MVB Financial Corp. Declares Third Quarter 2023 Dividend
17 Août 2023 - 10:30PM
Business Wire
MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or
the “Company”) has declared a quarterly cash dividend of $0.17 per
share, maintaining the dividend declared in the previous quarter
for shareholders of record as of September 1, 2023, payable on
September 15, 2023. This is the third quarterly dividend for
2023.
“Following the market events of March 2023, we took quick and
decisive action. Out of an abundance of caution, we maintained our
already-strong balance sheet liquidity position, and in
anticipation of new regulatory and compliance requirements for the
industry, took additional steps to enhance our risk management and
compliance infrastructure. These actions increased our funding
costs and noninterest expenses during the second quarter, but
helped to strengthen our foundation during a tumultuous period for
the industry. With the sale of a portion of our subprime automobile
loans, we further de-risked our loan portfolio. Additionally, we
had no outstanding FHLB or other short-term borrowings, no
held-to-maturity investment securities and a limited concentration
of CRE loans and office exposure during the quarter. We produced
strong earnings for the second quarter, despite unexpected
challenges. Looking forward, I am confident in our team’s
continuous adaptability, the stability of our asset quality and our
strong liquidity, funding and capital position as we look to a
pick-up in high-quality loan growth as we move ahead,” said Larry
F. Mazza, Chief Executive Officer, MVB Financial.
“We are pleased to create value for our shareholders through our
continued growth in tangible book value per share. Looking ahead,
MVB remains well-positioned to navigate challenging market
conditions.”
About MVB Financial Corp.
MVB Financial Corp., the holding company of MVB Bank, Inc., is
publicly traded on The Nasdaq Capital Market® under the ticker
“MVBF.” Nasdaq is a leading global provider of trading, clearing,
exchange technology, listing, information and public company
services. Through its subsidiary, MVB Bank, Inc. (the “Bank”), and
the Bank's subsidiaries, the Company provides banking services to
financial technology (“Fintech”) clients throughout the United
States. For more information about MVB, please visit
http://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; impacts related to or resulting from recent bank
failures and volatility; inability to achieve anticipated synergies
and successfully integrate recent mergers and acquisitions;
inability to successfully execute business plans, including
strategies related to investments in Fintech companies;
competition; the pace of recovery following the continued effects
of the COVID-19 pandemic and its impact on the Company’s business
and financial condition; changes in economic, business and
political conditions; changes in demand for loan products and
deposit flow; 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, 2022, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230817295529/en/
MEDIA CONTACT Amy Baker VP, Corporate Communications and
Marketing MVB Bank abaker@mvbbanking.com (844) 682-2265
INVESTOR RELATIONS Marcie Lipscomb
mlipscomb@mvbbanking.com (844) 682-2265
MVB Financial (NASDAQ:MVBF)
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