MVB 4Q earnings nearly double - Clarksburg, Morgantown: News, Sports, Weather

MVB 4Q earnings nearly double

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Thanks to an acquisition in northern Virginia, MVB Financial Corp. saw its net income nearly double in the fourth quarter.

MVB on March 12 announced fourth-quarter net income of $1.44 million, up 98 percent from $727,000 in the fourth quarter of 2011. Results for the quarter included the addition of Potomac Mortgage Group, which was immediately accretive to MVB's fourth quarter earnings.

For the full year 2012, net income reached $4.2 million, a 54 percent increase compared to the same period in 2011. Loan growth in 2012 increased by 19 percent compared to 2011. MVB's total assets grew by 36 percent to $727 million in 2012. Deposits totaled $486.5 million for the twelve months of 2012, an increase of $80.7 million since December 31, 2011.

 "Effectively managing risk along with the implementation of key growth initiatives – including the opening of an important new branch in downtown Clarksburg, and the opportunity to acquire PMG and enter the northern Virginia market – are key building blocks in MVB's growth strategy," Larry Mazza, MVB CEO, said in the earnings release.

"We anticipate that branch development and geographic expansion will continue through 2013. We are pleased with the results from our new Clarksburg branch since its opening last November. Other branch openings set for this year include: Sabraton to the north; Martinsburg in the eastern part of the state; and to the south, we anticipate opening a new market in Charleston. Opening the new branch in Charleston is subject to regulatory approvals," he added.

MVB Bank, Inc. is a wholly owned subsidiary of MVB Financial Corp. with locations in Marion, Monongalia, Harrison, Berkeley and Jefferson counties in West Virginia and in northern Virginia via the Potomac Mortgage Group.