MVB Financial Corp. (MVBF): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the engine room of MVB Financial Corp. (MVBF), and what you find is a clever hybrid: a solid Mid-Atlantic community bank that's also a major player in the high-growth FinTech space through its Banking-as-a-Service (BaaS) offerings. To be defintely clear, this dual strategy is what drives their results, like the $34.1 million pre-tax gain they booked from the Victor Technologies divestiture in Q3 2025, all while managing $3.23 Billion in assets as of September 30, 2025. If you want the precise breakdown of how they generate Net Interest Income alongside those crucial FinTech fees, check out the full nine-block analysis waiting for you below.

MVB Financial Corp. (MVBF) - Canvas Business Model: Key Partnerships

You're looking at the structure of MVB Financial Corp. (MVBF)'s alliances as of late 2025, which is heavily influenced by strategic divestiture and core fintech enablement.

Strategic partnership with Jack Henry & Associates post-Victor sale

MVB Financial Corp. completed the sale of substantially all assets and operations of its incubated fintech, Victor Technologies, to Jack Henry & Associates effective September 30, 2025. This transaction is expected to generate a pre-tax gain of approximately $33 million for MVB Financial. Victor, which was founded in 2021, was processing billions of dollars in payments monthly prior to the sale. The deal positions Victor for growth leveraging Jack Henry's 7,400 clients, while MVB maintains a strategic partnership to continue participating in Victor's success. This move is set against the backdrop of the payments-as-a-service market, which Research and Markets projects to grow from $19.1 billion in revenue in 2025 to $43.9 billion by 2029. This validates MVB Financial's thesis on building shareholder value through fintech solutions.

Banking-as-a-Service (BaaS) relationships

The Banking-as-a-Service segment remains a key growth vehicle, driving revenue increases reported in Q1 2025. The operational scale of these relationships is reflected in the deposit figures. As of June 30, 2025, MVB Bank's total deposits stood at $2.80 billion. Off-balance sheet deposits, which are utilized in BaaS networks to enhance capital efficiency, totaled $1.11 billion at that time, representing a decline of $418.4 million, or 27.5%, from the prior quarter, reflecting a decrease in certain BaaS deposit relationships. By the end of Q3 2025, total deposits were $2.78 billion. The focus on this area is also evident in the payments revenue, which for Q3 2025 rose to USD 8.5 million, marking an increase of over twelvefold year-over-year. The BaaS segment is critical for fee income generation within MVB Financial Corp.

Here's a snapshot of the financial context around the BaaS segment as of mid-to-late 2025:

Partnership with Aeropay for compliant bank-to-bank payments

MVB Bank announced a strategic partnership with Aeropay in September/October 2025. The goal is to build solutions that power compliant bank-to-bank payments, specifically enhancing Aeropay's infrastructure to support complex ACH and Real-Time Payments (RTP). Both MVB Bank and Aeropay share a strong commitment to regulated industries, including gaming and daily fantasy sports, where reliable, fast, and compliant money movement is essential. This collaboration is designed to make money movement smarter, faster, and fully bank-connected.

Membership in the American Fintech Council (AFC) for industry collaboration

MVB Bank became the newest member of the American Fintech Council (AFC) on February 11, 2025. The AFC is the premier trade association representing responsible fintech companies and innovative banks offering embedded finance solutions. Membership means MVB Bank joins a network committed to advancing responsible innovation, security, and transparency in financial services. The AFC's mission centers on promoting a transparent, inclusive, and customer-centric financial system. The organization has historically represented a large number of firms, with reports from 2021 noting more than 50 members spanning digital banks and BaaS providers.

Key aspects of the AFC membership for MVB Financial Corp. include:

• Joining an association focused on sound public policy.
• Collaboration with industry leaders on issues like open banking and bank-fintech partnerships.
• Aligning with a dedication to advancing secure and transparent financial services.

Finance: draft the pro-forma impact of the Victor sale on Q4 2025 noninterest income by Wednesday.

