MVB Financial Corp. Announces Fourth Quarter and Full Year 2025 Results

FAIRMONT, W.Va.--( BUSINESS WIRE)--MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”), the holding company for MVB Bank, Inc. ("MVB Bank"), today announced financial results for the fourth quarter and year ended December 31, 2025. The Fintech-enabled bank powering payments, banking-as-a-service, Fintech lending sponsorship and gaming programs for leading Fintech companies nationwide reported net income of $4.2 million, or $0.33 basic and $0.32 diluted earnings per share, for the fourth quarter 2025.

"MVB delivered solid fourth quarter results to close out a successful 2025, with strong momentum building across our entire business platform." - Larry F. Mazza, CEO & President, MVB Financial

Fourth Quarter 2025 Highlights As Compared To Third Quarter 2025

Net interest income grew 6.8% to $28.4 million.

Expanded net interest margin by 17 basis points to 3.70%.

Strong loan growth at 3.7%.

Noninterest bearing deposits up to 40.3% of total deposits.

Payment card and service charge income increased 19.4%.

Maintained strong capital and liquidity positions.

Onboarding payment opportunities and pipeline remained robust.

From Larry F. Mazza, Chief Executive Officer, MVB Financial:

“MVB delivered solid fourth quarter results to close out a successful 2025, with strong momentum building across our entire business platform. We benefited from the tailwind of net interest income growth, net interest margin expansion and a third consecutive quarter of strong loan growth. Loan pipelines remain healthy and core fee income categories continue to build momentum as we enter the first quarter of 2026, positioning us for sustained growth.

“2025 was a year of significant accomplishment for MVB – one in which we strengthened fundamentals across the board, sharpened our strategic focus and laid the groundwork for sustained improvement. Additionally, the successful sale of Victor validated our innovative Fintech incubator strategy, while providing capital flexibility to accelerate our growth initiatives and further optimize our balance sheet. We’re executing on our strategic initiatives and building toward enhanced profitability that positions us well for 2026 and beyond. In addition, my recent personal decision to exercise options and retain all shares underscores my deep confidence in our strategic execution and strong momentum in our business.”

FOURTH QUARTER 2025 HIGHLIGHTS

1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.

About MVB Financial Corp.

MVB Financial, the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market® (“Nasdaq”) under the ticker “MVBF.”

MVB is a financial holding company headquartered in Fairmont, West Virginia. Through its subsidiary, MVB Bank, and MVB Bank’s subsidiaries, MVB Financial provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond.

Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services.

For more information about MVB, please visit ir.mvbbanking.com.

Forward-looking Statements

MVB Financial has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and are subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may,” “could,” “should,” “would,” “will,” “plans,” “believes,” “estimates,” “expects,” “anticipates,” “intends,” “continues” or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity and credit risk; changes in market interest rates; inability to successfully execute business plans, including strategies related to investments in Fintech companies; competition; unforeseen events, such as pandemics or natural disasters, and any governmental or societal responses thereto; changes in economic, business and political conditions, including, without limitation, the imposition of international trade policies and any retaliatory responses thereto; changes in demand for loan products and deposit flow; changes in deposit classifications; operational risks and risk management failures; and government regulation and supervision. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as its other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. Except as required by law, the Company disclaims any obligation to update, revise or correct any forward-looking statements.

Accounting standards require the consideration of subsequent events occurring after the balance sheet date for matters that require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s financial statements when filed with the SEC. Accordingly, the consolidated financial information in this announcement is subject to change.

Non-GAAP Financial Measures

This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these non-GAAP measures in its analysis of the Company’s performance. These measures should not be considered a substitute for GAAP basis measures, nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company’s financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by the Company. As a complement to GAAP financial measures, management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.

MVB Financial Corp.

