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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File Number: 001-38314
mvbf-20220930_g1.jpg
MVB Financial Corp.
(Exact name of registrant as specified in its charter)
West Virginia20-0034461
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
301 Virginia Avenue, Fairmont, WV
26554
(Address of principal executive offices)(Zip Code)
(304) 363-4800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par valueMVBFThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date:
As of November 7, 2022, there were 12,609,965 shares of our common stock outstanding with a par value of $1.00 per share.



TABLE OF CONTENTS

2


Forward-Looking Statements:

Statements in this Quarterly Report on Form 10-Q, other than statements that are based on historical data, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations or forecasts of future events and include, among others, statements with respect to the beliefs, plans, objectives, goals, guidelines, expectations, anticipations and future financial condition, results of operations and performance of MVB Financial Corp. and its subsidiaries and statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “will,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “outlook” or the negative of those terms or similar expressions.

These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing our view as of any subsequent date. Forward-looking statements involve significant risks and uncertainties (both known and unknown) and actual results may differ materially from those presented, either expressed or implied, including, but not limited to, those presented in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. Factors that might cause such differences include, but are not limited to:
lchanges in the economy, which could materially impact credit quality trends and the ability to generate loans and gather deposits, including the pace of recovery following the Coronavirus Disease ("COVID-19") pandemic, risk of recession, rising interest rates and the effects of inflation on our operations and operating expenses;
l
ability to successfully execute business plans, manage risks and achieve objectives, including strategies related to investments in financial technology (“Fintech”);
lmarket, economic, operational, liquidity, credit and interest rate risks associated with our business;
lchanges in local, national and international political and economic conditions, including, without limitation, major developments such as wars, natural disasters, epidemics and pandemics, military actions and terrorist attacks;
lchanges in financial market conditions in areas in which we conduct operations, including, without limitation, reduced rates of business formation and growth, commercial and residential real estate development and real estate prices;
l
the length, severity, magnitude and duration of the COVID-19 pandemic and the direct and indirect impacts of the COVID-19 pandemic, including its impact on our financial condition and business operations;
lunanticipated changes in our liquidity position, including but not limited to changes in access to sources of liquidity and capital to address our liquidity needs;
ldeposits include certain concentrations with large customers and industries;
linflation and changes in interest rates;
lthe quality and composition of our loan and securities portfolios;
lability to successfully conduct acquisitions and integrate acquired businesses and potential difficulties in expanding businesses in existing and new markets;
lability to successfully manage credit risk and the sufficiency of allowance for credit losses;
lincreases in the levels of losses, customer bankruptcies, bank failures, claims and assessments;
l
changes in government legislation and accounting policies, including the Dodd-Frank Act and Economic Growth, Regulatory Relief and Consumer Protection Act (“EGRRCPA”);
luncertainty about the discontinued use of the London Inter-bank Offered Rate (“LIBOR”) and the transition to an alternative rate;
lcompetition and consolidation in the financial services industry;
lnew legal claims against us, including litigation, arbitration and proceedings brought by governmental or self-regulatory agencies or changes in existing legal matters;
lsuccess in gaining regulatory approvals, when required, including for proposed mergers or acquisitions;
lchanges in consumer spending and savings habits, including demand for loan products and deposit flow;
lincreased competitive challenges and expanding product and pricing pressures among financial institutions and non-bank financial companies;
loperational risks or risk management failures by us or critical third parties, including without limitation, with respect to data processing, information systems, technological changes, vendor problems, business interruptions and fraud risk;
lincreasing risk of continually evolving, sophisticated cybersecurity activities faced by financial institutions and others that could result in, among other things, theft, loss, misuse or disclosure of confidential client, customer or corporate information or assets and a disruption of computer, software or network systems and the potential impact from such risks, including reputational damage, regulatory penalties, loss of revenues, additional costs (including repair, remediation and other costs), exposure to litigation and other financial losses;
3


lfailure or circumvention of internal controls;
llegislative or regulatory changes which adversely affect our operations or business, including the possibility of increased regulatory oversight due to changes in the nature and complexity of our business model, as well as changes to address the impact of COVID-19 through the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) and other legislative and regulatory responses to the COVID-19 pandemic;
l
increased emphasis by regulators on federal and state consumer protection laws that extensively govern customer relationships;
l
changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board (“FASB”) or regulatory agencies, including the impact of future adoption of the current expected credit losses (“CECL”) standard;
l
concentration risk in our deposit base, including risk of losing large clients and concentration in gaming deposits; and
lcosts of deposit insurance and changes with respect to Federal Deposit Insurance Corporation (“FDIC”) insurance coverage levels.

