FAIRMONT, W. Va.–(BUSINESS WIRE)–MVB Monetary Corp. (NASDAQ: MVBF) (“MVB Monetary,” “MVB” or the “Firm”), the holding firm for MVB Financial institution, Inc. (“MVB Financial institution”), in the present day introduced monetary outcomes for the second quarter of 2022, with reported web earnings of $3.Zero million, or $0.24 primary and $0.23 diluted earnings per share.

		Quarterly									12 months-to-Date
		2022			2022			2021			2022			2021
		Second Quarter			First Quarter			Second Quarter
Internet earnings		$	2,956		$	2,864		$	9,247		$	5,820		$	17,332
Earnings per share – primary		$	0.24		$	0.24		$	0.79		$	0.48		$	1.49
Earnings per share – diluted		$	0.23		$	0.22		$	0.73		$	0.45		$	1.39

“We proceed to implement our MVB-F1: Success Loves Velocity Technique. Regardless of seasonality of our area of interest industries, our quick observe progress autos remained robust due to our giant noninterest-bearing deposit base, whereas our price of funds held comparatively regular. On the identical time, strong mortgage progress and a positive liquidity profile helped drive vital web curiosity margin growth through the second quarter, whereas measures of asset high quality remained steady,” stated Larry F. Mazza, Chief Government Officer, MVB Monetary. “Our effort to diversify our web curiosity earnings by Fintech-related charge earnings will increase additionally gained grip on the observe. All in all, our progress autos are gaining velocity by vital funding, highlighting the diversification inherent in our enterprise technique as we proceed to maneuver in moist observe situations.

“On account of robust mortgage progress, we reported a major improve in provision for mortgage losses, creating downward strain on the quarter, which, together with the continued slowdown within the mortgage enterprise, contributed to masking some very optimistic underlying traits.”

SECOND QUARTER 2022 HIGHLIGHTS

• Robust deposit progress regardless of seasonal variability
  • Whole deposits have been $2.61 billion as of June 30, 2022, a rise of $105.9 million, or 4.2%, from March 31, 2022 and $385.Eight million, or 17.3%, from June 30, 2021.
  • Noninterest-bearing (“NIB”) deposits have been $1.34 billion as of June 30, 2022, a rise of $33.9 million, or 2.6%, from March 31, 2022 and $410.Three million, or 44.0%, from June 30, 2021. NIB deposits represented 51% of whole deposits as of June 30, 2022, as in comparison with 52% and 42% as of March 31, 2022 and June 30, 2021, respectively.
  • Development in whole deposits and NIB deposit balances was primarily attributable to the Firm’s Fintech enterprise and gaming progress car. Gaming deposits totaled $1.01 billion as of June 30, 2022, up $40.Four million, or 4.2% from March 31, 2022 and $432.1 million, or 74.7%, from June 30, 2021. The tempo of deposit progress slowed on 1 / 4 over quarter foundation relative to current prior durations as a consequence of seasonal components.
  • The price of funds was 22 foundation factors for the quarter ended June 30, 2022, up one foundation level in comparison with the quarter ended March 31, 2022 and down 9 foundation factors in comparison with the quarter ended June 30, 2021. The quarter over quarter improve was pushed primarily by the slight change in deposit combine, led by comparatively quicker progress in interest-bearing deposits as in comparison with NIB deposits and better rates of interest. The decline in comparison with the prior 12 months interval largely mirrored the comparatively increased contribution of NIB deposits relative to the prior 12 months.

• Strong mortgage progress and margin growth drive robust progress in web curiosity earnings
  • Whole mortgage balances of $2.19 billion as of June 30, 2022 elevated by $313.Three million, or 16.7%, in comparison with March 31, 2022 and $519.9 million, or 31.1%, in comparison with June 30, 2021. Mortgage progress through the quarter was pushed primarily by the Firm’s strategic lending partnerships progress car, primarily inside residential mortgage, subprime client vehicle and healthcare loans.
  • Loans held-for-sale have been $11.9 million as of June 30, 2022, in comparison with $9.2 million as of March 31, 2022 and none as of June 30, 2021, led by MVB Financial institution’s Small Enterprise Administration (“SBA”) lending progress car.
  • On a tax-equivalent foundation, web curiosity margin for the quarter ended June 30, 2022 was 4.10%, a rise of 92 foundation factors versus the quarter ended March 31, 2022 and 86 foundation factors versus the quarter ended June 30, 2021. The quarter over quarter improve in web curiosity margin was due primarily to robust mortgage progress, increased mortgage yields, accelerated accretion of the low cost on bought credit score impaired (“PCI”) loans bought through the quarter and considerably decrease money balances, partially offset by a modest improve in funding prices. Accelerated accretion of the low cost on the PCI mortgage portfolio contributed roughly 20 foundation factors to web curiosity margin through the second quarter of 2022.
  • Internet curiosity earnings on a tax-equivalent foundation totaled $27.Zero million for the quarter ended June 30, 2022, up $4.9 million, or 22.0%, and $7.5 million, or 38.8%, from the quarters ended March 31, 2022 and June 30, 2021, respectively.

• Fintech charge earnings progress offsets continued investments and mortgage slowdown
  • Whole noninterest earnings was $11.9 million for the quarter ended June 30, 2022 as in comparison with $11.9 million for the quarter ended March 31, 2022, and $13.6 million for the quarter ended June 30, 2021.
  • Fee card and repair cost earnings for the quarter ended June 30, 2022 elevated $1.Four million, or 52.0%, from the quarter ended March 31, 2022 and $2.1 million, or 108.5%, from the quarter ended June 30, 2021. The rise in cost card earnings was pushed by progress in interchange earnings of $1.5 million, or 191.2%, from the quarter ended March 31, 2022 and $1.Three million, or 128.5%, from the quarter ended June 30, 2021, primarily pushed by the Firm’s Banking-as-a-Service relationships.
  • The Firm continues to put money into the constructing of Fintechs to rework its enterprise mannequin and adapt to altering market situations and alternatives. For the quarter ended June 30, 2022, earnings have been impacted by roughly $1.Three million of web loss from its MVB Edge Ventures section, as in comparison with web losses of $1.1 million and $0.2 million for the quarters ended March 31, 2022 and June 30, 2021, respectively.
  • Mortgage earnings was $0.7 million, down $0.5 million, or 41.4%, from the quarter ended March 31, 2022 and down $3.Eight million, or 111.4%, from the quarter ended June 30, 2021. Decrease mortgage earnings relative to each prior durations mirrored the continued sharp improve in market rates of interest through the second quarter of 2022.

