Net interest income recovered to $32.3M in 2026Q2 (+25.2% YoY) with a record quarterly net income of $12.3M and EPS of $0.93, yet profitability remains hostage to a structurally compressed 0.9% NIM and a non-interest income line that swung from a $1.9M loss in 2025Q3 to an $18.8M contribution in 2026Q2.
MVB Financial Corp. (MVBF) annual income statement — 23-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Net Interest Income | 121.7M | 107.41M | 109.2M | 123.28M | 111.8M | 77.16M | 68.83M | 59.4M | 52.05M | 44.3M | 42.99M | 34.88M | 28.66M | 22.33M | 17.32M | 14.11M | 10.82M | 8.8M | 7.74M | 6.9M | 5.65M | 4.33M | 3.97M | 3.15M |
| NII Growth % | 68.47% | -1.64% | -11.42% | 10.27% | 44.9% | 12.11% | 15.87% | 14.11% | 17.51% | 3.04% | 23.27% | 21.7% | 28.35% | 28.88% | 22.8% | 30.42% | 22.86% | 13.78% | 12.19% | 22.05% | 30.66% | 9.05% | 25.9% | - |
| Net Interest Margin % | 3.46% | 3.25% | 3.49% | 3.72% | 3.66% | 2.77% | 2.95% | 3.06% | 2.97% | 2.89% | 3.03% | 2.52% | 2.58% | 2.26% | 2.38% | 2.64% | 2.61% | 2.5% | 2.99% | 3% | 2.95% | 2.86% | 3.73% | 3.32% |
| Interest Income | 187.99M | 175.32M | 185.84M | 189.82M | 125.96M | 83.43M | 80.45M | 82.36M | 69.76M | 56.6M | 54.12M | 44.1M | 36.41M | 27.52M | 22.25M | 19.01M | 16.29M | 14.34M | 13.69M | 13.27M | 10.01M | 6.65M | 5.54M | 4.85M |
| Interest Expense | 66.29M | 67.92M | 76.64M | 66.53M | 14.15M | 6.27M | 11.63M | 22.96M | 17.71M | 12.3M | 11.13M | 9.22M | 7.51M | 5.19M | 4.93M | 4.9M | 5.47M | 5.53M | 5.95M | 6.38M | 4.36M | 2.33M | 1.57M | 1.7M |
| Loan Loss Provision | 18.62M | 8.74M | 3.54M | -1.92M | 14.19M | -6.28M | 16.58M | 1.79M | 2.44M | 2.17M | 3.63M | 2.49M | 2.58M | 2.26M | 2.8M | 1.72M | 1.1M | 785K | 595K | 584K | 445K | 160K | 269K | 223K |
| Non-Interest Income | 45.7M | 95.12M | 41.49M | 23.2M | 26.4M | 27.64M | 48.28M | 61.56M | 35.09M | 37.5M | 39.85M | 31.8M | 19.26M | 24.54M | 7.36M | 3.36M | 2.45M | 2.19M | 1.79M | 1.62M | -3.97M | -3.29M | -3.02M | -2.33M |
| Non-Interest Income % | 27.3% | 46.97% | 27.53% | 15.84% | 19.1% | 26.38% | 41.23% | 50.89% | 40.27% | 45.84% | 48.1% | 47.69% | 40.2% | 52.35% | 29.82% | 19.22% | 18.49% | 19.92% | 18.77% | 19.05% | -235.37% | -317.47% | -319.24% | -283.68% |
| Total Net Revenue | 167.4M | 202.53M | 150.69M | 146.48M | 138.21M | 104.8M | 117.11M | 120.96M | 87.14M | 81.8M | 82.84M | 66.67M | 47.92M | 46.86M | 24.69M | 17.46M | 13.27M | 10.99M | 9.53M | 8.52M | 1.69M | 1.04M | 946K | 821K |
