MVB releases financial news
Regional community bank leader MVB Bank released first quarter 2011 earnings and banking news highlights.
Also, this past quarter, MVB again earned the 5-Star Superior rating from BauerFinancial.
Net income for the quarter was $636,000, which was $129,000 or 25.4 percent greater than the same quarter last year.
MVB’s net interest income was $3.3 million for the second quarter of 2011, an increase of $766,000 or 29.9 percent from the same time period last year. This increase is due to MVB’s growing loans portfolio.
MVB’s high quality loan portfolio is the driving force behind both the bank’s asset growth and the continued growth in earnings. Loans currently total $329.5 million, an increase of $64.8 million or 24.5 percent from the same time frame in 2010.
Total deposits grew to $348.9 million as of June 30, an increase of $48.5 million or 16.1 percent from the second quarter of 2010.
MVB’s total assets were $454.4 million at June 30. Total assets have increased by $60.0 million or 15.2 percent from the second quarter of 2010.
MVB Financial Corp has locations in Jefferson, Berkeley, Marion, Monongalia and Harrison counties.