Earnings shift at MVB Financial (NASDAQ: MVBF) with 2025 results
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
MVB Financial Corp. reported fourth quarter 2025 net income of $4.2 million, or $0.33 basic and $0.32 diluted earnings per share, and full-year 2025 net income of $26.9 million with basic EPS of $2.11.
Fourth quarter net interest income rose 6.8% from the prior quarter to $28.4 million, as net interest margin expanded to 3.70% on lower funding costs and higher asset yields. Total loans reached $2.34 billion, up 3.7% sequentially, while total deposits grew to $2.84 billion, with noninterest-bearing deposits increasing to 40.3% of deposits.
Noninterest income was $10.7 million, down sharply from the prior quarter, which had a large gain on the sale of Victor Technologies. Noninterest expense declined to $31.5 million. Capital ratios remained solid, and tangible book value per share increased to $26.17, though net charge-offs rose to $3.9 million for the quarter.
Positive
- None.
Negative
- None.
Insights
Core banking trends improved in Q4 2025, while one-time items created volatility in noninterest results.
MVB Financial showed healthier core spread income, with net interest income rising to
Reported noninterest income fell to
Asset quality metrics were mixed. Nonperforming loans increased to
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
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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 ☐
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Item 2.02. Results of Operations and Financial Condition.
On February 12, 2026, MVB Financial Corp. (NASDAQ: MVBF) issued a press release announcing its financial results for the quarter ended December 31, 2025. A copy of the 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, (the "Securities Act") 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 February 12, 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: February 12, 2026
Exhibit 99.1
N E W S R E L E A S E
MVB Financial Corp. Announces Fourth Quarter and Full Year 2025 Results
(FAIRMONT, WV) February 12, 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 fourth quarter and year ended December 31, 2025. The Fintech-enabled bank powering payments, banking-as-a-service, Fintech lending sponsorship and gaming programs for leading Fintech companies nationwide reported net income of $4.2 million, or $0.33 basic and $0.32 diluted earnings per share, for the fourth quarter 2025.
Fourth Quarter 2025 Highlights As Compared To Third Quarter 2025
Net interest income grew 6.8% to $28.4 million.
Expanded net interest margin by 17 basis points to 3.70%.
Strong loan growth at 3.7%.
Noninterest bearing deposits up to 40.3% of total deposits.
Payment card and service charge income increased 19.4%.
Maintained strong capital and liquidity positions.
Onboarding payment opportunities and pipeline remained robust.
From Larry F. Mazza, Chief Executive Officer, MVB Financial:
“MVB delivered solid fourth quarter results to close out a successful 2025, with strong momentum building across our entire business platform. We benefited from the tailwind of net interest income growth, net interest margin expansion and a third consecutive quarter of strong loan growth. Loan pipelines remain healthy and core fee income categories continue to build momentum as we enter the first quarter of 2026, positioning us for sustained growth.
“2025 was a year of significant accomplishment for MVB – one in which we strengthened fundamentals across the board, sharpened our strategic focus and laid the groundwork for sustained improvement. Additionally, the successful sale of Victor validated our innovative Fintech incubator strategy, while providing capital flexibility to
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accelerate our growth initiatives and further optimize our balance sheet. We’re executing on our strategic initiatives and building toward enhanced profitability that positions us well for 2026 and beyond. In addition, my recent personal decision to exercise options and retain all shares underscores my deep confidence in our strategic execution and strong momentum in our business.”
FOURTH QUARTER 2025 HIGHLIGHTS
•Continued strong loan growth and net interest margin expansion drive robust net interest income growth.
•Net interest income and net interest income on a fully tax-equivalent basis, a non-GAAP financial measure1, increased $1.8 million, or 6.8%, to $28.4 million and $1.7 million, or 6.5%, to $28.5 million, respectively, relative to the prior quarter, primarily reflecting a higher net interest margin and higher average earning asset balances.
•Net interest margin and net interest margin on a fully tax-equivalent basis, a non-GAAP financial measure1, was 3.70% and 3.71%, up 17 and 16 basis points, respectively, from the prior quarter, primarily reflecting lower funding costs and higher average earning asset yields.
•Total cost of funds was 2.30%, a nine basis point improvement from the prior quarter, reflecting lower rates paid on all interest-bearing deposit categories and a positive shift in the mix of interest-bearing liabilities.
•The yield on average earning assets was 5.94%, up four basis points from the prior quarter, reflecting a positive shift in the mix of earning assets, including higher loan and investment portfolio balances and less cash, and higher investment portfolio yields, owing to the previously-disclosed balance sheet restructuring actions.
