MVB Financial Corp. Files Q3 2024 10-Q Report

Ticker: MVBF · Form: 10-Q · Filed: Nov 5, 2024 · CIK: 1277902

Sentiment: neutral

Topics: 10-Q, financials, banking

TL;DR

**MVB Financial Corp. dropped its Q3 2024 10-Q. Check financials.**

AI Summary

MVB Financial Corp. reported its third-quarter results for the period ending September 30, 2024. The company's filing provides financial data and disclosures relevant to its operations as a commercial bank. Specific financial figures and operational details are available within the full report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details of 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 regulatory and market risks inherent in the banking sector.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of MVB Financial Corp. according to the SIC code?

MVB Financial Corp. is classified under SIC code 6022, which corresponds to Commercial Banks.

For what period is this 10-Q report filed?

This 10-Q report is filed for the period ending September 30, 2024.

When was this 10-Q filing submitted to the SEC?

The filing was submitted on November 5, 2024.

In which state is MVB Financial Corp. incorporated?

MVB Financial Corp. is incorporated in West Virginia (WV).

What is the fiscal year end for MVB Financial Corp.?

The fiscal year end for MVB Financial Corp. is December 31.

Filing Stats: 4,779 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-11-05 16:05:45

Key Financial Figures

Filing Documents

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 68 PART II OTHER INFORMATION 69 Item 1

Legal Proceedings

Legal Proceedings 69 Item 1A

Risk Factors

Risk Factors 69 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 69 Item 3 Defaults Upon Senior Securities 69 Item 4 Mine Safety Disclosures 69 Item 5 Other Information 69 Item 6 Exhibits 69

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, including, without limitation, changes

– 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) September 30, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS Cash and cash equivalents: Cash and due from banks $ 4,615 $ 6,564 Interest-bearing balances with banks 606,296 391,665 Total cash and cash equivalents 610,911 398,229 Investment securities available-for-sale 374,828 345,275 Equity securities 41,760 41,086 Loans held-for-sale — 629 Loans receivable 2,171,272 2,317,594 Allowance for credit losses ( 21,499 ) ( 22,124 ) Loans receivable, net 2,149,773 2,295,470 Premises and equipment, net 18,838 20,928 Bank-owned life insurance 45,154 44,287 Equity method investments 77,172 75,754 Accrued interest receivable and other assets 100,320 92,224 TOTAL ASSETS $ 3,418,756 $ 3,313,882 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $ 989,144 $ 1,197,272 Interest-bearing 2,012,504 1,704,204 Total deposits 3,001,648 2,901,476 Accrued interest payable and other liabilities 35,428 37,917 Repurchase agreements 4,755 4,821 Subordinated debt 73,725 73,540 Senior term loan — 6,786 Total liabilities 3,115,556 3,024,540 STOCKHOLDERS' EQUITY Common stock - par value $ 1 ; 40,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 13,775,978 and 12,927,962 shares issued and outstanding, respectively, as of September 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 163,532 160,488 Retained earnings 164,978 160,862 Accumulated other comprehensive loss ( 22,459 ) ( 28,831 ) Treasury stock - 848,016 shares as of September 30, 2024 and December 31, 2023, at cost ( 16,741 ) ( 16,741 ) Total equity attributable to parent 303,086 289,384 Noncontrolling interest 114 ( 42 ) Total stockholders' equity 303,200 289,342 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,4

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