For the 12 months ended December 31, 2017, MVB Financial
Corp. (the "Company") (NASDAQ: MVBF) reported net income of $7.6
million, or $0.69 and $0.68 basic and diluted earnings per share
compared to $12.9 million, or $1.44 and $1.31 basic and diluted
earnings per share respectively, for the same period in 2016.
"Three significant factors contributed to MVB's 2017 performance
results compared to 2016. These were the $3.9 million after-tax
gain on the asset sale of a wholly-owned subsidiary, MVB Insurance,
in 2016; the $1.5 million decrease in net income within MVB
Mortgage created by the continued market pressure within the
mortgage industry; and a $646 thousand charge associated with the
new tax law changes passed in late 2017; however, the tax law will
generate a positive net income effect for us in 2018," said Larry
F. Mazza, CEO and President, MVB Financial.
“To this end, we strategically added positions to reinforce our
sales Team efforts and to take advantage of disruptions in our
markets due to recent M&A activity, especially in Northern
Virginia. We are successfully recruiting some of the best talent in
our markets because people are attracted to our entrepreneurial
spirit, team culture and community focus. When the pain to stay the
same is equal to the pain to make a job change, people are willing
to make a move. With our listing on The Nasdaq, buzz is building
around Team MVB.”
Approximately 1.9 million shares of the Company’s common stock
were issued from a capital raise completed in December 2016, and
434,783 shares of the Company’s common stock were issued from a
rights offering completed in April 2017. These additional issued
shares resulted in a $0.19 and $0.18 decrease in basic and diluted
earnings per share, respectively for the 12 months ended
December 31, 2017, compared to the same time period in 2016,
while a $4.7 million decrease in 2017 net income available to
common shareholders versus 2016, resulted in the remaining $0.56
and $0.45 decrease in basic and dilutive earnings per share,
respectively.
FOURTH QUARTER 2017 HIGHLIGHTS
- MVB received approval in December 2017
to list its common stock for trading on The Nasdaq Capital Market®.
The listing marked a major milestone in MVB’s growth journey.
- Net interest income of $11.7 million
increased $269 thousand, or 2.4% from September 30, 2017, and $858
thousand, or 7.9% from the fourth quarter ended December 31,
2016.
- Total assets saw steady growth and
reached $1.5 billion as of December 31, 2017, an 8.1% increase
from December 31, 2016.
- Loans of $1.1 billion as of
December 31, 2017, increased $53.1 million, or 5.0% from
December 31, 2016, and $11.5 million, or 1.0% from September
30, 2017.
- Deposits of $1.2 billion as of
December 31, 2017, increased $52.6 million, or 4.7% from
December 31, 2016. Noninterest bearing deposit balances have
grown to $126.0 million as of December 31, 2017, an increase
of $10.3 million since December 31, 2016.
With the passage of tax reform in December 2017, MVB expects to
see benefits and to share tax savings with Team MVB and the
communities in its footprint. During fourth quarter 2017, MVB
approved the hiring of 31 new Team members for 2018 and the opening
of additional branches in Northern Virginia.
Demonstrating its commitment to community development, MVB made
a $2 million initial investment in the creation of a Community
Development Corporation ("CDC"), which started full operations in
the fourth quarter, including establishing its initial Board of
Directors.
“Led by its President Herman DeProspero, the CDC will play an
integral role in our commitment to the economic welfare of our
communities,” Mazza said.
FINANCIAL DETAILS
Loans totaled $1.106 billion as of December 31, 2017, an
increase of $53.1 million, or 5.0% from December 31, 2016, and
$11.5 million, or 1.0% from September 30, 2017. The total loan
growth was less than originally anticipated for the year caused
primarily by management taking direct action to diversify lending
to reduce commercial real estate concentration levels coupled with
a 63% increase in commercial loan payoffs.
In comparison to the December 31, 2016, deposit balance of
$1.107 billion, deposits increased $52.6 million, or 4.7%.
Noninterest bearing deposit balances rose to $126.0 million, or
10.9% of the total deposit base as of December 31, 2017, an
increase of $10.3 million, or 8.9% since December 31, 2016,
and $4.4 million since September 30, 2017.