•Total loan balances were $2.34 billion at December 31, 2025, an increase of $83.8 million, or 3.7%, from September 30, 2025, and $243.0 million, or 11.6%, from December 31, 2024. The increase relative to the prior quarters reflects stronger loan demand and improved market conditions.
•Deposit mix shift improvement led by growth in noninterest bearing deposits.
•Total deposits increased $66.0 million, or 2.4%, to $2.84 billion at December 31, 2025 relative to the prior quarter. Noninterest bearing deposits (“NIB”) totaled $1.14 billion as of December 31, 2025, an increase of $117.5 million, or 11.4%, from September 30, 2025 and $203.7 million, or 21.6%, from December 31, 2024. NIB deposits represented 40.3% of total deposits as of
December 31, 2025, compared to 37.0% of total deposits as of September 30, 2025 and 34.9% as of December 31, 2024. Growth in NIB deposits compared to prior quarters primarily reflected strong growth from new and existing relationship partners.
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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•Noninterest income and noninterest expense lower due to previously disclosed events; Core fee categories show momentum.
•Noninterest income totaled $10.7 million for the fourth quarter of 2025, a decline of $23.9 million, or 69.1%, from the prior quarter, due primarily to the $34.1 million gain on sale of Victor Technologies, Inc. (“Victor”), partially offset by the $7.6 million net loss on the sale of available-for-sale investment securities related to the strategic repositioning of the securities portfolio during the third quarter of 2025.
•Payment card and service charge income was $4.5 million, up 19.4% from $3.8 million during the prior quarter, due primarily to higher card acquiring income and interchange income. Equity method investment income from MVB’s mortgage segment was $2.8 million, up from $2.4 million in the prior quarter.
•Noninterest expense totaled $31.5 million, a decline of $1.8 million, or 5.5%, from the prior quarter, due primarily to a decline in compensation-related costs associated with the sale of Victor during the prior quarter.
•Measures of foundational strength were generally stable.
•The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were 11.1%, 13.7%, and 14.5%, respectively, compared to 11.1%, 14.1%, and 15.0%, respectively, at the prior quarter-end.
•The common equity to assets ratio and tangible common equity ratio, a non-GAAP financial measure1, were both 10.1% as of December 31, 2025, in line with the prior quarter-end level.
•Book value per common share and tangible book value per common share, a non-GAAP measure1, were $26.26 and $26.17, respectively, which represent increases of 0.7% relative to the prior quarter-end.
•Nonperforming loans totaled $30.7 million, or 1.3% of total loans, as of December 31, 2025, compared to $26.2 million, or 1.2% of total loans, as of the prior quarter-end. Approximately two-thirds of nonperforming loans consist of commercial real estate and residential mortgage loans with a weighted-average loan to value of 55.5%.
•Criticized loans as a percentage of total loans were 3.6% as of December 31, 2025, compared to 4.1% as of the prior-quarter end.
•Classified loans as a percentage of total loans were 2.3% as of December 31, 2025, compared to 2.4% as of the prior quarter end.
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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•Net charge-offs were $3.9 million, or 0.68% annualized of total loans, compared to $0.7 million, or 0.12% annualized of total loans for the prior quarter. The increased level of net charge-offs for the quarter is attributed to aggressively managing certain commercial and industrial and Small Business Administration credits where we had built specific reserves and is expected to normalize going forward. The provision for credit losses totaled $2.1 million, compared to $4.4 million for the prior quarter. Provision expense for the fourth quarter of 2025 included strong loan growth. The allowance for credit losses was 0.93% of total loans at December 31, 2025, as compared to 1.03% at the prior quarter-end.
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 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, 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-
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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.
