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Business Wire
28-07-2025
- Business
- Business Wire
MVB Financial Corp. Announces Second Quarter 2025 Results
FAIRMONT, WIRE)--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 2025, with reported net income of $2.0 million, or $0.16 and $0.15 per basic and diluted share, respectively. "The second quarter marked a positive turn in MVB's operating fundamentals. Loan growth accelerated, following five consecutive quarters of contraction, and our pipeline is strong heading into the second half of the year." - CEO Larry F. Mazza Share Second Quarter 2025 Highlights as Compared to First Quarter 2025 3.5% growth in pre-tax, pre-provision income. Net interest margin up three bps, to 3.66%. Noninterest income up 13.4%. Loan growth of 4.4%; Deposit growth of 8.5%, despite seasonality. Repurchased 314,580 shares for $6.4 million, representing an average cost of $20.28 per share. From Larry F. Mazza, Chief Executive Officer and President, MVB Financial: 'The second quarter marked a positive turn in MVB's operating fundamentals. Loan growth accelerated, following five consecutive quarters of contraction, and our pipeline is strong heading into the second half of the year. In a quarter that traditionally has seasonal headwinds as it is outside of tax and gaming seasons, deposit growth of 8.5% shows execution of our overall strategy. 'We generated positive operating leverage, as our cost control initiatives continued to take hold. Our capital position remains strong, and overall asset quality improved during the quarter. Reflecting this strong foundation and our ongoing commitment to shareholder value, we actively repurchased stock following the authorization of a $10 million share repurchase plan in late May. 'Reported earnings fell short of expectations, primarily due to the timing of loan growth, which occurred late in the quarter, resulting in provisioning without the benefit of corresponding interest income. However, we believe the underlying momentum of our business is strong. We are executing with discipline and remain confident in our ability to deliver long-term value for all our stakeholders.' SECOND QUARTER 2025 HIGHLIGHTS Positive operating leverage driven by cost stabilization. Total noninterest income increased $0.9 million, or 13.4%, to $7.9 million relative to the prior quarter, primarily due to an increase in equity method investment income from our mortgage segment, partially offset by a decline in compliance consulting income and payment card and service charge income. Additionally, the first quarter of 2025 included a $0.6 million gain on divestiture activity. Total noninterest expense remained relatively flat, declining $0.1 million, or 0.5%, to $28.6 million relative to the prior quarter, consistent with our recently-instituted cost control initiatives. Net interest margin expansion powered by improved earning asset mix and higher yields. Net interest margin on a fully tax-equivalent basis, a non-U.S. GAAP financial measure 1, was 3.69%, up three basis points from the prior quarter, primarily due to an increase in the yield on loans, partially offset by an increase in the total cost of funds. Average earning assets declined $155.0 million, or 5.2%, from the prior quarter to $2.82 billion, primarily reflecting seasonal considerations related to seasonal tax volume in banking-as-a-service operations, which resulted in a significant decline in average cash balances. Total loan balances increased $90.0 million, or 4.4%, from the prior quarter to $2.15 billion, due primarily to increased loan demand and improved market conditions. Yield on interest earning assets was 6.04%, up 13 basis points compared to the prior quarter, primarily due to a shift in the mix of earning assets. Total cost of funds was 2.41%, up 13 basis points compared to the prior quarter, primarily reflecting the aforementioned seasonal considerations, which resulted in a change in deposit mix, most notably a significantly lower balance of average noninterest bearing deposits during the second quarter. Total deposits increased $220.6 million, or 8.5%, to $2.80 billion compared to the prior quarter-end. Noninterest-bearing ('NIB') deposits increased $17.0 million, or 1.7%, to $1.05 billion, and represent 37.4% of total deposits as of June 30, 2025, as compared to 40.0% as of the prior quarter-end. The loan-to-deposit ratio was 76.8% as of June 30, 2025, compared to 79.9% as of the prior quarter-end. Off-balance sheet deposits totaled $1.11 billion as of June 30, 2025, a decline of $418.4 million, or 27.5%, compared to prior quarter-end, reflecting a decrease in certain banking-as-a-service deposit relationships. Maintaining a strong and resilient foundation. Criticized loans declined $22.5 million, or 16.6%, to $112.9 million, or 5.2% of total loans, from $135.5 million, or 6.6% of total loans, at the prior quarter-end. Net charge-offs were $0.2 million, or 0.04% annualized of loans, for the second quarter, compared to $0.9 million, or 0.2% annualized of loans, for the prior quarter. Provision for credit losses totaled $2.0 million, compared to $0.2 million for the prior quarter, primarily attributable to loan growth. The allowance for credit losses was 1.0% of total loans at June 30, 2025, compared to 0.9% at March 31, 2025. The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank's Total Risk-Based Capital Ratio were 11.4%, 14.6% and 15.5%, respectively, compared to 10.9%, 15.5% and 16.4%, respectively, at the prior