MVB Financial Corp. Announces Fourth Quarter and Full Year 2023 Results
Fourth Quarter 2023 Highlights As Compared to Third Quarter 2023
Net interest income increased 4.2%, or
Net interest margin improved by 17 bps to 4.04%.
Earnings per share up 106.7% to
Loan growth of 2.1%; Balance sheet loan to deposit ratio of 79.9% from 74.7%.
Noninterest expense declined by 7.9%, or
Book value per share and tangible book value per share, a non-GAAP financial measure, increased 6.3% and 6.4% to
Asset quality measures improved; Capital strength further enhanced.
From
“MVB closed a challenging year for the banking industry with strong fourth quarter results. Loans and investment securities continued to reprice higher, excess liquidity was redeployed as the pace of loan growth picked up and funding costs stabilized, driving significant improvement in net interest margin and net interest income. At the same time, expenses were well-controlled, Fintech-related fee income growth accelerated and measures of safety, soundness, foundational strength and shareholder value were improved and further enhanced. Team MVB’s resilience and adaptability enabled us to navigate the disruptive industry events last year, and now leave us well-positioned to drive further improvement in earnings and profitability as market conditions begin to turn favorably.”
FOURTH QUARTER 2023 HIGHLIGHTS
-
Loan growth and net interest margin expansion powered net interest income growth.
-
Net interest income on a fully tax-equivalent basis, a non-GAAP financial measure, increased 4.0%, or
$1.2 million , to$31.3 million relative to the prior quarter, primarily reflecting net interest margin expansion and higher average loan balances, partially offset by lower interest-bearing balances with banks. - Net interest margin on a fully tax-equivalent basis, a non-GAAP financial measure, was 4.06%, up 16 basis points from the prior quarter, primarily reflecting higher earning asset yields, a favorable shift in the mix of earning assets and deposit funding and relatively stable funding costs. Total cost of funds was 2.44%, compared to 2.43% for the prior quarter.
- Average earning asset balances decreased 0.3% during the fourth quarter of 2023, primarily reflecting lower interest-bearing balances with banks, primarily offset by higher average loan and investment securities balances. Average total loan balances increased 1.1%, largely driven by higher commercial loans.
-
Net interest income on a fully tax-equivalent basis, a non-GAAP financial measure, increased 4.0%, or
-
Deposit balances declined as funding mix optimization continued.
-
Total deposits declined 4.5%, or
$137.4 million , to$2.9 billion , compared to the prior quarter-end, primarily reflecting lower certificate of deposit (“CD”) balances, which includes a 10.5%, or$45.8 million , decline in brokered deposits, as the Company looks to reduce higher-cost funding that had been added in response to 2023 industry events. -
Total off-balance sheet deposits remained consistent at
$1.09 billion as compared to$1.11 billion at the prior quarter-end. Off-balance sheet deposit networks are utilized to generate fee income, enhance capital efficiency and manage liquidity and concentration risk. -
Noninterest bearing (“NIB”) deposit balances increased 9.4%, or
$103.4 million , to$1.20 billion , as compared to the prior quarter-end, primarily reflecting gaming and seasonal considerations. NIB deposits represented 41.3% of total deposits, as compared to 36.0% of total deposits at the prior quarter-end. -
Balance sheet loan to deposit ratio was 79.9% as of
December 31, 2023 , compared to 74.7% as ofSeptember 30, 2023 .
-
Total deposits declined 4.5%, or
-
Asset quality measures improved; Capital strength and shareholder value further enhanced.
-
Nonperforming loans declined
$2.3 million , or 22.0%, to$8.3 million , or 0.4% of total loans, from$10.6 million , or 0.5% of total loans, at the prior quarter-end. Criticized loans as a percentage of total loans were 5.3%, as compared to 6.1% at the prior quarter-end. Net charge-offs were$0.5 million , or 0.1% of total loans on an annualized basis, for the fourth quarter of 2023, compared to$5.9 million , or 1.0%, for the prior quarter. -
The release of allowance for credit losses totaled
$2.1 million , primarily reflecting the general improvement in credit indicators and the continued changes in loan portfolio composition. The allowance for credit losses was 1.0% of total loans, as compared to 1.1% as of 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 10.5%, 14.4%, and 15.1%, respectively, compared to 10.4%, 14.0%, and 14.8%, respectively, at the prior quarter-end.
-
The tangible common equity to tangible assets ratio was 8.6%, compared to 7.8% at the prior quarter-end. Tangible book value per share, a non-
U.S. GAAP measure, increased 6.4% to$22.43 , relative to the prior quarter-end.
-
Nonperforming loans declined
-
Expenses declined on lower personnel costs; Fee income down on mortgage loss; Fintech-related fee income increased.
-
Noninterest expense declined 7.9% to
$28.3 million relative to the prior quarter, primarily reflecting lower salaries and employee benefits costs and other operating expense. Professional fees remained elevated due to actions taken to enhance regulatory and compliance infrastructure. -
Total noninterest income declined 23.4% to
$4.4 million relative to the prior quarter, primarily reflecting increased equity method investment losses, partially offset by higher payment card and service charge income, which primarily relates to the Company’s Fintech-related fee income initiatives.
-
Noninterest expense declined 7.9% to
INCOME STATEMENT
Net interest income on a tax-equivalent basis totaled
Interest income increased
Interest expense increased
On a fully tax-equivalent basis, net interest margin for the fourth quarter of 2023 was 4.06%, an increase of 16 basis points from the third quarter of 2023 and a decrease of 51 basis points from the fourth quarter of 2022. See the table below for a reconciliation between net interest margin and net interest margin on a fully tax-equivalent basis, a non-GAAP measure. The increase in net interest margin from the third quarter of 2023 primarily reflected higher loan and investment portfolio yields, a favorable shift in the mix of earning assets and deposit funding and stable funding costs. Contraction in the net interest margin from the fourth quarter of 2022 primarily reflected higher funding costs and an unfavorable shift in the mix of deposit funding, partially offset by higher earning asset yields.
