ICBA Ranks MVB Bank as One of the Top-Performing Banks of 2021
ICBA has ranked MVB Bank, Inc. (MVB Bank) as the number 25 Best of the Best Top-Performing Community Bank of 2021 in the over $1 billion category, as announced earlier this week by Independent Banker in its annual listing.
ICBA has ranked MVB Bank, Inc. (“MVB Bank”) as the number 25 Best of the Best Top-Performing Community Bank of 2021 in the over $1 billion category, as announced earlier this week by Independent Banker in its annual listing.
MVB Bank and the bank's subsidiaries provide financial services to individuals and corporate clients in the Mid-Atlantic region, as well as to Fintech, Payment and Gaming clients throughout the United States. MVB Financial Corp. (“MVB Financial”), the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market under the ticker “MVBF.” For more information about MVB, please visit www.mvbbanking.com.
For the year ended December 31, 2021, MVB reported net income of $39.1 million, or $3.32 basic and $3.10 diluted earnings per share. Independent Banker listed MVB Bank’s three-year average pre-tax return-on-assets (ROA) as $2.41 billion.
“MVB’s record earnings for 2021 reflect the diversity of our tech-forward business model, as well as our strong positioning for the future,” said Larry F. Mazza, CEO, MVB Financial and MVB Bank.
“In 2021, MVB recognized financial gains from our Fintech investment portfolio, a core component of our business in which we not only provide banking services to Fintechs but also build and invest in them. 2021 marked the successful completion of our MVB 3.0 three-year strategic plan, in which we exceeded our performance goals. We now are implementing our new three-year plan, called MVB-F1: Success Loves Speed, the details of which we discussed at our Investor Day event in Las Vegas in March 2022.”
According to its website, ICBA compiled the rankings with the aim of recognizing community banks that are consistent high performers. Using FDIC data, they took into account pre-tax ROA figures from the past three years, with the most recent year weighted at three times, second most recent year at two times and third most recent year at one time. They divided the community banks into three segments based on asset size and ranked each segment on its three-year weighted average ROA. A bank must have a rating of C or higher by Kroll Bond Ratings to be considered.
To view the complete list of rankings, visit https://independentbanker.org/2022/05/the-top-performing-community-banks-of-2021/.
About MVB Financial Corp.
MVB Financial Corp., the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc., and the Bank’s subsidiaries, the Company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. For more information about MVB, please visit http://ir.mvbbanking.com.
Forward-Looking Statements
MVB Financial Corp. 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 earnings 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 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 achieve anticipated synergies and successfully integrate recent mergers and acquisitions; inability to successfully execute business plans, including strategies related to investments in financial technology companies; competition; length and severity of the COVID-19 pandemic and its impact on the Company’s business and financial condition; changes in economic, business, and political conditions; changes in demand for loan products and deposit flow; 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, 2021, as well as its other filings with the 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.
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