MVB Financial Q3 net income drops on higher credit loss provision
MVBF•MVB Financial’s Q3 net income fell to $0.4 million, or $0.03 per share, after a $9.9 million credit loss provision, mainly tied to a single land loan. Net interest income rose 1% from the prior quarter to $32.6 million.
1. Earnings decline
MVB Financial reported Q3 net income of $0.4 million, or $0.03 per share. Earnings were weighed down by a $9.9 million provision for credit losses, mainly related to a single land loan.
2. Interest income and outlook
Net interest income was $32.6 million, up 1% from the prior quarter and 18% year-to-date. The company said growth in payments-related deposits and new fintech partnerships diversified funding and reduced its cost of funds, and expects funding diversification and payments revenue growth to support future financial performance.
