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MVB Announces First Quarter Profits 4/26/2018

RED BLUFF, Calif. -- April 26, 2018 -- MVB (OTCBB:MIVB) today reported earnings for the first three months of 2018 were lower compared to the same period last year. Net Income for the period was $217,400 compared to $403,200 for the first three months of 2018. Earnings per diluted share were $.18 compared to $.34 per diluted share for the prior year's comparable period.

At March 31, 2018, net loans totaled $115.1 million, up 6% over last year. Total deposits of $155.1 million were 4% higher and total assets stood at $169.2 million, up 4%.

John B. Dickerson, President & CEO of MVB stated, "Our net interest margin continues to improve over late 2018 levels, as our deposit products reprice to lower levels. This improvement, however, has been offset by increased allocations to our reserves for problem loans, which have continued into the first quarter." The bank had previously announced that water issues and lower commodity prices had adversely affected its agricultural loan portfolio during the 2018-growing season.

The 4.75% decrease in the Prime Rate during the later half of 2018 significantly impacted the bank's net interest margin, because of the asset sensitivity of the bank's balance sheet. In a declining rate environment, the bank's loans reprice to lower levels faster than the ability to reduce the cost of deposits, resulting in a decline in the net interest margin.

Net interest income for the three-month period totaled $1.8 million, virtually unchanged compared to last year, in spite of higher loan volumes. Non-interest income increased almost 13% to $335,300. Non-interest expenses were up 16% from last year's comparable period, primarily due to increased expenses associated with the opening in late 2018 of the bank's new office in Chico, California. Reserves for loan losses totaling $3.2 million at quarter-end represent 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 lending, agricultural loans and commercial lending to the business and professional community. Consumer financial services, as well as 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 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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