quarter-end. The tangible common equity ratio, a non-U.S. GAAP financial measure 1, was 9.3% as of June 30, 2025, compared to 10.2% as of March 31, 2025 and 8.9% as of June 30, 2024. Book value per share and tangible book value per share, a non-U.S. GAAP measure 1, were $23.78 and $23.68, respectively. During the second quarter, the Company repurchased 314,580 shares, or $6.4 million, representing an average cost of $20.28 per share. As previously disclosed, the Company announced the authorization of a stock repurchase program of up to $10 million of its common stock. INCOME STATEMENT Net interest income on a fully tax-equivalent basis totaled $26.0 million for the second quarter of 2025, a decline of $0.9 million, or 3.4%, from the first quarter of 2025 and a decline of $1.8 million, or 6.4%, from the second quarter of 2024. The decline from the both prior periods reflects a lower balance of total average earning assets, partially offset by a higher net interest margin. Interest income declined $0.8 million, or 2.0%, from the first quarter of 2025 and declined $3.7 million, or 8.1%, from the second quarter of 2024. The decline in interest income relative to the prior quarter reflects declines in interest income from cash balances. The decline in interest income relative to the same period a year ago reflects lower interest income from loans and cash due to the lower overall balance of loans and cash, and the impact of lower interest rates on interest income from loans and cash balances, partially offset by higher interest income on investment securities balances due to higher rates earned on these investments and a higher overall balance of investment securities. Interest expense increased $0.1 million, or 0.3%, from the first quarter of 2025 and declined $2.0 million, or 10.5%, from the second quarter of 2024. The cost of funds was 2.41% for the second quarter of 2025, an increase of 13 basis points compared to 2.28% for the first quarter of 2025 and a decline of 13 basis points compared to 2.54% for the second quarter of 2024. The higher cost of funds compared to the prior quarter reflects a shift in the mix of average deposits, including a decline in the ratio of average noninterest-bearing deposits to total deposits, primarily reflecting typical seasonal considerations related to our banking-as-a-service operations. Relative to the same period a year ago, the decline reflects the impact of lower interest rates on our deposits and a shift in the mix of average deposits. On a tax-equivalent basis 1, net interest margin for the second quarter of 2025 was 3.69%, an increase of three basis points versus the first quarter of 2025 and a decline of six basis points versus the second quarter of 2024. The increase in net interest margin relative to the prior quarter reflects a decline in lower yielding cash and investment securities balances, as compared to a lesser decline in higher-yielding loan balances, and higher yields across key categories of earning assets, partially offset by a decline in average earning asset balances and an increase in the total cost of funds. The decline in net interest margin relative to the same period a year ago reflected a decline in overall earning asset balances and a slight decline in the yield on earning assets. Noninterest income totaled $7.9 million for the second quarter of 2025, an increase of $0.9 million from the first quarter of 2025 and $0.8 million from the second quarter of 2024. The increase compared to the prior quarter is primarily attributable to a $1.7 million increase in equity method investment income from our mortgage segment, a $0.3 million decline in loss on disposal of assets and a $0.2 million increase in other operating income. These increases were partially offset by declines of $0.5 million in compliance consulting income and $0.3 million in payment card and service charge income. Additionally, the first quarter of 2025 included a $0.6 million gain on divestiture activity related to the sale of Trabian Technology, Inc. The increase in noninterest income from the second quarter of 2024 was primarily driven by a $1.8 million increase in equity method investment income from our mortgage segment and a $0.8 million increase in payment card and service charge income, partially offset by a $1.3 million decline in compliance consulting income and a $0.4 million holding loss on equity securities in the current quarter. Noninterest expense totaled $28.6 million for the second quarter of 2025, a decline of $0.1 million from the first quarter of 2025 and $0.4 million from the second quarter of 2024. The decline from the first quarter of 2025 primarily reflects declines of $0.6 million in salaries and employee benefits, $0.1 million in other operating expense and $0.1 million in professional fees, partially offset by increases of $0.7 million in travel, entertainment, dues and subscriptions and $0.1 million in insurance, tax and assessment expense. The decline from the second quarter of 2024 primarily reflects declines of $1.7 million in professional fees, $0.3 million in equipment depreciation and maintenance and $0.1 million in salaries and employee benefits, partially offset by increases of $0.7 million in other operating expense, $0.8 million in travel, entertainment, dues and subscriptions and $0.4 million in occupancy expense. BALANCE SHEET Loans totaled $2.15 billion as of June 30, 2025, an increase of $90.0 million, or 4.4%, from March 31, 2025, and a decline of $53.5 million, or 2.4%, from June 