MVB Financial Corp. (MVBF) - Canvas Business Model: Key Activities

You're looking at the core engine of MVB Financial Corp. as of late 2025, post-major strategic moves. The key activities are centered on disciplined lending, specialized fintech partnership banking, and capital optimization.

Commercial and Industrial (C&I) and Commercial Real Estate (CRE) lending remains a foundational activity, driving net interest income. The loan portfolio showed solid expansion through the third quarter of 2025.

• Quarter-over-quarter loan growth reached 4.9% in Q3 2025.
• Total loan balances stood at $2.26 billion as of September 30, 2025.
• Average earning assets increased by 5.7% from the prior quarter, reaching $2.99 billion.

Here's a quick look at the balance sheet dynamics supporting this lending:

Providing Banking-as-a-Service (BaaS) for FinTech and Gaming clients is a critical fee-income driver, even after the Victor Technologies divestiture. This activity involves offering embedded payment solutions and sponsorship lending.

• Q3 2025 payments revenue was reported at $8.5 million, showing growth of over twelvefold year-over-year.
• Off-balance sheet deposits, which reflect BaaS relationships, declined 17.5% quarter-over-quarter in Q3 2025.
• As of June 30, 2025, off-balance sheet deposits were $1.11 billion, down 27.5% from the prior quarter-end.

The focus here is on being the Banker of Choice to Fintechs, which generates noninterest income streams, though some components like compliance consulting income saw a decline in Q2 2025.

Managing a dual balance sheet strategy for CoRe and FinTech deposits involves balancing traditional relationship banking deposits with the often more volatile, but fee-generating, FinTech-related deposits. The post-Victor sale environment saw a strategic repositioning of assets.

MVB Financial executed a significant securities repositioning strategy in Q3 2025, which included the sale of approximately $72.5 million of available-for-sale investment securities, resulting in a pre-tax loss of about $7.6 million on that specific transaction. This was done to enhance future earnings power.

Executing strategic divestitures, like the Victor Technologies sale, was a defining activity of Q3 2025, validating the Fintech incubator model. This activity directly impacts capital management flexibility.

• The sale of Victor Technologies, Inc. closed on September 30, 2025.
• This generated a pre-tax gain of $34.1 million.
• This gain drove total noninterest income to $34.6 million in Q3 2025, a 335.6% increase over the prior quarter.
• The transaction, combined with the securities repositioning, is expected to add $0.30 to $0.35 to annualized EPS going forward.
• MVB Financial completed a $10.0 million share repurchase program, acquiring 473,584 shares at an average price of $21.15 per share, and authorized a new $10 million repurchase program in October 2025.

Maintaining robust regulatory compliance and risk management for specialized sectors is non-negotiable when dealing with FinTech and Gaming clients. Capital strength metrics reflect this focus.

Capital ratios as of September 30, 2025, demonstrate strong regulatory standing:

• Community Bank Leverage Ratio (CBLR): 11.1%
• Tier 1 Risk-Based Capital Ratio: 14.1%
• Total Risk-Based Capital Ratio: 15.0%
• Tangible Common Equity (TCE) Ratio: 10.1% (up from 8.8% at September 30, 2024).

Risk management also involves setting aside reserves; the allowance for credit losses rose to $23.3 million, representing 1.03% of loans receivable, with a Q3 provision increase to $4.4 million. Finance: draft 13-week cash view by Friday.

MVB Financial Corp. (MVBF) - Canvas Business Model: Key Resources

You're looking at the core assets MVB Financial Corp. uses to run its business as of late 2025. These aren't just line items; they are the engines driving their strategy, especially around their technology focus.

The capital base is definitely a primary resource, showing stability and capacity for growth. As of September 30, 2025, the firm maintained a strong position.

That Tangible Common Equity Ratio of 10.1% as of September 30, 2025, shows solid backing, up from 9.3% the prior quarter. Also, holding total assets around $3.23 billion gives MVB Financial Corp. significant operational scale.

The proprietary FinTech platform and technology infrastructure, represented by MVB Edge Ventures, is a key intangible asset. The success of incubating and selling Victor Technologies, a Fintech company founded in 2021, validates this model.

