Announcement • May 02
MVB Financial Corp. Reports Net Charge-Offs for the First Quarter Ended March 31, 2026 MVB Financial Corp. reported net charge-offs for the first quarter ended March 31, 2026. Net charge-offs were $1.5 million for the first quarter compared to $3.9 million for the prior quarter. Reported Earnings • May 01
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: US$0.41 (up from US$0.28 in 1Q 2025). Revenue: US$34.8m (up 3.9% from 1Q 2025). Net income: US$5.18m (up 45% from 1Q 2025). Profit margin: 15% (up from 11% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 6.4%. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 13% per year. New Risk • Apr 30
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Apr 15
MVB Financial Corp. to Report Q1, 2026 Results on Apr 29, 2026 MVB Financial Corp. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 29, 2026 Announcement • Apr 08
MVB Financial Corp., Annual General Meeting, May 19, 2026 MVB Financial Corp., Annual General Meeting, May 19, 2026. Announcement • Apr 02
MVB Financial Corp. Expands Michael L. Giorgio's Role to Chief Operating Officer MVB Financial Corp. has promoted Michael “Mike” L. Giorgio, who has served since 2023 as Executive Vice President, Chief Information Officer, to Executive Vice President, Chief Information Officer and Chief Operating Officer . With more than 20 years of leadership experience in operations, lending, risk, information/cyber security and technology within retail/commercial banking and Fintech organizations, Giorgio has built a holistic technology approach for the overall MVB enterprise. As CIO, Giorgio is responsible for establishing the long-term vision and developing strategies for the Information Technology department and initiatives that support MVB’s ongoing business operations and strategic plan. He directs the planning and implementation of enterprise systems and architecture to support business operations, with a focus on compliance and regulatory needs. He implements IT capabilities that provide a competitive advantage for MVB and is ultimately accountable for all aspects of the organization’s information technology infrastructure. Over the past several years, technology has become deeply integrated with core operational functions across the organization. Areas such as digital banking, loan processing platforms, deposit operations, Fintech partnerships and enterprise project management increasingly operate at the intersection of technology and operations. Aligning these technology-dependent functions under a single executive leader improves execution speed, accountability and operational efficiency. Prior to joining MVB, Giorgio served as Chief Executive Officer of Kraken Bank (SPDI) and Chairman & CEO of SMC Blockchain Labs. Previously he served as Senior Vice President and Chief Technology Officer at Metropolitan Commercial Bank architecting innovative solutions to support a digital currency and prepaid card clientele from 2018 to 2020. He also held the role of Senior Vice President and Chief Technology Officer for Laurel Road, a national lending and banking company focused on student loan refinancing from 2016 to 2018. Before entering the national lending space, he spent more than 10 years leading organizational transformation efforts adopting digital first strategies including mobile/online banking, digital loan applications and online account opening. Giorgio received his M.B.A. from Quinnipiac University and holds a B.S. in Computer Science from St. John’s University. He also maintains a CISSP (Certified Information Systems Security Professional) certification. Announcement • Mar 19
MVB Financial Corp. Names Monica L. Tressler as Executive Vice President, Chief Deposit Officer MVB Financial Corp. has named Monica L. Tressler as Executive Vice President, Chief Deposit Officer. With more than 20 years of leadership experience in commercial banking, Tressler has a strong track record of building high-performing teams, driving sustainable growth and delivering innovative, client-focused financial solutions. Tressler was originally hired as Senior Vice President, Managing Director, Commercial Deposits & Treasury Management Services, for MVB in 2025. At MVB, Tressler is responsible for developing and implementing strategies to grow and maintain MVB Bank’s deposit base, enhance client relationships and ensure the profitability and competitiveness of deposit products. She provides leadership to the teams fueling deposit-related activities, including MVB’s Banking Centers, Commercial Deposits & Treasury Management Services, Specialty Deposits, Product Management, Channel Strategy & Operations and Strategic Industry Program teams. With a deep understanding of cash management, fraud mitigation and digital treasury innovation, Tressler is passionate about fostering long-term relationships built on trust, service excellence and measurable results. She works closely with internal partners and external stakeholders to ensure offerings remain forward-thinking, efficient and aligned with each client’s unique needs and goals. Tressler is very committed to service in her community for organizations including 100 Women Strong, Northern Virginia Chamber, Reston Chamber, Loudoun Chamber, Northern Virginia Science Center, Morven Park and Bite Me Cancer. Tressler is a lifelong resident of Northern Virginia and resides in Leesburg, Va. Reported Earnings • Mar 15
