MVB Financial Corp. Announces First Quarter 2026 Results

Company to Host a Conference Call and Webcast at 5:00 PM ET

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 first 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 $5.2 million, or $0.41 basic and $0.39 diluted earnings per share, for the first quarter of 2026.

First Quarter 2026 Highlights (Compared to Fourth Quarter 2025)

Loan growth up 2.6%, or 10.3% annualized, marking the fourth consecutive quarter of expansion.

Payment card and service charge income up 13.5%.

Noninterest expenses down 10.7%, reflecting technology-driven efficiency initiatives.

Executed balance sheet actions to bring funding costs down and earnings power up.

Sustained momentum in onboarding and payments pipeline activity.

Subsequent to quarter-end, recognized a pre-tax gain of approximately $10.0 million in the second quarter related to an existing Fintech investment, which is expected to increase tangible book value by approximately $0.59 per share.

From Larry F. Mazza, Chief Executive Officer and President, MVB Financial:

"We delivered a strong first quarter, with earnings per share up over 40% year-over-year, demonstrating continued improvement in our core earnings power and establishing a clear trajectory for accelerated growth. Our commitment remains to maximize shareholder value through disciplined execution, continuous improvement of profitability metrics and strategic investments in high-return opportunities.

"This momentum accelerated during the quarter, supported by solid loan growth, continued net interest margin expansion, improved efficiency and progress across our payments-related businesses.

"Additionally, we continued to make strategic investments in artificial intelligence and automation to streamline operations, enhance the customer experience and improve overall execution efficiency. To align our organization with this strategy, we brought our technology and operations functions under unified leadership with Mike Giorgio's appointment as Chief Operating Officer and strengthened our Board with the addition of Adam Famularo, who adds significant Fintech and artificial intelligence expertise. We are also pleased to welcome Dr. Kelly Nelson as Chairman of the Board and thank Marty Becker for his leadership and meaningful contributions to MVB's growth and development.

"Finally, subsequent to quarter-end, we recognized a gain in the second quarter related to an existing Fintech investment, further demonstrating the strength of our Fintech platform. Combined with the successful monetization of Victor last year, we believe this underscores our ability to both build and invest in high-value technology businesses, creating incremental value for shareholders."

FIRST QUARTER 2026 HIGHLIGHTS

• Net Interest Income, Net Interest Margin and Balance Sheet Trends
  • Net interest income totaled $28.5 million, an increase of $0.1 million, or 0.3%, from prior quarter, primarily reflecting higher average earning asset balances, partially offset by lower earning asset yields. Earning asset yields during the quarter were impacted by seasonal balance sheet dynamics, including higher levels of interest-bearing balances with banks.
  • Net interest margin was 3.71%, an increase of one basis point from the prior quarter, primarily reflecting changes in the balance sheet mix, including higher average levels of noninterest-bearing deposits during the quarter, partially offset by lower earning asset yields. Total cost of funds decreased to 2.17% from 2.30% in the prior quarter, primarily reflecting a higher average balance of noninterest-bearing deposits.
  • Average total earning assets increased $63.8 million, or 2.1%, from the prior quarter to $3.11 billion, primarily reflecting higher average loan balances and increased interest-bearing balances with banks, due primarily to seasonal deposit inflows. Total loan balances increased $60.6 million, or 2.6%, from the prior quarter to $2.40 billion, primarily due to increased loan demand and improved market conditions. Loan growth during the quarter was primarily concentrated in March and is expected to contribute more meaningfully to net interest income in subsequent periods.
  • Total deposits were $2.90 billion as of March 31, 2026, an increase of $55.3 million, or 1.9%, from the prior quarter-end, primarily reflecting seasonal deposit inflows in certain banking-as-a-service deposit relationships. Noninterest-bearing deposits represented 34.9% of total deposits as of March 31, 2026, compared to 40.3% as of the prior quarter-end. Fluctuations in noninterest-bearing deposit balances on both an end-of-period and average basis were driven primarily by seasonal deposit inflows. The loan-to-deposit ratio was 83.0% as of March 31, 2026, compared to 82.4% as of the prior quarter-end.
  • During the quarter, and as previously disclosed, the Company executed balance sheet optimization actions, including entering into a $20.0 million revolving line of credit and utilizing those proceeds, along with cash on hand, to repay approximately $40.0 million of higher-cost subordinated debt. These actions are expected to reduce funding costs and enhance net interest income, with estimated savings of approximately $1.8 million annually. As these actions were implemented late in the quarter, the full quarter benefit is expected to be realized beginning in the second quarter.
• Noninterest Income and Expense
  • Total noninterest income was $8.2 million for the first quarter of 2026, compared to $10.7 million in the prior quarter. The decrease in total noninterest income was primarily due to a holding gain on equity securities recognized in the fourth quarter of 2025. Excluding this item, core fee income increased approximately 3.9%, reflecting higher payment card and service charge income, benefitting from seasonal factors, while equity method investments income from our mortgage segment declined.
  • We launched two new Fintech partners in the first quarter of 2026 as we continue to execute on our strong pipeline of Fintech opportunities.
  • Total noninterest expense was $28.1 million for the first quarter of 2026, compared to $31.5 million in the prior quarter, a decrease of 10.7%. The improvement from the prior quarter was primarily driven by reduced professional fees and salaries and employee benefits expense. Compared to the prior year period, noninterest expense decreased 2.1%, while operating revenues increased 8.8%, resulting in positive operating leverage.
• Asset Quality and Capital
  • Nonperforming loans totaled $34.7 million, or 1.4% of total loans, as of March 31, 2026, compared to $30.7 million, or 1.3% of total loans, as of December 31, 2025.
  • Criticized loans as a percentage of total loans were 3.7% as of March 31, 2026 and, compared to 3.6% as of December 31, 2025. Classified loans as a percentage of total loans were 2.2%, compared to 2.3% as of the prior quarter end.
  • Net charge-offs were $1.5 million, or 0.26% annualized of loans, for the first quarter, compared to $3.9 million, or 0.68% annualized, for the prior quarter.
  • Provision for credit losses totaled $1.9 million, compared to $2.1 million for the prior quarter. The allowance for credit losses for loans was 0.94% of total loans at March 31, 2026, compared to 0.93% at December 31, 2025.
  • Pre-tax, pre-provision earnings were $8.5 million in the first quarter of 2026, compared to $7.6 million in the fourth quarter of 2025 and $5.0 million in the first quarter of 2025.
  • The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank's Total Risk-Based Capital Ratio were 10.1%, 12.6% and 13.5%, respectively, compared to 11.1%, 13.7% and 14.5%, respectively, at the prior quarter-end.
  • The tangible common equity ratio, a non-U.S. GAAP financial measure¹, was 10.0% as of March 31, 2026, compared to 10.1% as of December 31, 2025 and 10.2% as of March 31, 2025.
  • Accumulated other comprehensive loss was $18.1 million as of March 31, 2026, compared to $13.9 million as of December 31, 2025. The increase in accumulated other comprehensive loss during the quarter was primarily due to changes in the unrealized loss on available-for-sale investment securities portfolio, consistent with the increase in long-term market rates.
  • Book value per common share and tangible book value per common share, a non-U.S. GAAP measure¹, were $26.07 and $25.98, respectively, representing decreases of 0.7%, from the prior quarter-end. The slight change in book value per common share and tangible book value per common share primarily reflects the increase in accumulated other comprehensive loss during the quarter and an increase in outstanding shares due to option exercises.