• Pre-tax gain from the Victor sale: $34.1 million.
• Q3 2025 payments revenue: USD 8.5 million, up over twelvefold.
• Tangible Book Value Per Share (TBVPS) as of September 30, 2025: $25.98.

This track record in building and exiting a technology company speaks directly to their expertise in regulatory compliance for high-growth, regulated industries. Navigating the regulatory landscape for a payments solution like Victor requires deep, specialized knowledge, which is a resource in itself.

Finally, the composition of their funding base is a critical resource. A significant portion of their funding comes from low-cost sources, which helps manage the cost of funds.

• Noninterest-bearing deposits comprised 37.0% of total deposits at the end of Q3 2025.
• Total deposits were $2.78 billion at the end of Q3 2025.

The ability to attract and retain that level of noninterest-bearing deposits, even with total deposits declining 1.0% from the prior quarter, is a testament to the strength of their client relationships and service offerings.

Finance: draft 13-week cash view by Friday.

MVB Financial Corp. (MVBF) - Canvas Business Model: Value Propositions

You're looking at the core value MVB Financial Corp. delivers across its dual focus: serving the Mid-Atlantic region with traditional banking and powering the future of finance through FinTech partnerships. It's about balancing steady, local lending with high-growth, scalable technology services.

Specialized Banking-as-a-Service (BaaS) for FinTechs to scale compliantly

MVB Financial Corp. provides the regulated infrastructure that lets FinTech companies operate without needing their own bank charter. This value proposition is evidenced by the deposit volumes they manage and the growth seen in that segment. For instance, the increase in total deposits of 8.5% in the second quarter of 2025, compared to the first quarter of 2025, primarily reflected an increased volume in the FinTech banking space. You can see the scale of the BaaS relationships through the off-balance sheet deposits, which totaled $911.6 million as of September 30, 2025. Also, the payments revenue, which is a key output of these relationships, rose to $8.5 million in the third quarter of 2025, which is up over twelvefold year-over-year.

The value is also seen in the composition of their funding base:

• Noninterest-bearing deposits represented 37.0% of total deposits as of September 30, 2025.
• Noninterest-bearing deposits were $1.05 billion as of June 30, 2025.

Traditional commercial lending and deposit services for the Mid-Atlantic region

For the local economy, MVB Financial Corp. provides core commercial banking services. This is reflected in their loan book expansion and the resulting interest income. In the third quarter of 2025, total loan balances grew to $2.26 billion, a 4.9% increase from the prior quarter. This loan growth powered the net interest income to $26.8 million for the third quarter of 2025. The bank maintains a focused lending posture, as shown by the loan-to-deposit ratio, which stood at 81.4% as of September 30, 2025.

Here's a quick look at the core banking performance metrics for the third quarter of 2025:

Real-time payment processing and money movement solutions

The BaaS segment directly translates into fee-based revenue from payment processing and money movement. The noninterest income figure for the third quarter of 2025 captures this activity, though it was heavily influenced by a one-time event. Still, the underlying payments capability is strong, with payments revenue reaching $8.5 million in Q3 2025.

Generating significant shareholder value through FinTech incubation and divestiture

This is where the incubator model delivers concrete returns. The successful sale of Victor Technologies, Inc. in the third quarter of 2025 is the prime example. This generated a pre-tax gain of $34.1 million. This event dramatically boosted noninterest income to $34.6 million in Q3 2025, a 335.6% increase over the second quarter of 2025. Management expects this divestiture, combined with expense efficiencies, to add $0.30 to $0.35 to annualized Earnings Per Share (EPS) going forward. The commitment to returning value is also clear:

• Quarterly cash dividend paid in Q3 2025 was $0.17 per share.
• Completed a $10.0 million share repurchase program in Q3 2025.
• Repurchased 473,584 shares during that program at an average price of $21.15 per share.

