MVB Financial Corp. Announces First Quarter 2026 Results

MVB Financial Corp. Announces First Quarter 2026 Results FAIRMONT, W.V.--( 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 first quarter of 2026. The Fintech-enabled bank powering payments, banking-as-a-service and gaming programs for leading Fintech companies nationwide, reported net income of $5.2 million, or $0.41 basic and $0.39 diluted earnings per share, for the first quarter of 2026.

First Quarter 2026 Highlights (Compared to Fourth Quarter 2025)

Loan growth up 2.6%, or 10.3% annualized, marking the fourth consecutive quarter of expansion.

Payment card and service charge income up 13.5%.

Noninterest expenses down 10.7%, reflecting technology-driven efficiency initiatives.

Executed balance sheet actions to bring funding costs down and earnings power up.

Sustained momentum in onboarding and payments pipeline activity.

Subsequent to quarter-end, recognized a pre-tax gain of approximately $10.0 million in the second quarter related to an existing Fintech investment, which is expected to increase tangible book value by approximately $0.59 per share.

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

“We delivered a strong first quarter, with earnings per share up over 40% year-over-year, demonstrating continued improvement in our core earnings power and establishing a clear trajectory for accelerated growth. Our commitment remains to maximize shareholder value through disciplined execution, continuous improvement of profitability metrics and strategic investments in high-return opportunities.

“This momentum accelerated during the quarter, supported by solid loan growth, continued net interest margin expansion, improved efficiency and progress across our payments-related businesses.

“Additionally, we continued to make strategic investments in artificial intelligence and automation to streamline operations, enhance the customer experience and improve overall execution efficiency. To align our organization with this strategy, we brought our technology and operations functions under unified leadership with Mike Giorgio’s appointment as Chief Operating Officer and strengthened our Board with the addition of Adam Famularo, who adds significant Fintech and artificial intelligence expertise. We are also pleased to welcome Dr. Kelly Nelson as Chairman of the Board and thank Marty Becker for his leadership and meaningful contributions to MVB’s growth and development.

“Finally, subsequent to quarter-end, we recognized a gain in the second quarter related to an existing Fintech investment, further demonstrating the strength of our Fintech platform. Combined with the successful monetization of Victor last year, we believe this underscores our ability to both build and invest in high-value technology businesses, creating incremental value for shareholders.”

FIRST QUARTER 2026 HIGHLIGHTS

1See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure later in the release.

Conference Call and Webcast

The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, April 29, 2026, to discuss its quarterly financial results. The call can be accessed via telephone at 877-451-6152 (domestic) or 201-389-0879 (international). A recorded replay can be accessed through May 13, 2026, by dialing 844-512-2921 (domestic) or 412-317-6671 (international); access code: 13758984. Additionally, interested parties can listen to a live webcast of the call on the Company's website at ir.mvbbanking.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.

About MVB Financial Corp.

MVB Financial Corp. (Nasdaq: MVBF) is an innovative bank powering Fintech solutions in payments, card issuance and online gaming programs for leading Fintech companies nationwide, while providing traditional retail and commercial banking services within established markets. MVB’s comprehensive platform includes money movement solutions across all modalities and embedded finance capabilities. MVB combines proven Fintech builder/incubator capabilities, innovative culture, regulatory expertise, core banking and AI-driven operational efficiency to enable Fintech partners to navigate complex regulatory requirements while accelerating time-to-market. For more information about MVB, 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, 2025, 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 (“GAAP”). Management uses these non-GAAP measures in its analysis of the Company’s performance. These measures should not be considered a substitute for GAAP basis measures, nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-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-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by the Company. As a complement to GAAP financial measures, management believes these non-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-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.

MVB Financial Corp.

Financial Highlights

Consolidated Statements of Income

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

Quarterly

2026

2025

First Quarter

Fourth Quarter

First Quarter

Interest income

44,774

45,490

43,229

Interest expense

16,322

17,111

16,553

Net interest income

28,452

28,379

26,676

Provision for credit losses

1,854

2,143

177

Net interest income after provision for credit losses

26,598

26,236

26,499

Total noninterest income

8,209

10,701

7,008

Noninterest expense:

Salaries and employee benefits

16,152

17,372

16,412

Other expense

11,960

14,114

12,289

Total noninterest expenses

28,112

31,486

28,701

Income before income taxes

6,695

5,451

4,806

Income taxes

1,511

1,226

1,247

Net income, before noncontrolling interest

5,184

4,225

3,559

Net loss attributable to noncontrolling interest

—

Net income available to common shareholders

5,184

4,225

3,577

Earnings per share - basic

0.41

0.33

0.28

Earnings per share - diluted

0.39

0.32

0.27

Noninterest Income

(Unaudited) (Dollars in thousands)

