MVB Financial Corp. reported net income of $9.4 million, or $0.73 basic and $0.72 diluted earnings per share, for the fourth quarter of 2024. For the full year 2024, revenue totaled $148.6 million, representing a 2.6% increase from fiscal year 2023.
Noninterest income for the fourth quarter significantly increased by $14.6 million from the third quarter of 2024, primarily driven by an $11.8 million gain on sale of assets associated with a sale-leaseback transaction. Loans declined by $71.1 million to $2.10 billion at December 31, 2024, while deposits decreased by $308.0 million to $2.69 billion from the prior quarter.
The company's Community Bank Leverage Ratio (CBLR) stood at 11.2% as of December 31, 2024, indicating a strong capital position. MVB also announced the sale of its interest in Trabian Technology, Inc. in January 2025, which is expected to result in a $0.6 million gain, reflecting a strategic refinement of its portfolio.
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