Enhanced capital efficiency and balance sheet optimization

The strategic actions, including the Victor sale and securities repositioning, directly improved capital ratios. You can see this in the tangible book value per share (TBVPS) growth and the capital ratios. The TBVPS increased by 9.7% to $25.98 as of September 30, 2025. The bank's capital strength remains high, which is a key value driver for a regulated entity. The tangible common equity ratio stood at 10.1% as of September 30, 2025. The return on average equity (ROAE) for Q3 2025 was 22.9%, a substantial jump from 2.8% in the prior year period. The Community Bank Leverage Ratio was 11.1% at the end of the third quarter of 2025.

The capital position metrics as of September 30, 2025, compared to the prior quarter-end (June 30, 2025), show optimization:

Finance: draft 13-week cash view by Friday.

MVB Financial Corp. (MVBF) - Canvas Business Model: Customer Relationships

MVB Financial Corp. operates with a dual strategy, serving its home region in the Mid-Atlantic alongside specialized financial technology and gaming finance sectors nationwide. This approach is designed to capture diverse revenue streams from both traditional banking and high-growth niche industries. The bank supports businesses in these specialized sectors by offering Banking-as-a-Service (BaaS) and specialized payment solutions.

The relationship strategy is segmented to address the distinct needs of its client groups. For traditional commercial and retail clients, acquisition centers on competitive financial products, with retention built on personalized service and a comprehensive suite of banking solutions. The bank's core banking operations remain strong, with total loan balances reaching $2.26 billion as of September 30, 2025, reflecting a quarter-over-quarter loan growth of 4.9%.

For FinTech and Gaming partners, the relationship is high-touch and consultative, reflecting the complexity of managing banking relationships in the payments, BaaS, and gaming industries from operational and regulatory viewpoints. The success of this model is partially validated by the sale of Victor Technologies, Inc., a company incubated within MVB Financial Corp., which generated a pre-tax gain of $34.1 million in the third quarter of 2025. MVB Financial Corp. continues to emphasize nurturing client and partner relationships for sustained operational excellence.

Digital engagement is a core component, supporting both retail and business clients through online and mobile platforms. As of September 30, 2025, Noninterest-bearing (NIB) deposits represented 37.0% of total deposits, which stood at $2.78 billion. The bank offers Digital Banking Client Resources, including helpful guides and videos, to assist with the digital banking experience. To provide context on the digital environment, over 83% of U.S. adults used digital banking services as of 2025, and 39% of U.S. adults now rely exclusively on mobile banking.

Strategic advisory services are embedded in the partnership approach, particularly for specialized clients. This includes providing assurance where others see only risk, such as offering Acquiring & Issuing sponsorship and compliance support. The leadership team demonstrated strategic balance sheet advisory by completing a securities repositioning strategy in Q3 2025, which, combined with expense efficiencies, is expected to add $0.30 to $0.35 to annualized EPS going forward.

Here's a quick look at the deposit base supporting these relationships as of the end of Q3 2025:

The relationship structure supports the delivery of specific value propositions:

• Dedicated relationship managers for CoRe commercial and retail clients.
• High-touch, consultative support for FinTech and Gaming partners.
• Digital-first engagement through online and mobile banking platforms.
• Strategic advisory services for business growth and risk management.

The focus on specialized sectors is clear from the revenue contribution, where payments revenue reached $8.5 million in Q3 2025, representing an increase of over twelvefold year-over-year. The bank attracts fintech and gaming clients by offering specialized services like payment and issuing sponsorship, and Banking-as-a-Service.

Finance: draft 13-week cash view by Friday.

MVB Financial Corp. (MVBF) - Canvas Business Model: Channels

You're looking at how MVB Financial Corp. gets its services and value propositions to its customers across its different business lines as of the end of the third quarter of 2025. The channels are a mix of traditional brick-and-mortar, direct business relationships, and digital interfaces, reflecting their dual focus on community banking and nationwide fintech partnerships.

Physical bank branches primarily in North Central West Virginia and Northern Virginia

MVB Financial Corp., through its subsidiary MVB Bank, maintains a physical presence, though the search results confirm its base is in Fairmont, West Virginia. The physical channel serves the traditional retail and commercial customer segments in the Mid-Atlantic region, specifically targeting North Central West Virginia and Northern Virginia, even as the fintech segment provides national reach. Specific branch counts aren't detailed in the latest reports, but the core banking operations remain a channel for local relationship building.