• Measures of asset high quality have been steady
  • Nonperforming loans totaled $19.Three million, or 0.9% of whole loans, as of June 30, 2022, as in comparison with $18.Zero million, or 1.0% of whole loans, as of March 31, 2022. Criticized loans as a share of whole loans have been 4.0%, as in comparison with 5.2% as of March 31, 2022.
  • Internet charge-offs have been $1.9 million, or 0.21% of whole loans on an annualized foundation, for the quarter ended June 30, 2022, in comparison with $0.7 million, or 0.12% of whole loans on an annualized foundation, for the quarter ended March 31, 2022, and in comparison with web recoveries totaling $0.2 million, or 0.05% of whole loans on an annualized foundation, for the quarter ended June 30, 2021.
  • The availability for mortgage losses totaled $5.1 million for the quarter ended June 30, 2022, in comparison with $1.Three million for the quarter ended March 31, 2022 and a launch of allowance for mortgage losses of $1.5 million for the quarter ended June 30, 2021. Allowance for mortgage losses was 1.03% of whole loans as of June 30, 2022, a rise of 4 foundation factors from March 31, 2022 and a decline of 44 foundation factors from June 30, 2021. The rise in provision for mortgage losses for the quarter ended June 30, 2022 primarily mirrored the robust progress in mortgage balances through the quarter, together with the growth of the Firm’s subprime client vehicle portfolio of loans.

INCOME STATEMENT

Internet curiosity earnings on a tax-equivalent foundation totaled $27.Zero million for the quarter ended June 30, 2022, up $4.9 million, or 22.0%, from the quarter ended March 31, 2022 and $7.5 million, or 38.8%, from the quarter ended June 30, 2021. The rise in web curiosity earnings in comparison with each durations usually displays robust mortgage progress and better mortgage yields, significantly pushed by the patron mortgage portfolio and by accelerated accretion of the low cost on PCI loans bought through the quarter of $1.Zero million.

Curiosity earnings elevated $4.Eight million, or 20.8%, to $51.Four million from the quarter ended March 31, 2022 and $7.Three million, or 34.8%, from the quarter ended June 30, 2021. The tax-equivalent yield on loans was 5.06% for the quarter ended June 30, 2022, in comparison with 4.71% for the quarter ended March 31, 2022 and 4.31% for the quarter ended June 30, 2021. Increased mortgage yields usually mirror new mortgage manufacturing at favorable rates of interest and the altering mixture of MVB Financial institution’s mortgage portfolio, together with the growth of its client subprime auto mortgage portfolio and the accelerated accretion on PCI loans.

Curiosity expense remained constant from the quarter ended March 31, 2022 and decreased $0.Three million, or 19.6%, from the quarter ended June 30, 2021. The price of funds was 22 foundation factors for the quarter ended June 30, 2022, up one foundation level in comparison with the quarter ended March 31, 2022 and down 9 foundation factors in comparison with the quarter ended June 30, 2021. The rise in price of funds relative to the quarter ended March 31, 2022 displays a rise in rates of interest driving the price of interest-bearing deposits, and a quicker tempo of progress in interest-bearing deposits as in comparison with NIB deposits for the quarter. The lower in price of funds relative to the comparable prior 12 months quarter displays a shift within the total mixture of deposit funding because of the progress in NIB deposits and a lessening give attention to higher-cost deposits. The price of interest-bearing liabilities elevated by eight foundation factors as in comparison with the quarter ended March 31, 2022, primarily reflecting a six foundation level improve in the price of negotiable order of withdrawal (“NOW”) accounts and a 4 foundation level improve within the total price of deposits. The price of interest-bearing liabilities remained flat as in comparison with the quarter ended June 30, 2021, primarily pushed by a 20 foundation level decline in the price of NOW accounts and a 12 foundation level lower within the total price of deposits, offset by the lower within the common stability of NOW accounts and total interest-bearing deposits of 18.5% and eight.7%, respectively.

On a tax-equivalent foundation, web curiosity margin for the quarter ended June 30, 2022 was 4.10%, a rise of 92 foundation factors versus the quarter ended March 31, 2022 and 86 foundation factors versus the quarter ended June 30, 2021. Excluding accretion from the sale of PCI loans through the quarter, web curiosity margin for the quarter ended June 30, 2022, was 3.94%. Please see the desk under for a reconciliation between web curiosity margin and web curiosity margin on a totally tax-equivalent foundation, a non-GAAP measure. The rise in web curiosity margin from the quarter ended March 31, 2022 mirrored the affect of robust mortgage progress and the affect of decrease money balances, partially offset by a rise in deposit prices. The common loan-to-deposit ratio through the quarter ended June 30, 2022 was 82.9%, in comparison with 69.7% for the quarter ended March 31, 2022. The rise in web curiosity margin relative to the quarter ended June 30, 2021 mirrored robust mortgage progress and an enhancing deposit combine.

Noninterest earnings totaled $11.9 million for the quarter ended June 30, 2022, which is in step with the quarter ended March 31, 2022 and a lower of $1.7 million, or 12.7%, from the quarter ended June 30, 2021.