30, 2024. The increase in loan balances relative to the prior quarter primarily reflects stronger loan demand and improved market conditions. The decline relative to the same period a year ago reflects portfolio management and the impact of loan amortization and payoffs. Deposits totaled $2.80 billion as of June 30, 2025, an increase of $220.6 million, or 8.5%, from March 31, 2025, and a decline of $78.4 million, or 2.7%, from June 30, 2024. The increase in deposits relative to the prior quarter primarily reflects an increased volume in the Fintech banking space. Relative to the same period a year ago, the decline in total deposits primarily reflects a $193.1 million, or 38.7%, decline in brokered certificates of deposit ('CDs'). NIB deposits totaled $1.05 billion as of June 30, 2025, an increase of $17.0 million, or 1.7%, from March 31, 2025 and $66.3 million, or 6.7%, from June 30, 2024. NIB deposits represented 37.4% of total deposits as of June 30, 2025, compared to 40.0% of total deposits at the prior quarter-end and 34.1% for the same period a year ago. Off-balance sheet deposits totaled $1.11 billion as of June 30, 2025, a decline of $418.4 million, or 27.5%, compared to $1.52 billion at March 31, 2025, and a decline of $253.4 million, or 18.7%, from $1.36 billion at June 30, 2024. The decline in off-balance sheet deposits relative to the prior quarter primarily reflects typical seasonality in certain deposit relationships. Relative to the same period a year ago, the decline reflects lower banking-as-a-service deposit balances. Off-balance sheet deposit networks are utilized to generate fee income, enhance capital efficiency and manage liquidity and concentration risk. CAPITAL The Community Bank Leverage Ratio was 11.4% as of June 30, 2025, compared to 10.9% as of March 31, 2025, and 10.7% as of June 30, 2024. MVB's Tier 1 Risk-Based Capital Ratio was 14.6% as of June 30, 2025, compared to 15.5% as of March 31, 2025 and 14.6% as of June 30, 2024. The Bank's Total Risk-Based Capital Ratio was 15.5% as of June 30, 2025, compared to 16.4% as of March 31, 2025 and 15.4% as of June 30, 2024. The tangible common equity ratio, a non-U.S. GAAP financial measure 1, was 9.3% as of June 30, 2025, compared to 10.2% as of March 31, 2025 and 8.9% as of June 30, 2024. The Company issued a quarterly cash dividend of $0.17 per share for the second quarter of 2025, consistent with the first quarter of 2025 and the second quarter of 2024. During the second quarter, the Company repurchased 314,580 shares, or $6.4 million, representing an average cost of $20.28 per share. As previously disclosed, the Company announced the authorization of a stock repurchase program of up to $10 million of its common stock. ASSET QUALITY Nonperforming loans totaled $21.1 million, or 1.0% of total loans, as of June 30, 2025, as compared to $20.3 million, or 1.0% of total loans, as of March 31, 2025, and $23.1 million, or 1.0% of total loans, as of June 30, 2024. Criticized loans as a percentage of total loans were 5.2% as of June 30, 2025, compared to 6.6% as of March 31, 2025 and 5.7% as of June 30, 2024. The decline in criticized loans from the prior periods primarily reflects two commercial loans that were paid off and risk grade upgrades on certain loans that were previously included in criticized loans. Classified loans as a percentage of total loans were 3.0% as of June 30, 2025, compared to 3.2% as of March 31, 2025 and 2.2% as of June 30, 2024. Net charge-offs were $0.2 million, or 0.04% annualized of total loans, for the second quarter of 2025, compared to $0.9 million, or 0.2% annualized of total loans, for the first quarter of 2025 and the second quarter of 2024. The provision for credit losses totaled $2.0 million, compared to $0.2 million for the prior quarter ended March 31, 2025 and $0.3 million for the quarter ended June 30, 2024. The $2.0 million provision for credit losses recorded during the quarter ended June 30, 2025 was primarily due to an increase in total loans. The allowance for credit losses for loans was 1.0% of total loans at June 30, 2025, compared to 0.9% at March 31, 2025 and consistent with 1.0% at June 30, 2024. 1 See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release. Expand About MVB Financial Corp. MVB Financial, the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market® ('Nasdaq') under the ticker 'MVBF.' MVB Financial is a financial holding company headquartered in Fairmont, West Virginia. Through its subsidiary, MVB Bank, and MVB Bank's subsidiaries, MVB Financial provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. For more information about MVB Financial, please visit 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, 2024, as well as its other filings with the Securities and Exchange Commission ('SEC'), which are available on the SEC's website at 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 ('U.S. GAAP'). Management uses these non-U.S. GAAP measures in its analysis of the Company's performance. These measures should not be considered a substitute for U.S. GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with U.S. GAAP. Management believes the presentation of non-U.S. 