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
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Non-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-GAAP 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-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-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-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-GAAP measures. See the tables below for a reconciliation of these non-GAAP 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)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||||||||||
| Interest income | $ | 45,490 | $ | 44,220 | $ | 43,058 | $ | 175,323 | $ | 185,842 | ||||||||||||||||||||||
| Interest expense | 17,111 | 17,647 | 18,154 | 67,915 | 76,644 | |||||||||||||||||||||||||||
| Net interest income | 28,379 | 26,573 | 24,904 | 107,408 | 109,198 | |||||||||||||||||||||||||||
| Provision for credit losses | 2,143 | 4,427 | 331 | 8,737 | 3,541 | |||||||||||||||||||||||||||
| Net interest income after provision for credit losses | 26,236 | 22,146 | 24,573 | 98,671 | 105,657 | |||||||||||||||||||||||||||
| Total noninterest income | 10,701 | 34,612 | 21,280 | 60,266 | 42,913 | |||||||||||||||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||||||||||||
| Salaries and employee benefits | 17,372 | 21,399 | 18,795 | 70,984 | 67,955 | |||||||||||||||||||||||||||
| Other expense | 14,114 | 11,932 | 14,825 | 51,103 | 54,271 | |||||||||||||||||||||||||||
| Total noninterest expenses | 31,486 | 33,331 | 33,620 | 122,087 | 122,226 | |||||||||||||||||||||||||||
| Income before income taxes | 5,451 | 23,427 | 12,233 | 36,850 | 26,344 | |||||||||||||||||||||||||||
| Income taxes | 1,226 | 6,291 | 2,795 | 9,928 | 6,099 | |||||||||||||||||||||||||||
| Net income, before noncontrolling interest | 4,225 | 17,136 | 9,438 | 26,922 | 20,245 | |||||||||||||||||||||||||||
| Net loss (income) attributable to noncontrolling interest | — | — | 2 | 18 | (154) | |||||||||||||||||||||||||||
| Net income available to common shareholders | $ | 4,225 | $ | 17,136 | $ | 9,440 | $ | 26,940 | $ | 20,091 | ||||||||||||||||||||||
| Earnings per share - basic | $ | 0.33 | $ | 1.36 | $ | 0.73 | $ | 2.11 | $ | 1.56 | ||||||||||||||||||||||
| Earnings per share - diluted | $ | 0.32 | $ | 1.32 | $ | 0.72 | $ | 2.06 | $ | 1.53 | ||||||||||||||||||||||
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Noninterest Income
(Unaudited) (Dollars in thousands)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||||||||||
| Card acquiring income | $ | 908 | $ | 500 | $ | 489 | $ | 2,455 | $ | 1,413 | ||||||||||||||||||||||
| Service charges on deposits | 831 | 970 | 859 | 4,034 | 4,573 | |||||||||||||||||||||||||||
| Interchange income | 2,741 | 2,283 | 2,470 | 11,382 | 10,314 | |||||||||||||||||||||||||||
| Total payment card and service charge income | 4,480 | 3,753 | 3,818 | 17,871 | 16,300 | |||||||||||||||||||||||||||
| Equity method investments income | 2,796 | 2,395 | 1,319 | 8,151 | 1,421 | |||||||||||||||||||||||||||
| Compliance and consulting income | 21 | 56 | 1,110 | 584 | 4,675 | |||||||||||||||||||||||||||
| Gain (loss) on sale of loans | — | — | 1,012 | (149) | 1,038 | |||||||||||||||||||||||||||
| Investment portfolio gains (losses) | 3,452 | (6,638) | 721 | (3,660) | 1,945 | |||||||||||||||||||||||||||
| Gain on divestiture activity | 160 | 34,086 | — | 34,854 | — | |||||||||||||||||||||||||||
| (Loss) gain on disposal of assets | — | (47) | 11,771 | (404) | 11,703 | |||||||||||||||||||||||||||
| (Loss) gain on derivatives | (466) | — | 60 | (466) | 60 | |||||||||||||||||||||||||||
| Other noninterest income | 258 | 1,007 | 1,469 | 3,485 | 5,771 | |||||||||||||||||||||||||||
| Total noninterest income | $ | 10,701 | $ | 34,612 | $ | 21,280 | $ | 60,266 | $ | 42,913 | ||||||||||||||||||||||
Condensed Consolidated Balance Sheets
(Unaudited) (Dollars in thousands)
| December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||||||
| Cash and cash equivalents | $ | 244,125 | $ | 300,042 | $ | 317,913 | ||||||||||||||