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: US$2.11 (up from US$1.56 in FY 2024). Revenue: US$158.3m (up 6.5% from FY 2024). Net income: US$26.9m (up 34% from FY 2024). Profit margin: 17% (up from 14% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.65% (down from 3.67% in FY 2024). Cost-to-income ratio: 72.8% (down from 80.4% in FY 2024). Non-performing loans: 1.31% (up from 1.17% in FY 2024). Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 22
Fourth quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 27th February 2026 Payment date: 15th March 2026 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (32% payout ratio) and is expected to be well covered in 3 years' time (24% forecast payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 35% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 13
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: US$2.11 (up from US$1.56 in FY 2024). Revenue: US$158.9m (up 7.0% from FY 2024). Net income: US$26.9m (up 34% from FY 2024). Profit margin: 17% (up from 14% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Feb 03
President exercised options to buy US$2.4m worth of stock. On the 29th of January, Larry Mazza exercised 100.00k options at around US$12.50, then sold 16.76k of them at US$28.26 each and kept the remainder. Since March 2025, Larry's direct individual holding has increased from 635.94k shares to 731.90k. Company insiders have collectively bought US$852k more than they sold, via options and on-market transactions, in the last 12 months. Buy Or Sell Opportunity • Jan 20
Now 20% undervalued Over the last 90 days, the stock has risen 4.5% to US$26.96. The fair value is estimated to be US$33.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 1.7% in 2 years. Earnings are forecast to grow by 6.1% in the next 2 years. Declared Dividend • Nov 23
Third quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 1st December 2025 Payment date: 15th December 2025 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (27% payout ratio) and is expected to be well covered in 3 years' time (25% forecast payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 20% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 20
MVB Financial Corp. Declares Fourth Quarter 2025 Dividend, Payable on December 15, 2025 MVB Financial Corp. announced that its Board of Directors has declared a quarterly cash dividend of $0.17 per share, consistent with the previous quarter’s dividend. The dividend is payable on December 15, 2025, to shareholders of record as of December 1, 2025. This marks MVB’s fourth quarterly dividend of 2025. Price Target Changed • Nov 10
Price target increased by 7.7% to US$31.50 Up from US$29.25, the current price target is an average from 4 analysts. New target price is 19% above last closing price of US$26.50. Stock is up 18% over the past year. The company is forecast to post earnings per share of US$2.08 for next year compared to US$1.56 last year. Recent Insider Transactions • Nov 06
CFO & Executive VP recently bought US$52k worth of stock On the 3rd of November, Michael Sumbs bought around 2k shares on-market at roughly US$26.00 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Price Target Changed • Oct 31
Price target increased by 8.0% to US$30.25 Up from US$28.00, the current price target is an average from 4 analysts. New target price is 18% above last closing price of US$25.58. Stock is up 34% over the past year. The company is forecast to post earnings per share of US$2.30 for next year compared to US$1.56 last year. Announcement • Oct 30
MVB Financial Corp. Reports Net Loan Charge-Offs for the Third Quarter Ended September 30, 2025 MVB Financial Corp. reported Net loan charge-offs for the third quarter ended September 30, 2025. Net charge-offs were $0.7 million, or 0.1% annualized of total loans, for the third quarter of 2025, compared to $0.7 million, or 0.1% annualized of total loans, the third quarter of 2024. Announcement • Oct 28
MVB Financial Corp. (NasdaqCM:MVBF) announces an Equity Buyback for $10 million worth of its shares. MVB Financial Corp. (NasdaqCM:MVBF) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its shares. The program will expire upon the expenditure of $10 million, when terminated or otherwise completed. Major Estimate Revision • Oct 05
