MVB Financial Corp. Announces Third Quarter 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 third quarter of 2025, with reported net income of $17.1 million, or $1.36 and $1.32 per basic and diluted share, respectively.

“This quarter exemplifies what MVB does best: disciplined execution, strategic innovation and a relentless focus on sustainable growth.” - Larry F. Mazza, CEO and President, MVB Financial and MVB Bank

Third Quarter 2025 Highlights as Compared to Second Quarter 2025

Completed sale of Victor Technologies, Inc. (“Victor”), generating a pre-tax gain of $34.1 million.

Completed securities repositioning, which, when combined with expense efficiencies from Victor sale, is expected to add $0.30 to $0.35 to annualized EPS.

Net interest income up 3.1%.

Loan growth of 4.9%.

Completed previously announced $10.0 million share repurchase program that included total repurchases of 473,584 shares at an average price of $21.15 per share.

Book value per share and tangible book value per share (“TBVPS”) 1 up 9.6% to $26.07 and 9.7% to $25.98, respectively, as of September 30, 2025.

Capital strength further enhanced, asset quality indicators stable.

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

“The third quarter was transformative for MVB. The sale of Victor Technologies stands as a powerful validation of our Fintech incubator model — we built and scaled a next-generation payments solution in just four years. The sale of Victor generated substantial shareholder returns, while strengthening our balance sheet and expanding our strategic flexibility.

“We immediately put that enhanced flexibility to work through a strategic repositioning of our securities portfolio. The securities portfolio repositioning, combined with expense efficiencies expected from the Victor sale, position us to deliver $0.30 to $0.35 in additional annualized earnings per share going forward.

“Our core banking operations remain strong. Net interest income increased on robust loan activity, our loan pipeline is solid entering the fourth quarter and we proactively strengthened our balance sheet by bolstering our allowance for credit losses. Meanwhile, our capital position continues to improve, and our unwavering commitment to shareholder value creation continues, evidenced by growth in tangible book value of 34% over the past three years.

“This quarter exemplifies what MVB does best: disciplined execution, strategic innovation and a relentless focus on sustainable growth.”

THIRD QUARTER 2025 HIGHLIGHTS

INCOME STATEMENT

Net interest income on a fully tax-equivalent basis totaled $26.8 million for the third quarter of 2025, an increase of $0.8 million, or 3.1%, from the second quarter of 2025 and a decline of $0.02 million, or 0.1%, from the third quarter of 2024.

Interest income increased $1.8 million, or 4.3%, from the second quarter of 2025 and declined $2.4 million, or 5.2%, from the third quarter of 2024. The increase in interest income relative to the prior quarter reflects increases in interest income from loans and cash due to the higher overall balances of loans and cash and higher interest income on investment security balances due to higher interest rates earned on these investments. The decline in interest income relative to the same period a year ago reflects lower interest income from loans and cash due to the impact of lower interest rates on interest income from loans and cash balances, partially offset by higher interest income on investment securities balances due to higher rates earned on these investments and a higher overall balance of investment securities.

Interest expense increased $1.0 million, or 6.3%, from the second quarter of 2025 and declined $2.4 million, or 11.9%, from the third quarter of 2024. The cost of funds was 2.39% for the third quarter of 2025, a decline of two basis points compared to 2.41% for the second quarter of 2025 and 38 basis points compared to 2.77% for the third quarter of 2024. The lower cost of funds compared to the prior quarter reflects a shift in the mix of average deposits. Relative to the same period a year ago, the decline reflects the impact of lower interest rates on our deposits and a shift in the mix of average deposits.

On a tax-equivalent basis 1, net interest margin for the third quarter of 2025 was 3.55%, a decline of 14 basis points versus the second quarter of 2025 and a decline of six basis points versus the third quarter of 2024. The decline in net interest margin relative to the prior quarter primarily reflects a decline in earning asset yields, due to lower loan yields, lower yields on cash balances and an increase in lower-yielding cash balances. The decline in net interest margin relative to the same period a year ago reflected a decline in the yield on earning assets, primarily driven by the impact of lower interest rates, which outpaced the decline in the cost of interest-bearing liabilities.