| Securities available-for-sale, at fair value | 410,510 | 324,709 | 410,959 | |||||||||||||||||
| Equity securities | 50,643 | 44,199 | 42,583 | |||||||||||||||||
| Loans receivable | 2,343,163 | 2,259,386 | 2,100,131 | |||||||||||||||||
| Less: Allowance for credit losses | (21,827) | (23,322) | (19,663) | |||||||||||||||||
| Loans receivable, net | 2,321,336 | 2,236,064 | 2,080,468 | |||||||||||||||||
| Premises and equipment, net | 10,379 | 10,351 | 12,475 | |||||||||||||||||
| Assets held-for-sale | — | — | 2,278 | |||||||||||||||||
| Other assets | 271,925 | 317,588 | 262,028 | |||||||||||||||||
| Total assets | $ | 3,308,918 | $ | 3,232,953 | $ | 3,128,704 | ||||||||||||||
| Noninterest-bearing deposits | $ | 1,144,682 | $ | 1,027,231 | $ | 940,994 | ||||||||||||||
| Interest-bearing deposits | 1,697,364 | 1,748,847 | 1,752,621 | |||||||||||||||||
| Subordinated debt | 74,026 | 73,976 | 73,787 | |||||||||||||||||
| Liabilities held-for-sale | — | — | 720 | |||||||||||||||||
| Other liabilities | 58,878 | 55,147 | 54,791 | |||||||||||||||||
| Stockholders' equity | 333,968 | 327,752 | 305,791 | |||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,308,918 | $ | 3,232,953 | $ | 3,128,704 | ||||||||||||||
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Average Balances and Interest Rates
(Unaudited) (Dollars in thousands)
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 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 | $ | 363,831 | $ | 3,618 | 3.95 | % | $ | 410,979 | $ | 4,396 | 4.24 | % | $ | 358,699 | $ | 4,191 | 4.65 | % | ||||||||||||||||||||||||||||||||||||||
| Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable | 330,865 | 3,888 | 4.66 | 299,747 | 3,144 | 4.16 | 290,468 | 2,199 | 3.01 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt 1 | 53,162 | 556 | 4.15 | 94,081 | 822 | 3.47 | 105,190 | 851 | 3.22 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and loans held-for-sale: 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial | 1,720,707 | 30,663 | 7.07 | 1,589,996 | 29,194 | 7.28 | 1,504,730 | 28,727 | 7.59 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt 1 | 2,399 | 27 | 4.47 | 2,588 | 29 | 4.45 | 2,939 | 32 | 4.33 | |||||||||||||||||||||||||||||||||||||||||||||||
| Real estate | 500,193 | 5,412 | 4.29 | 527,420 | 5,638 | 4.24 | 560,790 | 6,025 | 4.27 | |||||||||||||||||||||||||||||||||||||||||||||||
| Consumer | 73,657 | 1,449 | 7.80 | 61,642 | 1,177 | 7.58 | 64,700 | 1,219 | 7.50 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total loans | 2,296,956 | 37,551 | 6.49 | 2,181,646 | 36,038 | 6.55 | 2,133,159 | 36,003 | 6.71 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total earning assets | 3,044,814 | 45,613 | 5.94 | 2,986,453 | 44,400 | 5.90 | 2,887,516 | 43,244 | 5.96 | |||||||||||||||||||||||||||||||||||||||||||||||
| Less: Allowance for credit losses | (23,497) | (21,157) | (21,542) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 11,614 | 11,012 | 6,407 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other assets | 309,283 | 299,774 | 284,294 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 3,342,214 | $ | 3,276,082 | $ | 3,156,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOW | $ | 820,803 | $ | 5,687 | 2.75 | % | $ | 746,687 | $ | 5,676 | 3.02 | % | $ | 529,505 | $ | 4,092 | 3.07 | % | ||||||||||||||||||||||||||||||||||||||
| Money market checking | 481,573 | 2,864 | 2.36 | 486,684 | 3,216 | 2.62 | 344,546 | 2,296 | 2.65 | |||||||||||||||||||||||||||||||||||||||||||||||
| Savings | 153,130 | 1,147 | 2.97 | 151,801 | 1,249 | 3.26 | 68,875 | 288 | 1.66 | |||||||||||||||||||||||||||||||||||||||||||||||
| IRAs | 7,406 | 66 | 3.54 | 7,410 | 67 | 3.59 | 8,085 | 92 | 4.53 | |||||||||||||||||||||||||||||||||||||||||||||||
| CDs | 587,912 | 6,429 | 4.34 | 601,020 | 6,628 | 4.38 | 834,668 | 10,561 | 5.03 | |||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase agreements and federal funds sold | 3,153 | 13 | 1.64 | 3,309 | 14 | 1.68 | 3,904 | 21 | 2.14 | |||||||||||||||||||||||||||||||||||||||||||||||
