On this page of StockholderLetter.com we present the latest annual shareholder letter from MVB FINANCIAL CORP — ticker symbol MVBF. Reading current and past MVBF letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT
CONTENTS Our Purpose and Values Page 1 2024 ACCOLADES Team MVB s commitment and teamwork were recognized with several prestigious accolades in 2024. Message from Our CEO Page 2 Trusted Partners in Our Communities Page 4 MVB at a Glance Page 7 Bauer Financial Five-Star Rating Quarter after quarter, MVB continuously maintains a superior, five-star rating from Bauer Financial, which means MVB is one of the strongest banks in the nation. MVB takes pride in our relationship-based business model focused on building long-term trust with our clients. American Banker Best Banks to Work For 2024 MVB Board of Directors Page 9 Shareholder and Contact Info Page 11 Form 10-K Page 12 ABOUT MVB MVB Financial Corp. ( MVB Financial or MVB ), the innovative financial holding company of MVB Bank, Inc. ( MVB Bank ), is publicly traded on the Nasdaq Capital Market under the ticker MVBF. Through its subsidiary MVB Bank and the bank s subsidiaries, MVB provides services to individuals and corporate clients in the Mid-Atlantic region, as well as to Fintech, payment and gaming clients throughout the United States. For more information about MVB, please visit ir.mvbbanking.com. For the fourth consecutive year, Team MVB was honored to be named one of American Banker s Best Banks to Work For. Out of 90 U.S banks, MVB placed number 32 in the rankings, which assessed employee satisfaction in areas including corporate culture and communications, training and development opportunities and pay and benefits. American Banker Best Places to Work in Fintech 2024 In 2024, 40 companies made American Banker s Best Places to Work in Fintech with honorees ranging in size from small firms to companies with hundreds of staff members. MVB ranked number 10 on the annual list. The ranking was compiled in cooperation with the Best Companies Group and involves a two-step selection process. ortune: 2024 Best Workplaces in Financial Services & F Insurance MVB achieved a fourth award from Fortune in 2024, Best Workplaces in Financial Services & Insurance. The highly competitive award is based on analysis of survey responses from more than 176,000 employees from Great Place to Work-Certified companies in the financial services and insurance industry. Companies are assessed on how well they are creating a great employee experience that cuts across race, gender, age, disability status or any aspect of who employees are or what their role is. Great Place to Work Certification MVB has been Certified by Great Place to Work . The prestigious award is based entirely on what current MVB Team Members say about their experience working at MVB. This year, 94% of Team Members said MVB is a great place to work compared to 59% of employees at a typical U.S.-based company. Bank Director Best U.S. Banks 2024 Bank Director s annual ranking of the 300 largest public banks finds niche and community institutions tend to be the best. MVB ranked number 72 in the Less than $5 Billion category in the 2024 Ranking Banking Report. Virginia Business Best Places to Work 2024 MVB was named one of Virginia Business 2024 Best Places to Work in Virginia, which recognizes and honors the best places of employment in Virginia. There were two parts used to determine the rankings. The first consisted of evaluating each nominated company s workplace policies, practices and demographics. The second part consisted of an employee survey to measure the employee experience. The combined scores determined the top companies and the final ranking.
OUR PURPOSE AND VALUES: Our Secret Sauce At MVB, our culture is our differentiator and part of our corporate DNA. Our Purpose and Values aren t just words, they define the environment in which our Team Members thrive. We like to say our culture is our secret sauce, vital to our continued growth. During our 25-plus-year history, MVB has grown from a community bank with 35 employees to a forward-thinking, NASDAQ-listed, Russell 2000 company with more than 400 Team Members. Together, we think bigger, and we do bigger! In addition to our Purpose and Values, one additional motivator drives us. That s Our Why which is to positively impact people s financial lives, one life at a time. That s what inspires us. Purpose Our Why Trusted partners on the financial frontier, committed to your success To positively impact people s financial lives, one life at a time Values Respect, Love & Caring Trust Commitment Adaptive Teamwork 1
