MVB Financial Corp. Announces First Quarter 2026 Results

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 first 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 $5.2 million, or $0.41 basic and $0.39 diluted earnings per share, for the first quarter of 2026.

First Quarter 2026 Highlights (Compared to Fourth Quarter 2025)

Loan growth up 2.6%, or 10.3% annualized, marking the fourth consecutive quarter of expansion.

Payment card and service charge income up 13.5%.

Noninterest expenses down 10.7%, reflecting technology-driven efficiency initiatives.

Executed balance sheet actions to bring funding costs down and earnings power up.

Sustained momentum in onboarding and payments pipeline activity.

Subsequent to quarter-end, recognized a pre-tax gain of approximately $10.0 million in the second quarter related to an existing Fintech investment, which is expected to increase tangible book value by approximately $0.59 per share.

From Larry F. Mazza, Chief Executive Officer and President, MVB Financial:

“We delivered a strong first quarter, with earnings per share up over 40% year-over-year, demonstrating continued improvement in our core earnings power and establishing a clear trajectory for accelerated growth. Our commitment remains to maximize shareholder value through disciplined execution, continuous improvement of profitability metrics and strategic investments in high-return opportunities.

“This momentum accelerated during the quarter, supported by solid loan growth, continued net interest margin expansion, improved efficiency and progress across our payments-related businesses.

“Additionally, we continued to make strategic investments in artificial intelligence and automation to streamline operations, enhance the customer experience and improve overall execution efficiency. To align our organization with this strategy, we brought our technology and operations functions under unified leadership with Mike Giorgio’s appointment as Chief Operating Officer and strengthened our Board with the addition of Adam Famularo, who adds significant Fintech and artificial intelligence expertise. We are also pleased to welcome Dr. Kelly Nelson as Chairman of the Board and thank Marty Becker for his leadership and meaningful contributions to MVB’s growth and development.

“Finally, subsequent to quarter-end, we recognized a gain in the second quarter related to an existing Fintech investment, further demonstrating the strength of our Fintech platform. Combined with the successful monetization of Victor last year, we believe this underscores our ability to both build and invest in high-value technology businesses, creating incremental value for shareholders.”

FIRST QUARTER 2026 HIGHLIGHTS

  • Net Interest Income, Net Interest Margin and Balance Sheet Trends

    • Net interest income totaled $28.5 million, an increase of $0.1 million, or 0.3%, from prior quarter, primarily reflecting higher average earning asset balances, partially offset by lower earning asset yields. Earning asset yields during the quarter were impacted by seasonal balance sheet dynamics, including higher levels of interest-bearing balances with banks.

    • Net interest margin was 3.71%, an increase of one basis point from the prior quarter, primarily reflecting changes in the balance sheet mix, including higher average levels of noninterest-bearing deposits during the quarter, partially offset by lower earning asset yields. Total cost of funds decreased to 2.17% from 2.30% in the prior quarter, primarily reflecting a higher average balance of noninterest-bearing deposits.

    • Average total earning assets increased $63.8 million, or 2.1%, from the prior quarter to $3.11 billion, primarily reflecting higher average loan balances and increased interest-bearing balances with banks, due primarily to seasonal deposit inflows. Total loan balances increased $60.6 million, or 2.6%, from the prior quarter to $2.40 billion, primarily due to increased loan demand and improved market conditions. Loan growth during the quarter was primarily concentrated in March and is expected to contribute more meaningfully to net interest income in subsequent periods.

    • Total deposits were $2.90 billion as of March 31, 2026, an increase of $55.3 million, or 1.9%, from the prior quarter-end, primarily reflecting seasonal deposit inflows in certain banking-as-a-service deposit relationships. Noninterest-bearing deposits represented 34.9% of total deposits as of March 31, 2026, compared to 40.3% as of the prior quarter-end. Fluctuations in noninterest-bearing deposit balances on both an end-of-period and average basis were driven primarily by seasonal deposit inflows. The loan-to-deposit ratio was 83.0% as of March 31, 2026, compared to 82.4% as of the prior quarter-end.

