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MVB Financial (NASDAQ: MVBF) Q2 profit jumps to $12.3 million

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(Moderate)
Filing Sentiment
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Form Type
8-K

Rhea-AI Filing Summary

MVB Financial Corp. reported strong second-quarter 2026 results, with net income of $12.3 million, or $0.95 basic and $0.93 diluted earnings per share. Net interest income on a fully tax-equivalent basis rose to $32.4 million, and the FTE net interest margin expanded to 4.16%, while core FTE margin was about 3.87%.

Total loans reached $2.48 billion, up 3.0% from March 31, 2026, marking a fifth consecutive quarter of growth. Deposits increased to $3.11 billion, up 7.4%, including growth in noninterest-bearing and payments-related deposits. Total noninterest income climbed to $18.8 million, driven by a previously disclosed $10.0 million pre-tax gain on a Fintech investment and 6.7% underlying fee growth.

Asset quality metrics improved, with nonperforming loans declining to $29.2 million, or 1.2% of loans, and criticized and classified loan ratios moving lower, although the provision for credit losses increased to $4.7 million and the allowance rose to 1.14% of loans. The tangible common equity ratio was 9.7%, and tangible book value per share increased to $26.52, as the company repurchased 48,432 shares for about $1.2 million.

Positive

  • Net income $12.3 million and diluted EPS of $0.93 marked a sharp improvement over Q1 2026, supported by a 4.16% FTE net interest margin and growth in both loans and deposits.
  • Asset quality metrics improved, with nonperforming loans falling to 1.2% of loans and criticized and classified loan ratios declining, while tangible book value per share rose to $26.52.

Negative

  • Provision for credit losses rose to $4.7 million and the allowance reached 1.14% of total loans, reflecting higher reserves on select credits and methodology updates.
  • Noninterest expense increased 8.2% quarter over quarter to $30.4 million, including roughly $0.6 million in nonrecurring costs and continued investment in strategic growth initiatives.
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, and exhibit attachments filed with this report.
Net income Q2 2026 $12.3 million Net income available to common shareholders for the quarter ended June 30, 2026
Diluted EPS Q2 2026 $0.93 Diluted earnings per share for the quarter ended June 30, 2026
Net interest margin (FTE) Q2 2026 4.16% Net interest margin on a fully tax-equivalent basis for Q2 2026
Core FTE net interest margin Q2 2026 3.87% Core net interest margin on a fully tax-equivalent basis excluding non-recurring items
Total loans $2.48 billion Total loan balances as of June 30, 2026
Total deposits $3.11 billion Total deposits as of June 30, 2026
Provision for credit losses Q2 2026 $4.7 million Provision for credit losses expense for the quarter ended June 30, 2026
Tangible book value per share $26.52 Tangible book value per common share as of June 30, 2026
net interest margin financial
"Net interest margin on a fully tax-equivalent basis expanded 43 basis points"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
nonperforming loans financial
"Nonperforming loans totaled $29.2 million, or 1.2% of total loans"
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 to 1.14% of total loans"
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.
tangible common equity ratio financial
"The tangible common equity ratio was 9.7% as of June 30, 2026"
Tangible common equity ratio measures how much real, loss-absorbing capital common shareholders have relative to a company's tangible assets—calculated by removing intangible items (like goodwill) and preferred equity from total equity and comparing that net amount to tangible assets. Think of it as the thickness of a safety cushion made of solid, visible value rather than accounting entries; investors use it to judge how well a company could withstand losses and protect common shareholders' claims.
banking-as-a-service financial
"Powering payments, banking-as-a-service and gaming programs for leading Fintech companies"
Banking-as-a-service is a model where a licensed bank provides core financial services—like deposit accounts, payments, lending, and compliance—as modular software that other companies can plug into their own products. For investors, it matters because it lets nonbank firms sell banking features without building a bank from scratch, creating new revenue streams, faster user growth, and platform value, while also concentrating regulatory and credit risks for providers.
equity method investments financial
"Equity method investments income totaled $1.8 million in the second quarter"
An equity method investment is an accounting approach used when a company owns a significant share of another company and can influence its decisions but does not fully control it; instead of listing the investment at cost, the investor records its share of the other company's profits or losses on its own income statement and adjusts the investment value on the balance sheet. For investors, this matters because it links the investor’s reported earnings and asset values directly to the financial performance of that partly-owned business, similar to how a partner’s gains affect a small business owner’s books.
Net income $12.3 million up from $5.2 million in Q1 2026
Diluted EPS $0.93 up from $0.39 in Q1 2026
Net interest margin (FTE) 4.16% up from 3.73% in Q1 2026
Total loans $2.48 billion up 3.0% from March 31, 2026
Total deposits $3.11 billion up 7.4% from March 31, 2026