Consensus EPS estimates increase by 46% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from US$1.03 to US$1.50. Revenue forecast unchanged at US$140.5m. Net income forecast to grow 41% next year vs 16% growth forecast for Banks industry in the US. Consensus price target of US$28.00 unchanged from last update. Share price rose 5.1% to US$26.21 over the past week. Price Target Changed • Sep 25
Price target increased by 11% to US$28.00 Up from US$25.33, the current price target is an average from 4 analysts. New target price is 13% above last closing price of US$24.73. Stock is up 28% over the past year. The company is forecast to post earnings per share of US$1.03 for next year compared to US$1.56 last year. Declared Dividend • Aug 24
Second quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 29th August 2025 Payment date: 15th September 2025 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 36% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 21
MVB Financial Corp. Declares Third Quarter 2025 Dividend, Payable on September 15, 2025 MVB Financial Corp. has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of September 1, 2025, payable on September 15, 2025. This is the third quarterly dividend for 2025. Major Estimate Revision • Aug 04
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$1.21 to US$1.03 per share. Revenue forecast steady at US$140.5m. Net income forecast to grow 17% next year vs 16% growth forecast for Banks industry in the US. Consensus price target broadly unchanged at US$25.67. Share price fell 4.8% to US$22.23 over the past week. Reported Earnings • Jul 29
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: US$0.15 (down from US$0.32 in 2Q 2024). Revenue: US$31.7m (down 7.9% from 2Q 2024). Net income: US$2.00m (down 51% from 2Q 2024). Profit margin: 6.3% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 42%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Announcement • Jul 29
MVB Financial Corp. Reports Net Charge-Offs for the Second Quarter June 30, 2025 MVB Financial Corp. reported net charge-offs for the second quarter June 30, 2025. For the quarter, Net charge-offs were $0.2 million, or 0.04% annualized of loans, compared to $0.9 million, or 0.2% annualized of total loans, for the first quarter of 2025 and the second quarter of 2024. Price Target Changed • Jul 08
Price target increased by 10% to US$23.17 Up from US$21.00, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$23.50. Stock is up 24% over the past year. The company is forecast to post earnings per share of US$1.21 for next year compared to US$1.56 last year. Announcement • Jun 06
MVB Financial Corp. Appoints Rick Cordella as Member of the Board, Effective June 4, 2025 MVB Financial Corp. appointed Rick Cordella as a Member of the Board on June 4, 2025. Mr. Cordella has served as President of NBC Sports since September 2023, overseeing NBC Olympics, Golf Channel, NBC Sports Digital, GolfNow, and SportsEngine. He played a pivotal role in expanding NBC Sports' digital footprint, overseeing initiatives like NBC Sports Gold, NBCOlympics.com, and the development of various sports apps. As a founding executive of Peacock, Cordella was instrumental in launching the platform and driving its sports content strategy. Prior to the President position, Mr. Cordella held various leadership roles at NBC Sports since 2006, including General Manager of NBCUniversal and Executive Vice President and General Manager of NBC Sports Digital. Mr. Cordella was named to Sports Business Journal's “Forty Under Forty” list in 2012 and 2014. He graduated from Providence College in 1999 with a B.S. in Business Management and a minor in Computer Science and holds an MBA from Boston College. Declared Dividend • May 23
First quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 30th May 2025 Payment date: 15th June 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 20% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 21
MVB Financial Corp. Declares Second Quarter 2025 Dividend, Payable on June 15, 2025 MVB Financial Corp. has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of June 1, 2025, payable on June 15, 2025. This is the second quarterly dividend for 2025. Announcement • May 20
MVB Financial Corp. (NasdaqCM:MVBF) announces an Equity Buyback for $10 million worth of its shares. MVB Financial Corp. (NasdaqCM:MVBF) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its shares. The program will expire upon the expenditure of $10 million, when terminated or otherwise completed. Recent Insider Transactions • May 13