    • During the quarter, and as previously disclosed, the Company executed balance sheet optimization actions, including entering into a $20.0 million revolving line of credit and utilizing those proceeds, along with cash on hand, to repay approximately $40.0 million of higher-cost subordinated debt. These actions are expected to reduce funding costs and enhance net interest income, with estimated savings of approximately $1.8 million annually. As these actions were implemented late in the quarter, the full quarter benefit is expected to be realized beginning in the second quarter.

  • Noninterest Income and Expense

    • Total noninterest income was $8.2 million for the first quarter of 2026, compared to $10.7 million in the prior quarter. The decrease in total noninterest income was primarily due to a holding gain on equity securities recognized in the fourth quarter of 2025. Excluding this item, core fee income increased approximately 3.9%, reflecting higher payment card and service charge income, benefitting from seasonal factors, while equity method investments income from our mortgage segment declined.

    • We launched two new Fintech partners in the first quarter of 2026 as we continue to execute on our strong pipeline of Fintech opportunities.

    • Total noninterest expense was $28.1 million for the first quarter of 2026, compared to $31.5 million in the prior quarter, a decrease of 10.7%. The improvement from the prior quarter was primarily driven by reduced professional fees and salaries and employee benefits expense. Compared to the prior year period, noninterest expense decreased 2.1%, while operating revenues increased 8.8%, resulting in positive operating leverage.

  • Asset Quality and Capital

    • Nonperforming loans totaled $34.7 million, or 1.4% of total loans, as of March 31, 2026, compared to $30.7 million, or 1.3% of total loans, as of December 31, 2025.

    • Criticized loans as a percentage of total loans were 3.7% as of March 31, 2026 and, compared to 3.6% as of December 31, 2025. Classified loans as a percentage of total loans were 2.2%, compared to 2.3% as of the prior quarter end.

    • Net charge-offs were $1.5 million, or 0.26% annualized of loans, for the first quarter, compared to $3.9 million, or 0.68% annualized, for the prior quarter.

    • Provision for credit losses totaled $1.9 million, compared to $2.1 million for the prior quarter. The allowance for credit losses for loans was 0.94% of total loans at March 31, 2026, compared to 0.93% at December 31, 2025.

    • Pre-tax, pre-provision earnings were $8.5 million in the first quarter of 2026, compared to $7.6 million in the fourth quarter of 2025 and $5.0 million in the first quarter of 2025.

    • The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were 10.1%, 12.6% and 13.5%, respectively, compared to 11.1%, 13.7% and 14.5%, respectively, at the prior quarter-end.

    • The tangible common equity ratio, a non-U.S. GAAP financial measure1, was 10.0% as of March 31, 2026, compared to 10.1% as of December 31, 2025 and 10.2% as of March 31, 2025.

    • Accumulated other comprehensive loss was $18.1 million as of March 31, 2026, compared to $13.9 million as of December 31, 2025. The increase in accumulated other comprehensive loss during the quarter was primarily due to changes in the unrealized loss on available-for-sale investment securities portfolio, consistent with the increase in long-term market rates.

    • Book value per common share and tangible book value per common share, a non-U.S. GAAP measure1, were $26.07 and $25.98, respectively, representing decreases of 0.7%, from the prior quarter-end. The slight change in book value per common share and tangible book value per common share primarily reflects the increase in accumulated other comprehensive loss during the quarter and an increase in outstanding shares due to option exercises.

1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.

Conference Call and Webcast

The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, April 29, 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 May 13, 2026, by dialing 844-512-2921 (domestic) or 412-317-6671 (international); access code: 13758984. 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; unforeseen events, such as pandemics or natural disasters, and any governmental or societal responses thereto; changes in economic, business and political conditions, including, without limitation, the imposition of international trade policies and any retaliatory 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.

