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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
SEGMENT REPORTING | Note 21 – Segment Reporting We have identified three reportable segments: CoRe banking; mortgage banking; and financial holding company. All other operating segments are summarized in an other category. Our Fintech division and MVB CDC are included in the CoRe banking segment. Revenue from CoRe banking activities consists primarily of interest earned on loans and investment securities and service charges on deposit accounts. Revenue from the mortgage banking activities is comprised of interest earned on loans and fees received as a result of the mortgage loan origination process. Prior to July 1, 2020, the mortgage banking services were conducted by a subsidiary of the Bank, PMG. In July 2020, we announced the completion of PMG’s combination with Intercoastal Mortgage Company to form ICM. We have recognized our ownership of ICM as an equity method investment. Income related to this equity method investment is included in the Mortgage Banking segment. Revenue from financial holding company activities is mainly comprised of intercompany service income and dividends. MVB Edge Ventures, Chartwell, Trabian, Paladin Fraud, MVB Technologies and Victor are included in the other category. Information about the reportable segments and reconciliation to the consolidated financial statements for the years ended December 31, 2021, 2020 and 2019 are as follows:
|  | 2021
(Dollars in thousands) |  | CoRe Banking |  | Mortgage Banking |  | Financial Holding Company |  | Other |  | Intercompany Eliminations |  | Consolidated
Interest income |  | $ | 83,023 |  |  | $ | 411 |  |  | $ | 15 |  |  | $ | (8) |  |  | $ | (12) |  |  | $ | 83,429 |
Interest expense |  | 4,078 |  |  | — |  |  | 2,188 |  |  | 16 |  |  | (12) |  |  | 6,270 |
Net interest income (loss) |  | 78,945 |  |  | 411 |  |  | (2,173) |  |  | (24) |  |  | — |  |  | 77,159 |
Provision (release of allowance) for loan losses |  | (6,274) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | (6,275) |
Net interest income after provision (release of allowance) for loan losses |  | 85,219 |  |  | 412 |  |  | (2,173) |  |  | (24) |  |  | — |  |  | 83,434 |
Total noninterest income |  | 33,179 |  |  | 16,342 |  |  | 11,103 |  |  | 15,002 |  |  | (13,030) |  |  | 62,596 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 33,595 |  |  | — |  |  | 13,704 |  |  | 12,911 |  |  | — |  |  | 60,210 |
Other expenses |  | 37,033 |  |  | 16 |  |  | 6,573 |  |  | 6,650 |  |  | (13,030) |  |  | 37,242 |
Total noninterest expenses |  | 70,628 |  |  | 16 |  |  | 20,277 |  |  | 19,561 |  |  | (13,030) |  |  | 97,452 |
Income (loss) before income taxes |  | 47,770 |  |  | 16,738 |  |  | (11,347) |  |  | (4,583) |  |  | — |  |  | 48,578 |
Income tax expense (benefit) |  | 9,154 |  |  | 4,068 |  |  | (2,091) |  |  | (1,249) |  |  | — |  |  | 9,882 |
Net income (loss) |  | 38,616 |  |  | 12,670 |  |  | (9,256) |  |  | (3,334) |  |  | — |  |  | 38,696 |
Net loss attributable to noncontrolling interest |  | — |  |  | — |  |  | — |  |  | 425 |  |  | — |  |  | 425 |
Net income (loss) attributable to parent |  | 38,616 |  |  | 12,670 |  |  | (9,256) |  |  | (2,909) |  |  | — |  |  | 39,121 |
Preferred stock dividends |  | — |  |  | — |  |  | 35 |  |  | — |  |  | — |  |  | 35 |
Net income (loss) available to common shareholders |  | $ | 38,616 |  |  | $ | 12,670 |  |  | $ | (9,291) |  |  | $ | (2,909) |  |  | $ | — |  |  | $ | 39,086 |
Capital expenditures for the year ended December 31, 2021 |  | $ | 2,590 |  |  | $ | — |  |  | $ | 43 |  |  | $ | 2,731 |  |  | $ | — |  |  | $ | 5,365 |
Total assets as of December 31, 2021 |  | 2,804,840 |  |  | 50,202 |  |  | 363,971 |  |  | 23,124 |  |  | (449,688) |  |  | 2,792,449 |
Goodwill as of December 31, 2021 |  | — |  |  | — |  |  | — |  |  | 3,988 |  |  | — |  |  | 3,988 |
|  | 2020
(Dollars in thousands) |  | CoRe Banking |  | Mortgage Banking |  | Financial Holding Company |  | Other |  | Intercompany Eliminations |  | Consolidated
Interest income |  | $ | 75,812 |  |  | $ | 6,269 |  |  | $ | 3 |  |  | $ | — |  |  | $ | (1,631) |  |  | $ | 80,453 |
