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MVB Financial Corp. (MVBF+1.18%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a decrease in net interest income to $109.2 million from $123.3 million in the previous year, attributed to a decrease in average total loans and an increase in the cost of funds.
Noninterest income increased to $42.9 million, driven by gains on the sale of assets and increased payment card and service charge income.
Noninterest expense rose to $122.2 million, reflecting higher salaries and employee benefits and increased professional fees.
Net income available to common shareholders was reported at $20.1 million, down from $31.2 million in the previous year, with basic earnings per share of $1.56 compared to $2.46 in 2023.
The company reported total assets of $3.13 billion, a decrease from $3.31 billion at the end of 2023, with a decline in total loans to $2.10 billion.
The allowance for credit losses was $19.7 million, representing 0.94% of total loans, with nonperforming loans increasing to $24.6 million.
MVB Financial Corp. continues to focus on its core banking and fintech operations, with an emphasis on expanding its treasury services and supporting fintech clients.
The filing also discusses the company's regulatory compliance, including its capital adequacy under the Community Bank Leverage Ratio framework, with a reported ratio of 11.2% at year-end.
MVB Financial Corp. highlights its commitment to maintaining a strong liquidity position, with cash and cash equivalents totaling $317.9 million at year-end.
The company has identified three reportable segments: CoRe Banking, Mortgage Banking, and Financial Holding Company, and continues to explore strategic growth opportunities in these areas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MVB Financial Corp. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.