MVB Financial Q1 net income $4.5M; fintech fee income up 26% QoQ, NIM compresses to 3.83%

MVB FINANCIAL CORP

2024-Q1 EPS reported $0.34

Net income of $4.5M ($0.34 diluted EPS); total revenue up 6.8% QoQ to $38.1M (non-GAAP).
Fintech fee income (payment card/service charge) grew 26.3% QoQ and 33.3% YoY to $4.8M.
Net interest margin (tax-equiv) fell 23 bps QoQ to 3.83%; cost of funds rose to 2.52%.
Total deposits rose 8.4% QoQ to $3.15B; noninterest-bearing deposits up 16.2% to $1.39B.
Nonperforming loans decreased 8.7% to $7.5M; net charge-offs of $1.3M vs $0.5M prior quarter.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MVB FINANCIAL CORP reported first quarter of 2024 results: net income $4.5 million, EPS $0.35 basic and $0.34 diluted earnings per share.

Period: first quarter of 2024
Net income: $4.5 million
EPS: $0.35 basic and $0.34 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 first quarter of 2024, with reported net income of $4.5 million, or $0.35 basic and $0.34 diluted earnings per share.

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Source: SEC EDGAR

accession 0001277902-24-000028

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