Net interest income for the fourth quarter of 2017 was $11.7
million, an increase of $269 thousand, or 2.4% from September 30,
2017, and $858 thousand, or 7.9% from the fourth quarter ended
December 31, 2016. Net interest margin for the fourth quarter
of 2017 was 3.29%, a decrease of 8 basis points from September 30,
2017, and an increase of 6 basis points versus the quarter ended
December 31, 2016. For the 12 months ended December 31,
2017, net interest margin increased 5 basis points to 3.27%. The
full year increase in net interest margin was the result of a 12
basis point increase in earning assets due to higher yields.
Interest expense increased 5.8% during the fourth quarter of
2017 and 10.5% for the 12 months ended December 31, 2017,
compared to the same time period in 2016, due to an 11 basis point
increase in the cost of interest-bearing liabilities. Increased
interest rates and an emphasis on loan yields helped to increase
net interest income, despite increases in interest expense.
Additionally, the flattened yield curve placed pressure on net
interest margin earned from our mortgage operations as the cost of
short-term borrowings to fund the mortgage business increased,
while the yield from loans held for sale remained flat, consistent
with the 30-year Treasury bond rates.
Provision for loan loss was $2.2 million for the full year ended
December 31, 2017, a $1.5 million decrease from the same time
period in 2016, despite a 5.0% increase in loans. The substantial
decline of average historical loss rates and a $1.1 million decline
in charge-offs contributed to the decrease in provision for 2017.
Specific loan loss allocations increased by $645 thousand in 2017
compared to a $470 thousand decrease in 2016. Nonperforming loans
increased $3.5 million, to 0.88% of total loans as of
December 31, 2017. In addition, charge-offs for 2017 decreased
$1.1 million compared to 2016, resulting in an annualized net loan
charge-offs to total loans ratio of 0.13% as of December 31,
2017.
Noninterest income for the fourth quarter of 2017 was $10.2
million, flat from September 30, 2017, and an increase of $91
thousand from the fourth quarter ended December 31, 2016. For
the full year of 2017, noninterest income was $40.7 million, a
decrease of $2.5 million from the same period in 2016. The year
over year decrease was primarily the result of a $4.2 million
decrease in gain on derivatives, primarily the result of a 39.0%
decrease in the locked mortgage pipeline for the full year 2017
compared to a 31.6% increase in the locked mortgage pipeline for
the full year 2016. In addition, mortgage production volume
decreased $102.2 million or 6.2% for the full year 2017 versus the
same time period in 2016. Excluding the decrease in gain on
derivatives, noninterest income for the full year of 2017 increased
$1.7 million, mostly due to increases in mortgage fee income,
commercial swap fee income and other operating income. Gain on sale
of securities and gain on sale of portfolio loans decreased $351
thousand and $504 thousand respectively, for the full year of 2017
in comparison to 2016.
Noninterest expense for the fourth quarter of 2017 was $17.7
million, a decrease of $252 thousand, or 1.4% from September 30,
2017, and an increase of $900 thousand, or 5.4% from the fourth
quarter ended December 31, 2016. For the full year of 2017,
noninterest expense was $70.5 million, an increase of $1.3 million,
or 1.9% from the same period in 2016.
A $951 thousand increase in occupancy and equipment costs for
the full year of 2017 relates to the two new, high technology MVB
branches opened during the third quarter of 2017 and a continued
focus and investment in client-friendly technology. To control
expenses, two branches in Martinsburg, W.Va., were consolidated in
December 2017 due to their proximity.
The Company continues to tightly manage expenses and maximize
resources to expand revenues and invest in the future. Data
processing and communications for the full year of 2017 increased
only $152 thousand compared to the same period in 2016, despite
$520 thousand in additional expense related to a core system
conversion in the second quarter of 2017. Additionally, salary and
employee benefits decreased $1.1 million, or 2.5% for the full year
of 2017 in comparison to 2016, primarily due to a decrease in
mortgage production volume of 6.2% over the same period.
As previously announced, on November 22, 2017, the Company
declared a quarterly cash dividend of $0.025 per share to
shareholders of record at the close of business on December 2,
2017, payable December 15, 2017. This was the fourth quarterly
dividend for 2017 and was equal to the March, June and September
2017 payouts of $0.025 per share. The cash dividend of $0.10 for
the full year 2017, increased $0.025, or 25% compared to the same
time period in 2016.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the holding
company of MVB Bank, is publicly traded on The Nasdaq Capital
Market® under the ticker “MVBF.”