| Revenue Growth % | 25.16% | 34.4% | 2.87% | 5.99% | 31.88% | -10.51% | -3.19% | 38.81% | 6.54% | -1.26% | 24.25% | 39.13% | 2.25% | 89.84% | 41.35% | 31.6% | 20.71% | 15.41% | 11.81% | 405.64% | 62.64% | 9.51% | 15.23% | - |
| Non-Interest Expense | 120.02M | 156.94M | 120.81M | 121.11M | 108.98M | 63.6M | 53.58M | 84.16M | 69.33M | 67.29M | 65.85M | 54.69M | 42.68M | 39.6M | 16.05M | 12.03M | 9.14M | 8.35M | 7.84M | 6.24M | -74K | 119K | -1.01M | -579K |
| Efficiency Ratio | 71.69% | 77.49% | 80.17% | 82.68% | 78.86% | 60.68% | 45.76% | 69.57% | 79.56% | 82.27% | 79.49% | 82.03% | 89.07% | 84.5% | 65.02% | 68.87% | 68.86% | 75.94% | 82.3% | 73.24% | -4.39% | 11.49% | -106.55% | -70.52% |
| Operating Income | 28.77M | 36.85M | 26.34M | 27.29M | 15.03M | 47.48M | 46.94M | 35.01M | 15.38M | 12.33M | 13.36M | 9.49M | 2.9M | 5M | 5.83M | 3.71M | 3.03M | 1.86M | 1.09M | 1.7M | 1.31M | 757K | 1.69M | 1.18M |
| Operating Margin % | 17.18% | 18.2% | 17.48% | 18.63% | 10.87% | 45.3% | 40.09% | 28.95% | 17.64% | 15.07% | 16.12% | 14.23% | 6.06% | 10.68% | 23.63% | 21.27% | 22.85% | 16.92% | 11.45% | 19.91% | 77.98% | 73.07% | 178.12% | 143.36% |
| Operating Income Growth % | - | 39.88% | -3.48% | 81.62% | -68.35% | 1.14% | 34.07% | 127.72% | 24.7% | -7.67% | 40.74% | 226.87% | -41.97% | -14.24% | 57.08% | 22.49% | 63.01% | 70.49% | -35.67% | 29.07% | 73.58% | -55.07% | 43.16% | - |
| Pretax Income | 28.77M | 36.85M | 26.34M | 27.29M | 15.03M | 47.48M | 46.94M | 35.01M | 15.38M | 12.33M | 13.36M | 9.49M | 2.9M | 5M | 5.83M | 3.71M | 3.03M | 1.86M | 1.09M | 1.7M | 1.31M | 757K | 1.69M | 1.18M |
| Pretax Margin % | 17.18% | 18.2% | 17.48% | 18.63% | 10.87% | 45.3% | 40.09% | 28.95% | 17.64% | 15.07% | 16.12% | 14.23% | 6.06% | 10.68% | 23.63% | 21.27% | 22.85% | 16.92% | 11.45% | 19.91% | 77.98% | 73.07% | 178.12% | 143.36% |
| Income Tax | 6.67M | 9.93M | 6.1M | 5.07M | 3.29M | 9.64M | 9.53M | 8.45M | 3.37M | 4.75M | 4.38M | 2.89M | 248K | 983K | 1.67M | 1.01M | 795K | 454K | 263K | 414K | 341K | 195K | 627K | 396K |
| Effective Tax Rate % | 23.19% | 26.94% | 23.15% | 18.58% | 21.92% | 20.31% | 20.31% | 24.13% | 21.94% | 38.56% | 32.78% | 30.41% | 8.54% | 19.65% | 28.56% | 27.25% | 26.22% | 24.41% | 24.11% | 24.41% | 25.95% | 25.76% | 37.21% | 33.64% |
| Net Income | 22.1M | 26.94M | 20.09M | 31.23M | 15.05M | 39.12M | 37.41M | 26.99M | 12M | 7.58M | 12.91M | 6.82M | 2.08M | 4.02M | 4.17M | 2.7M | 2.24M | 1.41M | 828K | 1.28M | 973K | 562K | 1.06M | 781K |