Interest expense |  | 10,400 |  |  | 3,139 |  |  | 261 |  |  | — |  |  | (2,173) |  |  | 11,627 |
Net interest income |  | 65,412 |  |  | 3,130 |  |  | (258) |  |  | — |  |  | 542 |  |  | 68,826 |
Provision (release of allowance) for loan losses |  | 16,649 |  |  | (70) |  |  | — |  |  |  |  | — |  |  | 16,579 |
Net interest income after provision (release of allowance) for loan losses |  | 48,763 |  |  | 3,200 |  |  | (258) |  |  | — |  |  | 542 |  |  | 52,247 |
Total noninterest income |  | 24,420 |  |  | 63,490 |  |  | 6,685 |  |  | 5,909 |  |  | (8,667) |  |  | 91,837 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 25,808 |  |  | 21,550 |  |  | 11,278 |  |  | 2,993 |  |  | — |  |  | 61,629 |
Other expenses |  | 31,389 |  |  | 5,074 |  |  | 5,265 |  |  | 1,909 |  |  | (8,125) |  |  | 35,512 |
Total noninterest expenses |  | 57,197 |  |  | 26,624 |  |  | 16,543 |  |  | 4,902 |  |  | (8,125) |  |  | 97,141 |
Net income (loss) |  | 14,507 |  |  | 30,204 |  |  | (8,034) |  |  | 734 |  |  | — |  |  | 37,411 |
Preferred stock dividends |  | — |  |  | — |  |  | 461 |  |  | — |  |  | — |  |  | 461 |
Net income (loss) available to common shareholders |  | $ | 14,507 |  |  | $ | 30,204 |  |  | $ | (8,495) |  |  | $ | 734 |  |  | $ | — |  |  | $ | 36,950 |
Capital expenditures for the year ended December 31, 2020 |  | $ | 6,439 |  |  | $ | 99 |  |  | $ | 77 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,615 |
Total assets as of December 31, 2020 |  | 2,335,816 |  |  | 58,140 |  |  | 284,943 |  |  | 7,740 |  |  | (355,163) |  |  | 2,331,476 |
Goodwill as of December 31, 2020 |  | — |  |  | — |  |  | — |  |  | 2,350 |  |  | — |  |  | 2,350 |
|  | 2019
(Dollars in thousands) |  | CoRe Banking |  | Mortgage Banking |  | Financial Holding Company |  | Other |  | Intercompany Eliminations |  | Consolidated
Interest income |  | $ | 75,874 |  |  | $ | 8,342 |  |  | $ | 13 |  |  | $ | — |  |  | $ | (1,868) |  |  | $ | 82,361 |
Interest expense |  | 18,698 |  |  | 6,014 |  |  | 769 |  |  | — |  |  | (2,520) |  |  | 22,961 |
Net interest income |  | 57,176 |  |  | 2,328 |  |  | (756) |  |  | — |  |  | 652 |  |  | 59,400 |
Provision for loan losses |  | 1,622 |  |  | 167 |  |  | — |  |  | — |  |  | — |  |  | 1,789 |
Net interest income after provision for loan losses |  | 55,554 |  |  | 2,161 |  |  | (756) |  |  | — |  |  | 652 |  |  | 57,611 |
Total noninterest income |  | 22,718 |  |  | 42,329 |  |  | 6,268 |  |  | 972 |  |  | (7,683) |  |  | 64,604 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 18,445 |  |  | 28,432 |  |  | 8,676 |  |  | 622 |  |  | — |  |  | 56,175 |
Other expenses |  | 24,697 |  |  | 8,136 |  |  | 4,851 |  |  | 373 |  |  | (7,031) |  |  | 31,026 |
Total noninterest expenses |  | 43,142 |  |  | 36,568 |  |  | 13,527 |  |  | 995 |  |  | (7,031) |  |  | 87,201 |
Income (loss) from continuing operations, before income taxes |  | 35,131 |  |  | 7,922 |  |  | (8,015) |  |  | (24) |  |  | — |  |  | 35,014 |
Income tax expense (benefit) - continuing operations |  | 8,177 |  |  | 2,155 |  |  | (1,880) |  |  | (2) |  |  | — |  |  | 8,450 |
Net income (loss) from continuing operations |  | 26,954 |  |  | 5,767 |  |  | (6,135) |  |  | (22) |  |  | — |  |  | 26,564 |
Income from discontinued operations, before income taxes |  | — |  |  | — |  |  | 575 |  |  | — |  |  | — |  |  | 575 |
Income tax expense - discontinued operations |  | — |  |  | — |  |  | 148 |  |  | — |  |  | — |  |  | 148 |
Net income from discontinued operations |  | — |  |  | — |  |  | 427 |  |  | — |  |  | — |  |  | 427 |
Net income (loss) |  | 26,954 |  |  | 5,767 |  |  | (5,708) |  |  | (22) |  |  | — |  |  | 26,991 |
Preferred stock dividends |  | — |  |  | — |  |  | 479 |  |  | — |  |  | — |  |  | 479 |
Net income (loss) available to common shareholders |  | $ | 26,954 |  |  | $ | 5,767 |  |  | $ | (6,187) |  |  | $ | (22) |  |  | $ | — |  |  | $ | 26,512 |
Capital expenditures for the year ended December 31, 2019 |  | $ | 1,438 |  |  | $ | 112 |  |  | $ | 492 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,042 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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