MVBF · MVB Financial Corp.

MVB Financial Corp. reported first quarter 2026 net income of $5.2 million, or $0.41 basic and $0.39 diluted earnings per share. The results reflect continued improvement in core earnings power, with earnings per share up over 40% year-over-year. Net interest income increased slightly to $28.5 million, driven by higher average earning asset balances, partially offset by lower earning asset yields. Net interest margin expanded one basis point to 3.71%, benefiting from a higher proportion of noninterest-bearing deposits and a decline in total cost of funds to 2.17% from 2.30% in the prior quarter. Loan growth of 2.6% sequentially marked the fourth consecutive quarter of expansion, with balances reaching $2.40 billion. Noninterest income decreased to $8.2 million from $10.7 million in the prior quarter, primarily due to a holding gain on equity securities recognized in Q4 2025; excluding that item, core fee income increased approximately 3.9%, driven by higher payment card and service charge income. Noninterest expenses declined 10.7% to $28.1 million, reflecting technology-driven efficiency initiatives and reduced professional fees and salaries. Pre-tax, pre-provision earnings improved to $8.5 million from $7.6 million in the prior quarter and $5.0 million in the year-ago quarter. Asset quality metrics remained stable, with nonperforming loans at 1.4% of total loans and net charge-offs of $1.5 million (0.26% annualized). The provision for credit losses was $1.9 million. Capital ratios remained solid, with a Community Bank Leverage Ratio of 10.1% and tangible common equity ratio of 10.0%. Subsequent to quarter-end, the company recognized a pre-tax gain of approximately $10.0 million related to an existing Fintech investment, expected to increase tangible book value by approximately $0.59 per share. Management highlighted strategic investments in artificial intelligence and automation, and the appointment of Mike Giorgio as Chief Operating Officer and Adam Famularo to the Board. The company also executed balance sheet optimization actions, including repaying $40 million of higher-cost subordinated debt, expected to save approximately $1.8 million annually.