| Net Margin % | 13.2% | 13.3% | 13.33% | 21.32% | 10.89% | 37.33% | 31.95% | 22.31% | 13.77% | 9.26% | 15.59% | 10.22% | 4.34% | 8.58% | 16.88% | 15.47% | 16.86% | 12.79% | 8.69% | 15.05% | 57.74% | 54.25% | 111.84% | 95.13% |
| Net Income Growth % | -31.28% | 34.09% | -35.67% | 107.56% | -61.54% | 4.57% | 38.61% | 124.87% | 58.46% | -41.33% | 89.44% | 227.85% | -48.28% | -3.55% | 54.26% | 20.79% | 59.1% | 69.81% | -35.41% | 31.76% | 73.13% | -46.88% | 35.47% | - |
| Net Income (Continuing) | 22.1M | 26.92M | 20.25M | 22.22M | 11.73M | 37.84M | 37.41M | 26.56M | 12M | 7.58M | 8.98M | 6.6M | 2.65M | 4.02M | 4.17M | 2.7M | 2.24M | 1.41M | 828K | 1.28M | 973K | 562K | 1.06M | 781K |
| EPS (Diluted) | 1.66 | 2.06 | 1.53 | 2.40 | 1.17 | 3.10 | 3.06 | 2.20 | 1.00 | 0.68 | 1.31 | 0.77 | 0.22 | 0.51 | 0.70 | 0.61 | 0.69 | 0.43 | 0.25 | 0.42 | 0.33 | 0.28 | 0.70 | 0.53 |
| EPS Growth % | -31.99% | 34.64% | -36.25% | 105.13% | -62.26% | 1.31% | 39.09% | 120% | 47.06% | -48.09% | 70.13% | 250% | -56.86% | -27.14% | 14.75% | -11.59% | 60.47% | 72% | -40.48% | 27.27% | 17.86% | -60% | 32.08% | - |
| EPS (Basic) | - | 2.11 | 1.56 | 2.46 | 1.23 | 3.32 | 3.13 | 2.26 | 1.04 | 0.69 | 1.44 | 0.78 | 0.22 | 0.51 | 0.70 | 0.61 | 0.70 | 0.44 | 0.26 | 0.43 | 0.34 | 0.28 | 0.73 | 0.55 |
| Diluted Shares Outstanding | 13.28M | 13.11M | 13.14M | 13M | 12.87M | 12.61M | 12.09M | 12.04M | 12.72M | 10.44M | 10.07M | 8.14M | 8.14M | 7.69M | 5.79M | 4.39M | 3.27M | 3.27M | 3.26M | 3.03M | 2.9M | 2.03M | 1.51M | 1.47M |
Quick answers to the most common questions about buying MVBF stock.
For fiscal year 2025, MVB Financial Corp. (MVBF) reported total revenue of $202.5M. This represents a 24568.5% increase compared to $0.8M in 2003.
MVB Financial Corp. (MVBF) is profitable, generating $26.9M in net income for the fiscal year ending 2025 with a net profit margin of 13.3%.
MVB Financial Corp. (MVBF) reported an operating income of $36.9M, resulting in an operating profit margin of 18.2%. This margin reflects the operational efficiency of the business before interest and taxes.
MVB Financial Corp. (MVBF) generated $193.8M in gross profit for the year, representing a gross profit margin of 95.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Non-recurring fee spikes inflate earnings
Metrics are mathematically derived from official filings.
NII Rebounds on Volume, Not Rate
According to MVB Financial's reported income statements, net interest income recovered to $32.3M in 2026Q2 from a trough of $24.9M in 2024Q4, with sequential growth of 13.7% and a 25.2% year-over-year expansion driven by loan growth rather than widening margins.