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FAQ

What were MVB Financial (MVBF) earnings for Q2 2026?
MVB Financial reported net income of $12.3 million, or $0.95 basic and $0.93 diluted EPS for Q2 2026. This compares with $5.2 million of net income and $0.39 diluted EPS in Q1 2026, reflecting substantially stronger profitability.

How did MVBF’s loans and deposits change in Q2 2026?
Total loans grew to $2.48 billion, up 3.0% from March 31, 2026. Total deposits reached $3.11 billion, up 7.4%, including a $58.1 million increase in noninterest-bearing deposits and a loan-to-deposit ratio of 79.6%.

How did MVB Financial’s net interest margin perform in Q2 2026?
Net interest margin on a fully tax-equivalent basis improved to 4.16% in Q2 2026 from 3.73% in Q1 2026. Core FTE net interest margin was about 3.87%, helped by loan growth, lower funding costs and income from a resolved nonperforming loan.

What capital and shareholder return metrics did MVBF report for Q2 2026?
The tangible common equity ratio was 9.7%, and tangible book value per share was $26.52. MVB Financial repurchased 48,432 shares for approximately $1.2 million at an average price of $25.56, and paid a quarterly dividend of $0.17 per share.
FALSE000127790200012779022026-07-282026-07-28

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):July 28, 2026
MVB Financial Corp.
(Exact name of registrant as specified in its charter)
West Virginia
001-38314
20-0034461
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
301 Virginia Avenue, Fairmont, WV
26554-2777
(Address of principal executive offices)(Zip Code)
(304) 363-4800
(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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par valueMVBFThe Nasdaq Stock Market LLC

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 July 28, 2026, MVB Financial Corp. issued a press release announcing its financial results for the quarter ended June 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 July 28, 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: July 28, 2026

Exhibit 99.1
mvbf.jpg
N E W S R E L E A S E


MVB Financial Corp. Announces Second Quarter 2026 Results
Company to Host a Conference Call and Webcast at 5:00 PM ET
(FAIRMONT, WV) July 28, 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 second 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 $12.3 million, or $0.95 basic and $0.93 diluted earnings per share, for the second quarter of 2026.

Second Quarter 2026 Highlights (Compared to First Quarter 2026)
Net income of $12.3 million, up significantly compared to both Q1 2026 and Q2 2025.
Loan balances up 3.0%, or 12.1% annualized, marking the fifth consecutive quarter of loan growth.
Balance sheet deposits up 7.4%, or 29.5% annualized, including 5.7% growth in noninterest-bearing deposits driven by payments-related deposits.
Exclusive of the previously disclosed $10.0 million pre-tax gain related to an existing Fintech investment recognized in the second quarter, noninterest income up 6.7%, led by 18.1% growth in payment card and service charge income.
Net interest margin on a fully tax-equivalent (“FTE”) basis, a non-U.S. GAAP financial measure1, expanded 43 basis points; Core FTE net interest margin, a non-U.S. GAAP financial measure1, up 14 basis points to 3.87%.

From Larry F. Mazza, President and Chief Executive Officer, MVB Financial:
“The strong second quarter results reflected continued progress and momentum across both our core banking franchise and our Fintech banking platform. Loan and deposit growth remained solid, net interest income improved and we saw encouraging momentum across our payments business, contributing to both fee income growth and deposit generation during the quarter. These results demonstrate our diversified business model’s strength and our team’s disciplined execution of our strategy.
1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.

“We also successfully resolved our largest nonperforming loan during the quarter through full repayment, improving our credit profile, while benefiting from an improvement in second quarter net interest income. Additionally, the underlying trends across our core banking franchise remained positive as we continued to grow loans, expand our deposit base, strengthen our funding and margin profile and build our Fintech partnership pipeline.