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-U.S. GAAP measures are not formally defined under U.S. GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to U.S. GAAP financial measures, our 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 measures. See the tables below for a reconciliation of these non-U.S. GAAP measures to the most directly comparable U.S. GAAP financial measures. Noninterest Income (Unaudited) (Dollars in thousands) Quarterly Year-to-Date 2025 2025 2024 2025 2024 Second Quarter First Quarter Second Quarter Card acquiring income $ 498 $ 549 $ 337 $ 1,047 $ 588 Service charges on deposits 1,075 1,158 1,103 2,233 2,626 Interchange income 3,080 3,278 2,377 6,358 5,416 Total payment card and service charge income 4,653 4,985 3,817 9,638 8,630 Equity method investments income (loss) 2,315 645 484 2,960 (644 ) Compliance and consulting income 6 501 1,274 507 2,274 Loss on sale of loans (80 ) (69 ) — (149 ) — Investment portfolio gains (losses) (166 ) (308 ) 117 (474 ) 726 Gain on divestiture activity — 608 — 608 — Loss on disposal of assets (15 ) (342 ) (12 ) (357 ) (66 ) Other noninterest income 1,232 988 1,462 2,220 4,056 Total noninterest income $ 7,945 $ 7,008 $ 7,142 $ 14,953 $ 14,976 Expand Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands) June 30, 2025 March 31, 2025 June 30, 2024 Cash and cash equivalents $ 399,379 $ 251,450 $ 455,517 Investment securities available-for-sale 396,555 419,617 361,254 Equity securities 43,923 44,317 41,261 Loans receivable 2,153,309 2,063,296 2,206,793 Less: Allowance for credit losses (20,785 ) (19,165 ) (22,084 ) Loans receivable, net 2,132,524 2,044,131 2,184,709 Premises and equipment, net 10,877 11,489 19,540 Other assets 240,750 248,683 225,723 Total assets $ 3,224,008 $ 3,019,687 $ 3,288,004 Noninterest-bearing deposits $ 1,050,104 $ 1,033,056 $ 983,809 Interest-bearing deposits 1,754,319 1,550,742 1,899,043 Subordinated debt 73,912 73,850 73,663 Other liabilities 43,358 51,985 34,826 Total liabilities 2,921,693 2,709,633 2,991,341 Common stock 13,877 13,798 13,776 Additional paid-in capital 166,078 165,559 162,880 Retained earnings 173,350 173,557 165,096 Accumulated other comprehensive loss (27,869 ) (26,119 ) (28,386 ) Treasury stock (23,121 ) (16,741 ) (16,741 ) Noncontrolling interest — — 38 Total Stockholders' equity 302,315 310,054 296,663 Total liabilities and stockholders' equity $ 3,224,008 $ 3,019,687 $ 3,288,004 Expand Average Balances and Interest Rates (Unaudited) (Dollars in thousands) Three Months Ended Three Months Ended Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Assets Interest-bearing balances with banks $ 332,265 $ 3,592 4.34 % $ 445,509 $ 4,734 4.31 % $ 380,278 $ 5,065 5.36 % Investment securities: Taxable 305,600 2,828 3.71 327,676 2,757 3.41 252,963 1,905 3.03 Tax-exempt 1 96,135 819 3.42 102,681 857 3.38 102,785 684 2.68 Loans and loans held-for-sale: 2 Commercial 1,488,610 28,371 7.64 1,492,238 28,020 7.62 1,597,359 30,824 7.76 Tax-exempt 1 2,719 29 4.28 2,826 30 4.31 3,261 35 4.32 Real estate 538,595 5,826 4.34 546,106 5,862 4.35 563,011 6,391 4.57 Consumer 61,022 1,096 7.20 62,956 1,155 7.44 73,531 1,374 7.52 Total loans 2,090,946 35,322 6.78 2,104,126 35,067 6.76 2,237,162 38,624 6.94 Total earning assets 2,824,946 42,561 6.04 2,979,992 43,415 5.91 2,973,188 46,278 6.26 Less: Allowance for credit losses (19,459 ) (19,630 ) (22,596 ) Cash and due from banks 8,215 6,979 4,528 Other assets 300,378 327,995 305,644 Total assets $ 3,114,080 $ 3,295,336 $ 3,260,764 Liabilities Deposits: NOW $ 658,490 $ 4,966 3.02 % $ 481,322 $ 3,134 2.64 % $ 465,587 $ 4,139 3.58 % Money market checking 358,968 2,284 2.55 335,743 2,092 2.53 400,205 3,337 3.35 Savings 117,123 920 3.15 89,924 582 2.62 112,225 944 3.38 IRAs 7,414 68 3.68 7,722 81 4.25 7,948 81 4.10 CDs 657,367 7,545 4.60 814,782 9,793 4.87 731,337 9,130 5.02 Repurchase agreements and federal funds sold 4,081 24 2.36 3,167 15 1.92 3,459 4 0.47 FHLB and other borrowings 8 — — 5,115 59 4.68 — — — Senior term loan 3 — — — — — — 2,736 114 16.76 Subordinated debt 73,890 797 4.33 73,828 797 4.38 73,629 808 4.41 Total interest-bearing liabilities 1,877,341 16,604 3.55 1,811,603 16,553 3.71 1,797,126 18,557 4.15 Noninterest-bearing demand deposits 886,657 1,130,900 1,139,070 Other liabilities 44,021 48,684 36,101 Total liabilities 2,808,019 2,991,187 2,972,297 Stockholders' equity Common stock 13,825 13,796 13,731 Paid-in capital 165,611 164,967 162,518 Treasury stock (18,029 ) (16,741 ) (16,741 ) Retained earnings 173,394 170,365 161,709 Accumulated other comprehensive loss (28,740 ) (28,275 ) (32,299 ) Total stockholders' equity attributable to parent 306,061 304,112 288,918 Noncontrolling interest — 37 (451 ) Total stockholders' equity 306,061 304,149 288,467 Total liabilities and stockholders' equity $ 3,114,080 $ 3,295,336 $ 3,260,764 Net interest spread (tax-equivalent) 2.49 % 2.20 % 2.11 % Net interest income and margin (tax-equivalent) 1 $ 25,957 3.69 % $ 26,862 3.66 % $ 27,721 3.75 % Less: Tax-equivalent adjustments (177 ) (186 ) (151 ) Net interest spread 2.47 % 2.17 % 2.09 % Net interest income and margin $ 25,780 3.66 % $ 26,676 3.63 % $ 27,570 3.73 % 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 15. 