MVB Financial Q2 2023 net income $8.1M; deposits down 6.1%, margin contracts 60bps

MVB FINANCIAL CORP

2023-Q2 EPS reported $1.50

Net income of $8.1M ($0.63 diluted EPS); NIM (tax-equivalent) fell 60bps QoQ to 3.80%.
Total deposits declined 6.1% ($191.9M) to $2.96B QoQ; NIB deposits down 12.9%.
Sold $20.4M subprime auto loans; allowance for credit losses released $4.2M vs provision of $4.6M in Q1.
Noninterest expense rose 6.9% to $30.3M on professional fees for risk/compliance build-out.
Off-balance sheet deposits grew to $1.1B; loan-to-deposit ratio 78.1%; no FHLB borrowings outstanding.

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 second quarter of 2023 results: net income $8.1 million, EPS $0.64 basic and $0.63 diluted earnings per share.

Period: second quarter of 2023
Net income: $8.1 million
EPS: $0.64 basic and $0.63 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 second quarter of 2023, with reported net income of $8.1 million, or $0.64 basic and $0.63 diluted earnings per share.

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MVB FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001277902-23-000153

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