MVB Financial reports Q1 EPS 27c, consensus 21c

Reports Q1 revenue $33.69M, consensus $34.48M. Reports Q1 net interest income $26.68M. Reports Q1 net interest margin 3.63%, up 20 bps from prior quarter. Provision for credit losses was $0.2M. Nonperforming loans were $20.3M, or 1.0% of total loans, down from 1.2% in Q4. Larry Mazza, CEO, stated, “MVB’s first quarter results reflect tangible progress following the strategic repositioning of our business model over the past year. Our best-in-class funding profile supported meaningful expansion in our net interest margin and growth in net interest income. We also made significant progress in managing our expense base, as we continue to right-size our cost structure.”