MVB Financial Q3 2026 profit falls to $400K
Fintech Payments deposits reached $766.0 million as a $9.9 million credit-loss provision weighed on quarterly earnings.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
MVB Financial Corp. (MVBF) reported third-quarter 2026 net income of $0.4 million, or $0.03 diluted earnings per share, primarily reflecting a $9.9 million provision for credit losses; net income was $17.1 million in third-quarter 2025. Net interest income was $32.6 million, and the company reported an 18.1% year-to-date increase. Core fully tax-equivalent net interest margin was 4.02%, up 15 basis points from 3.87% in the prior quarter.
Fintech Payments deposits reached $766.0 million as of September 30, up 28.1% from the prior quarter and 55.4% year over year. Payment card and service charge income was $5.2 million, down 12.8% sequentially but up 39.6% year over year. The company onboarded four fintech partners during the quarter, bringing year-to-date additions to nine. Nonperforming loans rose to $46.8 million from $29.2 million at June 30; $13.1 million of the increase was attributable to one acquisition-and-development land loan. Criticized loans were 2.9% of total loans, compared with 3.1% at June 30, and the allowance for credit losses was $36.2 million, or 1.44% of total loans.
2 points · 0 major1 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointYear-to-date net interest income increased 18.1%.
- Moderate pointPayment card and service charge income rose 39.6% year over year to $5.2 million.
Negative
- Major pointThird-quarter net income was $0.4 million, compared with $17.1 million a year earlier.
- Moderate pointThe provision for credit losses was $9.9 million, and nonperforming loans reached $46.8 million. 2.6% of market cap
Filing Explained
At September 30, deposits totaled $3.09 billion, down $23.6 million from June 30; cash and cash equivalents were $209,957 thousand versus $312,596 thousand.
This 8-K furnishes MVB Financial’s completed third-quarter results; tangible book value per common share was
The tangible common equity ratio also declined from
Total deposits were
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net income: $0.4 million
Diluted earnings per share: $0.03
Net interest income: $32.6 million
+5 more
8 metrics
Net income
$0.4 million
Third quarter 2026; $17.1 million in third quarter 2025
Diluted earnings per share
$0.03
Third quarter 2026
Net interest income
$32.6 million
Third quarter 2026; up 18.1% year-to-date
Core fully tax-equivalent net interest margin
4.02%
Third quarter 2026; up 15 basis points from the prior quarter
Provision for credit losses
$9.9 million
Third quarter 2026; $4.7 million in the prior quarter
Fintech Payments deposits
$766.0 million
As of September 30, 2026; 24.8% of total deposits
Payment card and service charge income
$5.2 million
Third quarter 2026; up 39.6% year over year
Nonperforming loans
$46.8 million
As of September 30, 2026; $29.2 million as of June 30, 2026
Key Terms
provision for credit losses, core FTE net interest margin, criticized loans, nonperforming loans, +1 more
5 terms
provision for credit losses financial
"a $9.9 million provision for credit losses"
Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.
core FTE net interest margin financial
"Core FTE net interest margin"
criticized loans financial
"Criticized loans as a percentage of total loans"
Criticized loans are bank loans that examiners or the bank itself have flagged as showing signs of weakness—such as higher risk of late payments, reduced collateral value, or borrower stress—but that are not yet officially defaulted. They matter to investors because a growing pile of such loans can signal deteriorating credit quality and higher future losses for a lender, much like small warning lights on a car dashboard that suggest a problem that, if ignored, could lead to a breakdown.
nonperforming loans financial
"Nonperforming loans totaled $46.8 million"
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.
allowance for credit losses financial
"The allowance for credit losses for loans increased"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Earnings Snapshot
Net income: $0.4 million
Third quarter 2026
Net income
$0.4 million
Compared with $17.1 million in third quarter 2025
Diluted earnings per share
$0.03
Net interest income
$32.6 million
Up 18.1% year-to-date
Provision for credit losses
$9.9 million
Compared with $4.7 million in the prior quarter
Payment card and service charge income
$5.2 million
Down 12.8% from the prior quarter and up 39.6% year over year
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did MVBF earn in the third quarter of 2026?
MVB Financial reported $0.4 million in net income and diluted earnings per share of $0.03 for the third quarter of 2026. Net income was $17.1 million in the third quarter of 2025.
How much did MVBF's Fintech Payments deposits grow?
Fintech Payments deposits totaled $766.0 million as of September 30, 2026, up 28.1% from the prior quarter and 55.4% from the prior year. They represented 24.8% of total deposits.
What contributed to MVBF's third-quarter credit-loss provision?
The $9.9 million provision for credit losses reflected increased specific reserves for an 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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): | |||||
| (Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||
( | ||
| (Registrant's telephone number, including area code) | ||
| Not Applicable | ||
| (Former name or former address, if changed since last report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 29, 2026 , MVB Financial Corp. issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, is hereby furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release of MVB Financial Corp. dated October 29, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| MVB Financial Corp. | ||||||||
| By: | /s/ Michael R. Sumbs | |||||||
| Michael R. Sumbs Executive Vice President and Chief Financial Officer | ||||||||
Date: October 29, 2026
Exhibit 99.1
N E W S R E L E A S E
MVB Financial Corp. Announces Third Quarter 2026 Results
Company to Host a Conference Call and Webcast at 5:00 PM ET
(FAIRMONT, WV) October 29, 2026 – 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
1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.
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.
1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.
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•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
1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.
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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.
4
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,
5
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.
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
6
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.
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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 | ||||||||||||||||||||||
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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 | ||||||||||||||
9
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 | % | ||||||||||||||||||||||||||||||||||||||||||||
2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.
10
| 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.
11
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 | % | 1.03 | % | 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.
12
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 | % | ||||||||||||||
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