Noninterest income totaled $34.6 million for the third quarter of 2025, an increase of $26.7 million from the second quarter of 2025 and $28.0 million from the third quarter of 2024. The increase compared to the prior quarters is primarily attributable to the $34.1 million gain on divestiture activity related to the sale of Victor, partially offset by a $7.5 million net loss on the sale of available-for-sale investment securities during the third quarter of 2025.

Noninterest expense totaled $33.3 million for the third quarter of 2025, an increase of $4.8 million from the second quarter of 2025 and $3.8 million from the third quarter of 2024. The increase from the second quarter of 2025 primarily reflects an increase of $5.6 million in salaries and employee benefits, partially offset by declines of $0.5 million in professional fees and $0.3 million in travel, entertainment, dues and subscriptions. The increase from the third quarter of 2024 primarily reflects increases of $4.7 million in salaries and employee benefits, $0.8 million in other operating expenses and $0.3 million in software costs, partially offset by declines of $1.7 million in professional fees and $0.3 million in equipment depreciation and maintenance.

BALANCE SHEET

Loans totaled $2.26 billion as of September 30, 2025, an increase of $106.1 million, or 4.9%, from June 30, 2025, and $88.1 million, or 4.1%, from September 30, 2024. The increase in loan balances relative to the prior quarter primarily reflects stronger loan demand and improved market conditions.

Deposits totaled $2.78 billion as of September 30, 2025, a decline of $28.3 million, or 1.0%, from June 30, 2025, and $225.6 million, or 7.5%, from September 30, 2024. The decline in deposits relative to the prior quarter primarily reflects a $27.6 million decline in certificates of deposit (“CDs”). Relative to the same period a year ago, the decline in total deposits primarily reflects a $254.4 million decline in CDs, inclusive of a $218.2 million, or 41.7%, decline in brokered CDs.

NIB deposits totaled $1.03 billion as of September 30, 2025, a decline of $22.9 million, or 2.2%, from June 30, 2025 and an increase $38.1 million, or 3.9%, from September 30, 2024. NIB deposits represented 37.0% of total deposits as of September 30, 2025, compared to 37.4% of total deposits at the prior quarter-end and 33.0% for the same period a year ago.

Off-balance sheet deposits totaled $911.6 million as of September 30, 2025, a decline of $193.5 million, or 17.5%, compared to $1.11 billion at June 30, 2025 and a decline of $532.0 million, or 36.9%, from $1.44 billion at September 30, 2024. The decline in off-balance sheet deposits relative to the prior periods reflects a decrease in certain Banking-as-a-Service deposit relationships. Off-balance sheet deposit networks are utilized to generate fee income, enhance capital efficiency and manage liquidity and concentration risk.

CAPITAL

The Community Bank Leverage Ratio was 11.1% as of September 30, 2025, compared to 11.4% as of June 30, 2025 and 10.9% as of September 30, 2024. MVB’s Tier 1 Risk-Based Capital Ratio was 14.1% as of September 30, 2025, compared to 14.6% as of June 30, 2025 and 14.9% as of September 30, 2024. The Bank’s Total Risk-Based Capital Ratio was 15.0% as of September 30, 2025, compared to 15.5% as of June 30, 2025 and 15.7% as of September 30, 2024.

The tangible common equity ratio, a non-U.S. GAAP financial measure 1, was 10.1% as of September 30, 2025, compared to 9.3% as of June 30, 2025 and 8.8% as of September 30, 2024.

The Company issued a quarterly cash dividend of $0.17 per share during the third quarter of 2025, consistent with the second quarter of 2025 and the third quarter of 2024.

During the nine months ended September 30, 2025, the Company completed the previously disclosed stock repurchase program and repurchased a total of 473,584 shares, or $10.0 million, representing an average cost of $21.15 per share.

