MVB reported a sharp rise in its quarterly profits. The $1.48 million it earned in the second quarter as an 82 percent jump compared to the year before. The combined $2.67 million the company earned during the first half of 2013 is a 59 percent increase compared to its results in the first half of 2012.
Much of that increase came through the company's acquisition of Potomac Mortgage Group, which closed in December 2012.
"Results in the first half of 2013 reflect MVB Financial's strong success in our growth initiatives, including the addition of PMG, which, on July 15, began doing business as MVB Mortgage," said Larry Mazza, MVB's chief executive officer.
Mazza said the company's growth is leading to a diversification of revenue streams and is solidifying its retail banking strength in both new and core markets.
He said the economy is showing more encouraging signs and said the company is developing an appropriate infrastructure to effectively manage its "growth and quality" strategy.
"MVB Financial is well-positioned for continued growth and we are fully focused on enhancing long-term shareholder value in all our endeavors," Mazza said.
Contact writer Jared Hunt at busin...@dailymail.com or 304-348-4836.