Noninterest income totaled
Noninterest expense totaled
BALANCE SHEET
Loans totaled
Deposits totaled
CAPITAL
The Community Bank Leverage Ratio was 10.5% as of
The Company issued a quarterly cash dividend of
ASSET QUALITY
Nonperforming loans totaled
Net charge-offs on an annualized basis were
The release of allowance for credit losses totaled
About
MVB is a financial holding company headquartered in
Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services.
For more information about MVB, please visit ir.mvbbanking.com.
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
Non-
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in
|
||||||||||||||||||
|
|
Quarterly |
|
Year-to-Date |
||||||||||||||
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
|
Fourth Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
|
||||||||||
Interest income |
|
$ |
49,699 |
|
|
$ |
48,325 |
|
|
$ |
40,702 |
|
$ |
189,818 |
|
|
$ |
125,957 |
Interest expense |
|
|
18,592 |
|
|
|
18,460 |
|
|
|
7,253 |
|
|
66,535 |
|
|
|
14,154 |
Net interest income |
|
|
31,107 |
|
|
|
29,865 |
|
|
|
33,449 |
|
|
123,283 |
|
|
|
111,803 |
Provision (release of allowance) for credit losses |
|
|
(2,103 |
) |
|
|
(159 |
) |
|
|
2,694 |
|
|
(1,921 |
) |
|
|
14,194 |
Net interest income after provision (release of allowance) for credit losses |
|
|
33,210 |
|
|
|
30,024 |
|
|
|
30,755 |
|
|
125,204 |
|
|
|
97,609 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total noninterest income |
|
|
4,438 |
|
|
|
5,791 |
|
|
|
3,435 |
|
|
19,715 |
|
|
|
27,565 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits |
|
|
14,863 |
|
|
|
16,016 |
|
|
|
14,317 |
|
|
63,371 |
|
|
|
62,534 |
Other expense |
|
|
13,438 |
|
|
|
14,709 |
|
|
|
12,424 |
|
|
54,254 |
|
|
|
47,612 |
Total noninterest expenses |
|
|
28,301 |
|
|
|
30,725 |
|
|
|
26,741 |
|
|
117,625 |
|
|
|
110,146 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes |
|
|
9,347 |
|
|
|
5,090 |
|
|
|
7,449 |
|
|
27,294 |
|
|
|
15,028 |
Income taxes |
|
|
1,431 |
|
|
|
1,218 |
|
|
|
1,731 |
|
|
5,070 |
|
|
|
3,294 |
Net income from continuing operations before noncontrolling interest |
|
|
7,916 |
|
|
|
3,872 |
|
|
|
5,718 |
|
|
22,224 |
|
|
|
11,734 |
Income from discontinued operations before income taxes |
|
|
— |
|
|
|
— |
|
|
|
888 |
|
|
11,831 |
|
|
|
3,487 |
Income taxes - discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
236 |
|
|
3,049 |
|
|
|
834 |
Net income from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
652 |
|
|
8,782 |
|
|
|
2,653 |
Net (income) loss attributable to noncontrolling interest |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
139 |
|
|
226 |
|
|
|
660 |
Net income available to common shareholders |
|
$ |
7,911 |
|
|
$ |
3,867 |
|
|
$ |
6,509 |
|
$ |
31,232 |
|
|
$ |
15,047 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share from continuing operations - basic |
|
$ |
0.62 |
|
|
$ |
0.30 |
|
|
$ |
0.47 |
|
$ |
1.77 |
|
|
$ |
1.01 |
Earnings per share from discontinued operations - basic |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.05 |
|
$ |
0.69 |
|
|
$ |
0.22 |
Earnings per share - basic |
|
$ |
0.62 |
|
|
$ |
0.30 |
|
|
$ |
0.52 |
|
$ |
2.46 |
|
|
$ |
1.23 |
Earnings per share from continuing operations - diluted |
|
$ |
0.61 |
|
|
$ |
0.29 |
|
|
$ |
0.45 |
|
$ |
1.72 |
|
|
$ |
0.96 |
Earnings per share from discontinued operations - diluted |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.05 |
|
$ |
0.68 |
|
|
$ |
0.21 |
Earnings per share - diluted |
|
$ |
0.61 |
|
|
$ |
0.29 |
|
|
$ |
0.50 |
|
$ |
2.40 |
|
|
$ |
1.17 |
Noninterest Income
|
||||||||||||||||||||
|
|
Quarterly |
|
Year-to-Date |
||||||||||||||||
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
|
|
Fourth Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
|
||||||||||||
Card acquiring income |
|
$ |
1,348 |
|
|
$ |
845 |
|
|
$ |
497 |
|
|
$ |
3,603 |
|
|
$ |
2,790 |
|
Service charges on deposits |
|
|
174 |
|
|
|
490 |
|
|
|
684 |
|
|
|
2,850 |
|
|
|
3,418 |
|
Interchange income |
|
|
2,289 |
|
|
|
1,517 |
|
|
|
497 |
|
|
|
7,323 |
|
|
|
5,440 |
|
Total payment card and service charge income |
|
|
3,811 |
|
|
|
2,852 |
|
|
|
1,678 |
|
|
|
13,776 |