Further, we urge you to carefully review and consider the cautionary statements and disclosures, specifically those made in Part I, Item 1A, Risk Factors, of our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”), filed with the Securities and Exchange Commission ("SEC") on March 10, 2022, and from time to time, in our other filings with the SEC. Actual results may differ materially from those expressed in or implied by any forward-looking statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Except to the extent required by law, we undertake no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.

REFERENCES

Unless the context otherwise requires, references in this report to “MVB,” “the Company,” “we,” “us,” “our” and “ours” refer to the registrant, MVB Financial Corp., and its subsidiaries consolidated for the purposes of its financial statements. References to “the Bank” refer to our wholly-owned banking subsidiary, MVB Bank, Inc.

4


PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements

MVB Financial Corp. and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except per share data)
September 30, 2022December 31, 2021
(Unaudited)(Audited)
ASSETS
Cash and cash equivalents:
Cash and due from banks$6,852 $8,878 
Interest-bearing balances with banks73,094 298,559 
Total cash and cash equivalents79,946 307,437 
Certificates of deposit with banks 2,719 
Investment securities available-for-sale366,742 421,466 
Equity securities34,101 32,402 
Loans held-for-sale19,977  
Loans receivable2,471,395 1,869,838 
Allowance for loan losses(26,515)(18,266)
Loans receivable, net2,444,880 1,851,572 
Premises and equipment, net24,668 25,052 
Bank-owned life insurance42,992 42,257 
Equity method investments37,871 40,013 
Accrued interest receivable and other assets84,757 65,543 
Goodwill3,988 3,988 
TOTAL ASSETS$3,139,922 $2,792,449 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Deposits: 
Noninterest-bearing$1,411,772 $1,120,433 
Interest-bearing1,285,186 1,257,172 
Total deposits2,696,958 2,377,605 
Accrued interest payable and other liabilities42,144 55,126 
Repurchase agreements9,910 11,385 
FHLB and other borrowings73,328  
Subordinated debt73,222 73,030 
Total liabilities2,895,562 2,517,146 
STOCKHOLDERS’ EQUITY
Common stock - par value $1;20,000,000 shares authorized; 13,134,951 and 12,286,935 shares issued and outstanding, respectively, as of September 30, 2022 and 12,934,966 and 12,086,950 shares issued and outstanding, respectively, as of December 31, 2021
13,135 12,935 
Additional paid-in capital146,950 143,521 
Retained earnings140,546 138,219 
Accumulated other comprehensive loss(39,977)(3,606)
Treasury stock - 848,016 shares as of September 30, 2022 and December 31, 2021, at cost
(16,741)(16,741)
Total equity attributable to parent243,913 274,328 
Noncontrolling interest447 975 
Total stockholders' equity244,360 275,303 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,139,922 $2,792,449 
See accompanying notes to unaudited consolidated financial statements.
5


MVB Financial Corp. and Subsidiaries
Consolidated Statements of Income
(Unaudited) (Dollars in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
INTEREST INCOME
     Interest and fees on loans$31,789 $18,530 $79,074 $54,175 
     Interest on deposits with banks114 112 654 332 
     Interest on investment securities897 575 2,383 1,831 
     Interest on tax-exempt loans and securities1,103 1,267 3,144 4,042 
     Total interest income33,903 20,484 85,255 60,380 
INTEREST EXPENSE
     Interest on deposits2,974 898 4,291 3,182 
     Interest on short-term borrowings312 9 326 105 
     Interest on subordinated debt771 481 2,284 1,437 
Total interest expense4,057 1,388 6,901 4,724 
NET INTEREST INCOME29,846 19,096 78,354 55,656 
     Provision (release of allowance) for loan losses5,120 380 11,500 (542)
Net interest income after provision (release of allowance) for loan losses24,726 18,716 66,854 56,198 
NONINTEREST INCOME
     Payment card and service charge income3,313 1,685 9,970 5,104 
     Insurance and investment services income195 236 667 707 
     Gain on sale of available-for-sale securities, net 529 650 3,380 
     Gain (loss) on sale of equity securities, net(156) (56)5 
     Gain on sale of loans, net1,298 908 3,786 3,125 
     Holding gain (loss) on equity securities, net(61)536 (146)1,750 
     Compliance and consulting income3,736 3,013 11,355 6,162 
     Equity method investment income (loss)(1,021)3,573 666 14,570 
     Gains on acquisition and divestiture activity 10,783  10,783 
Equity method investment gain  1,874  
     Other operating income887 688 3,204 2,467 
     Total noninterest income8,191 21,951 31,970 48,053 
NONINTEREST EXPENSES
     Salaries and employee benefits18,316 16,528 55,260 42,100 
     Occupancy expense1,130 1,024 3,009 3,297 
     Equipment depreciation and maintenance1,519 1,250 4,012 3,497 
     Data processing and communications1,039 1,080 3,110 3,409 
     Marketing, contributions and sponsorships226 207 746 418 
     Professional fees2,684 2,665 8,034 6,857 
     Insurance, tax and assessment expense627 532 1,777 1,570 
     Travel, entertainment, dues and subscriptions2,034 1,437 6,355 3,525 
     Other operating expenses2,390 1,106 6,343 3,677 
     Total noninterest expense29,965 25,829 88,646 68,350 
Income before income taxes2,952 14,838 10,178 35,901 
Income taxes397 3,164 2,161 7,006 
6


