MVB today announced that its 2018 earnings were $1,804,700, up 31% over earnings for 1999. Earnings for year represented $1.79 per diluted share versus $1.29 per diluted share in 1999. Fourth quarter earnings totaled $466,000 or $.47 per diluted share compared to $416,000 or $.39 per diluted share for the prior year's comparable period.
At December 31, 2018, net loans topped $105.5 million, up 5% over 1999 and total deposits were up 12% to $147.5 million. Loan growth was net of the sale by participation of $5 million in loans earlier in the year. Total Assets were up almost 12% to a record $161 million at year-end.
John B. Dickerson, President & CEO of MVB stated, "Operating results for the year exceeded our targets. Credit quality has remained strong and we are very pleased with the growth of our core deposit base."
Net interest income for the year totaled $7.2 million compared to $6.4 million in 1999, an increase of almost 13%. Reserves for loan losses stood at $1.7 million at year-end or 1.6% of total loans. Net loan losses for year were minimal at .05% of gross average loans.
MVB's return on average equity for the year was 15.9% compared to 12.3% in 1999. Return on average assets was 1.2%, up from 1.1% in the prior year. The efficiency ratio for the year was 64%. The bank recently announced a 10% stock dividend to be paid March 2, 2018 to shareholders of record on February 14, 2018.
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 lending, agricultural loans and commercial lending to the business and professional community. Consumer financial services, mortgage banking, and 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 over-the-counter market 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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