MVB Financial Corp. Announces Results for Second Quarter 2014
|PR Newswire Association LLC|
Second Quarter 2014 Highlights
- Net interest income grew 2.1 percent or
$143,000for the second quarter, due to growth of earning assets. Net interest income was negatively impacted by $552,000interest expense paid on amounts held in escrow related to subordinated debt.
- Non-interest income increased by 23 percent, reflecting a slight recovery in the mortgage market and MVB's continued focus on topline revenue through fee income producing businesses.
- Total loans increased by 8.6 percent, leading to an increase in total assets of 6.5 percent.
Results Compared to the Second Quarter of 2013
- Net interest income grew by 37.8 percent, or
$1.9 million, to $6.9 million; Net interest income was negatively impacted by $552,000interest expense paid on amounts held in escrow related to subordinated debt.
- Non-interest income was lower by 14.5 percent, which reflects lingering challenges in mortgage activity compared to its strength in the same quarter for the prior year.
- Net loans increased by 54.9 percent reaching
$728 million, leading to an increase in total assets of 35.9 percent to $1.1 billion.
- Total deposits grew by
$216 millionto $747 million, or a 40.6 percent increase.
"We are seeing an acceleration of results on the execution of our strategic growth plan," said
Other notable events which occurred during the second quarter of 2014 include:
- The company completed a capital raise resulting in gross proceeds of
$52.8 million. Through a series of private placements, MVB sold $15.6 millionof common stock (of which $2.2 millionwas issued during the second quarter), $7.8 million of preferred stock, and $29.4 millionof subordinated debt. As previously noted, MVB plans to use these proceeds to fund future organic and strategic growth and for other general corporate purposes. MVB Financial Corp., declared and paid a cash dividend of $0.04per share to shareholders of record as of May 30, 2014. MVB Bankis a designated 5- Star Superior Bankby Bauer Financial, the nation's leading bank rating and research firm.
All statements other than statements of historical fact included herein are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934. Such information involves risks and uncertainties that could result in the actual results of