MVB Financial Corp. reported a decline in net income for the fiscal year ending December 31, 2024, totaling $20.1 million, down from $31.2 million in 2023. This decrease reflects a return on average assets of 0.6% and a return on average equity of 6.9%, compared to 0.9% and 11.4% in the previous year. The company's net interest income fell by $14.1 million to $109.2 million, while noninterest income increased by $23.2 million to $42.9 million, primarily due to a significant gain on the sale of assets. Total loans decreased by $218.1 million to $2.10 billion, influenced by slower market demand and loan amortization.
In terms of operational changes, MVB Financial has been adapting its business model in response to challenging market conditions, including sustained higher interest rates and a slowing economy. The company has initiated a winding down of its digital asset program, while continuing to focus on the gaming, payments, and banking-as-a-service sectors. Additionally, MVB Financial completed a sale-leaseback transaction involving four branch locations, resulting in a pre-tax gain of $11.8 million.
The company’s customer base remains concentrated, with significant deposits from three major clients totaling $546.6 million as of December 31, 2024. MVB Financial's employee headcount stood at 453 as of the end of the year, reflecting its commitment to maintaining a strong workforce amid evolving market conditions. The bank operates primarily in North Central West Virginia and Northern Virginia, with a focus on commercial and retail banking services.
Looking ahead, MVB Financial anticipates continued challenges due to economic conditions, including potential fluctuations in interest rates and credit quality trends. The company is committed to enhancing its treasury services and expanding its Fintech division to support growth in core deposits and fee income. Management remains cautious about the economic environment but is focused on leveraging its strengths in the gaming and payments sectors to drive future performance.
About MVB FINANCIAL CORP
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