Executive VP & Chief Risk Officer recently bought US$74k worth of stock On the 8th of May, Joseph Rodriguez bought around 4k shares on-market at roughly US$18.00 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth US$100k. Insiders have collectively bought US$204k more in shares than they have sold in the last 12 months. Recent Insider Transactions Derivative • May 08
CEO & Non-Independent Director exercised options and sold US$122k worth of stock On the 1st of May, Larry Mazza exercised options to acquire 7k shares at no cost and sold these for an average price of US$17.49 per share. This trade did not impact their existing holding. For the year to December 2018, Larry's total compensation was 39% salary and 61% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2024, Larry's direct individual holding has increased from 629.63k shares to 648.66k. Company insiders have collectively sold US$101k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • May 01
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: US$0.28 (down from US$0.35 in 1Q 2024). Revenue: US$33.5m (down 6.9% from 1Q 2024). Net income: US$3.58m (down 20% from 1Q 2024). Profit margin: 11% (down from 13% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 8.0%. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Announcement • May 01
MVB Financial Corp. Reports Net Charge Offs for the First Quarter Ended March 31, 2025 MVB Financial Corp. reported net charge offs for the first quarter ended March 31, 2025. For the first quarter, the company reported Net charge-offs were $0.9 million, or 0.2% of total loans, for the first quarter of 2025, compared to $1.5 million, or 0.3% of total loans, for the fourth quarter of 2024 and $1.3 million, or 0.2% of total loans, for the first quarter of 2024. Announcement • Apr 08
MVB Financial Corp., Annual General Meeting, May 20, 2025 MVB Financial Corp., Annual General Meeting, May 20, 2025. Price Target Changed • Apr 04
Price target decreased by 11% to US$21.00 Down from US$23.67, the current price target is an average from 3 analysts. New target price is 28% above last closing price of US$16.39. Stock is down 24% over the past year. The company is forecast to post earnings per share of US$1.25 for next year compared to US$1.56 last year. Recent Insider Transactions • Mar 14
Insider recently bought US$100k worth of stock On the 12th of March, Michael Giorgio bought around 6k shares on-market at roughly US$17.60 per share. This transaction increased Michael's direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$105k more in shares than they have sold in the last 12 months. Announcement • Feb 28
MVB Financial Corp. Names Vic Maculaitis as Director MVB Financial Corp. has announced the appointment of Vic Maculaitis as a Member of the Board. Maculaitis is the Founder and Managing Partner of i3strategies®?, a leading market research and strategy consultant with global clients across private equity/venture capital, professional services/tech and finance. Maculaitis’s career began with the U.S. Government in 2002. Upon moving to the private sector, Maculaitis, at 28, was recruited into his first board-appointed BSA/AML Officer role at a $20 billion bank holding company in Chicago. He subsequently held management roles at Zions Bancorporation, First Republic Bank and Banc of California. Over the last decade, Maculaitis has founded and built successful services and technology businesses focused on modernizing the Financial Crime Risk and Compliance space. Maculaitis has completed Executive Education in Corporate Governance from Harvard Business School, is an alumnus of UCLA Anderson’s School of Management and holds undergraduate degrees from Walsh University and The University of Akron. Declared Dividend • Feb 23
Fourth quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 28th February 2025 Payment date: 15th March 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (44% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 49% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Feb 20
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$151.5m to US$146.1m. EPS estimate also fell from US$1.69 per share to US$1.27 per share. Net income forecast to grow 1.5% next year vs 13% growth forecast for Banks industry in the US. Consensus price target broadly unchanged at US$24.00. Share price fell 4.9% to US$19.03 over the past week. Announcement • Feb 19
MVB Financial Corp. Declares First Quarter 2025 Dividend, Payable on March 15, 2025 MVB Financial Corp. has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of March 1, 2025, payable on March 15, 2025. This is the first quarterly dividend for 2025. Announcement • Feb 15