Direct B2B sales and relationship channels for BaaS and FinTech clients (national reach)

This is a critical, high-growth channel for MVB Financial Corp., acting as a Banking-as-a-Service (BaaS) provider to financial technology and gaming finance sectors nationwide. The success of this channel is evident in the financial performance metrics, even after the strategic sale of a key asset in this area. The payments revenue, which is heavily tied to this segment, saw a significant jump for the third quarter of 2025, rising to $8.5 million, which is up over twelvefold. This channel relies on direct relationship management to onboard and service these specialized clients.

The reliance on this channel is also reflected in the deposit structure. While on-balance sheet deposits saw a slight dip, the off-balance sheet deposits-often associated with BaaS relationships-were $911.6 million as of September 30, 2025. However, this figure represented a decline of 17.5% from the prior quarter, signaling a shift or reduction in certain BaaS deposit relationships following the sale of Victor Technologies, Inc..

Digital banking platforms for retail and commercial customers

Digital platforms are essential for serving both the retail/commercial base and the fintech partners. The overall deposit base as of September 30, 2025, stood at $2.78 billion. A significant portion of the core funding profile is digital-centric, as Noninterest-Bearing (NIB) deposits represented 37.0% of total deposits on that date. This high percentage of NIB deposits often correlates with sophisticated digital treasury and commercial banking services.

Here's a quick look at the balance sheet context supporting these channels as of September 30, 2025:

What this estimate hides is the specific usage metrics for the retail digital platform itself, like mobile app active users, which aren't broken out in the earnings summaries.

Mortgage Banking segment for residential loan origination

The Mortgage Banking segment is another distinct channel for loan origination, contributing to the overall loan balance growth. Total loan balances increased by 4.9% quarter-over-quarter, reaching $2.26 billion as of September 30, 2025. While the search results confirm the existence and importance of the Mortgage Banking segment as a revenue stream, the specific residential loan origination volume for the third quarter of 2025 isn't explicitly stated.

The company's commitment to its core banking operations, which includes this segment, remains strong, as evidenced by the 3.1% increase in net interest income for the quarter.

• The company has maintained 41 consecutive quarters of common dividend payments year-to-date 2025.
• Book value per share rose by 9.6% to $26.07 as of September 30, 2025.
• The company completed a $10.0 million share repurchase program in Q3 2025.

Finance: draft Q4 2025 channel performance review by January 15th.

MVB Financial Corp. (MVBF) - Canvas Business Model: Customer Segments

You're looking at the customer base for MVB Financial Corp. (MVBF) as of late 2025, focusing on where the bank is directing its lending and deposit-gathering efforts. The business model clearly splits between traditional community banking and specialized, high-growth technology partnerships.

Traditional Commercial and Retail (CoRe) clients in the Mid-Atlantic region

This segment forms the core of MVB Bank, Inc.'s operations. The primary market area for these CoRe banking services is North Central West Virginia and Northern Virginia, with additional lending activities noted in North Carolina and South Carolina. As of September 30, 2025, total loan balances stood at $2.26 billion. Deposits totaled $2.78 billion at the end of the third quarter of 2025. Noninterest-bearing deposits represented 37.0% of total deposits on that date. The loan-to-deposit ratio, showing how much of the deposits are lent out, was 81.4% as of September 30, 2025. The company paid a quarterly cash dividend of $0.17 per share during the third quarter of 2025.