ASSET QUALITY

Nonperforming loans totaled $26.2 million, or 1.2% of total loans, as of September 30, 2025, as compared to $21.1 million, or 1.0% of total loans, as of June 30, 2025, and $28.6 million, or 1.3% of total loans, as of September 30, 2024. The increase in nonperforming loans during the third quarter was primarily due to one commercial and industrial credit in the manufacturing sector that management believes is well-secured. Criticized loans as a percentage of total loans were 4.1% as of September 30, 2025, compared to 5.2% as of June 30, 2025 and 5.7% as of September 30, 2024. The decline in criticized loans from the prior periods primarily reflects a commercial real estate loan with a balance of $18.0 million as of June 30, 2025 that was paid off in July 2025. Classified loans as a percentage of total loans were 2.4% as of September 30, 2025, compared to 3.0% as of June 30, 2025 and 3.4% as of September 30, 2024.

Net charge-offs were $0.7 million, or 0.1% annualized of total loans, for the third quarter of 2025, compared to $0.2 million, or 0.04% annualized of total loans, for the second quarter of 2025 and $0.7 million, or 0.1% annualized of total loans, the third quarter of 2024.

The provision for credit losses totaled $4.4 million, compared to $2.0 million for the prior quarter ended June 30, 2025 and $1.0 million for the quarter ended September 30, 2024. The provision for the quarter ended September 30, 2025 reflects specific reserves of $1.2 million associated with one credit that was downgraded, a $1.0 million write-down of a Fintech investment that had been classified as an available-for-sale security, enhancements to qualitative adjustments used in the CECL model and loan growth. The allowance for credit losses for loans was 1.03% of total loans at September 30, 2025, compared to 0.97% at June 30, 2025 and 0.99% at September 30, 2024.

1 See 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 Financial 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 Financial, 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-U.S. 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 (“U.S. GAAP”). Management uses these non-U.S. GAAP measures in its analysis of the Company’s performance. These measures should not be considered a substitute for U.S. GAAP basis measures, nor should they be viewed as a substitute for operating results determined in accordance with U.S. GAAP. Management believes the presentation of non-U.S. 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-U.S. GAAP measures are not formally defined under U.S. GAAP, and other entities may use calculation methods that differ from those used by the Company. As a complement to U.S. GAAP financial measures, management believes these non-U.S. 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-U.S. GAAP measures. See the tables below for a reconciliation of these non-U.S. GAAP measures to the most directly comparable U.S. GAAP financial measures.

MVB Financial Corp.

Financial Highlights

Consolidated Statements of Income

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

Quarterly

Year-to-Date

2025

2024

2025

2024

Third Quarter

Second

Quarter

Third Quarter

Interest income

44,220

42,384

46,627

129,833

142,784

Interest expense

17,647

16,604

20,042

50,804

58,490

Net interest income

26,573

25,780

26,585

79,029

84,294

Provision for credit losses

4,427

1,990

959

6,594

3,210

Net interest income after provision for credit losses

22,146

23,790

25,626

72,435

81,084

Total noninterest income

34,612

7,945

6,657

49,565

21,633

Noninterest expense:

Salaries and employee benefits

21,399

15,801

16,722

53,612

49,160

Other expense

11,932

12,768

12,763

36,989

39,446

Total noninterest expenses

33,331

28,569

29,485

90,601

88,606

Income before income taxes

23,427

3,166

2,798

31,399

14,111

Income taxes

6,291

1,164

642

8,702

3,304

Net Income, before noncontrolling interest

17,136

2,002

2,156

22,697

10,807

Net (income) loss attributable to noncontrolling interest

—

(76

)

(156

)

Net income available to common shareholders

17,136

2,002

2,080

22,715

10,651

Earnings per share - basic

1.36

0.16

1.77

0.83

Earnings per share - diluted

1.32

0.15

0.16

1.73

0.81

Noninterest Income

(Unaudited) (Dollars in thousands)

Quarterly

Year-to-Date

2025

2024

2025

2024

Third Quarter

Second

Quarter

Third Quarter

Card acquiring income

500

498

336

1,547

924

Service charges on deposits

970

1,075

1,088

3,203

3,714

Interchange income

2,283

3,080

2,428

8,641

7,844

Total payment card and service charge income

3,753

4,653

3,852

13,391

12,482

Equity method investments income

2,395

2,315

746

5,355

102

Compliance and consulting income

1,291

563

3,565

Income (loss) on sale of loans

—

(80

)

(149

)

Investment portfolio gains (losses)

(6,638

)

(166

)

498

(7,112

)

