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Segment Reporting
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting
Note 14 – Segment Reporting

We have identified three reportable segments: CoRe banking; mortgage banking; and financial holding company. Revenue from CoRe banking activities consists primarily of interest earned on loans and investment securities and service charges on deposit accounts. Our Fintech division, MVB Edge Ventures, MVB CDC, Chartwell, Trabian and Paladin Fraud are included in the CoRe banking segment. Revenue from the mortgage banking activities is comprised of interest earned on loans and fees received as a result of the mortgage loan origination process. Prior to July 1, 2020, the mortgage banking services were conducted by a subsidiary of the Bank, Potomac Mortgage Group ("PMG"). In July 2020, we announced the completion of PMG’s combination with Intercoastal Mortgage Company to form ICM. We have recognized our ownership of ICM as an equity method investment. Income related to this equity method investment is included in the Mortgage Banking segment. Revenue from financial holding company activities is mainly comprised of intercompany service income and dividends.
The following tables present information about the reportable segments and reconciliation to the consolidated financial statements for the periods indicated:

Three Months Ended September 30, 2021CoRe BankingMortgage BankingFinancial Holding CompanyIntercompany EliminationsConsolidated
(Dollars in thousands)
Interest income$20,383 $105 $1 $(5)$20,484 
Interest expense912 — 481 (5)1,388 
Net interest income19,471 105 (480)— 19,096 
Provision for loan losses379 1 — — 380 
Net interest income (loss) after provision for loan losses19,092 104 (480)— 18,716 
Total noninterest income20,211 3,546 2,002 (3,808)21,951 
Noninterest Expenses:  
Salaries and employee benefits13,097 47 3,384 — 16,528 
Other expense11,654 (198)1,653 (3,808)9,301 
Total noninterest expenses24,751 (151)5,037 (3,808)25,829 
Income (loss) before income taxes14,552 3,801 (3,515)— 14,838 
Income tax expense (benefit)2,973 922 (731)— 3,164 
Net income (loss) before noncontrolling interest11,579 2,879 (2,784)— 11,674 
Net loss attributable to noncontrolling interest154 — — — 154 
Net income (loss) attributable to parent$11,733 $2,879 $(2,784)$— $11,828 
Preferred stock dividends— — — — — 
Net income (loss) available to common shareholders$11,733 $2,879 $(2,784)$— $11,828 
Capital expenditures for the three months ended September 30, 2021$1,975 $— $— $— $1,975 
Total assets as of September 30, 20212,827,019 53,261 342,677 (434,133)2,788,824 
Total assets as of December 31, 20202,343,556 58,140 284,943 (355,163)2,331,476 
Goodwill as of September 30, 20213,988 — — — 3,988 
Goodwill as of December 31, 20202,350 — — — 2,350 
Three Months Ended September 30, 2020CoRe BankingMortgage BankingFinancial Holding CompanyIntercompany EliminationsConsolidated
(Dollars in thousands)
Interest income$18,737 $78 $— $(188)$18,627 
Interest expense2,553 232 20 (188)2,617 
Net interest income16,184 (154)(20)— 16,010 
Provision for loan losses8,631 — — — 8,631 
Net interest income (loss) after provision for loan losses7,553 (154)(20)— 7,379 
Total noninterest income3,106 16,793 1,481 (1,982)19,398 
Noninterest Expense:
Salaries and employee benefits7,526 82 2,911 — 10,519 
Other expense8,389 68 1,271 (1,982)7,746 
Total noninterest expenses15,915 150 4,182 (1,982)18,265 
Income (loss) before income taxes(5,256)16,489 (2,721)— 8,512 
Income tax expense (benefit)(1,556)4,245 (668)— 2,021 
Net income (loss)$(3,700)$12,244 $(2,053)$— $6,491 
Preferred stock dividends— — 116 — 116 
Net income (loss) available to common shareholders$(3,700)$12,244 $(2,169)$— $6,375 
Capital expenditures for the three months ended September 30, 2020$1,652 $— $— $— $1,652 
Nine Months Ended September 30, 2021CoRe BankingMortgage BankingFinancial Holding CompanyIntercompany EliminationsConsolidated
(Dollars in thousands)
Interest income$60,078 $307 $2 $(7)$60,380 
Interest expense3,294 — 1,437 (7)4,724 
Net interest income56,784 307 (1,435)— 55,656 
Release of allowance for loan losses(541)(1)— — (542)
Net interest income (loss) after release of allowance for loan losses57,325 308 (1,435)— 56,198 
Total noninterest income36,634 14,499 5,892 (8,972)48,053 
Noninterest Expenses:
Salaries and employee benefits32,323 47 9,730 — 42,100 
Other expense31,261 (112)4,073 (8,972)26,250 
Total noninterest expenses63,584 (65)13,803 (8,972)68,350 
Income (loss) before income taxes30,375 14,872 (9,346)— 35,901 
Income tax expense (benefit)5,290 3,606 (1,890)— 7,006 
Net income (loss) before noncontrolling interest25,085 11,266 (7,456)— 28,895 
Net loss attributable to noncontrolling interest265 — — — 265 
Net income (loss) attributable to parent$25,350 $11,266 $(7,456)$— $29,160 
Preferred stock dividends— — 35 — 35 
Net income (loss) available to common shareholders$25,350 $11,266 $(7,491)$— $29,125 
Capital expenditures for the nine months ended September 30, 2021$4,127 $— $— $— $4,127 
Nine Months Ended September 30, 2020CoRe BankingMortgage BankingFinancial Holding CompanyIntercompany EliminationsConsolidated
(Dollars in thousands)
Interest income$56,693 $6,034 $2 $(1,629)$61,100 
Interest expense9,418 3,136 78 (2,171)10,461 
Net interest income47,275 2,898 (76)542 50,639 
Provision for loan losses16,361 4 — — 16,365 
Net interest income (loss) after provision for loan losses30,914 2,894 (76)542 34,274 
Total noninterest income24,394 53,140 4,664 (6,437)75,761 
Noninterest Expenses:
Salaries and employee benefits19,562 21,550 8,248 — 49,360 
Other expense24,172 4,780 3,837 (5,895)26,894 
Total noninterest expenses43,734 26,330 12,085 (5,895)76,254 
Income (loss) before income taxes11,574 29,704 (7,497)— 33,781 
Income tax expense (benefit)2,336 7,696 (1,824)— 8,208 
Net income (loss)$9,238 $22,008 $(5,673)$— $25,573 
Preferred stock dividends— — 345 — 345 
Net income (loss) available to common shareholders$9,238 $22,008 $(6,018)$— $25,228 
Capital Expenditures for the nine-month period ended September 30, 2020$4,092 $99 $20 $— $4,211