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MVB Reports Higher Earnings 7/29/2018

RED BLUFF, Calif. - MVB (OTCBB:MIVB) today reported earnings for the first six months of 2018 continued to improve significantly in comparison to the same period last year. Net Income for the period was $617,300 compared to a loss of $282,600 for the first six months of 2018. Earnings per diluted share were $.52 compared to a loss of $.24 per diluted share for the prior year's period.

At June 30, 2018, net loans totaled $112.3 million, up slightly from last year. Total deposits of $164 million were 4.8% higher and total assets stood at $177.3 million, also up 4.8%.

John B. Dickerson, Chairman & CEO of MVB stated, "We continue to be encouraged by our steady deposit growth and improved earnings. Net interest income and non-interest expenses both reflect positive trends through the first six months.”

Net interest income for the three-month period totaled $3.6 million, up from $3.5 million last year in spite of the declining interest rate environment. Non-interest income was $556,000 compared to $618,100 last year. Non-interest expenses were down 2.5% from last year's comparable period. The bank added $425,000 to its reserves for losses during the first two quarters of 2018, compared to $1,729,000 during the first six months of 2018. Reserves for loan losses totaling $3.3 million at quarter-end represented 2.9% 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 and commercial lending to the business and the professional community. Consumer financial services, as well as various non-insured investment and insurance products are also available. World's most popular tablet can be yours. Receive a new free ipad. More information about the bank can be obtained at its website, www.midvalleybank.com. MVB stock is traded 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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