MVB Financial Corp. Announces Third Quarter 2025 Results

FAIRMONT, W.Va.--(BUSINESS WIRE)-- MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”), the holding company for MVB Bank, Inc. (“MVB Bank”), today announced financial results for the third quarter of 2025, with reported net income of $17.1 million, or $1.36 and $1.32 per basic and diluted share, respectively.

Third Quarter 2025 Highlights as Compared to Second Quarter 2025

Completed sale of Victor Technologies, Inc. (“Victor”), generating a pre-tax gain of $34.1 million.

Completed securities repositioning, which, when combined with expense efficiencies from Victor sale, is expected to add $0.30 to $0.35 to annualized EPS.

Net interest income up 3.1%.

Loan growth of 4.9%.

Completed previously announced $10.0 million share repurchase program that included total repurchases of 473,584 shares at an average price of $21.15 per share.

Book value per share and tangible book value per share (“TBVPS”)¹ up 9.6% to $26.07 and 9.7% to $25.98, respectively, as of September 30, 2025.

Capital strength further enhanced, asset quality indicators stable.

From Larry F. Mazza, Chief Executive Officer and President, MVB Financial:

“The third quarter was transformative for MVB. The sale of Victor Technologies stands as a powerful validation of our Fintech incubator model — we built and scaled a next-generation payments solution in just four years. The sale of Victor generated substantial shareholder returns, while strengthening our balance sheet and expanding our strategic flexibility.

“We immediately put that enhanced flexibility to work through a strategic repositioning of our securities portfolio. The securities portfolio repositioning, combined with expense efficiencies expected from the Victor sale, position us to deliver $0.30 to $0.35 in additional annualized earnings per share going forward.

“Our core banking operations remain strong. Net interest income increased on robust loan activity, our loan pipeline is solid entering the fourth quarter and we proactively strengthened our balance sheet by bolstering our allowance for credit losses. Meanwhile, our capital position continues to improve, and our unwavering commitment to shareholder value creation continues, evidenced by growth in tangible book value of 34% over the past three years.

“This quarter exemplifies what MVB does best: disciplined execution, strategic innovation and a relentless focus on sustainable growth.”

