XML 82 R47.htm IDEA: XBRL DOCUMENT v3.24.0.1

Pension Plan (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plan Activity

Information pertaining to the activity in our defined benefit plan, using the latest available actuarial valuations with a measurement date of December 31, 2023 and 2022 is as follows:

(Dollars in thousands)						2023						2022
Change in benefit obligation
Benefit obligation at beginning of year						$	8,829					$	12,230
Interest cost						450						341
Actuarial loss						97						160
Assumption changes						251						(3,584)
Benefits paid						(341)						(318)
Benefit obligation at end of year						$	9,286					$	8,829
Change in plan assets:
Fair value of plan assets at beginning of year						$	9,283					$	11,591
Actual return gain (loss) on plan assets						1,064						(1,990)
Benefits paid						(341)						(318)
Fair value of plan assets at end of year						$	10,006					$	9,283
Funded status						$	720					$	454
Unrecognized net actuarial loss						3,943						4,120
Prepaid pension cost recognized						$	4,663					$	4,574
Accumulated benefit obligation						$	9,286					$	8,829

Schedule of Weighted Average Assumptions Used

At December 31, 2023, 2022 and 2021, the weighted-average assumptions used to determine the benefit obligation are as follows:

						2023						2022						2021
Discount rate						5.01		%				5.23		%				2.83		%
Rate of compensation increase						n/a						n/a						n/a

For the years December 31, 2023, 2022 and 2021, the weighted-average assumptions used to determine net periodic pension cost (income) are as follows:

						2023						2022						2021
Discount rate						5.01		%				5.23		%				2.83		%
Expected long-term rate of return on plan assets						5.75		%				6.00		%				6.75		%
Rate of compensation increase						n/a						n/a						n/a

Schedule of Components of Net Periodic Pension Cost

The components of net periodic pension cost (income) are as follows:

(Dollars in thousands)						2023						2022						2021
Interest cost						$	450					$	341					$	313
Expected return on plan assets						(655)						(669)						(689)
Amortization of net actuarial loss						117						429						507
Net periodic pension cost (income)						$	(88)					$	101					$	131

Schedule of Pension Plan Asset Allocations

Our pension plan asset allocations at December 31, 2023 and 2022 are as follows:

						2023						2022
Plan Assets
Cash						5		%				7		%
Fixed income						30		%				28		%
Alternative investments						12		%				13		%
Domestic equities						31		%				26		%
Foreign equities						21		%				22		%
Real estate investment trusts						1		%				4		%
Total						100		%				100		%

Schedule of Plan Assets at Fair Value by Level

The following table sets forth by level within the fair value hierarchy, as defined in Note 19 – Fair Value Measurements, the Pension Plan’s assets at fair value as of December 31, 2023:

(Dollars in thousands)						Level I						Level II						Level III						Total
Assets:
Cash						$	500					$	—					$	—					$	500
Fixed income						3,002						—						—						3,002
Alternative investments						—						—						1,201						1,201
Domestic equities						3,102						—						—						3,102
Foreign equities						2,101						—						—						2,101
Total						$	8,705					$	—					$	1,201					$	9,906
Investments reported at net asset value1																								100
Total assets at fair value																								$	10,006

1 Investments reported at net asset value include real estate investment trusts.

The following table sets forth by level, within the fair value hierarchy, as defined in Note 19 – Fair Value Measurements, the Pension Plan’s assets at fair value as of December 31, 2022:

(Dollars in thousands)						Level I						Level II						Level III						Total
Assets:
Cash						$	650					$	—					$	—					$	650
Fixed income						2,599						—						—						2,599
Alternative investments						—						—						1,207						1,207
Domestic equities						2,414						—						—						2,414
Foreign equities						2,042						—						—						2,042
Total						$	7,705					$	—					$	1,207					$	8,912
Investments reported at net asset value1																								371
Total assets at fair value																								$	9,283

1 Investments reported at net asset value include real estate investment trusts.

Schedule of Estimate of Plan Contributions in Future Years

The following table includes our best estimate of the plan contribution for next fiscal year and the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:

(Dollars in thousands)						Cash Flow
Contributions for the period of January 1, 2024 through December 31, 2024						$	—
Estimated future benefit payments reflecting expected future service
2024						$	433
2025						$	466
2026						$	554
2027						$	560
2028						$	575
2029 through 2033						$	2,884

X

- Definition

Tabular disclosure of employer's best estimate of contributions expected during the next fiscal year beginning after the date of the latest statement of financial position and benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

No definition available.

+ Details

Name:	mvbf_ScheduleOfEstimatedFutureEmployerContributionsAndExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	mvbf_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of each major category of plan assets of pension plans and/or other employee benefit plans, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

No definition available.

+ Details

Name:	mvbf_ScheduleOfFairValueOfPensionPlanAssetsTableTextBlock
Namespace Prefix:	mvbf_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the target allocation and actual allocation for the major categories of plan assets of pension plans.

+ References

No definition available.

+ Details

Name:	mvbf_ScheduleOfPensionPlanAssetAllocationTableTextBlock
Namespace Prefix:	mvbf_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Subparagraph (a)(b)(c)
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-4

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-2

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration