XML 32 R21.htm IDEA: XBRL DOCUMENT v3.22.2.2
Segment Reporting
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting
Note 13 – Segment Reporting

We have identified five reportable segments: CoRe banking; mortgage banking; professional services; Edge Ventures; and financial holding company. Revenue from CoRe banking activities consists primarily of interest earned on loans and investment securities and service charges on deposit accounts. Our Fintech division and MVB CDC are included in the CoRe banking segment. Revenue from our mortgage banking segment is primarily comprised of our share of net income or loss from mortgage banking activities of our equity method investment in ICM. Professional services is the aggregate of Chartwell, Trabian and Paladin Fraud. Revenue from these operating segments is made up of primarily of professional consulting income to banks and Fintech companies. Edge Ventures is the aggregate of Victor, MVB Technology, Flexia and the Edge Ventures holding company.
These operating segments are aggregated together as Edge Ventures and are all start-up Fintech software development companies. Revenue from financial holding company activities is mainly comprised of intercompany service income and dividends.

The following tables present information about the reportable segments and reconciliation to the consolidated financial statements for the periods shown:

Three Months Ended September 30, 2022CoRe BankingMortgage BankingProfessional ServicesEdge VenturesFinancial Holding CompanyIntercompany EliminationsConsolidated
(Dollars in thousands)
Interest income$33,777 $103 $— $— $33 $(10)$33,903 
Interest expense3,286 — 10 — 771 (10)4,057 
   Net interest income (expense)30,491 103 (10)— (738)— 29,846 
Provision for loan losses5,120 — — — — — 5,120 
Net interest income (expense) after provision for loan losses25,371 103 (10)— (738)— 24,726 
Noninterest income5,356 (817)5,666 115 2,366 (4,495)8,191 
Noninterest Expenses:
Salaries and employee benefits9,354 8 3,755 925 4,274 — 18,316 
Other expenses11,523 25 1,394 1,392 1,810 (4,495)11,649 
   Total noninterest expenses20,877 33 5,149 2,317 6,084 (4,495)29,965 
Income (loss) before income taxes9,850 (747)507 (2,202)(4,456)— 2,952 
Income taxes1,817 (192)116 (504)(840)— 397 
   Net income (loss)8,033 (555)391 (1,698)(3,616)— 2,555 
   Net loss attributable to noncontrolling interest— — 36 127 — — 163 
Net income (loss) available to common shareholders$8,033 $(555)$427 $(1,571)$(3,616)$— $2,718 
Capital expenditures for the three months ended September 30, 2022$244 $— $— $373 $4 $— $621 
Total assets as of September 30, 2022$3,157,614 $51,869 $14,486 $15,283 $330,116 $(429,446)$3,139,922 
Total assets as of December 31, 2021$2,804,840 $50,202 $13,210 $9,914 $363,971 $(449,688)$2,792,449 
Goodwill as of September 30, 2022$— $— $3,988 $— $— $— $3,988 
Goodwill as of December 31, 2021$— $— $3,988 $— $— $— $3,988 
Three Months Ended September 30, 2021CoRe BankingMortgage BankingProfessional ServicesEdge VenturesFinancial Holding CompanyIntercompany EliminationsConsolidated
(Dollars in thousands)
Interest income$20,383 $105 $— $— $1 $(5)$20,484 
Interest expense902 — 10 — 481 (5)1,388 
   Net interest income (expense)19,481 105 (10)— (480)— 19,096 
Release of allowance for loan losses379 1 — — — — 380 
Net interest income (expense) after provision for loan losses19,102 104 (10)— (480)— 18,716 