| FHLB and other borrowings | — | — | — | 145 | — | — | 11 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated debt | 74,015 | 905 | 4.85 | 73,951 | 797 | 4.28 | 73,765 | 804 | 4.34 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 2,127,992 | 17,111 | 3.19 | 2,071,007 | 17,647 | 3.38 | 1,863,359 | 18,154 | 3.88 | |||||||||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 824,967 | 862,124 | 961,142 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 58,816 | 43,482 | 35,055 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities | 3,011,775 | 2,976,613 | 2,859,556 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | 13,954 | 13,883 | 13,785 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paid-in capital | 168,589 | 166,488 | 163,986 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury stock | (26,917) | (25,578) | (16,741) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained earnings | 189,132 | 172,258 | 161,382 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated other comprehensive loss | (14,319) | (27,582) | (25,416) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total stockholders’ equity attributable to parent | 330,439 | 299,469 | 296,996 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling interest | — | — | 123 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total stockholders’ equity | 330,439 | 299,469 | 297,119 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,342,214 | $ | 3,276,082 | $ | 3,156,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest spread (tax-equivalent) | 2.75 | % | 2.52 | % | 2.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and margin (tax-equivalent) 1 | $ | 28,502 | 3.71 | % | $ | 26,753 | 3.55 | % | $ | 25,090 | 3.46 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Less: Tax-equivalent adjustments | $ | (123) | $ | (180) | $ | (186) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest spread | 2.74 | % | 2.49 | % | 2.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income and margin | $ | 28,379 | 3.70 | % | $ | 26,573 | 3.53 | % | $ | 24,904 | 3.43 | % | ||||||||||||||||||||||||||||||||||||||||||||
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 12.
2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.
9
| Twelve Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
| Average Balance | Interest Income/ Expense | Yield/ Cost | Average Balance | Interest Income/ Expense | Yield/ Cost | |||||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||||||||
| Interest-bearing balances with banks | $ | 387,985 | $ | 16,340 | 4.21 | % | $ | 422,165 | $ | 21,814 | 5.17 | % | ||||||||||||||||||||||||||
| Investment securities: | ||||||||||||||||||||||||||||||||||||||
| Taxable | 315,936 | 12,618 | 3.99 | 261,986 | 7,693 | 2.94 | ||||||||||||||||||||||||||||||||
Tax-exempt 1 | 86,231 | 3,052 | 3.54 | 104,765 | 3,287 | 3.14 | ||||||||||||||||||||||||||||||||
Loans and loans held-for-sale: 2 | ||||||||||||||||||||||||||||||||||||||
| Commercial | 1,573,561 | 116,248 | 7.39 | 1,570,284 | 122,839 | 7.82 | ||||||||||||||||||||||||||||||||
Tax-exempt 1 | 2,632 | 117 | 4.45 | 3,175 | 139 | 4.38 | ||||||||||||||||||||||||||||||||
| Real estate | 527,951 | 22,737 | 4.31 | 564,633 | 25,474 | 4.51 | ||||||||||||||||||||||||||||||||
| Consumer | 64,840 | 4,878 | 7.52 | 70,943 | 5,314 | 7.49 | ||||||||||||||||||||||||||||||||
| Total loans | 2,168,984 | 143,980 | 6.64 | 2,209,035 | 153,766 | 6.96 | ||||||||||||||||||||||||||||||||
| Total earning assets | 2,959,136 | 175,990 | 5.95 | 2,997,951 | 186,560 | 6.22 | ||||||||||||||||||||||||||||||||
| Less: Allowance for loan losses | (20,947) | (22,108) | ||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 9,472 | 5,246 | ||||||||||||||||||||||||||||||||||||
| Other assets | 309,450 | 302,304 | ||||||||||||||||||||||||||||||||||||
| Total assets | $ | 3,257,111 | $ | 3,283,393 | ||||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||||||||||||||
