MVB Financial Corp. Files 10-Q for Period Ending March 31, 2024

AI Summary

MVB FINANCIAL CORP (MVBF) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. MVB Financial Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. MVB Financial Corp. is incorporated in West Virginia (WV). The company's SIC code is 6022 for State Commercial Banks.

Why It Matters

For investors and stakeholders tracking MVB FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance data for MVB Financial Corp. for the first quarter of 2024, enabling informed investment decisions. The detailed financial statements and disclosures within the 10-Q are crucial for understanding the company's current health, risks, and strategic direction in the banking sector.

Risk Assessment

Risk Level: medium — MVB FINANCIAL CORP shows moderate risk based on this filing. The filing is a standard quarterly report, but the banking sector is subject to regulatory scrutiny and economic fluctuations which could impact MVB Financial Corp.'s performance.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to assess MVB Financial Corp.'s performance and outlook for the remainder of 2024.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report)
• 2024-05-07 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-12-31 — Previous Year End Date (Fiscal year end)

Key Players & Entities

• MVB FINANCIAL CORP (company) — Filer and subject of the report
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filing date
• WV (location) — State of incorporation
• 6022 (other) — Standard Industrial Classification

FAQ

Industry Context

MVB Financial Corp. operates within the commercial banking industry, a sector characterized by interest rate sensitivity, regulatory oversight, and competition.

Regulatory Implications

As a commercial bank, MVB Financial Corp. is subject to regulations from federal and state authorities, including capital requirements and consumer protection laws.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosed risk factors or management's discussion and analysis.
3. Compare Q1 2024 results to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-07: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This filing is the Form 10-Q for the first quarter of 2024, following the Form 10-K annual report filed previously.

Key Financial Figures

• $1.00 — ange on which registered Common stock, $1.00 par value MVBF The Nasdaq Stock Market

Filing Documents

• mvbf-20240331.htm (10-Q) — 3387KB
• a10-qexhibit311x033124.htm (EX-31.1) — 11KB
• a10-qexhibit312x033124.htm (EX-31.2) — 11KB
• a10-qexhibit321x033124.htm (EX-32.1) — 5KB
• a10-qexhibit322x033124.htm (EX-32.2) — 5KB
• mvbf-20240331_g1.jpg (GRAPHIC) — 7KB
• 0001277902-24-000056.txt ( ) — 18634KB
• mvbf-20240331.xsd (EX-101.SCH) — 65KB
• mvbf-20240331_cal.xml (EX-101.CAL) — 146KB
• mvbf-20240331_def.xml (EX-101.DEF) — 471KB
• mvbf-20240331_lab.xml (EX-101.LAB) — 991KB
• mvbf-20240331_pre.xml (EX-101.PRE) — 743KB
• mvbf-20240331_htm.xml (XML) — 4812KB

Financial Statements

Financial Statements 5 Consolidated Balance Sheets 5 Consolidated Statements of Income 6 Consolidated Statements of Comprehensive Income 8 Consolidated Statements of Changes in Stockholders' Equity 9 Consolidated Statements of Cash Flows 10 Notes to the Consolidated Financial Statements 12 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 56 Item 4

Controls and Procedures

Controls and Procedures 58 PART II OTHER INFORMATION 59 Item 1

Legal Proceedings

Legal Proceedings 59 Item 1A

Risk Factors

Risk Factors 59 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 3 Defaults Upon Senior Securities 59 Item 4 Mine Safety Disclosures 59 Item 5 Other Information 59 Item 6 Exhibits 59

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 2, 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

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– Financial Statements

Item 1 – Financial Statements MVB Financial Corp. and Subsidiaries Consolidated Balance Sheets (Dollars in thousands, except per share data) March 31, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS Cash and cash equivalents: Cash and due from banks $ 4,870 $ 6,564 Interest-bearing balances with banks 635,556 391,665 Total cash and cash equivalents 640,426 398,229 Investment securities available-for-sale 349,678 345,275 Equity securities 41,037 41,086 Loans held-for-sale — 629 Loans receivable 2,267,310 2,317,594 Allowance for credit losses ( 22,804 ) ( 22,124 ) Loans receivable, net 2,244,506 2,295,470 Premises and equipment, net 19,968 20,928 Bank-owned life insurance 44,569 44,287 Equity method investments 76,190 75,754 Accrued interest receivable and other assets 131,016 92,224 TOTAL ASSETS $ 3,547,390 $ 3,313,882 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $ 1,391,070 $ 1,197,272 Interest-bearing 1,754,259 1,704,204 Total deposits 3,145,329 2,901,476 Accrued interest payable and other liabilities 26,272 37,917 Repurchase agreements 3,810 4,821 Subordinated debt 73,602 73,540 Senior term loan 6,549 6,786 Total liabilities 3,255,562 3,024,540 STOCKHOLDERS' EQUITY Common stock - par value $ 1 ; 40,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 13,688,899 and 12,840,883 shares issued and outstanding, respectively, as of March 31, 2024 and 13,606,399 and 12,758,383 shares issued and outstanding, respectively, as of December 31, 2023 13,689 13,606 Additional paid-in capital 162,502 160,488 Retained earnings 163,199 160,862 Accumulated other comprehensive loss ( 30,799 ) ( 28,831 ) Treasury stock - 848,016 shares as of March 31, 2024 and December 31, 2023, at cost ( 16,741 ) ( 16,741 ) Total equity attributable to parent 291,850 289,384 Noncontrolling interest ( 22 ) ( 42 ) Total stockholders' equity 291,828 289,342 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,547,390

View Full Filing

View this 10-Q filing on SEC EDGAR