MVB Financial Corp. Announces Third Quarter 2026 Results

Payments deposit growth and lower operating expenses contrasted with higher credit losses and declining capital ratios.

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Company to Host a Conference Call and Webcast at 5:00 PM ET

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 2026. The Fintech-enabled bank powering payments, banking-as-a-service and gaming programs for leading Fintech companies nationwide reported net income of $0.4 million, or $0.03 basic and $0.03 diluted income per share, for the third quarter of 2026.

Third Quarter 2026 Highlights

Net income of $0.4 million, or $0.03 per diluted share, primarily reflecting a $9.9 million provision for credit losses.

Net interest income up 1.0% to $32.6 million, and up 18.1% year-to-date.

Core fully tax equivalent (“FTE”) net interest margin, a non-U.S. GAAP financial measure¹, up 15 basis points to 4.02%.

Total cost of funds down 6 basis points, to 2.07%.

Fintech Payments deposits increased to $766.0 million, representing a 28.1% increase, from the prior quarter period and a 55.4% increase, from the prior year period.

Payment Card and Service Charge income of $5.2 million, down 12.8% due to seasonality, but up 39.6% compared to the third quarter of 2025.

Onboarded four new fintech partners during the quarter, bringing YTD wins to nine new fintech partners.

Noninterest expense down 1.9%, to $29.8 million.

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

“During the third quarter, we made tangible progress on several key initiatives that are strengthening our underlying business. Net interest income has increased 18% through the first nine months of the year, while core net interest margin expanded 15 basis points during the quarter to 4.02%. An important contributor to that improvement has been the continued growth of our Fintech Payments deposit relationships. Payment related deposits increased 28% during the quarter to $766 million, representing nearly 25% of total deposits, as we have now onboarded nine new fintech partnerships year-to-date. This growth is further diversifying our funding base and reducing reliance on higher cost funding, which is particularly valuable in a rising interest rate environment. This shift helped drive a six basis point decline in our overall cost of funds during the quarter.

“We also took decisive action during the quarter to address specific credit exposures, resulting in an elevated provision for credit losses that had a significant impact on earnings. Nearly three quarters of the increase in nonperforming loans and almost half of the provision were attributable to one land loan involving borrower- and property-specific circumstances. We also continue to work through our legacy SBA portfolio, which we began winding down in 2022 and now totals approximately $23 million. Importantly, criticized loans have declined approximately 45% since early 2025, while our allowance for credit losses has nearly doubled. We believe this reflects meaningful progress in strengthening our overall credit risk profile, and we have not observed broader deterioration across the loan portfolio.

“Our payments business is also generating meaningful fee income growth, with payment card and service charge income up 22% through the first nine months of the year. Quarterly noninterest expense declined below $30 million, reflecting continued expense discipline. We believe our progress in funding diversification, payments revenue growth and operating efficiency is strengthening the foundation for improved financial performance.”

THIRD QUARTER 2026 HIGHLIGHTS

• Net Interest Income, Net Interest Margin and Balance Sheet Trends
  • FTE net interest income, a non-U.S. GAAP financial measure¹, totaled $32.7 million, an increase of $0.3 million, or 1.1%, from the prior quarter, reflecting continued loan growth and a lower overall cost of funds. Net interest income increased during the third quarter despite a $2.3 million nonrecurring interest income benefit recognized in the prior quarter.
  • FTE net interest margin, a non-U.S. GAAP financial measure¹, was 4.02%, compared with 4.16% in the prior quarter, primarily reflecting a $2.3 million nonrecurring interest income benefit recognized in the second quarter. Core FTE net interest margin, a non-U.S. GAAP financial measure¹, increased 15 basis points from 3.87% to 4.02% during the third quarter.
  • Total loan balances increased $43.8 million, or 1.8%, to $2.52 billion at September 30, 2026, marking the sixth consecutive quarter of loan growth.
  • Total deposits were $3.09 billion as of September 30, 2026, down $23.6 million, or 0.8%, from the prior quarter-end. Noninterest bearing deposits decreased $73.2 million and represented 32.3% of total deposits, compared with 34.4% as of June 30, 2026. Growth in payments-related deposits contributed to quarter-end balances, helping diversify the Company’s funding base during what has historically been a seasonally softer quarter for deposit growth, particularly in gaming and certain banking-as-a-service relationships. Fintech Payments deposits totaled $766.0 million as of September 30, 2026, representing 24.8% of total deposits, further diversifying the Company’s funding base alongside traditional banking, gaming and other Fintech relationships.
  • The overall cost of funds declined by six basis points to 2.07%, reflecting progress in payments-related deposit growth and ongoing funding optimization, including reduced reliance on higher-cost funding sources.
  • The loan to deposit ratio increased to 81.6% from 79.6%.

