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.
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