MVB Financial (NASDAQ: MVBF) grows Q1 2026 profit and trims costs
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
MVB Financial Corp. reported solid first quarter 2026 results, driven by lending growth, higher fee income and lower costs. Net income was $5.2 million, with basic earnings per share of $0.41 and diluted earnings per share of $0.39, up sharply from the prior year.
Loans grew 2.6% from the fourth quarter to $2.40 billion, and net interest income edged up to $28.5 million as net interest margin held at 3.71%. Total deposits reached $2.90 billion, while the loan‑to‑deposit ratio was a moderate 83.0% at March 31, 2026.
Noninterest income was $8.2 million versus $10.7 million in the prior quarter, mainly because the earlier period included a sizable securities gain. Core performance improved as noninterest expense fell 10.7% to $28.1 million, lowering the efficiency ratio to 76.7% and lifting pre‑tax, pre‑provision earnings to $8.5 million.
Credit metrics were mixed: nonperforming loans rose to $34.7 million, or 1.4% of loans, but net charge‑offs declined to $1.5 million, or 0.26% annualized. Capital remained solid, with a tangible common equity ratio of 10.0%. After quarter‑end, MVB recognized an expected second‑quarter pre‑tax gain of about $10.0 million on a Fintech investment, which is projected to add roughly $0.59 per share to tangible book value.
Positive
- Strong earnings growth and efficiency gains: Net income rose to $5.2 million with basic EPS of $0.41, while noninterest expense fell 10.7% and the efficiency ratio improved to 76.7%, indicating stronger core profitability.
- Fintech investment upside: Subsequent to quarter-end, MVB recognized an expected second-quarter pre-tax gain of about $10.0 million on an existing Fintech investment, projected to increase tangible book value by approximately $0.59 per share.
Negative
- None.
Insights
Core profitability, cost control and a Fintech gain drove a stronger quarter for MVB Financial.
MVB Financial showed healthier core earnings in Q1 2026. Net income rose to $5.2M and pre‑tax, pre‑provision earnings increased to $8.5M, helped by loan growth of 2.6%, stable net interest margin at 3.71%, and lower funding costs.
Expense discipline was notable: noninterest expense declined 10.7% quarter‑over‑quarter, improving the efficiency ratio to 76.7%. Asset quality was mixed, with nonperforming loans up to $34.7M but net charge‑offs easing to 0.26% annualized. Capital metrics, including a tangible common equity ratio of 10.0%, remained solid.
A key swing factor is MVB’s Fintech strategy. The company expects a $10.0M pre‑tax gain in Q2 2026 from an existing Fintech investment, projected to increase tangible book value by about $0.59 per share. Future disclosures in periods after Q2 2026 will show how recurring earnings and credit trends develop alongside these strategic investments.
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, and exhibit attachments filed with this report.
Key Figures
Net income: $5.2M
Earnings per share (basic): $0.41
Net interest income: $28.5M
+5 more
8 metrics
Net income
$5.2M
Quarter ended March 31, 2026
Earnings per share (basic)
$0.41
Q1 2026 basic EPS
Net interest income
$28.5M
Q1 2026, up 0.3% from Q4 2025
Net interest margin
3.71%
Q1 2026, up one basis point vs prior quarter
Noninterest expense
$28.1M
Q1 2026, down 10.7% from Q4 2025
Total loans
$2.40B
Balance at March 31, 2026; 2.6% quarterly growth
Nonperforming loans
$34.7M
1.4% of total loans at March 31, 2026
Expected Fintech gain
$10.0M
Pre-tax gain in Q2 2026, +$0.59 tangible book value per share
Key Terms
net interest margin, tangible book value per common share, provision for credit losses, nonperforming loans, +2 more
6 terms
net interest margin financial
"Net interest margin was 3.71%, an increase of one basis point from the prior quarter"
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.
provision for credit losses financial
"Provision for credit losses totaled $1.9 million, compared to $2.1 million for the prior quarter"
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.
nonperforming loans financial
"Nonperforming loans totaled $34.7 million, or 1.4% of total loans, as of March 31, 2026"
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.