MVB Financial Corp. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2024 MVB Financial Corp. reported net charge-offs for the fourth quarter ended December 31, 2024. For the quarter, the company reported net charge-offs were $1.5 million or 0.3% of total loans compared to $0.5 million or 0.1% of total loans for the fourth quarter of 2023. Reported Earnings • Feb 14
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$1.56 (down from US$1.77 in FY 2023). Revenue: US$148.6m (up 2.6% from FY 2023). Net income: US$20.1m (down 11% from FY 2023). Profit margin: 14% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.67% (down from 4.04% in FY 2023). Cost-to-income ratio: 80.4% (down from 82.3% in FY 2023). Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 20% per year. Announcement • Jan 24
MVB Financial Corp. Appoints Glen W. Herrick as Member of the Board The Board of Directors of MVB Financial Corp. has announced the appointment of Glen W. Herrick as a Member of the Board. Herrick brings more than three decades of experience on both sides of the bank-Fintech partnership relationship. For the past year, he has served as a senior advisor for an advisory group. Prior to that, Herrick was Chief Financial Officer of Pathward Financial, fka MetaBank, a leading BaaS firm providing payments, deposit products, consumer lending and commercial finance solutions. While there he also founded Pathward Ventures, which has successfully made early- and mid-stage investments in financial technology firms. Before his 11 years at Pathward, he spent 20 years at Wells Fargo, where he served in various finance, treasury, risk management and compliance roles. As the Senior Vice President of Corporate Finance & Treasury he led resolution and recovery planning for the company, among other responsibilities. Herrick also served as the CFO of Wells Fargo’s $34 billion Education Finance Division, providing strategic leadership during a period of unprecedented growth. Earlier in his career, he spent time as an industrial engineer at Ingersoll-Rand and served multiple global assignments as an officer in the U.S. Army. Herrick graduated from the United States Military Academy at West Point with a B.S. in Engineering Management, holds an MBA from the University of South Dakota and graduated from the Stonier Graduate School of Banking. He serves on the boards of Central Bank (IA), a family-owned community banking organization with $2.3 billion in assets, the South Dakota Folds of Honor, the First Tee of South Dakota and Augustana University’s School of Business, where he co-created the university’s first Fintech academic major. Announcement • Jan 14
MVB Financial Corp. Appoints Jeffrey Weidley as Chief Deposit Officer MVB Financial Corp. has named Jeffrey Weidley as Chief Deposit Officer. Weidley is an accomplished banker with a track record of developing and executing strategic initiatives, building profitable business units and optimizing client experiences. At MVB, Weidley is responsible for developing and implementing strategies to grow and maintain MVB Bank’s deposit base, enhance client relationships and ensure the profitability and competitiveness of deposit products. He provides leadership to the teams fueling deposit-related activities, including MVB’s Commercial, Specialty Deposits, Banking Centers and Digital Banking teams. Weidley joins MVB from Sandy Spring Bank, where he spent more than 16 years in progressively responsible positions overseeing deposit, lending and digital initiatives across Treasury Management, Omni-Channel, Business Banking & SBA and Commercial Banking. Prior to Sandy Spring, he served in both retail and commercial banking at SunTrust Bank. He earned an MBA from Loyola University Maryland, a B.S. in Business from Johns Hopkins University and an Executive Leadership Certificate from The Wharton School of the University of Pennsylvania. Weidley also graduated from Maryland Banking School and Stonier Graduate School of Banking, where he now serves as a faculty member. Major Estimate Revision • Jan 10
Consensus EPS estimates increase by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$1.08 to US$1.31. Revenue forecast steady at US$140.2m. Net income forecast to grow 17% next year vs 14% growth forecast for Banks industry in the US. Consensus price target of US$24.67 unchanged from last update. Share price fell 12% to US$18.07 over the past week. Declared Dividend • Nov 25
Third quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 29th November 2024 Payment date: 15th December 2024 Dividend yield will be 3.1%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (47% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 73% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 22
MVB Financial Corp. Declares Fourth Quarter 2024 Dividend, Payable on December 15, 2024 MVB Financial Corp. has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of December 1, 2024, payable on December 15, 2024. This is the fourth quarterly dividend for 2024. Announcement • Nov 15