THIRD QUARTER 2025 HIGHLIGHTS

• Notable events
  • As previously disclosed, MVB announced the execution of a definitive agreement to sell substantially all assets and operations of Victor to Jack Henry & Associates, effective September 30, 2025. The transaction generated a pre-tax gain of approximately $34.1 million, delivering a significant return on a Fintech company founded four years ago in 2021 and incubated within MVB.
  • As previously disclosed, MVB announced the implementation of an investment securities repositioning strategy that included the sale of approximately $72.5 million of available-for-sale investment securities. The securities sold had a weighted-average tax-equivalent yield of 1.7% and a weighted-average life of approximately 9.6 years. The sale resulted in a pre-tax loss of approximately $7.6 million recognized in the third quarter. Subsequent to quarter-end, MVB reinvested approximately $70.8 million in proceeds from the securities restructuring in U.S. sponsored mortgage-backed securities and subordinated debt securities with a weighted-average yield of approximately 5.1%.
  • The securities repositioning, combined with the expense efficiencies from the sale of Victor, are expected to add approximately $0.30 to $0.35 to earnings per share on an annualized basis.
• Noninterest income and noninterest expense reflect a notable, non-recurring increase because of the previously mentioned notable events.
  • Total noninterest income increased $26.7 million, or 335.6%, to $34.6 million relative to the prior quarter, primarily due to a $34.1 million gain on divestiture activity related to the sale of Victor, partially offset by a $7.6 million loss related to the implementation of an investment securities repositioning strategy.
  • Total noninterest expense increased $4.8 million, or 16.7%, to $33.3 million relative to the prior quarter, primarily due to higher costs related to the sale of Victor.
• Net interest income growth powered by robust loan growth, partially offset by lower net interest margin.
  • Net interest income on a fully tax-equivalent basis, a non-U.S. GAAP financial measure¹, increased $0.8 million, or 3.1%, to $26.8 million relative to the prior quarter, primarily reflecting higher average earning asset balances, partially offset by a lower net interest margin.
  • Average earning assets increased $161.5 million, or 5.7%, from the prior quarter to $2.99 billion, primarily reflecting higher average loan balances and higher average interest-bearing balances with banks.
  • Total loan balances increased $106.1 million, or 4.9%, from the prior quarter to $2.26 billion, primarily due to increased loan demand and improved market conditions.
  • Net interest margin on a fully tax-equivalent basis, a non-U.S. GAAP financial measure¹, was 3.55%, down 14 basis points from the prior quarter, primarily due to a decline in earning asset yields, including a lower yield on loans, primarily due to loan prepayment activity during the second quarter, as well as lower yields on interest-bearing balances with banks consistent with the Fed funds rate cut during the third quarter, and a $194.2 million increase in the average balance of interest-bearing deposits.
  • Total deposits declined $28.3 million to $2.78 billion, down 1.0% compared to the prior quarter-end. Noninterest-bearing (“NIB”) deposits represent 37.0% of total deposits as of September 30, 2025, as compared to 37.4% as of the prior quarter-end. The loan-to-deposit ratio was 81.4% as of September 30, 2025, compared to 76.8% as of the prior quarter-end, reflecting sustained loan growth through the third quarter.
  • Off-balance sheet deposits totaled $911.6 million as of September 30, 2025, a decline of $193.5 million, or 17.5%, compared to prior quarter-end, reflecting a decline in certain Banking-as-a-Service deposit relationships.
• A strong and stable foundation.
  • The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were 11.1%, 14.1% and 15.0%, respectively, compared to 11.4%, 14.6% and 15.5%, respectively, at the prior quarter-end.
  • The tangible common equity ratio, a non-U.S. GAAP financial measure¹, was 10.1% as of September 30, 2025, compared to 9.3% as of June 30, 2025 and 8.8% as of September 30, 2024.
  • Accumulated other comprehensive loss was $15.2 million as of September 30, 2025, compared to $27.9 million as of June 30, 2025. The decrease during the quarter was primarily due to a decrease in the accumulated other comprehensive loss component of the unrealized loss on our available-for-sale investment securities portfolio.
  • Book value per share and tangible book value per share, a non-U.S. GAAP measure¹, were $26.07 and $25.98, respectively, representing increases of 9.6% and 9.7%, from the prior quarter-end.
  • The Company completed the previously announced stock repurchase program and repurchased a total of 473,584 shares, or $10.0 million, representing an average cost of $21.15 per share.
  • Nonperforming loans totaled $26.2 million, or 1.2% of total loans, as of September 30, 2025, as compared to $21.1 million, or 1.0% of total loans, as of June 30, 2025. The increase in nonperforming loans during the third quarter was due to one commercial and industrial credit in the manufacturing sector that management believes is well-secured.
  • Criticized loans as a percentage of total loans were 4.1% as of September 30, 2025, compared to 5.2% as of June 30, 2025. Classified loans as a percentage of total loans were 2.4% as of September 30, 2025, compared to 3.0% as of June 30, 2025.
  • Net charge-offs were $0.7 million, or 0.1% annualized of loans, for the third quarter, compared to $0.2 million, or 0.04% annualized of loans, for the prior quarter.
  • Provision for credit losses totaled $4.4 million, compared to $2.0 million for the prior quarter. Provision for the third quarter reflects specific reserves of $1.2 million associated with one credit that was downgraded, a $1.0 million write-down of a Fintech investment that had been classified as an available-for-sale security, enhancements to the qualitative adjustments used in our current expected credit loss (“CECL”) model and loan growth experienced during the quarter. The allowance for credit losses for loans was 1.03% of total loans at September 30, 2025, compared to 0.97% at June 30, 2025.

INCOME STATEMENT

Net interest income on a fully tax-equivalent basis totaled $26.8 million for the third quarter of 2025, an increase of $0.8 million, or 3.1%, from the second quarter of 2025 and a decline of $0.02 million, or 0.1%, from the third quarter of 2024.

Interest income increased $1.8 million, or 4.3%, from the second quarter of 2025 and declined $2.4 million, or 5.2%, from the third quarter of 2024. The increase in interest income relative to the prior quarter reflects increases in interest income from loans and cash due to the higher overall balances of loans and cash and higher interest income on investment security balances due to higher interest rates earned on these investments. The decline in interest income relative to the same period a year ago reflects lower interest income from loans and cash due to the impact of lower interest rates on interest income from loans and cash balances, partially offset by higher interest income on investment securities balances due to higher rates earned on these investments and a higher overall balance of investment securities.