MESSAGE FROM OUR CEO As we close the chapter on 2024, we reflect on a year of transformation and strategic evolution for MVB. While industry headwinds and the complexities of refining our business model presented challenges, we made meaningful progress Simplifying operations. Sharpening our strategic focus. R einforcing the core strengths that will drive long-term success. As we set our sights on 2025, our strong foundation, retooled business model and renewed optimism about the broader economy position us well to capitalize on emerging opportunities in our deposit and loan pipeline and create lasting value for all our stakeholders. Larry F. Mazza A Year of Transformation 2024 marked a period of decisive action for MVB as we implemented strategic changes to enhance our long-term growth prospects, adapt to changing market conditions and improve the company s risk profile. Our decision to exit non-strategic business lines presented short-term financial challenges in 2024 but ultimately strengthened our risk framework. At the same time, key additions to our leadership team, growing momentum and a laser focus on the payments business helped to support our strategic pivot. These efforts have laid the foundation for a more focused and resilient organization moving forward. Throughout the year, MVB faced considerable industry headwinds but remained supported by several foundational strengths, including a best-in-class core funding profile, a well-positioned balance sheet, a robust capital position, stable asset quality and a proven track record of shareholder value creation. Our core funding profile continued to be a key differentiator, with non-interest bearing deposits representing nearly 35% of total deposits at year-end. Likewise, our balance sheet remained strong and liquid, as evidenced by a loan-to-deposit ratio of 78%. Strategic Investments and Leadership Enhancements 2024 marked the conclusion of a pivotal transition year for MVB. During this time, we simplified our growth strategy and strengthened our team, making key investments that will shape our future. To support our evolving strategy, we made critical leadership additions. 2
Jeremy Kuiper joined as Executive Vice President, Fintech President, bringing 25 years of payments industry experience to MVB. His leadership has already contributed meaningfully to our strategic pivot, fostering new relationships and expanding our payments-driven revenue streams. Joe Rodriguez was appointed Chief Risk Officer, bringing deep experience in enterprise risk assessment and regulatory compliance from his tenure at Capital One. His expertise enhances MVB s ability to navigate a dynamic financial landscape and manage evolving risks. Looking Ahead to 2025 Looking ahead, we are encouraged by several positive developments. Our new expense initiatives are taking hold, which we expect will drive efficiency improvement in 2025. We re also beginning to see the benefits of a more stable interest rate environment and a steepening yield curve, which should provide a welcome tailwind to our core banking business. Moreover, fueled by internal efforts and increased optimism regarding potential economic and regulatory policy shifts under the new administration, loan pipelines continue to build following a long period of deliberately slow growth and sluggish loan demand. We remain committed to driving Fintech-related fee income and deposit growth. With an established and growing presence in the payments business, we are poised to build momentum and deepen partnerships within the payments ecosystem, as we drive innovative solutions that not only support our existing clients but also create new opportunities for growth. These many factors, both industry-driven and company-specific, are creating a more favorable operating environment that should support MVB s continued growth and an improved earnings and profitability profile. Closing Thoughts MVB has always thrived by adapting to change, staying ahead of industry shifts and embracing innovation. The progress made in 2024, though not without challenges, has positioned us for long-term success. As we move forward, we are energized by the opportunities ahead and committed to delivering value for all our stakeholders. To our shareholders, partners, teammates and friends thank you for your continued trust and support. The future of MVB is bright, and we are excited for what s next. Only the best, Larry F. Mazza Chief Executive Officer, MVB Financial Corp. 3
 • shareholder letter icon 4/7/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/31/2023 MVBF Stockholder Letter
 • stockholder letter icon 4/12/2024 MVBF Stockholder Letter
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 • Benford's Law Stocks icon MVBF Benford's Law Stock Score = 99