| NOW | $ | 687,351 | $ | 19,463 | 2.83 | % | $ | 521,337 | $ | 17,587 | 3.37 | % | ||||||||||||||||||||||||||
| Money market checking | 416,336 | 10,457 | 2.51 | 396,881 | 12,770 | 3.22 | ||||||||||||||||||||||||||||||||
| Savings | 128,233 | 3,898 | 3.04 | 115,270 | 3,756 | 3.26 | ||||||||||||||||||||||||||||||||
| IRAs | 7,487 | 282 | 3.77 | 7,990 | 338 | 4.23 | ||||||||||||||||||||||||||||||||
| CDs | 664,472 | 30,394 | 4.57 | 760,714 | 38,654 | 5.08 | ||||||||||||||||||||||||||||||||
| Repurchase agreements and federal funds sold | 3,427 | 66 | 1.93 | 3,477 | 44 | 1.27 | ||||||||||||||||||||||||||||||||
| FHLB and other borrowings | 1,300 | 59 | 4.54 | 25 | 2 | 6.46 | ||||||||||||||||||||||||||||||||
Senior term loan3 | — | — | — | 2,355 | 264 | 11.21 | ||||||||||||||||||||||||||||||||
| Subordinated debt | 73,922 | 3,296 | 4.46 | 73,667 | 3,229 | 4.38 | ||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 1,982,528 | 67,915 | 3.43 | 1,881,716 | 76,644 | 4.07 | ||||||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 915,744 | 1,071,900 | ||||||||||||||||||||||||||||||||||||
| Other liabilities | 48,764 | 37,683 | ||||||||||||||||||||||||||||||||||||
| Total liabilities | 2,947,036 | 2,991,299 | ||||||||||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||||||||||||
| Common stock | 13,865 | 13,738 | ||||||||||||||||||||||||||||||||||||
| Paid-in capital | 166,424 | 162,811 | ||||||||||||||||||||||||||||||||||||
| Treasury stock | (21,854) | (16,741) | ||||||||||||||||||||||||||||||||||||
| Retained earnings | 176,329 | 161,181 | ||||||||||||||||||||||||||||||||||||
| Accumulated other comprehensive loss | (24,698) | (28,821) | ||||||||||||||||||||||||||||||||||||
| Total stockholders’ equity attributable to parent | 310,066 | 292,168 | ||||||||||||||||||||||||||||||||||||
| Noncontrolling interest | 9 | (74) | ||||||||||||||||||||||||||||||||||||
| Total stockholders’ equity | 310,075 | 292,094 | ||||||||||||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,257,111 | $ | 3,283,393 | ||||||||||||||||||||||||||||||||||
| Net interest spread (tax-equivalent) | 2.52 | % | 2.15 | % | ||||||||||||||||||||||||||||||||||
Net interest income and margin (tax-equivalent) 1 | $ | 108,075 | 3.65 | % | $ | 109,916 | 3.67 | % | ||||||||||||||||||||||||||||||
| Less: Tax-equivalent adjustments | $ | (667) | $ | (718) | ||||||||||||||||||||||||||||||||||
| Net interest spread | 2.49 | % | 2.13 | % | ||||||||||||||||||||||||||||||||||
| Net interest income and margin | $ | 107,408 | 3.63 | % | $ | 109,198 | 3.64 | % | ||||||||||||||||||||||||||||||
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 12.
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.
10
Selected Financial Data
(Unaudited) (Dollars in thousands, except per share data)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||||||||||
| Earnings and Per Share Data: | ||||||||||||||||||||||||||||||||
| Net income | $ | 4,225 | $ | 17,136 | $ | 9,440 | 26,940 | 20,091 | ||||||||||||||||||||||||
| Earnings per share - basic | $ | 0.33 | $ | 1.36 | $ | 0.73 | $ | 2.11 | $ | 1.56 | ||||||||||||||||||||||
| Earnings per share - diluted | $ | 0.32 | $ | 1.32 | $ | 0.72 | $ | 2.06 | $ | 1.53 | ||||||||||||||||||||||
| Cash dividends paid per common share | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.68 | $ | 0.68 | ||||||||||||||||||||||
| Book value per common share | $ | 26.26 | $ | 26.07 | $ | 23.61 | $ | 26.26 | $ | 23.61 | ||||||||||||||||||||||
Tangible book value per common share 1 | $ | 26.17 | $ | 25.98 | $ | 23.37 | $ | 26.17 | $ | 23.37 | ||||||||||||||||||||||
| Weighted-average shares outstanding - basic | 12,630,451 | 12,615,475 | 12,937,364 | 12,775,242 | 12,890,161 | |||||||||||||||||||||||||||
| Weighted-average shares outstanding - diluted | 13,082,568 | 13,010,527 | 13,195,215 | 13,105,521 | 13,136,758 | |||||||||||||||||||||||||||
| Performance Ratios: | ||||||||||||||||||||||||||||||||
