ICBA Ranks MVB Bank as One of the Top-Performing Banks of 2021
05 Maggio 2022 - 10:30PM
Business Wire
ICBA has ranked MVB Bank, Inc. (“MVB Bank”) as the number 25
Best of the Best Top-Performing Community Bank of 2021 in the over
$1 billion category, as announced earlier this week by Independent
Banker in its annual listing.
MVB Bank and the bank's subsidiaries provide financial services
to individuals and corporate clients in the Mid-Atlantic region, as
well as to Fintech, Payment and Gaming clients throughout the
United States. MVB Financial Corp. (“MVB Financial”), the holding
company of MVB Bank, is publicly traded on The Nasdaq Capital
Market under the ticker “MVBF.” For more information about MVB,
please visit www.mvbbanking.com.
For the year ended December 31, 2021, MVB reported net income of
$39.1 million, or $3.32 basic and $3.10 diluted earnings per share.
Independent Banker listed MVB Bank’s three-year average pre-tax
return-on-assets (ROA) as $2.41 billion.
“MVB’s record earnings for 2021 reflect the diversity of our
tech-forward business model, as well as our strong positioning for
the future,” said Larry F. Mazza, CEO, MVB Financial and MVB
Bank.
“In 2021, MVB recognized financial gains from our Fintech
investment portfolio, a core component of our business in which we
not only provide banking services to Fintechs but also build and
invest in them. 2021 marked the successful completion of our MVB
3.0 three-year strategic plan, in which we exceeded our performance
goals. We now are implementing our new three-year plan, called
MVB-F1: Success Loves Speed, the details of which we discussed at
our Investor Day event in Las Vegas in March 2022.”
According to its website, ICBA compiled the rankings with the
aim of recognizing community banks that are consistent high
performers. Using FDIC data, they took into account pre-tax ROA
figures from the past three years, with the most recent year
weighted at three times, second most recent year at two times and
third most recent year at one time. They divided the community
banks into three segments based on asset size and ranked each
segment on its three-year weighted average ROA. A bank must have a
rating of C or higher by Kroll Bond Ratings to be considered.
To view the complete list of rankings, visit
https://independentbanker.org/2022/05/the-top-performing-community-banks-of-2021/.
About MVB Financial Corp.
MVB Financial Corp., the holding company of MVB Bank, Inc., is
publicly traded on The Nasdaq Capital Market® under the ticker
“MVBF.” Nasdaq is a leading global provider of trading, clearing,
exchange technology, listing, information and public company
services. Through its subsidiary, MVB Bank, Inc., and the Bank’s
subsidiaries, the Company provides financial services to
individuals and corporate clients in the Mid-Atlantic region and
beyond. For more information about MVB, please visit
http://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 that are intended to be covered
by the protections provided under the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations about the future and subject to risks and
uncertainties. Forward-looking statements include, without
limitation, information concerning possible or assumed future
results of operations of the Company and its subsidiaries.
Forward-looking statements can be identified by the use of words
such as “may,” “could,” “should,”, “would,” “will,” “plans,”
“believes,” “estimates,” “expects,” “anticipates,” “intends,”
“continues,” or the negative of those terms or similar expressions.
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 forward-looking statements. Therefore,
undue reliance should not be placed upon any forward-looking
statements. Those factors include but are not limited to: market,
economic, operational, liquidity, and credit risk; changes in
market interest rates; inability to achieve anticipated synergies
and successfully integrate recent mergers and acquisitions;
inability to successfully execute business plans, including
strategies related to investments in financial technology
companies; competition; length and severity of the COVID-19
pandemic and its impact on the Company’s business and financial
condition; changes in economic, business, and political conditions;
changes in demand for loan products and deposit flow; operational
risks and risk management failures; and government regulation and
supervision. Additional factors that may cause actual results to
differ materially from those described in the forward-looking
statements can be found in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2021, as well as its other filings
with the SEC, which are available on the SEC’s website at
www.sec.gov. Except as required by law, the Company disclaims any
obligation to update, revise, or correct any forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220505006044/en/
Media Contact Amy Baker VP, Corporate Communications and
Marketing MVB Bank abaker@mvbbanking.com (844) 682-2265 Investor
Relations Marcie Lipscomb mlipscomb@mvbbanking.com (844)
682-2265
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