MVBF Shareholder/Stockholder Letter Transcript:

2024
ANNUAL
REPORT

CONTENTS
Our Purpose and Values
Page 1
2024 ACCOLADES
Team MVB   s commitment and teamwork were
recognized with several prestigious accolades in 2024.
Message from Our CEO
Page 2
Trusted Partners in Our Communities
Page 4
MVB at a Glance
Page 7
 Bauer Financial Five-Star Rating
Quarter after quarter, MVB continuously maintains a superior, five-star
rating from Bauer Financial, which means MVB is one of the strongest
banks in the nation. MVB takes pride in our relationship-based
business model focused on building long-term trust with our clients.
 American Banker Best Banks to Work For 2024
MVB Board of Directors
Page 9
Shareholder and Contact Info
Page 11
Form 10-K
Page 12
ABOUT MVB
MVB Financial Corp. (   MVB Financial   
or    MVB   ), the innovative financial
holding company of MVB Bank, Inc.
(   MVB Bank   ), is publicly traded on
the Nasdaq Capital Market   under
the ticker    MVBF.    Through its
subsidiary MVB Bank and the bank   s
subsidiaries, MVB provides services
to individuals and corporate clients
in the Mid-Atlantic region, as well
as to Fintech, payment and gaming
clients throughout the United States.
For more information about MVB,
please visit ir.mvbbanking.com.
For the fourth consecutive year, Team MVB was honored to be
named one of American Banker   s Best Banks to Work For. Out of 90
U.S banks, MVB placed number 32 in the rankings, which assessed
employee satisfaction in areas including corporate culture and
communications, training and development opportunities and pay and
benefits.
 American Banker Best Places to Work in Fintech 2024
In 2024, 40 companies made American Banker   s Best Places to Work
in Fintech with honorees ranging in size from small firms to companies
with hundreds of staff members. MVB ranked number 10 on the
annual list. The ranking was compiled in cooperation with the Best
Companies Group and involves a two-step selection process.
  ortune: 2024 Best Workplaces in Financial Services &
F
Insurance
MVB achieved a fourth award from Fortune in 2024, Best Workplaces in
Financial Services & Insurance. The highly competitive award is based
on analysis of survey responses from more than 176,000 employees
from Great Place to Work-Certified    companies in the financial services
and insurance industry. Companies are assessed on how well they are
creating a great employee experience that cuts across race, gender,
age, disability status or any aspect of who employees are or what their
role is.
 Great Place to Work Certification  
MVB has been Certified    by Great Place to Work  . The prestigious
award is based entirely on what current MVB Team Members say
about their experience working at MVB. This year, 94% of Team
Members said MVB is a great place to work     compared to 59% of
employees at a typical U.S.-based company.
 Bank Director Best U.S. Banks 2024
Bank Director   s annual ranking of the 300 largest public banks finds
niche and community institutions tend to be the best. MVB ranked
number 72 in the Less than $5 Billion category in the 2024 Ranking
Banking Report.

 Virginia Business Best Places to Work 2024
MVB was named one of Virginia Business    2024 Best Places to Work in
Virginia, which recognizes and honors the best places of employment
in Virginia. There were two parts used to determine the rankings. The
first consisted of evaluating each nominated company   s workplace
policies, practices and demographics. The second part consisted of an
employee survey to measure the employee experience. The combined
scores determined the top companies and the final ranking.


OUR PURPOSE AND VALUES: Our Secret Sauce
At MVB, our culture is our
differentiator and part of our
corporate DNA.
Our Purpose and Values aren   t just words, they define
the environment in which our Team Members thrive.
We like to say our culture is our secret sauce, vital
to our continued growth. During our 25-plus-year
history, MVB has grown from a community bank with
35 employees to a forward-thinking, NASDAQ-listed,
Russell 2000   company with more than 400 Team
Members. Together, we think bigger, and we do bigger!
In addition to our Purpose and Values, one additional
motivator drives us. That   s Our Why     which is to
positively impact people   s financial lives, one life at a
time. That   s what inspires us.
Purpose
Our Why
Trusted partners on the
financial frontier, committed
to your success
To positively impact people   s
financial lives, one life at a time
Values
Respect, Love & Caring
Trust
Commitment
Adaptive
Teamwork
1