Here's a look at the capital strength supporting these clients as of September 30, 2025:

• Tangible Common Equity Ratio: 10.1%
• Tier 1 Risk-Based Capital Ratio: 14.1%
• Total Risk-Based Capital Ratio: 15.0%

Specialized FinTech companies requiring BaaS and embedded finance solutions

MVB Financial Corp. actively serves Fintech clients, a focus area that is integrated within its CoRe Banking segment. This division centers on providing specialized banking services, emphasizing operational risk management and compliance for these partners. The strategic importance of this segment was underscored by the completion of the sale of Victor Technologies, Inc., which was described as a next-generation payments solution built under the company's Fintech incubator model. This sale, completed on September 30, 2025, generated a pre-tax gain of $34.1 million. Furthermore, Q3 2025 payments revenue reached $8.5 million, marking an increase of over twelvefold year-over-year. The BaaS relationships also impact the balance sheet, as off-balance sheet deposits totaled $1.11 billion as of June 30, 2025, though this represented a 27.5% decline from the prior quarter due to a decrease in certain relationships.

The financial impact of the Fintech strategy in Q3 2025 included:

Gaming and Daily Fantasy Sports businesses needing compliant payment solutions

MVB Financial Corp. maintains a commitment to the gaming and payments industries. The company's performance is sensitive to the seasonality of these sectors; for instance, the deposit growth in Q2 2025 occurred despite being outside of traditional tax and gaming seasons. While specific revenue figures tied solely to the gaming segment for Q3 2025 aren't isolated, the overall focus on payments solutions, validated by the Victor Technologies sale, shows this customer group is a key part of the specialized banking strategy.

Commercial Real Estate (CRE) and Commercial & Industrial (C&I) borrowers

These borrowers are central to the traditional loan portfolio. You should note that the most granular breakdown available is from the end of the prior year, December 31, 2024, which shows the relative size of these loan categories. The overall loan portfolio saw growth in Q3 2025, with total loan balances increasing by $106.1 million, or 4.9%, from the prior quarter to reach $2.26 billion as of September 30, 2025. Asset quality remains a focus, with nonperforming loans at 1.2% of total loans as of September 30, 2025.

Here is the loan portfolio composition breakdown as of December 31, 2024, to give you a sense of the historical mix:

Within the CRE concentration as of December 31, 2024, non-owner-occupied office space represented 3.0% of MVB's total loans.

MVB Financial Corp. (MVBF) - Canvas Business Model: Cost Structure

You're looking at the expense side of MVB Financial Corp.'s operations as of late 2025. The cost structure reflects the necessary investments in a regulated, tech-forward banking model, balancing funding costs with operational scale.

Interest expense on deposits, which is managed by a high NIB deposit ratio

Managing the cost of funds is key, especially with a focus on maintaining a favorable deposit mix. The ratio of noninterest-bearing (NIB) deposits to total deposits is a primary lever here. For instance, in the first quarter of 2025, the NIB deposit ratio reached 40.0% of total deposits, contributing to a cost of funds that fell to 2.28% for that period. By the second quarter of 2025, as deposit mix shifted slightly, the NIB ratio stood at 37.4% of total deposits, pushing the cost of funds up to 2.41%. As of September 30, 2025, the NIB ratio was reported at 37.0%.

Significant personnel costs for compliance, technology, and relationship banking

Personnel is a major component, supporting specialized areas like relationship banking for the Fintech and gaming segments, alongside the necessary compliance and technology teams. While specific personnel cost breakdowns for 2025 are embedded within the total noninterest expense, we see that in the fourth quarter of 2024, increases in employee benefits and incentive compensation contributed $2.1 million to the quarter-over-quarter rise in noninterest expense. The company also saw executive changes in mid-2025, including a new CFO appointed with an annual base salary of $375,000 plus a $25,000 signing bonus.

Noninterest expenses for technology infrastructure and professional fees

The commitment to a tech-forward banker role requires sustained spending on infrastructure. Professional fees, which cover essential audit and legal support for the complex regulatory environment, also factor in. In the fourth quarter of 2024, professional fees increased by $1.1 million. Looking at the operating expense base, the second quarter of 2025 saw total noninterest expense hold steady QoQ at $28.6 million, reflecting cost stabilization efforts. However, the third quarter of 2025 noninterest expense rose to $33.3 million, though this increase was primarily attributed to higher costs related to the sale of Victor Technologies, Inc.

