MVB announced first quarter earnings of $370,000 representing an increase of 43% over the same period last year. Earnings per diluted share were $.35 compared to $.24 per diluted share for the prior year's comparable period.
At March 31, 2018, net loans totaled $107.9 million, up 27% over last year. Total deposits of $130.2 million were 24% higher than the first quarter
last year. Total assets stood at $148 million.
John B. Dickerson, President & CEO of MVB, stated, "Loan demand continues to be strong in both the real estate construction and agri-business sectors of our portfolio."
Net interest income for the period totaled $1.7 million compared to $1.4 million last year, an increase of over 21%. Non-interest income increased 22%
and non-interest expenses were 15% higher than last year's comparable period. Reserves for loan losses stood at $1.5 million at quarter-end or 1.4% of total loans.
Headquartered in Red Bluff, MVB is a community business bank with two additional full service offices in Redding and one in Corning. The Bank focuses on real estate construction lending, agricultural loans and
commercial lending to the business and professional community.
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.