Financial Highlights

Consolidated Statements of Income

(Unaudited) (Dollars in thousands, except per share data)

Three Months Ended

Twelve Months Ended

2025

2024

2025

2024

Fourth Quarter

Third Quarter

Fourth Quarter

Interest income

45,490

44,220

43,058

175,323

185,842

Interest expense

17,111

17,647

18,154

67,915

76,644

Net interest income

28,379

26,573

24,904

107,408

109,198

Provision for credit losses

2,143

4,427

331

8,737

3,541

Net interest income after provision for credit losses

26,236

22,146

24,573

98,671

105,657

Total noninterest income

10,701

34,612

21,280

60,266

42,913

Noninterest expense:

Salaries and employee benefits

17,372

21,399

18,795

70,984

67,955

Other expense

14,114

11,932

14,825

51,103

54,271

Total noninterest expenses

31,486

33,331

33,620

122,087

122,226

Income before income taxes

5,451

23,427

12,233

36,850

26,344

Income taxes

1,226

6,291

2,795

9,928

6,099

Net income, before noncontrolling interest

4,225

17,136

9,438

26,922

20,245

Net loss (income) attributable to noncontrolling interest

—

(154

)

Net income available to common shareholders

4,225

17,136

9,440

26,940

20,091

Earnings per share - basic

0.33

1.36

0.73

2.11

1.56

Earnings per share - diluted

0.32

1.32

0.72

2.06

1.53

Noninterest Income

(Unaudited) (Dollars in thousands)

Three Months Ended

Twelve Months Ended

2025

2024

2025

2024

Fourth Quarter

Third Quarter

Fourth Quarter

Card acquiring income

908

500

489

2,455

1,413

Service charges on deposits

831

970

859

4,034

4,573

Interchange income

2,741

2,283

2,470

11,382

10,314

Total payment card and service charge income

4,480

3,753

3,818

17,871

16,300

Equity method investments income

2,796

2,395

1,319

8,151

1,421

Compliance and consulting income

1,110

584

4,675

Gain (loss) on sale of loans

—

1,012

(149

)

1,038

Investment portfolio gains (losses)

3,452

(6,638

)

721

(3,660

)

1,945

Gain on divestiture activity

160

34,086

—

34,854

—

(Loss) gain on disposal of assets

—

(47

)

11,771

(404

)

11,703

(Loss) gain on derivatives

(466

)

—

(466

)

Other noninterest income

258

1,007

1,469

3,485

5,771

Total noninterest income

10,701

34,612

21,280

60,266

42,913

Condensed Consolidated Balance Sheets

(Unaudited) (Dollars in thousands)

December 31, 2025

September 30, 2025

December 31, 2024

Cash and cash equivalents

244,125

300,042

317,913

Securities available-for-sale, at fair value

410,510

324,709

410,959

Equity securities

50,643

44,199

42,583

Loans receivable

2,343,163

2,259,386

2,100,131

Less: Allowance for credit losses

(21,827

)

(23,322

)

(19,663

)

Loans receivable, net

2,321,336

2,236,064

2,080,468

Premises and equipment, net

10,379

10,351

12,475

Assets held-for-sale

—

2,278

Other assets

271,925

317,588

262,028

Total assets

3,308,918

3,232,953

3,128,704

Noninterest-bearing deposits

1,144,682

1,027,231

940,994

Interest-bearing deposits

1,697,364

1,748,847

1,752,621

Subordinated debt

74,026

73,976

73,787

Liabilities held-for-sale

—

720

Other liabilities

58,878

55,147

54,791

Stockholders' equity

333,968

327,752

305,791

Total liabilities and stockholders' equity

3,308,918

3,232,953

3,128,704

Average Balances and Interest Rates

(Unaudited) (Dollars in thousands)

Three Months Ended

December 31, 2025

September 30, 2025

December 31, 2024

Average

Balance

Interest

Income/

Expense

Yield/

Cost

Average

Balance

Interest

Income/

Expense

Yield/

Cost

Average

Balance

Interest

Income/

Expense

Yield/

Cost

Assets

Interest-bearing balances with banks

363,831

3,618

3.95

410,979

4,396

4.24

358,699

4,191

4.65

Investment securities:

Taxable

330,865

3,888

4.66

299,747

3,144

4.16

290,468

2,199

3.01

Tax-exempt 1

53,162

556

4.15

94,081

822

3.47

105,190

851

3.22

Loans and loans held-for-sale: 2

Commercial

1,720,707

30,663

7.07

1,589,996

29,194

7.28

1,504,730

28,727

7.59

Tax-exempt 1

2,399

4.47

2,588

4.45

2,939

4.33

Real estate

500,193

5,412

4.29

527,420

5,638

4.24

560,790

6,025

4.27

Consumer

73,657

1,449

7.80

61,642

1,177

7.58

64,700

1,219

7.50

Total loans

2,296,956

37,551

6.49

2,181,646

36,038

6.55

2,133,159

36,003

6.71

Total earning assets

3,044,814

45,613

5.94

2,986,453

44,400

5.90

2,887,516

43,244

5.96

Less: Allowance for credit losses

(23,497

)

(21,157

)

(21,542

)

Cash and due from banks

11,614

11,012

6,407

Other assets

309,283

299,774

284,294

Total assets

3,342,214

3,276,082

3,156,675

Liabilities

Deposits:

NOW

820,803

5,687

2.75

746,687

5,676

3.02

529,505

4,092

3.07

Money market checking

481,573

2,864

2.36

486,684

3,216

2.62

344,546

2,296

2.65

Savings

153,130

1,147

2.97

151,801

1,249

3.26

68,875

288

1.66

IRAs

7,406

3.54

7,410

3.59

8,085

4.53

CDs

587,912

6,429

4.34

601,020

6,628

4.38

834,668

10,561

5.03

Repurchase agreements and federal funds sold

3,153

1.64

3,309

1.68

3,904

2.14

FHLB and other borrowings

—

145

—

Subordinated debt

74,015

905

4.85

73,951

797

4.28

73,765

804

4.34

Total interest-bearing liabilities

2,127,992

17,111

3.19

2,071,007

17,647

3.38

1,863,359

18,154

3.88

Noninterest-bearing demand deposits

824,967

862,124

961,142

Other liabilities

58,816

43,482

35,055

Total liabilities

3,011,775

2,976,613

2,859,556

Stockholders’ equity

Common stock

13,954

13,883

13,785

Paid-in capital

168,589

166,488

163,986

Treasury stock

(26,917

)

(25,578

)

(16,741

)

Retained earnings

189,132

172,258

161,382

Accumulated other comprehensive loss

(14,319

)

(27,582

)

(25,416

)

Total stockholders’ equity attributable to parent

330,439

299,469

296,996

Noncontrolling interest

—

123

Total stockholders’ equity

330,439

299,469

297,119

Total liabilities and stockholders’ equity

3,342,214

3,276,082

3,156,675

Net interest spread (tax-equivalent)

2.75

2.52

2.08

Net interest income and margin (tax-equivalent) 1

28,502

3.71

26,753

3.55

25,090

3.46

Less: Tax-equivalent adjustments

(123

)

(180

)

(186

)

Net interest spread

2.74

2.49

2.05

Net interest income and margin

28,379

3.70

26,573

3.53

24,904

3.43

1 In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 21% for the periods presented, which is a non-GAAP financial measure. See the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 12.

2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.