MVB is a financial holding company headquartered in Fairmont,
W.Va. Through its subsidiary, MVB Bank, Inc., and the bank’s
subsidiary, MVB Mortgage, the company provides financial services
to individuals and corporate clients in the Mid-Atlantic
region.
Nasdaq is a leading global provider of trading, clearing,
exchange technology, listing, information and public company
services.
For more information about MVB, please visit
ir.mvbbanking.com.
Forward-looking Statements
MVB Financial Corp. has made forward-looking statements, within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, in this Earnings Release. These forward-looking
statements are based on current expectations about the future and
subject to risks and uncertainties. Forward-looking statements
include information concerning possible or assumed future results
of operations of the Company and its subsidiaries. When words
such as “believes,” “expects,” “anticipates,” “may,” or similar
expressions occur in this Earnings Release, the Company is making
forward-looking statements. Note that many factors could affect the
future financial results of the Company and its subsidiaries, both
individually and collectively, and could cause those results to
differ materially from those expressed in the forward-looking
statements contained in this Earnings Release. Those factors
include, but are not limited to: credit risk, changes in market
interest rates, inability to achieve merger-related synergies,
competition, economic downturn or recession, and government
regulation and supervision. Additional factors that may cause
our actual results to differ materially from those described in our
forward-looking statements can be found in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2016, as
well as its other filings with the SEC, which are available on the
SEC website at www.sec.gov. Except as required by law, the Company
undertakes no obligation to update or revise any forward-looking
statements.
Accounting standards require the consideration of subsequent
events occurring after the balance sheet date for matters that
require adjustment to, or disclosure in, the consolidated financial
statements. The review period for subsequent events extends up to
and including the filing date of a public company’s financial
statements when filed with the Securities and Exchange Commission.
Accordingly, the consolidated financial information in this
announcement is subject to change.
Questions or comments concerning this Earnings Release should be
directed to:
MVB Financial Corp.
Donald T. Robinson, Executive Vice President and CFO(304)
598-3500drobinson@mvbbanking.com
MVB Financial Corp.
Financial
Highlights
Condensed Consolidated Statements of Income
(Unaudited) (Dollars in thousands, except
per share data)
Quarterly
Year-to-Date 2017 2017
2017 2017
2016 2017 2016
FourthQuarter
ThirdQuarter SecondQuarter
FirstQuarter FourthQuarter Interest
income $ 15,086 $ 14,630 $ 13,814 $ 13,068 $ 13,638 $ 56,598 $
54,123 Interest expense 3,403 3,216 2,920
2,762 2,813 12,301 11,132 Net interest income
11,683 11,414 10,894 10,306 10,825 44,297 42,991 Provision for loan
losses 1,036 96 523 518 657 2,173 3,632 Noninterest income 10,157
10,158 11,567 8,824 10,066 40,706 43,205 Noninterest expense 17,714
17,966 18,503 16,317 16,814
70,500 69,209 Income from continuing operations, before
income taxes 3,090 3,510 3,435 2,295 3,420 12,330 13,355 Income tax
expense - continuing operations 1,667 1,192 1,175
721 1,113 4,755 4,378 Net income from
continuing operations 1,423 2,318 2,260 1,574 2,307 7,575 8,977