• Noninterest Income and Expense
  • Total noninterest income declined $11.0 million, or 58.3%, to $7.8 million, compared to $18.8 million in the prior quarter, which included a $10.0 million pretax gain associated with a Fintech investment. Excluding that gain, noninterest income declined 10.5%, primarily due to seasonal declines in payment card and service charge income and lower equity method investment income, reflecting lower mortgage activity due to the increase in market interest rates.
  • Payment card and service charge income declined 12.8%, to $5.2 million, primarily reflecting seasonal gaming activity, partially offset by growth in other payments-related initiatives. Income from this category increased 39.6% from the year-ago period. The Company continued to execute its Fintech banking platform strategy during the quarter through new client onboarding and continued progress across its payment business, contributing to growth in both payments-related deposits and payment card revenue.
  • Total noninterest expense declined $0.6 million, or 1.9%, to $29.8 million, reflecting continued expense discipline, benefits from previously implemented cost-reduction initiatives and the use of AI and automation to enhance efficiencies.
  • The Company continued to execute its Fintech banking platform strategy during the quarter and onboarded four new partners, bringing the total year-to-date to nine new partners compared to a total of five in the full year 2025.

• Asset Quality and Capital
  • Nonperforming loans totaled $46.8 million, or 1.9% of total loans, as of September 30, 2026, compared to $29.2 million, or 1.2% of total loans, as of June 30, 2026. Of the $17.6 million increase, $13.1 million was attributable to one acquisition-and-development land loan involving circumstances specific to the property and borrower.
  • Criticized loans as a percentage of total loans were 2.9% as of September 30, 2026, compared to 3.1% as of June 30, 2026. Classified loans as a percentage of total loans were 2.0%, compared to 1.9% as of the end of prior quarter.
  • The provision for credit losses totaled $9.9 million, compared to $4.7 million for the prior quarter. The provision reflected increased specific reserves associated with the acquisition-and-development land loan and certain other credits, including exposures in the Company’s SBA portfolio, as well as loan growth and model factors.
  • Net charge-offs were $2.5 million, or 0.41% of average loans on an annualized basis, for the third quarter, compared to $1.4 million, or 0.23% annualized, for the prior quarter. The allowance for credit losses for loans increased to $36.2 million, or 1.44% of total loans, as of September 30, 2026, compared to $28.2 million, or 1.14%, as of June 30, 2026.
  • The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were 9.7%, 11.3% and 12.6%, respectively, at September 30, 2026, compared to 10.3%, 12.2% and 13.2%, respectively, at the prior quarter-end.
  • The tangible common equity ratio, a non-U.S. GAAP financial measure¹, was 9.3% as of September 30, 2026, compared to 9.7% as of June 30, 2026.
  • Book value per common share and tangible book value per common share, a non-U.S. GAAP financial measure¹, were $25.35 and $25.26, respectively, as of September 30, 2026, compared to $26.61 and $26.52, respectively, at the prior quarter-end. The decline in tangible book value per share primarily reflected an increase in accumulated other comprehensive loss from $18.0 million at the end of the prior quarter to $32.6 million as of September 30, 2026.

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

Conference Call and Webcast

The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, October 29, 2026, to discuss its quarterly financial results. The call can be accessed via telephone at 877-451-6152 (domestic) or 201-389-0879 (international). A recorded replay can be accessed through November 12, 2026, by dialing 844-512-2921 (domestic) or 412-317-6671 (international); access code: 13762252. Additionally, interested parties can listen to a live webcast of the call on the Company's website at ir.mvbbanking.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.

About MVB Financial Corp.

