MVB Financial : 2022 Annual Report

CONTENTS

ABOUT MVB

MVB Financial Corp. ("MVB Financial" or "MVB"), the innovative financial holding company of MVB Bank, Inc. ("MVB Bank"), is publicly traded on the Nasdaq Capital Market® under the ticker "MVBF." Through its subsidiary MVB Bank and the bank's subsidiaries, MVB provides services to individuals and corporate clients in the Mid-Atlantic region, as well as

to fintech, payment and gaming clients throughout the United States. For more information about MVB, please visit ir.mvbbanking.com.

2022 ACCOLADES

Team MVB's commitment and teamwork were recognized with several prestigious accolades in 2022.

American Banker Best Banks to Work For 2022

For the second consecutive year, Team MVB was honored to be named one of American Banker's Best Banks to Work For. Out of 90 U.S. banks, MVB placed number 14 in the rankings, which assessed employee satisfaction in areas including corporate culture and communications, training and development opportunities and pay

and benefits.

Quartz: Best Companies for Remote Workers 2022

MVB earned a spot on Quartz Media's list for Best Companies for Remote Workers, an award based on remote Team Members' responses regarding company practices, leadership, corporate culture and Team engagement. Through the award assessment process, Quartz analyzed how effectively culture is enriching and supporting a business's remote workforce.

Fortune: 2022 Best Medium Workplaces

Fortune Magazine honored MVB as one of the 2022 Best Medium Workplaces. To determine the Best Medium Workplaces list, survey responses of over 200,000 employees throughout the U.S. were carefully evaluated. In that survey, 94% of MVB's Team Members said MVB is a great place to work - compared to 57% of employees at a typical U.S.-based company.

Fortune: 2022 Best Workplaces in Financial Services &

Insurance

MVB achieved a second award from Fortune in 2022, Best Workplaces in Financial Services & Insurance. The highly competitive award is based on analysis of survey responses from more than 176,000 employees from Great Place to Work-Certified™ companies in the financial services and insurance industry. Companies are assessed on how well they are creating a great employee experience that cuts across race, gender, age, disability status or any aspect of who employees are or what their role is.

BAI: Global Innovation Award

MVB was named the winner of the 2022 BAI Global Innovation Awards, receiving recognition for strategic efforts in enhancing the onboarding experience for new fintech clients through Victor Technologies, Inc., a wholly-owned subsidiary of MVB Edge Ventures. Among hundreds of nominees, ten winners were ultimately selected by a panel of judges. MVB was selected for the Innovation in Commercial Banking Onboarding Experience category based on originality and impact.

GonzoBanker: The Smarter Bank Technology Award

For the second consecutive year, MVB accepted an award from banking consulting company GonzoBanker. This year, Team MVB was pleased to receive The Smarter Bank Technology Award, which recognized MVB for leaning into innovation and being a tech leader within the industry.

Bank Director: The Best U.S. Banks

Bank Director honored MVB as one of The Best U.S. Banks in 2022. The award is based on Bank Director's Banking study, which analyzes the 300 largest publicly traded banks in the U.S. The final rankings

are determined by profitability, asset quality and capital adequacy.

WHAT DRIVES US

Strategy + Talent + Culture = Our Differentiator

At MVB, our culture is our differentiator and part of our corporate DNA. Our Purpose and Values aren't just words, they define the environment in which our Team Members thrive. We like to say our culture is our secret sauce, vital to our continued growth. During our 20-plus-year history, MVB has grown from a community bank with 35 employees to a forward-thinking,NASDAQ-listed, Russell 2000® company with nearly 500 Team Members living in more than 40 states. Together, we think bigger, and we do bigger!

In addition to our Purpose and Values, one additional motivator drives us. That's our Moonshot - which is to positively impact the financial lives of 1 billion people, one life at a time. That's what inspires us.

Values

INVESTING IN OUR COMMUNITIES

As MVB grows and evolves, our continued commitment to our teammates, clients, communities and shareholders remains steadfast. Social impact ties into our value of Respect, Love and Caring.

In 2022, MVB focused on larger projects with meaningful impact, as well as providing community service, technical assistance and leadership to numerous community organizations. Overall, Team MVB performed 816 hours of community service in 2022, which includes 349 activities for 48 organizations.

FHLBank Pittsburgh Affordable Housing Program (AHP)

FHLBank Pittsburgh (FHLBank) announced in December 2022 it awarded a total of $1.5 million to four North Central West Virginia projects, in partnership with MVB Bank. These awards are part of the 2022 funding round of FHLBank's AHP grants and voluntary housing grant initiative.