MVB Financial Corp. Names Joe Rodriguez as Chief Risk Officer MVB Financial Corp. has named Joe Rodriguez as Chief Risk Officer. Rodriguez has a strong reputation in the financial services risk management industry as a leader who operates at the intersection of innovation and prudent risk management. At MVB, Rodriguez leads the Office of Risk Management, including the risk, compliance and legal functions of MVB Bank. Working directly with the MVB Board of Directors Risk and Compliance Committee, he will continue to build MVB’s risk management capabilities. Rodriguez comes to MVB from Capital One where he most recently served as the Executive Risk Officer for Financial Services, reporting to the Financial Services Business Chief Risk Officer. He managed a team of risk professionals who are responsible for enterprise risk and change management activities, including leading the regulatory change governance process for new/revised laws and regulations; conducting ongoing risk assessments, including RCSA; overseeing development and maintenance of compliance controls; leading regulator exam and internal audit engagements; managing risk and compliance reporting; and overseeing remediation of exam, audit and risk assessment findings. He also served as the Lead Compliance Officer for Financial Services, and Acting Head of Enterprise Privacy Compliance at Capital One. Prior to his current role at Capital One, Rodriguez served as Lead Counsel – Financial Services Regulatory, AML and Sanctions at Walmart. There, he led enhancements to the company’s AML Compliance Program, advised on regulatory matters involving partner financial institutions and advised on agreements to expand Walmart’s money transmission and payments partnerships. Prior to his in-house experience, he served as outside counsel to leading banks and fintech companies and was a partner at the law firm Davis Wright Tremaine LLP, a firm known for its deep financial services practice. Much of Rodriguez’s early career was spent in government service, where he was an early employee at the Consumer Financial Protection Bureau (CFPB). He served as Regional Counsel for the Bureau’s Southeast Region, advising on examination reports, MRAs and MOUs and evaluating institutional compliance. He was also a Trial Attorney at the U.S. Department of Justice, representing the United States in federal district court and bankruptcy court regarding complex tax and financial fraud matters. He began his career as an associate at the international law firm Milbank LLP. Rodriguez received a B.S. in Accounting, magna cum laude, from the College of New Jersey. He received his J.D. from Harvard Law School. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$22.39, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Banks industry in the US. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$36.21 per share. Major Estimate Revision • Nov 06
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$145.0m to US$141.0m. EPS estimate also fell from US$1.38 per share to US$1.11 per share. Net income forecast to grow 11% next year vs 12% growth forecast for Banks industry in the US. Consensus price target down from US$24.67 to US$23.17. Share price rose 10% to US$22.59 over the past week. Price Target Changed • Nov 01
Price target decreased by 11% to US$23.17 Down from US$26.00, the current price target is an average from 3 analysts. New target price is 21% above last closing price of US$19.10. Stock is down 8.0% over the past year. The company is forecast to post earnings per share of US$1.11 for next year compared to US$1.77 last year. Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.16 (down from US$0.30 in 3Q 2023). Revenue: US$32.3m (down 9.9% from 3Q 2023). Net income: US$2.08m (down 46% from 3Q 2023). Profit margin: 6.4% (down from 11% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 53%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 25
Second quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 30th August 2024 Payment date: 15th September 2024 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (43% payout ratio) and is expected to be well covered in 3 years' time (25% forecast payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 112% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 22
MVB Financial Corp. Declares Third Quarter 2024 Dividend, Payable on September 15, 2024 MVB Financial Corp. has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of September 1, 2024, payable on September 15, 2024. This is the third quarterly dividend for 2024. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$20.08, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Banks industry in the US. Total loss to shareholders of 50% over the past three years. Price Target Changed • Aug 01