Interest expense increased $1.0 million, or 6.3%, from the second quarter of 2025 and declined $2.4 million, or 11.9%, from the third quarter of 2024. The cost of funds was 2.39% for the third quarter of 2025, a decline of two basis points compared to 2.41% for the second quarter of 2025 and 38 basis points compared to 2.77% for the third quarter of 2024. The lower cost of funds compared to the prior quarter reflects a shift in the mix of average deposits. Relative to the same period a year ago, the decline reflects the impact of lower interest rates on our deposits and a shift in the mix of average deposits.

On a tax-equivalent basis¹, net interest margin for the third quarter of 2025 was 3.55%, a decline of 14 basis points versus the second quarter of 2025 and a decline of six basis points versus the third quarter of 2024. The decline in net interest margin relative to the prior quarter primarily reflects a decline in earning asset yields, due to lower loan yields, lower yields on cash balances and an increase in lower-yielding cash balances. The decline in net interest margin relative to the same period a year ago reflected a decline in the yield on earning assets, primarily driven by the impact of lower interest rates, which outpaced the decline in the cost of interest-bearing liabilities.

Noninterest income totaled $34.6 million for the third quarter of 2025, an increase of $26.7 million from the second quarter of 2025 and $28.0 million from the third quarter of 2024. The increase compared to the prior quarters is primarily attributable to the $34.1 million gain on divestiture activity related to the sale of Victor, partially offset by a $7.5 million net loss on the sale of available-for-sale investment securities during the third quarter of 2025.

Noninterest expense totaled $33.3 million for the third quarter of 2025, an increase of $4.8 million from the second quarter of 2025 and $3.8 million from the third quarter of 2024. The increase from the second quarter of 2025 primarily reflects an increase of $5.6 million in salaries and employee benefits, partially offset by declines of $0.5 million in professional fees and $0.3 million in travel, entertainment, dues and subscriptions. The increase from the third quarter of 2024 primarily reflects increases of $4.7 million in salaries and employee benefits, $0.8 million in other operating expenses and $0.3 million in software costs, partially offset by declines of $1.7 million in professional fees and $0.3 million in equipment depreciation and maintenance.

BALANCE SHEET

Loans totaled $2.26 billion as of September 30, 2025, an increase of $106.1 million, or 4.9%, from June 30, 2025, and $88.1 million, or 4.1%, from September 30, 2024. The increase in loan balances relative to the prior quarter primarily reflects stronger loan demand and improved market conditions.

Deposits totaled $2.78 billion as of September 30, 2025, a decline of $28.3 million, or 1.0%, from June 30, 2025, and $225.6 million, or 7.5%, from September 30, 2024. The decline in deposits relative to the prior quarter primarily reflects a $27.6 million decline in certificates of deposit (“CDs”). Relative to the same period a year ago, the decline in total deposits primarily reflects a $254.4 million decline in CDs, inclusive of a $218.2 million, or 41.7%, decline in brokered CDs.

NIB deposits totaled $1.03 billion as of September 30, 2025, a decline of $22.9 million, or 2.2%, from June 30, 2025 and an increase $38.1 million, or 3.9%, from September 30, 2024. NIB deposits represented 37.0% of total deposits as of September 30, 2025, compared to 37.4% of total deposits at the prior quarter-end and 33.0% for the same period a year ago.

Off-balance sheet deposits totaled $911.6 million as of September 30, 2025, a decline of $193.5 million, or 17.5%, compared to $1.11 billion at June 30, 2025 and a decline of $532.0 million, or 36.9%, from $1.44 billion at September 30, 2024. The decline in off-balance sheet deposits relative to the prior periods reflects a decrease in certain Banking-as-a-Service deposit relationships. Off-balance sheet deposit networks are utilized to generate fee income, enhance capital efficiency and manage liquidity and concentration risk.

CAPITAL

The Community Bank Leverage Ratio was 11.1% as of September 30, 2025, compared to 11.4% as of June 30, 2025 and 10.9% as of September 30, 2024. MVB’s Tier 1 Risk-Based Capital Ratio was 14.1% as of September 30, 2025, compared to 14.6% as of June 30, 2025 and 14.9% as of September 30, 2024. The Bank’s Total Risk-Based Capital Ratio was 15.0% as of September 30, 2025, compared to 15.5% as of June 30, 2025 and 15.7% as of September 30, 2024.

The tangible common equity ratio, a non-U.S. GAAP financial measure¹, was 10.1% as of September 30, 2025, compared to 9.3% as of June 30, 2025 and 8.8% as of September 30, 2024.