|
|
|
11,648 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity method investments loss |
|
|
(2,429 |
) |
|
|
(750 |
) |
|
|
(1,379 |
) |
|
|
(2,499 |
) |
|
|
(713 |
) |
Compliance and consulting income |
|
|
986 |
|
|
|
1,314 |
|
|
|
1,217 |
|
|
|
4,312 |
|
|
|
4,598 |
|
Gain (loss) on sale of loans |
|
|
271 |
|
|
|
330 |
|
|
|
(2,131 |
) |
|
|
(744 |
) |
|
|
1,655 |
|
Investment portfolio gains (losses) |
|
|
75 |
|
|
|
244 |
|
|
|
(1,397 |
) |
|
|
(1,659 |
) |
|
|
925 |
|
Loss on acquisition and divestiture activity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(986 |
) |
|
|
— |
|
Other noninterest income |
|
|
1,724 |
|
|
|
1,801 |
|
|
|
5,447 |
|
|
|
7,515 |
|
|
|
9,452 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total noninterest income |
|
$ |
4,438 |
|
|
$ |
5,791 |
|
|
$ |
3,435 |
|
|
$ |
19,715 |
|
|
$ |
27,565 |
|
Condensed Consolidated Balance Sheets
|
||||||||||||
|
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
$ |
398,229 |
|
|
$ |
587,100 |
|
|
$ |
40,280 |
|
Securities available-for-sale, at fair value |
|
|
345,275 |
|
|
|
311,537 |
|
|
|
379,814 |
|
Equity securities |
|
|
41,086 |
|
|
|
40,835 |
|
|
|
38,744 |
|
Loans held-for-sale |
|
|
629 |
|
|
|
7,603 |
|
|
|
23,126 |
|
Loans receivable |
|
|
2,317,594 |
|
|
|
2,270,433 |
|
|
|
2,372,645 |
|
Less: Allowance for credit losses |
|
|
(22,124 |
) |
|
|
(24,276 |
) |
|
|
(23,837 |
) |
Loans receivable, net |
|
|
2,295,470 |
|
|
|
2,246,157 |
|
|
|
2,348,808 |
|
Premises and equipment, net |
|
|
20,928 |
|
|
|
21,468 |
|
|
|
23,630 |
|
Assets from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
4,315 |
|
|
|
|
2,838 |
|
|
|
2,838 |
|
|
|
2,838 |
|
Other assets |
|
|
209,427 |
|
|
|
220,045 |
|
|
|
207,295 |
|
Total assets |
|
$ |
3,313,882 |
|
|
$ |
3,437,583 |
|
|
$ |
3,068,850 |
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing deposits |
|
$ |
1,197,272 |
|
|
$ |
1,093,903 |
|
|
$ |
1,231,544 |
|
Interest-bearing deposits |
|
|
1,704,204 |
|
|
|
1,944,986 |
|
|
|
1,338,938 |
|
FHLB and other borrowings |
|
|
— |
|
|
|
— |
|
|
|
102,333 |
|
Senior term loan |
|
|
6,786 |
|
|
|
8,473 |
|
|
|
9,765 |
|
Subordinated debt |
|
|
73,540 |
|
|
|
73,478 |
|
|
|
73,286 |
|
Liabilities from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
5,444 |
|
Other liabilities |
|
|
42,738 |
|
|
|
45,374 |
|
|
|
46,149 |
|
Stockholders' equity |
|
|
289,342 |
|
|
|
271,369 |
|
|
|
261,391 |
|
Total liabilities and stockholders' equity |
|
$ |
3,313,882 |
|
|
$ |
3,437,583 |
|
|
$ |
3,068,850 |
|
Reportable Segments
|
||||||||||||||||||||||||
Twelve Months Ended |
|
CoRe Banking |
|
Mortgage Banking |
|
Financial Holding Company |
|
Other |
|
Intercompany Eliminations |
|
Consolidated |
||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
||||||||||||||||||
Interest income |
|
$ |
189,498 |
|
|
$ |
416 |
|
|
$ |
41 |
|
|
$ |
— |
|
|
$ |
(137 |
) |
|
$ |
189,818 |
|
Interest expense |
|
|
62,507 |
|
|
|
— |
|
|
|
3,985 |
|
|
|
180 |
|
|
|
(137 |
) |
|
|
66,535 |
|
Net interest income (expense) |
|
|
126,991 |
|
|
|
416 |
|
|
|
(3,944 |
) |
|
|
(180 |
) |
|
|
— |
|
|
|
123,283 |
|
Release of allowance for credit losses |
|
|
(1,921 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,921 |
) |
Net interest income (expense) after release of allowance for credit losses |
|
|
128,912 |
|
|
|
416 |
|
|
|
(3,944 |
) |
|
|
(180 |
) |
|
|
— |
|
|
|
125,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noninterest income |
|
|
17,286 |
|
|
|
(2,486 |
) |
|
|
10,453 |
|
|
|
9,138 |
|
|
|
(14,676 |
) |
|
|
19,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries and employee benefits |
|
|
37,265 |
|
|
|
7 |
|
|
|
17,041 |
|
|
|
9,058 |
|
|
|
— |
|
|
|
63,371 |
|
Other expense |
|
|
53,221 |
|
|
|
65 |
|
|
|
8,233 |
|
|
|
7,411 |
|
|
|
(14,676 |
) |
|
|
54,254 |
|
Total noninterest expenses |
|
|
90,486 |
|
|
|
72 |
|
|
|
25,274 |
|
|
|
16,469 |
|
|
|
(14,676 |
) |
|
|
117,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (loss) before income taxes |
|
|
55,712 |
|
|
|
(2,142 |
) |
|
|
(18,765 |
) |
|
|
(7,511 |
) |
|
|
— |
|
|
|
27,294 |
|
Income taxes |
|
|
12,342 |
|
|
|
(557 |
) |
|
|
(4,923 |
) |
|
|
(1,792 |
) |
