MVB Financial reports Q3 EPS $1.32 vs 16c last year

From Larry F. Mazza, Chief Executive Officer and President, MVB Financial (MVBF): “The third quarter was transformative for MVB. The sale of Victor Technologies stands as a powerful validation of our Fintech incubator model – we built and scaled a next-generation payments solution in just four years. The sale of Victor generated substantial shareholder returns, while strengthening our balance sheet and expanding our strategic flexibility. We immediately put that enhanced flexibility to work through a strategic repositioning of our securities portfolio. The securities portfolio repositioning, combined with expense efficiencies expected from the Victor sale, position us to deliver $0.30 to $0.35 in additional annualized earnings per share going forward. Our core banking operations remain strong. Net interest income increased on robust loan activity, our loan pipeline is solid entering the fourth quarter and we proactively strengthened our balance sheet by bolstering our allowance for credit losses. Meanwhile, our capital position continues to improve, and our unwavering commitment to shareholder value creation continues, evidenced by growth in tangible book value of 34% over the past three years. This quarter exemplifies what MVB does best: disciplined execution, strategic innovation and a relentless focus on sustainable growth.”