MVB Financial reports USD 2.6m in Q1 2018 net income.
BANKING AND CREDIT NEWS-May 17, 2018-MVB Financial reports USD 2.6m in Q1 2018 net income
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MVB Financial Corp.(NASDAQ: MVBF) has reported net income of USD 2.6 million, or USD 0.24 basic and USD 0.23 diluted earnings per share in the three months ended March 31, 2018, compared to USD 1.6 million, or USD 0.14 basic and diluted earnings per share for the same period in 2017, the company said.
For the three months ended March 31, 2018, loans increased USD 51.2 million or 4.6% from December 31, 2017, which represents an annualized increase of 18.4%. The increase in loans has been driven by expansion in northern Virginia, as well as, the addition of commercial lenders. In addition to the increase in loan volume during the quarter, loan yields increased 6 basis points.
The company continues to capitalize on disruptions in the market to expand both the lending and deposit teams. The locked Mortgage pipeline increased USD 61.8 million from December 31, 2017, while over the same period noninterest expense decreased by USD 975 thousand. The company continues to monitor expense control and evaluate opportunities for efficiencies.
The company reported net interest income of USD 11.5 million for the quarter ended March 31, 2018, decreased USD 218 thousand, or 1.9%, from the quarter ended December 31, 2017, and increased USD 1.2 million, or 11.2% from the quarter ended March 31, 2017.
Noninterest income of USD 9.0 million for the quarter ended March 31, 2018, decreased USD 1.1 million, or 11.0%, from the quarter ended December 31, 2017, and increased USD 215 thousand, or 2.4%, from the quarter ended March 31, 2017.
MVB Financial Corp., the holding company of MVB Bank, is a financial holding company headquartered in Fairmont, W.Va. Through its subsidiary, MVB Bank, Inc., and the bank's subsidiary, MVB Mortgage, the company provides financial services to individuals and corporate clients in the Mid-Atlantic region.
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