Local bank continues to build value for shareholders
MVB, with offices in Jefferson, Berkeley, Harrison and Marion counties, continued to build value for shareholders through financial performance for the entire year 2010, including the fourth quarter of 2010 with significant positive financial performance and a highly successful private stock offering.
Net income for MVB fourth quarter 2010 increased to $426,000, nearly 166 percent over the same quarter in 2009. There was significant increase in net interest income of $767,000, which represented a 34 percent increase over the same quarter in 2009.
Another strong highlight on the MVB balance sheet is the $61 million increase in loans – a 26 percent increase over 2009. Further, the $35.9 million increase in deposits represents a 14 percent increase over the same period in 2009.
In the fourth quarter of 2010, MVB Financial Corp. completed an extremely successful private offering that resulted in 393,305 common shares being placed for $21 per share or a total of $8,259,405 of new capital.
Additionally, in December 2010, the MVB Financial Corp. Board of Directors authorized a 10 percent stock dividend payable to shareholders of record Jan. 25, 2011 to be distributed on Feb. 15, 2011.