MVBF

MVBF is a ~$3.3B-asset West Virginia/Virginia commercial bank pivoting toward gaming, payments and banking-as-a-service. FY2025 was a genuine step up: net income rose 33% to $26.9M and diluted EPS jumped 34.6% to $2.06, driven not by spread income (net interest income actually slipped $1.8M to $107.4M as tax-equivalent NIM compressed to 3.65% from 3.67%) but by a $17.4M surge in noninterest income to $60.3M from the Fintech division. Return on average equity improved to 8.7% from 6.9% and loans grew $243M to $2.34B, while the cost of interest-bearing liabilities fell to 3.43% from 4.07%. That is a real earnings-quality improvement, and management is returning capital: $10.2M of buybacks plus $8.71M of dividends against $26.9M of net income.

On valuation, ignore the P/S of 111x and 'net margin' of 792% — those are artifacts of a mis-tagged XBRL revenue figure (a $3.4M FY2019 contract-revenue line, not bank revenue, which is really ~$168M of net interest + noninterest income). The figures that matter: P/E of 14.3, and book value of roughly $26/share ($334M equity / 12.8M shares) puts the stock near 1.1x tangible-ish book. For a bank earning an 8-9% ROE, ~1.1x book and 14x earnings is fair — neither a bargain nor stretched.