2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate. 3 The senior term loan was paid off in May 2024 and the unamortized debt issuance costs were recorded as interest expense upon the repayment. Expand Six Months Ended Six Months Ended June 30, 2025 June 30, 2024 Assets Interest-bearing balances with banks $ 388,574 $ 8,326 4.32 % $ 465,086 $ 12,406 5.36 % Investment securities: Taxable 316,577 5,586 3.56 249,527 3,648 2.94 Tax-exempt 1 99,050 1,676 3.41 104,547 1,570 3.02 Loans and loans held-for-sale: 2 Commercial 1,490,414 56,391 7.63 1,611,822 62,975 7.86 Tax-exempt 1 2,772 59 4.29 3,317 72 4.37 Real estate 542,330 11,688 4.35 569,579 13,004 4.59 Consumer 61,984 2,251 7.32 75,416 2,827 7.54 Total loans 2,097,500 70,389 6.77 2,260,134 78,878 7.02 Total earning assets 2,901,701 85,977 5.98 3,079,294 96,502 6.30 Less: Allowance for loan losses (19,544 ) (22,427 ) Cash and due from banks 7,601 4,967 Other assets 314,450 320,338 Total assets $ 3,204,208 $ 3,382,172 Liabilities Deposits: NOW $ 589,361 $ 8,100 2.77 % $ 510,558 $ 9,068 3.57 % Money market checking 347,420 4,377 2.54 404,484 7,096 3.53 Savings 103,599 1,502 2.92 137,918 2,585 3.77 IRAs 7,567 149 3.97 7,856 155 3.97 CDs 735,639 17,338 4.75 702,974 17,657 5.05 Repurchase agreements and federal funds sold 3,627 39 2.17 3,205 5 0.31 FHLB and other borrowings 2,547 58 4.59 22 1 5.98 Senior term loan 3 — — — 4,736 264 11.21 Subordinated debt 73,859 1,594 4.35 73,600 1,617 4.42 Total interest-bearing liabilities 1,863,619 33,157 3.59 1,845,353 38,448 4.19 Noninterest-bearing demand deposits 989,138 1,209,132 Other liabilities 46,339 39,059 Total liabilities 2,899,096 3,093,544 Stockholders' equity Common stock 13,811 13,695 Paid-in capital 165,291 162,025 Treasury stock (17,389 ) (16,741 ) Retained earnings 171,890 161,322 Accumulated other comprehensive loss (28,509 ) (31,429 ) Total stockholders' equity attributable to parent 305,094 288,872 Noncontrolling interest 18 (244 ) Total stockholders' equity 305,112 288,628 Total liabilities and stockholders' equity $ 3,204,208 $ 3,382,172 Net interest spread (tax-equivalent) 2.39 % 2.11 % Net interest income and margin (tax-equivalent) 1 $ 52,820 3.67 % $ 58,054 3.79 % Less: Tax-equivalent adjustments $ (364 ) $ (345 ) Net interest spread 2.36 % 2.09 % Net interest income and margin $ 52,456 3.65 % $ 57,709 3.77 % 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 15. 2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate. 3 The senior term loan was paid off in May 2024 and the unamortized debt issuance costs were recorded as interest expense upon the repayment. Expand Selected Financial Data (Unaudited) (Dollars in thousands, except share and per share data) Quarterly Year-to-Date 2025 2025 2024 2025 2024 Second Quarter First Quarter Second Quarter Earnings and Per Share Data: Net income $ 2,002 $ 3,577 $ 4,089 $ 5,579 $ 8,571 Earnings per share - basic $ 0.16 $ 0.28 $ 0.32 $ 0.43 $ 0.67 Earnings per share - diluted $ 0.15 $ 0.27 $ 0.31 $ 0.42 $ 0.66 Cash dividends paid per common share $ 0.17 $ 0.17 $ 0.17 $ 0.34 $ 0.34 Book value per common share $ 23.78 $ 23.94 $ 22.94 $ 23.78 $ 22.94 Tangible book value per common share 1 $ 23.68 $ 23.85 $ 22.70 $ 23.68 $ 22.70 Weighted-average shares outstanding - basic 12,912,113 12,948,178 12,883,426 12,930,046 12,847,191 Weighted-average shares outstanding - diluted 13,121,436 13,181,213 13,045,660 13,151,616 13,058,791 Performance Ratios: Return on average assets 2 0.3 % 0.4 % 0.5 % 0.3 % 0.5 % Return on average equity 2 2.6 % 4.7 % 5.7 % 3.7 % 5.9 % Net interest margin 3 4 3.69 % 3.66 % 3.75 % 3.67 % 3.79 % Efficiency ratio 5 84.7 % 85.2 % 83.3 % 85.0 % 81.3 % Overhead ratio 2 6 3.7 % 3.5 % 3.5 % 3.6 % 3.5 % Equity to assets 9.4 % 10.3 % 9.0 % 9.4 % 9.0 % Asset Quality Data and Ratios: Charge-offs $ 628 $ 1,387 $ 1,538 $ 2,015 $ 3,688 Recoveries $ 445 $ 530 $ 688 $ 975 $ 1,523 Net loan charge-offs to total loans 2 7 — % 0.2 % 0.2 % 0.1 % 0.2 % Allowance for credit losses $ 20,785 $ 19,165 $ 22,084 $ 20,785 $ 22,084 Allowance for credit losses to total loans 8 0.97 % 0.93 % 1.00 % 0.97 % 1.00 % Nonperforming loans $ 21,055 $ 20,272 $ 23,099 $ 21,055 $ 23,099 Nonperforming loans to total loans 1.0 % 1.0 % 1.0 % 1.0 % 1.0 % Mortgage Company Equity Method Investees Production Data 9: Mortgage pipeline $ 1,128,738 $ 1,078,835 $ 927,875 $ 1,128,738 $ 927,875 Loans originated $ 1,352,603 $ 1,310,702 $ 1,383,405 $ 2,663,305 $ 2,433,494 Loans closed $ 882,361 $ 888,022 $ 828,849 $ 1,770,383 $ 1,482,155 Loans sold $ 699,036 $ 644,683 $ 639,035 $ 1,343,718 $ 1,555,150 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 15 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, a non-U.S. GAAP measure. 6 Noninterest expense as a percentage of average assets, a non-U.S. GAAP measure. 7 Ratio of charge-offs, less recoveries to total loans. 8 Excludes loans held-for-sale. 9 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. Expand 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, 2025 March 31, 2025 June 30, 2024 Tangible Book Value per Common Share Goodwill $ 1,200 $ 1,200 $ 2,838 Intangibles — — 307 Total intangibles $ 1,200 1,200 3,145 Total equity attributable to parent $ 302,315 310,054 296,625 Less: Total intangibles (1,200 ) (1,200 ) (3,145 ) Tangible common equity $ 301,115 $ 308,854 $ 293,480 Tangible common equity $ 301,115 $ 308,854 $ 293,480 Common shares outstanding (000s) 12,715 12,950 12,928 Tangible book value per common share $ 23.68 $ 23.85 $ 22.70 Tangible Common Equity Ratio Total assets $ 3,224,008 $ 3,019,687 $ 3,288,004 Less: Total intangibles (1,200 ) (1,200 ) (3,145 ) Tangible assets $ 3,222,808 $ 3,018,487 $ 3,284,859 Tangible assets $ 3,222,808 $ 3,018,487 $ 3,284,859 Tangible common equity $ 301,115 $ 308,854 $ 293,480 Tangible common equity ratio 9.3 % 10.2 % 8.9 % Expand
Business Insider
25-07-2025
- Business
- Business Insider
Meet the Most Valuable Builder (MVB) Season 10 Cohort
