MVB Financial Q3 net income $2.7M, EPS $0.21; announces 12% expense reduction plan

MVB FINANCIAL CORP

2022-Q3 EPS reported $0.66

Net income of $2.7M, down from $11.8M in Q3 2021; diluted EPS $0.21 vs $0.92 a year ago.
Net interest income (tax-equiv) $30.1M, up 11.8% QoQ and 55.1% YoY on loan growth and margin expansion.
Total deposits $2.70B, up 3.1% QoQ; noninterest-bearing deposits 52% of total.
Loans $2.47B, up 11.6% QoQ; provision for loan losses $5.1M (flat QoQ).
Targeting 12% reduction in annualized Q3 noninterest expense base; 75% of savings by Q1 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MVB FINANCIAL CORP reported third quarter of 2022 results: net income $2.7 million, EPS $0.22 basic and $0.21 diluted earnings per share.

Period: third quarter of 2022
Net income: $2.7 million
EPS: $0.22 basic and $0.21 diluted earnings per share
Result: reported results

Exact text from the filing

MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”), the holding company for MVB Bank, Inc. ("MVB Bank"), today announced financial results for the third quarter of 2022, with reported net income of $2.7 million, or $0.22 basic and $0.21 diluted earnings per share.

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Source: SEC EDGAR

accession 0001277902-22-000099

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