Twelve Months Ended

December 31, 2025

December 31, 2024

Average

Balance

Interest

Income/

Expense

Yield/

Cost

Average

Balance

Interest

Income/

Expense

Yield/

Cost

Assets

Interest-bearing balances with banks

387,985

16,340

4.21

422,165

21,814

5.17

Investment securities:

Taxable

315,936

12,618

3.99

261,986

7,693

2.94

Tax-exempt 1

86,231

3,052

3.54

104,765

3,287

3.14

Loans and loans held-for-sale: 2

Commercial

1,573,561

116,248

7.39

1,570,284

122,839

7.82

Tax-exempt 1

2,632

117

4.45

3,175

139

4.38

Real estate

527,951

22,737

4.31

564,633

25,474

4.51

Consumer

64,840

4,878

7.52

70,943

5,314

7.49

Total loans

2,168,984

143,980

6.64

2,209,035

153,766

6.96

Total earning assets

2,959,136

175,990

5.95

2,997,951

186,560

6.22

Less: Allowance for loan losses

(20,947

)

(22,108

)

Cash and due from banks

9,472

5,246

Other assets

309,450

302,304

Total assets

3,257,111

3,283,393

Liabilities

Deposits:

NOW

687,351

19,463

2.83

521,337

17,587

3.37

Money market checking

416,336

10,457

2.51

396,881

12,770

3.22

Savings

128,233

3,898

3.04

115,270

3,756

3.26

IRAs

7,487

282

3.77

7,990

338

4.23

CDs

664,472

30,394

4.57

760,714

38,654

5.08

Repurchase agreements and federal funds sold

3,427

1.93

3,477

1.27

FHLB and other borrowings

1,300

4.54

6.46

Senior term loan 3

—

2,355

264

11.21

Subordinated debt

73,922

3,296

4.46

73,667

3,229

4.38

Total interest-bearing liabilities

1,982,528

67,915

3.43

1,881,716

76,644

4.07

Noninterest-bearing demand deposits

915,744

1,071,900

Other liabilities

48,764

37,683

Total liabilities

2,947,036

2,991,299

Stockholders’ equity

Common stock

13,865

13,738

Paid-in capital

166,424

162,811

Treasury stock

(21,854

)

(16,741

)

Retained earnings

176,329

161,181

Accumulated other comprehensive loss

(24,698

)

(28,821

)

Total stockholders’ equity attributable to parent

310,066

292,168

Noncontrolling interest

(74

)

Total stockholders’ equity

310,075

292,094

Total liabilities and stockholders’ equity

3,257,111

3,283,393

Net interest spread (tax-equivalent)

2.52

2.15

Net interest income and margin (tax-equivalent) 1

108,075

3.65

109,916

3.67

Less: Tax-equivalent adjustments

(667

)

(718

)

Net interest spread

2.49

2.13

Net interest income and margin

107,408

3.63

109,198

3.64

2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.

3 The senior term loan was paid off in May 2024, and the unamortized debt issuance costs were recorded as interest expense upon the repayment.

Selected Financial Data

(Unaudited) (Dollars in thousands, except per share data)

Three Months Ended

Twelve Months Ended

2025

2024

2025

2024

Fourth Quarter

Third Quarter

Fourth Quarter

Earnings and Per Share Data:

Net income

4,225

17,136

9,440

26,940

20,091

Earnings per share - basic

0.33

1.36

0.73

2.11

1.56

Earnings per share - diluted

0.32

1.32

0.72

2.06

1.53

Cash dividends paid per common share

0.17

0.68

Book value per common share

26.26

26.07

23.61

26.26

23.61

Tangible book value per common share 1

26.17

25.98

23.37

26.17

23.37

Weighted-average shares outstanding - basic

12,630,451

12,615,475

12,937,364

12,775,242

12,890,161

Weighted-average shares outstanding - diluted

13,082,568

13,010,527

13,195,215

13,105,521

13,136,758

Performance Ratios:

Return on average assets 2

0.5

2.1

1.2

0.8

0.6

Return on average equity 2

5.1

22.9

12.7

8.7

6.9

Net interest margin 3 4

3.71

3.55

3.46

3.65

3.67

Efficiency ratio 5

80.6

54.5

72.8

80.4

Overhead ratio 2 6

3.8

4.1

4.3

3.7

Equity to assets

10.1

9.8

10.1

9.8

Asset Quality Data and Ratios:

Charge-offs

4,143

967

2,677

7,125

7,757

Recoveries

256

295

1,153

1,526

3,357

Net loan charge-offs to total loans 2 7

0.68

0.12

0.29

0.26

0.20

Allowance for credit losses

21,827

23,322

19,663

21,827

19,663

Allowance for credit losses to total loans 8

0.93

1.03

0.94

0.93

0.94

Nonperforming loans

30,655

26,214

24,607

30,655

24,607

Nonperforming loans to total loans

1.3

1.2

1.3

1.2

Mortgage Company Equity Method Investees Production Data 9:

Mortgage pipeline

1,127,211

1,174,362

1,025,742

1,127,211

1,025,742

Loans originated

1,455,199

1,546,353

1,325,698

5,664,857

5,228,415

Loans closed

1,027,560

1,014,469

947,004

3,812,413

3,366,493

Loans sold

721,185

702,938

777,821

2,767,843

2,988,639

1 Common equity less total goodwill and intangibles per common share, a non-GAAP measure. See the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 12.

2 Annualized for the quarterly periods presented.

3 Net interest income as a percentage of average interest-earning assets.

4 Presented on a fully tax-equivalent basis, a non-GAAP financial measure.

5 Noninterest expense as a percentage of net interest income and noninterest income, a non-GAAP measure.

6 Noninterest expense as a percentage of average assets, a non-GAAP measure.

7 Charge-offs, less recoveries.

8 Excludes loans held for sale.

9 Information is related to Intercoastal Mortgage Company, LLC and Warp Speed Holdings LLC, entities in which MVB has an ownership interest that are accounted for as equity method investments.

Non-GAAP Reconciliation: Net Interest Income and Net Interest Margin on a Fully Tax-Equivalent Basis

The following table reconciles, for the periods shown below, net interest income on a fully tax-equivalent basis and net interest margin on a fully tax-equivalent basis:

Three Months Ended

Twelve Months Ended

(Dollars in thousands)

December 31, 2025

September 30, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Net interest margin - GAAP basis

Net interest income

28,379

26,573

24,904

107,408

109,198

Average interest-earning assets

3,044,814

2,986,453

2,887,516

2,959,136

2,997,951

Net interest margin

3.70

3.53

3.43

3.63

3.64

Net interest margin - non-GAAP basis

Net interest income

28,379

26,573

24,904

107,408

109,198

Impact of fully tax-equivalent adjustment

123

180

186

667

718

Net interest income on a fully tax-equivalent basis

28,502

26,753

25,090

108,075

109,916

Average interest-earning assets

3,044,814

2,986,453

2,887,516

2,959,136

2,997,951

Net interest margin on a fully tax-equivalent basis

3.71

3.55

3.46

3.65

3.67

Non-GAAP Reconciliation: Tangible Book Value per Common Share and Tangible Common Equity Ratio

(Unaudited) (Dollars in thousands, except per share data)

December 31, 2025

September 30, 2025

December 31, 2024

Tangible Book Value per Common Share

Goodwill

1,200

2,838

Intangibles

—

262

Total intangibles

1,200

3,100

Total equity attributable to parent

333,968

327,752

305,679

Less: Total intangibles

(1,200

)

(1,200

)

(3,100

)

Tangible common equity

332,768

326,552

302,579

Tangible common equity

332,768

326,552

302,579

Common shares outstanding (000s)

12,716

12,570

12,945

Tangible book value per common share

26.17

25.98

23.37

Tangible Common Equity Ratio

Total assets

3,308,918

3,232,953

3,128,704

Less: Total intangibles

(1,200

)

(1,200

)

(3,100

)

Tangible assets

3,307,718

3,231,753

3,125,604

Tangible assets

3,307,718

3,231,753

3,125,604

Tangible common equity

332,768

326,552

302,579

Tangible common equity ratio

10.1

9.7