Noninterest earnings was unchanged from the prior quarter as a consequence of will increase in cost card and repair cost earnings of $1.Four million, or 52.0%, different working earnings of $1.Three million, or 272.9%, and achieve on sale of loans of $0.Three million, or 29.7%. Partially offsetting these will increase have been decreases in achieve on sale of available-sale securities of $0.7 million, or 100.0%, and fairness technique funding earnings of $0.6 million, or 51.8%. Moreover, the Firm skilled a lower in fairness technique funding achieve as in comparison with the previous quarter. The lower is because of a $1.Eight million achieve acknowledged within the first quarter associated to a strategic funding inside the Fintech funding portfolio, with no comparable achieve within the present quarter. A sale of mortgaging servicing rights in June 2022 resulted in $1.2 million of the rise in different working earnings. The rise in cost card and repair cost earnings is pushed by elevated interchange earnings. Fairness technique funding earnings was decrease by 51.8%, primarily as a consequence of decrease mortgage banking income. Additional disaggregation of the Firm’s noninterest earnings is offered under.

Noninterest expense totaled $29.Eight million for the quarter ended June 30, 2022, a rise of $1.Zero million, or 3.3%, from the quarter ended March 31, 2022 and a rise of $6.Four million, or 27.4%, from the quarter ended June 30, 2021. The rise from the quarter ended March 31, 2022 in bills primarily displays a rise in salaries and worker advantages of $1.Zero million, or 5.7%. The rise relative to the prior 12 months interval primarily displays increased salaries and worker advantages prices of $5.Three million, or 39.0%. The will increase in salaries and worker advantages have been as a consequence of continued hiring through the second quarter that resulted in a 35% improve in common full time equal staff for the primary half of 2022 as in comparison with the primary half of 2021, together with front-line income producers and enhanced danger administration infrastructure, amidst the transformation of the Firm’s enterprise mannequin, mitigated partially by a targeted reallocation of assets, together with decrease infrastructure prices associated to a discount in department depend.

BALANCE SHEET

Loans totaled $2.19 billion at June 30, 2022, a rise of $313.Three million, or 16.7%, and $519.9 million, or 31.1%, as in comparison with March 31, 2022 and June 30, 2021, respectively, and included excellent paycheck safety program (“PPP”) loans of $22.Three million at June 30, 2022. Adjusted for the elimination of PPP loans from all durations, mortgage balances elevated by 18.1% from the quarter ended March 31, 2022 and by 47.2% from the quarter ended June 30, 2021. Mortgage progress for each durations was pushed primarily by the Firm’s strategic lending partnerships progress car. Loans held-for-sale have been $11.9 million as of June 30, 2022, in comparison with $9.2 million at March 31, 2022 and $Zero at June 30, 2021, led by MVB Financial institution’s SBA lending progress car.

Deposits totaled $2.61 billion as of June 30, 2022, a rise of $105.9 million, or 4.2%, from March 31, 2022 and $385.Eight million, or 17.3%, from June 30, 2021. NIB deposits totaled $1.34 billion as of June 30, 2022, a rise $33.9 million, or 2.6%, from March 31, 2022 and $410.Three million, or 44.0%, from June 30, 2021. Development in whole and NIB deposit balances primarily displays the Firm’s Fintech enterprise and gaming progress car. Slower deposit progress is generally attributable to seasonal variability, significantly in gaming deposits. At 51% of whole deposits, NIB deposits proceed to exceed all different deposits mixed.

CAPITAL

The Group Financial institution Leverage Ratio was 11.6% as of June 30, 2022, in comparison with 10.8% as of March 31, 2022 and 11.0% as of June 30, 2021. MVB’s Tier 1 Threat-Based mostly Capital Ratio was 13.7% as of June 30, 2022, in comparison with 15.0% as of March 31, 2022 and 14.8% as of June 30, 2021. The Financial institution’s Whole Threat-Based mostly Capital Ratio was 14.7% as of June 30, 2022, in comparison with 15.9% as of March 31, 2022 and 16.0% as of June 30, 2021.

The Firm issued a quarterly money dividend of $0.17 per share for the quarter ended June 30, 2022, in step with the quarter ended March 31, 2022 and up $0.05, or 42%, from the quarter ended June 30, 2021.

ASSET QUALITY

Nonperforming loans totaled $19.Three million, or 0.9% of whole loans, as of June 30, 2022, as in comparison with $18.Zero million, or 1.0% of whole loans, as of March 31, 2022. There have been no notable adjustments within the composition of nonperforming loans relative to March 31, 2022. Criticized loans as a share of whole loans have been 4.0%, as in comparison with 5.2% as of March 31, 2022.

Internet charge-offs have been $1.9 million, or 0.21% of whole loans on an annualized foundation, for the quarter ended June 30, 2022, in comparison with $0.7 million, or 0.12% of whole loans on an annualized foundation, for the quarter ended March 31, 2022 and in comparison with web recoveries totaling $0.2 million, or 0.05% of whole loans on an annualized foundation, for the quarter ended June 30, 2021.

Modifications to the excellent balances of the mortgage portfolios, the extent of acknowledged charge-offs and the ensuing historic loss charges and changes to the chance grading of loans inside the portfolio are all contributing components within the provision for mortgage losses. The availability for mortgage losses totaled $5.1 million for the quarter ended June 30, 2022, in comparison with $1.Three million for the quarter ended March 31, 2022 and a launch of allowance for mortgage losses of $1.5 million for the quarter ended June 30, 2021. Allowance for mortgage losses to whole loans was 1.03% as June 30, 2022, as in comparison with 0.99% as of March 31, 2022 and 1.47% as of June 30, 2021.

About MVB Monetary Corp.

MVB Monetary, the holding firm of MVB Financial institution, is publicly traded on The Nasdaq Capital Market® (“Nasdaq”) below the ticker “MVBF.”

MVB Monetary is a monetary holding firm headquartered in Fairmont, WV. By way of its subsidiary, MVB Financial institution, Inc., and the financial institution’s subsidiaries, the Firm gives monetary providers to people and company purchasers within the Mid-Atlantic area and past.

Nasdaq is a number one world supplier of buying and selling, clearing, trade know-how, itemizing, data and public firm providers.

For extra details about MVB, please go to ir.mvbbanking.com.

Ahead-looking Statements

MVB Monetary has made forward-looking statements, inside the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended, on this press launch which might be meant to be coated by the protections supplied below the Personal Securities Litigation Reform Act of 1995. These forward-looking statements are based mostly on present expectations concerning the future and are topic to dangers and uncertainties. Ahead-looking statements embrace, with out limitation, data regarding potential or assumed future outcomes of operations of the Firm and its subsidiaries. Ahead-looking statements may be recognized by means of phrases reminiscent of “might,” “might,” “ought to,” “would,” “will,” “plans,” “believes,” “estimates,” “expects,” “anticipates,” “intends,” “continues” or the destructive of these phrases or related expressions. Word that many components might have an effect on the longer term monetary outcomes of the Firm and its subsidiaries, each individually and collectively, and will trigger these outcomes to vary materially from these expressed in forward-looking statements. Subsequently, undue reliance shouldn’t be positioned upon any forward-looking statements. These components embrace however aren’t restricted to: market, financial, operational, liquidity and credit score danger; adjustments in market rates of interest; incapability to attain anticipated synergies and efficiently combine current mergers and acquisitions; incapability to efficiently execute enterprise plans, together with methods associated to investments in Fintech corporations; competitors; size and severity of the COVID-19 pandemic and its affect on the Firm’s enterprise and monetary situation; adjustments in financial, enterprise and political situations; adjustments in demand for mortgage merchandise and deposit circulation; operational dangers and danger administration failures; and authorities regulation and supervision. Extra components which will trigger precise outcomes to vary materially from these described within the forward-looking statements may be discovered within the Firm’s Annual Report on Kind 10-Okay for the 12 months ended December 31, 2021, in addition to its different filings with the Securities and Change Fee (“SEC”), which can be found on the SEC’s web site at www.sec.gov. Besides as required by regulation, the Firm disclaims any obligation to replace, revise or right any forward-looking statements.

Accounting requirements require the consideration of subsequent occasions occurring after the stability sheet date for issues that require adjustment to, or disclosure in, the consolidated monetary statements. The evaluation interval for subsequent occasions extends as much as and together with the submitting date of a public firm’s monetary statements when filed with the SEC. Accordingly, the consolidated monetary data on this announcement is topic to vary.

MVB Monetary Corp. Monetary Highlights   Consolidated Statements of Earnings (Unaudited) ({Dollars} in hundreds, besides per share information)
		Quarterly										12 months-to-Date
		2022			2022			2021					2022			2021
		Second Quarter			First Quarter			Second Quarter
Curiosity earnings		$	28,090		$	23,262		$	20,833			$	51,352		$	39,896
Curiosity expense			1,430			1,414			1,778				2,844			3,336
Internet curiosity earnings			26,660			21,848			19,055				48,508			36,560
Provision (launch of allowance) for mortgage losses			5,100			1,280			(1,540	)			6,380			(922	)
Internet curiosity earnings after provision (launch of allowance) for mortgage losses			21,560			20,568			20,595				42,128			37,482
Whole noninterest earnings			11,909			11,870			13,644				23,779			26,102
Noninterest expense:
Salaries and worker advantages			18,983			17,961			13,661				36,944			25,572
Different expense			10,836			10,901			9,742				21,737			16,949
Whole noninterest bills			29,819			28,862			23,403				58,681			42,521
Earnings earlier than earnings taxes			3,650			3,576			10,836				7,226			21,063
Earnings tax expense			859			905			1,673				1,764			3,842
Internet earnings earlier than noncontrolling curiosity			2,791			2,671			9,163				5,462			17,221
Internet loss attributable to noncontrolling curiosity			165			193			84				358			111
Internet earnings attributable to father or mother			2,956			2,864			9,247				5,820			17,332
Most popular dividends			—			—			—				—			35
Internet earnings obtainable to frequent shareholders		$	2,956		$	2,864		$	9,247			$	5,820		$	17,297
Earnings per share – primary		$	0.24		$	0.24		$	0.79			$	0.48		$	1.49
Earnings per share – diluted		$	0.23		$	0.22		$	0.73			$	0.45		$	1.39

Noninterest Earnings (Unaudited) ({Dollars} in hundreds)
		Quarterly											12 months-to-Date
			2022				2022				2021			2022				2021
		Second Quarter				First Quarter				Second Quarter
Card buying earnings		$	750			$	983			$	810		$	1,733			$	1,412
Service fees on deposits			973				872				113			1,845				361
Interchange earnings			2,292				787				1,003			3,079				1,646
Whole cost card and repair cost earnings			4,015				2,642				1,926			6,657				3,419
Earnings from ICM fairness technique funding 1			732				1,250				4,528			1,982				10,997
Loss from different fairness technique investments			(183	)			(112	)			—			(295	)			—
Whole fairness technique funding earnings			549				1,138				4,528			1,687				10,997
Compliance and consulting earnings			3,750				3,869				1,868			7,619				3,149
Acquire on sale of loans			1,405				1,083				1,447			2,488				2,217
Funding portfolio features			145				2,394				2,412			2,539				4,070
Different noninterest earnings			2,045				744				1,463			2,789				2,250
Whole noninterest earnings		$	11,909			$	11,870			$	13,644		$	23,779			$	26,102
1 Intercoastal Mortgage Firm, LLC (“ICM”)

Condensed Consolidated Steadiness Sheets (Unaudited) ({Dollars} in hundreds)
		June 30, 2022				March 31, 2022				June 30, 2021
Money and money equivalents		$	161,761			$	353,972			$	332,771
Certificates of deposit with banks			496				2,229				11,803
Securities available-for-sale, at truthful worth			376,737				395,301				450,772
Fairness securities			34,250				34,447				32,215
Loans held-for-sale			11,856				9,161				—
Loans receivable			2,215,114				1,897,853				1,697,326
Much less: Allowance for mortgage losses			(22,734	)			(18,808	)			(24,882	)
Loans receivable, web			2,192,380				1,879,045				1,672,444
Premises and tools, web			25,272				25,357				21,033
Goodwill			3,988				3,988				4,119
Belongings of branches held-for-sale			—				—				59,488
Different belongings			177,688				189,964				149,895
Whole belongings		$	2,984,428			$	2,893,464			$	2,734,540
Noninterest-bearing deposits		$	1,342,916			$	1,308,998			$	932,660
Curiosity-bearing deposits			1,272,054				1,200,081				1,296,515
Liabilities of branches held-for-sale			—				—				165,750
FHLB and different borrowings			—				—				100
Subordinated debt			73,158				73,094				43,480
Different liabilities			43,390				47,429				46,635
Stockholders’ fairness, together with noncontrolling curiosity			252,910				263,862				249,400
Whole liabilities and stockholders’ fairness		$	2,984,428			$	2,893,464			$	2,734,540

Reportable Segments (Unaudited)
Three Months Ended June 30, 2022		CoRe Banking			Mortgage Banking			Skilled Companies				Edge Ventures				Monetary Holding Firm				Intercompany Eliminations				Consolidated
({Dollars} in hundreds)
Curiosity earnings		$	27,910		$	103		$	—			$	—			$	87			$	(10	)		$	28,090
Curiosity expense			672			—			8				—				760				(10	)			1,430
Internet curiosity earnings (expense)			27,238			103			(8	)			—				(673	)			—				26,660
Provision for mortgage losses			5,100			—			—				—				—				—				5,100
Internet curiosity earnings (expense) after provision for mortgage losses			22,138			103			(8	)			—				(673	)			—				21,560
Whole noninterest earnings			7,093			787			5,686				110				3,228				(4,995	)			11,909
Noninterest Bills:
Salaries and worker advantages			9,948			—			3,872				724				4,439				—				18,983
Different bills			10,913			94			1,407				1,170				2,247				(4,995	)			10,836
Whole noninterest bills			20,861			94			5,279				1,894				6,686				(4,995	)			29,819
Earnings (loss) earlier than earnings taxes			8,370			796			399				(1,784	)			(4,131	)			—				3,650
Earnings taxes			1,771			207			95				(399	)			(815	)			—				859
Internet earnings (loss)			6,599			589			304				(1,385	)			(3,316	)			—				2,791
Internet loss attributable to noncontrolling curiosity			—			—			63				102				—				—				165
Internet earnings (loss) obtainable to frequent shareholders		$	6,599		$	589		$	367			$	(1,283	)		$	(3,316	)		$	—			$	2,956

Three Months Ended March 31, 2022		CoRe Banking			Mortgage Banking			Skilled Companies				Edge Ventures				Monetary Holding Firm				Intercompany Eliminations				Consolidated
({Dollars} in hundreds)
Curiosity earnings		$	23,171		$	103		$	—			$	—			$	(7	)		$	(5	)		$	23,262
Curiosity expense			659			—			7				—				753				(5	)			1,414
Internet curiosity earnings (expense)			22,512			103			(7	)			—				(760	)			—				21,848
Provision for mortgage losses			1,280			—			—				—				—				—				1,280
Internet curiosity earnings (expense) after provision for mortgage losses			21,232			103			(7	)			—				(760	)			—				20,568
Whole noninterest earnings			6,898			1,223			5,557				75				2,671				(4,554	)			11,870
Noninterest Bills:
Salaries and worker advantages			9,508			—			3,798				599				4,056				—				17,961
Different bills			11,048			—			1,155				1,047				2,205				(4,554	)			10,901
Whole noninterest bills			20,556			—			4,953				1,646				6,261				(4,554	)			28,862
Earnings (loss) earlier than earnings taxes			7,574			1,326			597				(1,571	)			(4,350	)			—				3,576
Earnings taxes			1,631			341			164				(362	)			(869	)			—				905
Internet earnings (loss)			5,943			985			433				(1,209	)			(3,481	)			—				2,671
Internet loss attributable to noncontrolling curiosity			—			—			95				98				—				—				193
Internet earnings (loss) obtainable to frequent shareholders		$	5,943		$	985		$	528			$	(1,111	)		$	(3,481	)		$	—			$	2,864

Three Months Ended June 30, 2021		CoRe Banking				Mortgage Banking			Skilled Companies				Edge Ventures				Monetary Holding Firm				Intercompany Eliminations				Consolidated
({Dollars} in hundreds)
Curiosity earnings		$	20,736			$	98		$	—			$	—			$	—			$	(1	)		$	20,833
Curiosity expense			1,287				—			3				—				490				(2	)			1,778
Internet curiosity earnings (expense)			19,449				98			(3	)			—				(490	)			1				19,055
Launch of allowance for mortgage losses			(1,540	)			—			—				—				—				—				(1,540	)
Internet curiosity earnings (expense) after launch of allowance for mortgage losses			20,989				98			(3	)			—				(490	)			1				20,595
Whole noninterest earnings			6,700				4,546			3,286				—				2,309				(3,197	)			13,644
Noninterest Bills:
Salaries and worker advantages			8,038				—			2,212				134				3,277				—				13,661
Different bills			10,289				23			1,167				122				1,337				(3,196	)			9,742
Whole noninterest bills			18,327				23			3,379				256				4,614				(3,196	)			23,403
Earnings (loss) earlier than earnings taxes			9,362				4,621			(96	)			(256	)			(2,795	)			—				10,836
Earnings taxes			1,266				1,120			(32	)			(66	)			(615	)			—				1,673
Internet earnings (loss)			8,096				3,501			(64	)			(190	)			(2,180	)			—				9,163
Internet loss attributable to noncontrolling curiosity			—				—			46				38				—				—				84
Internet earnings (loss) obtainable to frequent shareholders		$	8,096			$	3,501		$	(18	)		$	(152	)		$	(2,180	)		$	—			$	9,247

