MVB Financial Corp. Files 2023 Annual Report on Form 10-K

Ticker: MVBF · Form: 10-K · Filed: Mar 13, 2024 · CIK: 1277902

Sentiment: neutral

Topics: 10-K, Annual Report, MVB Financial Corp, Financials, SEC Filing

TL;DR

<b>MVB Financial Corp. has submitted its 2023 annual 10-K filing, detailing its financial performance and corporate information.</b>

AI Summary

MVB FINANCIAL CORP (MVBF) filed a Annual Report (10-K) with the SEC on March 13, 2024. MVB Financial Corp. filed its annual report for the fiscal year ending December 31, 2023. The filing is a 10-K report, providing a comprehensive overview of the company's financial performance and condition. The company's fiscal year ends on December 31st annually. MVB Financial Corp. is incorporated in West Virginia (WV). The company's principal business address is 301 Virginia Avenue, Fairmont, WV 26554-2777.

Why It Matters

For investors and stakeholders tracking MVB FINANCIAL CORP, this filing contains several important signals. This 10-K filing provides investors and stakeholders with crucial, audited financial data for the 2023 fiscal year, enabling informed investment decisions. The report details the company's financial health, operational performance, and risk factors, which are essential for understanding its current standing and future prospects in the commercial banking sector.

Risk Assessment

Risk Level: medium — MVB FINANCIAL CORP shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of financial and operational information, but without specific financial figures or performance highlights in the provided header data, a precise risk assessment is difficult.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management's discussion and analysis, and risk factors to assess MVB Financial Corp.'s performance and outlook.

Key Numbers

Key Players & Entities

FAQ

When did MVB FINANCIAL CORP file this 10-K?

MVB FINANCIAL CORP filed this Annual Report (10-K) with the SEC on March 13, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by MVB FINANCIAL CORP (MVBF).

Where can I read the original 10-K filing from MVB FINANCIAL CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MVB FINANCIAL CORP.

What are the key takeaways from MVB FINANCIAL CORP's 10-K?

MVB FINANCIAL CORP filed this 10-K on March 13, 2024. Key takeaways: MVB Financial Corp. filed its annual report for the fiscal year ending December 31, 2023.. The filing is a 10-K report, providing a comprehensive overview of the company's financial performance and condition.. The company's fiscal year ends on December 31st annually..

Is MVB FINANCIAL CORP a risky investment based on this filing?

Based on this 10-K, MVB FINANCIAL CORP presents a moderate-risk profile. The filing is a standard 10-K, which typically contains a broad range of financial and operational information, but without specific financial figures or performance highlights in the provided header data, a precise risk assessment is difficult.

What should investors do after reading MVB FINANCIAL CORP's 10-K?

Review the full 10-K filing for detailed financial statements, management's discussion and analysis, and risk factors to assess MVB Financial Corp.'s performance and outlook. The overall sentiment from this filing is neutral.

How does MVB FINANCIAL CORP compare to its industry peers?

MVB Financial Corp. operates within the commercial banking industry, a sector characterized by stringent regulation and sensitivity to economic conditions.

Are there regulatory concerns for MVB FINANCIAL CORP?

As a commercial bank, MVB Financial Corp. is subject to oversight from various regulatory bodies, including those governing banking operations and financial reporting.

Industry Context

MVB Financial Corp. operates within the commercial banking industry, a sector characterized by stringent regulation and sensitivity to economic conditions.

Regulatory Implications

As a commercial bank, MVB Financial Corp. is subject to oversight from various regulatory bodies, including those governing banking operations and financial reporting.

What Investors Should Do

  1. Analyze the detailed financial statements within the 10-K to understand revenue streams, expenses, and profitability for FY 2023.
  2. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's strategic priorities, operational challenges, and outlook.
  3. Examine the Risk Factors section to identify potential threats and uncertainties facing MVB Financial Corp. in the current economic environment.

Key Dates

Year-Over-Year Comparison

This is the 2023 10-K filing, providing the latest annual financial data for MVB Financial Corp.

Filing Stats: 4,351 words · 17 min read · ~15 pages · Grade level 15.7 · Accepted 2024-03-12 18:44:18

Key Financial Figures

Filing Documents

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 32

C

Item 1 C . Cybersecurity 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6. [RESERVED] 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 123 Item 9A.

Controls and Procedures

Controls and Procedures 123 Item 9B. Other Information 125 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 125 PART III Item 10. Directors, Executive Officers and Corporate Governance 125 Item 11.

Executive Compensation

Executive Compensation 125 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 125 Item 13. Certain Relationships and Related Transactions, and Director Independence 125 Item 14. Principal Accountant Fees and Services 126 PART IV Item 15. Exhibits and Financial Statement Schedules 127 Item 16. Form 10-K Summary 129 1

Forward-Looking Statements

Forward-Looking Statements: These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing our view as of any subsequent date. Forward-looking statements involve significant risks and uncertainties (both known and unknown) and actual results may differ materially from those presented, either expressed or implied, including, but not limited to, those presented in Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations . Factors that might cause such differences include, but are not limited to: l interest rate fluctuations in response to economic conditions and the policies of various governmental and regulatory agencies; l changes in the economy, which could materially impact credit quality trends and the ability to generate loans and gather deposits; l industry factors and general economic and political conditions and events, such as economic slowdowns or recessions, nationally and in the markets in which we operate; l changes in financial market conditions in areas in which we conduct operations, inclu

BUSINESS

ITEM 1. BUSINESS Corporate Overview MVB Financial Corp. is a financial holding company organized as a West Virginia corporation in 2003 that operates principally through its wholly-owned subsidiary, MVB Bank, Inc. (the "Bank"). The Bank's consolidated subsidiaries include MVB Edge Ventures, LLC ("Edge Ventures"), Paladin Fraud, LLC ("Paladin Fraud") and MVB Insurance, LLC, ("MVB Insurance"). The Bank owns a controlling interest in Trabian Technology, Inc. ("Trabian"). Edge Ventures wholly-owns Victor Technologies, Inc. ("Victor") and MVB Technology, LLC ("MVB Technology"). The Bank also owns an equity method investment in Intercoastal Mortgage Company, LLC ("ICM") and MVB Financial owns equity method investments in Warp Speed Holdings, LLC ("Warp Speed") and Ayers Socure II, LLC ("Ayers Socure II"). MVB Financial's consolidated subsidiaries also includes SPE PR, LLC ("MVB PR"). Through our professional services entities, which include Paladin Fraud and Trabian, we provide consulting solutions to assist Fintech and corporate clients in building digital products and meeting their fraud defense needs. In February 2023, we completed the sale of the Bank's wholly-owned subsidiary, ProCo Global, Inc. ("Chartwell," which does business under the registered trade name Chartwell Compliance). In May 2023, we entered into an agreement with Flexia Payments, LLC ("Flexia"), in which Edge Ventures owned a controlling interest, to facilitate the divestiture of our interests in the ongoing business of Flexia. Business Overview We conduct a wide range of business activities through the Bank, primarily commercial and retail ("CoRe") banking services, as well as Fintech banking. CoRe Banking We offer our customers a full range of products and services including: l Various demand deposit accounts, savings accounts, money market accounts and certificates of deposit; l Commercial, consumer and real estate mortgage loans and lines of credit; l Debit cards; l Cashier's

View Full Filing

View this 10-K filing on SEC EDGAR

View on Read The Filing