Mvb Financial ( (MVBF) ) has realeased its Q3 earnings. Here is a breakdown of the information Mvb Financial presented to its investors.
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MVB Financial Corp., headquartered in Fairmont, West Virginia, is a financial holding company that provides banking and financial services through its subsidiary MVB Bank and its affiliates, serving clients primarily in the Mid-Atlantic region.
MVB Financial reported a net income of $2.1 million for the third quarter of 2024, with earnings per share of $0.16. The company faced a reduction in earnings per share due to its exit from the digital asset program, which impacted results negatively. Despite these challenges, MVB saw growth in payments-related deposits and maintained a strong capital position.
Key highlights of the quarter include a 60.8% increase in payments-related deposits, which contributed to an overall deposit growth of 4.1%, amounting to $3 billion. The bank’s tangible book value per share rose by 2.2% to $23.20, and the loan-to-deposit ratio decreased slightly to 72.3%. The company also noted a 6.8% decrease in noninterest income due to the exit from the digital asset program, although there was progress in fintech fees and mortgage income.
MVB Financial’s strategic shift, particularly the wind-down of the digital asset program, has temporarily impacted earnings. However, the company is focused on a revised strategy with an emphasis on payments and is well-positioned for potential future growth and profitability improvements.
Looking ahead, MVB Financial aims to leverage its enhanced capital strength and asset quality to drive future growth, with the management emphasizing a strategic focus on core initiatives to navigate the evolving financial landscape effectively.