Community Bank Leverage Ratio financial
"The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were 10.1%, 12.6% and 13.5%"
Community bank leverage ratio is a regulatory measure that compares a bank’s core capital (its safety cushion) to the size of its balance sheet, showing what share of assets is backed by tangible equity rather than borrowed money. Investors use it like a health check: a higher ratio means the bank has more buffer to absorb losses, support lending and dividends, and face fewer regulatory limits, while a lower ratio signals greater risk.
accumulated other comprehensive loss financial
"Accumulated other comprehensive loss was $18.1 million as of March 31, 2026"
Accumulated other comprehensive loss is the running negative total of certain gains and losses that companies record outside their regular profit-and-loss statement, such as changes in the value of some investments, pension adjustments, or currency translation effects. It matters to investors because it reduces shareholders’ equity and reveals economic swings that haven’t affected reported net income yet — like a side ledger showing pending ups and downs that could influence future cash flow or balance-sheet strength.
Earnings Snapshot
Net income: $5.2M
Q1 2026
Net income
$5.2M
Basic EPS
$0.41
up over 40% year-over-year
Net interest income
$28.5M
+0.3% vs Q4 2025
Net interest margin
3.71%
+0.01 percentage points vs Q4 2025
Noninterest income
$8.2M
below Q4 2025 due to prior quarter securities gain
Noninterest expense
$28.1M
-10.7% vs Q4 2025
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 April 29, 2026 , MVB Financial Corp. issued a press release announcing its financial results for the quarter ended March 31, 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 April 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: April 29, 2026
Exhibit 99.1
N E W S R E L E A S E
MVB Financial Corp. Announces First Quarter 2026 Results
Company to Host a Conference Call and Webcast at 5:00 PM ET
(FAIRMONT, WV) April 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 first 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 $5.2 million, or $0.41 basic and $0.39 diluted earnings per share, for the first quarter of 2026.
First Quarter 2026 Highlights (Compared to Fourth Quarter 2025)
Loan growth up 2.6%, or 10.3% annualized, marking the fourth consecutive quarter of expansion.
Payment card and service charge income up 13.5%.
Noninterest expenses down 10.7%, reflecting technology-driven efficiency initiatives.
Executed balance sheet actions to bring funding costs down and earnings power up.
Sustained momentum in onboarding and payments pipeline activity.
Subsequent to quarter-end, recognized a pre-tax gain of approximately $10.0 million in the second quarter related to an existing Fintech investment, which is expected to increase tangible book value by approximately $0.59 per share.
From Larry F. Mazza, Chief Executive Officer and President, MVB Financial:
“We delivered a strong first quarter, with earnings per share up over 40% year-over-year, demonstrating continued improvement in our core earnings power and establishing a clear trajectory for accelerated growth. Our commitment remains to maximize shareholder value through disciplined execution, continuous improvement of profitability metrics and strategic investments in high-return opportunities.
“This momentum accelerated during the quarter, supported by solid loan growth, continued net interest margin expansion, improved efficiency and progress across our payments-related businesses.
“Additionally, we continued to make strategic investments in artificial intelligence and automation to streamline operations, enhance the customer experience and improve overall execution efficiency. To align our organization with this strategy, we brought our technology and operations functions under unified leadership with Mike Giorgio’s appointment as Chief Operating Officer and strengthened our Board with the addition of Adam Famularo, who adds significant Fintech and artificial intelligence expertise. We are also pleased to welcome Dr. Kelly Nelson as Chairman of the Board and thank Marty Becker for his leadership and meaningful contributions to MVB’s growth and development.
“Finally, subsequent to quarter-end, we recognized a gain in the second quarter related to an existing Fintech investment, further demonstrating the strength of our Fintech platform. Combined with the successful monetization of Victor last year, we believe this underscores our ability to both build and invest in high-value technology businesses, creating incremental value for shareholders.”
FIRST QUARTER 2026 HIGHLIGHTS
•Net Interest Income, Net Interest Margin and Balance Sheet Trends
•Net interest income totaled $28.5 million, an increase of $0.1 million, or 0.3%, from prior quarter, primarily reflecting higher average earning asset balances, partially offset by lower earning asset yields. Earning asset yields during the quarter were impacted by seasonal balance sheet dynamics, including higher levels of interest-bearing balances with banks.
