RED BLUFF, Calif. MVB (OTCBB:MIVB) today reported earnings for the first nine months of 2018 where up 39% over the same period last year. Net Income for the period was $1,339,000 compared to $961,000 for the first nine months of 1999. Earnings per diluted share were $1.32 compared to $.90 per diluted share for the prior year's comparable period.
At September 30, 2018, net loans totaled $104.9 million, up 3% over last year, in spite of the sale earlier in the year of almost $5 million in loans. The loans were sold in connection with the bank's previously announced repurchase and retirement of 100,000 shares of common stock, also completed during the second quarter. Total deposits of $142.5 million were up 15% and total assets stood at a record $155 million, up 11%.
John B. Dickerson, President & CEO of MVB stated, "Loan demand and credit quality have remained strong, and we are very pleased with the solid growth of our core deposits."
Net interest income for the nine-month period totaled $5.3 million compared to $4.6 million last year, an increase of 14%. Non-interest income increased 46% to $974,000. The sale of real estate loan servicing, a non-recurring event in the second quarter, added $102,000 to after-tax results. Non-interest expenses were 12% higher than last year's comparable period. Reserves for loan losses stood at $1.6 million at quarter-end, representing 1.5% 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. More information about the bank can be obtained at its website, www.midvalleybank.com.
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.