“As previously disclosed, we also recognized a gain during the quarter related to an existing Fintech investment. Together with the successful monetization of our internally incubated Victor platform last year, these transactions demonstrate our ability to both incubate and invest in innovative Fintech businesses. These activities continue to generate shareholder value, while enabling ongoing investment across the business, balance sheet optimization and the long-term growth of the Company’s earnings power.”

SECOND 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 $32.4 million, up $3.8 million, or 13.4%, from prior quarter, primarily reflecting continued loan growth, a lower overall cost of funds and interest income associated with the successful resolution of the Company’s largest nonperforming loan. Excluding the interest income associated with the loan payoff, FTE net interest income was up 5.4% from the prior quarter.
•FTE net interest margin, a non-U.S. GAAP financial measure1, increased to 4.16%, up from 3.73% in the prior quarter. The increase primarily reflected continued improvement in the Company’s funding profile, including growth in noninterest-bearing deposits and the full quarter benefit of previously disclosed balance sheet optimization initiatives completed during the first quarter of 2026, loan growth and interest income associated with the resolution of the Company’s largest nonperforming loan. Excluding the aforementioned loan payoff, the core FTE net interest margin, a non-U.S. GAAP financial measure1, was approximately 3.87%, representing 14 basis points of expansion.
•Total loan balances up $72.7 million, or 3.0%, from the prior quarter to $2.48 billion, reflecting improved market conditions, and representing the fifth consecutive quarter of loan growth.
•Total deposits were $3.11 billion as of June 30, 2026, an increase of $214.0 million, or 7.4%, from the prior quarter-end, including a $58.1 million increase in noninterest-bearing deposits. 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.
1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.
2

•Noninterest-bearing deposits represented 34.4% of total deposits as of June 30, 2026, compared to 34.9% as of the prior quarter-end. The loan-to-deposit ratio was 79.6% as compared to 83.0% at the prior quarter-end.
•Noninterest Income and Expense
•Total noninterest income was $18.8 million, compared to $8.2 million in the prior quarter. The increase primarily reflected the previously disclosed $10.0 million pre-tax gain related to an existing Fintech investment. Excluding this gain, core fee income was up 6.7% from the prior quarter, led by continued growth in payment card and service charge income.
•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 was $30.4 million, compared to $28.1 million in the prior quarter, an increase of 8.2%. The increase included approximately $0.6 million in nonrecurring expenses, annual merit increases, higher incentive compensation accruals and continued investment in strategic growth initiatives, including the build out of the Company’s specialty lending platform and ongoing technology and artificial intelligence initiatives.
•Asset Quality and Capital
•Nonperforming loans totaled $29.2 million, or 1.2% of total loans, as of June 30, 2026, compared to $34.7 million, or 1.4% of total loans, as of the prior quarter-end. The decline was driven by the successful resolution of the Company’s largest nonperforming loan during the quarter, partially offset by new nonperforming loans, which did not reflect any notable industry or geographic concentration.
•Criticized loans as a percentage of total loans were 3.1% as of June 30, 2026, compared to 3.7% as of March 31, 2026. Classified loans as a percentage of total loans were 1.9%, compared to 2.2% as of the prior quarter end.
•Net charge-offs were $1.4 million, or 0.23% annualized of average loans, for the second quarter, compared to $1.5 million, or 0.26% annualized, for the prior quarter.
•Provision for credit losses totaled $4.7 million, compared to $1.9 million for the prior quarter. The increase in provision for credit losses reflected continued growth of the loan portfolio, specific reserves associated with a small number of isolated credits, as well as updates to the allowance methodology based on current economic conditions and qualitative factors. The
3

allowance for credit losses for loans increased to 1.14% of total loans at June 30, 2026, compared to 0.94% at the prior quarter-end.
•The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were 10.3%, 12.2% and 13.2%, respectively, at June 30, 2026, compared to 10.1%, 12.6% and 13.5%, respectively, at the prior quarter-end.
•The tangible common equity ratio, a non-U.S. GAAP financial measure1, was 9.7% as of June 30, 2026, compared to 10.0% as of March 31, 2026 and 9.3% as of June 30, 2025.
•During the quarter, the Company repurchased 48,432 shares of common stock for approximately $1.2 million at an average price of $25.56 per share under its previously authorized share repurchase program.
•Book value per common share and tangible book value per common share, a non-U.S. GAAP financial measure1, were $26.61 and $26.52, respectively, at June 30, 2026, compared to $26.07 and $25.98, respectively, at 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.
4

Conference Call and Webcast
The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, July 28, 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 August 11, 2026, by dialing 844-512-2921 (domestic) or 412-317-6671 (international); access code: 13760259. Additionally, interested parties can listen to a live webcast of the call on the Company's website at ir.mvbbanking.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.

About MVB Financial Corp.
MVB Financial Corp. (Nasdaq: MVBF) is an innovative bank powering Fintech solutions in payments, card issuance and online gaming programs for leading Fintech companies nationwide, while providing traditional retail and commercial banking services within established markets. MVB’s comprehensive platform includes money movement solutions across all modalities and embedded finance capabilities. MVB combines proven Fintech builder/incubator capabilities, innovative culture, regulatory expertise, core banking and AI-driven operational efficiency to enable Fintech partners to navigate complex regulatory requirements while accelerating time-to-market. For more information about MVB, please visit ir.mvbbanking.com.

Forward-Looking Statements
MVB Financial has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and are subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may,” “could,” “should,” “would,” “will,” “plans,” “believes,” “estimates,” “expects,” “anticipates,” “intends,” “continues” or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity and credit risk; changes in market interest rates; inability to successfully execute business plans, including strategies related to investments in Fintech companies; competition; industry factors and volatility and disruption in local, national and international political and economic conditions, such as economic slowdowns or recessions, nationally and in the markets in which we operate and other developments such as wars, natural disasters, epidemics or pandemics, military actions, terrorists attacks or geopolitical conflict, and any governmental or
5

societal 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, 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 that is essential to 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.
7

MVB Financial Corp.
Financial Highlights
Consolidated Statements of Income
(Unaudited) (Dollars in thousands, except per share data)
QuarterlyYear-to-Date
20262026202520262025
Second QuarterFirst QuarterSecond Quarter
Interest income$48,583 $44,774 $42,384 $93,357 $85,613 
Interest expense16,309 16,322 16,604 32,631 33,157 
Net interest income32,274 28,452 25,780 60,726 52,456 
Provision for credit losses4,677 1,854 1,990 6,531 2,167 
Net interest income after provision for credit losses27,597 26,598 23,790 54,195 50,289 
Total noninterest income18,796 8,209 7,945 27,005 14,953 
Noninterest expense:
Salaries and employee benefits17,641 16,152 15,801 33,793 32,213 
Other expense12,769 11,960 12,768 24,729 25,057 
Total noninterest expenses30,410 28,112 28,569 58,522 57,270 
Income before income taxes15,983 6,695 3,166 22,678 7,972 
Income taxes3,732 1,511 1,164 5,243 2,411 
Net income, before noncontrolling interest12,251 5,184 2,002 17,435 5,561 
Net loss attributable to noncontrolling interest— — — — 18 
Net income available to common shareholders$12,251 $5,184 $2,002 $17,435 $5,579 
Earnings per share - basic$0.95 $0.41 $0.16 $1.36 $0.43 
Earnings per share - diluted$0.93 $0.39 $0.15 $1.32 $0.42 

Noninterest Income
(Unaudited) (Dollars in thousands)
QuarterlyYear-to-Date
20262026202520262025
Second QuarterFirst QuarterSecond Quarter
Payment card and service charge income$6,008 $5,086 $4,653 $11,094 $9,638 
Investment portfolio gains (losses)11,269 669 (166)11,938 (474)
Equity method investments income1,834 1,966 2,315 3,800 2,960 
Gain on divestiture activity— — — — 608 
Loss on derivatives(677)— — (677)— 
Other noninterest income362 488 1,143 850 2,221 
Total noninterest income$18,796 $8,209 $7,945 $27,005 $14,953 