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-GAAP 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-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company’s financial condition and results. Non-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-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-GAAP measures. See the tables below for a reconciliation of these non-GAAP 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)

 

 

 

Quarterly

 

 

2026

 

2025

 

2025

 

 

First Quarter

 

Fourth Quarter

 

First Quarter

Interest income

 

$

44,774

 

$

45,490

 

$

43,229

Interest expense

 

 

16,322

 

 

17,111

 

 

16,553

Net interest income

 

 

28,452

 

 

28,379

 

 

26,676

Provision for credit losses

 

 

1,854

 

 

2,143

 

 

177

Net interest income after provision for credit losses

 

 

26,598

 

 

26,236

 

 

26,499

 

 

 

 

 

 

 

Total noninterest income

 

 

8,209

 

 

10,701

 

 

7,008

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

Salaries and employee benefits

 

 

16,152

 

 

17,372

 

 

16,412

Other expense

 

 

11,960

 

 

14,114

 

 

12,289

Total noninterest expenses

 

 

28,112

 

 

31,486

 

 

28,701

 

 

 

 

 

 

 

Income before income taxes

 

 

6,695

 

 

5,451

 

 

4,806

Income taxes

 

 

1,511

 

 

1,226

 

 

1,247

Net income, before noncontrolling interest

 

 

5,184

 

 

4,225

 

 

3,559

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

18

Net income available to common shareholders

 

$

5,184

 

$

4,225

 

$

3,577

 

 

 

 

 

 

 

Earnings per share – basic

 

$

0.41

 

$

0.33

 

$

0.28

Earnings per share – diluted

 

$

0.39

 

$

0.32

 

$

0.27

 

Noninterest Income

(Unaudited) (Dollars in thousands)

 

 

 

Quarterly

 

 

2026

 

2025

 

2025

 

 

First Quarter

 

Fourth Quarter

 

First Quarter

Card acquiring income

 

$

790

 

$

908

 

 

$

549

 

Service charges on deposits

 

 

1,080

 

 

831

 

 

 

1,158

 

Interchange income

 

 

3,216

 

 

2,741

 

 

 

3,278

 

Total payment card and service charge income

 

 

5,086

 

 

4,480

 

 

 

4,985

 

 

 

 

 

 

 

 

Equity method investments income

 

 

1,966

 

 

2,796

 

 

 

645

 

Compliance and consulting income

 

 

 

 

21

 

 

 

501

 

Loss on sale of loans

 

 

 

 

 

 

 

(69

)

Investment portfolio gains (losses)

 

 

669

 

 

3,452

 

 

 

(308

)

Gain on divestiture activity

 

 

 

 

160

 

 

 

608

 

Loss on disposal of assets

 

 

 

 

 

 

 

(342

)

Loss on derivatives

 

 

 

 

(466

)

 

 

 

Other noninterest income

 

 

488

 

 

258

 

 

 

988

 

 

 

 

 

 

 

 

Total noninterest income

 

$

8,209

 

$

10,701

 

 

$

7,008

 

Condensed Consolidated Balance Sheets

(Unaudited) (Dollars in thousands)

 

 

 

March 31, 2026

 

December 31, 2025

 

March 31, 2025

Cash and cash equivalents

 

$

177,635

 

 

$

244,125

 

 

$

251,450

 

Investment securities available-for-sale

 

 

421,729

 

 

 

410,510

 

 

 

419,617

 

Equity securities

 

 

51,459

 

 

 

50,643

 

 

 

44,317

 

Loans receivable

 

 

2,403,739

 

 

 

2,343,163

 

 

 

2,063,296

 

Less: Allowance for credit losses

 

 

(22,605

)

 

 

(21,827

)

 

 

(19,165

)

Loans receivable, net

 

 

2,381,134

 

 

 

2,321,336

 

 

 

2,044,131

 

Premises and equipment, net

 

 

10,071

 

 

 

10,379

 

 

