MVB Financial Q4 net interest income rises 6.8% driven by strong loan growth

Overview

• Fintech-enabled bank's Q4 net interest income grew 6.8%, driven by strong loan growth

• Q4 net income was $4.2 mln, with basic EPS at $0.33

• Noninterest income declined due to absence of prior quarter's large gain

Outlook

• Company expects sustained growth in loan pipelines and core fee income categories

• MVB Financial aims to enhance profitability through strategic initiatives

Result Drivers

• NET INTEREST INCOME - MVB Financial's net interest income rose 6.8% due to loan growth and net interest margin expansion

• DEPOSIT MIX - Noninterest-bearing deposits increased to 40.3% of total deposits, aiding financial results

• PAYMENT INCOME - Payment card and service charge income increased 19.4%, driven by higher card acquiring and interchange income

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for MVB Financial Corp is $30.50, about 7.4% above its February 11 closing price of $28.39

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago

Press Release: ID:nBw467RQga

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