North Central West Virginia awarded projects include the following:

• Morgantown Community Resources, Inc., was awarded $498,993 toward a building rehabilitation project that will provide housing and a counseling center in Morgantown for 26 veterans experiencing homelessness, addiction or difficulties living a productive life.
• Mon Valley Habitat for Humanity, Inc., was awarded $450,000 and will build three new affordable housing units on blighted lots in the heart of Fairmont on Robinson Street.
• Clarksburg-HarrisonRegional Housing Authority was awarded $311,940 to rehabilitate five owner- occupied units in the Monticello neighborhood of Clarksburg.
• Mountain Opportunities Corporation was awarded $311,940 to rehabilitate five homes in Shinnston.

GameChanger One Pill Can Kill Campaign

MVB is a founding corporate sponsor of the GameChanger program, an initiative designed to combat opioid and substance misuse. Based in West Virginia, the program seeks to educate, support and empower youth to make healthy choices as they prepare to be leaders of tomorrow. MVB President Don Robinson is one of the three leaders who have been involved in the program since day one. MVB Director John Ebert also serves as a board member of this charity.

In a continuing effort to combat the growing opioid and substance misuse problem and the fentanyl crisis through prevention education, GameChanger in 2022 launched a new prevention education program named One Pill Can Kill. Endorsed by the United States Drug Enforcement Administration, the program features a 35-minute film hosted by former West Virginia University women's basketball standout Meg Bulger and educates students, parents and guardians about the dangers of purchasing pills laced with deadly fentanyl over the internet or from other sources.

Produced by FGPG Productions of Los Angeles, the film will be made available to all public and private middle and high schools in West Virginia, reaching more than 200,000 students.

The GameChanger One Pill Can Kill Program complements its overall Prevention Education Program designed in conjunction with the Prevention Solutions Team at The Hazelden Betty Ford Foundation. This three-year comprehensive program is currently in 12 pilot schools in West Virginia with 50 additional schools scheduled for implementation in fall 2023.

Volunteer Income Tax Assistance (VITA)

The IRS Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly programs offer free basic tax return preparation to qualified individuals. The VITA program has operated for over 50 years, offering free tax help to people who generally make $58,000 or less; persons with disabilities; and limited English-speaking taxpayers.

For the 2022 tax season, MVB recruited six Team Members to volunteer as remote tax preparers and quality reviewers for Tygart Valley United Way's VITA program in North Central West Virginia. Due to unexpected staff turnover and delayed AmeriCorps assistance, Tygart Valley United Way was in great need of support. MVB volunteers stepped in to be the primary tax preparers and quality reviewers for the first three weeks of the VITA season.

Through this initiative, MVB Team Members dedicated more than 100 cumulative hours toward training and volunteering. Over the three weeks of volunteering, MVB Team Members assisted with 32 tax returns for a grand total of $52,219 in refunds with an average of $1,631.84 per return. Of these 32 returns, the average adjusted gross income was $20,903.28, with a total of $9,494 returned through Earn Income Tax Credit and $8,909 through the enhanced Child Tax Credit.

Real Men Wear Pink

Tony Merendino, Commercial Loan Officer at MVB Bank, was named West Virginia's Real Man of 2022 as a result of his first-place victory in the American Cancer Society's annual Real Men Wear Pink of West Virginia campaign, which took place throughout the month of October 2022. Merendino raised funds from MVB Bank Team Members by hosting company-wide conversations and virtual events, and from his local community by hosting a business after-hours event and networking with friends and colleagues wherever he went during the month of October.

Achievement of Carbon Neutral Status

MVB continues to partner with Boston-based sustainability company, GreenFeet, to gather and calculate data for a collective Emissions Report for all MVB business and banking center locations. Using the GreenFeet platform, we activity manage data so we can track future sustainability goals. On June 14, 2022, MVB announced the achievement of Carbon Neutral Status with plans to continue to maintain this status in 2023.

Solar Panel Installation at MVB Banking Centers

Supporting the local business and environment, MVB entered into an agreement to install solar panels with Parthian Battery Solutions, LLC at MVB's banking center locations throughout North Central West Virginia. The first MVB solar panel installation took place in March 2021 in Morgantown, and the project expanded in 2022 to two locations in Fairmont. In 2023, we will complete an installation in Bridgeport. With this effort, 50% of our banking centers will be utilizing a form of renewable energy.