This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

MVB Financial Corp. Reports Positive Third Quarter 2013 Earnings

FAIRMONT, W.Va., Nov. 12, 2013 /PRNewswire/ -- MVB Financial Corp., (OTC Markets Group OTCQB: MVBF), and its subsidiary bank, MVB Bank, Inc., (MVB), today announced quarterly results for the period ending September 30, 2013. Net income for the nine month period in 2013 was $3.43 million, an increase of 26 percent compared to the same period of 2012.

The continued strong performance in the 2013 third quarter is due primarily to overall growth in deposits, loans and total assets compared to the 2012 third quarter and the second quarter of 2013. During the third quarter, MVB continued to pursue and act upon strategic investment opportunities aimed at long term growth in the retail and commercial markets.   

Total deposits of $620 million during the first three quarters of 2013 reflect a 35.5 percent increase compared to the same period of 2012.

During the third quarter, MVB reduced the ownership percentage, from 50 percent to 25 percent, of a mortgage loan processing entity, Lender Service Provider, LLC ("LSP"), that was acquired with subsidiary, Potomac Mortgage Group, which now does business as MVB Mortgage, with the addition of two new members to LSP. This transaction will reduce MVB's on-going mortgage processing costs by adding additional volume to the LSP mortgage processing entity and also witnessed MVB recognizing revenue on the sale of the membership interest. 

MVB's net interest income for the third quarter of 2013 was $4.7 million, or an increase of 7.3 percent over the same period in 2012. Total loans for the nine month period in 2013 grew by $76 million, or an increase of 17 percent, compared to the end of September 2012. Expenses increased commensurately in the third quarter this year compared to a year ago due to organic and acquired growth, as well as for expenses related to strategic acquisition activity and the previously referenced equity sale related to the loan processing entity.

MVB's nonperforming loan ratio remains among the lowest in the country. In fact, MVB Bank has consistently received the highest Superior 5-Star Rating from Bauer Financial, Inc. during the past several years for the overall safety, soundness and quality of the bank, which ranks among the best in the industry.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,288.63 +155.93 0.86%
S&P 500 2,117.39 +12.89 0.61%
NASDAQ 5,008.0960 +44.5690 0.90%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs