MVB Financial Corp. Announces Second Quarter 2026 Results

MVB Financial Corp. Announces Second Quarter 2026 Results FAIRMONT, W.Va.--( 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 second 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 $12.3 million, or $0.95 basic and $0.93 diluted earnings per share, for the second quarter of 2026.

Second Quarter 2026 Highlights (Compared to First Quarter 2026)

Net income of $12.3 million, up significantly compared to both Q1 2026 and Q2 2025.

Loan balances up 3.0%, or 12.1% annualized, marking the fifth consecutive quarter of loan growth.

Balance sheet deposits up 7.4%, or 29.5% annualized, including 5.7% growth in noninterest-bearing deposits driven by payments-related deposits.

Exclusive of the previously disclosed $10.0 million pre-tax gain related to an existing Fintech investment recognized in the second quarter, noninterest income up 6.7%, led by 18.1% growth in payment card and service charge income.

Net interest margin on a fully tax-equivalent (“FTE”) basis, a non-U.S. GAAP financial measure 1, expanded 43 basis points; Core FTE net interest margin, a non-U.S. GAAP financial measure 1, up 14 basis points to 3.87%.

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

“The strong second quarter results reflected continued progress and momentum across both our core banking franchise and our Fintech banking platform. Loan and deposit growth remained solid, net interest income improved and we saw encouraging momentum across our payments business, contributing to both fee income growth and deposit generation during the quarter. These results demonstrate our diversified business model’s strength and our team’s disciplined execution of our strategy.

“We also successfully resolved our largest nonperforming loan during the quarter through full repayment, improving our credit profile, while benefiting from an improvement in second quarter net interest income. Additionally, the underlying trends across our core banking franchise remained positive as we continued to grow loans, expand our deposit base, strengthen our funding and margin profile and build our Fintech partnership pipeline.

“As previously disclosed, we also recognized a gain during the quarter related to an existing Fintech investment. Together with the successful monetization of our internally incubated Victor platform last year, these transactions demonstrate our ability to both incubate and invest in innovative Fintech businesses. These activities continue to generate shareholder value, while enabling ongoing investment across the business, balance sheet optimization and the long-term growth of the Company’s earnings power.”

SECOND QUARTER 2026 HIGHLIGHTS

1 See 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, July 28, 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 August 11, 2026, by dialing 844-512-2921 (domestic) or 412-317-6671 (international); access code: 13760259. 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; industry factors and volatility and disruption in local, national and international political and economic conditions, such as economic slowdowns or recessions, nationally and in the markets in which we operate and other developments such as wars, natural disasters, epidemics or pandemics, military actions, terrorists attacks or geopolitical conflict, and any governmental or societal 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-U.S. GAAP financial 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-U.S. GAAP financial measures that exclude the impact of specified items provides useful supplemental information that is essential to a proper understanding of the Company’s financial condition and results. Non-U.S. financial 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-U.S. 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-U.S. GAAP financial measures. See the tables below for a reconciliation of these non-U.S. GAAP financial 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

Year-to-Date

2026

2025

2026

2025

Second Quarter

First Quarter

Second Quarter

Interest income

48,583

44,774

42,384

93,357

85,613

Interest expense

16,309

16,322

16,604

32,631

33,157

Net interest income

32,274

28,452

25,780

60,726

52,456

Provision for credit losses

4,677

1,854

1,990

6,531

2,167

Net interest income after provision for credit losses

27,597

26,598

23,790

54,195

50,289

Total noninterest income

18,796

8,209

7,945

27,005

14,953

Noninterest expense:

Salaries and employee benefits

17,641

16,152

15,801

33,793

32,213

Other expense

12,769

11,960

12,768

24,729

25,057

Total noninterest expenses

30,410

28,112

28,569

58,522

57,270

Income before income taxes

15,983

6,695

3,166

22,678

7,972

Income taxes

3,732

1,511

1,164

5,243

2,411

Net income, before noncontrolling interest

12,251

5,184

2,002

17,435

5,561

Net loss attributable to noncontrolling interest

—

Net income available to common shareholders

12,251

5,184

2,002

17,435

5,579

Earnings per share - basic

0.95

0.41

0.16

1.36

0.43

Earnings per share - diluted

0.93

0.39

0.15

1.32

0.42

Noninterest Income

(Unaudited) (Dollars in thousands)

