2014 Q1 Form 10-Q Financial Statement

#000110465914039159 Filed on May 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $8.250M $6.176M
YoY Change 33.58%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $380.0K $205.0K
YoY Change 85.37%
% of Gross Profit
Depreciation & Amortization $300.0K $200.0K $200.0K
YoY Change 50.0% 100.0% 100.0%
% of Gross Profit
Operating Expenses $12.86M $205.0K
YoY Change 6173.66%
Operating Profit
YoY Change
Interest Expense $1.506M $1.312M
YoY Change 14.79%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.396M $740.0K $1.443M
YoY Change -3.26% -64.76% 22.29%
Income Tax $238.0K $150.0K $255.0K
% Of Pretax Income 17.05% 20.27% 17.67%
Net Earnings $1.158M $590.0K $1.188M
YoY Change -2.53% -59.03% 38.14%
Net Earnings / Revenue 14.04% 19.24%
Basic Earnings Per Share $0.15 $0.20
Diluted Earnings Per Share $0.15 $79.73K $0.19
COMMON SHARES
Basic Shares Outstanding 7.607M shares 3.456M shares 5.851M shares
Diluted Shares Outstanding 7.828M shares 5.987M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $32.61M $39.84M $51.61M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $18.93M $16.92M $12.80M
YoY Change 47.86% 49.01% 66.23%
Goodwill $17.78M $17.78M
YoY Change 0.89%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $997.4M $987.1M $987.1M
YoY Change 1.05% 35.81% 72.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.400M $6.900M $8.000M
YoY Change -7.5% 2.99% 185.71%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $125.4M $179.6M $128.9M
YoY Change -2.68% 92.51% 92.61%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.400M $6.900M $8.000M
YoY Change -7.5% 2.99% 185.71%
LONG-TERM LIABILITIES
Long-Term Debt $4.100M $4.100M $4.100M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.100M $4.100M $4.100M
YoY Change 0.0% 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.400M $6.900M $8.000M
Total Long-Term Liabilities $4.100M $4.100M $4.100M
Total Liabilities $898.1M $893.0M $674.6M
YoY Change 33.13% 35.47% 28.79%
SHAREHOLDERS EQUITY
Retained Earnings $14.48M $13.34M
YoY Change 34.17%
Common Stock $81.14M $77.31M
YoY Change 49.58%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.167M $2.167M
YoY Change 99.91%
Treasury Stock Shares 102.2K shares 102.2K shares
Shareholders Equity $99.31M $94.02M $82.00M
YoY Change
Total Liabilities & Shareholders Equity $997.4M $987.1M $756.6M
YoY Change 31.83% 35.81% 32.18%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income $1.158M $590.0K $1.188M
YoY Change -2.53% -59.03% 38.14%
Depreciation, Depletion And Amortization $300.0K $200.0K $200.0K
YoY Change 50.0% 100.0% 100.0%
Cash From Operating Activities $35.90M -$40.00M $10.50M
YoY Change 241.9% 127.27% 176.32%
INVESTING ACTIVITIES
Capital Expenditures $2.296M -$2.200M $1.665M
YoY Change 37.9% -8.33% -1765.0%
Acquisitions
YoY Change
Other Investing Activities -$49.20M -$100.3M -$10.00M
YoY Change 392.0% 611.35% -75.19%
Cash From Investing Activities -$51.50M -$102.5M -$11.70M
YoY Change 340.17% 525.0% -71.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.300M 134.0M 27.50M
YoY Change -69.82% 179.17% -28.94%
NET CHANGE
Cash From Operating Activities 35.90M -40.00M 10.50M
Cash From Investing Activities -51.50M -102.5M -11.70M
Cash From Financing Activities 8.300M 134.0M 27.50M
Net Change In Cash -7.300M -8.500M 26.30M
YoY Change -127.76% -160.71% 1152.38%
FREE CASH FLOW
Cash From Operating Activities $35.90M -$40.00M $10.50M
Capital Expenditures $2.296M -$2.200M $1.665M
Free Cash Flow $33.60M -$37.80M $8.835M
YoY Change 280.35% 148.68% 126.54%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q1 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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CY2014Q1 us-gaap Impaired Financing Receivable Recorded Investment
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CY2014Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2014Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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CY2014Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
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2765000 USD
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39095000 USD
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34457000 USD
CY2014Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
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37087000 USD
CY2014Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Note 1 &#8212; Basis of Presentation</font></b></p> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple;">&#160;</p> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) for interim financial information and with instructions to Form&#160;10-Q.&#160; Accordingly, they do not include all the information and footnotes required by GAAP for annual year-end financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation, have been included and are of a normal, recurring nature. The balance sheet as of December&#160;31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP.&#160; Operating results for the three months ended March&#160;31, 2014 are not necessarily indicative of the results that may be expected for the year ending December&#160;31, 2014.