 

11,489

 

Other assets

 

 

280,270

 

 

 

271,925

 

 

 

248,683

 

Total assets

 

$

3,322,298

 

 

$

3,308,918

 

 

$

3,019,687

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

1,011,098

 

 

$

1,144,682

 

 

$

1,033,056

 

Interest-bearing deposits

 

 

1,886,246

 

 

 

1,697,364

 

 

 

1,550,742

 

Subordinated debt

 

 

34,046

 

 

 

74,026

 

 

 

73,850

 

Revolving line of credit

 

 

20,000

 

 

 

 

 

 

 

Other liabilities

 

 

35,988

 

 

 

58,878

 

 

 

51,985

 

Total liabilities

 

 

2,987,378

 

 

 

2,974,950

 

 

 

2,709,633

 

 

 

 

 

 

 

 

Common stock

 

 

14,174

 

 

 

14,043

 

 

 

13,798

 

Additional paid-in capital

 

 

172,397

 

 

 

170,380

 

 

 

165,559

 

Retained earnings

 

 

193,413

 

 

 

190,414

 

 

 

173,557

 

Accumulated other comprehensive loss

 

 

(18,061

)

 

 

(13,866

)

 

 

(26,119

)

Treasury stock

 

 

(27,003

)

 

 

(27,003

)

 

 

(16,741

)

Total stockholders’ equity

 

 

334,920

 

 

 

333,968

 

 

 

310,054

 

Total liabilities and stockholders’ equity

 

$

3,322,298

 

 

$

3,308,918

 

 

$

3,019,687

 

Average Balances and Interest Rates

(Unaudited) (Dollars in thousands)

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

March 31, 2026

 

December 31, 2025

 

March 31, 2025

 

 

Average

Balance

 

Interest

Income/

Expense

 

Yield/

Cost

 

Average

Balance

 

Interest

Income/

Expense

 

Yield/

Cost

 

Average

Balance

 

Interest

Income/

Expense

 

Yield/

Cost

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing balances with banks

 

$

340,906

 

 

$

3,031

 

 

3.61

%

 

$

363,831

 

 

$

3,618

 

 

3.95

%

 

$

445,509

 

 

$

4,734

 

 

4.31

%

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

361,901

 

 

 

4,409

 

 

4.94

 

 

 

330,865

 

 

 

3,888

 

 

4.66

 

 

 

327,676

 

 

 

2,757

 

 

3.41

 

Tax-exempt 1

 

 

56,737

 

 

 

557

 

 

3.98

 

 

 

53,162

 

 

 

556

 

 

4.15

 

 

 

102,681

 

 

 

857

 

 

3.38

 

Loans: 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

1,774,717

 

 

 

30,232

 

 

6.91

 

 

 

1,720,707

 

 

 

30,663

 

 

7.07

 

 

 

1,492,238

 

 

 

28,020

 

 

7.62

 

Tax-exempt 1

 

 

2,286

 

 

 

25

 

 

4.44

 

 

 

2,399

 

 

 

27

 

 

4.47

 

 

 

2,826

 

 

 

30

 

 

4.31

 

Real estate

 

 

487,773

 

 

 

4,883

 

 

4.06

 

 

 

500,193

 

 

 

5,412

 

 

4.29

 

 

 

546,106

 

 

 

5,862

 

 

4.35

 

Consumer

 

 

84,249

 

 

 

1,758

 

 

8.46

 

 

 

73,657

 

 

 

1,449

 

 

7.80

 

 

 

62,956

 

 

 

1,155

 

 

7.44

 

Total loans

 

 

2,349,025

 

 

 

36,898

 

 

6.37

 

 

 

2,296,956

 

 

 

37,551

 

 

6.49

 

 

 

2,104,126

 

 

 

35,067

 

 

6.76

 

Total earning assets

 

 

3,108,569

 

 

 

44,895

 

 

5.86

 

 

 

3,044,814

 

 

