MVB Financial Q2 net income $4.1M; exits digital asset program, NPLs jump to 1.0%

MVB FINANCIAL CORP

2024-Q2 EPS reported $0.66

Net income $4.1M ($0.31 diluted EPS); exit of digital asset program reduced EPS by $0.08.
Noninterest expense down 4.2% QoQ to $28.9M; net interest margin contracted 8 bps to 3.75%.
Deposits fell 8.3% to $2.88B; noninterest bearing deposits declined 29.3% to $983.8M.
Nonperforming loans surged to $23.1M (1.0% of loans) from $7.5M (0.3%), driven by one $14.6M multifamily construction loan.
Tangible book value per share $22.70, up 1% QoQ; dividend unchanged at $0.17; capital ratios improved.

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