|
|
— |
|
|
|
5,070 |
|
Net income (loss) from continuing operations |
|
|
43,370 |
|
|
|
(1,585 |
) |
|
|
(13,842 |
) |
|
|
(5,719 |
) |
|
|
— |
|
|
|
22,224 |
|
Income from discontinued operations before income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,831 |
|
|
|
— |
|
|
|
11,831 |
|
Income tax expense - discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,049 |
|
|
|
— |
|
|
|
3,049 |
|
Net income from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,782 |
|
|
|
— |
|
|
|
8,782 |
|
Net income (loss) |
|
|
43,370 |
|
|
|
(1,585 |
) |
|
|
(13,842 |
) |
|
|
3,063 |
|
|
|
— |
|
|
|
31,006 |
|
Net loss attributable to noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
226 |
|
|
|
— |
|
|
|
226 |
|
Net income (loss) available to common shareholders |
|
$ |
43,370 |
|
|
$ |
(1,585 |
) |
|
$ |
(13,842 |
) |
|
$ |
3,289 |
|
|
$ |
— |
|
|
$ |
31,232 |
|
Twelve Months Ended |
|
CoRe Banking |
|
Mortgage Banking |
|
Financial Holding Company |
|
Other |
|
Intercompany Eliminations |
|
Consolidated |
|||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|||||||||||||||
Interest income |
|
$ |
125,426 |
|
$ |
429 |
|
$ |
146 |
|
|
$ |
— |
|
|
$ |
(44 |
) |
|
$ |
125,957 |
Interest expense |
|
|
10,920 |
|
|
— |
|
|
3,234 |
|
|
|
44 |
|
|
|
(44 |
) |
|
|
14,154 |
Net interest income (expense) |
|
|
114,506 |
|
|
429 |
|
|
(3,088 |
) |
|
|
(44 |
) |
|
|
— |
|
|
|
111,803 |
Provision for credit losses |
|
|
14,194 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,194 |
Net interest income (expense) after provision for credit losses |
|
|
100,312 |
|
|
429 |
|
|
(3,088 |
) |
|
|
(44 |
) |
|
|
— |
|
|
|
97,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest income |
|
|
22,673 |
|
|
37 |
|
|
10,576 |
|
|
|
6,120 |
|
|
|
(11,841 |
) |
|
|
27,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Salaries and employee benefits |
|
|
36,960 |
|
|
8 |
|
|
16,582 |
|
|
|
8,984 |
|
|
|
— |
|
|
|
62,534 |
Other expenses |
|
|
44,873 |
|
|
142 |
|
|
8,049 |
|
|
|
6,389 |
|
|
|
(11,841 |
) |
|
|
47,612 |
Total noninterest expenses |
|
|
81,833 |
|
|
150 |
|
|
24,631 |
|
|
|
15,373 |
|
|
|
(11,841 |
) |
|
|
110,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Income (loss) before income taxes |
|
|
41,152 |
|
|
316 |
|
|
(17,143 |
) |
|
|
(9,297 |
) |
|
|
— |
|
|
|
15,028 |
Income taxes |
|
|
8,882 |
|
|
77 |
|
|
(3,472 |
) |
|
|
(2,193 |
) |
|
|
— |
|
|
|
3,294 |
Net income (loss) from continuing operations |
|
|
32,270 |
|
|
239 |
|
|
(13,671 |
) |
|
|
(7,104 |
) |
|
|
— |
|
|
|
11,734 |
Income from discontinued operations before income taxes |
|
|
— |
|
|
— |
|
|
— |
|
|
|
3,487 |
|
|
|
— |
|
|
|
3,487 |
Income tax expense - discontinued operations |
|
|
— |
|
|
— |
|
|
— |
|
|
|
834 |
|
|
|
— |
|
|
|
834 |
Net income from discontinued operations |
|
|
— |
|
|
— |
|
|
— |
|
|
|
2,653 |
|
|
|
— |
|
|
|
2,653 |
Net income (loss) |
|
|
32,270 |
|
|
239 |
|
|
(13,671 |
) |
|
|
(4,451 |
) |
|
|
— |
|
|
|
14,387 |
Net loss attributable to noncontrolling interest |
|
|
— |
|
|
— |
|
|
— |
|
|
|
660 |
|
|
|
— |
|
|
|
660 |
Net income (loss) available to common shareholders |
|
$ |
32,270 |
|
$ |
239 |
|
$ |
(13,671 |
) |
|
$ |
(3,791 |
) |
|
$ |
— |
|
|
$ |
15,047 |
Average Balances and Interest Rates
|
|||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
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 |
|
$ |
442,521 |
|
|
$ |
5,944 |
|
|
5.33 |
% |
|
$ |
483,158 |
|
|
$ |
6,404 |
|
|
5.26 |
% |
|
$ |
113,500 |
|
|
$ |
982 |
|
|
3.43 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable |
|
|
222,303 |
|
|
|
1,444 |
|
|
2.58 |
|
|
|
206,340 |
|
|
|
1,056 |
|
|
2.03 |
|
|
|
233,839 |
|
|
|
1,114 |
|
|
1.89 |
|
Tax-exempt1 |
|
|
98,464 |
|
|
|
876 |
|
|
3.53 |
|
|
|
107,490 |
|
|
|
1,016 |
|
|
3.75 |
|
|
|
136,313 |
|
|
|
1,343 |
|
|
3.91 |
|
Loans and loans held-for-sale:2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial3 |
|
|
1,635,510 |
|
|
|
33,665 |
|
|
8.17 |
|
|
|
1,593,875 |
|
|
|
31,348 |
|
|
7.80 |
|
|
|
1,667,981 |
|
|
|
27,947 |
|
|
6.65 |
|
Tax-exempt1 |
|
|
3,492 |
|
|
|
38 |
|
|
4.32 |
|
|
|
3,678 |
|
|
|
40 |
|
|
4.31 |
|
|
|
4,161 |
|
|
|
47 |
|
|
4.48 |
|
Real estate |