Income from discontinued operations, before income taxes — — — — —
— 6,346 Income tax benefit - discontinued operations — —
— — — — 2,411 Net income from
discontinued operations — — — — — — 3,935 Net income $ 1,423
$ 2,318 $ 2,260 $ 1,574 $ 2,307 $ 7,575
$ 12,912 Preferred dividends 124 123 122 129 314 498 1,128
Net income available to common shareholders $ 1,299 $ 2,195
$ 2,138 $ 1,445 $ 1,993 $ 7,077
$ 11,784 Earnings per share from continuing operations -
basic $ 0.12 $ 0.21 $ 0.21 $ 0.14 $ 0.23 $ 0.69 $ 0.96 Earnings per
share from discontinued operations - basic $ — $ — $
— $ — $ — $ — $ 0.48 Earnings per
common shareholder - basic $ 0.12 $ 0.21 $ 0.21 $ 0.14 $ 0.23 $
0.69 $ 1.44 Earnings per share from continuing operations -
diluted $ 0.12 $ 0.21 $ 0.20 $ 0.14 $ 0.22 $ 0.68 $ 0.92 Earnings
per share from discontinued operations - diluted $ — $ —
$ — $ — $ — $ — $ 0.39 Earnings
per common shareholder - diluted $ 0.12 $ 0.21 $ 0.20 $ 0.14 $ 0.22
$ 0.68 $ 1.31
Condensed Consolidated Balance
Sheets
(Unaudited) (Dollars in thousands)
December 31, 2017
September 30, 2017 December 31, 2016
Cash and cash equivalents $ 20,305 $ 20,272 $ 17,340 Certificates
of deposit with other banks 14,778 14,778 14,527 Investment
securities 231,507 187,348 162,368 Loans held for sale 66,794
69,057 90,174 Loans 1,105,941 1,094,467 1,052,865 Allowance for
loan losses (9,878 ) (9,396 ) (9,101 ) Net loans 1,096,063
1,085,071 1,043,764 Premises and equipment 26,686 27,189 25,081
Goodwill 18,480 18,480 18,480 Other assets 59,689 49,395
47,070 Total assets $ 1,534,302 $ 1,471,590
$ 1,418,804 Deposits $ 1,159,580 $ 1,165,199 $
1,107,017 Borrowed funds 152,169 84,403 90,921 Other liabilities
72,361 73,011 75,241 Shareholders' equity 150,192 148,977
145,625 Total liabilities and shareholders' equity $
1,534,302 $ 1,471,590 $ 1,418,804
Reportable Segments
(Unaudited)
Twelve Months Ended December 31, 2017
Commercial & Retail Banking
Mortgage Banking Financial
Holding Company Intercompany Eliminations
Consolidated (Dollars in thousands)
Revenues: Interest income $ 52,423 $ 4,698 $ 4 $ (527 ) $ 56,598
Mortgage fee income 736 37,262 — (849 ) 37,149 Insurance and
investment services income 563 — — — 563 Other income 5,303
(2,372 ) 5,466 (5,403 ) 2,994 Total operating income 59,025
39,588 5,470 (6,779 ) 97,304 Expenses:
Interest expense 9,118 2,317 2,241 (1,375 ) 12,301 Salaries and
employee benefits 12,266 26,196 5,646 — 44,108 Provision for loan
losses 1,967 206 — — 2,173 Other expense 19,523 8,188
4,085 (5,404 ) 26,392 Total operating expenses 42,874
36,907 11,972 (6,779 ) 84,974 Income (loss) from
continuing operations, before income taxes 16,151 2,681 (6,502 ) —
12,330 Income tax expense (benefit) - continuing operations 5,820
1,082 (2,147 ) — 4,755 Net income (loss) from
continuing operations 10,331 1,599 (4,355 ) —
7,575 Net income (loss) $ 10,331 $ 1,599 $ (4,355 ) $
— $ 7,575 Preferred stock dividends — — 498 — 498 Net income
(loss) available to common shareholders $ 10,331 $ 1,599
$ (4,853 ) $ — $ 7,077
Reportable
Segments
(Unaudited)
Twelve Months Ended December 31, 2016
Commercial & Retail Banking Mortgage
Banking Financial Holding Company
Insurance Intercompany
Eliminations Consolidated (Dollars in
thousands) Revenues: Interest income $ 50,413 $ 4,285 $ 3 $ — $
(578 ) $ 54,123 Mortgage fee income (252 ) 36,960 — — (1,035 )
35,673 Insurance and investment services income 420 — — — — 420
Other income 5,485 1,674 5,247 — (5,294
) 7,112 Total operating income 56,066 42,919 5,250
— (6,907 ) 97,328 Expenses: Interest expense 8,437
2,082 2,226 — (1,613 ) 11,132 Salaries and employee benefits 11,592
