secwatch.observer — SEC 8-K summary
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Issuer:     MVB FINANCIAL CORP (MVBF)
CIK:        0001277902
Form:       8-K
Filed at:   2022-10-31T23:59:59+00:00
Accession:  0001277902-22-000099
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1277902/000127790222000099/0001277902-22-000099-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1277902/000127790222000099/mvbf-20221031.htm
  HTML page:      https://secwatch.observer/filing/0001277902-22-000099

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