10-Q 1 mvbf-20220331.htm 10-Q mvbf-20220331
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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 March 31, 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-20220331_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 April 29, 2022, there were 12,147,124 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 that are based on other than 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:
l
the length, severity, magnitude and duration of the Coronavirus Disease (“COVID-19”) pandemic and the direct and indirect impacts of the COVID-19 pandemic, including its impact on our financial condition and business operations;
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 COVID-19 pandemic 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, changes in the political and economic climate, economic conditions and other major developments, including wars, natural disasters, epidemics and pandemics, military actions and terrorist attacks;
lchanges in financial market conditions, either internationally, nationally or locally 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;
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;
lchanges in interest rates;
lthe quality and composition of the 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;
3


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;
lfailure or circumvention of internal controls;
llegislation or regulatory changes which adversely affect operations or business, including 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; 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 Financial,” “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.

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PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements

MVB Financial Corp. and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except per share data)
March 31, 2022December 31, 2021
(Unaudited)(Audited)
ASSETS
Cash and cash equivalents:
Cash and due from banks$4,965 $8,878 
Interest-bearing balances with banks349,007 298,559 
Total cash and cash equivalents353,972 307,437 
Certificates of deposit with banks2,229 2,719 
Investment securities available-for-sale395,301 421,466 
Equity securities34,447 32,402 
Loans held-for-sale9,161  
Loans receivable1,897,853 1,869,838 
Allowance for loan losses(18,808)(18,266)
Loans receivable, net1,879,045 1,851,572 
Premises and equipment, net25,357 25,052 
Bank-owned life insurance42,500 42,257 
Equity method investments43,063 40,013 
Accrued interest receivable and other assets104,401 65,543 
Goodwill3,988 3,988 
TOTAL ASSETS$2,893,464 $2,792,449 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Deposits: 
Noninterest-bearing$1,308,998 $1,120,433 
Interest-bearing1,200,081 1,257,172 
Total deposits2,509,079 2,377,605 
Accrued interest payable and other liabilities35,328 55,126 
Repurchase agreements12,101 11,385 
Subordinated debt73,094 73,030 
Total liabilities2,629,602 2,517,146 
STOCKHOLDERS’ EQUITY
Common stock - par value $1; 20,000,000 shares authorized; 12,991,140 and 12,143,124 shares issued and outstanding, respectively, as of March 31, 2022 and 12,934,966 and 12,086,950 shares issued and outstanding, respectively, as of December 31, 2021
12,991 12,935 
Additional paid-in capital144,968 143,521 
Retained earnings139,024 138,219 
Accumulated other comprehensive loss(17,162)(3,606)
Treasury stock - 848,016 shares as of March 31, 2022 and December 31, 2021, at cost
(16,741)(16,741)
Total equity attributable to parent263,080 274,328 
Noncontrolling interest782 975 
Total stockholders' equity263,862 275,303 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$2,893,464 $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 March 31,
20222021
INTEREST INCOME
     Interest and fees on loans$21,448 $16,892 
     Interest on deposits with banks227 122 
     Interest on investment securities648 631 
     Interest on tax-exempt loans and securities939 1,418 
     Total interest income23,262 19,063 
INTEREST EXPENSE
     Interest on deposits656 1,048 
     Interest on short-term borrowings5 44 
     Interest on subordinated debt753 466 
Total interest expense1,414 1,558 
NET INTEREST INCOME21,848 17,505 
     Provision for loan losses1,280 618 
     Net interest income after provision for loan losses20,568 16,887 
NONINTEREST INCOME
     Payment card and service charge income2,642 1,493 
     Insurance and investment services income254 224 
     Gain on sale of available-for-sale securities, net650 1,143 
     Gain on sale of loans, net1,083  
     Holding gain (loss) on equity securities, net(59)515 
     Compliance and consulting income3,869 1,281 
     Equity method investment income1,138 6,469 
Equity method investment gain1,803  
     Other operating income490 1,333 
     Total noninterest income11,870 12,458 
NONINTEREST EXPENSES
     Salaries and employee benefits17,961 11,911 
     Occupancy expense972 1,158 
     Equipment depreciation and maintenance1,226 1,041 
     Data processing and communications1,016 909 
     Marketing, contributions and sponsorships325 65 
     Professional fees2,821 1,742 
     Insurance, tax and assessment expense536 538 
     Travel, entertainment, dues and subscriptions1,978 884 
     Other operating expenses2,027 870 
     Total noninterest expense28,862 19,118 
Income before income taxes3,576 10,227 
Income taxes905 2,169 
Net income before noncontrolling interest2,671 8,058 
Net loss attributable to noncontrolling interest193 27 
Net income attributable to parent2,864 8,085 
Preferred dividends 35 
Net income available to common shareholders$2,864 $8,050 
Earnings per common shareholder - basic$0.24 $0.70 
Earnings per common shareholder - diluted$0.22 $0.66 
Weighted-average shares outstanding - basic12,093,179 11,530,279 
Weighted-average shares outstanding - diluted12,927,811 12,286,731 

