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""MVB Financial Corp."":https://www.mvbbanking.com/ and its bank holding company ""MVB Bank, Inc."":https://www.mvbbanking.com/, have announced a second-quarter earnings boost of 28.4 percent year-over-year, and the company says its mortgage unit should receive much of the credit for the positive quarterly results.
[IMAGE]The West Virginia-based company noted in an official statement that ""robust commercial loan demand"" and ""strong mortgage lending"" were the catalysts behind MVB Financial's successful performance.
[COLUMN_BREAK]The company's net income hit $4.2 million for the second quarter, displaying a 25.7 percent increase versus the same period in 2011.
MVB Financial stated that the rise in income was ""in part, from continued firm commercial loan demand, as well as in mortgage lending, including a spike in refinancing created by historic low 30-year mortgage rates.""
""Our second quarter results reflect continued growth in both commercial and retail mortgage lending in addition to the refinancing trend that is keeping MVB on record pace to handle more mortgages than ever before in our history,"" said Larry F. Mazza, CEO of MVB Financial.""On the flip side, we are contending with a slower economic recovery due to the impact of global issues and financial industry changes that will likely lead to new regulations for all banks, including MVB.
""As a growing community bank we plan for regulatory and market changes while we continue to serve our clients with the most competitive products and services available. Our close relationships with clients are a distinguishing factor that enables us to continue producing notable results,"" added Mazza.