•Net interest margin was 3.71%, an increase of one basis point from the prior quarter, primarily reflecting changes in the balance sheet mix, including higher average levels of noninterest-bearing deposits during the quarter, partially offset by lower earning asset yields. Total cost of funds decreased to 2.17% from 2.30% in the prior quarter, primarily reflecting a higher average balance of noninterest-bearing deposits.
•Average total earning assets increased $63.8 million, or 2.1%, from the prior quarter to $3.11 billion, primarily reflecting higher average loan balances and increased interest-bearing balances with banks, due primarily to seasonal deposit inflows. Total loan balances increased $60.6 million, or 2.6%, from the prior quarter to $2.40 billion, primarily due to increased loan demand and improved market conditions. Loan growth during the quarter was primarily concentrated in March and is expected to contribute more meaningfully to net interest income in subsequent periods.
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•Total deposits were $2.90 billion as of March 31, 2026, an increase of $55.3 million, or 1.9%, from the prior quarter-end, primarily reflecting seasonal deposit inflows in certain banking-as-a-service deposit relationships. Noninterest-bearing deposits represented 34.9% of total deposits as of March 31, 2026, compared to 40.3% as of the prior quarter-end. Fluctuations in noninterest-bearing deposit balances on both an end-of-period and average basis were driven primarily by seasonal deposit inflows. The loan-to-deposit ratio was 83.0% as of March 31, 2026, compared to 82.4% as of the prior quarter-end.
•During the quarter, and as previously disclosed, the Company executed balance sheet optimization actions, including entering into a $20.0 million revolving line of credit and utilizing those proceeds, along with cash on hand, to repay approximately $40.0 million of higher-cost subordinated debt. These actions are expected to reduce funding costs and enhance net interest income, with estimated savings of approximately $1.8 million annually. As these actions were implemented late in the quarter, the full quarter benefit is expected to be realized beginning in the second quarter.
•Noninterest Income and Expense
•Total noninterest income was $8.2 million for the first quarter of 2026, compared to $10.7 million in the prior quarter. The decrease in total noninterest income was primarily due to a holding gain on equity securities recognized in the fourth quarter of 2025. Excluding this item, core fee income increased approximately 3.9%, reflecting higher payment card and service charge income, benefitting from seasonal factors, while equity method investments income from our mortgage segment declined.
•We launched two new Fintech partners in the first quarter of 2026 as we continue to execute on our strong pipeline of Fintech opportunities.
•Total noninterest expense was $28.1 million for the first quarter of 2026, compared to $31.5 million in the prior quarter, a decrease of 10.7%. The improvement from the prior quarter was primarily driven by reduced professional fees and salaries and employee benefits expense. Compared to the prior year period, noninterest expense decreased 2.1%, while operating revenues increased 8.8%, resulting in positive operating leverage.
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•Asset Quality and Capital
•Nonperforming loans totaled $34.7 million, or 1.4% of total loans, as of March 31, 2026, compared to $30.7 million, or 1.3% of total loans, as of December 31, 2025.
•Criticized loans as a percentage of total loans were 3.7% as of March 31, 2026 and, compared to 3.6% as of December 31, 2025. Classified loans as a percentage of total loans were 2.2%, compared to 2.3% as of the prior quarter end.
•Net charge-offs were $1.5 million, or 0.26% annualized of loans, for the first quarter, compared to $3.9 million, or 0.68% annualized, for the prior quarter.
•Provision for credit losses totaled $1.9 million, compared to $2.1 million for the prior quarter. The allowance for credit losses for loans was 0.94% of total loans at March 31, 2026, compared to 0.93% at December 31, 2025.
•Pre-tax, pre-provision earnings were $8.5 million in the first quarter of 2026, compared to $7.6 million in the fourth quarter of 2025 and $5.0 million in the first quarter of 2025.
•The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were 10.1%, 12.6% and 13.5%, respectively, compared to 11.1%, 13.7% and 14.5%, respectively, at the prior quarter-end.
•The tangible common equity ratio, a non-U.S. GAAP financial measure1, was 10.0% as of March 31, 2026, compared to 10.1% as of December 31, 2025 and 10.2% as of March 31, 2025.
•Accumulated other comprehensive loss was $18.1 million as of March 31, 2026, compared to $13.9 million as of December 31, 2025. The increase in accumulated other comprehensive loss during the quarter was primarily due to changes in the unrealized loss on available-for-sale investment securities portfolio, consistent with the increase in long-term market rates.
•Book value per common share and tangible book value per common share, a non-U.S. GAAP measure1, were $26.07 and $25.98, respectively, representing decreases of 0.7%, from the prior quarter-end. The slight change in book value per common share and tangible book value per common share primarily reflects the increase in accumulated other comprehensive loss during the quarter and an increase in outstanding shares due to option exercises.
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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Conference Call and Webcast
The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, April 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 May 13, 2026, by dialing 844-512-2921 (domestic) or 412-317-6671 (international); access code: 13758984. 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; 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;
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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
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-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)
| Quarterly | ||||||||||||||||||||
| 2026 | 2025 | 2025 | ||||||||||||||||||
| First Quarter | Fourth Quarter | First Quarter | ||||||||||||||||||
| Interest income | $ | 44,774 | $ | 45,490 | $ | 43,229 | ||||||||||||||
| Interest expense | 16,322 | 17,111 | 16,553 | |||||||||||||||||
| Net interest income | 28,452 | 28,379 | 26,676 | |||||||||||||||||
| Provision for credit losses | 1,854 | 2,143 | 177 | |||||||||||||||||
| Net interest income after provision for credit losses | 26,598 | 26,236 | 26,499 | |||||||||||||||||
| Total noninterest income | 8,209 | 10,701 | 7,008 | |||||||||||||||||
| Noninterest expense: | ||||||||||||||||||||
| Salaries and employee benefits | 16,152 | 17,372 | 16,412 | |||||||||||||||||
| Other expense | 11,960 | 14,114 | 12,289 | |||||||||||||||||
| Total noninterest expenses | 28,112 | 31,486 | 28,701 | |||||||||||||||||
| Income before income taxes | 6,695 | 5,451 | 4,806 | |||||||||||||||||
| Income taxes | 1,511 | 1,226 | 1,247 | |||||||||||||||||
| Net income, before noncontrolling interest | 5,184 | 4,225 | 3,559 | |||||||||||||||||
| Net loss attributable to noncontrolling interest | — | — | 18 | |||||||||||||||||
| Net income available to common shareholders | $ | 5,184 | $ | 4,225 | $ | 3,577 | ||||||||||||||
| Earnings per share - basic | $ | 0.41 | $ | 0.33 | $ | 0.28 | ||||||||||||||
| Earnings per share - diluted | $ | 0.39 | $ | 0.32 | $ | 0.27 | ||||||||||||||
Noninterest Income
(Unaudited) (Dollars in thousands)
| Quarterly | ||||||||||||||||||||
| 2026 | 2025 | 2025 | ||||||||||||||||||
| First Quarter | Fourth Quarter | First Quarter | ||||||||||||||||||
| Card acquiring income | $ | 790 | $ | 908 | $ | 549 | ||||||||||||||
| Service charges on deposits | 1,080 | 831 | 1,158 | |||||||||||||||||
| Interchange income | 3,216 | 2,741 | 3,278 | |||||||||||||||||
| Total payment card and service charge income | 5,086 | 4,480 | 4,985 | |||||||||||||||||
| Equity method investments income | 1,966 | 2,796 | 645 | |||||||||||||||||
| Compliance and consulting income | — | 21 | 501 | |||||||||||||||||
| Loss on sale of loans | — | — | (69) | |||||||||||||||||
| Investment portfolio gains (losses) | 669 | 3,452 | (308) | |||||||||||||||||
| Gain on divestiture activity | — | 160 | 608 | |||||||||||||||||
| Loss on disposal of assets | — | — | (342) | |||||||||||||||||
| Loss on derivatives | — | (466) | — | |||||||||||||||||
| Other noninterest income | 488 | 258 | 988 | |||||||||||||||||
| Total noninterest income | $ | 8,209 | $ | 10,701 | $ | 7,008 | ||||||||||||||
7
Condensed Consolidated Balance Sheets
(Unaudited) (Dollars in thousands)
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||
| Cash and cash equivalents | $ | 177,635 | $ | 244,125 | $ | 251,450 | ||||||||||||||
| Investment securities available-for-sale | 421,729 | 410,510 | 419,617 | |||||||||||||||||
| Equity securities | 51,459 | 50,643 | 44,317 | |||||||||||||||||
| Loans receivable | 2,403,739 | 2,343,163 | 2,063,296 | |||||||||||||||||
| Less: Allowance for credit losses | (22,605) | (21,827) | (19,165) | |||||||||||||||||
| Loans receivable, net | 2,381,134 | 2,321,336 | 2,044,131 | |||||||||||||||||
| Premises and equipment, net | 10,071 | 10,379 | 11,489 | |||||||||||||||||
| Other assets | 280,270 | 271,925 | 248,683 | |||||||||||||||||
| Total assets | $ | 3,322,298 | $ | 3,308,918 | $ | 3,019,687 | ||||||||||||||
| Noninterest-bearing deposits | $ | 1,011,098 | $ | 1,144,682 | $ | 1,033,056 | ||||||||||||||
| Interest-bearing deposits | 1,886,246 | 1,697,364 | 1,550,742 | |||||||||||||||||
| Subordinated debt | 34,046 | 74,026 | 73,850 | |||||||||||||||||
| Revolving line of credit | 20,000 | — | — | |||||||||||||||||
| Other liabilities | 35,988 | 58,878 | 51,985 | |||||||||||||||||
| Total liabilities | 2,987,378 | 2,974,950 | 2,709,633 | |||||||||||||||||
| Common stock | 14,174 | 14,043 | 13,798 | |||||||||||||||||
| Additional paid-in capital | 172,397 | 170,380 | 165,559 | |||||||||||||||||
| Retained earnings | 193,413 | 190,414 | 173,557 | |||||||||||||||||
| Accumulated other comprehensive loss | (18,061) | (13,866) | (26,119) | |||||||||||||||||
| Treasury stock | (27,003) | (27,003) | (16,741) | |||||||||||||||||
| Total stockholders’ equity | 334,920 | 333,968 | 310,054 | |||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,322,298 | $ | 3,308,918 | $ | 3,019,687 | ||||||||||||||
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Average Balances and Interest Rates
(Unaudited) (Dollars in thousands)
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 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 | $ | 340,906 | $ | 3,031 | 3.61 | % | $ | 363,831 | $ | 3,618 | 3.95 | % | $ | 445,509 | $ | 4,734 | 4.31 | % | ||||||||||||||||||||||||||||||||||||||
| Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable | 361,901 | 4,409 | 4.94 | 330,865 | 3,888 | 4.66 | 327,676 | 2,757 | 3.41 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt 1 | 56,737 | 557 | 3.98 | 53,162 | 556 | 4.15 | 102,681 | 857 | 3.38 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans: 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial | 1,774,717 | 30,232 | 6.91 | 1,720,707 | 30,663 | 7.07 | 1,492,238 | 28,020 | 7.62 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt 1 | 2,286 | 25 | 4.44 | 2,399 | 27 | 4.47 | 2,826 | 30 | 4.31 | |||||||||||||||||||||||||||||||||||||||||||||||
| Real estate | 487,773 | 4,883 | 4.06 | 500,193 | 5,412 | 4.29 | 546,106 | 5,862 | 4.35 | |||||||||||||||||||||||||||||||||||||||||||||||
