MVB Financial Q4 2024 net income $9.4M, driven by $11.8M sale-leaseback gain

MVB FINANCIAL CORP

2024-FY EPS reported $1.53

Net income $9.4M ($0.72 diluted EPS), up $7.4M from Q3; revenue boosted by $11.8M gain on sale-leaseback.
Noninterest income surged 219.7% QoQ to $21.3M; noninterest expense up 14% to $33.6M on higher personnel/legal costs.
Loans fell 3.3% QoQ to $2.10B; deposits dropped 10.3% to $2.69B; NIM narrowed 15bp to 3.46% (FTE).
Nonperforming loans $24.6M (1.2% of loans) vs $8.3M (0.4%) a year ago; provision for credit losses $0.3M.
Capital ratios improved; CBLR 11.2%, Tier1 RBC 15.1%; dividend held at $0.17/share. Named Jeffrey Weidley as Chief Deposit Officer and Joe Rodriguez as Chief Risk Officer.

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