The Company issued a quarterly cash dividend of $0.17 per share during the third quarter of 2025, consistent with the second quarter of 2025 and the third quarter of 2024.

During the nine months ended September 30, 2025, the Company completed the previously disclosed stock repurchase program and repurchased a total of 473,584 shares, or $10.0 million, representing an average cost of $21.15 per share.

ASSET QUALITY

Nonperforming loans totaled $26.2 million, or 1.2% of total loans, as of September 30, 2025, as compared to $21.1 million, or 1.0% of total loans, as of June 30, 2025, and $28.6 million, or 1.3% of total loans, as of September 30, 2024. The increase in nonperforming loans during the third quarter was primarily due to one commercial and industrial credit in the manufacturing sector that management believes is well-secured. Criticized loans as a percentage of total loans were 4.1% as of September 30, 2025, compared to 5.2% as of June 30, 2025 and 5.7% as of September 30, 2024. The decline in criticized loans from the prior periods primarily reflects a commercial real estate loan with a balance of $18.0 million as of June 30, 2025 that was paid off in July 2025. Classified loans as a percentage of total loans were 2.4% as of September 30, 2025, compared to 3.0% as of June 30, 2025 and 3.4% as of September 30, 2024.

Net charge-offs were $0.7 million, or 0.1% annualized of total loans, for the third quarter of 2025, compared to $0.2 million, or 0.04% annualized of total loans, for the second quarter of 2025 and $0.7 million, or 0.1% annualized of total loans, the third quarter of 2024.

The provision for credit losses totaled $4.4 million, compared to $2.0 million for the prior quarter ended June 30, 2025 and $1.0 million for the quarter ended September 30, 2024. The provision for the quarter ended September 30, 2025 reflects specific reserves of $1.2 million associated with one credit that was downgraded, a $1.0 million write-down of a Fintech investment that had been classified as an available-for-sale security, enhancements to qualitative adjustments used in the CECL model and loan growth. The allowance for credit losses for loans was 1.03% of total loans at September 30, 2025, compared to 0.97% at June 30, 2025 and 0.99% at September 30, 2024.

1 See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.

About MVB Financial Corp.

MVB Financial, the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market^® (“Nasdaq”) under the ticker “MVBF.”

MVB Financial is a financial holding company headquartered in Fairmont, West Virginia. Through its subsidiary, MVB Bank, and MVB Bank’s subsidiaries, MVB Financial provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond.

Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services.

For more information about MVB Financial, please visit ir.mvbbanking.com.

Forward-Looking Statements

MVB Financial 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 press 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 are 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 successfully execute business plans, including strategies related to investments in Fintech companies; competition; unforeseen events, such as pandemics or natural disasters, and any governmental or societal responses thereto; changes in economic, business and political conditions, including, without limitation, the imposition of international trade policies and any retaliatory responses thereto; changes in demand for loan products and deposit flow; changes in deposit classifications; 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, 2024, as well as its other filings with the Securities and Exchange Commission (“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.

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 SEC. Accordingly, the consolidated financial information in this announcement is subject to change.

Non-U.S. GAAP Financial Measures

This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Management uses these non-U.S. GAAP measures in its analysis of the Company’s performance. These measures should not be considered a substitute for U.S. GAAP basis measures, nor should they be viewed as a substitute for operating results determined in accordance with U.S. GAAP. Management believes the presentation of non-U.S. GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company’s financial condition and results. Non-U.S. GAAP measures are not formally defined under U.S. GAAP, and other entities may use calculation methods that differ from those used by the Company. As a complement to U.S. GAAP financial measures, management believes these non-U.S. GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-U.S. GAAP measures. See the tables below for a reconciliation of these non-U.S. GAAP measures to the most directly comparable U.S. GAAP financial measures.