| Consumer | 84,249 | 1,758 | 8.46 | 73,657 | 1,449 | 7.80 | 62,956 | 1,155 | 7.44 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total loans | 2,349,025 | 36,898 | 6.37 | 2,296,956 | 37,551 | 6.49 | 2,104,126 | 35,067 | 6.76 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total earning assets | 3,108,569 | 44,895 | 5.86 | 3,044,814 | 45,613 | 5.94 | 2,979,992 | 43,415 | 5.91 | |||||||||||||||||||||||||||||||||||||||||||||||
| Less: Allowance for credit losses | (21,829) | (23,497) | (19,630) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 9,947 | 11,614 | 6,979 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other assets | 336,744 | 309,283 | 327,995 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 3,433,431 | $ | 3,342,214 | $ | 3,295,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOW | $ | 709,743 | $ | 5,217 | 2.98 | % | $ | 820,803 | $ | 5,687 | 2.75 | % | $ | 481,322 | $ | 3,134 | 2.64 | % | ||||||||||||||||||||||||||||||||||||||
| Money market checking | 542,170 | 3,072 | 2.30 | 481,573 | 2,864 | 2.36 | 335,743 | 2,092 | 2.53 | |||||||||||||||||||||||||||||||||||||||||||||||
| Savings | 149,883 | 1,197 | 3.24 | 153,130 | 1,147 | 2.97 | 89,924 | 582 | 2.62 | |||||||||||||||||||||||||||||||||||||||||||||||
| IRAs | 7,137 | 60 | 3.41 | 7,406 | 66 | 3.54 | 7,722 | 81 | 4.25 | |||||||||||||||||||||||||||||||||||||||||||||||
| CDs | 550,973 | 5,764 | 4.24 | 587,912 | 6,429 | 4.34 | 814,782 | 9,793 | 4.87 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 1,959,906 | 15,310 | 3.17 | 2,050,824 | 16,193 | 3.13 | 1,729,493 | 15,682 | 3.68 | |||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase agreements and federal funds sold | 4,186 | 21 | 2.03 | 3,153 | 13 | 1.64 | 3,167 | 15 | 1.92 | |||||||||||||||||||||||||||||||||||||||||||||||
| FHLB and other borrowings | 56 | 1 | 7.24 | — | — | — | 5,115 | 59 | 4.68 | |||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated debt | 60,707 | 858 | 5.73 | 74,015 | 905 | 4.85 | 73,828 | 797 | 4.38 | |||||||||||||||||||||||||||||||||||||||||||||||
| Revolving line of credit | 7,556 | 132 | 7.08 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 2,032,411 | 16,322 | 3.26 | 2,127,992 | 17,111 | 3.19 | 1,811,603 | 16,553 | 3.71 | |||||||||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 1,011,690 | 824,967 | 1,130,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 50,811 | 58,816 | 48,684 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities | 3,094,912 | 3,011,775 | 2,991,187 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | 14,117 | 13,954 | 13,796 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paid-in capital | 171,040 | 168,589 | 164,967 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury stock | (27,003) | (26,917) | (16,741) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained earnings | 193,468 | 189,132 | 170,365 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated other comprehensive loss | (13,103) | (14,319) | (28,275) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total stockholders’ equity attributable to parent | 338,519 | 330,439 | 304,112 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling interest | — | — | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total stockholders’ equity | 338,519 | 330,439 | 304,149 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,433,431 | $ | 3,342,214 | $ | 3,295,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and margin (tax-equivalent)1 | $ | 28,573 | 3.73 | % | $ | 28,502 | 3.71 | % | $ | 26,862 | 3.66 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Less: Tax-equivalent adjustments | (121) | (123) | (186) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income and margin | $ | 28,452 | 3.71 | % | $ | 28,379 | 3.70 | % | $ | 26,676 | 3.63 | % | ||||||||||||||||||||||||||||||||||||||||||||
2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.