MVB Financial Corp. (Nasdaq: MVBF) is an innovative bank powering Fintech solutions in payments, card issuance and online gaming programs for leading Fintech companies nationwide, while providing traditional retail and commercial banking services within established markets. MVB’s comprehensive platform includes money movement solutions across all modalities and embedded finance capabilities. MVB combines proven Fintech builder/incubator capabilities, innovative culture, regulatory expertise, core banking and AI-driven operational efficiency to enable Fintech partners to navigate complex regulatory requirements while accelerating time-to-market. For more information about MVB, 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; industry factors and volatility and disruption in local, national and international political and economic conditions, such as economic slowdowns or recessions, nationally and in the markets in which we operate and other developments such as wars, natural disasters, epidemics or pandemics, military actions, terrorist attacks or geopolitical conflict, and any governmental or societal responses thereto; changes in demand for loan products and deposit flows; 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, 2025, 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 (“GAAP”). Management uses these non-U.S. GAAP financial measures in its analysis of the Company’s performance. These measures should not be considered a substitute for GAAP basis measures, nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-U.S. GAAP financial measures that exclude the impact of specified items provides useful supplemental information for a proper understanding of the Company’s financial condition and results. Non-U.S. financial GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by the Company. As a complement to 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 financial measures. See the tables below for a reconciliation of these non-U.S. GAAP financial measures to the most directly comparable GAAP financial measures.

MVB Financial Corp. Financial Highlights Consolidated Statements of Income (Unaudited) (Dollars in thousands, except per share data)
		Quarterly									Year-to-Date
		2026			2026			2025				2026			2025
		Third Quarter			Second Quarter			Third Quarter
Interest income		$	49,145		$	48,583		$	44,220		$	142,502		$	129,833
Interest expense			16,549			16,309			17,647			49,180			50,804
Net interest income			32,596			32,274			26,573			93,322			79,029
Provision for credit losses			9,947			4,677			4,427			16,478			6,594
Net interest income after provision for credit losses			22,649			27,597			22,146			76,844			72,435
Total noninterest income			7,837			18,796			34,612			34,842			49,565
Noninterest expense:
Salaries and employee benefits			17,130			17,641			21,399			50,923			53,612
Other expense			12,717			12,769			11,932			37,446			36,989
Total noninterest expenses			29,847			30,410			33,331			88,369			90,601
Income before income taxes			639			15,983			23,427			23,317			31,399
Income tax expense			201			3,732			6,291			5,444			8,702
Net income, before noncontrolling interest			438			12,251			17,136			17,873			22,697
Net loss attributable to noncontrolling interest			—			—			—			—			18
Net income available to common shareholders		$	438		$	12,251		$	17,136		$	17,873		$	22,715
Earnings per share - basic		$	0.03		$	0.95		$	1.36		$	1.39		$	1.77
Earnings per share - diluted		$	0.03		$	0.93		$	1.32		$	1.35		$	1.73

Noninterest Income (Unaudited) (Dollars in thousands)
		Quarterly											Year-to-Date
		2026				2026			2025					2026			2025
		Third Quarter				Second Quarter			Third Quarter
Payment card and service charge income		$	5,238			$	6,008		$	3,753			$	16,332		$	13,391
Investment portfolio gains (losses)			(70	)			10,592			(6,638	)			11,191			(7,112	)
Equity method investments income			1,657				1,834			2,395				5,457			5,355
Gain on divestiture activity			—				—			34,086				—			34,694
Other noninterest income			1,012				362			1,016				1,862			3,237
Total noninterest income		$	7,837			$	18,796		$	34,612			$	34,842		$	49,565

Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands)
		September 30, 2026				June 30, 2026				September 30, 2025
Cash and cash equivalents		$	209,957			$	312,596			$	300,042
Investment securities available-for-sale			443,648				429,578				324,709
Equity securities			62,674				62,503				44,199
Loans receivable			2,520,189				2,476,393				2,259,386
Less: Allowance for credit losses			(36,247	)			(28,217	)			(23,322	)
Loans receivable, net			2,483,942				2,448,176				2,236,064
Premises and equipment, net			9,698				9,935				10,351
Other assets			304,306				283,065				317,588
Total assets		$	3,514,225			$	3,545,853			$	3,232,953
Noninterest-bearing deposits		$	996,002			$	1,069,207			$	1,027,231
Interest-bearing deposits			2,091,750				2,042,169				1,748,847
Subordinated debt			34,097				34,072				73,976
Revolving line of credit			20,000				20,000				—
Other liabilities			42,717				35,862				55,147
Total liabilities			3,184,566				3,201,310				2,905,201
Common stock			14,378				14,323				13,892
Additional paid-in capital			174,314				172,940				167,608
Retained earnings			201,726				203,497				188,350
Accumulated other comprehensive loss			(32,581	)			(18,039	)			(15,239	)
Treasury stock			(28,178	)			(28,178	)			(26,859	)
Total stockholders’ equity			329,659				344,543				327,752
Total liabilities and stockholders’ equity		$	3,514,225			$	3,545,853			$	3,232,953