 

45,613

 

 

5.94

 

 

 

2,979,992

 

 

 

43,415

 

 

5.91

 

Less: Allowance for credit losses

 

 

(21,829

)

 

 

 

 

 

 

(23,497

)

 

 

 

 

 

 

(19,630

)

 

 

 

 

Cash and due from banks

 

 

9,947

 

 

 

 

 

 

 

11,614

 

 

 

 

 

 

 

6,979

 

 

 

 

 

Other assets

 

 

336,744

 

 

 

 

 

 

 

309,283

 

 

 

 

 

 

 

327,995

 

 

 

 

 

Total assets

 

$

3,433,431

 

 

 

 

 

 

$

3,342,214

 

 

 

 

 

 

$

3,295,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

$

709,743

 

 

$

5,217

 

 

2.98

%

 

$

820,803

 

 

$

5,687

 

 

2.75

%

 

$

481,322

 

 

$

3,134

 

 

2.64

%

Money market checking

 

 

542,170

 

 

 

3,072

 

 

2.30

 

 

 

481,573

 

 

 

2,864

 

 

2.36

 

 

 

335,743

 

 

 

2,092

 

 

2.53

 

Savings

 

 

149,883

 

 

 

1,197

 

 

3.24

 

 

 

153,130

 

 

 

1,147

 

 

2.97

 

 

 

89,924

 

 

 

582

 

 

2.62

 

IRAs

 

 

7,137

 

 

 

60

 

 

3.41

 

 

 

7,406

 

 

 

66

 

 

3.54

 

 

 

7,722

 

 

 

81

 

 

4.25

 

CDs

 

 

550,973

 

 

 

5,764

 

 

4.24

 

 

 

587,912

 

 

 

6,429

 

 

4.34

 

 

 

814,782

 

 

 

9,793

 

 

4.87

 

Total interest-bearing deposits

 

 

1,959,906

 

 

 

15,310

 

 

3.17

 

 

 

2,050,824

 

 

 

16,193

 

 

3.13

 

 

 

1,729,493

 

 

 

15,682

 

 

3.68

 

Repurchase agreements and federal funds sold

 

 

4,186

 

 

 

21

 

 

2.03

 

 

 

3,153

 

 

 

13

 

 

1.64

 

 

 

3,167

 

 

 

15

 

 

1.92

 

FHLB and other borrowings

 

 

56

 

 

 

1

 

 

7.24

 

 

 

 

 

 

 

 

 

 

 

5,115

 

 

 

59

 

 

4.68

 

Subordinated debt

 

 

60,707

 

 

 

858

 

 

5.73

 

 

 

74,015

 

 

 

905

 

 

4.85

 

 

 

73,828

 

 

 

797

 

 

4.38

 

Revolving line of credit

 

 

7,556

 

 

 

132

 

 

7.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest-bearing liabilities

 

 

2,032,411

 

 

 

16,322

 

 

3.26

 

 

 

2,127,992

 

 

 

17,111

 

 

3.19

 

 

 

1,811,603

 

 

 

16,553

 

 

3.71

 

Noninterest-bearing demand deposits

 

 

1,011,690

 

 

 

 

 

 

 

824,967

 

 

 

 

 

 

 

1,130,900

 

 

 

 

 

Other liabilities

 

 

50,811

 

 

 

 

 

 

 

58,816

 

 

 

 

 

 

 

48,684

 

 

 

 

 

Total liabilities

 

 

3,094,912

 

 

 

 

 

 

 

3,011,775

 

 

 

 

 

 

 

2,991,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

14,117

 

 

 

 

 

 

 

13,954

 

 

 

 

 

 

 

13,796

 

 

 

 

 

Paid-in capital

 

 

171,040

 

 

 

 

 

 

 

168,589

 

 

 

 

 

 

 

164,967

 

 

 

 

 

Treasury stock

 

 

(27,003

)

 

 

 

 

 

 

(26,917

)

