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FAIRMONT, W. Va.--(BUSINESS WIRE)--MVB Financial Corp. (NASDAQ: MVBF) (MVB Financial, MVB, or the Company) today reported net income of $8.1 million, or $0.70 basic and $0.66 diluted earnings per share for the three months ended March 31, 2021. Quarterly 2021 2020 2019 First Quarter Fourth Quarter First Quarter Net income $ 8,085 $ 11,838 $ 1,048 Earnings per share - basic $ 0.70 $ 1.00 $ 0.08 Earnings per share - diluted $ 0.66 $ 0.97 $ 0.08 FIRST QUARTER 2021 HIGHLIGHTS FINTECH HIGHLIGHTS MANAGEMENT OVERVIEW Team MVB came out strong in 2021 with net income of $8.1 million for the first quarter and generating notable growth in loans and deposits that are expected to drive profitability now and in the future. Loans, excluding PPP loans, grew $132.1 million, or 9.6%, since December 31, 2020 and $107.2 million since March 31, 2020. The Company continues to recognize vast improvements in its deposit mix by replacing high cost deposits with NIB deposits, which has pushed NIB deposits as a percentage of total deposits to 37.8% as of March 31, 2021. Income related to MVBs equity method investment in Intercoastal Mortgage Company (ICM) generated pre-tax earnings of $6.5 million for the quarter ended March 31, 2021, which allowed significant investments in technology. These investments, including the acquisition of Grand in August 2020, Flexia in January 2021 and Trabian in April 2021, will drive and diversify the Companys future earnings potential, along with the Companys existing consulting subsidiaries, Chartwell Compliance and Paladin Fraud. Building on momentum from the end of 2020, MVBs first quarter growth in loans and deposits sets us apart from the pack, said Larry F. Mazza, President, CEO, MVB Financial. Significant investments in technology including our transactions involving Flexia and Trabian enhance our ability to scale our Gaming, Banking as a Service, Payments and Digital Asset sectors as part of our expanding Fintech vertical. These investments create new revenue streams for MVB and add technological expertise that will benefit MVB and all of our stakeholders. LOANS Loans, excluding PPP loans of $190.6 million, totaled $1.50 billion as of March 31, 2021, an increase of $132.1 million, or 9.6%, from December 31, 2020 and an increase of $107.2 million, or 7.7%, from March 31, 2020. In the fourth quarter of 2020, the Company expanded its lending platform into Small Business Administration (SBA) 7(a) loans with the addition of three lenders. The increase in loans was driven by increased commercial lending production, including the onboarding and uptick of the SBA lending team. During the quarter ended March 31, 2021, the SBA team originated ten 7(a) loans totaling $9.7 million. Of these loans, three loans totaling $2.8 million were sold for a gain on sale of $0.4 million. The Company expects the SBA team to ramp up production to approximately $100 million in the teams first full year. The tax-equivalent yield on loans, including PPP loans, was 4.4% for the quarter ended March 31, 2021, a decrease of 33 basis points from the quarter ended December 31, 2020 and a decrease of 59 basis points from the quarter ended March 31, 2020. These decreases were primarily the result of a decrease in the yield on commercial loans. DEPOSITS Deposits totaled $2.22 billion as of March 31, 2021, an increase of $234.2 million, or 11.8%, from December 31, 2020 and an increase of $618.3 million, or 38.7%, from March 31, 2020. NIB deposits totaled $837.2 million as of March 31, 2021, an increase of $121.4 million, or 17.0%, from December 31, 2020 and an increase of $449.7 million, or 116.0%, from March 31, 2020. NET INTEREST INCOME Net interest income for the quarter ended March 31, 2021 was $17.5 million, a decrease of $0.2 million, or 1.0%, from the quarter ended December 31, 2020 and an increase of $1.3 million, or 