MVB Financial Corp.
Financial Highlights
Consolidated Statements of Income
(Unaudited) (Dollars in thousands, except per share data)
		Quarterly												Year-to-Date
			2025				2025				2024				2025				2024
		Third Quarter				Second Quarter				Third Quarter
Interest income		$	44,220			$	42,384			$	46,627			$	129,833			$	142,784
Interest expense			17,647				16,604				20,042				50,804				58,490
Net interest income			26,573				25,780				26,585				79,029				84,294
Provision for credit losses			4,427				1,990				959				6,594				3,210
Net interest income after provision for credit losses			22,146				23,790				25,626				72,435				81,084
Total noninterest income			34,612				7,945				6,657				49,565				21,633
Noninterest expense:
Salaries and employee benefits			21,399				15,801				16,722				53,612				49,160
Other expense			11,932				12,768				12,763				36,989				39,446
Total noninterest expenses			33,331				28,569				29,485				90,601				88,606
Income before income taxes			23,427				3,166				2,798				31,399				14,111
Income taxes			6,291				1,164				642				8,702				3,304
Net Income, before noncontrolling interest			17,136				2,002				2,156				22,697				10,807
Net (income) loss attributable to noncontrolling interest			—				—				(76	)			18				(156	)
Net income available to common shareholders		$	17,136			$	2,002			$	2,080			$	22,715			$	10,651
Earnings per share - basic		$	1.36			$	0.16			$	0.16			$	1.77			$	0.83
Earnings per share - diluted		$	1.32			$	0.15			$	0.16			$	1.73			$	0.81

Noninterest Income
(Unaudited) (Dollars in thousands)
		Quarterly												Year-to-Date
			2025				2025				2024				2025				2024
		Third Quarter				Second Quarter				Third Quarter
Card acquiring income		$	500			$	498			$	336			$	1,547			$	924
Service charges on deposits			970				1,075				1,088				3,203				3,714
Interchange income			2,283				3,080				2,428				8,641				7,844
Total payment card and service charge income			3,753				4,653				3,852				13,391				12,482
Equity method investments income			2,395				2,315				746				5,355				102
Compliance and consulting income			56				6				1,291				563				3,565
Income (loss) on sale of loans			—				(80	)			26				(149	)			26
Investment portfolio gains (losses)			(6,638	)			(166	)			498				(7,112	)			1,224
Gain on divestiture activity			34,086				—				—				34,694				—
Loss on disposal of assets			(47	)			(15	)			—				(404	)			(68	)
Other noninterest income			1,007				1,232				244				3,227				4,302
Total noninterest income		$	34,612			$	7,945			$	6,657			$	49,565			$	21,633

Condensed Consolidated Balance Sheets
(Unaudited) (Dollars in thousands)
		September 30, 2025				June 30, 2025				September 30, 2024
Cash and cash equivalents		$	300,042			$	399,379			$	610,911
Investment securities available-for-sale			324,709				396,555				374,828
Equity securities			44,199				43,923				41,760
Loans receivable			2,259,386				2,153,309				2,171,272
Less: Allowance for credit losses			(23,322	)			(20,785	)			(21,499	)
Loans receivable, net			2,236,064				2,132,524				2,149,773
Premises and equipment, net			10,351				10,877				18,838
Other assets			317,588				240,750				222,646
Total assets		$	3,232,953			$	3,224,008			$	3,418,756
Noninterest-bearing deposits		$	1,027,231			$	1,050,104			$	989,144
Interest-bearing deposits			1,748,847				1,754,319				2,012,504
Subordinated debt			73,976				73,912				73,725
Other liabilities			55,147				43,358				40,183
Total liabilities			2,905,201				2,921,693				3,115,556
Common stock			13,892				13,877				13,776
Additional paid-in capital			167,608				166,078				163,532
Retained earnings			188,350				173,350				164,978
Accumulated other comprehensive loss			(15,239	)			(27,869	)			(22,459	)
Treasury stock			(26,859	)			(23,121	)			(16,741	)
Noncontrolling interest			—				—				114
Total Stockholders’ equity			327,752				302,315				303,200
Total liabilities and stockholders’ equity		$	3,232,953			$	3,224,008			$	3,418,756