1,224

Gain on divestiture activity

34,086

—

34,694

—

Loss on disposal of assets

(47

)

(15

)

—

(404

)

(68

)

Other noninterest income

1,007

1,232

244

3,227

4,302

Total noninterest income

34,612

7,945

6,657

49,565

21,633

Condensed Consolidated Balance Sheets

(Unaudited) (Dollars in thousands)

September 30, 2025

June 30, 2025

September 30, 2024

Cash and cash equivalents

300,042

399,379

610,911

Investment securities available-for-sale

324,709

396,555

374,828

Equity securities

44,199

43,923

41,760

Loans receivable

2,259,386

2,153,309

2,171,272

Less: Allowance for credit losses

(23,322

)

(20,785

)

(21,499

)

Loans receivable, net

2,236,064

2,132,524

2,149,773

Premises and equipment, net

10,351

10,877

18,838

Other assets

317,588

240,750

222,646

Total assets

3,232,953

3,224,008

3,418,756

Noninterest-bearing deposits

1,027,231

1,050,104

989,144

Interest-bearing deposits

1,748,847

1,754,319

2,012,504

Subordinated debt

73,976

73,912

73,725

Other liabilities

55,147

43,358

40,183

Total liabilities

2,905,201

2,921,693

3,115,556

Common stock

13,892

13,877

13,776

Additional paid-in capital

167,608

166,078

163,532

Retained earnings

188,350

173,350

164,978

Accumulated other comprehensive loss

(15,239

)

(27,869

)

(22,459

)

Treasury stock

(26,859

)

(23,121

)

(16,741

)

Noncontrolling interest

—

114

Total Stockholders’ equity

327,752

302,315

303,200

Total liabilities and stockholders’ equity

3,232,953

3,224,008

3,418,756

Average Balances and Interest Rate

(Unaudited) (Dollars in thousands)

Three Months Ended

September 30, 2025

June 30, 2025

September 30, 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

410,979

4,396

4.24

332,265

3,592

4.34

400,330

5,218

5.19

Investment securities:

Taxable

299,747

3,144

4.16

305,600

2,828

3.71

258,151

1,846

2.84

Tax-exempt 1

94,081

822

3.47

96,135

819

3.42

104,769

867

3.29

Loans: 2

Commercial

1,589,996

29,194

7.28

1,488,610

28,371

7.64

1,553,666

31,136

7.97

Tax-exempt 1

2,588

4.45

2,719

4.28

3,129

4.32

Real estate

527,420

5,638

4.24

538,595

5,826

4.34

558,691

6,446

4.59

Consumer

61,642

1,177

7.58

61,022

1,096

7.20

68,337

1,269

7.39

Total loans

2,181,646

36,038

6.55

2,090,946

35,322

6.78

2,183,823

38,885

7.08

Total earning assets

2,986,453

44,400

5.90

2,824,946

42,561

6.04

2,947,073

46,816

6.32

Less: Allowance for credit losses

(21,157

)

(19,459

)

(22,043

)

Cash and due from banks

11,012

8,215

4,638

Other assets

299,774

300,378

284,640

Total assets

3,276,082

3,114,080

3,214,308

Liabilities

Deposits:

NOW

746,687

5,676

3.02

658,490

4,966

3.02

534,494

4,422

3.29

Money market checking

486,684

3,216

2.62

358,968

2,284

2.55

434,174

3,378

3.10

Savings

151,801

1,249

3.26

117,123

920

3.15

116,861

883

3.01

IRAs

7,410

3.59

7,414

3.68

8,164

4.43

CDs

601,020

6,628

4.38

657,367

7,545

4.60

800,986

10,440

5.19

Repurchase agreements and federal funds sold

3,309

1.68

4,081

2.36

3,589

2.11

FHLB and other borrowings

145

—

Subordinated debt

73,951

797

4.28

73,890

797

4.33

73,702

809

4.37

Total interest-bearing liabilities

2,071,007

17,647

3.38

1,877,341

16,604

3.55

1,972,014

20,042

4.04

Noninterest-bearing demand deposits

862,124

886,657

910,787

Other liabilities

43,482

44,021

37,591

Total liabilities

2,976,613

2,808,019

2,920,392

Stockholders’ equity

Common stock

13,883

13,825

13,776

Paid-in capital

166,488

165,611

163,189

Treasury stock

(25,578

)

