secwatch.observer — SEC 8-K summary
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Issuer:     MVB FINANCIAL CORP (MVBF)
CIK:        0001277902
Form:       8-K
Filed at:   2024-04-29T23:59:59+00:00
Accession:  0001277902-24-000028
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1277902/000127790224000028/0001277902-24-000028-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1277902/000127790224000028/mvbf-20240429.htm
  HTML page:      https://secwatch.observer/filing/0001277902-24-000028

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