8.2%, from the quarter ended March 31, 2020. Net interest margin, on a fully tax-equivalent basis, for the quarter ended March 31, 2021 was 3.26%, a decrease of 18 basis points versus the quarter ended December 31, 2020 and a decrease of 40 basis points versus the quarter ended March 31, 2020. Net interest margin was primarily impacted by excess liquidity and PPP loans. For the quarter ended March 31, 2021, the excess liquidity from increased cash balances accounted for 35 basis points of the decrease and the PPP loans accounted for 10 basis points of the decrease. The tax-equivalent adjustments are added to net interest income and were $0.4 million for the quarter ended March 31, 2021, $0.4 million for the quarter ended December 31, 2020 and $0.3 million for the quarter ended March 31, 2020. Excluding the impact from the April 2020 acquisition of The First State Bank (First State), the fully-tax equivalent net interest margin for the quarter ended March 31, 2021 would have decreased six basis points. Interest income decreased $0.3 million, or 1.5%, compared to the quarter ended December 31, 2020 and $1.6 million, or 7.9%, compared to the quarter ended March 31, 2020. The 27-basis point decrease in the yield on commercial loans and the 29-basis point decrease in the yield on investments drove the 22-basis point decrease in the tax-equivalent yield on earning assets compared to the quarter ended December 31, 2020. The 56-basis point decrease in the yield on commercial loans and the 53-basis point decrease in the yield on investments drove the 113-basis point decrease in the tax-equivalent yield on earning assets compared to the quarter ended March 31, 2020. Interest expense decreased $0.1 million, or 6.5%, compared to the quarter ended December 31, 2020 and $3.0 million, or 65.6%, compared to the quarter ended March 31, 2020. The two-basis point decrease in the cost of interest-bearing liabilities compared to the quarter ended December 31, 2020 was driven by a 11-basis point decrease in the cost of deposits and partially offset by a 27-basis point increase in the cost of subordinated debt. The 86-basis point decrease in the cost of interest-bearing liabilities compared to the quarter ended March 31, 2020 was driven by a 93-basis point decrease in the cost of deposits. An increase in the Company's average NIB balances of $135.4 million from the quarter ended December 31, 2020 helped to maintain a 20-basis point favorable spread on the tax-equivalent net interest margin for the quarter ended March 31, 2021, compared to a 18-basis point favorable spread for the quarter ended December 31, 2020. An increase in the Companys average NIB balances of $490.0 million from the quarter ended March 31, 2020 helped to maintain a 20-basis point favorable spread on the tax-equivalent net interest margin in 2020 compared to a 33-basis point favorable spread for the same period in 2020. ASSET QUALITY Provision for loan losses totaled $0.6 million for the quarter ended March 31, 2021, an increase of $0.4 million, or 188.8%, from the quarter ended December 31, 2020 and a decrease of $0.5 million, or 45.7%, from the quarter ended March 31, 2020. As a result of the changes in provision, allowance for loan losses to total loans, excluding the fair value mark totaling $16.9 million on the loans acquired from First State, was 1.5% as of March 31, 2021, a decrease of 23 basis points from December 31, 2020 and an increase of 75 basis points from March 31, 2020. Excluding PPP loans of $190.6 million, allowance for loan losses to total loans was 1.7% as of March 31, 2021. The Company continues to evaluate the effects of COVID-19 as it relates to the asset quality of the loan portfolio and will continue to evaluate and assess the need for additional loan loss provision during the remainder of 2021. Nonperforming loans totaled $11.6 million, or 0.7% of total loans, as of March 