Average Balances and Interest Rate
(Unaudited) (Dollars in thousands)
		Three Months Ended											Three Months Ended											Three Months Ended
		September 30, 2025											June 30, 2025											September 30, 2024
		Average Balance				Interest Income/ Expense				Yield/ Cost			Average Balance				Interest Income/ Expense				Yield/ Cost			Average Balance				Interest Income/ Expense				Yield/ Cost
Assets
Interest-bearing balances with banks		$	410,979			$	4,396			4.24	%		$	332,265			$	3,592			4.34	%		$	400,330			$	5,218			5.19	%
Investment securities:
Taxable			299,747				3,144			4.16				305,600				2,828			3.71				258,151				1,846			2.84
Tax-exempt 1			94,081				822			3.47				96,135				819			3.42				104,769				867			3.29
Loans: 2
Commercial			1,589,996				29,194			7.28				1,488,610				28,371			7.64				1,553,666				31,136			7.97
Tax-exempt 1			2,588				29			4.45				2,719				29			4.28				3,129				34			4.32
Real estate			527,420				5,638			4.24				538,595				5,826			4.34				558,691				6,446			4.59
Consumer			61,642				1,177			7.58				61,022				1,096			7.20				68,337				1,269			7.39
Total loans			2,181,646				36,038			6.55				2,090,946				35,322			6.78				2,183,823				38,885			7.08
Total earning assets			2,986,453				44,400			5.90				2,824,946				42,561			6.04				2,947,073				46,816			6.32
Less: Allowance for credit losses			(21,157	)										(19,459	)										(22,043	)
Cash and due from banks			11,012											8,215											4,638
Other assets			299,774											300,378											284,640
Total assets		$	3,276,082										$	3,114,080										$	3,214,308
Liabilities
Deposits:
NOW		$	746,687			$	5,676			3.02	%		$	658,490			$	4,966			3.02	%		$	534,494			$	4,422			3.29	%
Money market checking			486,684				3,216			2.62				358,968				2,284			2.55				434,174				3,378			3.10
Savings			151,801				1,249			3.26				117,123				920			3.15				116,861				883			3.01
IRAs			7,410				67			3.59				7,414				68			3.68				8,164				91			4.43
CDs			601,020				6,628			4.38				657,367				7,545			4.60				800,986				10,440			5.19
Repurchase agreements and federal funds sold			3,309				14			1.68				4,081				24			2.36				3,589				19			2.11
FHLB and other borrowings			145				—			—				8				—			—				44				—			—
Subordinated debt			73,951				797			4.28				73,890				797			4.33				73,702				809			4.37
Total interest-bearing liabilities			2,071,007				17,647			3.38				1,877,341				16,604			3.55				1,972,014				20,042			4.04
Noninterest-bearing demand deposits			862,124											886,657											910,787
Other liabilities			43,482											44,021											37,591
Total liabilities			2,976,613											2,808,019											2,920,392
Stockholders’ equity
Common stock			13,883											13,825											13,776
Paid-in capital			166,488											165,611											163,189
Treasury stock			(25,578	)										(18,029	)										(16,741	)
Retained earnings			172,258											173,394											160,694
Accumulated other comprehensive loss			(27,582	)										(28,740	)										(27,069	)
Total stockholders’ equity attributable to parent			299,469											306,061											293,849
Noncontrolling interest			—											—											67
Total stockholders’ equity			299,469											306,061											293,916
Total liabilities and stockholders’ equity		$	3,276,082										$	3,114,080										$	3,214,308
Net interest spread (tax-equivalent)										2.52	%										2.49	%										2.28	%
Net interest income and margin (tax-equivalent)1						$	26,753			3.55	%						$	25,957			3.69	%						$	26,774			3.61	%
Less: Tax-equivalent adjustments							(180	)										(177	)										(189	)
Net interest spread										2.49	%										2.47	%										2.25	%
Net interest income and margin						$	26,573			3.53	%						$	25,780			3.66	%						$	26,585			3.59	%
1 In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 21% for the periods presented, which is a non-U.S. GAAP financial measure. See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 17.
2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.