</font></p> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple;">&#160;</p> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The accounting and reporting policies of MVB Financial Corp. (&#8220;the Company&#8221; or &#8220;MVB&#8221;) and its subsidiaries (&#8220;Subsidiaries&#8221;), including MVB Bank,&#160;Inc. (the &#8220;Bank&#8221;), the Bank&#8217;s subsidiary MVB Mortgage and MVB Insurance, LLC, conform to accounting principles generally accepted in the United States and practices in the banking industry. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates, such as the allowance for loan losses, are based upon known facts and circumstances. Estimates are revised by management in the period such facts and circumstances change.&#160; Actual results could differ from those estimates. All significant inter-company accounts and transactions have been eliminated in consolidation.</font></p> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple;">&#160;</p> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The consolidated balance sheet as of December&#160;31, 2013 has been extracted from audited financial statements included in the Company&#8217;s 2013 filing on Form&#160;10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in MVB&#8217;s December&#160;31, 2013, Form&#160;10-K filed with the Securities and Exchange Commission.</font></p> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple;">&#160;</p> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">In certain instances, amounts reported in prior periods&#8217; consolidated financial statements have been reclassified to conform to the current presentation. In addition, all share amounts have been revised to reflect the two for one stock split effected as a stock dividend as disclosed in Note 12.</font></p> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple;">&#160;</p> <p style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Information is presented in these notes with dollars expressed in thousands, unless otherwise noted or specified.</font></p> </div>
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CY2014Q1 dei Document Type
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CY2013Q1 us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
1762000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
4710000 USD
CY2013Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
516000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Wholly Owned Real Estate And Real Estate Acquired In Settlement Of Loans
ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans
57000 USD
CY2014Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
58828000 USD
CY2013Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
33744000 USD
CY2014Q1 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
-10080000 USD
CY2013Q1 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
-473000 USD
CY2014Q1 us-gaap Proceeds From Federal Home Loan Bank Borrowings
ProceedsFromFederalHomeLoanBankBorrowings
-44128000 USD
CY2013Q1 us-gaap Proceeds From Federal Home Loan Bank Borrowings
ProceedsFromFederalHomeLoanBankBorrowings
-16394000 USD
CY2014Q1 us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
39000 USD
CY2013Q1 us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
2801000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
3723000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
13419000 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
48000 USD
CY2014Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
21000 USD
CY2013Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
21000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
8331000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
27474000 USD
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-7231000 USD
CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
26271000 USD
CY2014Q1 us-gaap Interest Paid
InterestPaid
1539000 USD
CY2013Q1 us-gaap Interest Paid
InterestPaid
1222000 USD
CY2014Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
465000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
25340000 USD
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
51611000 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
55021000 USD
CY2014Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
125398000 USD
CY2013Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
128856000 USD
CY2013Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
2045000 USD
CY2014Q1 mvbf Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Aggregate Losses
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionAggregateLosses
3872000 USD
CY2013Q1 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
472000 USD
CY2013Q1 us-gaap Loan Processing Fee
LoanProcessingFee
507000 USD
CY2014Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
115000 USD
CY2014Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2 pure
CY2013Q1 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
456582000 USD
CY2013Q1 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
20000 USD

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