Six Months Ended June 30, 2022		CoRe Banking			Mortgage Banking			Skilled Companies				Edge Ventures				Monetary Holding Firm				Intercompany Eliminations				Consolidated
({Dollars} in hundreds)
Curiosity earnings		$	51,081		$	206		$	—			$	—			$	80			$	(15	)		$	51,352
Curiosity expense			1,331			—			15				—				1,513				(15	)			2,844
Internet curiosity earnings (expense)			49,750			206			(15	)			—				(1,433	)			—				48,508
Provision for mortgage losses			6,380			—			—				—				—				—				6,380
Internet curiosity earnings (expense) after provision for mortgage losses			43,370			206			(15	)			—				(1,433	)			—				42,128
Whole noninterest earnings			13,991			2,010			11,243				185				5,899				(9,549	)			23,779
Noninterest Bills:
Salaries and worker advantages			19,456			—			7,670				1,323				8,495				—				36,944
Different bills			21,961			94			2,562				2,217				4,452				(9,549	)			21,737
Whole noninterest bills			41,417			94			10,232				3,540				12,947				(9,549	)			58,681
Earnings (loss) earlier than earnings taxes			15,944			2,122			996				(3,355	)			(8,481	)			—				7,226
Earnings taxes			3,402			548			259				(761	)			(1,684	)			—				1,764
Internet earnings (loss)			12,542			1,574			737				(2,594	)			(6,797	)			—				5,462
Internet loss attributable to noncontrolling curiosity			—			—			158				200				—				—				358
Internet earnings (loss) obtainable to frequent shareholders		$	12,542		$	1,574		$	895			$	(2,394	)		$	(6,797	)		$	—			$	5,820

Six Months Ended June 30, 2021		CoRe Banking				Mortgage Banking				Skilled Companies				Edge Ventures				Monetary Holding Firm				Intercompany Eliminations				Consolidated
({Dollars} in hundreds)
Curiosity earnings		$	39,695			$	202			$	—			$	—			$	1			$	(2	)		$	39,896
Curiosity expense			2,379				—				3				—				956				(2	)			3,336
Internet curiosity earnings (expense)			37,316				202				(3	)			—				(955	)			—				36,560
Launch of allowance for mortgage losses			(920	)			(2	)			—				—				—				—				(922	)
Internet curiosity earnings (expense) after launch of allowance for mortgage losses			38,236				204				(3	)			—				(955	)			—				37,482
Whole noninterest earnings			11,445				10,953				4,978				—				3,890				(5,164	)			26,102
Noninterest Bills:
Salaries and worker advantages			15,874				—				3,106				246				6,346				—				25,572
Different bills			17,729				86				1,685				193				2,420				(5,164	)			16,949
Whole noninterest bills			33,603				86				4,791				439				8,766				(5,164	)			42,521
Earnings (loss) earlier than earnings taxes			16,078				11,071				184				(439	)			(5,831	)			—				21,063
Earnings taxes			2,403				2,684				27				(113	)			(1,159	)			—				3,842
Internet earnings (loss)			13,675				8,387				157				(326	)			(4,672	)			—				17,221
Internet loss attributable to noncontrolling curiosity			—				—				46				65				—				—				111
Internet earnings (loss) attributable to father or mother			13,675				8,387				203				(261	)			(4,672	)			—				17,332
Most popular inventory dividends			—				—				—				—				35				—				35
Internet earnings (loss) obtainable to frequent shareholders		$	13,675			$	8,387			$	203			$	(261	)		$	(4,707	)		$	—			$	17,297

Common Balances and Curiosity Charges (Unaudited) ({Dollars} in hundreds)
		Three Months Ended											Three Months Ended											Three Months Ended
		June 30, 2022											March 31, 2022											June 30, 2021
		Common Steadiness				Curiosity Earnings/ Expense				Yield/ Price			Common Steadiness				Curiosity Earnings/ Expense				Yield/ Price			Common Steadiness				Curiosity Earnings/ Expense				Yield/ Price
Belongings
Curiosity-bearing balances with banks		$	197,613			$	304			0.62	%		$	595,574			$	214			0.15	%		$	178,792			$	40			0.09	%
CDs with banks			1,582				9			2.28				2,352				13			2.24				11,803				58			1.97
Funding securities:
Taxable			237,745				838			1.41				241,974				648			1.09				254,536				625			0.98
Tax-exempt 2			147,646				1,342			3.65				128,588				1,137			3.59				207,830				1,640			3.17
Loans and loans held-for-sale: 1
Industrial 3			1,564,266				20,021			5.13				1,453,262				16,979			4.74				1,416,669				15,884			4.50
Tax-exempt 2			4,930				52			4.23				5,066				52			4.16				6,905				78			4.53
Actual property			393,983				2,674			2.72				338,826				2,340			2.80				320,528				2,747			3.44
Client			88,366				3,142			14.26				54,623				2,128			15.80				6,550				122			7.47
Whole loans			2,051,545				25,889			5.06				1,851,777				21,499			4.71				1,750,652				18,831			4.31
Whole incomes belongings			2,636,131				28,382			4.32				2,820,265				23,511			3.38				2,403,613				21,194			3.54
Much less: Allowance for mortgage losses			(19,927	)										(18,343	)										(26,625	)
Money and due from banks			5,579											6,067											22,141
Different belongings			237,016											248,803											193,165
Whole belongings		$	2,858,799										$	3,056,792										$	2,592,294
Liabilities
Deposits:
NOW		$	654,781			$	256			0.16	%		$	785,108			$	193			0.10	%		$	716,924			$	643			0.36	%
Cash market checking			380,295				184			0.19				466,287				202			0.18				466,091				221			0.19
Financial savings			27,496				1			0.01				50,041				1			0.01				52,992				—			—
IRAs			6,314				17			1.08				6,370				17			1.08				12,358				40			1.30
CDs			75,487				203			1.08				87,237				243			1.13				156,507				332			0.85
Repurchase agreements and federal funds bought			11,566				1			0.03				11,823				5			0.17				10,833				3			0.11
FHLB and different borrowings			2,312				8			1.39				—				—			—				55,402				49			0.35
Subordinated debt			73,126				760			4.17				73,062				753			4.18				43,462				490			4.52
Whole interest-bearing liabilities			1,231,377				1,430			0.47				1,479,928				1,414			0.39				1,514,569				1,778			0.47
Noninterest-bearing demand deposits			1,331,357											1,260,965											810,298
Different liabilities			40,900											46,318											28,688
Whole liabilities			2,603,634											2,787,211											2,353,555
Stockholders’ fairness
Most popular inventory			—											—											—
Widespread inventory			13,289											13,458											12,487
Paid-in capital			145,014											143,795											141,782
Treasury inventory			(16,741	)										(16,741	)										(16,741	)
Retained earnings			137,989											137,633											98,413
Amassed different complete earnings (loss)			(25,097	)										(9,466	)										2,194
Whole stockholders’ fairness attributable to father or mother			254,454											268,679											238,135
Noncontrolling curiosity			711											902											604
Whole stockholders’ fairness			255,165											269,581											238,739
Whole liabilities and stockholders’ fairness		$	2,858,799										$	3,056,792										$	2,592,294
Internet curiosity unfold (tax-equivalent)										3.85	%										2.99	%										3.07	%
Internet curiosity earnings and margin (tax-equivalent)2						$	26,952			4.10	%						$	22,097			3.18	%						$	19,416			3.24	%
Much less: Tax-equivalent changes						$	(292	)									$	(249	)									$	(361	)
Internet curiosity unfold										3.80	%										2.96	%										3.01	%
Internet curiosity earnings and margin						$	26,660			4.06	%						$	21,848			3.14	%						$	19,055			3.18	%

1 Non-accrual loans are included in whole mortgage balances, reducing the efficient yield for the portfolio within the mixture.

2 So as to make pre-tax earnings and resultant yields on tax-exempt loans and funding securities corresponding to these on taxable loans and funding securities, a tax-equivalent adjustment has been computed utilizing a Federal tax fee of 21% for the durations introduced, which is a non-GAAP monetary measure. See the reconciliation of this non-GAAP monetary measure to its most straight comparable GAAP monetary measure following this desk.

3 MVB Financial institution’s PPP loans totaling $22.Three million, $41.7 million and $207.Three million are included on this quantity as of June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

		Six Months Ended											Six Months Ended
		June 30, 2022											June 30, 2021
		Common Steadiness				Curiosity Earnings/ Expense				Yield/ Price			Common Steadiness				Curiosity Earnings/ Expense				Yield/ Price
Belongings
Curiosity-bearing balances with banks		$	395,494			$	518			0.26	%		$	218,919			$	105			0.10	%
CDs with banks			1,964				22			2.26				11,803				115			1.96
Funding securities:
Taxable			239,849				1,486			1.25				213,944				1,256			1.18
Tax-exempt 2			138,170				2,478			3.62				210,146				3,354			3.22
Loans and loans held-for-sale: 1
Industrial 3			1,509,071				37,000			4.94				1,339,983				30,055			4.52
Tax-exempt 2			4,998				105			4.24				7,055				159			4.54
Actual property			366,557				5,014			2.76				306,878				5,430			3.57
Client			71,588				5,271			14.85				7,120				160			4.53
Whole loans			1,952,214				47,390			4.90				1,661,036				35,804			4.35
Whole incomes belongings			2,727,691				51,894			3.84				2,315,848				40,634			3.54
Much less: Allowance for mortgage losses			(19,139	)										(26,399	)
Money and due from banks			5,822											21,549
Different belongings			242,875											201,533
Whole belongings		$	2,957,249										$	2,512,531
Liabilities
Deposits:
NOW		$	650,903			$	449			0.14	%		$	618,478			$	987			0.32	%
Cash market checking			423,053				386			0.18				476,628				452			0.19
Financial savings			38,706				2			0.01				46,366				5			0.02
IRAs			6,341				34			1.08				12,525				82			1.32
CDs			81,329				446			1.11				162,694				758			0.94
Repurchase agreements and federal funds bought			11,693				3			0.05				10,542				8			0.15
FHLB and different borrowings			1,163				11			1.91				50,901				88			0.35
Subordinated debt			73,094				1,513			4.17				43,444				956			4.44
Whole interest-bearing liabilities			1,286,282				2,844			0.45				1,421,578				3,336			0.47
Noninterest-bearing demand deposits			1,365,037											816,078
Different liabilities			43,594											36,960
Whole liabilities			2,694,913											2,274,616
Stockholders’ fairness
Most popular inventory			—											1,168
Widespread inventory			13,373											12,433
Paid-in capital			144,408											139,330
Treasury inventory			(16,741	)										(16,741	)
Retained earnings			137,815											99,336
Amassed different complete earnings (loss)			(17,325	)										2,083
Whole stockholders’ fairness attributable to father or mother			261,530											237,609
Noncontrolling curiosity			806											306
Whole stockholders’ fairness			262,336											237,915
Whole liabilities and stockholders’ fairness		$	2,957,249										$	2,512,531
Internet curiosity unfold (tax-equivalent)										3.39	%										3.07	%
Internet curiosity earnings and margin (tax-equivalent)2						$	49,050			3.63	%						$	37,298			3.25	%
Much less: Tax-equivalent changes						$	(542	)									$	(738	)
Internet curiosity unfold										3.35	%										3.00	%
Internet curiosity earnings and margin						$	48,508			3.59	%						$	36,560			3.18	%

1 Non-accrual loans are included in whole mortgage balances, reducing the efficient yield for the portfolio within the mixture.

2 So as to make pre-tax earnings and resultant yields on tax-exempt loans and funding securities corresponding to these on taxable loans and funding securities, a tax-equivalent adjustment has been computed utilizing a Federal tax fee of 21% for the durations introduced, which is a non-GAAP monetary measure. See the reconciliation of this non-GAAP monetary measure to its most straight comparable GAAP monetary measure following this desk.

3 MVB Financial institution’s PPP loans totaling $22.Three million and $207.Three million are included on this quantity as of June 30, 2022 and June 30, 2021, respectively.

The next desk reconciles, for the durations proven under, web curiosity margin on a totally tax-equivalent foundation:

		Three Months Ended												Six Months Ended
({Dollars} in hundreds)		June 30, 2022				March 31, 2022				June 30, 2021				June 30, 2022				June 30, 2021
Internet curiosity margin – U.S. GAAP foundation
Internet curiosity earnings		$	26,660			$	21,848			$	19,055			$	48,508			$	36,560
Common interest-earning belongings		$	2,636,131			$	2,820,265			$	2,403,613				2,727,691				2,315,848
Internet curiosity margin			4.06	%			3.14	%			3.18	%			3.59	%			3.18	%
Internet curiosity margin – non-U.S. GAAP foundation
Internet curiosity earnings		$	26,660			$	21,848			$	19,055			$	48,508			$	36,560
Influence of totally tax-equivalent adjustment			292				249				361				542				738
Internet curiosity earnings on a totally tax-equivalent foundation		$	26,952			$	22,097			$	19,416				49,050				37,298
Common interest-earning belongings		$	2,636,131			$	2,820,265			$	2,403,613			$	2,727,691			$	2,315,848
Internet curiosity margin on a totally tax-equivalent foundation			4.10	%			3.18	%			3.24	%			3.63	%			3.25	%

Chosen Monetary Information (Unaudited) ({Dollars} in hundreds, besides per share information)
		Quarterly												12 months-to-Date
			2022				2022				2021				2022				2021
		Second Quarter				First Quarter				Second Quarter
Earnings and Per Share Information:
Internet earnings		$	2,956			$	2,864			$	9,247			$	5,820			$	17,332
Internet earnings obtainable to frequent shareholders		$	2,956			$	2,864			$	9,247			$	5,820			$	17,297
Earnings per share – primary		$	0.24			$	0.24			$	0.79			$	0.48			$	1.49
Earnings per share – diluted		$	0.23			$	0.22			$	0.73			$	0.45			$	1.39
Money dividends paid per frequent share		$	0.17			$	0.17			$	0.12			$	0.34			$	0.22
E-book worth per frequent share		$	20.63			$	21.66			$	21.12			$	20.63			$	21.12
Tangible e-book worth per frequent share 1		$	20.14			$	21.16			$	20.54			$	20.14			$	20.54
Weighted-average shares excellent – primary			12,176,805				12,093,179				11,639,237				12,135,223				11,585,059
Weighted-average shares excellent – diluted			12,895,581				12,927,811				12,612,030				12,870,892				12,449,973
Efficiency Ratios:
Return on common belongings 2			0.4	%			0.4	%			1.4	%			0.4	%			1.4	%
Return on common fairness 2			4.6	%			4.2	%			15.5	%			4.4	%			14.6	%
Internet curiosity margin Three 4			4.10	%			3.18	%			3.24	%			3.63	%			3.25	%
Effectivity ratio 5			77.3	%			85.6	%			71.6	%			81.2	%			67.9	%
Overhead ratio 2 6			4.2	%			3.8	%			3.6	%			4.0	%			3.4	%
Fairness to belongings			8.5	%			9.1	%			9.1	%			8.5	%			9.1	%
Asset High quality Information and Ratios:
Cost-offs		$	2,529			$	1,124			$	—			$	3,652			$	265
Recoveries		$	1,355			$	386			$	208			$	1,741			$	225
Internet mortgage charge-offs to whole loans 2 7			0.2	%			0.2	%			(0.1	) %			0.2	%			—	%
Allowance for mortgage losses		$	22,734			$	18,808			$	24,882			$	22,734			$	24,882
Allowance for mortgage losses to whole loans 8			1.03	%			0.99	%			1.47	%			1.03	%			1.47	%
Nonperforming loans		$	19,295			$	18,048			$	15,501			$	19,295			$	15,501
Nonperforming loans to whole loans			0.9	%			1.0	%			0.9	%			0.9	%			0.9	%
Intercoastal Mortgage Firm, LLC Manufacturing Information9:
Mortgage pipeline		$	1,114,061			$	1,092,006			$	1,238,935			$	1,114,061			$	1,238,935
Loans originated		$	976,004			$	1,130,698			$	1,677,431			$	2,106,702			$	3,765,806
Loans closed		$	843,305			$	780,842			$	1,490,965			$	1,624,147			$	3,396,991
Loans bought		$	692,553			$	688,094			$	1,493,198			$	1,380,646			$	3,271,288

1 frequent fairness much less whole goodwill and intangibles per frequent share, a non-U.S. GAAP measure

2 annualized for the quarterly durations introduced

3 web curiosity earnings as a share of common interest-earning belongings

4 introduced on a totally tax-equivalent foundation

5 noninterest expense as a share of web curiosity earnings and noninterest earnings, a non-U.S. GAAP measure

6 noninterest expense as a share of common belongings, a non-U.S. GAAP measure

7 charge-offs much less recoveries

8 excludes loans held-for-sale

9 data is said to ICM, an entity by which we now have a 40% possession curiosity that we account for as an fairness technique funding

Non-GAAP Reconciliation: Tangible E-book Worth per Widespread Share (Unaudited) ({Dollars} in hundreds, besides per share information)
		June 30, 2022				March 31, 2022				June 30, 2021
Goodwill		$	3,988			$	3,988			$	4,119
Intangibles			1,981				2,155				2,692
Whole intangibles			5,969				6,143				6,811
Whole fairness attributable to father or mother			252,300				263,080				248,611
Much less: Most popular fairness			—				—				—
Much less: Whole intangibles			(5,969	)			(6,143	)			(6,811	)
Tangible frequent fairness		$	246,331			$	256,937			$	241,800
Tangible frequent fairness		$	246,331			$	256,937			$	241,800
Widespread shares excellent (000s)			12,229				12,143				11,774
Tangible e-book worth per frequent share		$	20.14			$	21.16			$	20.54