Return on average assets 2 | 0.5 | % | 2.1 | % | 1.2 | % | 0.8 | % | 0.6 | % | ||||||||||||||||||||||
Return on average equity 2 | 5.1 | % | 22.9 | % | 12.7 | % | 8.7 | % | 6.9 | % | ||||||||||||||||||||||
Net interest margin 3 4 | 3.71 | % | 3.55 | % | 3.46 | % | 3.65 | % | 3.67 | % | ||||||||||||||||||||||
Efficiency ratio 5 | 80.6 | % | 54.5 | % | 72.8 | % | 72.8 | % | 80.4 | % | ||||||||||||||||||||||
Overhead ratio 2 6 | 3.8 | % | 4.1 | % | 4.3 | % | 3.7 | % | 3.7 | % | ||||||||||||||||||||||
| Equity to assets | 10.1 | % | 10.1 | % | 9.8 | % | 10.1 | % | 9.8 | % | ||||||||||||||||||||||
| Asset Quality Data and Ratios: | ||||||||||||||||||||||||||||||||
| Charge-offs | $ | 4,143 | $ | 967 | $ | 2,677 | $ | 7,125 | $ | 7,757 | ||||||||||||||||||||||
| Recoveries | $ | 256 | $ | 295 | $ | 1,153 | $ | 1,526 | $ | 3,357 | ||||||||||||||||||||||
Net loan charge-offs to total loans 2 7 | 0.68 | % | 0.12 | % | 0.29 | % | 0.26 | % | 0.20 | % | ||||||||||||||||||||||
| Allowance for credit losses | $ | 21,827 | $ | 23,322 | $ | 19,663 | $ | 21,827 | $ | 19,663 | ||||||||||||||||||||||
Allowance for credit losses to total loans 8 | 0.93 | % | 1.03 | % | 0.94 | % | 0.93 | % | 0.94 | % | ||||||||||||||||||||||
| Nonperforming loans | $ | 30,655 | $ | 26,214 | $ | 24,607 | $ | 30,655 | $ | 24,607 | ||||||||||||||||||||||
| Nonperforming loans to total loans | 1.3 | % | 1.2 | % | 1.2 | % | 1.3 | % | 1.2 | % | ||||||||||||||||||||||
Mortgage Company Equity Method Investees Production Data9: | ||||||||||||||||||||||||||||||||
| Mortgage pipeline | $ | 1,127,211 | $ | 1,174,362 | $ | 1,025,742 | $ | 1,127,211 | $ | 1,025,742 | ||||||||||||||||||||||
| Loans originated | $ | 1,455,199 | $ | 1,546,353 | $ | 1,325,698 | $ | 5,664,857 | $ | 5,228,415 | ||||||||||||||||||||||
| Loans closed | $ | 1,027,560 | $ | 1,014,469 | $ | 947,004 | $ | 3,812,413 | $ | 3,366,493 | ||||||||||||||||||||||
| Loans sold | $ | 721,185 | $ | 702,938 | $ | 777,821 | $ | 2,767,843 | $ | 2,988,639 | ||||||||||||||||||||||
1 Common equity less total goodwill and intangibles per common share, a non-GAAP measure. See the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 12.
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-GAAP financial measure.
5 Noninterest expense as a percentage of net interest income and noninterest income, a non-GAAP measure.
6 Noninterest expense as a percentage of average assets, a non-GAAP measure.
7 Charge-offs, less recoveries.
8 Excludes loans held for sale.
9 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.
11
Non-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 on a fully tax-equivalent basis and net interest margin on a fully tax-equivalent basis:
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||
| Net interest margin - GAAP basis | ||||||||||||||||||||||||||||||||
| Net interest income | $ | 28,379 | $ | 26,573 | $ | 24,904 | $ | 107,408 | $ | 109,198 | ||||||||||||||||||||||
| Average interest-earning assets | 3,044,814 | 2,986,453 | 2,887,516 | 2,959,136 | 2,997,951 | |||||||||||||||||||||||||||
| Net interest margin | 3.70 | % | 3.53 | % | 3.43 | % | 3.63 | % | 3.64 | % | ||||||||||||||||||||||
| Net interest margin - non-GAAP basis | ||||||||||||||||||||||||||||||||
| Net interest income | $ | 28,379 | $ | 26,573 | $ | 24,904 | $ | 107,408 | $ | 109,198 | ||||||||||||||||||||||
| Impact of fully tax-equivalent adjustment | 123 | 180 | 186 | 667 | 718 | |||||||||||||||||||||||||||
| Net interest income on a fully tax-equivalent basis | $ | 28,502 | $ | 26,753 | $ | 25,090 | $ | 108,075 | $ | 109,916 | ||||||||||||||||||||||
| Average interest-earning assets | 3,044,814 | 2,986,453 | 2,887,516 | 2,959,136 | 2,997,951 | |||||||||||||||||||||||||||
| Net interest margin on a fully tax-equivalent basis | 3.71 | % | 3.55 | % | 3.46 | % | 3.65 | % | 3.67 | % | ||||||||||||||||||||||
Non-GAAP Reconciliation: Tangible Book Value per Common Share and Tangible Common Equity Ratio
(Unaudited) (Dollars in thousands, except per share data)
