FAIRMONT, W.Va., May 15, 2012 /PRNewswire/ -- MVB Financial
Corp., and its bank holding company MVB Bank, Inc. (OTC: MVBF),
today announced its quarterly results for the period ending
March 31, 2012. First quarter
2012 net income of $861,000 increased
by 29.3% compared to the first quarter of 2011.
MVB's net interest income was $4.2
million for the first quarter of 2012, an increase of
$1 million or 32.8% from the same
time period in 2011 resulting, in part, from strong commercial and
mortgage loan demand.
Deposits grew by $89.1 million, or
25.4%, to $440 million by the end of
the first quarter 2012 compared to the first quarter of 2011.
Given the significant gain in deposits, interest expense only
increased by $13,000 to $1.217 million in the first quarter of 2012.
Total interest income in the first quarter 2012 was $5.379 million, an increase of $1.04 million, or 24% compared to the first
quarter of 2011 due primarily to continued growth in loan
volume.
"Our first quarter results reflect continued positive growth for
both commercial and mortgage lending in each of our geographic
markets," said Larry F. Mazza, CEO
of MVB Financial Corp. "Despite the prolonged economic recovery,
MVB Bank outperformed its own results from a year ago with
significant increases in loan, asset and deposit growth, along with
solid earnings, setting us apart from most community banks in the
country," said Mazza.
"MVB's positive results continue even as we invest in market
expansion, diversify our product portfolio, develop new facilities
and create more jobs in West
Virginia. While most banks are still in recovery mode,
they're getting back 'in the market' pursuing significant increases
in high quality loan volumes. To our credit, MVB never got
'out of the market' and stayed in it during the financial downturn
by providing high quality loans to clients we know and trust, and
who know and trust us," added Mazza.
Operating Performance Spurred by Strong Lending
MVB's high quality loan portfolio continues to drive the bank's
asset growth with a 31% increase, or $4.8
million addition in both commercial and mortgage lending
during the first quarter of 2012, compared to 2011.
"All of our financial indicators for growth are heading in the
right direction. We are adding many new clients who value the
expertise of the commercial and mortgage lending team's local
expertise to help them with some of their most important assets
-- their businesses and homes," noted Mazza.
Total capital increased by $10.7
million, or 28.2%, over the same quarter last year driven by
higher earnings for 2011 and the addition of $8.5 million in Small Business Lending Fund
(SBLF) capital.
"I'm pleased to report that MVB Bank was recently named among
the top-tier banks in the country and the number one bank in
West Virginia offering small
business loans through the government's Small Business Lending
Fund. As a community-focused bank, we continue to reach out
to veterans as well as women or minority-owned small businesses in
West Virginia to assist those who
qualify within our lending standards," added Mazza.
MVB's Board of Directors declared a $
0.07 per share semi-annual cash dividend, a 40% increase,
for shareholders of record as of May 31,
2012, payable June 15,
2012. The move to a twice a year dividend payment is aligned
with the goal for shareholders to continue investing in MVB's
future growth. Further, it is a strong indicator of the
Board's confidence in MVB's growth prospects.
Looking Ahead: Managing Growth in a More Competitive
Environment
Commenting on MVB's outlook for the current quarter, Mazza
stated, "We remain focused on sustaining our track record of growth
while managing in what we anticipate to be a more competitive
environment in this economic recovery. We are committed to
organic expansion in the markets we already serve with competitive
products and services as well as new branch locations. Our plans
include an active search for acquisitions in our geographic
footprint that create shareholder value.
"MVB Bank has long been a leader in reward checking and savings
accounts. Launched in March, our Kasasa Cash® and Kasasa
Saver® accounts are poised to take full advantage of a national
initiative to show the value of consumer-friendly products and
relationships with community banks. Early results show that
we are gaining new clients from other financial institutions
because Kasasa accounts have no monthly service fees while offering
consumers high interest and rewards.
"Our entire team is focused on meeting or exceeding revenue
targets and reducing risk by diversifying and growing our earnings
stream. As we grow, we are constantly seeking opportunities for
operational efficiencies in an effort to increase value to our
shareholders."
About MVB Financial Corp.
MVB Bank, Inc. is a wholly-owned subsidiary of MVB Financial
Corp, with locations in Marion,
Monongalia and Harrison counties in North Central West
Virginia, and Berkeley and
Jefferson Counties in the Eastern
Panhandle of West Virginia. For additional information visit
MVB's investor relations webpage at ir.mvbbanking.com.
SOURCE MVB Financial Corp.