9
Selected Financial Data
(Unaudited) (Dollars in thousands, except share and per share data)
| Quarterly | ||||||||||||||||||||
| 2026 | 2025 | 2025 | ||||||||||||||||||
| First Quarter | Fourth Quarter | First Quarter | ||||||||||||||||||
| Earnings and Per Share Data: | ||||||||||||||||||||
| Net income | $ | 5,184 | $ | 4,225 | $ | 3,577 | ||||||||||||||
| Earnings per share - basic | $ | 0.41 | $ | 0.33 | $ | 0.28 | ||||||||||||||
| Earnings per share - diluted | $ | 0.39 | $ | 0.32 | $ | 0.27 | ||||||||||||||
| Cash dividends paid per common share | $ | 0.17 | $ | 0.17 | $ | 0.17 | ||||||||||||||
| Book value per common share | $ | 26.07 | $ | 26.26 | $ | 23.94 | ||||||||||||||
Tangible book value per common share 1 | $ | 25.98 | $ | 26.17 | $ | 23.85 | ||||||||||||||
| Weighted-average shares outstanding - basic | 12,795,271 | 12,630,451 | 12,948,178 | |||||||||||||||||
| Weighted-average shares outstanding - diluted | 13,191,405 | 13,082,568 | 13,181,213 | |||||||||||||||||
| Performance Ratios: | ||||||||||||||||||||
Return on average assets 2 | 0.6 | % | 0.5 | % | 0.4 | % | ||||||||||||||
Return on average equity 2 | 6.1 | % | 5.1 | % | 4.7 | % | ||||||||||||||
Net interest margin 3 4 | 3.73 | % | 3.71 | % | 3.66 | % | ||||||||||||||
Efficiency ratio 5 | 76.7 | % | 80.6 | % | 85.2 | % | ||||||||||||||
Overhead ratio 2 6 | 3.3 | % | 3.8 | % | 3.5 | % | ||||||||||||||
| Equity to assets | 10.1 | % | 10.1 | % | 10.3 | % | ||||||||||||||
| Asset Quality Data and Ratios: | ||||||||||||||||||||
| Charge-offs | $ | 1,890 | $ | 4,143 | $ | 1,387 | ||||||||||||||
| Recoveries | $ | 392 | $ | 256 | $ | 530 | ||||||||||||||
Net loan charge-offs to total loans 2, 7 | 0.26 | % | 0.68 | % | 0.17 | % | ||||||||||||||
| Allowance for credit losses | $ | 22,605 | $ | 21,827 | $ | 19,165 | ||||||||||||||
Allowance for credit losses to total loans | 0.94 | % | 0.93 | % | 0.93 | % | ||||||||||||||
| Nonperforming loans | $ | 34,740 | $ | 30,655 | $ | 20,272 | ||||||||||||||
| Nonperforming loans to total loans | 1.4 | % | 1.3 | % | 1.0 | % | ||||||||||||||
Mortgage Company Equity Method Investees Production Data8: | ||||||||||||||||||||
| Mortgage pipeline | $ | 1,126,262 | $ | 1,127,211 | $ | 1,078,835 | ||||||||||||||
| Loans originated | $ | 1,406,921 | $ | 1,455,199 | $ | 1,310,702 | ||||||||||||||
| Loans closed | $ | 936,789 | $ | 1,027,560 | $ | 888,022 | ||||||||||||||
| Loans sold | $ | 747,829 | $ | 721,185 | $ | 644,683 | ||||||||||||||
1 Common equity, less total goodwill and intangibles per common share, a non-U.S. GAAP measure. See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 11.
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.
