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MVB Announces First Half Results 8/7/2018

RED BLUFF, Calif. - August 7, 2018 - MVB (OTCBB:MIVB) reported operations for the first half of the current fiscal year resulted in a net loss of $282,600 versus a gain of $679,900 for the same period last year. The decline in earnings was primarily due to increased allocations to the allowance for loan losses to mitigate previously announced problem credits centered in the bank's agricultural loan portfolio.

MVB president John Dickerson stated, "We are obviously not satisfied with these results and are working aggressively to resolve these issues by yearend. Unfortunately, the inherent risks of lending to the agricultural community -- water issues, weather, crop production and commodity prices -- have all seemed to impact a number of our borrowers at the same time. We are definitely looking forward to a more balanced environment going forward."

Total assets topped $169,100,000 at midyear, up slightly from the same period last year. Deposits and gross loan totals were relatively unchanged between the periods. MVB's capital ratios continue to fall in the "Well Capitalized" range as defined by the banking industry regulators.

At June 30, 2018, net loans totaled $112,200,000 and were down from $114,700,000 a year ago, reflecting the impact of the increased allowance and runoff in the commercial loan portfolio, which includes agricultural loans. At $3,300,000, the allowance for loan losses at quarter-end represented 2.9% of gross loans outstanding. During the first six months of 2018, the bank added $1,729,000 to the allowance versus $680,000 in 2018.

MVB is a locally owned, community bank serving upstate California from five full service offices in Red Bluff, Redding, Corning and Chico. The bank focuses on real estate lending, agricultural loans and commercial lending to the business and professional community. Consumer financial services, as well as various investment and insurance products are also available. More information about the bank can be obtained at its website, www.midvalleybank.com. MVB stock is listed on the OTCBB under the stock symbol MIVB.

This news release includes forward-looking statements about MVB's financial condition, results of operations, plans, objectives and future performance. A number of factors, many of which are beyond the control of MVB, could cause actual results to differ materially from those in the forward-looking statements.

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