Net income before noncontrolling interest2,555 11,674 8,017 28,895 
Net loss attributable to noncontrolling interest163 154 521 265 
Net income attributable to parent2,718 11,828 8,538 29,160 
Preferred dividends   35 
Net income available to common shareholders$2,718 $11,828 $8,538 $29,125 
Earnings per common shareholder - basic$0.22 $1.00 $0.70 $2.49 
Earnings per common shareholder - diluted$0.21 $0.92 $0.66 $2.32 
Weighted-average shares outstanding - basic12,238,505 11,880,348 12,170,028 11,684,570 
Weighted-average shares outstanding - diluted12,854,951 12,824,309 12,852,574 12,565,809 

See accompanying notes to unaudited consolidated financial statements.
7


MVB Financial Corp. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited) (Dollars in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income before noncontrolling interest$2,555 $11,674 $8,017 $28,895 
Other comprehensive income (loss):
Unrealized holding gain (loss) on securities available-for-sale(14,437)239 (48,587)(2,723)
Reclassification adjustment for gain recognized in income (529)(650)(3,380)
Change in defined benefit pension plan156 (914)845 1,112 
Reclassification adjustment for amortization of net actuarial loss recognized in income107 127 321 381 
Reclassification adjustment for carrying value adjustment - investment hedge (gain) loss recognized in income56 14 (141)637 
Other comprehensive loss, before tax(14,118)(1,063)(48,212)(3,973)
Income taxes related to items of other comprehensive income (loss):
Unrealized holding gain (loss) on securities available-for-sale3,641 (56)11,939 638 
Reclassification adjustment for gain recognized in income 124 152 793 
Change in defined benefit pension plan(39)214 (206)(261)
Reclassification adjustment for amortization of net actuarial loss recognized in income(27)(30)(79)(89)
Reclassification adjustment for carrying value adjustment - investment hedge (gain) loss recognized in income(14)(3)35 (149)
Income taxes related to items of other comprehensive income (loss)3,561 249 11,841 932 
Total other comprehensive loss, net of tax(10,557)(814)(36,371)(3,041)
Comprehensive loss attributable to noncontrolling interest163 154 521 265 
Comprehensive income (loss)$(7,839)$11,014 $(27,833)$26,119 

See accompanying notes to unaudited consolidated financial statements.

8


MVB Financial Corp. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited) (Dollars in thousands except per share data)

Preferred stockCommon stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive income (loss)Treasury stockTotal stockholders' equity attributable to parentNoncontrolling interestTotal stockholders' equity
SharesAmountSharesAmountSharesAmount
Balance at December 31, 2021 $ 12,934,966 $12,935 $143,521 $138,219 $(3,606)848,016 $(16,741)$274,328 $975 $275,303 
Net income (loss)— — — — — 2,864 — — — 2,864 (193)2,671 
Other comprehensive loss— — — — — — (13,556)— — (13,556)— (13,556)
Dividends on common stock ($0.17 per share)
— — — — — (2,059)— — — (2,059)— (2,059)
Stock-based compensation— — — — 674 — — — — 674 — 674 
Stock-based compensation related to equity method investment— — — — 104 — — — — 104 — 104 
Common stock options exercised— — 56,174 56 669 — — — — 725 — 725 
Balance at March 31, 2022 $ 12,991,140 $12,991 $144,968 $139,024 $(17,162)848,016 $(16,741)$263,080 $782 $263,862 
Net income (loss)— — — — — 2,956 — — — 2,956 (165)2,791 
Other comprehensive loss— — — — — — (12,258)— — (12,258)— (12,258)
Dividends on common stock ($0.17 per share)
— — — — — (2,076)— — — (2,076)— (2,076)
Stock-based compensation— — — — 757 — — — — 757 — 757 
Stock-based compensation related to equity method investment— — — — 173 — — — — 173 — 173 
Common stock options exercised— — 30,200 30 362 — — — — 392 —