 

 

 

 

 

 

(16,741

)

 

 

 

 

Retained earnings

 

 

193,468

 

 

 

 

 

 

 

189,132

 

 

 

 

 

 

 

170,365

 

 

 

 

 

Accumulated other comprehensive loss

 

 

(13,103

)

 

 

 

 

 

 

(14,319

)

 

 

 

 

 

 

(28,275

)

 

 

 

 

Total stockholders’ equity attributable to parent

 

 

338,519

 

 

 

 

 

 

 

330,439

 

 

 

 

 

 

 

304,112

 

 

 

 

 

Noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37

 

 

 

 

 

Total stockholders’ equity

 

 

338,519

 

 

 

 

 

 

 

330,439

 

 

 

 

 

 

 

304,149

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

3,433,431

 

 

 

 

 

 

$

3,342,214

 

 

 

 

 

 

$

3,295,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income and margin (tax-equivalent)1

 

 

 

$

28,573

 

 

3.73

%

 

 

 

$

28,502

 

 

3.71

%

 

 

 

$

26,862

 

 

3.66

%

Less: Tax-equivalent adjustments

 

 

 

 

(121

)

 

 

 

 

 

 

(123

)

 

 

 

 

 

 

(186

)

 

 

Net interest income and margin

 

 

 

$

28,452

 

 

3.71

%

 

 

 

$

28,379

 

 

3.70

%

 

 

 

$

26,676

 

 

3.63

%

 

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 11.

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

 

 

2026

 

2025

 

2025

 

 

First Quarter

 

Fourth Quarter

 

First Quarter

Earnings and Per Share Data:

 

 

 

 

 

 

Net income

 

$

5,184

 

 

$

4,225

 

 

$

3,577

 

Earnings per share – basic

 

$

0.41

 

 

$

0.33

 

 

$

0.28

 

Earnings per share – diluted

 

$

0.39

 

 

$

0.32

 

 

$

0.27

 

Cash dividends paid per common share

 

$

0.17

 

 

$

0.17

 

 

$

0.17

 

Book value per common share

 

$

26.07

 

 

$

26.26

 

 

$

23.94

 

Tangible book value per common share 1

 

$

25.98

 

 

$

26.17

 

 

$

23.85

 

Weighted-average shares outstanding – basic

 

 

12,795,271

 

 

 

12,630,451

 

 

 

12,948,178

 

Weighted-average shares outstanding – diluted

 

 

13,191,405

 

 

 

13,082,568

 

 

 

13,181,213

 

 

 

 

 

 

 

 

Performance Ratios:

 

 

 

 

 

 

Return on average assets 2

 

 

0.6

%

 

 

0.5

%

 

 

0.4

%

Return on average equity 2

 

 

6.1

%

 

 

5.1

%

 

 

4.7

%

Net interest margin 3 4

 

 

3.73

%

 

 

3.71

%

 

 

3.66

%

Efficiency ratio 5

 

 

76.7

%

 

 

80.6

%

 

 

85.2

%

Overhead ratio 2 6

 

 

3.3

%

 

 

3.8

%

 

 

3.5

%

Equity to assets

 

 

10.1

%

 

 

10.1

%

 

 

10.3

%

 

 

 

 

 

 

 

Asset Quality Data and Ratios:

 

 

 

 

 

 

Charge-offs

 

$

1,890

 

 

$

4,143

 

 

$

1,387

 

Recoveries

 

$

392

 

 

$

256

 

 

$

530

 

Net loan charge-offs to total loans 2, 7

 

 

0.26

%

 

 

0.68

%

 

 

0.17

%

Allowance for credit losses

 

$

22,605

 

 

$

21,827

 

 

$

19,165

 

Allowance for credit losses to total loans

 

 

0.94

%

 

 

0.93

%

 

 

0.93

%

Nonperforming loans

 

$

34,740

 

 

$

30,655

 

 

$

20,272

 