Dubai, UAE, July 25th, 2025, Chainwire BNB Chain, the community-driven blockchain ecosystem, has announced the 15 early-stage projects selected for season 10 of the Most Valuable Builder (MVB) Accelerator Program. The long term accelerator program is jointly run by BNB Chain, YZi Labs, and CMC Labs. MVB continues with its goal of providing early-stage Web3 builders with the resources and support needed to thrive within the BNB Chain ecosystem to align with BNB Chain's mission of onboarding the next billion Web3 users. Season 10 will officially start this week online and conclude with a 2-day offline event in NYC, offering participants the chance to connect with peers, mentors, and guest speakers. Throughout the program, founders and core team members from each project will have access to a curriculum covering key topics to address early-stage Web3 project needs, such as tokenomics design, fundraising strategies, building teams, and talent. The season will conclude with a YZi Labs investment based on Demo Day pitches and project performance throughout MVB. On Aug 15, participants can tune in from anywhere in the world to watch the Demo Day from promising companies in the Web3 space as they showcase their innovative projects. 15 projects were incubated in MVB Season 9, and over 200 projects were incubated since projects launched in 2021, MVB continues to be a highly competitive program, with Season 10 receiving over 500 applicants. In recent months, projects publicly announced as investments by YZi Labs — including Meet48 and Avalon Labs — have both been part of the MVB cohort. A selective process admitted 15 MVB Season 10 Accelerator teams, listed alphabetically by sector: AI RICE AI is building an AI foundry that collects data and trains Robotics Foundation Models (RFM) in a decentralised way. Whitebridge Network is a decentralised people-data intelligence layer that turns scattered public records and online signals into trustable, ready-to-use insights. DeFi is a DeSoc protocol connecting user attention and onchain action by turning X into a fully interactive Web3 interface. is an optimal Web3 application abstraction layer that leverages existing social media platforms, transforming them into dynamic Web3 environments. Opsin is a trading terminal unifying analytics, trading and automated strategies on multiple chains. Sigma Money is a DeFi protocol that segregates yield-bearing assets into a stable tranche, designed for stable and consistent yield, and a volatile tranche, which maintains price exposure and leverage without funding rates DePin Bitring is a smart ring for crypto mining & health monitoring. ShareX is building the Web3 consumer and financial Layer for the sharing economy. DeSci dLife is a decentralized human-layer to bridge life science and Web3. Payment AEON is an omnichain crypto payment framework for AI and real-world use. Pepay Labs is a non-custodial, multichain payment infrastructure powering agentic commerce and next-gen Web3 applications. RWA Asseto is a RWA launchpad that integrates traditional finance assets with DeFi. AXC (RWA) is a programmable protocol that connects TradFi to onchain infrastructure. DMZ Finance is a platform for real-world asset (RWA) tokenization and stablecoin infrastructure. R2 is a stablecoin-powered DeFi ETFs backed by real world yields. Sarah S, Head of Business Development at BNB Chain, said, 'We're excited to kick off the 10th season of MVB with YZi Labs and CMC Labs, as we continue to back the next generation of Web3 innovators. This cohort highlights the growing diversity of the BNB Chain ecosystem — while AI and DeFi remain strong, we're now seeing increased momentum from real-world asset (RWA) projects choosing to build on BNB Chain. MVB continues to play a vital role in helping early-stage teams access the mentorship, exposure, and resources they need to thrive.' 'At YZi Labs, we remain committed to backing visionary founders who are building at the frontier of real-world utility and long-term impact. Coming off a strong cycle of in-person engagements in New York — from EASY Residency to builder bunker — we're seeing renewed conviction in supporting high-signal early-stage teams. MVB Season 10 brings together some of the most promising projects in Web3, providing them with hands-on mentorship and the ecosystem support needed to scale. We're focused on identifying teams with strong fundamentals, market timing, and the resilience to build through cycles.' said Alex Odagiu, Investment Director of YZi Labs. 'CMC Labs is proud to continue our partnership with BNB Chain and YZi Labs for Season 10 of the MVB Accelerator Program. With CoinMarketCap's deep market insights and global user base, we're excited to help these projects sharpen their positioning, gain visibility, and scale with lasting impact.' - Rush, CEO of CoinMarketCap. At the end of the accelerator, the 15 project teams will showcase and pitch their projects to investors at Demo Day. YZi Labs will make an investment decision on selected top-performing project teams. Users can follow YZi Labs, BNB Chain, and CoinMarketCap on X for the latest news on MVB 10. *Please note, admission into the MVB Accelerator Program does not equate to any investment in the projects. YZi Labs will make a final investment decision at the end of the MVB program. About BNB Chain BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of: BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem's governance chain. opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds. BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces. Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program. For more, users can follow BNB Chain on X or start exploring via our Dapp library. About YZi Labs YZi Labs manages over $10 billion assets globally. Our investment philosophy emphasizes impact first— we believe that meaningful returns will naturally follow. We invest in ventures at every stage, prioritizing those with solid fundamentals in Web3, AI, and biotech. YZi Labs' portfolio covers over 250 projects from over 25 countries across six continents. More than 65 of YZi Labs' portfolio companies have gone through our incubation programs. For more information, users can followYZi Labs on X. About CMC Labs CMC Labs is CoinMarketCap's selective accelerator program for startups, supporting Web3 entrepreneurs with a range of expert services, including awareness raising, social amplification, bespoke content, and networking opportunities with top-tier ecosystems, VCs, market makers and mentors. To learn more, users can visit CMC Labs.
Business Wire
11-07-2025
- Business
- Business Wire
MVB Financial Corp. Announces Executive Transition
FAIRMONT, WIRE)--MVB Financial Corp. (NASDAQ: MVBF) ('MVB' or the 'Company'), today announced that, effective July 14, 2025, the Company and its wholly-owned subsidiary, MVB Bank (the 'Bank'), have mutually agreed with Donald T. Robinson to a transition plan under which Mr. Robinson will depart from his position as President and Chief Financial Officer of the Company and of MVB Bank to enable him to pursue other opportunities. 'After 15 incredibly rewarding years at MVB, including the last several years as President, I've made the personal decision to step away from MVB and my leadership responsibilities,' said Mr. Robinson. Upon Mr. Robinson's transition, Larry F. Mazza, the Company's current Chief Executive Officer will reassume the role of President in addition to his duties as CEO. The Company and the Bank have appointed Michael R. Sumbs to serve as Executive Vice President and Chief Financial Officer and Jonathan T. Logan as Chief Accounting Officer. Mr. Robinson will be available throughout the next year to provide continued consulting and support to MVB during this transition. 'We wish Don well in his next chapter and sincerely thank him for all his contributions to MVB over the years as well as his trusted partnership,' said Mr. Mazza. 'We are pleased to welcome Mike to Team MVB. During his time at Raymond James, Mike has been a strong partner to MVB. His extensive investment banking and capital markets experience, as well as knowledge of the banking and Fintech sectors, will position us well as we focus on growth, profitability and enhancing shareholder value. The addition of Jonathan as Chief Accounting Officer will also help to support our ongoing growth and strengthen our financial organization.' Mr. Sumbs joins the Company from Raymond James & Associates, Inc., where he has worked since 2017, most recently serving as a Director in the financial services practice. Prior to his role at Raymond James, Mr. Sumbs worked in the financial services investment banking group at Macquarie Capital and in a Strategy & Corporate Development role for Yadkin Financial Corporation (acquired by F.N.B. Corporation). Mr. Sumbs started his career at Keefe, Bruyette & Woods, Inc. and has over 15 years of experience working with and for financial institutions. Mr. Sumbs received a B.S. in Business Administration from the University of Richmond and an MBA from The Fuqua School of Business at Duke University. 'I am honored to join MVB as CFO and to work alongside such a talented team,' said Mr. Sumbs. 'I am excited about the opportunities ahead and look forward to contributing to MVB's continued success and delivering value to our clients, partners and shareholders.' Mr. Logan joins the Company from William Penn Bank, where he worked since 2020 as Executive Vice President and Chief Financial Officer, where he oversaw all financial, accounting and regulatory matters. He previously served in a corporate controller capacity with Beneficial Bank (acquired by WSFS Financial). Mr. Logan is a Certified Public Accountant and received a B.S. in accounting from Susquehanna University. 'I am pleased to join Team MVB as CAO and work with Mike to contribute to MVB's continued success and growth,' said Mr. Logan. Mr. Robinson's transition out of the CFO and President roles and Messrs. Mazza's, Sumbs' and Logan's respective appointments will be effective July 14, 2025. 'I have full confidence in Mike as the incoming CFO and Jonathan as CAO, and I remain committed to supporting a successful transition over the next year and ensuring MVB continues to thrive,' said Mr. Robinson. About MVB Financial Corp. MVB Financial Corp., the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker 'MVBF.' Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc., and the Bank's subsidiaries, the Company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. For more information about MVB, please visit Forward-Looking Statements MVB Financial Corp. 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 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 financial technology companies; competition; unforeseen events, such as pandemics or natural disasters, and any governmental or societal responses thereto, changes in economic, business, and political conditions; 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, 2024, as well as its other filings with the SEC, which are available on the SEC's website at Except as required by law, the Company disclaims any obligation to update, revise, or correct any forward-looking statements.
