MVB Financial Corp. Announces Second Quarter 2022 Results
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 2022, with reported net income of $3.0 million, or $0.24 basic and $0.23 diluted earnings per share. Quarterly Year-to-Date 2022 2022 2021 2022 2021 Second Quarter First Quarter Second Quarter Net income $ 2,956 $ 2,864 $ 9,247 $ 5,820 $ 17,332 Earnings per share - basic $ 0.24 $ 0.24 $ 0.79 $ 0.48 $ 1.49 Earnings per share - diluted $ 0.23 $ 0.22 $ 0.73 $ 0.45 $ 1.39 "We continue to implement our MVB-F1: Success Loves Speed Strategy. Despite seasonality of our niche industries, our fast track growth vehicles remained strong because of our large noninterest-bearing deposit base, while our cost of funds held relatively steady. At the same time, robust loan growth and a favorable liquidity profile helped drive significant net interest margin expansion during the second quarter, while measures of asset quality remained stable," said Larry F.
MVB Financial Corp. Announces Second Quarter 2022 Results
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 2022, with reported net income of $3.0 million, or $0.24 basic and $0.23 diluted earnings per share. Quarterly Year-to-Date 2022 2022 2021 2022 2021 Second Quarter First Quarter Second Quarter Net income $ 2,956 $ 2,864 $ 9,247 $ 5,820 $ 17,332 Earnings per share - basic $ 0.24 $ 0.24 $ 0.79 $ 0.48 $ 1.49 Earnings per share - diluted $ 0.23 $ 0.22 $ 0.73 $ 0.45 $ 1.39 "We continue to implement our MVB-F1: Success Loves Speed Strategy. Despite seasonality of our niche industries, our fast track growth vehicles remained strong because of our large noninterest-bearing deposit base, while our cost of funds held relatively steady. At the same time, robust loan growth and a favorable liquidity profile helped drive significant net interest margin expansion during the second quarter, while measures of asset quality remained stable," said Larry F.