8

Condensed Consolidated Balance Sheets
(Unaudited) (Dollars in thousands)
June 30, 2026March 31, 2026June 30, 2025
Cash and cash equivalents$312,596 $177,635 $399,379 
Investment securities available-for-sale429,578 421,729 396,555 
Equity securities62,503 51,459 43,923 
Loans receivable2,476,393 2,403,739 2,153,309 
Less: Allowance for credit losses(28,217)(22,605)(20,785)
Loans receivable, net2,448,176 2,381,134 2,132,524 
Premises and equipment, net9,935 10,071 10,877 
Other assets283,065 280,270 240,750 
Total assets$3,545,853 $3,322,298 $3,224,008 
Noninterest-bearing deposits$1,069,207 $1,011,098 $1,050,104 
Interest-bearing deposits2,042,169 1,886,246 1,754,319 
Subordinated debt34,072 34,046 73,912 
Revolving line of credit20,000 20,000 — 
Other liabilities35,862 35,988 43,358 
Total liabilities3,201,310 2,987,378 2,921,693 
Common stock14,323 14,174 13,877 
Additional paid-in capital172,940 172,397 166,078 
Retained earnings203,497 193,413 173,350 
Accumulated other comprehensive loss(18,039)(18,061)(27,869)
Treasury stock(28,178)(27,003)(23,121)
Total stockholders’ equity344,543 334,920 302,315 
Total liabilities and stockholders’ equity$3,545,853 $3,322,298 $3,224,008 
9


Average Balances and Interest Rates
(Unaudited) (Dollars in thousands)
Three Months EndedThree Months EndedThree Months Ended
June 30, 2026March 31, 2026June 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$252,962 $2,289 3.63 %$340,906 $3,031 3.61 %$332,265 $3,592 4.34 %
Investment securities:
     Taxable371,891 4,790 5.17 361,901 4,409 4.94 305,600 2,828 3.71 
     Tax-exempt 1
55,637 538 3.88 56,737 557 3.98 96,135 819 3.42 
Loans: 2
     Commercial1,801,797 33,481 7.45 1,774,717 30,232 6.91 1,488,610 28,371 7.64 
     Tax-exempt 1
2,327 27 4.65 2,286 25 4.44 2,719 29 4.28 
     Real estate490,000 5,061 4.14 487,773 4,883 4.06 538,595 5,826 4.34 
     Consumer150,595 2,516 6.70 84,249 1,758 8.46 61,022 1,096 7.20 
Total loans2,444,719 41,085 6.74 2,349,025 36,898 6.37 2,090,946 35,322 6.78 
Total earning assets3,125,209 48,702 6.25 3,108,569 44,895 5.86 2,824,946 42,561 6.04 
Less: Allowance for credit losses(22,877)(21,829)(19,459)
Cash and due from banks9,742 9,947 8,215 
Other assets344,238 336,744 300,378 
     Total assets$3,456,312 $3,433,431 $3,114,080 
Liabilities
Deposits:
     NOW$798,433 $6,388 3.21 %$709,743 $5,217 2.98 %$658,490 $4,966 3.02 %
     Money market checking582,385 3,641 2.51 542,170 3,072 2.30 358,968 2,284 2.55 
     Savings149,211 1,062 2.85 149,883 1,197 3.24 117,123 920 3.15 
     IRAs6,580 51 3.11 7,137 60 3.41 7,414 68 3.68 
     CDs447,766 4,483 4.02 550,973 5,764 4.24 657,367 7,545 4.60 
Total interest-bearing deposits1,984,375 15,625 3.16 1,959,906 15,310 3.17 1,799,362 15,783 3.52 
Repurchase agreements and federal funds sold4,549 23 2.03 4,186 21 2.03 4,081 24 2.36 
FHLB and other borrowings1,321 9 2.73 56 1 7.24 8 — — 
Subordinated debt34,063 314 3.70 60,707 858 5.73 73,890 797 4.33 
Revolving line of credit20,000 338 6.78 7,556 132 7.08 — — — 
     Total interest-bearing liabilities2,044,308 16,309 3.20 2,032,411 16,322 3.26 1,877,341 16,604 3.55 
Noninterest-bearing demand deposits1,030,279 1,011,690 886,657 
Other liabilities37,872 50,811 44,021 
     Total liabilities3,112,459 3,094,912 2,808,019 
Stockholders’ equity
Common stock14,221 14,117 13,825 
Paid-in capital172,231 171,040 165,611 
Treasury stock(27,596)(27,003)(18,029)
Retained earnings202,957 193,468 173,394 
Accumulated other comprehensive loss(17,960)(13,103)(28,740)
     Total stockholders’ equity343,853 338,519 306,061 
     Total liabilities and stockholders’ equity$3,456,312 $3,433,431 $3,114,080 
Net interest income and margin (tax-equivalent)1
$32,393 4.16 %$28,573 3.73 %$25,957 3.69 %
Less: Tax-equivalent adjustments(119)(121)(177)
Net interest income and margin$32,274 4.14 %$28,452 3.71 %$25,780 3.66 %
1In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 21% for the periods presented, which is a non-U.S. GAAP financial measure. See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 13.
2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.