27,696 5,937 — — 45,225 Provision for loan losses 3,632 — — — —
3,632 Other expense 18,009 8,125 3,144 —
(5,294 ) 23,984 Total operating expenses 41,670
37,903 11,307 — (6,907 ) 83,973 Income (loss)
from continuing operations, before income taxes 14,396 5,016 (6,057
) — — 13,355 Income tax expense (benefit) - continuing operations
4,496 1,954 (2,072 ) — — 4,378 Net
income (loss) from continuing operations 9,900 3,062
(3,985 ) — — 8,977 Income (loss) from discontinued
operations — — 6,926 (580 ) — 6,346 Income tax expense (benefit) -
discontinued operations $ — $ — $ 2,629 $ (218
) $ — $ 2,411 Net income (loss) from discontinued operations
$ — $ — $ 4,297 $ (362 ) $ — $ 3,935
Net income (loss) $ 9,900 $ 3,062 $ 312 $ (362
) $ — $ 12,912 Preferred stock dividends — — 1,128 — — 1,128
Net income (loss) available to common shareholders $ 9,900 $
3,062 $ (816 ) $ (362 ) $ — $ 11,784
Average Balances and Interest Rates
(Unaudited) (Dollars in thousands)
Three Months Ended
December 31, 2017
Three Months EndedSeptember 30, 2017
Three Months Ended
December 31, 2016
AverageBalance
InterestIncome/ Expense
Yield/Cost AverageBalance
InterestIncome/ Expense
Yield/Cost AverageBalance
InterestIncome/ Expense
Yield/Cost Assets Interest-bearing deposits in
banks $ 4,636 $ 15 1.28 % $ 4,484 $ 15 1.33 % $ 11,843 $ 21 0.71 %
CDs with other banks 14,778 75 2.01 14,711 74 2.00 9,614 50 2.08
Investment securities: Taxable 147,459 774 2.08 126,880 693 2.17
84,082 382 1.82 Tax-exempt 68,759 572 3.30 56,264 443 3.12 71,333
532 2.98 Loans and loans held for sale: 1 Commercial 770,664 9,042
4.65 762,650 8,742 4.55 734,548 8,225 4.48 Tax exempt 14,679 128
3.46 14,991 130 3.44 15,836 137 3.46 Real estate 374,047 4,300 4.56
349,459 4,346 4.93 400,411 4,106 4.10 Consumer 13,006 180
5.49 13,462 187 5.51 14,740
185 5.02 Total loans 1,172,396 13,650
4.62 1,140,562 13,405 4.66
1,165,535 12,653 4.34 Total earning assets
1,408,028 15,086 4.25 1,342,901 14,630
4.32 1,342,407 13,638 4.06 Less:
Allowance for loan losses (9,579 ) (9,760 ) (9,479 ) Cash and due
from banks 16,969 17,501 15,428 Other assets 96,103 123,898
86,949 Total assets $ 1,511,521 $ 1,474,540
$ 1,435,305
Liabilities Deposits: NOW $
467,095 $ 807 0.69 $ 436,493 $ 675 0.61 $ 443,524 $ 548 0.49 Money
market checking 238,262 432 0.72 246,160 458 0.74 214,746 449 0.84
Savings 44,685 19 0.17 46,807 20 0.17 43,870 19 0.17 IRAs 17,200 59
1.36 16,649 56 1.33 16,516 52 1.26 CDs 278,446 1,025 1.46 249,698
874 1.39 302,037 941 1.25 Repurchase agreements and federal funds
sold 24,727 19 0.30 25,093 20 0.32 26,758 17 0.25 FHLB and other
borrowings 122,388 474 1.54 149,313 548 1.46 98,187 225 0.92
Subordinated debt 33,524 568 6.72 33,524
565 6.69 33,524 562 6.71
Total interest-bearing liabilities 1,226,327 3,403
1.10 1,203,737 3,216 1.06 1,179,162
2,813 0.95 Noninterest bearing demand deposits
127,417 115,343 109,769 Other liabilities 7,419 7,703
14,836 Total liabilities 1,361,163 1,326,783
1,303,767
Stockholders’ equity Preferred stock
7,834 7,834 16,334 Common stock 10,496 10,495 8,675 Paid-in capital
99,123 98,289 80,101 Treasury stock (1,084 ) (1,084 ) (1,084 )
Retained earnings 36,982 35,152 30,551 Accumulated other
comprehensive income (2,993 ) (2,929 ) (3,039 ) Total stockholders’
equity 150,358 147,757 131,538 Total
liabilities and stockholders’ equity $ 1,511,521 $ 1,474,540
$ 1,435,305 Net interest spread 3.15 3.26 3.11
Net interest income-margin $ 11,683 3.29 % $ 11,414
3.37 % $ 10,825 3.23 %
1 Non-accrual loans are included in total
loan balances, lowering the effective yield for the portfolio in
the aggregate.