Conference Call and Webcast

The Company will host a conference call and webcast at 5:00 p.m. Eastern Time today, April 29, 2026, to discuss its quarterly financial results. The call can be accessed via telephone at 877-451-6152 (domestic) or 201-389-0879 (international). A recorded replay can be accessed through May 13, 2026, by dialing 844-512-2921 (domestic) or 412-317-6671 (international); access code: 13758984. Additionally, interested parties can listen to a live webcast of the call on the Company's website at ir.mvbbanking.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.

About MVB Financial Corp.

MVB Financial Corp. (NASDAQ:MVBF) is an innovative bank powering Fintech solutions in payments, card issuance and online gaming programs for leading Fintech companies nationwide, while providing traditional retail and commercial banking services within established markets. MVB's comprehensive platform includes money movement solutions across all modalities and embedded finance capabilities. MVB combines proven Fintech builder/incubator capabilities, innovative culture, regulatory expertise, core banking and AI-driven operational efficiency to enable Fintech partners to navigate complex regulatory requirements while accelerating time-to-market. For more information about MVB, please visit ir.mvbbanking.com.

Forward-Looking Statements

MVB Financial has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and are subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as "may," "could," "should," "would," "will," "plans," "believes," "estimates," "expects," "anticipates," "intends," "continues" or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity and credit risk; changes in market interest rates; inability to successfully execute business plans, including strategies related to investments in Fintech companies; competition; unforeseen events, such as pandemics or natural disasters, and any governmental or societal responses thereto; changes in economic, business and political conditions, including, without limitation, the imposition of international trade policies and any retaliatory responses thereto; changes in demand for loan products and deposit flow; changes in deposit classifications; operational risks and risk management failures; and government regulation and supervision. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as well as its other filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov. Except as required by law, the Company disclaims any obligation to update, revise or correct any forward-looking statements.

Accounting standards require the consideration of subsequent events occurring after the balance sheet date for matters that require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company's financial statements when filed with the SEC. Accordingly, the consolidated financial information in this announcement is subject to change.

Non-U.S. GAAP Financial Measures

This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these non-GAAP measures in its analysis of the Company's performance. These measures should not be considered a substitute for GAAP basis measures, nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company's financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by the Company. As a complement to GAAP financial measures, management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.

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Questions or comments concerning this earnings release should be directed to:

MVB Financial Corp.

Michael R. Sumbs, Executive Vice President and Chief Financial Officer

(844) 682-2265

msumbs@mvbbanking.com

Amy Baker, VP, Corporate Communications and Marketing

(844) 682-2265

abaker@mvbbanking.com