		Nine Months Ended											Nine Months Ended
		September 30, 2025											September 30, 2024
		Average Balance				Interest Income/ Expense				Yield/ Cost			Average Balance				Interest Income/ Expense				Yield/ Cost
Assets
Interest-bearing balances with banks		$	396,125			$	12,722			4.29	%		$	443,475			$	17,624			5.31	%
Investment securities:
Taxable			310,905				8,730			3.75				252,423				5,494			2.91
Tax-exempt 1			97,376				2,497			3.43				104,622				2,436			3.11
Loans: 2
Commercial			1,523,973				85,584			7.51				1,592,295				94,112			7.89
Tax-exempt 1			2,710				89			4.39				3,254				106			4.35
Real estate			537,305				17,326			4.31				565,923				19,450			4.59
Consumer			61,869				3,429			7.41				73,039				4,095			7.49
Total loans			2,125,857				106,428			6.69				2,234,511				117,763			7.04
Total earning assets			2,930,263				130,377			5.95				3,035,031				143,317			6.31
Less: Allowance for loan losses			(20,088	)										(22,298	)
Cash and due from banks			8,750											4,856
Other assets			309,504											308,351
Total assets		$	3,228,429										$	3,325,940
Liabilities
Deposits:
NOW		$	642,378			$	13,776			2.87	%		$	518,595			$	13,490			3.47	%
Money market checking			394,352				7,593			2.57				414,453				10,474			3.38
Savings			119,843				2,750			3.07				130,848				3,468			3.54
IRAs			7,514				216			3.84				7,958				246			4.13
CDs			690,273				23,966			4.64				735,883				28,097			5.10
Repurchase agreements and federal funds sold			3,520				53			2.01				3,334				23			0.92
FHLB and other borrowings			1,738				59			4.54				29				2			5.99
Senior term loan3			—				—			—				3,146				264			11.21
Subordinated debt			73,890				2,391			4.33				73,634				2,426			4.40
Total interest-bearing liabilities			1,933,508				50,804			3.51				1,887,880				58,490			4.14
Noninterest-bearing demand deposits			946,335											1,109,089
Other liabilities			45,376											38,566
Total liabilities			2,925,219											3,035,535
Stockholders’ equity
Common stock			13,835											13,722
Paid-in capital			165,695											162,416
Treasury stock			(20,148	)										(16,741	)
Retained earnings			172,012											161,113
Accumulated other comprehensive loss			(28,196	)										(29,965	)
Total stockholders’ equity attributable to parent			303,198											290,545
Noncontrolling interest			12											(140	)
Total stockholders’ equity			303,210											290,405
Total liabilities and stockholders’ equity		$	3,228,429										$	3,325,940
Net interest spread (tax-equivalent)										2.44	%										2.17	%
Net interest income and margin (tax-equivalent) 1						$	79,573			3.63	%						$	84,827			3.73	%
Less: Tax-equivalent adjustments						$	(544	)									$	(533	)
Net interest spread										2.41	%										2.14	%
Net interest income and margin						$	79,029			3.61	%						$	84,294			3.71	%
1 In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 21% for the periods presented, which is a non-GAAP financial measure. See the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 17.
2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.
3 The senior term loan was paid off in May 2024 and the unamortized debt issuance costs were recorded as interest expense upon the repayment.

Selected Financial Data
(Unaudited) (Dollars in thousands, except share and per share data)
		Quarterly												Year-to-Date
			2025				2025				2024				2025				2024
		Third Quarter				Second Quarter				Third Quarter
Earnings and Per Share Data:
Net income		$	17,136			$	2,002			$	2,080			$	22,715			$	10,651
Earnings per share - basic		$	1.36			$	0.16			$	0.16			$	1.77			$	0.83
Earnings per share - diluted		$	1.32			$	0.15			$	0.16			$	1.73			$	0.81
Cash dividends paid per common share		$	0.17			$	0.17			$	0.17			$	0.51			$	0.51
Book value per common share		$	26.07			$	23.78			$	23.44			$	26.07			$	23.44
Tangible book value per common share 1		$	25.98			$	23.68			$	23.20			$	25.98			$	23.20
Weighted-average shares outstanding - basic			12,615,475				12,912,113				12,927,962				12,824,037				12,874,311
Weighted-average shares outstanding - diluted			13,010,527				13,121,436				13,169,011				13,099,196				13,121,245
Performance Ratios:
Return on average assets 2			2.1	%			0.3	%			0.3	%			0.9	%			0.4	%
Return on average equity 2			22.9	%			2.6	%			2.8	%			10.0	%			4.9	%
Net interest margin 3 4			3.55	%			3.69	%			3.61	%			3.63	%			3.73	%
Efficiency ratio 5			54.5	%			84.7	%			88.7	%			70.5	%			83.6	%
Overhead ratio 2 6			4.1	%			3.7	%			3.7	%			3.7	%			3.6	%
Equity to assets			10.1	%			9.4	%			8.9	%			10.1	%			8.9	%
Asset Quality Data and Ratios:
Charge-offs		$	967			$	628			$	1,392			$	2,982			$	5,080
Recoveries		$	295			$	445			$	681			$	1,270			$	2,204
Net loan charge-offs to total loans 2, 7			0.1	%			—	%			0.1	%			0.1	%			0.2	%
Allowance for credit losses		$	23,322			$	20,785			$	21,499			$	23,322			$	21,499
Allowance for credit losses to total loans			1.03	%			0.97	%			0.99	%			1.03	%			0.99	%
Nonperforming loans		$	26,214			$	21,055			$	28,556			$	26,214			$	28,556
Nonperforming loans to total loans			1.2	%			1.0	%			1.3	%			1.2	%			1.3	%
Mortgage Company Equity Method Investees Production Data8:
Mortgage pipeline		$	1,174,362			$	1,128,738			$	1,048,865			$	1,174,362			$	1,048,865
Loans originated		$	1,546,353			$	1,352,603			$	1,469,223			$	4,209,658			$	3,902,717
Loans closed		$	1,014,469			$	882,361			$	937,333			$	2,784,853			$	2,419,488
Loans sold		$	702,938			$	699,036			$	655,668			$	2,046,657			$	2,210,818
1 Common equity less total goodwill and intangibles per common share, a non-U.S. GAAP measure. See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 17
2 Annualized for the quarterly periods presented.
3 Net interest income as a percentage of average interest-earning assets.
4 Presented on a fully tax-equivalent basis, a non-U.S. GAAP financial measure.
5 Noninterest expense as a percentage of net interest income and noninterest income.
6 Noninterest expense as a percentage of average assets.
7 Ratio of charge-offs, less recoveries to total loans.
8 Information is related to Intercoastal Mortgage Company, LLC and Warp Speed Holdings LLC, entities in which MVB has an ownership interest that are accounted for as equity method investments.

