secwatch.observer — SEC 8-K summary
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Issuer:     MVB FINANCIAL CORP (MVBF)
CIK:        0001277902
Form:       8-K
Filed at:   2024-07-29T23:59:59+00:00
Accession:  0001277902-24-000114
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1277902/000127790224000114/0001277902-24-000114-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1277902/000127790224000114/mvbf-20240729.htm
  HTML page:      https://secwatch.observer/filing/0001277902-24-000114

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