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MVB News
Deposits and Income Up 4/12/2018

MVB (OTCBB:MIVB) today reported earnings for the first three months of 2018 were up 9% over the same period last year. Net Income for the period was $403,200 compared to $369,900 for the first three months of 2018. Earnings per diluted share were $.38 compared to $.35 per diluted share for the prior year's comparable period.

At March 31, 2018, net loans totaled $108.8 million, up 1% over last year. Total deposits of $149.1 million were almost 15% higher and total assets stood at $163.3 million, up 10%.

John B. Dickerson, President & CEO of MVB stated, "We are very pleased with the solid growth of our core deposits, which has continued into the second quarter. Loan growth has slowed, however, and this factor, combined with narrowing spreads, has increased our focus on expense control and the identification of new sources of non-interest income."

Net interest income for the three-month period totaled $1.8 million, up slightly compared to $1.7 million last year. Non-interest income increased 20% to $297,000. Non-interest expenses were down 2% from last year's comparable period. Reserves for loan losses totaling $1.8 million at quarter-end have been increased to 1.6% of gross 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. -0-

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