Average Balances and Interest Rates (Unaudited) (Dollars in thousands)
		Three Months Ended											Three Months Ended											Three Months Ended
		September 30, 2026											June 30, 2026											September 30, 2025
		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		$	326,650			$	2,850			3.46	%		$	252,962			$	2,289			3.63	%		$	410,979			$	4,396			4.24	%
Investment securities:
Taxable			380,016				5,149			5.38				371,891				4,790			5.17				299,747				3,144			4.16
Tax-exempt 1			61,315				638			4.13				55,637				538			3.88				94,081				822			3.47
Loans: 2
Commercial			1,782,256				31,693			7.06				1,801,797				33,481			7.45				1,589,996				29,194			7.28
Tax-exempt 1			2,229				27			4.81				2,327				27			4.65				2,588				29			4.45
Real estate			615,349				7,823			5.04				581,342				6,375			4.40				567,427				6,252			4.37
Consumer			59,390				1,105			7.38				59,253				1,202			8.14				21,635				563			10.32
Total loans			2,459,224				40,648			6.56				2,444,719				41,085			6.74				2,181,646				36,038			6.55
Total earning assets			3,227,205				49,285			6.06				3,125,209				48,702			6.25				2,986,453				44,400			5.90
Less: Allowance for credit losses			(29,624	)										(22,877	)										(21,157	)
Cash and due from banks			11,076											9,742											11,012
Other assets			336,899											344,238											299,774
Total assets		$	3,545,556										$	3,456,312										$	3,276,082
Liabilities
Deposits:
NOW		$	824,627			$	6,454			3.11	%		$	798,433			$	6,388			3.21	%		$	746,687			$	5,676			3.02	%
Money market checking			627,508				4,096			2.59				582,385				3,641			2.51				486,684				3,216			2.62
Savings			150,611				1,094			2.88				149,211				1,062			2.85				151,801				1,249			3.26
IRAs			6,502				52			3.17				6,580				51			3.11				7,410				67			3.59
CDs			410,254				4,164			4.03				447,766				4,483			4.02				601,020				6,628			4.38
Total interest-bearing deposits			2,019,502				15,860			3.12				1,984,375				15,625			3.16				1,993,602				16,836			3.35
Repurchase agreements and federal funds sold			3,827				16			1.66				4,549				23			2.03				3,309				14			1.68
FHLB and other borrowings			33				—			—				1,321				9			2.73				145				—			—
Subordinated debt			34,088				329			3.83				34,063				314			3.70				73,951				797			4.28
Revolving line of credit			20,000				344			6.82				20,000				338			6.78				—				—			—
Total interest-bearing liabilities			2,077,450				16,549			3.16				2,044,308				16,309			3.20				2,071,007				17,647			3.38
Noninterest-bearing demand deposits			1,088,707											1,030,279											862,124
Other liabilities			36,714											37,872											43,482
Total liabilities			3,202,871											3,112,459											2,976,613
Stockholders’ equity
Common stock			14,351											14,221											13,883
Paid-in capital			173,699											172,231											166,488
Treasury stock			(28,178	)										(27,596	)										(25,578	)
Retained earnings			204,098											202,957											172,258
Accumulated other comprehensive loss			(21,285	)										(17,960	)										(27,582	)
Total stockholders’ equity			342,685											343,853											299,469
Total liabilities and stockholders’ equity		$	3,545,556										$	3,456,312										$	3,276,082
Net interest income and margin (tax-equivalent)1						$	32,736			4.02	%						$	32,393			4.16	%						$	26,753			3.55	%
Less: Tax-equivalent adjustments							(140	)										(119	)										(180	)
Net interest income and margin						$	32,596			4.01	%						$	32,274			4.14	%						$	26,573			3.53	%

1In 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 13.