See accompanying notes to unaudited consolidated financial statements.
6


MVB Financial Corp. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited) (Dollars in thousands)
Three Months Ended March 31,
20222021
Net income before noncontrolling interest$2,671 $8,058 
Other comprehensive loss:
Unrealized holding loss on securities available-for-sale(17,519)(6,331)
Reclassification adjustment for gain recognized in income(650)(1,143)
Change in defined benefit pension plan369 1,705 
Reclassification adjustment for amortization of net actuarial loss recognized in income107 127 
Reclassification adjustment for carrying value adjustment - investment hedge recognized in income(10)264 
Other comprehensive loss, before tax(17,703)(5,378)
Income taxes related to items of other comprehensive loss:
Unrealized holding loss on securities available-for-sale4,104 1,483 
Reclassification adjustment for gain recognized in income152 268 
Change in defined benefit pension plan(86)(399)
Reclassification adjustment for amortization of net actuarial loss recognized in income(25)(30)
Reclassification adjustment for carrying value adjustment - investment hedge recognized in income2 (62)
Income taxes related to items of other comprehensive loss4,147 1,260 
Total other comprehensive loss, net of tax(13,556)(4,118)
Comprehensive loss attributable to noncontrolling interest193 27 
Comprehensive income (loss)(10,692)$3,967 

See accompanying notes to unaudited consolidated financial statements.

7


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 
Balance at December 31, 2020733 $7,334 12,374,322 $12,374 $129,119 $105,171 $2,226 848,016 $(16,741)$239,483 $ $239,483 
Net income (loss)— — — — — 8,085 — — — 8,085 (27)8,058 
Other comprehensive loss— — — — — — (4,118)— — (4,118)— (4,118)
Dividends on common stock (0.10 per share)
— — — — — (1,153)— — — (1,153)— (1,153)
Dividends on preferred stock— — — — — (35)— — — (35)— (35)
Stock-based compensation— — — — 592 — — — — 592 — 592 
Redemption of preferred stock(733)(7,334)— — — — — — — (7,334)— (7,334)
Common stock options exercised— — 52,584 53 637 — — — — 690 — 690 
Restricted stock units issued— — 11,155 11 (11)— — — —  —  
Noncontrolling interests due to acquisition— — — — — — — — — — 500 500 
Balance at March 31, 2021 $ 12,438,061 $12,438 $130,337 $112,068 $(1,892)848,016 $(16,741)$236,210 $473 $236,683 

See accompanying notes to unaudited consolidated financial statements.
8


MVB Financial Corp. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited) (Dollars in thousands)

Three Months Ended March 31,
20222021
OPERATING ACTIVITIES
Net income before noncontrolling interest$2,671 $8,058 
Adjustments to reconcile net income to net cash from operating activities:
     Net amortization and accretion of investments646 898 
     Net amortization of deferred loan costs604 669 
     Provision for loan losses1,280 618 
     Depreciation and amortization851 1,003 
     Stock-based compensation674 592 
     Stock-based compensation related to equity method investment104  
     Loans originated for sale(16,452) 
     Proceeds of loans sold10,804 1,062 
     Holding gain (loss) on equity securities59 (515)
     Gain on sale of available-for-sale securities, net(650)(1,143)
     Gain on sale of loans(1,083) 
     Gain on sale of other real estate owned(21) 
     Income on bank-owned life insurance(243)(249)
     Deferred income taxes9 (1,036)
     Equity method investment income(1,138)(6,469)
Equity method investment gain(1,803)
     Return on equity method investment7,286 13,080 
     Other assets(41,605)10,768 
     Other liabilities(19,332)(17,120)
     Net cash from operating activities(57,339)10,216 
INVESTING ACTIVITIES
     Purchases of available-for-sale investment securities(62,635)(74,714)
     Maturities/paydowns of available-for-sale investment securities9,533 13,674 
     Sales of available-for-sale investment securities60,635 41,037 
     Purchases of premises and equipment(1,227)(