MESSAGE FROM OUR CEO
As we close the chapter on 2024, we reflect on a year of
transformation and strategic evolution for MVB. While industry
headwinds and the complexities of refining our business model
presented challenges, we made meaningful progress   
    Simplifying operations.
    Sharpening our strategic focus.
   R
  einforcing the core strengths that will drive
long-term success.
As we set our sights on 2025, our strong foundation, retooled
business model and renewed optimism about the broader economy
position us well to capitalize on emerging opportunities in our deposit
and loan pipeline and create lasting value for all our stakeholders.
Larry F. Mazza
A Year of Transformation
2024 marked a period of decisive action for MVB as we implemented strategic changes to enhance our
long-term growth prospects, adapt to changing market conditions and improve the company   s risk profile.
Our decision to exit non-strategic business lines presented short-term financial challenges in 2024 but
ultimately strengthened our risk framework. At the same time, key additions to our leadership team, growing
momentum and a laser focus on the payments business helped to support our strategic pivot. These efforts
have laid the foundation for a more focused and resilient organization moving forward.
Throughout the year, MVB faced considerable industry headwinds but remained supported by several
foundational strengths, including a best-in-class core funding profile, a well-positioned balance sheet, a
robust capital position, stable asset quality and a proven track record of shareholder value creation. Our core
funding profile continued to be a key differentiator, with non-interest bearing deposits representing nearly
35% of total deposits at year-end. Likewise, our balance sheet remained strong and liquid, as evidenced by a
loan-to-deposit ratio of 78%.
Strategic Investments and Leadership Enhancements
2024 marked the conclusion of a pivotal transition year for MVB. During this time, we simplified our growth
strategy and strengthened our team, making key investments that will shape our future. To support our
evolving strategy, we made critical leadership additions.
2

Jeremy Kuiper joined as Executive Vice
President, Fintech President, bringing 25
years of payments industry experience to
MVB. His leadership has already contributed
meaningfully to our strategic pivot, fostering
new relationships and expanding our
payments-driven revenue streams.
Joe Rodriguez was appointed Chief Risk
Officer, bringing deep experience in
enterprise risk assessment and regulatory
compliance from his tenure at Capital
One. His expertise enhances MVB   s ability
to navigate a dynamic financial landscape
and manage evolving risks.
Looking Ahead to 2025
Looking ahead, we are encouraged by several
positive developments. Our new expense initiatives
are taking hold, which we expect will drive efficiency
improvement in 2025. We   re also beginning to see the
benefits of a more stable interest rate environment
and a steepening yield curve, which should provide a
welcome tailwind to our core banking business.
Moreover, fueled by internal efforts and increased
optimism regarding potential economic and regulatory policy shifts under the new administration, loan
pipelines continue to build following a long period of deliberately slow growth and sluggish loan demand.
We remain committed to driving Fintech-related fee income and deposit growth. With an established and
growing presence in the payments business, we are poised to build momentum and deepen partnerships
within the payments ecosystem, as we drive innovative solutions that not only support our existing clients but
also create new opportunities for growth.
These many factors, both industry-driven and company-specific, are creating a more favorable operating
environment that should support MVB   s continued growth and an improved earnings and profitability profile.
Closing Thoughts
MVB has always thrived by adapting to change, staying ahead of industry shifts and embracing innovation. The
progress made in 2024, though not without challenges, has positioned us for long-term success. As we move
forward, we are energized by the opportunities ahead and committed to delivering value for all our stakeholders.
To our shareholders, partners, teammates and friends   thank you for your continued trust and support.
The future of MVB is bright, and we are excited for what   s next.
Only the best,
Larry F. Mazza
Chief Executive Officer, MVB Financial Corp.
3



shareholder letter icon 4/7/2025 Letter Continued (Full PDF)
 

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