The NII recovery stands in contrast to the persistent 0.9% NIM, which suggests earnings are being rebuilt through balance-sheet volume and mix shifts rather than a pricing recovery on the asset side. Investors should note that NII growth only turned positive in 2025Q4 after four quarters of year-over-year contraction, so the durability of the rebound remains unproven against a funding-cost backdrop that is not disclosed here.
Thin NIM Caps Structural Profitability
MVB's net interest margin has remained confined to a narrow 0.8%–0.9% band across all ten reported quarters, an unusually compressed level that indicates asset yields are barely covering funding costs, leaving earnings disproportionately dependent on fee income and expense control rather than spread economics.
With NIM at 0.9% in 2026Q2, the spread contribution to pre-provision earnings appears structurally limited, which makes the bank's efficiency ratio the primary swing factor in operating results. Because peer NIM is not provided in the supplied context, direct peer spread comparison is not possible, but the flat margin trend suggests MVBF may lack the pricing power peers have benefited from during the rate cycle, warranting closer examination of its deposit mix.
Fee Income Volatility Distorts Earnings
As disclosed in MVB Financial's filings, non-interest income swung from a $20.0M contribution in 2024Q4 to a $1.9M loss in 2025Q3 before recovering to $18.8M in 2026Q2, a pattern suggesting a meaningful portion of fee revenue is episodic rather than recurring.
The fee income contribution rose to 27.9% of revenue in 2026Q2 from 15.5% in 2026Q1, indicating that reported revenue momentum is being substantially amplified by non-interest items that may not persist at the same run rate. Since the composition of these swings between gains and losses is not disclosed in the supplied data, investors should monitor whether subsequent quarters confirm a stable fee base or repeat the reversals seen in 2025.
Provisioning Steps Up Sharply
MVB Financial's provision for credit losses climbed to $4.7M in 2026Q2, the highest in the ten-quarter series and more than twenty-five times the $0.18M recorded in 2025Q1, suggesting management is either building reserves against a deteriorating credit environment or recognizing incurred losses on the loan book.
The escalation in provisioning through 2025Q3 ($4.4M) and again in 2026Q2 materially compresses pre-provision earnings conversion, which is the key earnings-quality issue for a bank operating at a 0.9% NIM. Because no provision coverage ratio or charge-off data are provided, it is not possible to determine whether the build reflects forward-looking reserve topping or realized credit deterioration, a distinction investors should seek clarification on.
2026Q2 Marks a Recovery Quarter
Based on MVB's ten-quarter results, 2026Q2 represents the clearest inflection point, with net income of $12.3M and diluted EPS of $0.93 marking the highest quarterly profit since 2025Q3, even as provision expense rose to its peak, indicating recovery in core revenue offsetting elevated credit costs.
The efficiency ratio improved to 45.1% from 53.1% in 2026Q1, which suggests operating leverage may be developing as revenue expands while expense base stays comparatively contained. However, the inflection is less convincing when compared with 2024Q4, when a $20.0M non-interest income contribution drove a comparable operating result, implying that the earnings profile remains sensitive to non-recurring items rather than being fully underpinned by spread banking.
Earnings Quality Faces a High Bar
The strongest challenge to MVBF's earnings quality is that pre-provision profitability remains hostage to episodic non-interest income swings, with 2026Q2's $16.0M operating income depending on an $18.8M fee contribution in an otherwise structurally thin 0.9%-NIM business.
Strip out the outsized non-interest income contributions in 2026Q2 and 2024Q4, and the underlying spread-banking earnings look materially weaker, as shown by operating income of just $2.8M–$6.7M in the intervening quarters. Additionally, the combination of record provisioning and sub-1% NIM suggests that any rate decline would compress net interest income further without a compensating benefit from lower funding costs at the pace needed to offset it, a scenario that warrants further investigation in the bank's asset sensitivity disclosures.