31, 2021, compared to 0.9% of total loans as of December 31, 2020 and compared to 0.4% of total loans as of March 31, 2020. In addition, net charge-offs for the quarter ended March 31, 2021 decreased $0.04 million compared to the quarter ended December 31, 2020 and decreased $1.5 million compared to the quarter ended March 31, 2020. Commercial loan modifications and mortgage loan modifications also continue to decrease and totaled $34.7 million and $9.0 million, respectively, as of March 31, 2021. These modifications include interest-only payments and payment deferrals. Of the current commercial loan modifications, $32.5 million were related to the hotel portfolio and all related payments are current. These modifications were not considered to be troubled debt restructurings. NONINTEREST INCOME Noninterest income totaled $12.5 million for the quarter ended March 31, 2021, a decrease of $4.1 million, or 24.8%, from the quarter ended December 31, 2020 and an increase of $1.6 million, or 14.8%, from the quarter ended March 31, 2020. The $4.1 million decrease in noninterest income from the quarter ended December 31, 2020 was due to a decrease of $4.1 million in equity method investment income related to the Companys investment in ICM and a decrease of $3.5 million in the gain on sale of equity securities. These decreases were partially offset by an increase of $1.1 million in the gain on sale of available-for-sale securities. Additionally in the fourth quarter of 2020, the Company recognized $1.0 million in the loss on extinguishment of debt related to the prepayment of Federal Home Loan Bank borrowings. The $1.6 million increase in noninterest income from the quarter ended March 31, 2020 was due to increases of $6.5 million in equity method investment income related to the Companys investment in ICM, $0.9 million in payment card and service charge income, $0.9 million in the gain on sale of available-for-sale securities and $0.5 million in the holding gain on equity securities. These increases were partially offset by a decrease of $7.6 million in mortgage-related income due to the transition to the equity method from the mortgage combination with ICM that occurred in July 2020. The Company expects continued growth in payment card and service charge income as a result of several sponsoring agreements and new products and services as a result of recent investments in Fintech capabilities. NONINTEREST EXPENSE Noninterest expense totaled $19.1 million for the quarter ended March 31, 2021, a decrease of $1.8 million, or 8.5%, from the quarter ended December 31, 2020 and a decrease of $5.5 million, or 22.5%, from the quarter ended March 31, 2020. The $1.8 million decrease in noninterest expense from the quarter ended December 31, 2020 was due to decreases of $0.8 million in professional fees, $0.4 million in salaries and employee benefits, $0.2 million in data processing and communications and $0.1 million in marketing, contributions, and sponsorships. The $5.5 million decrease in noninterest expense from the quarter ended March 31, 2020 was due to decreases of $4.3 million in salaries and employee benefits and $0.9 million in mortgage processing expense. The mortgage transaction that occurred in July 2020 had the largest impact to the decreases noted as a result of the transition to the equity method accounting. STRATEGIC TRANSACTIONS In January 2021, the Company acquired a majority interest in Flexia. MVB invested approximately $2.5 million for its 80% interest. Flexias platform allows users to access a reloadable account that combines a debit account and casino gaming accounts into one card, allowing them for non-cash transactions at participating casinos. In April 2021, the Company announced the acquisition of a majority interest in Trabian for 17,597 shares of MVB stock and an undisclosed amount of cash. Founded in 2003, Trabian builds digital