FAIRMONT, W.Va., Aug. 14, 2012 /PRNewswire/ -- MVB Financial
Corp., and its bank holding company MVB Bank, Inc. (OTC: MVBF),
today announced its quarterly results for the period ending
June 30, 2012. Second quarter
2012 net income of $817,000 increased
by 28.4% compared to the second quarter of 2011.
MVB's net interest income was $4.2
million for the second quarter of 2012, an increase of
$857,000 or 25.7% from the same time
period in 2011 resulting, in part, from continued firm commercial
loan demand, as well as in mortgage lending, including a spike in
refinancing created by historic low 30-year mortgage rates.
Deposits increased by $108.8
million, or 31.2%, to $458
million for the first six-months of 2012 compared to the
first half of 2011. Despite the continued gain in deposits,
interest expense decreased by $16,000
to $1.2 million in the second quarter
of 2012. Total interest income in the second quarter 2012 was
$5.4 million, an increase of
$841,000, or 18.4% compared to the
second quarter of 2011 due primarily to continued growth in loan
volume.
"Our second quarter results reflect continued growth in both
commercial and retail mortgage lending in addition to the
refinancing trend that is keeping MVB on record pace to handle more
mortgages than ever before in our history," said Larry F. Mazza, CEO of MVB Financial Corp.
"On the flip side, we are contending with a slower economic
recovery due to the impact of global issues and financial industry
changes that will likely lead to new regulations for all banks,
including MVB. As a growing community bank we plan for regulatory
and market changes while we continue to serve our clients with the
most competitive products and services available. Our close
relationships with clients are a distinguishing factor that enables
us to continue producing notable results," said Mazza.
During the first half of 2012, MVB continued to make meaningful
increases in loans made within the Small Business Lending Fund
qualifications. Additionally, MVB launched its new Wealth
Management Solutions, a financial investment and planning service
for high net worth individuals and small business owners. This new
service is making good progress in generating non-interest revenue
with more than $12 million in assets
now under management.
Last week, MVB announced plans to open the first of four new
branches during the next year. This Fall, MVB Bank will open the
first new branch in Downtown
Clarksburg's historic district, the first new bank branch to
open in Harrison County's
financial hub in 15 years. MVB is investing approximately
$500,000 for renovations and is also
creating new jobs in Clarksburg.
Other new branches are planned for Morgantown, Fairmont and Martinsburg.
Operating Performance Supported by Continued Strong
Lending
MVB's high quality loan portfolio continues to drive the bank's
asset growth with a 28.7% increase, or $94.6
million addition in both commercial and mortgage lending
during the second quarter of 2012, compared to 2011. Total
capital increased by $10.8 million,
or 27.8%, 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.
During the second quarter, MVB Bank was once again recognized
among top-tier banks in the country by earning the 5-Star Superior
rating from Bauer Financial, Inc. for its safety, soundness &
financial strength.
Looking Ahead
Commenting on the outlook for the economy, the banking industry
and MVB, Larry Mazza said, "Despite
the economic challenges, MVB has delivered excellent performance
across all of our product lines and in all of our benchmarks for
growth and quality. We continue to build upon our retail client
relationships through our Kasasa Cash® and Kasasa Saver® accounts
which have no monthly service fees while offering clients the best
interest rates and rewards available in our markets.
"We remain focused on sustaining our track record of growth
while managing in a slowing economic and more competitive
environment. We are committed to organic growth in the
markets we already serve with more competitive products and
services and new branch locations. Our future expansion plans
include an active search for acquisition opportunities that build
upon our market base and create shareholder value," noted
Mazza.
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.