(18,029

)

(16,741

)

Retained earnings

172,258

173,394

160,694

Accumulated other comprehensive loss

(27,582

)

(28,740

)

(27,069

)

Total stockholders’ equity attributable to parent

299,469

306,061

293,849

Noncontrolling interest

—

Total stockholders’ equity

299,469

306,061

293,916

Total liabilities and stockholders’ equity

3,276,082

3,114,080

3,214,308

Net interest spread (tax-equivalent)

2.52

2.49

2.28

Net interest income and margin (tax-equivalent) 1

26,753

3.55

25,957

3.69

26,774

3.61

Less: Tax-equivalent adjustments

(180

)

(177

)

(189

)

Net interest spread

2.49

2.47

2.25

Net interest income and margin

26,573

3.53

25,780

3.66

26,585

3.59

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-U.S. GAAP financial measure. See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 17.

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

Nine Months Ended

September 30, 2025

September 30, 2024

Average

Balance

Interest

Income/

Expense

Yield/

Cost

Average

Balance

Interest

Income/

Expense

Yield/

Cost

Assets

Interest-bearing balances with banks

396,125

12,722

4.29

443,475

17,624

5.31

Investment securities:

Taxable

310,905

8,730

3.75

252,423

5,494

2.91

Tax-exempt 1

97,376

2,497

3.43

104,622

2,436

3.11

Loans: 2

Commercial

1,523,973

85,584

7.51

1,592,295

94,112

7.89

Tax-exempt 1

2,710

4.39

3,254

106

4.35

Real estate

537,305

17,326

4.31

565,923

19,450

4.59

Consumer

61,869

3,429

7.41

73,039

4,095

7.49

Total loans

2,125,857

106,428

6.69

2,234,511

117,763

7.04

Total earning assets

2,930,263

130,377

5.95

3,035,031

143,317

6.31

Less: Allowance for loan losses

(20,088

)

(22,298

)

Cash and due from banks

8,750

4,856

Other assets

309,504

308,351

Total assets

3,228,429

3,325,940

Liabilities

Deposits:

NOW

642,378

13,776

2.87

518,595

13,490

3.47

Money market checking

394,352

7,593

2.57

414,453

10,474

3.38

Savings

119,843

2,750

3.07

130,848

3,468

3.54

IRAs

7,514

216

3.84

7,958

246

4.13

CDs

690,273

23,966

4.64

735,883

28,097

5.10

Repurchase agreements and federal funds sold

3,520

2.01

3,334

0.92

FHLB and other borrowings

1,738

4.54

5.99

Senior term loan 3

—

3,146

264

11.21

Subordinated debt

73,890

2,391

4.33

73,634

2,426

4.40

Total interest-bearing liabilities

1,933,508

50,804

3.51

1,887,880

58,490

4.14

Noninterest-bearing demand deposits

946,335

1,109,089

Other liabilities

45,376

38,566

Total liabilities

2,925,219

3,035,535

Stockholders’ equity

Common stock

13,835

13,722

Paid-in capital

165,695

162,416

Treasury stock

(20,148

)

(16,741

)

Retained earnings

172,012

161,113

Accumulated other comprehensive loss

(28,196

)

(29,965

)

Total stockholders’ equity attributable to parent

303,198

290,545

Noncontrolling interest

(140

)

Total stockholders’ equity

303,210

290,405

Total liabilities and stockholders’ equity

3,228,429

3,325,940

Net interest spread (tax-equivalent)

2.44

2.17

Net interest income and margin (tax-equivalent) 1

79,573

3.63

84,827

3.73

Less: Tax-equivalent adjustments

(544

)

(533

)

Net interest spread

2.41

2.14

Net interest income and margin

79,029

3.61

84,294

3.71

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 17.