Price target increased by 12% to US$26.00 Up from US$23.25, the current price target is an average from 4 analysts. New target price is 13% above last closing price of US$22.97. Stock is down 12% over the past year. The company is forecast to post earnings per share of US$1.46 for next year compared to US$1.77 last year. Announcement • Jul 31
MVB Financial Corp. Reports Net Charge-Offs for the Second Quarter Ended June 30, 2024 MVB Financial Corp. reported net charge-offs for the Second quarter ended June 30, 2024. Net charge-offs were $0.9 million, or 0.2% of total loans, for the second quarter of 2024, compared to $1.3 million, or 0.2% of total loans, for the first quarter of 2024 and $1.2 million, or 0.2% of total loans, for the second quarter of 2023. Reported Earnings • Jul 30
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: US$0.32 (down from US$0.64 in 2Q 2023). Revenue: US$34.5m (down 14% from 2Q 2023). Net income: US$4.09m (down 50% from 2Q 2023). Profit margin: 12% (down from 20% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$20.89, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Banks industry in the US. Total loss to shareholders of 46% over the past three years. Announcement • Jun 18
MVB Financial Corp Appoints Jeremy Kuiper as EVP, Fintech President MVB Financial Corp. has named Jeremy Kuiper as EVP, Fintech President. Kuiper brings to MVB 25 years of payments industry experience at the executive and board level. At MVB, Kuiper will focus on oversight of MVB’s Fintech Banking Team, including account management and client delivery teams, client and partner implementations and partner and network relationships. He also will move forward MVB’s merchant acquiring and card issuing sponsorship relationships and non-card payments business lines. Since 2019 Kuiper has worked at Pathward, serving as Executive Vice President, Enterprise Development. Prior to joining Pathward, he held positions at The Bancorp since 2007, including serving as the Executive Vice President and Managing Director of the Payment Solutions division of The Bancorp. At Bancorp, Kuiper led all of the payments business both domestically and internationally. Additionally, he has served in senior leadership positions with BankFirst and United Credit National Bank, and he served as the Chairman of the Network Branded Prepaid Card Association, now known as the Innovative Payments Association. Announcement • Jun 10
MVB Financial Corp. and MVB Bank, Inc. Announce Resignation of John C. Marion, Executive Vice President and Chief Risk Officer, Effective August 2, 2024 On June 4, 2024, John C. Marion, Executive Vice President and Chief Risk Officer of MVB Financial Corp. (the “Company”) and its wholly owned bank subsidiary, MVB Bank, Inc. (the “Bank” together with the Company, collectively referred to as “MVB”), provided notice of his resignation from his position with MVB to pursue another employment opportunity with another company, with such resignation to be effective August 2, 2024. Declared Dividend • May 26
First quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 31st May 2024 Payment date: 15th June 2024 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.6% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 23
MVB Financial Corp. Declares Dividend for the Second Quarter 2024, Payable on June 15, 2024 MVB Financial Corp. declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of June 1, 2024, payable on June 15, 2024. This is the second quarterly dividend for 2024. New Risk • May 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Recent Insider Transactions Derivative • May 05
CEO & Non-Independent Director exercised options and sold US$157k worth of stock On the 1st of May, Larry Mazza exercised options to acquire 9k shares at no cost and sold these for an average price of US$18.39 per share. This trade did not impact their existing holding. For the year to December 2017, Larry's total compensation was 30% salary and 70% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2023, Larry's direct individual holding has increased from 607.22k shares to 611.20k. Company insiders have collectively bought US$482k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • May 01
Price target decreased by 7.5% to US$24.75 Down from US$26.75, the current price target is an average from 4 analysts. New target price is 35% above last closing price of US$18.39. Stock is up 7.5% over the past year. The company is forecast to post earnings per share of US$1.71 for next year compared to US$1.77 last year. Reported Earnings • Apr 30
