MVB Financial Corp. Announces Third Quarter 2026 Results
Key Highlights
- ➤Net income $0.4 million, or $0.03 diluted EPS, impacted by $9.9 million credit-loss provision
- ➤Fintech Payments deposits $766.0 million, up 28.1% sequentially and 55.4% year-over-year
- ➤Core FTE net interest margin expanded 15 basis points to 4.02%
- ➤Nonperforming loans rose to $46.8 million, or 1.9% of total loans
- ➤Four new fintech partners onboarded, bringing year-to-date wins to nine
Expert Statements
Larry F. Mazza, President and Chief Executive Officer of MVB Financial
“During the third quarter, we made tangible progress on several key initiatives that are strengthening our underlying business. Net interest income has increased 18% through the first nine months of the year, while core net interest margin expanded 15 basis points during the quarter to 4.02%. An important contributor to that improvement has been the continued growth of our Fintech Payments deposit relationships. Payment related deposits increased 28% during the quarter to $766 million, representing nearly 25% of total deposits, as we have now onboarded nine new fintech partnerships year-to-date. This growth is further diversifying our funding base and reducing reliance on higher cost funding, which is particularly valuable in a rising interest rate environment. This shift helped drive a six basis point decline in our overall cost of funds during the quarter.”
Larry F. Mazza, President and Chief Executive Officer of MVB Financial
“We also took decisive action during the quarter to address specific credit exposures, resulting in an elevated provision for credit losses that had a significant impact on earnings. Nearly three quarters of the increase in nonperforming loans and almost half of the provision were attributable to one land loan involving borrower- and property-specific circumstances. We also continue to work through our legacy SBA portfolio, which we began winding down in 2022 and now totals approximately $23 million. Importantly, criticized loans have declined approximately 45% since early 2025, while our allowance for credit losses has nearly doubled. We believe this reflects meaningful progress in strengthening our overall credit risk profile, and we have not observed broader deterioration across the loan portfolio.”
Larry F. Mazza, President and Chief Executive Officer of MVB Financial
“Our payments business is also generating meaningful fee income growth, with payment card and service charge income up 22% through the first nine months of the year. Quarterly noninterest expense declined below $30 million, reflecting continued expense discipline. We believe our progress in funding diversification, payments revenue growth and operating efficiency is strengthening the foundation for improved financial performance.”
MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”), the holding company for MVB Bank, Inc. (“MVB Bank”), today announced financial results for the third quarter of 2026. The Fintech-enabled bank powering payments, banking-as-a-service and gaming programs for leading Fintech companies nationwide reported net income of $0.4 million, or $0.03 basic and $0.03 diluted income per share, for the third quarter of 2026.
Net income of $0.4 million, or $0.03 per diluted share, primarily reflecting a $9.9 million provision for credit losses.
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