Quarterly

2026

2025

First Quarter

Fourth Quarter

First Quarter

Card acquiring income

790

908

549

Service charges on deposits

1,080

831

1,158

Interchange income

3,216

2,741

3,278

Total payment card and service charge income

5,086

4,480

4,985

Equity method investments income

1,966

2,796

645

Compliance and consulting income

—

501

Loss on sale of loans

—

(69

)

Investment portfolio gains (losses)

669

3,452

(308

)

Gain on divestiture activity

—

160

608

Loss on disposal of assets

—

(342

)

Loss on derivatives

—

(466

)

—

Other noninterest income

488

258

988

Total noninterest income

8,209

10,701

7,008

Condensed Consolidated Balance Sheets

(Unaudited) (Dollars in thousands)

March 31, 2026

December 31, 2025

March 31, 2025

Cash and cash equivalents

177,635

244,125

251,450

Investment securities available-for-sale

421,729

410,510

419,617

Equity securities

51,459

50,643

44,317

Loans receivable

2,403,739

2,343,163

2,063,296

Less: Allowance for credit losses

(22,605

)

(21,827

)

(19,165

)

Loans receivable, net

2,381,134

2,321,336

2,044,131

Premises and equipment, net

10,071

10,379

11,489

Other assets

280,270

271,925

248,683

Total assets

3,322,298

3,308,918

3,019,687

Noninterest-bearing deposits

1,011,098

1,144,682

1,033,056

Interest-bearing deposits

1,886,246

1,697,364

1,550,742

Subordinated debt

34,046

74,026

73,850

Revolving line of credit

20,000

—

Other liabilities

35,988

58,878

51,985

Total liabilities

2,987,378

2,974,950

2,709,633

Common stock

14,174

14,043

13,798

Additional paid-in capital

172,397

170,380

165,559

Retained earnings

193,413

190,414

173,557

Accumulated other comprehensive loss

(18,061

)

(13,866

)

(26,119

)

Treasury stock

(27,003

)

(27,003

)

(16,741

)

Total stockholders’ equity

334,920

333,968

310,054

Total liabilities and stockholders’ equity

3,322,298

3,308,918

3,019,687

Average Balances and Interest Rates

(Unaudited) (Dollars in thousands)

Three Months Ended

March 31, 2026

December 31, 2025

March 31, 2025

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

340,906

3,031

3.61

363,831

3,618

3.95

445,509

4,734

4.31

Investment securities:

Taxable

361,901

4,409

4.94

330,865

3,888

4.66

327,676

2,757

3.41

Tax-exempt 1

56,737

557

3.98

53,162

556

4.15

102,681

857

3.38

Loans: 2

Commercial

1,774,717

30,232

6.91

1,720,707

30,663

7.07

1,492,238

28,020

7.62

Tax-exempt 1

2,286

4.44

2,399

4.47

2,826

4.31

Real estate

487,773

4,883

4.06

500,193

5,412

4.29

546,106

5,862

4.35

Consumer

84,249

1,758

8.46

73,657

1,449

7.80

62,956

1,155

7.44

Total loans

2,349,025

36,898

6.37

2,296,956

37,551

6.49

2,104,126

35,067

6.76

Total earning assets

3,108,569

44,895

5.86

3,044,814

45,613

5.94

2,979,992

43,415

5.91

Less: Allowance for credit losses

(21,829

)

(23,497

)

(19,630

)

Cash and due from banks

9,947

11,614

6,979

Other assets

336,744

309,283

327,995

Total assets

3,433,431

3,342,214

3,295,336

Liabilities

Deposits:

NOW

709,743

5,217

2.98

820,803

5,687

2.75

481,322

3,134

2.64

Money market checking

542,170

3,072

2.30

481,573

2,864

2.36

335,743

2,092

2.53

Savings

149,883

1,197

3.24

153,130

1,147

2.97

89,924

582

2.62

IRAs

7,137

3.41

7,406

3.54

7,722

4.25

CDs

550,973

5,764

4.24

587,912

6,429

4.34

814,782

9,793

4.87

Total interest-bearing deposits

1,959,906

15,310

3.17

2,050,824

16,193

3.13

1,729,493

15,682

3.68

Repurchase agreements and federal funds sold

4,186

2.03

3,153

1.64

3,167

1.92

FHLB and other borrowings

7.24

—

5,115

4.68

Subordinated debt

60,707

858

5.73

74,015

905

4.85

73,828

797

4.38

Revolving line of credit

7,556

132

7.08

—

Total interest-bearing liabilities

2,032,411

16,322

3.26

2,127,992

17,111

3.19

1,811,603

16,553

3.71

Noninterest-bearing demand deposits

1,011,690

824,967

1,130,900

Other liabilities

50,811

58,816

48,684

Total liabilities

3,094,912

3,011,775

2,991,187

Stockholders’ equity

Common stock

14,117

13,954

13,796

Paid-in capital

171,040

168,589

164,967

Treasury stock

(27,003

)

