MVB Financial Q3 net income $3.9M; NIM improves, but criticized loans jump to 6.1%

MVB FINANCIAL CORP

2023-Q3 EPS reported $1.79

Net income $3.9M ($0.29 diluted EPS); net interest margin up 10 bps to 3.87%.
Total deposits up 2.7% QoQ to $3.04B; noninterest-bearing deposits up 10.8%.
Nonperforming loans down 22.4% to $10.6M, but criticized loans rose to 6.1% from 3.1%.
Net charge-offs surged to $5.9M (1.0% annualized) vs $1.2M prior quarter, driven by one energy client.
Noninterest expense up 1.5% to $30.7M on higher professional fees for compliance enhancements.

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 the third quarter of 2023 results: net income net income of $3.9 million, EPS $0.30 basic and $0.29 diluted earnings per share.

Period: the third quarter of 2023
Net income: net income of $3.9 million
EPS: $0.30 basic and $0.29 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 2023, with reported net income of $3.9 million, or $0.30 basic and $0.29 diluted earnings per share.

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Source: SEC EDGAR

accession 0001277902-23-000176

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