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Section 1: 10-Q (10-Q)

mvbf-20200331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File Number: 000-50567
403772782_mvbf-20200331_g1.jpg
MVB Financial Corp.
(Exact name of registrant as specified in its charter)
West Virginia20-0034461
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
301 Virginia Avenue, Fairmont, WV
26554
(Address of principal executive offices)(Zip Code)
(304) 363-4800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par valueMVBFThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date:

As of April 27, 2020, the Registrant had 11,949,767 shares of common stock outstanding with a par value of $1.00 per share.
2


TABLE OF CONTENTS

Page

2


PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements
MVB Financial Corp. and Subsidiaries
Consolidated Balance Sheets
(Unaudited) (Dollars in thousands except per share data)
March 31, 2020December 31, 2019
(Unaudited)(Note 1)
ASSETS
Cash and cash equivalents:
     Cash and due from banks$25,670  $18,430  
     Interest bearing balances with banks63,204  9,572  
     Total cash and cash equivalents88,874  28,002  
Certificates of deposit with other banks12,549  12,549  
Investment securities available-for-sale, at fair value223,101  235,821  
Equity securities19,026  18,514  
Loans held for sale186,128  109,788  
Loans:1,396,578  1,374,541  
     Less: Allowance for loan losses(11,161) (11,775) 
     Net Loans1,385,417  1,362,766  
Premises and equipment, net22,329  21,974  
Bank owned life insurance35,597  35,374  
Accrued interest receivable and other assets67,892  53,142  
Assets of branches held for sale (See Footnote 1)39,137  46,554  
Goodwill19,630  19,630  
TOTAL ASSETS$2,099,680  $1,944,114  
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Deposits: 
     Noninterest bearing$387,536  $278,547  
     Interest bearing1,210,703  986,495  
     Total deposits1,598,239  1,265,042  
Deposits of branches held for sale (See Footnote 1)187,807  188,270  
Accrued interest payable and other liabilities58,196  41,685  
Repurchase agreements9,346  10,172  
FHLB and other borrowings30,815  222,885  
Subordinated debt4,124  4,124  
     Total liabilities1,888,527  1,732,178  
STOCKHOLDERS’ EQUITY
Preferred stock, par value $1,000; 20,000 authorized; 733 issued in 2020 and 2019, respectively (See Footnote 7)7,334  7,334  
Common stock, par value $1; 20,000,000 shares authorized; 11,997,866 shares issued and 11,930,489 shares outstanding in 2019 and 11,995,366 shares issued and 11,944,289 shares outstanding in 201911,998  11,995  
Additional paid-in capital123,049  122,516  
Retained earnings72,354  72,496  
Accumulated other comprehensive loss(2,238) (1,321) 
Treasury stock, 67,377 shares in 2020 and 51,077 shares in 2019, at cost(1,344) (1,084) 
     Total stockholders’ equity211,153  211,936  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$2,099,680  $1,944,114  