|
|
576,580 |
|
|
|
6,421 |
|
|
4.42 |
|
|
|
573,579 |
|
|
|
6,351 |
|
|
4.39 |
|
|
|
631,450 |
|
|
|
6,000 |
|
|
3.77 |
|
Consumer |
|
|
76,088 |
|
|
|
1,503 |
|
|
7.84 |
|
|
|
95,032 |
|
|
|
2,331 |
|
|
9.73 |
|
|
|
139,705 |
|
|
|
3,563 |
|
|
10.12 |
|
Total loans |
|
|
2,291,670 |
|
|
|
41,627 |
|
|
7.21 |
|
|
|
2,266,164 |
|
|
|
40,070 |
|
|
7.02 |
|
|
|
2,443,297 |
|
|
|
37,557 |
|
|
6.10 |
|
Total earning assets |
|
|
3,054,958 |
|
|
|
49,891 |
|
|
6.48 |
|
|
|
3,063,152 |
|
|
|
48,546 |
|
|
6.29 |
|
|
|
2,926,949 |
|
|
|
40,996 |
|
|
5.56 |
|
Less: Allowance for credit losses |
|
|
(24,079 |
) |
|
|
|
|
|
|
(29,693 |
) |
|
|
|
|
|
|
(27,530 |
) |
|
|
|
|
|||||||||
Cash and due from banks |
|
|
5,771 |
|
|
|
|
|
|
|
6,686 |
|
|
|
|
|
|
|
5,643 |
|
|
|
|
|
|||||||||
Other assets |
|
|
292,574 |
|
|
|
|
|
|
|
281,504 |
|
|
|
|
|
|
|
266,292 |
|
|
|
|
|
|||||||||
Total assets |
|
$ |
3,329,224 |
|
|
|
|
|
|
$ |
3,321,649 |
|
|
|
|
|
|
$ |
3,171,354 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
NOW |
|
$ |
637,144 |
|
|
$ |
5,386 |
|
|
3.35 |
% |
|
$ |
674,745 |
|
|
$ |
4,970 |
|
|
2.92 |
% |
|
$ |
791,227 |
|
|
$ |
2,880 |
|
|
1.44 |
% |
Money market checking |
|
|
650,925 |
|
|
|
3,691 |
|
|
2.25 |
|
|
|
537,592 |
|
|
|
3,294 |
|
|
2.43 |
|
|
|
219,334 |
|
|
|
643 |
|
|
1.16 |
|
Savings |
|
|
70,146 |
|
|
|
442 |
|
|
2.50 |
|
|
|
72,206 |
|
|
|
438 |
|
|
2.41 |
|
|
|
77,416 |
|
|
|
263 |
|
|
1.35 |
|
IRAs |
|
|
7,296 |
|
|
|
66 |
|
|
3.59 |
|
|
|
6,788 |
|
|
|
56 |
|
|
3.27 |
|
|
|
6,053 |
|
|
|
20 |
|
|
1.31 |
|
CDs |
|
|
590,517 |
|
|
|
8,014 |
|
|
5.38 |
|
|
|
664,281 |
|
|
|
8,702 |
|
|
5.20 |
|
|
|
314,723 |
|
|
|
2,380 |
|
|
3.00 |
|
Repurchase agreements and federal funds sold |
|
|
4,736 |
|
|
|
— |
|
|
— |
|
|
|
4,911 |
|
|
|
— |
|
|
— |
|
|
|
9,958 |
|
|
|
1 |
|
|
0.04 |
|
FHLB and other borrowings |
|
|
11 |
|
|
|
— |
|
|
— |
|
|
|
278 |
|
|
|
— |
|
|
— |
|
|
|
11,128 |
|
|
|
115 |
|
|
4.10 |
|
Senior term loan |
|
|
8,183 |
|
|
|
183 |
|
|
8.87 |
|
|
|
8,751 |
|
|
|
191 |
|
|
8.66 |
|
|
|
9,235 |
|
|
|
163 |
|
|
7.00 |
|
Subordinated debt |
|
|
73,510 |
|
|
|
810 |
|
|
4.37 |
|
|
|
73,446 |
|
|
|
809 |
|
|
4.37 |
|
|
|
73,254 |
|
|
|
787 |
|
|
4.26 |
|
Total interest-bearing liabilities |
|
|
2,042,468 |
|
|
|
18,592 |
|
|
3.61 |
|
|
|
2,042,998 |
|
|
|
18,460 |
|
|
3.58 |
|
|
|
1,512,328 |
|
|
|
7,252 |
|
|
1.90 |
|
Noninterest-bearing demand deposits |
|
|
975,122 |
|
|
|
|
|
|
|
975,164 |
|
|
|
|
|
|
|
1,377,880 |
|
|
|
|
|
|||||||||
Other liabilities |
|
|
39,410 |
|
|
|
|
|
|
|
38,021 |
|
|
|
|
|
|
|
40,264 |
|
|
|
|
|
|||||||||
Total liabilities |
|
|
3,057,000 |
|
|
|
|
|
|
|
3,056,183 |
|
|
|
|
|
|
|
2,930,472 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Common stock |
|
|
13,588 |
|
|
|
|
|
|
|
13,570 |
|
|
|
|
|
|
|
13,452 |
|
|
|
|
|
|||||||||
Paid-in capital |
|
|
160,106 |
|
|
|
|
|
|
|
159,050 |
|
|
|
|
|
|
|
156,111 |
|
|
|
|
|
|||||||||
|
|
|
(16,741 |
) |
|
|
|
|
|
|
(16,741 |
) |
|
|
|
|
|
|
(16,741 |
) |
|
|
|
|
|||||||||
Retained earnings |
|
|
156,004 |
|
|
|
|
|
|
|
146,504 |
|
|
|
|
|
|
|
129,454 |
|
|
|
|
|
|||||||||
Accumulated other comprehensive loss |
|
|
(40,688 |
) |
|
|
|
|
|
|
(36,865 |
) |
|
|
|
|
|
|
(41,793 |
) |
|
|
|
|
|||||||||
Total stockholders’ equity attributable to parent |
|
|
272,269 |
|
|
|
|
|
|
|
265,518 |
|
|
|
|
|
|
|
240,483 |
|
|
|
|
|
|||||||||
Noncontrolling interest |
|
|
(45 |
) |
|
|
|
|
|
|
(52 |
) |
|
|
|
|
|
|
399 |
|
|
|
|
|
|||||||||
Total stockholders’ equity |
|
|
272,224 |
|
|
|
|
|
|
|
265,466 |
|
|
|
|
|
|
|
240,882 |
|
|
|
|
|
|||||||||
Total liabilities and stockholders’ equity |
|
$ |
3,329,224 |
|
|
|
|
|
|
$ |
3,321,649 |
|
|
|
|
|
|
$ |
3,171,354 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest spread (tax-equivalent) |
|
|
|
|
|
2.87 |
% |
|
|
|
|
|
2.71 |
% |
|
|
|
|
|
3.66 |
% |
||||||||||||
Net interest income and margin (tax-equivalent)1 |
|
$ |
31,299 |
|
|
4.06 |
% |
|
|
|
$ |
30,086 |
|
|
3.90 |
% |
|
|
|
$ |
33,744 |
|
|
4.57 |
% |
||||||||
Less: Tax-equivalent adjustments |
|
|
|
$ |
(193 |
) |
|
|
|
|
|
$ |
(221 |
) |
|
|
|
|
|
$ |
(295 |
) |
|
|
|||||||||
Net interest spread |
|
|
|
|
