secwatch.observer — SEC 8-K summary
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Issuer:     MVB FINANCIAL CORP (MVBF)
CIK:        0001277902
Form:       8-K
Filed at:   2023-07-27T23:59:59+00:00
Accession:  0001277902-23-000153
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1277902/000127790223000153/0001277902-23-000153-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1277902/000127790223000153/mvbf-20230727.htm
  HTML page:      https://secwatch.observer/filing/0001277902-23-000153

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