10
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 | ||||||||||||||||||||
| (Dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||||||||||
| Net interest margin - U.S. GAAP basis | ||||||||||||||||||||
| Net interest income | $ | 28,452 | $ | 28,379 | $ | 26,676 | ||||||||||||||
| Average interest-earning assets | $ | 3,108,569 | $ | 3,044,814 | $ | 2,979,992 | ||||||||||||||
| Net interest margin | 3.71 | % | 3.70 | % | 3.63 | % | ||||||||||||||
| Net interest margin - non-U.S. GAAP basis | ||||||||||||||||||||
| Net interest income | $ | 28,452 | $ | 28,379 | $ | 26,676 | ||||||||||||||
| Impact of fully tax-equivalent adjustment | 121 | 123 | 186 | |||||||||||||||||
| Net interest income on a fully tax-equivalent basis | $ | 28,573 | $ | 28,502 | $ | 26,862 | ||||||||||||||
| Average interest-earning assets | $ | 3,108,569 | $ | 3,044,814 | $ | 2,979,992 | ||||||||||||||
| Net interest margin on a fully tax-equivalent basis | 3.73 | % | 3.71 | % | 3.66 | % | ||||||||||||||
Non-U.S. GAAP Reconciliation: Tangible Book Value per Common Share and Tangible Common Equity Ratio
(Unaudited) (Dollars in thousands, except per share data)
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||
| Tangible Book Value per Common Share | ||||||||||||||||||||
| Goodwill | $ | 1,200 | $ | 1,200 | $ | 1,200 | ||||||||||||||
| Intangibles | — | — | — | |||||||||||||||||
| Total intangibles | $ | 1,200 | 1,200 | 1,200 | ||||||||||||||||
| Total equity attributable to parent | $ | 334,920 | 333,968 | 310,054 | ||||||||||||||||
| Less: Total intangibles | (1,200) | (1,200) | (1,200) | |||||||||||||||||
| Tangible common equity | $ | 333,720 | $ | 332,768 | $ | 308,854 | ||||||||||||||
| Tangible common equity | $ | 333,720 | $ | 332,768 | $ | 308,854 | ||||||||||||||
| Common shares outstanding (000s) | 12,847 | 12,716 | 12,950 | |||||||||||||||||
| Tangible book value per common share | $ | 25.98 | $ | 26.17 | $ | 23.85 | ||||||||||||||
| Tangible Common Equity Ratio | ||||||||||||||||||||
| Total assets | $ | 3,322,298 | $ | 3,308,918 | $ | 3,019,687 | ||||||||||||||
| Less: Total intangibles | (1,200) | (1,200) | (1,200) | |||||||||||||||||
| Tangible assets | $ | 3,321,098 | $ | 3,307,718 | $ | 3,018,487 | ||||||||||||||
| Tangible assets | $ | 3,321,098 | $ | 3,307,718 | $ | 3,018,487 | ||||||||||||||
| Tangible common equity | $ | 333,720 | $ | 332,768 | $ | 308,854 | ||||||||||||||
| Tangible common equity ratio | 10.0 | % | 10.1 | % | 10.2 | % | ||||||||||||||
11
FAQ
How did MVB Financial Corp. (MVBF) perform in the first quarter of 2026?
MVB Financial generated net income of $5.2 million in the first quarter of 2026, with basic EPS of $0.41. Results reflected modest loan growth, stable 3.71% net interest margin, lower operating expenses, and higher pre-tax, pre-provision earnings compared with recent periods.
What were MVB Financial Corp. (MVBF)'s key revenue and margin metrics for Q1 2026?
Net interest income was $28.5 million in Q1 2026, up slightly from the prior quarter, and net interest margin was 3.71%. Total noninterest income reached $8.2 million, below the prior quarter that included a large securities gain, but supported by higher payment card and service charge income.
How did loans and deposits trend at MVB Financial Corp. (MVBF) in Q1 2026?
Total loan balances increased 2.6% from the prior quarter to $2.40 billion, reflecting stronger demand and improved market conditions. Total deposits rose to $2.90 billion, and the loan-to-deposit ratio was 83.0% at March 31, 2026, indicating balanced funding and lending growth.
What is the asset quality picture for MVB Financial Corp. (MVBF) as of March 31, 2026?
Nonperforming loans were $34.7 million, or 1.4% of total loans, slightly higher than the prior quarter. Net charge-offs declined to $1.5 million, or 0.26% annualized, and the allowance for credit losses covered 0.94% of total loans, showing cautious but manageable credit trends.
How strong is MVB Financial Corp. (MVBF)'s capital position after Q1 2026?
At March 31, 2026, MVB reported a tangible common equity ratio of 10.0% and total stockholders’ equity of $334.9 million. Regulatory capital ratios such as the Community Bank Leverage Ratio and risk-based measures remained comfortably above minimum requirements, supporting ongoing growth.
What impact will MVB Financial Corp. (MVBF)'s Fintech investments have on future results?
After quarter-end, MVB recognized an expected second-quarter pre-tax gain of about $10.0 million on an existing Fintech investment, projected to increase tangible book value by roughly $0.59 per share. This follows earlier monetization activity and highlights the financial contribution of its Fintech platform.