|
2.84 |
% |
|
|
|
|
|
2.68 |
% |
|
|
|
|
|
3.62 |
% |
||||||||||||
Net interest income and margin |
|
|
|
$ |
31,107 |
|
|
4.04 |
% |
|
|
|
$ |
29,865 |
|
|
3.87 |
% |
|
|
|
$ |
33,449 |
|
|
4.53 |
% |
||||||
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-GAAP financial measure. See the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 16. |
|||||||||||||||||||||||||||||||||
2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate. |
|||||||||||||||||||||||||||||||||
3 MVB Bank’s PPP loans totaling |
|
|
Twelve Months Ended |
|
Twelve Months Ended |
||||||||||||||||||
|
|
|
|
|
||||||||||||||||||
|
|
Average Balance |
|
Interest Income/ Expense |
|
Yield/ Cost |
|
Average Balance |
|
Interest Income/ Expense |
|
Yield/ Cost |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing balances with banks |
|
$ |
414,466 |
|
|
$ |
21,043 |
|
|
5.08 |
% |
|
$ |
232,935 |
|
|
$ |
1,613 |
|
|
0.69 |
% |
CDs with banks |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,033 |
|
|
|
24 |
|
|
2.32 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable |
|
|
221,395 |
|
|
|
5,576 |
|
|
2.52 |
|
|
|
236,344 |
|
|
|
3,496 |
|
|
1.48 |
|
Tax-exempt1 |
|
|
116,680 |
|
|
|
4,347 |
|
|
3.73 |
|
|
|
139,353 |
|
|
|
5,166 |
|
|
3.71 |
|
Loans and loans held-for-sale:2 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial3 |
|
|
1,621,299 |
|
|
|
124,078 |
|
|
7.65 |
|
|
|
1,594,069 |
|
|
|
87,845 |
|
|
5.51 |
|
Tax-exempt1 |
|
|
3,732 |
|
|
|
163 |
|
|
4.37 |
|
|
|
4,661 |
|
|
|
203 |
|
|
4.36 |
|
Real estate |
|
|
591,157 |
|
|
|
24,764 |
|
|
4.19 |
|
|
|
487,044 |
|
|
|
15,721 |
|
|
3.23 |
|
Consumer |
|
|
108,988 |
|
|
|
10,793 |
|
|
9.90 |
|
|
|
103,345 |
|
|
|
13,017 |
|
|
12.60 |
|
Total loans |
|
|
2,325,176 |
|
|
|
159,798 |
|
|
6.87 |
|
|
|
2,189,119 |
|
|
|
116,786 |
|
|
5.33 |
|
Total earning assets |
|
|
3,077,717 |
|
|
|
190,764 |
|
|
6.20 |
|
|
|
2,798,784 |
|
|
|
127,085 |
|
|
4.54 |
|
Less: Allowance for loan losses |
|
|
(29,746 |
) |
|
|
|
|
|
|
(22,248 |
) |
|
|
|
|
||||||
Cash and due from banks |
|
|
6,659 |
|
|
|
|
|
|
|
5,670 |
|
|
|
|
|
||||||
Other assets |
|
|
302,036 |
|
|
|
|
|
|
|
244,861 |
|
|
|
|
|
||||||
Total assets |
|
$ |
3,356,666 |
|
|
|
|
|
|
$ |
3,027,067 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW |
|
$ |
697,266 |
|
|
$ |
19,851 |
|
|
2.85 |
% |
|
$ |
707,282 |
|
|
$ |
4,724 |
|
|
0.67 |
% |
Money market checking |
|
|
504,730 |
|
|
|
10,352 |
|
|
2.05 |
|
|
|
330,208 |
|
|
|
1,449 |
|
|
0.44 |
|
Savings |
|
|
76,908 |
|
|
|
1,871 |
|
|
2.43 |
|
|
|
56,697 |
|
|
|
418 |
|
|
0.74 |
|
IRAs |
|
|
6,662 |
|
|
|
194 |
|
|
2.91 |
|
|
|
6,216 |
|
|
|
71 |
|
|
1.14 |
|
CDs |
|
|
576,726 |
|
|
|
29,392 |
|
|
5.10 |
|
|
|
170,648 |
|
|
|
3,814 |
|
|
2.24 |
|
Repurchase agreements and federal funds sold |
|
|
5,662 |
|
|
|
1 |
|
|
0.02 |
|
|
|
10,987 |
|
|
|
6 |
|
|
0.05 |
|
FHLB and other borrowings |
|
|
17,542 |
|
|
|
890 |
|
|
5.07 |
|
|
|
15,494 |
|
|
|
437 |
|
|
2.82 |
|
Senior term loan |
|
|
9,007 |
|
|
|
766 |
|
|
8.50 |
|
|
|
2,328 |
|
|
|
163 |
|
|
7.00 |
|
Subordinated debt |
|
|
73,415 |
|
|
|
3,219 |
|
|
4.38 |
|
|
|
73,159 |
|
|
|
3,072 |
|
|
4.20 |
|
Total interest-bearing liabilities |
|
|
1,967,918 |
|
|
|
66,536 |
|
|
3.38 |
|
|
|
1,373,019 |
|
|
|
14,154 |
|
|
1.03 |
|
Noninterest-bearing demand deposits |
|
|
1,074,292 |
|
|
|
|
|
|
|
1,357,426 |
|
|
|
|
|
||||||
Other liabilities |
|
|
40,435 |
|
|
|
|
|
|
|
41,098 |
|
|
|
|
|
||||||
Total liabilities |
|
|
3,082,645 |
|
|
|
|
|
|
|
2,771,543 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||||
Common stock |
|
|
13,541 |
|
|
|
|
|
|
|
13,320 |
|
|
|
|
|
||||||
Paid-in capital |
|
|
159,523 |
|
|
|
|
|
|
|
147,728 |
|
|
|
|
|
||||||
|
|
|
(16,741 |
) |
|
|
|
|
|
|
(16,741 |
) |
|
|
|
|
||||||
Retained earnings |
|
|
154,041 |
|
|
|
|
|
|
|
137,498 |
|
|
|
|
|
||||||
Accumulated other comprehensive loss |
|
|
(36,419 |
) |
|
|
|
|
|
|
(26,918 |
) |
|
|
|
|
||||||
Total stockholders’ equity attributable to parent |
|
|
273,945 |
|
|
|
|
|
|
|
254,887 |
|
|
|
|
|
||||||
Noncontrolling interest |
|
|
76 |
|
|
|
|
|
|
|
637 |
|
|
|
|
|
||||||
Total stockholders’ equity |
|
|
274,021 |
|
|
|
|
|
|
|