Noninterest income15,387 3,546 4,806 18 2,002 (3,808)21,951 
Noninterest Expenses:
Salaries and employee benefits8,296 47 3,993 808 3,384 — 16,528 
Other expenses8,973 (198)1,213 1,468 1,653 (3,808)9,301 
   Total noninterest expenses17,269 (151)5,206 2,276 5,037 (3,808)25,829 
Income (loss) before income taxes17,220 3,801 (410)(2,258)(3,515)— 14,838 
Income taxes3,657 922 (103)(581)(731)— 3,164 
   Net income (loss)13,563 2,879 (307)(1,677)(2,784)— 11,674 
   Net loss attributable to noncontrolling interest— — 90 64 — — 154 
Net income (loss) available to common shareholders$13,563 $2,879 $(217)$(1,613)$(2,784)$— $11,828 
Capital expenditures for the three months ended September 30, 2021$1,426 $— $40 $509 $— $— $1,975 
Nine Months Ended September 30, 2022CoRe BankingMortgage BankingProfessional ServicesEdge VenturesFinancial Holding CompanyIntercompany EliminationsConsolidated
(Dollars in thousands)
Interest income$84,858 $309 $— $— $113 $(25)$85,255 
Interest expense4,617 — 25 — 2,284 (25)6,901 
   Net interest income (expense)80,241 309 (25)— (2,171)— 78,354 
Provision for loan losses11,500 — — — — — 11,500 
Net interest income (expense) after provision for loan losses68,741 309 (25)— (2,171)— 66,854 
Noninterest income19,347 1,193 16,909 300 8,265 (14,044)31,970 
Noninterest Expenses:  
Salaries and employee benefits28,810 8 11,425 2,248 12,769 — 55,260 
Other expenses33,484 119 3,956 3,609 6,262 (14,044)33,386 
   Total noninterest expenses62,294 127 15,381 5,857 19,031 (14,044)88,646 
Income (loss) before income taxes25,794 1,375 1,503 (5,557)(12,937)— 10,178 
Income taxes5,219 356 375 (1,265)(2,524)— 2,161 
   Net income (loss)20,575 1,019 1,128 (4,292)(10,413)— 8,017 
   Net loss attributable to noncontrolling interest— — 194 327 — — 521 
Net income (loss) available to common shareholders$20,575 $1,019 $1,322 $(3,965)$(10,413)$— $8,538 
Capital expenditures for the nine months ended September 30, 2022$494 $— $26 $1,821 $389 $— $2,730 
Nine Months Ended September 30, 2021CoRe BankingMortgage BankingProfessional ServicesEdge VenturesFinancial Holding CompanyIntercompany EliminationsConsolidated
(Dollars in thousands)
Interest income$60,078 $307 $— $— $2 $(7)$60,380 
Interest expense3,281 — 13 — 1,437 (7)4,724 
   Net interest income (expense)56,797 307 (13)— (1,435)— 55,656 
Release of allowance for loan losses(541)(1)— — — — (542)
Net interest income (expense) after provision for loan losses57,338 308 (13)— (1,435)— 56,198 
Noninterest income26,832 14,499 9,784 18 5,892 (8,972)48,053 
Noninterest Expenses:
Salaries and employee benefits24,170 47 7,099 1,054 9,730 — 42,100 
Other expenses26,702 (112)2,898 1,661 4,073 (8,972)26,250 
   Total noninterest expenses50,872 (65)9,997 2,715 13,803 (8,972)68,350 
Income (loss) before income taxes33,298 14,872 (226)(2,697)(9,346)— 35,901 
Income taxes6,060 3,606 (76)(694)(1,890)— 7,006 
   Net income (loss)27,238 11,266 (150)(2,003)(7,456)— 28,895 
   Net loss attributable to noncontrolling interest— — 136 129 — — 265 
   Net income (loss) attributable to parent27,238 11,266 (14)(1,874)(7,456)— 29,160 
Preferred stock dividends— — — — 35 — 35 
Net income (loss) available to common shareholders$27,238 $11,266 $(14)$(1,874)$(7,491)$— $29,125 
Capital expenditures for the nine months ended September 30, 2021$2,071 $— $47 $2,009 $— $— $4,127