RED BLUFF, Calif. - May 2, 2018 - MVB (OTCBB:MIVB) today reported earnings for the first three months of 2018 improved significantly in comparison to the same period last year. Net Income for the period was $325,700 compared to $217,400 for the first three months of 2018, an increase of over 49%. Earnings per diluted share were $.27 compared to $.18 per diluted share for the prior year's period.
At March 31, 2018, net loans totaled $110.7 million, down 3.8% from last year. Total deposits of $159.8 million were 3.0% higher and total assets stood at $173.1 million, up 2.3%. The decline in net loans was attributed to lower agricultural and commercial real estate loan originations.
John B. Dickerson, Chairman & CEO of MVB stated, "We are pleased that the improvement in financial performance, which began last year, has continued into the first quarter. Particularly encouraging is the performance of our Chico Office, which has already captured strong residential construction loan market share."
Net interest income for the three-month period totaled $1.8 million, virtually unchanged compared to last year. Non-interest income was $279,100 compared to $335,300 last year. Non-interest expenses were down 3.4% from last year's comparable period. The bank added $230,000 and $294,000 to its reserves during the first quarters of 2018 and 2018, respectively. Reserves for loan losses totaling $3.1 million at quarter-end represented 2.7% of gross loans.
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 and commercial lending to the business and the professional community. Consumer financial services, as well as various non-insured 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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