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, 2026											September 30, 2025
		Average Balance				Interest Income/ Expense				Yield/ Cost			Average Balance				Interest Income/ Expense				Yield/ Cost
Assets
Interest-bearing balances with banks		$	306,787			$	8,170			3.56	%		$	396,125			$	12,722			4.29	%
Investment securities:
Taxable			371,336				14,348			5.17				310,905				8,730			3.75
Tax-exempt 1			57,913				1,733			4.00				97,376				2,497			3.43
Loans: 2
Commercial			1,781,341				95,407			7.16				1,523,973				85,584			7.51
Tax-exempt 1			2,280				80			4.69				2,710				89			4.39
Real estate			577,829				19,910			4.61				578,184				19,183			4.44
Consumer			56,608				3,236			7.64				20,990				1,572			10.01
Total loans			2,418,058				118,633			6.56				2,125,857				106,428			6.69
Total earning assets			3,154,094				142,884			6.06				2,930,263				130,377			5.95
Less: Allowance for credit losses			(24,805	)										(20,088	)
Cash and due from banks			10,259											8,750
Other assets			339,294											309,504
Total assets		$	3,478,842										$	3,228,429
Liabilities
Deposits:
NOW		$	778,022			$	18,059			3.10	%		$	642,378			$	13,776			2.87	%
Money market checking			584,334				10,809			2.47				394,352				7,593			2.57
Savings			149,905				3,353			2.99				119,843				2,750			3.07
IRAs			6,737				163			3.23				7,514				216			3.84
CDs			469,149				14,411			4.11				690,273				23,966			4.64
Total interest-bearing deposits			1,988,147				46,795			3.15				1,854,360				48,301			3.48
Repurchase agreements and federal funds sold			4,186				60			1.92				3,520				53			2.01
FHLB and other borrowings			470				10			2.84				1,738				59			4.54
Senior term loan			15,897				814			6.85				—				—			—
Subordinated debt			42,855				1,501			4.68				73,890				2,391			4.33
Total interest-bearing liabilities			2,051,555				49,180			3.21				1,933,508				50,804			3.51
Noninterest-bearing demand deposits			1,043,840											946,335
Other liabilities			41,748											45,376
Total liabilities			3,137,143											2,925,219
Stockholders’ equity
Common stock			14,231											13,835
Paid-in capital			172,333											165,695
Treasury stock			(27,597	)										(20,148	)
Retained earnings			200,211											172,012
Accumulated other comprehensive loss			(17,479	)										(28,196	)
Total stockholders’ equity attributable to parent			341,699											303,198
Noncontrolling interest			—											12
Total stockholders’ equity			341,699											303,210
Total liabilities and stockholders’ equity		$	3,478,842										$	3,228,429
Net interest income and margin (tax-equivalent) 1						$	93,704			3.97	%						$	79,573			3.63	%
Less: Tax-equivalent adjustments							(382	)										(544	)
Net interest income and margin						$	93,322			3.96	%						$	79,029			3.61	%

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 13.

2 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 share and per share data)
		Quarterly													Year-to-Date
			2026				2026				2025					2026				2025
		Third Quarter				Second Quarter				Third Quarter
Earnings and Per Share Data:
Net income		$	438			$	12,251			$	17,136				$	17,873			$	22,715
Earnings per share - basic		$	0.03			$	0.95			$	1.36				$	1.39			$	1.77
Earnings per share - diluted		$	0.03			$	0.93			$	1.32				$	1.35			$	1.73
Cash dividends paid per common share		$	0.17			$	0.17			$	0.17				$	0.51			$	0.51
Book value per common share		$	25.35			$	26.61			$	26.07				$	25.35			$	26.07
Tangible book value per common share 1		$	25.26			$	26.52			$	25.98				$	25.26			$	25.98
Weighted-average shares outstanding - basic			12,975,828				12,869,947				12,615,475					12,880,779				12,824,037
Weighted-average shares outstanding - diluted			13,282,953				13,186,672				13,010,527					13,209,658				13,099,196
Performance Ratios:
Return on average assets 2			—	%			1.4	%			2.1	%				0.7	%			0.9	%
Return on average equity 2			0.5	%			14.3	%			22.9	%				7.0	%			10.0	%
Net interest margin 3 4			4.02	%			4.16	%			3.55	%				3.97	%			3.63	%
Efficiency ratio 5			73.8	%			59.5	%			54.5	%				68.9	%			70.5	%
Overhead ratio 2 6			3.4	%			3.5	%			4.1	%				3.4	%			3.7	%
Equity to assets			9.4	%			9.7	%			10.1	%				9.4	%			10.1	%
Asset Quality Data and Ratios:
Charge-offs		$	3,046			$	1,773			$	967				$	6,709			$	2,982
Recoveries		$	540			$	391			$	295				$	1,323			$	1,270
Net loan charge-offs to total loans 2, 7			0.41	%			0.23	%			0.12	%				0.30	%			0.11	%
Allowance for credit losses		$	36,247			$	28,217			$	23,322				$	36,247			$	23,322
Allowance for credit losses to total loans			1.44	%			1.14	%			1.03	%				1.44	%			1.03	%
Nonperforming loans		$	46,783			$	29,233			$	26,214				$	46,783			$	26,214
Nonperforming loans to total loans			1.9	%			1.2	%			1.2	%				1.9	%			1.2	%
Criticized loans to total loans			2.9	%			3.1	%			4.1	%				2.9	%			4.1	%
Mortgage Company Equity Method Investees Production Data8:
Mortgage pipeline		$	1,160,978			$	1,236,366			$	1,174,362				$	1,160,978			$	1,174,362
Loans originated		$	1,352,172			$	1,491,404			$	1,546,353				$	4,250,497			$	4,209,658
Loans closed		$	1,003,981			$	927,934			$	1,014,469				$	2,868,704			$	2,784,853
Loans sold		$	638,154			$	820,716			$	702,938				$	2,206,699			$	2,046,657