See accompanying notes to unaudited consolidated financial statements.
3


MVB Financial Corp. and Subsidiaries
Consolidated Statements of Income
(Unaudited) (Dollars in thousands except per share data)
Three Months Ended March 31
20202019
INTEREST INCOME
     Interest and fees on loans$18,939  $17,662  
     Interest on deposits with other banks111  122  
     Interest on investment securities - taxable666  879  
     Interest on tax exempt loans and securities983  960  
     Total interest income20,699  19,623  
INTEREST EXPENSE
     Interest on deposits3,910  4,123  
     Interest on repurchase agreements10  14  
     Interest on FHLB and other borrowings573  1,229  
     Interest on subordinated debt35  285  
     Total interest expense4,528  5,651  
NET INTEREST INCOME16,171  13,972  
     Provision for loan losses1,138  300  
     Net interest income after provision for loan losses15,033  13,672  
NONINTEREST INCOME
     Service charges on deposit accounts450  315  
     Income on bank owned life insurance223  525  
     Interchange and debit card transaction fees100  141  
     Mortgage fee income11,219  6,670  
     Gain on sale of portfolio loans130  55  
     Insurance and investment services income207  156  
     Gain (loss) on sale of available-for-sale securities, net276  (118) 
     (Loss) gain on derivatives, net(3,562) 450  
     Commercial swap fee income320  80  
     Holding gain on equity securities14  180  
     Compliance consulting income1,009    
     Other operating income464  311  
     Total noninterest income10,850  8,765  
NONINTEREST EXPENSES
     Salary and employee benefits16,182  11,734  
     Occupancy expense1,220  1,185  
     Equipment depreciation and maintenance877  854  
     Data processing and communications1,163  988  
     Mortgage processing851  809  
     Marketing, contributions, and sponsorships336  214  
     Professional fees1,331  828  
     Printing, postage, and supplies177  135  
     Insurance, tax, and assessment expense464  505  
     Travel, entertainment, dues, and subscriptions1,218  690  
     Other operating expenses837  506  
     Total noninterest expense24,656  18,448  
Income before income taxes1,227  3,989  
Income tax expense179  797  
Net income1,048  3,192  
Preferred dividends114  121  
Net income available to common shareholders$934  $3,071  
Earnings per share - basic$0.08  $0.26  
Earnings per share - diluted$0.08  $0.26  
Weighted average shares outstanding - basic11,942,767  11,607,543  
Weighted average shares outstanding - diluted12,298,092  13,177,281  
See accompanying notes to unaudited consolidated financial statements.
4


MVB Financial Corp. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited) (Dollars in thousands)
Three Months Ended March 31
20202019
Net Income  $1,048  $3,192  
Other comprehensive (loss) income: 
Unrealized holding gains on securities available-for-sale  1,414  1,859  
Income tax effect  (382) (502) 
Reclassification adjustment for (gain) loss recognized in income (276) 118  
Income tax effect  75  (32) 
Change in defined benefit pension plan  (706) (332) 
Income tax effect  190  90  
Reclassification adjustment for amortization of net actuarial loss recognized in income   105  68  
Income tax effect  (28) (18) 
Reclassification adjustment for carrying value adjustment - investment hedge recognized in income(1,793) (458) 
Income tax effect  484  124  
Total other comprehensive (loss) income (917) 917  
Comprehensive income  $131  $4,109  

See accompanying notes to unaudited consolidated financial statements.

5


MVB Financial Corp. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited) (Dollars in thousands except per share data)
 Preferred StockCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Stockholders' Equity
Balance at December 31, 20187,834  11,658  116,897  48,274  (6,806) (1,084) 176,773  
Net Income—  —  —  3,192  —  —  3,192  
Other comprehensive income—  —  —  —  917  —  917  
Cash dividends paid ($0.035 per common share)—  —  —  (408) —  —  (408) 
Dividends on preferred stock—  —  —  (121) —  —  (121) 
Stock based compensation—  —  425  —  —  —  425  
Common stock options exercised—  8  86  —  —  —  94  
Balance at March 31, 2019$7,834  $11,666  $117,408  $50,937  $(5,889) $(1,084) $180,872  
Balance at December 31, 2019$7,334  $11,995  $122,516  $72,496  $(1,321) $(1,084) $211,936  
Net Income—  —  —  1,048  —  —  1,048  
Other comprehensive loss—  —  —  —  (917) —  (917) 
Cash dividends paid ($0.09 per common share)—  —  —  (1,076) —  —  (1,076) 
Dividends on preferred stock—  —  —  (114) —  —  (114) 
Stock based compensation—  —  498  —  —  —  498  
Common stock options exercised—  3  35  —  —  —  38  
Common stock repurchased—  —  —  —  —  (260) (260) 
Balance at March 31, 2020$7,334  $11,998  $123,049  $72,354  $(2,238) $(1,344) $211,153  
See accompanying notes to unaudited consolidated financial statements.
6


MVB Financial Corp. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited) (Dollars in thousands)
Three Months Ended March 31,
20202019
OPERATING ACTIVITIES  
Net Income  $1,048  $3,192  
Adjustments to reconcile net income to net cash (used in) provided by operating activities: 
     Net amortization and accretion of investments  302  280  
     Net amortization of deferred loan costs  114  72  
     Provision for loan losses