| December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||||||
| Tangible Book Value per Common Share | ||||||||||||||||||||
| Goodwill | $ | 1,200 | $ | 1,200 | $ | 2,838 | ||||||||||||||
| Intangibles | — | — | 262 | |||||||||||||||||
| Total intangibles | $ | 1,200 | $ | 1,200 | $ | 3,100 | ||||||||||||||
| Total equity attributable to parent | $ | 333,968 | $ | 327,752 | $ | 305,679 | ||||||||||||||
| Less: Total intangibles | (1,200) | (1,200) | (3,100) | |||||||||||||||||
| Tangible common equity | $ | 332,768 | $ | 326,552 | $ | 302,579 | ||||||||||||||
| Tangible common equity | $ | 332,768 | $ | 326,552 | $ | 302,579 | ||||||||||||||
| Common shares outstanding (000s) | 12,716 | 12,570 | 12,945 | |||||||||||||||||
| Tangible book value per common share | $ | 26.17 | $ | 25.98 | $ | 23.37 | ||||||||||||||
| Tangible Common Equity Ratio | ||||||||||||||||||||
| Total assets | $ | 3,308,918 | $ | 3,232,953 | $ | 3,128,704 | ||||||||||||||
| Less: Total intangibles | (1,200) | (1,200) | (3,100) | |||||||||||||||||
| Tangible assets | $ | 3,307,718 | $ | 3,231,753 | $ | 3,125,604 | ||||||||||||||
| Tangible assets | $ | 3,307,718 | $ | 3,231,753 | $ | 3,125,604 | ||||||||||||||
| Tangible common equity | $ | 332,768 | $ | 326,552 | $ | 302,579 | ||||||||||||||
| Tangible common equity ratio | 10.1 | % | 10.1 | % | 9.7 | % | ||||||||||||||
###
12
FAQ
What were MVB Financial (MVBF) fourth quarter 2025 earnings?
MVB Financial reported fourth quarter 2025 net income of $4.2 million, or $0.33 basic and $0.32 diluted earnings per share. Results reflected stronger net interest income, higher loan balances, improved deposit mix, and lower noninterest expenses, partly offset by higher net charge-offs.
How did MVB Financial (MVBF) perform for full year 2025?
For full year 2025, MVB Financial generated net income of $26.9 million, with basic earnings per share of $2.11 and diluted EPS of $2.06. The year included a significant gain on the Victor Technologies sale, balance sheet repositioning, and continued growth in loans and fee-based income.
What happened to MVB Financial (MVBF) net interest margin in Q4 2025?
Net interest margin for MVB Financial improved to 3.70% in the fourth quarter of 2025, with tax-equivalent margin at 3.71%. The expansion mainly reflected lower overall funding costs and higher yields on average earning assets, aided by a favorable shift in asset mix and prior securities repositioning.
How did MVB Financial (MVBF) loans and deposits change in Q4 2025?
Total loans at MVB Financial reached $2.34 billion at December 31, 2025, up 3.7% from the prior quarter. Total deposits rose to $2.84 billion, while noninterest-bearing deposits increased to $1.14 billion, representing 40.3% of total deposits, supported by relationship partner growth.
What were MVB Financial (MVBF) key capital and book value metrics at year-end 2025?
At December 31, 2025, MVB Bank’s Community Bank Leverage Ratio was 11.1%, with Tier 1 and Total Risk-Based Capital Ratios of 13.7% and 14.5%, respectively. Book value per common share was $26.26, and tangible book value per share was $26.17, both slightly higher than the prior quarter.
How strong was MVB Financial (MVBF) asset quality in Q4 2025?
Nonperforming loans at MVB Financial totaled $30.7 million, or 1.3% of total loans, at December 31, 2025. Quarterly net charge-offs increased to $3.9 million, or 0.68% annualized, while the allowance for credit losses stood at 0.93% of total loans.
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MVB Bank Earns Five Workplace Awards in 2025
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[8-K] MVB FINANCIAL CORP Reports Material Event
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[8-K] MVB FINANCIAL CORP Reports Material Event
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[EFFECT] MVB FINANCIAL CORP SEC Filing
MVBF Stock Data
355.58M
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55.32%
1.37%
Banks - Regional
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