1 Common equity, less total goodwill and intangibles per common share, 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 13.

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, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Net interest margin - U.S. GAAP basis
Net interest income		$	32,596			$	32,274			$	26,573			$	93,322			$	79,029
Average interest-earning assets		$	3,227,205			$	3,125,209			$	2,986,453			$	3,154,094			$	2,930,263
Net interest margin			4.01	%			4.14	%			3.53	%			3.96	%			3.61	%
Net interest margin - non-U.S. GAAP basis
Net interest income		$	32,596			$	32,274			$	26,573			$	93,322			$	79,029
Impact of fully tax-equivalent adjustment			140				119				180				382				544
Net interest income on a fully tax-equivalent basis		$	32,736			$	32,393			$	26,753			$	93,704			$	79,573
Average interest-earning assets		$	3,227,205			$	3,125,209			$	2,986,453			$	3,154,094			$	2,930,263
Net interest margin on a fully tax-equivalent basis			4.02	%			4.16	%			3.55	%			3.97	%			3.63	%
Core net interest margin - non-U.S. GAAP basis
Net interest income on a fully tax-equivalent basis		$	32,736			$	32,393			$	26,753			$	93,704			$	79,573
Less: interest income from non-recurring items			—				(2,272	)			—				(2,272	)			—
Core net interest income on a fully tax-equivalent basis		$	32,736			$	30,121			$	26,753			$	91,432			$	79,573
Average interest-earning assets		$	3,227,205			$	3,125,209			$	2,986,453			$	3,154,094			$	2,930,263
Adjusted net interest margin on a fully tax-equivalent basis			4.02	%			3.87	%			3.55	%			3.88	%			3.63	%

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, 2026				June 30, 2026				September 30, 2025
Tangible Book Value per Common Share
Goodwill		$	1,200			$	1,200			$	1,200
Total intangibles		$	1,200				1,200				1,200
Total equity attributable to parent		$	329,659				344,543				327,752
Less: Total intangibles			(1,200	)			(1,200	)			(1,200	)
Tangible common equity		$	328,459			$	343,343			$	326,552
Tangible common equity		$	328,459			$	343,343			$	326,552
Common shares outstanding (000s)			13,003				12,947				12,570
Tangible book value per common share		$	25.26			$	26.52			$	25.98
Tangible Common Equity Ratio
Total assets		$	3,514,225			$	3,545,853			$	3,232,953
Less: Total intangibles			(1,200	)			(1,200	)			(1,200	)
Tangible assets		$	3,513,025			$	3,544,653			$	3,231,753
Tangible assets		$	3,513,025			$	3,544,653			$	3,231,753
Tangible common equity		$	328,459			$	343,343			$	326,552
Tangible common equity ratio			9.3	%			9.7	%			10.1	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261029748502/en/

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.

Key Terms

fte financial

A full-time equivalent (FTE) is a way to count labor by converting part-time and variable hours into the number of full-time workers they equal; for example, two half-time employees equal one FTE. Investors use FTEs to compare staffing levels, payroll exposure, and productivity across periods or companies, similar to comparing vehicle fleet size rather than counting drivers who work varying shifts. It helps standardize workforce cost and capacity measures.

gaap financial

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

nonperforming loans financial

Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.

net charge-offs financial

Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.