Owner Scorecard
An independent research publication · records as of August 17, 2026

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MVBF, MVB Financial Corp.

Banks financial

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

As of December 31, 2024, the Bank owned an 80.8% interest in Trabian Technology, Inc.

We conduct a wide range of business activities through the Bank, primarily commercial and retail ("CoRe") banking services, as well as Fintech banking.

Latest annual: FY2025 10-K
MVBF · MVB Financial Corp.
I

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025
$168M
+10.2% YoY · 1% 5-yr CAGR
Vital signs · FY2025, with 5-yr average
Revenue $168M 5-yr avg $147M
Return on equity 8% 5-yr avg 9%
Return on tangible equity 8% 5-yr avg 9%
Efficiency ratio 73% 5-yr avg 77%
Equity / assets 10.1% 5-yr avg 9.4%

Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~37 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle
Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?
Return on equity has sat below the cost of equity (median 8%, above 12% in only 3 of 10 years). It runs at a 73% efficiency ratio, on the heavy side. The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

II

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left
2016’162017’172018’182019’192020’202021’212022’222023’232024’242025’25
Income statement
$86M$85M$91M$124M$161M$133M$139M$143M$152M$168MRevenueRevenue
$54M$57M$70M$82M$80M$83M$126M$190M$186M$175MInterest incomeInt. inc.
$11M$12M$18M$23M$12M$6M$14M$67M$77M$68MInterest expenseInt. exp.
$43M$44M$52M$59M$69M$77M$112M$123M$109M$107MNet interest incomeNet int.
$43M$41M$39M$65M$92M$56M$28M$20M$43M$60MNoninterest incomeFee inc.
$4M$2M$2M$2M$17M($6M)$14M($2M)$4M$9MCredit-loss provisionProvision
$13M$12M$15M$35M$47M$47M$15M$27M$26M$37MPretax incomePretax
$13M$8M$12M$27M$37M$39M$15M$31M$20M$27MNet incomeNet inc.
33%39%22%24%20%20%22%19%23%27%Effective tax rateTax rate
Cash flow & returns
0.9%0.5%0.7%1.4%1.6%1.4%0.5%0.9%0.6%0.8%Return on assetsROA
9%5%7%13%16%14%6%11%7%8%Return on equityROE
8%4%6%12%14%12%3%8%4%5%Retained to equityRetained/eq
10%6%8%14%16%15%6%11%7%8%Return on tangible equityROTCE
80%83%80%70%60%69%79%82%80%73%Efficiency ratioEffic.
$646K$1M$1M$2M$4M$6M$8M$9M$9M$9MDividends paidDiv. paid
——$0$0$16M$0$0$0$0$10MBuybacksBuybacks
($56M)($136M)($210M)($120M)($294M)($572M)($571M)$88M$144M($209M)Investing cash flowInv. cash
$19M$106M$205M$134M$418M$581M$297M$211M($224M)$131MFinancing cash flowFin. cash
($12M)$3M$2M$6M$236M$44M($267M)$358M($80M)($74M)Change in cashΔ cash
Balance sheet
$1.1B$1.1B$1.3B$1.4B$1.5B$1.9B$2.4B$2.3B$2.1B$2.3BLoans held for investmentLoans
$9M$10M$11M$12M$26M$18M$24M$22M$20M$22MCredit-loss allowanceAllowance
$1.4B$1.5B$1.8B$1.9B$2.3B$2.8B$3.1B$3.3B$3.1B$3.3BTotal assetsAssets
$18M$18M$18M$20M$2M$4M$3M$3M$3M$1MGoodwillGoodwill
$1.3B$1.4B$1.6B$1.7B$2.1B$2.5B$2.8B$3.0B$2.8B$3.0BTotal liabilitiesTotal liab.
————$0$975K$307K($42K)$112K—Noncontrolling interestsNCI
$146M$150M$177M$212M$239M$274M$261M$289M$306M$334MShareholders’ equityEquity
Per share
10.1M10.4M12.7M12.0M12.1M12.6M12.9M13.0M13.1M13.1MShares out (diluted)Shares
$1.28$0.73$0.94$2.24$3.09$3.10$1.17$2.40$1.53$2.06EPS (diluted)EPS
$0.06$0.10$0.10$0.19$0.35$0.48$0.65$0.66$0.67$0.66Dividends / shareDiv/sh
$14.46$14.39$13.90$17.60$19.81$21.75$20.29$22.26$23.27$25.48Book value / shareBVPS
$12.55$12.55$12.40$15.68$19.42$21.25$19.94$22.02$23.03$25.39Tangible book / shareTBVPS
Per-share growththe realized rate an owner's share compounded
9-yr5-yr
Revenue / share+4.6%/yr−0.8%/yr
Owner earnings / share−25.7%/yr−55.3%/yr
EPS+5.4%/yr−7.9%/yr
Dividends / share+29.7%/yr+13.4%/yr
Capital spending / share−1.4%/yr−23.2%/yr
Book value / share+6.5%/yr+5.2%/yr
III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

  • Return on equity 8%
    Below the cost of equity
    Net income $27M ÷ equity $334M
    Industry peers: median 11%
    What this means

    The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.

