MVB Financial Corp. and its bank holding company MVB Bank Inc. announced fourth quarter 2011 net income of $727,000, up nearly 7 percent from fourth-quarter 2010.
Net income for the year was $ 2.7 million, a 20 percent year-over-year increase.
The company, which maintains locations in Harrison, Marion and Monongalia counties in north-central West Virginia and Berkeley and Jefferson counties in the Eastern Panhandle, reported that its interest expense fell in 2011 due to lower interest rates on deposits and other interest-bearing liabilities, even as deposits grew by more than $90 million for the year.
Net interest income was $3.9 million for the fourth quarter, an increase of more than 30 percent over the same quarter in 2010, primarily due to greater loan volume; the bank achieved a 27 percent increase in loans from 2010 through 2011, adding $80 million in loans for the year.
During the fourth quarter, MVB's board of directors authorized a $0.10 dividend, a 10 percent increase from 2010, based on the stock dividend paid in early 2011.
For future plans, MVB Financial Corp. CEO Larry F. Mazza underlined the bank's blueprint for community banking and its emphasis on organic and acquired growth, with a focus on return on shareholder investment.
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