products, web and mobile applications for forward-thinking community banks, credit unions, digital banks and Fintechs. PREFERRED STOCK REDEMPTION As previously announced, the Company issued a notice of redemption to redeem all of the Companys outstanding shares of Convertible Noncumulative Perpetual Preferred Stock. In January 2021, all preferred stock totaling $7.3 million was redeemed. DIVIDEND As previously announced on February 17, 2021, MVB issued its first quarterly dividend for 2021, including an increase of 11.1% compared to the previous quarters dividend. The Company declared a quarterly cash dividend of $0.10 per share payable on March 15, 2021 to shareholders of record at the close of business on March 1, 2021. SUBSEQUENT EVENTS In addition to the Trabian acquisition discussed earlier, the Bank entered into a Purchase and Assumption Agreement with Summit Community Bank, Inc. (Summit) pursuant to which Summit will purchase certain assets and assume certain liabilities of four branch locations in Cabell, Kanawha, and Putnam counties in West Virginia. Per the agreement, Summit will assume approximately $190 million in deposits and will acquire approximately $60 million in loans, as well as cash, real property, personal property and other fixed assets. The purchase price will be calculated at closing and includes a 6% premium on the deposits assumed. The Bank expects to close this purchase early in the third quarter of 2021. About MVB Financial Corp. MVB Financial Corp. (MVB Financial or MVB), the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market (Nasdaq) under the ticker MVBF. MVB is a financial holding company headquartered in Fairmont, WV. Through its subsidiary, MVB Bank, Inc., and the banks subsidiaries, MVB Technology, the MVB Community Development Corporation, Chartwell Compliance and Paladin Fraud, the Company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. For more information about MVB, please visit ir.mvbbanking.com. Forward-looking Statements MVB Financial has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as may, could, should,, would, will, plans, believes, estimates, expects, anticipates, intends, continues or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity and credit risk; changes in market interest rates; inability to achieve anticipated synergies and successfully integrate recent mergers and acquisitions; inability to successfully execute business plans, including strategies related to investments in financial technology companies; competition; length and severity of the COVID-19 pandemic and its impact on the Companys business and financial condition; changes in economic, business and political conditions; changes in demand for loan products and deposit flow; operational risks and risk management failures; and government regulation and supervision. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Companys Annual Report on Form 10-K for the year ended December 31, 2020, as well as its other filings with the Securities and Exchange Commission (SEC), which are available on the SECs website at www.sec.gov. Except as required by law, the Company disclaims any obligation to update, revise or correct any forward-looking statements. Accounting standards require the consideration of subsequent events occurring after the balance sheet date for matters that require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public companys financial statements when filed with the SEC. Accordingly, the consolidated financial information in this announcement is subject to change. Questions or comments concerning this Earnings Release should be directed to: MVB Financial Corp. Donald T. Robinson, Executive Vice President and CFO (304) 598-3500 drobinson@mvbbanking.com MVB Financial Corp. Financial Highlights Consolidated Statements of Income (Unaudited) (Dollars in thousands, except per share data) Quarterly 2021 2020 