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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 June 30, 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
mvbf-20200630_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 August 5, 2020, the Registrant had 11,964,925 shares of common stock outstanding with a par value of $1.00 per share.



TABLE OF CONTENTS

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PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements
MVB Financial Corp. and Subsidiaries
Consolidated Balance Sheets
(Unaudited) (Dollars in thousands except per share data)
June 30, 2020December 31, 2019
(Unaudited)(Note 1)
ASSETS
Cash and cash equivalents:
     Cash and due from banks$28,636  $18,430  
     Interest bearing balances with banks50,218  9,572  
     Total cash and cash equivalents78,854  28,002  
Certificates of deposit with other banks13,046  12,549  
Investment securities available-for-sale, at fair value220,699  235,821  
Equity securities19,464  18,514  
Loans held for sale242,089  109,788  
Loans:1,494,672  1,374,541  
     Less: Allowance for loan losses(17,742) (11,775) 
     Net Loans1,476,930  1,362,766  
Premises and equipment, net24,586  21,974  
Bank owned life insurance35,818  35,374  
Accrued interest receivable and other assets84,439  53,142  
Assets of branches held for sale (See Note 1)  46,554  
Goodwill19,232  19,630  
TOTAL ASSETS$2,215,157  $1,944,114  
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Deposits: 
     Noninterest bearing$528,527  $278,547  
     Interest bearing1,335,436  986,495  
     Total deposits1,863,963  1,265,042  
Deposits of branches held for sale (See Note 1)  188,270  
Accrued interest payable and other liabilities72,145  41,685  
Repurchase agreements9,815  10,172  
FHLB and other borrowings36,610  222,885  
Subordinated debt4,124  4,124  
     Total liabilities1,986,657  1,732,178  
STOCKHOLDERS’ EQUITY
Preferred stock, par value $1,000; 20,000 authorized; 733 issued in 2020 and 2019, respectively7,334  7,334  
Common stock, par value $1; 20,000,000 shares authorized; 12,065,627 shares issued and 11,968,425 shares outstanding in 2020 and 11,995,366 shares issued and 11,944,289 shares outstanding in 201912,066  11,995  
Additional paid-in capital123,848  122,516  
Retained earnings89,197  72,496  
Accumulated other comprehensive loss(2,193) (1,321) 
Treasury stock, 97,202 shares in 2020 and 51,077 shares in 2019, at cost(1,752) (1,084) 
     Total stockholders’ equity228,500  211,936  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$2,215,157  $1,944,114  

See accompanying notes to unaudited consolidated financial statements.
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MVB Financial Corp. and Subsidiaries
Consolidated Statements of Income
(Unaudited) (Dollars in thousands except per share data)
Six Months Ended June 30Three Months Ended June 30
2020201920202019
INTEREST INCOME
     Interest and fees on loans$39,088  $36,231  $20,149  $18,569  
     Interest on deposits with other banks191  247  80  125  
     Interest on investment securities - taxable1,143  1,647  477  768  
     Interest on tax exempt loans and securities2,051  1,968  1,068  1,008  
     Total interest income42,473  40,093  21,774  20,470  
INTEREST EXPENSE
     Interest on deposits6,946  8,671  3,036  4,548  
     Interest on repurchase agreements15  25  5  11  
     Interest on FHLB and other borrowings825  2,324  252  1,095  
     Interest on subordinated debt58  572  23  287  
     Total interest expense7,844  11,592  3,316  5,941  
NET INTEREST INCOME34,629  28,501  18,458  14,529  
     Provision for loan losses7,734  900  6,596  600  
     Net interest income after provision for loan losses26,895  27,601  11,862  13,929  
NONINTEREST INCOME
     Service charges on deposit accounts736  648  286  333  
     Income on bank owned life insurance444  749  221  224  
     Interchange and debit card transaction fees342  322  242  181  
     Mortgage fee income26,163  16,534  14,944  9,864  
     Gain on sale of portfolio loans130  178    123  
     Insurance and investment services income396  323  189  167  
     Gain (loss) on sale of available-for-sale securities, net830  (168) 554  (50) 
     Gain (loss) on sale of equity securities, net30  (7) 30  (7) 
     Gain on derivatives, net9,873  1,581  13,435  1,131  
     Commercial swap fee income340  518  20  438  
     Holding gain on equity securities17  13,767  3  13,587  
     Compliance consulting income1,950    941    
     Bargain purchase gain4,671    4,671    
     Gain on sale of banking centers9,631    9,631    
     Other operating income810  707  346  396  
     Total noninterest income56,363  35,152  45,513  26,387  
NONINTEREST EXPENSES
     Salary and employee benefits38,841  25,014  22,659  13,280  
     Occupancy expense2,407  2,351  1,187  1,166  
     Equipment depreciation and maintenance1,791  1,758  914  904  
     Data processing and communications2,896  1,957  1,733  969  
     Mortgage processing1,741  1,525  890  716  
     Marketing, contributions, and sponsorships664  508  328  294  
     Professional fees4,325  1,709  2,994  881  
     Printing, postage, and supplies380  307  203  172  
     Insurance, tax, and assessment expense1,030  992  566  487  
     Travel, entertainment, dues, and subscriptions2,059  1,594  841  904  
     Other operating expenses1,855  1,123  1,018  617  
     Total noninterest expense57,989  38,838  33,333  20,390  
Income from continuing operations, before income taxes25,269  23,915  24,042  19,926  
Income tax expense - continuing operations6,187  5,792  6,008  4,995  
Net income from continuing operations$19,082  $18,123  18,034  14,931  
Income from discontinued operations, before income taxes$  $600    600  
Income tax expense - discontinued operations$  $154    154  
Net income from discontinued operations$  $446    446  
Net income19,082  18,569  18,034  15,377  
Preferred dividends229  243  $115  $122  
Net income available to common shareholders$18,853  $18,326  17,919  15,255  
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Earnings per share from continuing operations - basic$1.58  $1.54  $