MVB Financial Corp. Declares Fourth Quarter 2022 Dividend
MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”) has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of December 1, 2022, payable on December 15, 2022. This is the fourth quarterly dividend for 2022
FAIRMONT, W.Va.--(BUSINESS WIRE)--Nov 16, 2022--
MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”) has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of December 1, 2022, payable on December 15, 2022. This is the fourth quarterly dividend for 2022.
“MVB continues to execute on our strategy to drive shareholder value. As demonstrated throughout MVB’s history and through our corporate values, we are ‘Adaptive’ as market conditions change. During the third quarter, we continued to drive strong loan production, counter-cyclical growth in low-cost deposits and net interest margin expansion, resulting in robust growth in net interest income, while maintaining strong asset quality,” said Larry F. Mazza, Chief Executive Officer, MVB Financial.
“In addition, MVB’s year-to-date results evidenced significant progress in our efforts to drive growth in Fintech fee income, further diversifying our revenue base. In response to market condition challenges, we are sharpening our focus. Specifically, we are implementing initiatives that are expected to drive a 12% reduction from MVB’s annualized third quarter 2022 noninterest expense base, with 75% of the projected cost savings to be achieved by the end of the first quarter 2023, and the remainder expected to be fully captured by the end of the third quarter of 2023.”
