Overview

* MVB Financial ( MVBF ) Q2 net income falls short of company expectations due to loan growth timing

* Company reports 4.4% loan growth and 8.5% deposit growth in Q2

* Co repurchased 314,580 shares for $6.4 mln, indicating confidence in future performance

Outlook

* Company confident in delivering long-term value for stakeholders

* MVB Financial ( MVBF ) anticipates continued execution of cost control initiatives

Result Drivers

* LOAN DEMAND - Loan growth of 4.4% driven by increased demand and improved market conditions

* DEPOSIT STRATEGY - 8.5% deposit growth achieved despite seasonal headwinds, attributed to strategic execution in Fintech banking

* NONINTEREST INCOME - 13.4% rise in noninterest income primarily due to increased equity method investment income from mortgage segment

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS $0.15

Q2 Net $25.78

Interest mln

Income

Q2 Basic $0.16

EPS

Q2 $3.17

Pretax mln

Profit

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "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 ( MVBF ) is $25.00, about 5.5% above its July 25 closing price of $23.62

* The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)