MVB

MVB Financial Corp. Announces First Quarter 2024 Results

Retrieved on: 
Monday, April 29, 2024
Banking, Fintech, Professional Services, Finance, Sale, Total, Investment, Capital, Safety, Risk, MVB, Travel, As a service, Growth, NIB, SBA, Risk management, Risk-weighted asset, Fruit, GAAP, Bank

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 2024, with reported net income of $4.5 million, or $0.35 basic and $0.34 diluted earnings per share.

Key Points: 
  • 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 2024, with reported net income of $4.5 million, or $0.35 basic and $0.34 diluted earnings per share.
  • “Turbulence in financial markets and the banking sector persisted during the first quarter of 2024.
  • The cost of funds was 2.52% for the first quarter of 2024, up from 2.44% for the fourth quarter of 2023 and 1.59% for the first quarter of 2023.
  • The Company issued a quarterly cash dividend of $0.17 per share for the first quarter of 2024, consistent with the fourth quarter of 2023 and the first quarter of 2023.

Community Heritage Financial, Inc. Reports Earnings for the First Quarter of 2024

Retrieved on: 
Tuesday, April 23, 2024
MVB, Bank, OTC, Federal Reserve Bank, Insurance, Growth, ACL, FDICIA, NIM, Unemployment, GDP, CHF, FRB, NOW, Video game

Quarterly Highlights – Q1 2024 vs. Q4 2023

Key Points: 
  • Quarterly Highlights – Q1 2024 vs. Q4 2023
    Loans increased $17.7 million during the first quarter of 2024 to $830.6 million as of March 31, 2024.
  • Deposits increased $26.2 million in the first quarter of 2024 to $902.9 million as of March 31, 2024.
  • The net interest margin ("NIM") increased from 2.71% during the fourth quarter of 2023 to 2.80% during the first quarter of 2024.
  • Non-interest income totaled $974 thousand for the first quarter of 2024 compared to $713 thousand for the first quarter of 2023.

Train Communication Gateways Systems Market to Reach $1.3 Billion, by 2032 at 26.1% CAGR: Allied Market Research

Retrieved on: 
Thursday, March 14, 2024
PDF, Growth, Table, MVB, Overalls

NEW CASTLE, Del., March 14, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Train Communication Gateways Systems Market by Product Type (Wire Train Bus Gateways, Multifunction Vehicle Bus (MVB) Gateway and Others), and Application (Conventional Railways and Rapid Transit Railway): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the train communication gateways systems industry generated $124.3 million in 2022, and is anticipated to generate $1.3 billion by 2032, witnessing a CAGR of 26.1% from 2023 to 2032. 

Key Points: 
  • As it helps to integrate the diverse systems, creating a unified and coordinated operation of the entire train, which is further expected to propel the overall market growth.
  • Thereby, driving the growth of this segment in the global train communication gateways systems market.
  • By region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the train communication gateways systems market revenue.
  • Increase in the usage of train communication gateways systems in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region.

Train Communication Gateways Systems Market to Reach $1.3 Billion, by 2032 at 26.1% CAGR: Allied Market Research

Retrieved on: 
Thursday, March 14, 2024
PDF, Growth, Table, MVB, Overalls

NEW CASTLE, Del., March 14, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Train Communication Gateways Systems Market by Product Type (Wire Train Bus Gateways, Multifunction Vehicle Bus (MVB) Gateway and Others), and Application (Conventional Railways and Rapid Transit Railway): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the train communication gateways systems industry generated $124.3 million in 2022, and is anticipated to generate $1.3 billion by 2032, witnessing a CAGR of 26.1% from 2023 to 2032. 

Key Points: 
  • As it helps to integrate the diverse systems, creating a unified and coordinated operation of the entire train, which is further expected to propel the overall market growth.
  • Thereby, driving the growth of this segment in the global train communication gateways systems market.
  • By region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the train communication gateways systems market revenue.
  • Increase in the usage of train communication gateways systems in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region.

MVB Financial Corp. Declares First Quarter 2024 Dividend

Retrieved on: 
Tuesday, February 20, 2024
Banking, Fintech, Professional Services, Finance, Safety, Growth, MVB

MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB,” or the “Company”) 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.

Key Points: 
  • MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB,” or the “Company”) 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.
  • “MVB closed a challenging year for the banking industry with strong fourth quarter results.
  • At the same time, expenses were well-controlled, Fintech-related fee income growth accelerated and measures of safety, soundness, foundational strength and shareholder value were improved and further enhanced,” said Larry F. Mazza, Chief Executive Officer, MVB Financial.

MVB Financial Corp. Announces Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Wednesday, February 14, 2024
Banking, Other Professional Services, Professional Services, Finance, Growth, Sale, Compact disc, Risk, Safety, GAAP, Fintech, NIB, MVB, Risk-weighted asset, Insurance, Bank

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 fourth quarter and year ended December 31, 2023, with reported net income of $7.9 million, or $0.62 basic and $0.61 diluted earnings per share for the three months ended December 31, 2023.

