
|
|
| Earnings and Per Share Data: |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
12,251 |
|
|
$ |
5,184 |
|
|
$ |
2,002 |
|
|
$ |
17,435 |
|
|
$ |
5,579 |
|
| Earnings per share - basic |
|
$ |
0.95 |
|
|
$ |
0.41 |
|
|
$ |
0.16 |
|
|
$ |
1.36 |
|
|
$ |
0.43 |
|
| Earnings per share - diluted |
|
$ |
0.93 |
|
|
$ |
0.39 |
|
|
$ |
0.15 |
|
|
$ |
1.32 |
|
|
$ |
0.42 |
|
| Cash dividends paid per common share |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
| Book value per common share |
|
$ |
26.61 |
|
|
$ |
26.07 |
|
|
$ |
23.78 |
|
|
$ |
26.61 |
|
|
$ |
23.78 |
|
Tangible book value per common share 1
|
|
$ |
26.52 |
|
|
$ |
25.98 |
|
|
$ |
23.68 |
|
|
$ |
26.52 |
|
|
$ |
23.68 |
|
| Weighted-average shares outstanding - basic |
|
12,869,947 |
|
|
12,795,271 |
|
|
12,912,113 |
|
|
12,832,815 |
|
|
12,930,046 |
|
| Weighted-average shares outstanding - diluted |
|
13,186,672 |
|
|
13,191,405 |
|
|
13,121,436 |
|
|
13,188,996 |
|
|
13,151,616 |
|
|
|
|
|
|
|
|
|
|
|
|
| Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
Return on average assets 2
|
|
1.4 |
% |
|
0.6 |
% |
|
0.3 |
% |
|
1.0 |
% |
|
0.3 |
% |
Return on average equity 2
|
|
14.3 |
% |
|
6.1 |
% |
|
2.6 |
% |
|
10.2 |
% |
|
3.7 |
% |
Net interest margin 3 4
|
|
4.16 |
% |
|
3.73 |
% |
|
3.69 |
% |
|
3.94 |
% |
|
3.67 |
% |
Efficiency ratio 5
|
|
59.5 |
% |
|
76.7 |
% |
|
84.7 |
% |
|
66.7 |
% |
|
85.0 |
% |
Overhead ratio 2 6
|
|
3.5 |
% |
|
3.3 |
% |
|
3.7 |
% |
|
3.4 |
% |
|
3.6 |
% |
| Equity to assets |
|
9.7 |
% |
|
10.1 |
% |
|
9.4 |
% |
|
9.7 |
% |
|
9.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Asset Quality Data and Ratios: |
|
|
|
|
|
|
|
|
|
|
| Charge-offs |
|
$ |
1,773 |
|
|
$ |
1,890 |
|
|
$ |
628 |
|
|
$ |
3,663 |
|
|
$ |
2,015 |
|
| Recoveries |
|
$ |
391 |
|
|
$ |
392 |
|
|
$ |
445 |
|
|
$ |
783 |
|
|
$ |
975 |
|
Net loan charge-offs to total loans 2, 7
|
|
0.23 |
% |
|
0.26 |
% |
|
0.04 |
% |
|
0.24 |
% |
|
0.10 |
% |
| Allowance for credit losses |
|
$ |
28,217 |
|
|
$ |
22,605 |
|
|
$ |
20,785 |
|
|
$ |
28,217 |
|
|
$ |
20,785 |
|
Allowance for credit losses to total loans |
|
1.14 |
% |
|
0.94 |
% |
|
0.97 |
% |
0.97 |
% |
1.14 |
% |
|
0.97 |
% |
| Nonperforming loans |
|
$ |
29,233 |
|
|
$ |
34,740 |
|
|
$ |
21,055 |
|
|
$ |
29,233 |
|
|
$ |
21,055 |
|
| Nonperforming loans to total loans |
|
1.2 |
% |
|
1.4 |
% |
|
1.0 |
% |
|
1.2 |
% |
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Mortgage Company Equity Method Investees Production Data8:
|
|
|
|
|
|
|
|
|
|
|
| Mortgage pipeline |
|
$ |
1,236,366 |
|
|
$ |
1,126,262 |
|
|
$ |
1,128,738 |
|
|
$ |
1,236,366 |
|
|
$ |
1,128,738 |
|
| Loans originated |
|
$ |
1,491,404 |
|
|
$ |
1,406,921 |
|
|
$ |
1,352,603 |
|
|
$ |
2,898,326 |
|
|
$ |
2,663,305 |
|
| Loans closed |
|
$ |
927,934 |
|
|
$ |
936,789 |
|
|
$ |
882,361 |
|
|
$ |
1,864,724 |
|
|
$ |
1,770,383 |
|
| Loans sold |
|
$ |
820,716 |
|
|
$ |
747,829 |
|
|
$ |
699,036 |
|
|
$ |
1,568,546 |
|
|
$ |
1,343,718 |
|
1 Common equity, less total goodwill and intangibles per common share, a non-U.S. GAAP financial measure. See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 13.
2 Annualized for the quarterly periods presented.
3 Net interest income as a percentage of average interest-earning assets.
4 Presented on a fully tax-equivalent basis, a non-U.S. GAAP financial measure.
5 Noninterest expense as a percentage of net interest income and noninterest income.
6 Noninterest expense as a percentage of average assets.
7 Ratio of charge-offs, less recoveries to total loans.
8 Information is related to Intercoastal Mortgage Company, LLC and Warp Speed Holdings, LLC, entities in which MVB has an ownership interest that are accounted for as equity method investments.