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: US$0.35 (up from US$0.20 in 1Q 2023). Revenue: US$36.0m (up 15% from 1Q 2023). Net income: US$4.48m (up 75% from 1Q 2023). Profit margin: 13% (up from 8.2% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 9.4%. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 15
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$1.77 (up from US$1.01 in FY 2022). Revenue: US$145.9m (up 17% from FY 2022). Net income: US$22.5m (up 81% from FY 2022). Profit margin: 15% (up from 9.9% in FY 2022). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.04% (no change from 4.04% in FY 2022). Cost-to-income ratio: 82.3% (up from 78.2% in FY 2022). Non-performing loans: 0.36% (down from 0.47% in FY 2022). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) exceeded analyst estimates by 23%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 22
Fourth quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 29th February 2024 Payment date: 15th March 2024 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (38% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 26% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 32% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Feb 21
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$163.7m to US$154.8m. EPS estimate also fell from US$2.10 per share to US$1.84 per share. Net income forecast to grow 7.9% next year vs 3.7% decline forecast for Banks industry in the US. Consensus price target broadly unchanged at US$27.50. Share price rose 5.2% to US$22.62 over the past week. Announcement • Feb 20
MVB Financial Corp. Declares Quarterly Cash Dividend, Payable on March 15, 2024 MVB Financial Corp. has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of March 1, 2024, payable on March 15, 2024. This is the first quarterly dividend for 2024. Reported Earnings • Feb 15
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$1.77 (up from US$1.23 in FY 2022). Revenue: US$144.9m (up 6.6% from FY 2022). Net income: US$22.5m (up 49% from FY 2022). Profit margin: 16% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) exceeded analyst estimates by 23%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Feb 15
MVB Financial Corp. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2023 MVB Financial Corp. reported net charge-offs for the fourth quarter ended December 31, 2023. Net charge-offs were $0.5 million, or 0.1% of total loans on an annualized basis, for the fourth quarter of 2023. Recent Insider Transactions Derivative • Dec 17
CEO & Non-Independent Director exercised options and sold US$57k worth of stock On the 12th of December, Larry Mazza exercised 15.00k options at around US$16.00, then sold 13k of the shares acquired at an average of US$20.44 per share and kept the remainder. For the year to December 2016, Larry's total compensation was 58% salary and 42% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2023, Larry's direct individual holding has increased from 589.45k shares to 607.22k. Company insiders have collectively bought US$1.0m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Nov 22
MVB Financial Corp. Declares Fourth Quarter 2023 Dividend, Payable on December 15, 2023 MVB Financial Corp. has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of December 1, 2023, payable on December 15, 2023. This is the fourth quarterly dividend for 2023. Recent Insider Transactions Derivative • Nov 19
CFO, President & Treasurer exercised options and sold US$658k worth of stock On the 15th of November, Donald Robinson exercised 46.15k options to receive shares at no cost, then sold 41k of them for an average price of -US$16.00 per share and kept the remainder. Since March 2023, Donald's direct individual holding has increased from 44.91k shares to 52.52k. Company insiders have collectively bought US$1.0m more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • Nov 02
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$2.55 to US$2.13 per share. Revenue forecast steady at US$147.8m. Net income forecast to grow 20% next year vs 10% decline forecast for Banks industry in the US. Consensus price target down from US$28.88 to US$27.88. Share price rose 2.7% to US$20.70 over the past week. Reported Earnings • Oct 27
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: US$0.30 (up from US$0.22 in 3Q 2022). Revenue: US$35.8m (up 8.8% from 3Q 2022). Net income: US$3.87m (up 42% from 3Q 2022). Profit margin: 11% (up from 8.3% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 47%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.17 per share at 2.7% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (3.7%). Announcement • Aug 18
MVB Financial Corp. Declares Third Quarter 2023 Dividend, Payable on September 15, 2023 MVB Financial Corp. has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of September 1, 2023, payable on September 15, 2023. This is the third quarterly dividend for 2023. 