Key Points: 
  • 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 fourth quarter and year ended December 31, 2023, with reported net income of $7.9 million, or $0.62 basic and $0.61 diluted earnings per share for the three months ended December 31, 2023.
  • The tax-equivalent yield on loans was 7.2% for the fourth quarter of 2023, compared to 7.0% for the third quarter of 2023 and 6.1% for the fourth quarter of 2022.
  • The cost of funds was 2.44% for the fourth quarter of 2023, consistent with the third quarter of 2023 and up 144 basis points compared to the fourth quarter of 2022.
  • Noninterest income totaled $4.4 million for the fourth quarter of 2023, a decrease of $1.4 million, or 23.4%, from the third quarter of 2023 and an increase of $1.0 million, or 29.2%, from the fourth quarter of 2022.

Community Heritage Financial, Inc. Reports Earnings for the Year Ended 2023

Retrieved on: 
Monday, January 29, 2024
Probability, CECL, Total, Bank, FDICIA, Federal, DDA, Federal Reserve, Pressure, Commercial, MVB, Environment, OTC, Movement, CHF, Nature, Growth

The ratio of net charge-offs to average total loans was zero percent for each of the years ended 2023 and 2022.

Key Points: 
  • The ratio of net charge-offs to average total loans was zero percent for each of the years ended 2023 and 2022.
  • The volatile interest rate environment challenged earnings during 2023 as the Federal Reserve continued its efforts to rein in inflation.
  • Quarterly Highlights – Q4 2023 vs. Q3 2023
    Loans increased $14.9 million during the fourth quarter of 2023 compared to the third quarter of 2023.
  • The allowance for loan credit losses to loans ratio was 0.95% on December 31, 2023 compared to 0.92% on September 30, 2023.

MVB Financial Corp. Declares Fourth Quarter 2023 Dividend

Retrieved on: 
Tuesday, November 21, 2023
Banking, Professional Services, Finance, First Franklin Financial Corp., Growth, MVB, Risk management

MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB,” or the “Company”) 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.

Key Points: 
  • MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB,” or the “Company”) 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.
  • “While market conditions remained volatile during the third quarter, Team MVB built upon our already strong foundation.
  • “Since the industry disruption in March of this year, we took additional steps to enhance our risk management and compliance infrastructure in anticipation of changing industry requirements.

MVB Bank Named One of American Banker’s 2023 Best Banks to Work For

Retrieved on: 
Monday, November 20, 2023
Banking, Professional Services, Finance, Team, Behavior, DNA, American Banker, MVB, Culture, Motek Cultural Initiative, Workplace, Bank, Management

MVB Bank, Inc., a wholly-owned subsidiary of MVB Financial Corp. (“MVB Financial”) (NASDAQ: MVBF) (collectively “MVB”), for the third consecutive year has been named one of American Banker Magazine’s Best Banks to Work For.

Key Points: 
  • MVB Bank, Inc., a wholly-owned subsidiary of MVB Financial Corp. (“MVB Financial”) (NASDAQ: MVBF) (collectively “MVB”), for the third consecutive year has been named one of American Banker Magazine’s Best Banks to Work For.
  • “Through our strategic Culture Initiative, culture has become MVB’s secret sauce and part of our corporate DNA, mindset and behavior of Team MVB,” said Larry F. Mazza, CEO, MVB Financial.
  • “Especially during this moment when companies are experiencing a shift in how, where and how much employees work, banks are paying attention to how they can best retain their people.”
    The selection of the Best Banks to Work For is a two-step process managed by Best Companies Group.
  • Full results of this year’s program are available at https://www.americanbanker.com/list/best-banks-to-work-for-2023 and in the November issue of American Banker Magazine.

John A. Scaldara, Jr. Named Executive Vice President - Finance at Community Heritage Financial

Retrieved on: 
Friday, December 1, 2023
Bank, Executive, MVB, Multimedia, Financial management, Growth, Family, The Company, CHF, OTC, Management, Online shopping, MD

MIDDLETOWN, Md., Dec. 1, 2023 /PRNewswire/ -- Community Heritage Financial, Inc. (the "Company") (OTC PK: CMHF), the parent company of Middletown Valley Bank ("MVB" or the "Bank") announced today that John A. Scaldara, Jr. has been named Executive Vice President – Finance of the Company and the Bank.

Key Points: 
  • MIDDLETOWN, Md., Dec. 1, 2023 /PRNewswire/ -- Community Heritage Financial, Inc. (the "Company") (OTC PK: CMHF), the parent company of Middletown Valley Bank ("MVB" or the "Bank") announced today that John A. Scaldara, Jr. has been named Executive Vice President – Finance of the Company and the Bank.
  • Scaldara brings over 34 years of financial expertise and senior leadership experience in the banking industry, most recently serving as Executive Vice President – Chief Financial Officer at Provident State Bank on Maryland's Eastern Shore.
  • Scaldara will transition to the role of Executive Vice President – Chief Financial Officer in the first quarter of 2024.
  • At that time, Robert (Bob) Wolfe will retire from his position as Executive Vice President – Chief Financial Officer.