(26,917

)

(16,741

)

Retained earnings

193,468

189,132

170,365

Accumulated other comprehensive loss

(13,103

)

(14,319

)

(28,275

)

Total stockholders’ equity attributable to parent

338,519

330,439

304,112

Noncontrolling interest

—

Total stockholders’ equity

338,519

330,439

304,149

Total liabilities and stockholders’ equity

3,433,431

3,342,214

3,295,336

Net interest income and margin (tax-equivalent) 1

28,573

3.73

28,502

3.71

26,862

3.66

Less: Tax-equivalent adjustments

(121

)

(123

)

(186

)

Net interest income and margin

28,452

3.71

28,379

3.70

26,676

3.63

1In 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 11.

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

Selected Financial Data

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

Quarterly

2026

2025

First Quarter

Fourth Quarter

First Quarter

Earnings and Per Share Data:

Net income

5,184

4,225

3,577

Earnings per share - basic

0.41

0.33

0.28

Earnings per share - diluted

0.39

0.32

0.27

Cash dividends paid per common share

0.17

Book value per common share

26.07

26.26

23.94

Tangible book value per common share 1

25.98

26.17

23.85

Weighted-average shares outstanding - basic

12,795,271

12,630,451

12,948,178

Weighted-average shares outstanding - diluted

13,191,405

13,082,568

13,181,213

Performance Ratios:

Return on average assets 2

0.6

0.5

0.4

Return on average equity 2

6.1

5.1

4.7

Net interest margin 3 4

3.73

3.71

3.66

Efficiency ratio 5

76.7

80.6

85.2

Overhead ratio 2 6

3.3

3.8

3.5

Equity to assets

10.1

10.3

Asset Quality Data and Ratios:

Charge-offs

1,890

4,143

1,387

Recoveries

392

256

530

Net loan charge-offs to total loans 2, 7

0.26

0.68

0.17

Allowance for credit losses

22,605

21,827

19,165

Allowance for credit losses to total loans

0.94

0.93

Nonperforming loans

34,740

30,655

20,272

Nonperforming loans to total loans

1.4

1.3

1.0

Mortgage Company Equity Method Investees Production Data 8:

Mortgage pipeline

1,126,262

1,127,211

1,078,835

Loans originated

1,406,921

1,455,199

1,310,702

Loans closed

936,789

1,027,560

888,022

Loans sold

747,829

721,185

644,683

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 11.

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

(Dollars in thousands)

March 31, 2026

December 31, 2025

March 31, 2025

Net interest margin - U.S. GAAP basis

Net interest income

28,452

28,379

26,676

Average interest-earning assets

3,108,569

3,044,814

2,979,992

Net interest margin

3.71

3.70

3.63

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

Net interest income

28,452

28,379

26,676

Impact of fully tax-equivalent adjustment

121

123

186

Net interest income on a fully tax-equivalent basis

28,573

28,502

26,862

Average interest-earning assets

3,108,569

3,044,814

2,979,992

Net interest margin on a fully tax-equivalent basis

3.73

3.71

3.66

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

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

March 31, 2026

December 31, 2025

March 31, 2025

Tangible Book Value per Common Share

Goodwill

1,200

Intangibles

—

Total intangibles

1,200

Total equity attributable to parent

334,920

333,968

310,054

Less: Total intangibles

(1,200

)

(1,200

)

(1,200

)

Tangible common equity

333,720

332,768

308,854

Tangible common equity

333,720

332,768

308,854

Common shares outstanding (000s)

12,847

12,716

12,950

Tangible book value per common share

25.98

26.17

23.85

Tangible Common Equity Ratio

Total assets

3,322,298

3,308,918

3,019,687

Less: Total intangibles

(1,200

)

(1,200

)

(1,200

)

Tangible assets

3,321,098

3,307,718

3,018,487

Tangible assets

3,321,098

3,307,718

3,018,487

Tangible common equity

333,720

332,768

308,854

Tangible common equity ratio

10.0

10.1

10.2