ICBA has ranked MVB Bank, Inc. (“MVB Bank”) as the number 25 Best of the Best Top-Performing Community Bank of 2021 in the over $1 billion category, as announced earlier this week by Independent Banker in its annual listing.
“MVB’s record earnings for 2021 reflect the diversity of our tech-forward business model, as well as our strong positioning for the future”
MVB Bank and the bank’s subsidiaries provide financial services to individuals and corporate clients in the Mid-Atlantic region, as well as to Fintech, Payment and Gaming clients throughout the United States. MVB Financial Corp. (“MVB Financial”), the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market under the ticker “MVBF.” For more information about MVB,
For the year ended December 31, 2021, MVB reported net income of $39.1 million, or $3.32 basic and $3.10 diluted earnings per share. Independent Banker listed MVB Bank’s three-year average pre-tax return-on-assets (ROA) as $2.41 billion.
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“MVB’s record earnings for 2021 reflect the diversity of our tech-forward business model, as well as our strong positioning for the future,” said Larry F. Mazza, CEO, MVB Financial and MVB Bank.
“In 2021, MVB recognized financial gains from our Fintech investment portfolio, a core component of our business in which we not only provide banking services to Fintechs but also build and invest in them. 2021 marked the successful completion of our MVB 3.0 three-year strategic plan, in which we exceeded our performance goals. We now are implementing our new three-year plan, called MVB-F1: Success Loves Speed, the details of which we discussed at our Investor Day event in Las Vegas in March 2022.”
According to its website, ICBA compiled the rankings with the aim of recognizing community banks that are consistent high performers. Using FDIC data, they took into account pre-tax ROA figures from the past three years, with the most recent year weighted at three times, second most recent year at two times and third most recent year at one time. They divided the community banks into three segments based on asset size and ranked each segment on its three-year weighted average ROA. A bank must have a rating of C or higher by Kroll Bond Ratings to be considered.