MVB Financial Corp. Files Q2 2024 10-Q

TL;DR

MVB Financial Corp. dropped its Q2 2024 10-Q. Check the numbers.

AI Summary

MVB Financial Corp. reported its financial results for the period ending June 30, 2024. The company's filing includes financial data for the second quarter of 2024, detailing its assets, liabilities, and equity. Specific financial figures and comparative data from previous periods are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for MVB Financial Corp., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a financial institution, MVB Financial Corp. is subject to various market and regulatory risks inherent in the banking sector.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240808 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2023-12-31 — Previous Year End Date (Provides a comparative point for financial performance analysis.)

Key Players & Entities

• MVB FINANCIAL CORP (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Filing date of the report
• WV (location) — State of incorporation and business address
• 3043634800 (phone_number) — Business phone number

FAQ

Key Financial Figures

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

Filing Documents

• mvbf-20240630.htm (10-Q) — 4361KB
• a10-qexhibit311x063024.htm (EX-31.1) — 11KB
• a10-qexhibit312x063024.htm (EX-31.2) — 11KB
• a10-qexhibit321x063024.htm (EX-32.1) — 5KB
• a10-qexhibit322x063024.htm (EX-32.2) — 5KB
• mvbf-20240630_g1.jpg (GRAPHIC) — 7KB
• 0001277902-24-000122.txt ( ) — 22361KB
• mvbf-20240630.xsd (EX-101.SCH) — 66KB
• mvbf-20240630_cal.xml (EX-101.CAL) — 148KB
• mvbf-20240630_def.xml (EX-101.DEF) — 492KB
• mvbf-20240630_lab.xml (EX-101.LAB) — 1014KB
• mvbf-20240630_pre.xml (EX-101.PRE) — 782KB
• mvbf-20240630_htm.xml (XML) — 6107KB

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 11 Notes to the Consolidated Financial Statements 13 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 53 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 67 Item 4

Controls and Procedures

Controls and Procedures 67 PART II OTHER INFORMATION 68 Item 1

Legal Proceedings

Legal Proceedings 68 Item 1A

Risk Factors

Risk Factors 68 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3 Defaults Upon Senior Securities 68 Item 4 Mine Safety Disclosures 68 Item 5 Other Information 68 Item 6 Exhibits 68

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, in

– 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) June 30, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS Cash and cash equivalents: Cash and due from banks $ 3,945 $ 6,564 Interest-bearing balances with banks 451,572 391,665 Total cash and cash equivalents 455,517 398,229 Investment securities available-for-sale 361,254 345,275 Equity securities 41,261 41,086 Loans held-for-sale — 629 Loans receivable 2,206,793 2,317,594 Allowance for credit losses ( 22,084 ) ( 22,124 ) Loans receivable, net 2,184,709 2,295,470 Premises and equipment, net 19,540 20,928 Bank-owned life insurance 44,856 44,287 Equity method investments 75,835 75,754 Accrued interest receivable and other assets 105,032 92,224 TOTAL ASSETS $ 3,288,004 $ 3,313,882 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $ 983,809 $ 1,197,272 Interest-bearing 1,899,043 1,704,204 Total deposits 2,882,852 2,901,476 Accrued interest payable and other liabilities 32,460 37,917 Repurchase agreements 2,366 4,821 Subordinated debt 73,663 73,540 Senior term loan — 6,786 Total liabilities 2,991,341 3,024,540 STOCKHOLDERS' EQUITY Common stock - par value $ 1 ; 40,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 13,775,978 and 12,927,962 shares issued and outstanding, respectively, as of June 30, 2024 and 13,606,399 and 12,758,383 shares issued and outstanding, respectively, as of December 31, 2023 13,776 13,606 Additional paid-in capital 162,880 160,488 Retained earnings 165,096 160,862 Accumulated other comprehensive loss ( 28,386 ) ( 28,831 ) Treasury stock - 848,016 shares as of June 30, 2024 and December 31, 2023, at cost ( 16,741 ) ( 16,741 ) Total equity attributable to parent 296,625 289,384 Noncontrolling interest 38 ( 42 ) Total stockholders' equity 296,663 289,342 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,288,004 $ 3,313,882

View Full Filing

View this 10-Q filing on SEC EDGAR