255,524 |
|
|
|
|
|
||||||
Total liabilities and stockholders’ equity |
|
$ |
3,356,666 |
|
|
|
|
|
|
$ |
3,027,067 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest spread (tax-equivalent) |
|
|
|
|
|
2.82 |
% |
|
|
|
|
|
3.51 |
% |
||||||||
Net interest income and margin (tax-equivalent)1 |
|
$ |
124,228 |
|
|
4.04 |
% |
|
|
|
$ |
112,931 |
|
|
4.04 |
% |
||||||
Less: Tax-equivalent adjustments |
|
|
|
$ |
(946 |
) |
|
|
|
|
|
$ |
(1,128 |
) |
|
|
||||||
Net interest spread |
|
|
|
|
|
2.79 |
% |
|
|
|
|
|
3.47 |
% |
||||||||
Net interest income and margin |
|
|
|
$ |
123,283 |
|
|
4.01 |
% |
|
|
|
$ |
111,803 |
|
|
3.99 |
% |
||||
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-GAAP financial measure. See the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 16. |
||||||||||||||||||||||
2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate. |
||||||||||||||||||||||
3 MVB Bank’s PPP loans totaling |
Selected Financial Data
|
||||||||||||||||||||
|
|
Quarterly |
|
Year-to-Date |
||||||||||||||||
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
|
|
Fourth Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
|
||||||||||||
Earnings and Per Share Data: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
|
$ |
7,911 |
|
|
$ |
3,867 |
|
|
$ |
6,509 |
|
|
|
31,232 |
|
|
|
15,047 |
|
Earnings per share from continuing operations - basic |
|
$ |
0.62 |
|
|
$ |
0.30 |
|
|
$ |
0.47 |
|
|
$ |
1.77 |
|
|
$ |
1.01 |
|
Earnings per share from discontinued operations - basic |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.05 |
|
|
$ |
0.69 |
|
|
$ |
0.22 |
|
Earnings per share - basic |
|
$ |
0.62 |
|
|
$ |
0.30 |
|
|
$ |
0.52 |
|
|
$ |
2.46 |
|
|
$ |
1.23 |
|
Earnings per share from continuing operations - diluted |
|
$ |
0.61 |
|
|
$ |
0.29 |
|
|
$ |
0.45 |
|
|
$ |
1.72 |
|
|
$ |
0.96 |
|
Earnings per share from discontinued operations - diluted |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.05 |
|
|
$ |
0.68 |
|
|
$ |
0.21 |
|
Earnings per share - diluted |
|
$ |
0.61 |
|
|
$ |
0.29 |
|
|
$ |
0.50 |
|
|
$ |
2.40 |
|
|
$ |
1.17 |
|
Cash dividends paid per common share |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.68 |
|
|
$ |
0.68 |
|
Book value per common share |
|
$ |
22.68 |
|
|
$ |
21.33 |
|
|
$ |
20.69 |
|
|
$ |
22.68 |
|
|
$ |
20.69 |
|
Tangible book value per common share 1 |
|
$ |
22.43 |
|
|
$ |
21.08 |
|
|
$ |
20.25 |
|
|
$ |
22.43 |
|
|
$ |
20.25 |
|
Weighted-average shares outstanding - basic |
|
|
12,740,193 |
|
|
|
12,722,010 |
|
|
|
12,604,193 |
|
|
|
12,694,206 |
|
|
|
12,279,462 |
|
Weighted-average shares outstanding - diluted |
|
|
13,024,562 |
|
|
|
13,116,629 |
|
|
|
13,012,460 |
|
|
|
12,997,332 |
|
|
|
12,870,734 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets 2 |
|
|
1.0 |
% |
|
|
0.5 |
% |
|
|
0.8 |
% |
|
|
0.9 |
% |
|
|
0.5 |
% |
Return on average equity 2 |
|
|
11.6 |
% |
|
|
5.8 |
% |
|
|
10.8 |
% |
|
|
11.4 |
% |
|
|
5.9 |
% |
Net interest margin 3 4 |
|
|
4.06 |
% |
|
|
3.90 |
% |
|
|
4.57 |
% |
|
|
4.04 |
% |
|
|
4.04 |
% |
Efficiency ratio 5 10 |
|
|
79.6 |
% |
|
|
86.2 |
% |
|
|
72.3 |
% |
|
|
82.3 |
% |
|
|
78.2 |
% |
Overhead ratio 2 6 |
|
|
3.4 |
% |
|
|
3.7 |
% |
|
|
3.6 |
% |
|
|
3.5 |
% |
|
|
3.9 |
% |
Equity to assets |
|
|
8.7 |
% |
|
|
7.9 |
% |
|
|
8.5 |
% |
|
|
8.7 |
% |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality Data and Ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Charge-offs |
|
$ |
1,868 |
|
|
$ |
8,064 |
|
|
$ |
7,878 |
|
|
$ |
18,479 |
|
|
$ |
15,183 |
|
Recoveries |
|
$ |
1,343 |
|
|
$ |
2,205 |
|
|
$ |
2,507 |
|
|
$ |
9,185 |
|
|
$ |
6,560 |
|
Net loan charge-offs to total loans 2 7 |
|
|
0.1 |
% |
|
|
1.0 |
% |
|
|
0.9 |
% |
|
|
0.4 |
% |
|
|
0.4 |
% |
Allowance for credit losses |
|
$ |
22,124 |
|
|
$ |
24,276 |
|
|
$ |
23,837 |
|
|
$ |
22,124 |
|
|
$ |
23,837 |
|
Allowance for credit losses to total loans 8 |
|
|
0.95 |
% |
|
|
1.07 |
% |
|
|
1.00 |
% |
|
|
0.95 |
% |
|
|
1.00 |
% |
Nonperforming loans |
|
$ |
8,267 |
|
|
$ |
10,593 |
|
|
$ |
11,165 |
|
|
$ |
8,267 |
|
|
$ |
11,165 |
|
Nonperforming loans to total loans |
|
|
0.4 |
% |
|
|
0.5 |
% |
|
|
0.5 |
% |
|
|
0.4 |
% |
|
