FAIRMONT, W.Va.--(BUSINESS WIRE)--ICBA has ranked MVB Bank, Inc. (“MVB Bank”) as the number 15 Best Performing Bank of 2020 in the over $1 billion category, as announced this month by Independent Banker in its annual listing.
MVB Bank and the bank's subsidiaries, MVB Technology, MVB Community Development Corporation, Chartwell Compliance and Paladin Fraud, provide financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. MVB Financial Corp. (“MVB Financial”), the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market under the ticker “MVBF.” For more information about MVB, please visit www.mvbbanking.com.
According to Independent Banker: “In 2020, community banks contended with a fast and furious Paycheck Protection Program lending boom and a glut of deposits as customers put their stimulus payments away for a rainy day. They dealt with lockdown orders, changes in consumers’ banking habits and rapid-fire adoption of technology to meet those needs. Yet community banks rose to the occasion. Independent Banker’s annual listing of America’s best-performing community banks shows that nimble thinking and an adherence to good old-fashioned customer service can bring success, whatever the circumstances.”
For the year ended December 31, 2020, MVB reported net income of $37.4 million, or $3.13 basic and $3.06 diluted earnings per share. MVB reported net income of $11.8 million, or $1.00 basic and $0.97 diluted earnings per share, for the three months ended December 31, 2020. Independent Banker listed MVB Bank’s three-year average pre-tax return-on-assets (ROA) as $2.48 billion.
“In 2020, MVB leaned into the challenge of the pandemic to make the year the most successful of our history with record earnings. In unprecedented times, MVB thrived,” said Larry F. Mazza, President, CEO, MVB Financial.
“We completed multiple strategic transactions, created growth in tangible book value and shareholder value and onboarded a number of new highly talented and experienced Team Members. I could not be more grateful to Team MVB for what we accomplished in 2020.”
To view the complete list of rankings, visit https://independentbanker.org/2021/05/icbas-best-performing-community-banks-of-2020/ or https://independentbanker.advanced-pub.com/?issueID=50&pageID=40.
According to its website, ICBA compiled the rankings with the aim of recognizing community banks that are consistent high performers. Using FDIC data, they took into account pre-tax ROA figures from the past three years, with the most recent year weighted at three times, second most recent year at two times and third most recent year at one time. They divided the community banks into three segments based on asset size and ranked each segment on its three-year weighted average ROA. A bank must have a rating of C or higher by Kroll Bond Ratings to be considered.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.”
MVB is a financial holding company headquartered in Fairmont, W.Va. Through its subsidiary, MVB Bank, Inc., and the bank’s subsidiaries, MVB Technology, the MVB Community Development Corporation, Chartwell Compliance and Paladin Fraud, the company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond.
Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services.
For more information about MVB, please visit ir.mvbbanking.com.
Forward-looking Statements
MVB Financial Corp. has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this Press Release. These forward-looking statements are based on current expectations about the future and subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries, as well as statements regarding MVB’s future plans with regard to its Fintech line of business. When words such as “plans,” “believes,” “expects,” “anticipates,” “continues,” “may” or similar expressions occur in this Press Release, the Company is making forward-looking statements. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in the forward-looking statements contained in this Press Release. Those factors include but are not limited to: credit risk; changes in market interest rates; revaluation of equity investments, including MVB’s investments in Fintech companies; inability to further scale up the Fintech line of business; competition; economic downturn or recession; and government regulation and supervision. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as well as its other filings with the SEC, which are available on the SEC website at www.sec.gov. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements.