Non-U.S. GAAP Reconciliation: Net Interest Income and Net Interest Margin on a Fully Tax-Equivalent Basis
The following table reconciles, for the periods shown below, net interest income and net interest margin on a fully tax-equivalent basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
| (Dollars in thousands) |
|
June 30, 2026 |
|
March 31, 2026 |
|
June 30, 2025 |
|
June 30, 2026 |
|
June 30, 2025 |
| Net interest margin - U.S. GAAP basis |
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
$ |
32,274 |
|
|
$ |
28,452 |
|
|
$ |
25,780 |
|
|
$ |
60,726 |
|
|
$ |
52,456 |
|
| Average interest-earning assets |
|
$ |
3,125,209 |
|
|
$ |
3,108,569 |
|
|
$ |
2,824,946 |
|
|
$ |
3,116,934 |
|
|
$ |
2,901,701 |
|
| Net interest margin |
|
4.14 |
% |
|
3.71 |
% |
|
3.66 |
% |
|
3.93 |
% |
|
3.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin - non-U.S. GAAP basis |
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
$ |
32,274 |
|
|
$ |
28,452 |
|
|
$ |
25,780 |
|
|
$ |
60,726 |
|
|
$ |
52,456 |
|
| Impact of fully tax-equivalent adjustment |
|
119 |
|
|
121 |
|
|
177 |
|
|
241 |
|
|
364 |
|
| Net interest income on a fully tax-equivalent basis |
|
$ |
32,393 |
|
|
$ |
28,573 |
|
|
$ |
25,957 |
|
|
$ |
60,967 |
|
|
$ |
52,820 |
|
| Average interest-earning assets |
|
$ |
3,125,209 |
|
|
$ |
3,108,569 |
|
|
$ |
2,824,946 |
|
|
$ |
3,116,934 |
|
|
$ |
2,901,701 |
|
| Net interest margin on a fully tax-equivalent basis |
|
4.16 |
% |
|
3.73 |
% |
|
3.69 |
% |
|
3.94 |
% |
|
3.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Core net interest margin - non-U.S. GAAP basis |
|
|
|
|
|
|
|
|
|
|
| Net interest income on a fully tax-equivalent basis |
|
$ |
32,393 |
|
|
$ |
28,573 |
|
|
$ |
25,957 |
|
|
$ |
60,967 |
|
|
$ |
52,820 |
|
| Less: interest income from non-recurring items |
|
(2,272) |
|
|
— |
|
|
— |
|
|
(2,272) |
|
|
— |
|
| Core net interest income on a fully tax-equivalent basis |
|
$ |
30,121 |
|
|
$ |
28,573 |
|
|
$ |
25,957 |
|
|
$ |
58,695 |
|
|
$ |
52,820 |
|
| Average interest-earning assets |
|
$ |
3,125,209 |
|
|
$ |
3,108,569 |
|
|
$ |
2,824,946 |
|
|
$ |
3,116,934 |
|
|
$ |
2,901,701 |
|
| Adjusted net interest margin on a fully tax-equivalent basis |
|
3.87 |
% |
|
3.73 |
% |
|
3.69 |
% |
|
3.80 |
% |
|
3.67 |
% |
Non-U.S. GAAP Reconciliation: Tangible Book Value per Common Share and Tangible Common Equity Ratio
(Unaudited) (Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
March 31, 2026 |
|
June 30, 2025 |
| Tangible Book Value per Common Share |
|
|
|
|
|
|
| Goodwill |
|
$ |
1,200 |
|
|
$ |
1,200 |
|
|
$ |
1,200 |
|
|
|
|
|
|
|
|
| Total intangibles |
|
$ |
1,200 |
|
|
1,200 |
|
|
1,200 |
|
|
|
|
|
|
|
|
| Total equity attributable to parent |
|
$ |
344,543 |
|
|
334,920 |
|
|
302,315 |
|
| Less: Total intangibles |
|
(1,200) |
|
|
(1,200) |
|
|
(1,200) |
|
| Tangible common equity |
|
$ |
343,343 |
|
|
$ |
333,720 |
|
|
$ |
301,115 |
|
|
|
|
|
|
|
|
| Tangible common equity |
|
$ |
343,343 |
|
|
$ |
333,720 |
|
|
$ |
301,115 |
|
| Common shares outstanding (000s) |
|
12,947 |
|
|
12,847 |
|
|
12,715 |
|
| Tangible book value per common share |
|
$ |
26.52 |
|
|
$ |
25.98 |
|
|
$ |
23.68 |
|
|
|
|
|
|
|
|
| Tangible Common Equity Ratio |
|
|
|
|
|
|
| Total assets |
|
$ |
3,545,853 |
|
|
$ |
3,322,298 |
|
|
$ |
3,224,008 |
|
| Less: Total intangibles |
|
(1,200) |
|
|
(1,200) |
|
|
(1,200) |
|
| Tangible assets |
|
$ |
3,544,653 |
|
|
$ |
3,321,098 |
|
|
$ |
3,222,808 |
|
|
|
|
|
|
|
|
| Tangible assets |
|
$ |
3,544,653 |
|
|
$ |
3,321,098 |
|
|
$ |
3,222,808 |
|
| Tangible common equity |
|
$ |
343,343 |
|
|
$ |
333,720 |
|
|
$ |
301,115 |
|
| Tangible common equity ratio |
|
9.7 |
% |
|
10.0 |
% |
|
9.3 |
% |
エドガーで原本を確認する