10

Six Months EndedSix Months Ended
June 30, 2026June 30, 2025
Average
Balance		Interest
Income/
Expense		Yield/
Cost		Average
Balance		Interest
Income/
Expense		Yield/
Cost
Assets
Interest-bearing balances with banks$296,691 $5,320 3.62 %$388,574 $8,326 4.32 %
Investment securities:
     Taxable366,924 9,199 5.06 316,577 5,586 3.56 
     Tax-exempt 1
56,184 1,095 3.93 99,050 1,676 3.41 
Loans: 2
     Commercial1,780,876 63,713 7.21 1,490,414 56,391 7.63 
     Tax-exempt 1
2,306 53 4.63 2,772 59 4.29 
     Real estate488,893 9,944 4.10 542,330 11,688 4.35 
     Consumer125,060 4,274 6.89 61,984 2,251 7.32 
Total loans2,397,135 77,984 6.56 2,097,500 70,389 6.77 
Total earning assets3,116,934 93,598 6.06 2,901,701 85,977 5.98 
Less: Allowance for loan losses(22,356)(19,544)
Cash and due from banks9,844 7,601 
Other assets340,511 314,450 
     Total assets$3,444,933 $3,204,208 
Liabilities
Deposits:
     NOW$785,269 $11,605 2.98 %$589,361 $8,100 2.77 %
     Money market checking562,389 6,713 2.41 347,420 4,377 2.54 
     Savings149,545 2,259 3.05 103,599 1,502 2.92 
     IRAs6,857 111 3.26 7,567 149 3.97 
     CDs499,084 10,247 4.14 735,639 17,338 4.75 
Total interest-bearing deposits2,003,144 30,935 3.11 1,783,586 31,466 3.56 
Repurchase agreements and federal funds sold4,369 45 2.08 3,627 39 2.17 
FHLB and other borrowings692 9 2.62 2,547 58 4.59 
Senior term loan13,812 470 6.86 — — — 
Subordinated debt47,311 1,172 5.00 73,859 1,594 4.35 
     Total interest-bearing liabilities2,069,328 32,631 3.18 1,863,619 33,157 3.59 
Noninterest-bearing demand deposits990,099 989,138 
Other liabilities44,306 46,339 
     Total liabilities3,103,733 2,899,096 
Stockholders’ equity
Common stock14,169 13,811 
Paid-in capital171,639 165,291 
Treasury stock(27,301)(17,389)
Retained earnings198,238 171,890 
Accumulated other comprehensive loss(15,545)(28,509)
     Total stockholders’ equity attributable to parent341,200 305,094 
Noncontrolling interest— 18 
     Total stockholders’ equity341,200 305,112 
     Total liabilities and stockholders’ equity$3,444,933 $3,204,208 
Net interest income and margin (tax-equivalent) 1
$60,967 3.94 %$52,820 3.67 %
Less: Tax-equivalent adjustments(241)(364)
Net interest income and margin$60,726 3.93 %$52,456 3.65 %
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)
QuarterlyYear-to-Date
20262026202520262025
Second QuarterFirst QuarterSecond Quarter
Earnings and Per Share Data:
Net income$12,251 $5,184 $2,002 $17,435 $5,579 
Earnings per share - basic$0.95 $0.41 $0.16 $1.36 $0.43 
Earnings per share - diluted$0.93 $0.39 $0.15 $1.32 $0.42 
Cash dividends paid per common share$0.17 $0.17 $0.17 $0.34 $0.34 
Book value per common share$26.61 $26.07 $23.78 $26.61 $23.78 
Tangible book value per common share 1
$26.52 $25.98 $23.68 $26.52 $23.68 
Weighted-average shares outstanding - basic12,869,947 12,795,271 12,912,113 12,832,815 12,930,046 
Weighted-average shares outstanding - diluted13,186,672 13,191,405 13,121,436 13,188,996 13,151,616 
Performance Ratios:
Return on average assets 2
1.4 %0.6 %0.3 %1.0 %0.3 %
Return on average equity 2
14.3 %6.1 %2.6 %10.2 %3.7 %
Net interest margin 3 4