Business Insider
10-06-2025
- Business
- Business Insider
BNB Chain Launches Builder Bunker: A Web3 & AI Community Hub in New York
Dubai, UAE, June 10th, 2025, Chainwire BNB Chain, the leading blockchain by transaction volume and daily active users, is opening the doors to its first-ever local, in-person community hub, Builder Bunker. In the heart of New York City, Builder Bunker will serve as a base for the most committed builders in Web3 and AI. This isn't a typical co-working space. It's a hands-on launchpad for builders from Web3 and emerging frontiers such as AI. It is designed for those ready to move fast, collaborate deeply, and turn bold ideas into real products. It welcomes builders using blockchain and emerging technologies to build and innovate within their businesses, encouraging synergy with BNB Chain. Builder Bunker brings together founders, developers, and creators looking to scale their own projects, where people find their tribe—and the tools to go further, faster. 'The Builder Bunker is where ideas get sharpened and squads get stronger,' said Sarah, the BD Lead of BNB Chain. 'We're thrilled to launch this initiative from New York, one of the most vibrant builder communities in the world. We're assembling a dedicated unit of builders who aren't just talking Web3, but building it, block by block, together. ' Located in the heart of New York City, the Builder Bunker project serves as a long-term program that will provide an immersive experience for selected projects. Resident teams will receive: Dedicated workspace for early founding members, Weekly programs including founder roundtables, AMAs, and Demo Days Office hours with BNB Chain core teams, ecosystem partners, and notable mentors Access to technical advisors, investors, talent mixers, GTM networking events, and more The space will host flagship incubation programs including the 10th cohort of the Most Valuable Builder (MVB) program and the first batch of EASY Residency by YZi Labs, with opportunities for selected teams to receive unparalleled support, resources, and investment opportunities. 'Bringing founders together in one space enables them to learn from and support each other, getting into a zone of immersive building. The Builder Bunker initiative gives our founders in NYC access to valuable talent networks as well as potential customer resources and investor attention. We believe future unicorns will emerge from Builder Bunker.' said Ella Zhang, Head of YZi Labs. As a curated, high-intent builder residency, Builder Bunker is designed for teams with long-term visions, real product execution, and those contributing to the BNB Chain ecosystem or broader innovative infrastructure. BNB Chain sees Builder Bunker as the first step in a longer-term global initiative to create more offline touchpoints for the builder community. NYC is just the beginning. BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem's governance chain. opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds. BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces. Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program. Tooling, such as the AI Solution, is also available for developers to explore. For more, users can follow BNB Chain on X or start exploring via the Dapp library About YZi Labs YZi Labs manages over $10 billion assets globally. Our investment philosophy emphasizes impact first—we believe that meaningful returns will naturally follow. We invest in ventures at every stage, prioritizing those with solid fundamentals in Web3, AI, and biotech. YZi Labs' portfolio covers over 300 projects from over 25 countries across six continents. More than 65 of YZi Labs' portfolio companies have gone through our incubation programs. For more information, users can follow YZi Labs on X.
Yahoo
21-05-2025
- Business
- Yahoo
MVB Financial Corp. Declares Second Quarter 2025 Dividend
FAIRMONT, May 21, 2025--(BUSINESS WIRE)--MVB Financial Corp. (NASDAQ: MVBF) ("MVB Financial," "MVB," or the "Company") has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of June 1, 2025, payable on June 15, 2025. This is the second quarterly dividend for 2025. "MVB's first quarter results reflect tangible progress following the strategic repositioning of our business model over the past year," said Larry F. Mazza, CEO, MVB. "Our best-in-class funding profile supported meaningful expansion in our net interest margin and growth in net interest income. I'm encouraged by our first quarter performance and confident in MVB's ability to adapt, execute and deliver long-term value for our clients and stakeholders." About MVB Financial Corp. MVB Financial Corp., the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker "MVBF." Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc., and the Bank's subsidiaries, the Company provides banking services to Fintech clients throughout the United States. For more information about MVB, please visit Forward-looking Statements MVB Financial Corp. 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 earnings 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 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 financial technology companies; competition; unforeseen events, such as pandemics or natural disasters, and any governmental or societal responses thereto, changes in economic, business, and political conditions; 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, 2024, as well as its other filings with the SEC, which are available on the SEC's website at Except as required by law, the Company disclaims any obligation to update, revise, or correct any forward-looking statements. View source version on Contacts MEDIA CONTACT Amy Baker VP, Corporate Communications and MarketingMVB Bankabaker@ (844) 682-2265 INVESTOR RELATIONS Marcie Lipscomb mlipscomb@ (844) 682-2265