  • Return on tangible equity 8%
    Modest
    Net income ÷ (equity − goodwill $1M − intangibles $0)
    Industry peers: median 13%
    What this means

    The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.

  • Efficiency ratio 73%
    Average
    Noninterest expense $122M ÷ (net interest income + fees)
    Industry peers: median 61%
    What this means

    The share of revenue eaten by running costs; lower is better, and below about 60% marks a genuinely efficient operation. A low ratio held for years is the operational side of a moat.

Is it sound?

  • Capital (equity / assets) 10.1%
    Well capitalized
    Equity $334M ÷ assets $3.3B
    What this means

    A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.

  • Funding —
    Not enough data
    What this means

    Deposits or total assets missing.

  • Credit cost (provision / NII) 8%
    Low
    Provision for credit losses $9M ÷ net interest income $107M
    What this means

    What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.

The franchise and the credit cycle

  • Deposit franchise —
    Not enough data
    What this means

    The deposit mix isn't cleanly tagged in the filings' structured data; the funding read above carries what is.

  • Net charge-offs 0.25%
    Disciplined book
    Charge-offs net of recoveries $6M ÷ loans $2.2B (avg of year-ends) · worst year on record 0.40% · allowance held at 0.93% of loans
    What this means

    Loans actually written off, net of what was later recovered — the realized truth the provisions were guessing at. Graham's rule applies doubly here: the worst year in the record, not the average, is the read, because a loan book's sins are committed in the good years and confessed in the bad ones.

All figures as filed; the source filing is linked above.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal yearChief executivePay, as filed“Actually paid”Owner earnings
2021Larry F. Mazza$2.1M$5.2M$30M
2022Larry F. Mazza$1.5M−$644k$4M
2023Larry F. Mazza$2.8M$2.5M$56M
2024Larry F. Mazza$2.2M$1.9M($2M)
2025Larry F. Mazza$5.1M$5.6M$2M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

  • Insider ownership9.9%

    The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.

  • Stock-based compensation$4M

    The slice of the business handed to employees in shares in fiscal 2025, 2.3% of revenue, equal to 3.6% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Peers, Banks

The same industry, side by side on the bank lens. Each column names the period it is read over; the group median at the foot is the line to read each figure against.

CompanyRevenuelatest FY, USDROEmedian over the recordROTCEmedian over the recordEfficiencymedian over the recordNII / assetsmedian over the recordNoninterest-bearing sharelatest FY
CIVBCivista Bancshares Inc.$173M10%13%66%3.2%20%
BHBBar Harbor Bankshares Inc.$169M9%12%64%2.6%18%
FBIZFirst Business Financial Services Inc.$169M12%13%65%3.3%—
MVBFMVB Financial Corp.$168M8%9%80%3.0%—
FCBCFirst Community Bankshares Inc. (VA)$168M10%14%58%3.6%33%
FSBCFive Star Bancorp$158M17%17%41%3.1%26%
MCBSMetroCity Bankshares Inc.$156M18%18%40%3.4%21%
BSRRSierra Bancorp$155M11%12%61%3.2%35%
Group median—10%13%62%3.2%—
IV

The price

What a price has to assume.

What the price implies

price / tangible book

A bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what MVB Financial Corp.’s record justifies.

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The assumptions

Tangible book / share, delivered5%/yr’20→’25

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.

Enter a price above to run it.

Price / tangible book—
Justified by the return—
Normalized return on tangible equity9%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $333M on 13M shares, a 9% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.

Weigh MVBF against another business →

The owners of MVBF: the meeting and the votes →

Cite: Owner Scorecard, "MVB Financial Corp. (MVBF), the owner's record," https://ownerscorecard.com/c/MVBF, data as of 2026-08-17.

Manual order: ← MUX its page in the Manual MVST →

Industry order: ← MUFG the Banks chapter MYFW →