Nonperforming loans to total loans

 

 

1.4

%

 

 

1.3

%

 

 

1.0

%

 

 

 

 

 

 

 

Mortgage Company Equity Method Investees Production Data8:

 

 

 

 

 

 

Mortgage pipeline

 

$

1,126,262

 

 

$

1,127,211

 

 

$

1,078,835

 

Loans originated

 

$

1,406,921

 

 

$

1,455,199

 

 

$

1,310,702

 

Loans closed

 

$

936,789

 

 

$

1,027,560

 

 

$

888,022

 

Loans sold

 

$

747,829

 

 

$

721,185

 

 

$

644,683

 

 

1 Common equity, less total goodwill and intangibles per common share, a non-U.S. GAAP 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 11.

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

(Dollars in thousands)

 

March 31, 2026

 

December 31, 2025

 

March 31, 2025

Net interest margin – U.S. GAAP basis

 

 

 

 

 

 

Net interest income

 

$

28,452

 

 

$

28,379

 

 

$

26,676

 

Average interest-earning assets

 

$

3,108,569

 

 

$

3,044,814

 

 

$

2,979,992

 

Net interest margin

 

 

3.71

%

 

 

3.70

%

 

 

3.63

%

 

 

 

 

 

 

 

Net interest margin – non-U.S. GAAP basis

 

 

 

 

 

 

Net interest income

 

$

28,452

 

 

$

28,379

 

 

$

26,676

 

Impact of fully tax-equivalent adjustment

 

 

121

 

 

 

123

 

 

 

186

 

Net interest income on a fully tax-equivalent basis

 

$

28,573

 

 

$

28,502

 

 

$

26,862

 

Average interest-earning assets

 

$

3,108,569

 

 

$

3,044,814

 

 

$

2,979,992

 

Net interest margin on a fully tax-equivalent basis

 

 

3.73

%

 

 

3.71

%

 

 

3.66

%

Non-U.S. GAAP Reconciliation: Tangible Book Value per Common Share and Tangible Common Equity Ratio

(Unaudited) (Dollars in thousands, except per share data)

 

 

 

March 31, 2026

 

December 31, 2025

 

March 31, 2025

Tangible Book Value per Common Share

 

 

 

 

 

 

Goodwill

 

$

1,200

 

 

$

1,200

 

 

$

1,200

 

Intangibles

 

 

 

 

 

 

 

 

 

Total intangibles

 

$

1,200

 

 

 

1,200

 

 

 

1,200

 

 

 

 

 

 

 

 

Total equity attributable to parent

 

$

334,920

 

 

 

333,968

 

 

 

310,054

 

Less: Total intangibles

 

 

(1,200

)

 

 

(1,200

)

 

 

(1,200

)

Tangible common equity

 

$

333,720

 

 

$

332,768

 

 

$

308,854

 

 

 

 

 

 

 

 

Tangible common equity

 

$

333,720

 

 

$

332,768

 

 

$

308,854

 

Common shares outstanding (000s)

 

 

12,847

 

 

 

12,716

 

 

 

12,950

 

Tangible book value per common share

 

$

25.98

 

 

$

26.17

 

 

$

23.85

 

 

 

 

 

 

 

 

Tangible Common Equity Ratio

 

 

 

 

 

 

Total assets

 

$

3,322,298

 

 

$

3,308,918

 

 

$

3,019,687

 

Less: Total intangibles

 

 

(1,200

)

 

 

(1,200

)

 

 

(1,200

)

Tangible assets

 

$

3,321,098

 

 

$

3,307,718

 

 

$

3,018,487

 

 

 

 

 

 

 

 

Tangible assets

 

$

3,321,098

 

 

$

3,307,718

 

 

$

3,018,487

 

Tangible common equity

 

$

333,720

 

 

$

332,768

 

 

$

308,854

 

Tangible common equity ratio

 

 

10.0

%

 

 

10.1

%

 

 

10.2

%

 

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