Non-U.S. GAAP Reconciliation: Net Interest Income and Net Interest Margin on a Fully Tax-Equivalent Basis
The following table reconciles, for the periods shown below, net interest income and net interest margin on a fully tax-equivalent basis:
		Three Months Ended												Nine Months Ended
(Dollars in thousands)		September 30, 2025				June 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Net interest margin - U.S. GAAP basis
Net interest income		$	26,573			$	25,780			$	26,585			$	79,029			$	84,294
Average interest-earning assets		$	2,986,453			$	2,824,946			$	2,947,073			$	2,930,263			$	3,035,031
Net interest margin			3.53	%			3.66	%			3.59	%			3.61	%			3.71	%
Net interest margin - non-U.S. GAAP basis
Net interest income		$	26,573			$	25,780			$	26,585			$	79,029			$	84,294
Impact of fully tax-equivalent adjustment			180				177				189				544				533
Net interest income on a fully tax-equivalent basis		$	26,753			$	25,957			$	26,774			$	79,573			$	84,827
Average interest-earning assets		$	2,986,453			$	2,824,946			$	2,947,073			$	2,930,263			$	3,035,031
Net interest margin on a fully tax-equivalent basis			3.55	%			3.69	%			3.61	%			3.63	%			3.73	%

Non-U.S. GAAP Reconciliation: Tangible Book Value per Common Share and Tangible Common Equity Ratio
(Unaudited) (Dollars in thousands, except per share data)
		September 30, 2025				June 30, 2025				September 30, 2024
Tangible Book Value per Common Share
Goodwill		$	1,200			$	1,200			$	2,838
Intangibles			—				—				285
Total intangibles		$	1,200				1,200				3,123
Total equity attributable to parent		$	327,752				302,315				303,086
Less: Total intangibles			(1,200	)			(1,200	)			(3,123	)
Tangible common equity		$	326,552			$	301,115			$	299,963
Tangible common equity		$	326,552			$	301,115			$	299,963
Common shares outstanding (000s)			12,570				12,715				12,928
Tangible book value per common share		$	25.98			$	23.68			$	23.20
Tangible Common Equity Ratio
Total assets		$	3,232,953			$	3,224,008			$	3,418,756
Less: Total intangibles			(1,200	)			(1,200	)			(3,123	)
Tangible assets		$	3,231,753			$	3,222,808			$	3,415,633
Tangible assets		$	3,231,753			$	3,222,808			$	3,415,633
Tangible common equity		$	326,552			$	301,115			$	299,963
Tangible common equity ratio			10.1	%			9.3	%			8.8	%

 

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Questions or comments concerning this earnings release should be directed to:

MVB Financial Corp.

Michael R. Sumbs, Executive Vice President and Chief Financial Officer

(844) 682-2265

msumbs@mvbbanking.com

Amy Baker, VP, Corporate Communications and Marketing

(844) 682-2265

abaker@mvbbanking.com

Source: MVB Financial Corp.