4.16 %3.73 %3.69 %3.94 %3.67 %
Efficiency ratio 5
59.5 %76.7 %84.7 %66.7 %85.0 %
Overhead ratio 2 6
3.5 %3.3 %3.7 %3.4 %3.6 %
Equity to assets9.7 %10.1 %9.4 %9.7 %9.4 %
Asset Quality Data and Ratios:
Charge-offs$1,773 $1,890 $628 $3,663 $2,015 
Recoveries$391 $392 $445 $783 $975 
Net loan charge-offs to total loans 2, 7
0.23 %0.26 %0.04 %0.24 %0.10 %
Allowance for credit losses$28,217 $22,605 $20,785 $28,217 $20,785 
Allowance for credit losses to total loans
1.14 %0.94 %0.97 %0.97 %1.14 %0.97 %
Nonperforming loans$29,233 $34,740 $21,055 $29,233 $21,055 
Nonperforming loans to total loans1.2 %1.4 %1.0 %1.2 %1.0 %
Mortgage Company Equity Method Investees Production Data8:
Mortgage pipeline$1,236,366 $1,126,262 $1,128,738 $1,236,366 $1,128,738 
Loans originated$1,491,404 $1,406,921 $1,352,603 $2,898,326 $2,663,305 
Loans closed$927,934 $936,789 $882,361 $1,864,724 $1,770,383 
Loans sold$820,716 $747,829 $699,036 $1,568,546 $1,343,718 
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 EndedSix Months Ended
(Dollars in thousands)June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Net interest margin - U.S. GAAP basis
Net interest income$32,274 $28,452 $25,780 $60,726 $52,456 
Average interest-earning assets$3,125,209 $3,108,569 $2,824,946 $3,116,934 $2,901,701 
Net interest margin4.14 %3.71 %3.66 %3.93 %3.65 %
Net interest margin - non-U.S. GAAP basis
Net interest income$32,274 $28,452 $25,780 $60,726 $52,456 
Impact of fully tax-equivalent adjustment119 121 177 241 364 
Net interest income on a fully tax-equivalent basis$32,393 $28,573 $25,957 $60,967 $52,820 
Average interest-earning assets$3,125,209 $3,108,569 $2,824,946 $3,116,934 $2,901,701 
Net interest margin on a fully tax-equivalent basis4.16 %3.73 %3.69 %3.94 %3.67 %
Core net interest margin - non-U.S. GAAP basis
Net interest income on a fully tax-equivalent basis$32,393 $28,573 $25,957 $60,967 $52,820 
Less: interest income from non-recurring items(2,272)— — (2,272)— 
Core net interest income on a fully tax-equivalent basis$30,121 $28,573 $25,957 $58,695 $52,820 
Average interest-earning assets$3,125,209 $3,108,569 $2,824,946 $3,116,934 $2,901,701 
Adjusted net interest margin on a fully tax-equivalent basis3.87 %3.73 %3.69 %3.80 %3.67 %

Non-U.S. GAAP Reconciliation: Tangible Book Value per Common Share and Tangible Common Equity Ratio
(Unaudited) (Dollars in thousands, except per share data)
June 30, 2026March 31, 2026June 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$344,543 334,920 302,315 
Less: Total intangibles(1,200)(1,200)(1,200)
Tangible common equity$343,343 $333,720 $301,115 
Tangible common equity$343,343 $333,720 $301,115 
Common shares outstanding (000s)12,947 12,847 12,715 
Tangible book value per common share$26.52 $25.98 $23.68 
Tangible Common Equity Ratio
Total assets$3,545,853 $3,322,298 $3,224,008 
Less: Total intangibles(1,200)(1,200)(1,200)
Tangible assets$3,544,653 $3,321,098 $3,222,808 
Tangible assets$3,544,653 $3,321,098 $3,222,808 
Tangible common equity$343,343 $333,720 $301,115 
Tangible common equity ratio9.7 %10.0 %9.3 %

13

Source: View Original Filing on SEC EDGAR

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