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 share and per share data)

Quarterly

Year-to-Date

2025

2024

2025

2024

Third Quarter

Second Quarter

Third Quarter

Earnings and Per Share Data:

Net income

17,136

2,002

2,080

22,715

10,651

Earnings per share - basic

1.36

0.16

1.77

0.83

Earnings per share - diluted

1.32

0.15

0.16

1.73

0.81

Cash dividends paid per common share

0.17

0.51

Book value per common share

26.07

23.78

23.44

26.07

23.44

Tangible book value per common share 1

25.98

23.68

23.20

25.98

23.20

Weighted-average shares outstanding - basic

12,615,475

12,912,113

12,927,962

12,824,037

12,874,311

Weighted-average shares outstanding - diluted

13,010,527

13,121,436

13,169,011

13,099,196

13,121,245

Performance Ratios:

Return on average assets 2

2.1

0.3

0.9

0.4

Return on average equity 2

22.9

2.6

2.8

10.0

4.9

Net interest margin 3 4

3.55

3.69

3.61

3.63

3.73

Efficiency ratio 5

54.5

84.7

88.7

70.5

83.6

Overhead ratio 2 6

4.1

3.7

3.6

Equity to assets

10.1

9.4

8.9

10.1

8.9

Asset Quality Data and Ratios:

Charge-offs

967

628

1,392

2,982

5,080

Recoveries

295

445

681

1,270

2,204

Net loan charge-offs to total loans 2, 7

0.1

—

0.1

0.2

Allowance for credit losses

23,322

20,785

21,499

23,322

21,499

Allowance for credit losses to total loans

1.03

0.97

0.99

1.03

0.99

Nonperforming loans

26,214

21,055

28,556

26,214

28,556

Nonperforming loans to total loans

1.2

1.0

1.3

1.2

1.3

Mortgage Company Equity Method Investees Production Data 8:

Mortgage pipeline

1,174,362

1,128,738

1,048,865

1,174,362

1,048,865

Loans originated

1,546,353

1,352,603

1,469,223

4,209,658

3,902,717

Loans closed

1,014,469

882,361

937,333

2,784,853

2,419,488

Loans sold

702,938

699,036

655,668

2,046,657

2,210,818

1 Common equity less total goodwill and intangibles per common share, a non-U.S. GAAP measure. See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 17

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-U.S. GAAP financial measure.

5 Noninterest expense as a percentage of net interest income and noninterest income.

6 Noninterest expense as a percentage of average assets.

7 Ratio of charge-offs, less recoveries to total loans.

8 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-U.S. 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 and net interest margin on a fully tax-equivalent basis:

Three Months Ended

Nine Months Ended

(Dollars in thousands)

September 30, 2025

June 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Net interest margin - U.S. GAAP basis

Net interest income

26,573

25,780

26,585

79,029

84,294

Average interest-earning assets

2,986,453

2,824,946

2,947,073

2,930,263

3,035,031

Net interest margin

3.53

3.66

3.59

3.61

3.71

Net interest margin - non-U.S. GAAP basis

Net interest income

26,573

25,780

26,585

79,029

84,294

Impact of fully tax-equivalent adjustment

180

177

189

544

533

Net interest income on a fully tax-equivalent basis

26,753

25,957

26,774

79,573

84,827

Average interest-earning assets

2,986,453

2,824,946

2,947,073

2,930,263

3,035,031

Net interest margin on a fully tax-equivalent basis

3.55

3.69

3.61

3.63

3.73

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

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

September 30, 2025

June 30, 2025

September 30, 2024

Tangible Book Value per Common Share

Goodwill

1,200

2,838

Intangibles

—

285

Total intangibles

1,200

3,123

Total equity attributable to parent

327,752

302,315

303,086

Less: Total intangibles

(1,200

)

(1,200

)

(3,123

)

Tangible common equity

326,552

301,115

299,963

Tangible common equity

326,552

301,115

299,963

Common shares outstanding (000s)

12,570

12,715

12,928

Tangible book value per common share

25.98

23.68

23.20

Tangible Common Equity Ratio

Total assets

3,232,953

3,224,008

3,418,756

Less: Total intangibles

(1,200

)

(1,200

)

(3,123

)

Tangible assets

3,231,753

3,222,808

3,415,633

Tangible assets

3,231,753

3,222,808

3,415,633

Tangible common equity

326,552

301,115

299,963

Tangible common equity ratio

10.1

9.3

8.8