Quarterly

Year-to-Date

2026

2025

2026

2025

Second Quarter

First Quarter

Second Quarter

Payment card and service charge income

6,008

5,086

4,653

11,094

9,638

Investment portfolio gains (losses)

11,269

669

(166

)

11,938

(474

)

Equity method investments income

1,834

1,966

2,315

3,800

2,960

Gain on divestiture activity

—

608

Loss on derivatives

(677

)

—

(677

)

—

Other noninterest income

362

488

1,143

850

2,221

Total noninterest income

18,796

8,209

7,945

27,005

14,953

Condensed Consolidated Balance Sheets

(Unaudited) (Dollars in thousands)

June 30, 2026

March 31, 2026

June 30, 2025

Cash and cash equivalents

312,596

177,635

399,379

Investment securities available-for-sale

429,578

421,729

396,555

Equity securities

62,503

51,459

43,923

Loans receivable

2,476,393

2,403,739

2,153,309

Less: Allowance for credit losses

(28,217

)

(22,605

)

(20,785

)

Loans receivable, net

2,448,176

2,381,134

2,132,524

Premises and equipment, net

9,935

10,071

10,877

Other assets

283,065

280,270

240,750

Total assets

3,545,853

3,322,298

3,224,008

Noninterest-bearing deposits

1,069,207

1,011,098

1,050,104

Interest-bearing deposits

2,042,169

1,886,246

1,754,319

Subordinated debt

34,072

34,046

73,912

Revolving line of credit

20,000

—

Other liabilities

35,862

35,988

43,358

Total liabilities

3,201,310

2,987,378

2,921,693

Common stock

14,323

14,174

13,877

Additional paid-in capital

172,940

172,397

166,078

Retained earnings

203,497

193,413

173,350

Accumulated other comprehensive loss

(18,039

)

(18,061

)

(27,869

)

Treasury stock

(28,178

)

(27,003

)

(23,121

)

Total stockholders’ equity

344,543

334,920

302,315

Total liabilities and stockholders’ equity

3,545,853

3,322,298

3,224,008

Average Balances and Interest Rates

(Unaudited) (Dollars in thousands)

Three Months Ended

June 30, 2026

March 31, 2026

June 30, 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

252,962

2,289

3.63

340,906

3,031

3.61

332,265

3,592

4.34

Investment securities:

Taxable

371,891

4,790

5.17

361,901

4,409

4.94

305,600

2,828

3.71

Tax-exempt 1

55,637

538

3.88

56,737

557

3.98

96,135

819

3.42

Loans: 2

Commercial

1,801,797

33,481

7.45

1,774,717

30,232

6.91

1,488,610

28,371

7.64

Tax-exempt 1

2,327

4.65

2,286

4.44

2,719

4.28

Real estate

490,000

5,061

4.14

487,773

4,883

4.06

538,595

5,826

4.34

Consumer

150,595

2,516

6.70

84,249

1,758

8.46

61,022

1,096

7.20

Total loans

2,444,719

41,085

6.74

2,349,025

36,898

6.37

2,090,946

35,322

6.78

Total earning assets

3,125,209

48,702

6.25

3,108,569

44,895

5.86

2,824,946

42,561

6.04

Less: Allowance for credit losses

(22,877

)

(21,829

)

(19,459

)

Cash and due from banks

9,742

9,947

8,215

Other assets

344,238

336,744

300,378

Total assets

3,456,312

3,433,431

3,114,080

Liabilities

Deposits:

NOW

798,433

6,388

3.21

709,743

5,217

2.98

658,490

4,966

3.02

Money market checking

582,385

3,641

2.51

542,170

3,072

2.30

358,968

2,284

2.55

Savings

149,211

1,062

2.85

149,883

1,197

3.24

117,123

920

3.15

IRAs

6,580

3.11

7,137

3.41

7,414

3.68

CDs

447,766

4,483

4.02

550,973

5,764

4.24

657,367

7,545

4.60

Total interest-bearing deposits

1,984,375

15,625

3.16

1,959,906

15,310

3.17

1,799,362

15,783

3.52

Repurchase agreements and federal funds sold

4,549

2.03

4,186

2.03

4,081

2.36

FHLB and other borrowings

1,321

2.73

7.24

—

Subordinated debt

34,063

314

3.70

60,707

858

5.73

73,890

797

4.33

Revolving line of credit

20,000

338

6.78

7,556

132

7.08

—

Total interest-bearing liabilities

2,044,308

16,309

3.20

2,032,411

16,322

3.26

1,877,341

16,604

3.55

Noninterest-bearing demand deposits

1,030,279

1,011,690

886,657

Other liabilities

37,872

50,811

44,021

Total liabilities

3,112,459

3,094,912

2,808,019

Stockholders’ equity

Common stock

14,221

14,117

13,825

Paid-in capital

172,231

171,040

165,611

Treasury stock

(27,596

)

(27,003

)

(18,029

)

Retained earnings

202,957

193,468

173,394

Accumulated other comprehensive loss

(17,960

)

(13,103

)

(28,740

)

Total stockholders’ equity

343,853

338,519

306,061

Total liabilities and stockholders’ equity

3,456,312

3,433,431

3,114,080

Net interest income and margin (tax-equivalent) 1

32,393

4.16

28,573

3.73

25,957

3.69

Less: Tax-equivalent adjustments

(119

)

(121

)

(177

)

Net interest income and margin

32,274

4.14

28,452

3.71

25,780

3.66

1 In 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 13.

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

Six Months Ended

June 30, 2026

June 30, 2025

Average

Balance

Interest

Income/

Expense

Yield/

Cost

Average

Balance

Interest

Income/

Expense

Yield/

Cost

Assets

Interest-bearing balances with banks

296,691

5,320

3.62

388,574

8,326

4.32

Investment securities:

Taxable

366,924

9,199

5.06

316,577

5,586

3.56

Tax-exempt 1

56,184

1,095

3.93

99,050

1,676

3.41

Loans: 2

Commercial

1,780,876

63,713

7.21

1,490,414

56,391

7.63

Tax-exempt 1

2,306

4.63

2,772

4.29

Real estate

488,893

9,944

4.10

542,330

11,688

4.35

Consumer

125,060

4,274

6.89

61,984

2,251

7.32

Total loans

2,397,135

77,984

6.56

2,097,500

70,389

6.77

Total earning assets

3,116,934

93,598

6.06

2,901,701

85,977

5.98

Less: Allowance for loan losses

(22,356

)

(19,544

)

Cash and due from banks

9,844

7,601

Other assets

340,511

314,450

Total assets

3,444,933

3,204,208

Liabilities

Deposits:

NOW

785,269

11,605

2.98

589,361

8,100

2.77

Money market checking

562,389

6,713

2.41

347,420

4,377

2.54

Savings

149,545

2,259

3.05

103,599

1,502

2.92

IRAs

6,857

111

3.26

7,567

149

3.97

CDs

499,084

10,247

4.14

735,639

17,338

4.75

Total interest-bearing deposits

2,003,144

30,935

3.11

1,783,586

31,466

3.56

Repurchase agreements and federal funds sold

4,369

2.08

3,627

2.17

FHLB and other borrowings

692

2.62

2,547

4.59

Senior term loan

13,812

470

6.86

—

Subordinated debt

47,311

1,172

5.00

73,859

1,594

4.35

Total interest-bearing liabilities

2,069,328

32,631

3.18

1,863,619

33,157

3.59

Noninterest-bearing demand deposits

990,099

989,138

Other liabilities

44,306

46,339

Total liabilities

3,103,733

2,899,096

Stockholders’ equity

Common stock

14,169

13,811

Paid-in capital

171,639

165,291

Treasury stock

(27,301

)

(17,389

)

Retained earnings

198,238

171,890

Accumulated other comprehensive loss

(15,545

)

(28,509

)

Total stockholders’ equity attributable to parent

341,200

305,094

Noncontrolling interest

—

Total stockholders’ equity

341,200

305,112

Total liabilities and stockholders’ equity

3,444,933

3,204,208

Net interest income and margin (tax-equivalent) 1

60,967

3.94

52,820

3.67

Less: Tax-equivalent adjustments

(241

)

(364

)

Net interest income and margin

60,726

3.93

52,456

3.65

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

Year-to-Date

2026

2025

2026

2025

Second Quarter

First Quarter

Second Quarter

Earnings and Per Share Data:

Net income

12,251

5,184

2,002

17,435

5,579

Earnings per share - basic

0.95

0.41

0.16

1.36

0.43

Earnings per share - diluted

0.93

0.39

0.15

1.32

0.42

Cash dividends paid per common share

0.17

0.34

Book value per common share

26.61

26.07

23.78

26.61

23.78

Tangible book value per common share 1

26.52

25.98

23.68

26.52

23.68

Weighted-average shares outstanding - basic

12,869,947

12,795,271

12,912,113

12,832,815

12,930,046

Weighted-average shares outstanding - diluted

13,186,672

13,191,405

13,121,436

13,188,996

13,151,616

Performance Ratios:

Return on average assets 2

1.4

0.6

0.3

1.0

0.3

Return on average equity 2

14.3

6.1

2.6

10.2

3.7

Net interest margin 3 4

4.16

3.73

3.69

3.94

3.67

Efficiency ratio 5

59.5

76.7

84.7

66.7

85.0

Overhead ratio 2 6

3.5

3.3

3.7

3.4

3.6

Equity to assets

9.7

10.1

9.4

9.7

9.4

Asset Quality Data and Ratios:

Charge-offs

1,773

1,890

628

3,663

2,015

Recoveries

391

392

445

783

975

Net loan charge-offs to total loans 2, 7

0.23

0.26

0.04

0.24

0.10

Allowance for credit losses

28,217

22,605

20,785

28,217

20,785

Allowance for credit losses to total loans

1.14

0.94

0.97

1.14

0.97

Nonperforming loans

29,233

34,740

21,055

29,233

21,055

Nonperforming loans to total loans

1.2

1.4

1.0

1.2

1.0

Mortgage Company Equity Method Investees Production Data 8:

Mortgage pipeline

1,236,366

1,126,262

1,128,738

1,236,366

1,128,738

Loans originated

1,491,404

1,406,921

1,352,603

2,898,326

2,663,305

Loans closed

927,934

936,789

882,361

1,864,724

1,770,383

Loans sold

820,716

747,829

699,036

1,568,546

1,343,718

1 Common equity, less total goodwill and intangibles per common share, 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 13.

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

Six Months Ended

(Dollars in thousands)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net interest margin - U.S. GAAP basis

Net interest income

32,274

28,452

25,780

60,726

52,456

Average interest-earning assets

3,125,209

3,108,569

2,824,946

3,116,934

2,901,701

Net interest margin

4.14

3.71

3.66

3.93

3.65

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

Net interest income

32,274

28,452

25,780

60,726

52,456

Impact of fully tax-equivalent adjustment

119

121

177

241

364

Net interest income on a fully tax-equivalent basis

32,393

28,573

25,957

60,967

52,820

Average interest-earning assets

3,125,209

3,108,569

2,824,946

3,116,934

2,901,701

Net interest margin on a fully tax-equivalent basis

4.16

3.73

3.69

3.94

3.67

Core net interest margin - non-U.S. GAAP basis

Net interest income on a fully tax-equivalent basis

32,393

28,573

25,957

60,967

52,820

Less: interest income from non-recurring items

(2,272

)

—

(2,272

)

—

Core net interest income on a fully tax-equivalent basis

30,121

28,573

25,957

58,695

52,820

Average interest-earning assets

3,125,209

3,108,569

2,824,946

3,116,934

2,901,701

Adjusted net interest margin on a fully tax-equivalent basis

3.87

3.73

3.69

3.80

3.67

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

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

June 30, 2026

March 31, 2026

June 30, 2025

Tangible Book Value per Common Share

Goodwill

1,200

Total intangibles

1,200

Total equity attributable to parent

344,543

334,920

302,315

Less: Total intangibles

(1,200

)

(1,200

)

(1,200

)

Tangible common equity

343,343

333,720

301,115

Tangible common equity

343,343

333,720

301,115

Common shares outstanding (000s)

12,947

12,847

12,715

Tangible book value per common share

26.52

25.98

23.68

Tangible Common Equity Ratio

Total assets

3,545,853

3,322,298

3,224,008

Less: Total intangibles

(1,200

)

(1,200

)

(1,200

)

Tangible assets

3,544,653

3,321,098

3,222,808

Tangible assets

3,544,653

3,321,098

3,222,808

Tangible common equity

343,343

333,720

301,115

Tangible common equity ratio

9.7

10.0

9.3