Provision for credit losses on loan growth (e.g., Q2 2025 provisioning)

As loan growth resumes, so does the need to reserve against potential credit risk. This was evident in the second quarter of 2025, where the 4.4% sequential loan growth drove a significant step-up in provisioning. The provision for credit losses totaled $2.0 million for Q2 2025, a substantial increase from the $0.2 million recorded in the first quarter of 2025. This action resulted in the allowance for credit losses (ACL) reaching 1.0% of total loans as of June 30, 2025, up from 0.9% at the end of Q1 2025.

Costs associated with maintaining a strong regulatory and risk management framework

Maintaining a 'robust risk and compliance' framework is a non-negotiable cost of doing business, particularly given MVB Financial Corp.'s focus on specialized areas like Fintech sponsorship and gaming. These costs are embedded in personnel, technology, and professional fees, such as the audit and legal costs mentioned previously. The company's strong capital position, with a Tier 1 Risk-Based Capital Ratio of 14.6% at June 30, 2025, is a direct outcome of managing these risk-related expenses and capital requirements effectively.

Here's a quick look at the top-line noninterest expense figures from the mid-2025 reporting periods:

The cost structure is clearly influenced by both the cyclical nature of credit provisioning and the strategic, non-recurring costs associated with corporate actions, such as the sale of Victor Technologies, Inc., which generated a pre-tax gain of $34.1 million in Q3 2025 but also increased related noninterest expenses.

MVB Financial Corp. (MVBF) - Canvas Business Model: Revenue Streams

You're looking at how MVB Financial Corp. actually brings in the money, which is a mix of old-school banking and their newer FinTech incubator model. Honestly, the revenue mix in late 2025 is heavily influenced by a major one-time event, so you have to look at the core business separately.

The primary engine remains the traditional lending business, which generates Net Interest Income (NII). This is the difference between the interest earned on loans and investments and the interest paid on deposits and borrowings. For the second quarter of 2025, MVB Financial Corp.'s NII was reported at $26.0 million. By the third quarter of 2025, this core stream showed growth, reaching $26.8 million on a fully tax-equivalent basis, which was a 3.1% increase over the prior quarter, supported by robust loan growth of 4.9%.

The second major component is Noninterest Income, which saw a massive, non-recurring spike in Q3 2025 due to strategic asset sales. The Q2 2025 Noninterest Income was $7.9 million. However, Q3 2025 Noninterest Income surged to $34.6 million, largely thanks to the FinTech monetization strategy.

Here's a quick look at the key revenue drivers for the most recent reported quarter:

• Net Interest Income from lending activities.
• Significant, non-recurring gain from a FinTech sale.
• Core fee income from payments and other services.

The FinTech strategy is clearly a material revenue stream, not just a side project. The sale of Victor Technologies, Inc. in Q3 2025 provided a pre-tax gain of $34.1 million. This validates their model of building and scaling technology companies within the bank structure. Furthermore, the dedicated Noninterest Income from FinTech and payments fees stream is growing on its own merits; Q3 2025 payments revenue hit $8.5 million, which is up over twelvefold from the prior year.

The remaining streams, mortgage banking and off-balance sheet deposits, are integral to capital management and fee generation, though specific dollar amounts for Q3 2025 were not as prominently broken out alongside the NII and Victor gain figures. We know that off-balance sheet deposit networks are specifically utilized to generate fee income and enhance capital efficiency. As of September 30, 2025, off-balance sheet deposits totaled $911.6 million, a decline of 17.5% from the prior quarter-end.

You can see the breakdown of the primary income sources below, using the latest available figures:

The business model relies on a few key levers for revenue generation:

• Core NII growth driven by loan portfolio expansion (Loan balances grew 4.9% in Q3 2025).
• Monetization of incubated FinTech assets, as seen with the Victor sale.
• Fee income derived from Banking-as-a-Service (BaaS) and payment solutions.
• Income from mortgage banking operations, though specific Q3 2025 figures weren't detailed separately from the total noninterest income surge.
• Fee income from off-balance sheet deposit networks, which supports capital efficiency.