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MVB Financial Corp. (MVBF) is a prominent bank holding company headquartered in Fairmont, West Virginia. Specializing in community banking services, MVB caters to individuals and corporate clients across Berkeley, Harrison, Jefferson, and Marion counties. The company operates several branches within these regions, offering a wide range of financial products and services.
MVB Financial Corp. engages in three primary business segments: CoRe banking, mortgage banking, and the financial holding company. The CoRe banking segment, which is the company's main revenue driver, includes commercial and residential real estate mortgage loans, installment and commercial loans, and various deposit products such as checking and savings accounts, negotiable order of withdrawal (NOW) accounts, and certificates of deposit.
The mortgage banking segment provides innovative mortgage products designed to help clients pay off their homes sooner and at lower rates. Additionally, MVB Financial Corp. offers wealth management and insurance services, making it a comprehensive provider of personal and corporate financial solutions in the Mid-Atlantic region.
Recent achievements include significant growth in assets and expanding their service offerings to meet modern banking needs. Current projects focus on enhancing digital banking capabilities and offering high-interest checking accounts that are both free and convenient for users.
With a commitment to community-focused banking, MVB Financial Corp. ensures its customers have access to smart, convenient financial products. For more details, clients can visit their website at mostvaluablebank.com.
MVB Financial Corp. (Nasdaq: MVBF), the parent company of MVB Bank, has appointed Jeremy Kuiper as EVP, Fintech President.
Kuiper brings 25 years of experience in the payments industry, having held executive and board positions at Pathward and The Bancorp. Kuiper’s role will involve overseeing MVB’s Fintech Banking Team, client and partner implementations, and non-card payments business lines.
MVB CEO Larry F. Mazza expressed enthusiasm about Kuiper's leadership in driving the success of MVB's fintech banking endeavors, focusing on enhancing deposits and fee income. Kuiper has also served at BankFirst, United Credit National Bank, and as Chairman of the Innovative Payments Association.
MVB Financial Corp. (NASDAQ: MVBF) has declared a quarterly cash dividend of $0.17 per share for the second quarter of 2024. This maintains the same dividend amount as the previous quarter. Shareholders of record as of June 1, 2024, will receive their dividend on June 15, 2024. Amidst challenging market conditions in Q1 2024, MVB Financial made progress in key areas such as balance sheet liquidity, quality of funding mix, and asset quality. Regulatory compliance investments led to higher costs, which, combined with other challenges, impacted earnings for the first quarter. However, revenue growth initiatives are showing positive results, indicating resilience and adaptability in MVB's business model.
MVB Financial Corp. announced Q1 2024 results with $4.5 million net income, $0.35 EPS. Revenue increased 6.8%, Fintech fee income grew 26.3%, NIB deposits increased 16.2%, and nonperforming loans declined 8.7%. Measures of capital strength were stable. Noninterest income grew 76.5%, total revenues increased 6.8%. Net interest income declined 3.1% due to loan slowdown. Noninterest expense increased 6.7% due to regulatory compliance. Loans declined by 2.2%, total deposits increased by 8.4%. Community Bank Leverage Ratio was 10.1%, Tier 1 Risk-Based Capital Ratio was 14.4%, tangible common equity ratio was 8.1%. Quarterly dividend of $0.17 per share was issued.
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