Average Balances and Interest Rates
(Unaudited) (Dollars in thousands)
Twelve Months
Ended
December 31, 2017
Twelve Months Ended
December 31, 2016
Twelve Months Ended
December 31, 2015
(Dollars in thousands)
AverageBalance
InterestIncome/Expense
Yield/Cost
AverageBalance
InterestIncome/Expense
Yield/Cost
AverageBalance
InterestIncome/Expense
Yield/Cost
Assets Interest-bearing deposits in banks $ 3,790 $ 52 1.37
% $ 16,347 $ 94 0.58 % $ 16,040 $ 43 0.27 % CDs with other banks
14,619 288 1.97 11,694 228 1.95 12,267 231 1.88 Investment
securities: Taxable 125,797 2,658 2.11 76,525 1,366 1.79 66,110 958
1.45 Tax-exempt 58,786 1,863 3.17 64,108 1,853 2.89 53,376 1,537
2.88 Loans and loans held for sale: 1 Commercial 751,444 33,896
4.51 734,829 32,620 4.44 616,057 26,264 4.26 Tax exempt 15,064 520
3.45 16,326 564 3.45 19,678 689 3.50 Real estate 373,360 16,612
4.45 398,766 16,594 4.16 334,538 13,586 4.06 Consumer 13,660
709 5.19 16,762 804 4.80 17,383 792
4.56 Total loans 1,153,528 51,737 4.49
1,166,683 50,582 4.34 987,656 41,331 4.18
Total earning assets 1,356,520 56,598 4.17
1,335,357 54,123 4.05 1,135,449 44,100 3.88
Less: Allowance for loan losses (9,626 ) (8,939 ) (7,016 )
Cash and due from banks 16,287 13,765 14,465 Other assets 90,585
87,815 83,520 Total assets $ 1,453,766
$ 1,427,998 $ 1,226,418
Liabilities
Deposits: NOW $ 438,123 $ 2,608 0.60 $ 454,320 $ 2,413 0.53 % $
446,704 $ 2,713 0.61 % Money market checking 239,632 1,781 0.74
163,630 1,282 0.78 65,306 396 0.61 Savings 47,034 78 0.17 43,870 88
0.20 39,766 111 0.28 IRAs 16,678 217 1.30 16,319 208 1.27 12,038
146 1.21 CDs 262,417 3,610 1.38 314,542 3,757 1.19 278,499 2,880
1.03 Repurchase agreements and federal funds sold 23,559 75 0.32
27,066 72 0.27 26,884 83 0.31 FHLB and other borrowings 122,144
1,690 1.38 139,736 1,086 0.78 124,475 692 0.56 Subordinated debt
33,524 2,242 6.69 33,524 2,226 6.64
33,524 2,204 6.57 Total interest-bearing liabilities
1,183,111 12,301 1.04 1,193,007 11,132 0.93
1,027,196 9,225 0.90 Noninterest bearing
demand deposits 117,696 99,826 79,611 Other liabilities 8,006
12,220 7,486 Total liabilities 1,308,813
1,305,053 1,114,293
Stockholders’
equity Preferred stock 7,927 16,334 16,334 Common stock 10,355
8,263 8,065 Paid-in capital 96,987 75,799 74,331 Treasury stock
(1,084 ) (1,084 ) (1,084 ) Retained earnings 34,155 25,943 16,941
Accumulated other comprehensive income (3,387 ) (2,310 ) (2,462 )
Total stockholders’ equity 144,953 122,945 112,125
Total liabilities and stockholders’ equity $ 1,453,766
$ 1,427,998 $ 1,226,418 Net interest
spread 3.13 3.12 2.98 Net interest income-margin $ 44,297 3.27 % $
42,991 3.22 % $ 34,875 3.07 %
1 Non-accrual loans are included in total
loan balances, lowering the effective yield for the portfolio in
the aggregate.
Selected Financial Data
(Unaudited) (Dollars in thousands, except
per share data)
Quarterly
Year-to-Date 2017 2017
2017 2017
2016 2017 2016
FourthQuarter
ThirdQuarter SecondQuarter
FirstQuarter FourthQuarter Earnings
and Per Share Data: Net income from continuing operations $
1,423 $ 2,318 $ 2,260 $ 1,574 $ 2,307 $ 7,575 $ 8,977 Net income
from discontinued operations — — — — — — 3,935 Net income 1,423
2,318 2,260 1,574 2,307 7,575 12,912 Net income available to common
shareholders 1,299 2,195 2,138 1,445 1,993 7,077 11,784 Earnings
per share from continuing operations - basic 0.12 0.21 0.21 0.14
0.23 0.69 0.96 Earnings per share from discontinued operations -
basic — — — — — — 0.48 Earnings per common shareholder - basic 0.12
0.21 0.21 0.14 0.23 0.69 1.44 Earnings per share from continuing
operations - diluted 0.12 0.21 0.20 0.14 0.22 0.68 0.92 Earnings
per share from discontinued operations - diluted — — — — — — 0.39
Earnings per common shareholder - diluted 0.12 0.21 0.20 0.14 0.22
0.68 1.31 Cash dividends paid per common share 0.025 0.025 0.025
0.025 0.02 0.10 0.08 Book value per common share 13.63 13.51 13.31
13.09 12.93 13.63 12.93 Weighted average shares outstanding - basic
10,444,627 10,443,443 10,343,933 9,996,544 8,624,143 10,308,738
8,212,021 Weighted average shares outstanding - diluted 10,823,994
12,410,070 12,181,433 10,009,341 10,514,727 10,440,228 10,068,733
Performance Ratios: Return on average assets -
continuing operations 1 0.38 % 0.63 % 0.63 % 0.45 % 0.64 % 0.52 %
0.63 % Return on average assets - discontinued operations 1 — % — %
— % — % — % — % 0.28 % Return on average equity - continuing
operations 1 3.79 % 6.28 % 6.30 % 4.56 % 7.02 % 5.23 % 7.30 %
Return on average equity - discontinued operations 1 — % — % — % —
% — % — % 3.20 % Net interest margin 2 3.29 % 3.37 % 3.31 % 3.19 %
3.23 % 3.27 % 3.22 % Efficiency ratio 3 81.11 % 83.28 % 82.38 %
85.30 % 80.48 % 82.94 % 80.29 % Overhead ratio 1 4 4.69 % 4.87 %
5.19 % 4.65 % 4.69 % 4.85 % 4.85 %
Asset Quality Data and
Ratios: Charge-offs $ 572 $ 472 $ 163 $ 290 $ 713 $ 1,497 $
2,557 Recoveries 18 24 16 43 8 101 20 Net loan charge-offs to total
loans 1 5 0.20 % 0.16 % 0.05 % 0.09 % 0.27 % 0.13 % 0.24 %
Allowance for loan losses 9,878 9,396 9,748 9,372 9,101 9,878 9,101
Allowance for loan losses to total loans 6 0.89 % 0.86 % 0.88 %
0.87 % 0.86 % 0.89 % 0.86 % Nonperforming loans 9,699 6,559 5,103
6,575 6,229 9,699 6,229 Nonperforming loans to total loans 0.88 %
0.60 % 0.46 % 0.61 % 0.59 % 0.88 % 0.59 %
Capital
Ratios: Equity to assets 9.79 % 10.12 % 9.74 % 9.67 % 10.26 %
9.79 % 10.26 % Leverage ratio 9.27 % 9.41 % 9.59 % 9.24 % 9.54 %
9.27 % 9.54 % Common equity Tier 1 capital ratio 10.55 % 10.76 %
10.32 % 10.15 % 10.11 % 10.55 % 10.11 % Tier 1 risk-based capital
ratio 11.54 % 11.79 % 11.33 % 11.19 % 11.92 % 11.54 % 11.92 % Total
risk-based capital ratio 14.87 % 15.18 % 14.66 % 14.63 % 15.36 %
14.87 % 15.36 % 1 annualized for the quarterly
periods presented 2 net interest income as a percentage of average
interest earning assets 3 noninterest expense as a percentage of
net interest income and noninterest income 4 noninterest expense as
a percentage of average assets 5 charge-offs less recoveries 6
excludes loans held for sale
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180227006717/en/
MVB Financial Corp.Amy Baker, 844-682-2265VP, Corporate
Communicationsabaker@mvbbanking.com
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