2020 First Quarter Fourth Quarter First Quarter Interest income $ 19,063 $ 19,353 $ 20,699 Interest expense 1,558 1,666 4,528 Net interest income 17,505 17,687 16,171 Provision for loan losses 618 214 1,138 Net interest income after provision for loan losses 16,887 17,473 15,033 Total noninterest income 12,458 16,576 10,850 Noninterest expense: Salaries and employee benefits 11,911 12,269 16,182 Other expense 7,207 8,618 8,474 Total noninterest expenses 19,118 20,887 24,656 Income before income taxes 10,227 13,162 1,227 Income tax expense 2,169 1,324 179 Net income before noncontrolling interest 8,058 11,838 1,048 Net loss attributable to noncontrolling interest 27 Net income attributable to parent 8,085 11,838 1,048 Preferred dividends 35 116 114 Net income available to common shareholders $ 8,050 $ 11,722 $ 934 Earnings per share - basic $ 0.70 $ 1.00 $ 0.08 Earnings per share - diluted $ 0.66 $ 0.97 $ 0.08 Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Cash and cash equivalents $ 339,616 $ 263,893 $ 88,874 Certificates of deposit with banks 11,803 11,803 12,549 Securities available-for-sale, at fair value 423,122 410,624 223,101 Equity securities 28,200 27,585 19,026 Loans held-for-sale 1,062 186,128 Loans receivable 1,694,385 1,453,744 1,396,578 Less: Allowance for loan losses (26,214 ) (25,844 ) (11,161 ) Loans receivable, net 1,668,171 1,427,900 1,385,417 Premises and equipment, net 27,290 26,203 22,329 Goodwill 2,350 2,350 19,630 Assets of branches held for sale 39,137 Other assets 145,537 160,056 103,489 Total assets $ 2,646,089 $ 2,331,476 $ 2,099,680 Noninterest-bearing deposits $ 837,221 $ 715,791 $ 387,536 Interest-bearing deposits 1,379,332 1,266,598 1,210,703 Deposits of branches held for sale 187,807 Borrowed funds 102,185 30,815 Other liabilities 90,668 109,604 71,666 Stockholders' equity, including noncontrolling interest 236,683 239,483 211,153 Total liabilities and stockholders' equity $ 2,646,089 $ 2,331,476 $ 2,099,680 Reportable Segments (Unaudited) Three Months Ended March 31, 2021 (Dollars in thousands) Commercial & Retail Banking Mortgage Banking Financial Holding Company Intercompany Eliminations Consolidated Interest income $ 18,959 $ 104 $ 1 $ (1 ) $ 19,063 Interest expense 1,092 466 1,558 Net interest income (loss) 17,867 104 (465 ) (1 ) 17,505 Provision for loan losses 620 (2 ) 618 Net interest income (loss) after provision for loan losses 17,247 106 (465 ) (1 ) 16,887 Total noninterest income 6,437 6,407 1,581 (1,967 ) 12,458 Noninterest Expenses: Salaries and employee benefits 8,842 3,069 11,911 Other expense 8,029 63 1,083 (1,968 ) 7,207 Total noninterest expenses 16,871 63 4,152 (1,968 ) 19,118 Income (loss) before income taxes 6,813 6,450 (3,036 ) 10,227 Income tax expense (benefit) 1,149 1,564 (544 ) 2,169 Net income (loss) before noncontrolling interest 5,664 4,886 (2,492 ) 8,058 Net income attributable to noncontrolling interest 27 27 Net income (loss) attributable to parent 5,691 4,886 (2,492 ) 8,085 Preferred stock dividends 35 35 Net income (loss) available to common shareholders $ 5,691 $ 4,886 $ (2,527 ) $ $ 8,050 Three Months Ended December 31, 2020 (Dollars in thousands) Commercial & Retail Banking Mortgage Banking Financial Holding Company Intercompany Eliminations Consolidated Interest income $ 19,119 $ 235 $ 1 $ (2 ) $ 19,353 Interest expense 982 3 183 (2 ) 1,166 Net interest income (loss) 18,137 232 (182 ) 18,187 Provision for loan losses 288 (74 ) 214 Net interest income (loss) after provision for loan losses 17,849 306 (182 ) 17,973 Total noninterest income 5,935 10,350 2,021 (2,230 ) 16,076 Noninterest Expenses: Salaries and employee benefits 9,239 3,030 12,269 Other expense 9,126 294 1,428 (2,230 ) 8,618 Total noninterest expenses 18,365 294 4,458 (2,230 ) 20,887 Income (loss) before income taxes 5,419 10,362 (2,619 ) 13,162 Income tax expense (benefit) (584 ) 2,166 (258 ) 1,324 Net income (loss) 6,003 8,196 (2,361 ) 11,838 Preferred stock dividends 116 116 Net income (loss) available to common shareholders $ 6,003 $ 8,196 $ (2,477 ) $ $ 11,722 Three Months Ended March 31, 2020 (Dollars in thousands) Commercial & Retail Banking Mortgage Banking Financial Holding Company Intercompany Eliminations Consolidated Interest income $ 18,774 $ 2,418 $ 1 $ (494 ) $ 20,699 Interest expense 3,838 1,387 35 (732 ) 4,528 Net interest income (loss) 14,936 1,031 (34 ) 238 16,171 Provision for loan losses 1,132 6 1,138 Net interest income (loss) after provision for loan losses 13,804 1,025 (34 ) 238 15,033 Total noninterest income 3,456 7,785 1,504 (1,895 ) 10,850 Noninterest Expenses: Salaries and employee benefits 5,866 7,884 2,432 16,182 Other expense 6,659 2,397 1,075 (1,657 ) 8,474 Total noninterest expenses 12,525 10,281 3,507 (1,657 ) 24,656 Income (loss) before income taxes 4,735 (1,471 ) (2,037 ) 1,227 Income tax expense (benefit) 1,012 (349 ) (484 ) 179 Net income (loss) 3,723 (1,122 ) (1,553 ) 1,048 Preferred stock dividends 114 114 Net income (loss) available to common shareholders $ 3,723 $ (1,122 ) $ (1,667 ) $ $ 934 Average Balances and Interest Rates (Unaudited) (Dollars in thousands) Three Months Ended Three Months Ended Three Months Ended March 31, 2021 December 31, 2020 March 31, 2020 Average Balance Interest Income/ Expense Yield/ Cost Average Balance Interest Income/ Expense Yield/ Cost Average Balance Interest Income/ Expense Yield/ Cost Assets Interest-bearing deposits in banks $ 259,491 $ 65 0.10 % $ 266,999 $ 82 0.12 % $ 13,643 $ 49 1.44 % CDs with other banks 11,803 57 1.96 11,938 58 1.93 12,549 62 1.98 Investment securities: Taxable 172,902 631 1.48 167,968 894 2.12 127,327 666 2.10 Tax-exempt 2 212,488 1,714 3.27 200,666 1,659 3.29 110,188 1,110 4.04 Loans and loans held for sale: 1 Commercial 3 1,262,444 14,171 4.55 1,136,899 13,763 4.82 1,089,212 13,863 5.11 Tax exempt 2 7,205 81 4.56 7,501 92 4.87 11,760 134 4.58 Real estate 293,076 2,684 3.71 287,547 3,073 4.25 429,720 4,953 4.62 Consumer 7,696 37 1.95 6,053 99 6.51 7,473 123 6.60 Total loans 1,570,421 16,973 4.38 1,438,000 17,027 4.71 1,538,165 19,073 4.97 Total earning assets 2,227,105 19,440 3.54 2,085,571 19,720 3.76 1,801,872 20,960 4.67 Less: Allowance for loan losses (26,170 ) (26,568 ) (11,366 ) Cash and due from banks 20,951 22,642 20,766 Other assets 209,995 215,716 136,744 Total assets $ 2,431,881 $ 2,297,361 $ 1,948,016 Liabilities Deposits: NOW $ 518,937 $ 344 0.27 % $ 475,707 $ 446 0.37 % $ 407,462 $ 798 0.79 % Money market checking 487,281 231 0.19 492,519 282 0.23 432,175 1,451 1.35 Savings 39,668 6 0.06 50,821 (2 ) (0.02 ) 36,867 1 0.01 IRAs 12,693 42 1.34 13,410 49 1.45 16,573 78 1.89 CDs 168,951 425 1.02 235,412 679 1.15 334,810 1,582 1.90 Repurchase agreements and federal funds sold 10,249 3 0.12 10,070 4 0.16 9,520 10 0.42 FHLB and other borrowings 46,349 41 0.36 19,589 25 0.51 115,930 573 1.98 Subordinated debt 43,425 466 4.35 17,835 183 4.08 4,124 35 3.40 Total interest-bearing liabilities 1,327,553 1,558 0.48 1,315,368 1,666 0.50 1,385,760 4,528 1.34 Noninterest bearing demand deposits 821,923 686,537 296,651 Other liabilities 45,311 59,841 41,244 Total liabilities 2,194,787 2,061,741 1,723,655 Stockholders equity Preferred stock 2,349 7,334 7,334 Common stock 12,378 12,095 11,920 Paid-in capital 136,864 124,977 121,549 Treasury stock (16,741 ) (5,928 ) (1,084 ) Retained earnings 100,273 98,045 70,570 Accumulated other comprehensive (loss) 1,971 (903 ) (2,453 ) Total stockholders equity 237,094 235,620 207,836 Total liabilities and stockholders equity $ 2,431,881 $ 2,297,361 $ 1,931,491 Net interest spread (tax-equivalent) 3.06 3.26 3.33 Net interest income and margin (tax-equivalent) 2 $ 17,882 3.26 % $ 18,054 3.44 % $ 16,432 3.66 % Less: Tax-equivalent adjustments $ (377 ) $ (367 ) $ (261 ) Net interest spread 3.00 % 3.19 % 3.27 % Net interest income and margin $ 17,505 3.19 % $ 17,687 3.37 % $ 16,171 3.60 % 1 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate. 2 In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 21% for the periods presented, which is a non-GAAP financial measure. See the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure following this table. 