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage Company Equity Method Investees Production Data9: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage pipeline |
|
$ |
706,873 |
|
|
$ |
643,578 |
|
|
$ |
678,345 |
|
|
$ |
706,873 |
|
|
$ |
678,345 |
|
Loans originated |
|
$ |
1,020,128 |
|
|
$ |
1,131,963 |
|
|
$ |
407,070 |
|
|
$ |
4,319,382 |
|
|
$ |
3,120,577 |
|
Loans closed |
|
$ |
724,453 |
|
|
$ |
786,885 |
|
|
$ |
388,417 |
|
|
$ |
3,007,221 |
|
|
$ |
2,628,149 |
|
Loans sold |
|
$ |
639,788 |
|
|
$ |
605,296 |
|
|
$ |
326,003 |
|
|
$ |
2,466,807 |
|
|
$ |
2,325,709 |
|
1 Common equity less total goodwill and intangibles per common share, a non- |
||||||||||||||||||||
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-GAAP financial measure. |
||||||||||||||||||||
5 Noninterest expense as a percentage of net interest income and noninterest income, a non- |
||||||||||||||||||||
6 Noninterest expense as a percentage of average assets, a non- |
||||||||||||||||||||
7 Charge-offs, less recoveries. |
||||||||||||||||||||
8 Excludes loans held for sale. |
||||||||||||||||||||
9 Information is related to |
||||||||||||||||||||
10 Includes net income from discontinued operations. |
Non-GAAP Reconciliation: Net Interest Margin on a Full Tax-Equivalent Basis |
||||||||||||||||||||
The following table reconciles, for the periods shown below, net interest margin on a fully tax-equivalent basis: |
||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||
(Dollars in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
Net interest margin - |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
$ |
31,107 |
|
|
$ |
29,865 |
|
|
$ |
33,449 |
|
|
$ |
123,283 |
|
|
$ |
111,803 |
|
Average interest-earning assets |
|
|
3,054,958 |
|
|
|
3,063,152 |
|
|
|
2,926,949 |
|
|
|
3,077,717 |
|
|
|
2,798,784 |
|
Net interest margin |
|
|
4.04 |
% |
|
|
3.87 |
% |
|
|
4.53 |
% |
|
|
4.01 |
% |
|
|
3.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin - non- |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
$ |
31,107 |
|
|
$ |
29,865 |
|
|
$ |
33,449 |
|
|
$ |
123,283 |
|
|
$ |
111,803 |
|
Impact of fully tax-equivalent adjustment |
|
|
193 |
|
|
|
221 |
|
|
|
295 |
|
|
|
946 |
|
|
|
1,128 |
|
Net interest income on a fully tax-equivalent basis |
|
|
31,299 |
|
|
|
30,086 |
|
|
|
33,744 |
|
|
|
124,228 |
|
|
|
112,931 |
|
Average interest-earning assets |
|
|
3,054,958 |
|
|
|
3,063,152 |
|
|
|
2,926,949 |
|
|
|
3,077,717 |
|
|
|
2,798,784 |
|
Net interest margin on a fully tax-equivalent basis |
|
|
4.06 |
% |
|
|
3.90 |
% |
|
|
4.57 |
% |
|
|
4.04 |
% |
|
|
4.04 |
% |
Non- |
||||||||||||
|
|
|
|
|
|
|
||||||
Tangible Book Value per Common Share |
|
|
|
|
|
|
||||||
|
|
$ |
2,838 |
|
|
$ |
2,838 |
|
|
$ |
3,988 |
|
Intangibles |
|
|
352 |
|
|
|
375 |
|
|
|
1,631 |
|
Total intangibles |
|
$ |
3,190 |
|
|
$ |
3,213 |
|
|
$ |
5,619 |
|
|
|
|
|
|
|
|
||||||
Total equity attributable to parent |
|
$ |
289,384 |
|
|
$ |
271,416 |
|
|
$ |
261,084 |
|
Less: Total intangibles |
|
|
(3,190 |
) |
|
|
(3,213 |
) |
|
|
(5,619 |
) |
Tangible common equity |
|
$ |
286,194 |
|
|
$ |
268,203 |
|
|
$ |
255,465 |
|
|
|
|
|
|
|
|
||||||
Tangible common equity |
|
$ |
286,194 |
|
|
$ |
268,203 |
|
|
$ |
255,465 |
|
Common shares outstanding (000s) |
|
|
12,758 |
|
|
|
12,726 |
|
|
|
12,618 |
|
Tangible book value per common share |
|
$ |
22.43 |
|
|
$ |
21.08 |
|
|
$ |
20.25 |
|
|
|
|
|
|
|
|
||||||
Tangible Common Equity Ratio |
|
|
|
|
|
|
||||||
Total assets |
|
$ |
3,313,882 |
|
|
$ |
3,437,583 |
|
|
$ |
3,068,850 |
|
Less: Total intangibles |
|
|
(3,190 |
) |
|
|
(3,213 |
) |
|
|
(5,619 |
) |
Tangible assets |
|
$ |
3,310,692 |
|
|
$ |
3,434,370 |
|
|
$ |
3,063,231 |
|
|
|
|
|
|
|
|
||||||
Tangible assets |
|
$ |
3,310,692 |
|
|
$ |
3,434,370 |
|
|
$ |
3,063,231 |
|
Tangible common equity |
|
$ |
286,194 |
|
|
$ |
268,203 |
|
|
$ |
255,465 |
|
Tangible common equity ratio |
|
|
8.6 |
% |
|
|
7.8 |
% |
|
|
8.3 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240214563423/en/
Questions or comments concerning this earnings release should be directed to:
(304) 598-3500
drobinson@mvbbanking.com
(844) 682-2265
abaker@mvbbanking.com
Source: