MVB Financial Corp. reported its financial results for the first quarter of 2025, revealing a net income of $3.6 million, a decrease from $4.5 million in the same period last year. This decline in profitability is attributed to a drop in net interest income, which fell by $3.5 million to $26.7 million, alongside a decrease in noninterest income, which totaled $7.0 million compared to $7.8 million in the prior year. The company's earnings per share were $0.28 for the quarter, down from $0.35 a year earlier. The return on average assets was 0.4%, while the return on average equity decreased to 4.7% from 6.2%.
The company's total assets decreased to $3.02 billion as of March 31, 2025, down from $3.13 billion at the end of 2024. This reduction was primarily driven by a decline in loans receivable, which fell to $2.06 billion from $2.10 billion. The decrease in loans was attributed to slower market demand and the impact of loan amortization and payoffs. MVB Financial's total deposits also decreased to $2.58 billion, down from $2.69 billion, with noninterest-bearing deposits increasing to $1.03 billion, reflecting a shift in the deposit mix.
In terms of operational developments, MVB Financial has continued to focus on expanding its treasury services and enhancing its compliance and risk management teams to support growth in the gaming, payments, and banking-as-a-service sectors. The company also completed the divestiture of its controlling interest in Trabian Technology, Inc. for $3.5 million, resulting in a gain of $0.6 million recognized in the quarter. This strategic move aligns with MVB's ongoing efforts to streamline operations and focus on core banking services.
Looking ahead, MVB Financial's management expressed cautious optimism regarding future performance, despite the challenges posed by a high interest rate environment and a slowing economy. The company plans to continue its focus on improving the quality of its loan portfolio and enhancing its deposit acquisition strategies. Management anticipates that ongoing investments in technology and compliance will support growth and profitability in the coming quarters, although they acknowledge potential economic volatility in the near term.
About MVB FINANCIAL CORP
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