3 The Companys PPP loans totaling $190.6 million and $82.0 million are included in this amount for the three months ended March 31, 2021 and December 31, 2020, respectively. The following table reconciles, for the periods shown below, net interest margin on a fully tax-equivalent basis: Three Months Ended (Dollars in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Net interest margin - U.S. GAAP basis Net interest income $ 17,505 $ 17,687 $ 16,171 Average interest-earning assets 2,227,105 2,085,571 1,801,872 Net interest margin 3.19 % 3.37 % 3.60 % Net interest margin - non-U.S. GAAP basis Net interest income $ 17,505 $ 17,687 $ 16,171 Plus: Impact of fully tax-equivalent adjustment 377 367 261 Net interest income on a fully tax-equivalent basis 17,882 18,054 16,432 Average interest-earning assets 2,227,105 2,085,571 1,801,872 Net interest margin on a fully tax-equivalent basis 3.26 % 3.44 % 3.66 % Selected Financial Data (Unaudited) (Dollars in thousands, except per share data) Quarterly 2021 2020 2020 First Quarter Fourth Quarter First Quarter Earnings and Per Share Data: Net income $ 8,085 $ 11,838 $ 1,048 Net income available to common shareholders $ 8,050 $ 11,722 $ 934 Earnings per share - basic $ 0.70 $ 1.00 $ 0.08 Earnings per share - diluted $ 0.66 $ 0.97 $ 0.08 Cash dividends paid per common share $ 0.10 $ 0.09 $ 0.09 Book value per common share $ 20.38 $ 20.14 $ 17.08 Tangible book value per common share $ 19.98 $ 19.73 $ 15.16 Weighted-average shares outstanding - basic 11,530,279 11,752,841 11,942,767 Weighted-average shares outstanding - diluted 12,218,899 12,144,471 12,298,092 Performance Ratios: Return on average assets 1 1.3 % 2.1 % 0.2 % Return on average equity 1 13.6 % 20.1 % 2.0 % Net interest margin 2 3 3.26 % 3.44 % 3.66 % Efficiency ratio 4 63.8 % 61.0 % 91.3 % Overhead ratio 1 5 3.1 % 3.6 % 5.1 % Equity to assets 8.9 % 10.3 % 10.1 % Asset Quality Data and Ratios: Charge-offs $ 265 $ 300 $ 1,756 Recoveries $ 17 $ 16 $ 4 Net loan charge-offs to total loans 1 6 0.1 % 0.1 % 0.5 % Allowance for loan losses $ 26,214 $ 25,844 $ 11,161 Allowance for loan losses to total loans 7 1.5 % 1.8 % 0.8 % Nonperforming loans $ 11,577 $ 13,713 $ 5,909 Nonperforming loans to total loans 0.7 % 0.9 % 0.4 % ICM Production Data: Locked pipeline $ 1,428,808 $ 1,536,826 N/A Loans originated $ 2,088,375 $ 2,170,856 N/A Loans closed $ 1,906,026 $ 1,848,845 N/A Loans sold $ 1,778,090 $ 1,733,212 N/A 1 annualized for the quarterly periods presented 2 net interest income as a percentage of average interest earning assets 3 presented on a fully tax-equivalent basis 4 noninterest expense as a percentage of net interest income and noninterest income 5 noninterest expense as a percentage of average assets 6 charge-offs less recoveries 7 excludes loans held for sale Non-GAAP Reconciliation: Tangible Book Value per Common Share (Unaudited) (Dollars in thousands, except per share data) Quarterly 2021 2020 2020 First Quarter Fourth Quarter First Quarter Goodwill $ 2,350 $ 2,350 $ 19,630 Intangibles 2,246 2,400 3,288 Total intangibles 4,596 4,750 22,918 Total equity attributable to parent 236,210 239,483 211,153 Less: Preferred equity (7,334 ) (7,334 ) Less: Total intangibles (4,596 ) (4,750 ) (22,918 ) Tangible common equity 231,614 227,399 180,901 Tangible common equity 231,614 227,399 180,901 Common shares outstanding (000s) 11,590 11,526 11,930 Tangible book value per common share $ 19.98 $ 19.73 $ 15.16

Answer: Strong First Quarter Growth in Loans, Deposits and Investments in Technology is Distancing MVB from the Pack