Hello, and welcome to the 2025 Annual Meeting of Shareholders of MVB Financial Corp. Please note that today's meeting is being recorded. It is my pleasure to turn today's meeting over to W. Marston Becker, Chairman of MVB Financial Corp's Board of Directors. Chairman Becker, you may begin.
Thank you very much, and good morning, everyone.
Appreciate you joining us today. It's my pleasure, on behalf of the Board of Directors of MVB Financial, to welcome you to the Annual Shareholders Meeting. As Chairman of MVB Financial, I'm pleased to be presiding at today's meeting. Members of our Board of Directors and management team are attending the meeting virtually today. We'd also like to recognize our three directors who are not running for re-election this year: Dan Holt, the Co-Founder and CEO of BillGO, who's been very helpful in our fintech development at MVB; Gary LeDonne, a retired partner of Ernst & Young, who has been a tremendous asset as respects our risk and compliance areas; and Lindsay Slader from GeoComply. Lindsay has great relationships in the gaming industry, so all of them have been extremely valuable to our bank. We really appreciate their service.
Later in the meeting, we'll be recognizing two new directors who will be very important in their respective roles and skill sets to MVB. If you are a registered shareholder and have logged onto this meeting with a valid control number, you will be able to vote and ask questions about the proposals during the meeting. You may submit questions by entering your question into the designated field on the web portal. We will address questions, if there are any, about the proposals after they are presented.
I have a copy of the notice of this annual meeting and an affidavit of Computershare, the registrar and transfer agent for our common stock as to the notice of the meeting, which states that on April 7, 2025, a notice of this meeting and notice of internet availability of proxy materials was mailed to all shareholders of record as of the close of business on March 26, 2025, the record date for this annual meeting. This affidavit is available if any shareholder wishes to examine it, and it will be filed with the minutes of the annual meeting. Unless there is a request, we will dispense with the reading of the notice of this meeting. There being no request, the reading of the notice of this meeting is dispensed with. Lisa McCormick, the company's secretary, has been appointed to serve as Inspector of Election for this meeting.
She has signed an oath to act as Inspector of Election, and this oath will be filed with the minutes of this meeting. The inspector has the alphabetical list of registered shareholders of the company as of March 26, 2025, our record date, which shows the registered shareholders, their respective addresses, and the number of shares held by each shareholder. This list was available prior to and will remain available via the virtual meeting web portal during this annual meeting for inspection by shareholders. Secretary McCormick advised me shortly before this meeting began that a quorum is present, so I declare the meeting duly and lawfully convened. I direct the secretary to file copies of the notice of this meeting together with the proxy statement, form of proxy, and the affidavit of Computershare with the minutes of our meeting today. I'll now call this annual meeting to order.
The meeting will be conducted in accordance with the agenda and the rules of conduct, which you can find on the virtual meeting portal. You can also find a link to the annual proxy statement and prospectus on the portal. You will have an opportunity to vote when the polls are open later in the meeting. Although if you've already submitted your vote by proxy, you need not vote again. There are four proposals being considered today. Our Board of Directors has unanimously recommended that the shareholders approve each of the four proposals being presented. The first item to be voted on today is the election of our two new director nominees, whom I mentioned earlier. The proxy statement made available to you earlier listed the company's nominees for director. A plurality of the votes cast is required for the election of a director.
The two directors have been nominated for a three-year term expiring in 2028. They are Glen Herrick and Vic Maculaitis, and I would commend you to read their resumes because they're going to be extremely valuable additions to the MVB Board. The second proposal to be voted on in today's meeting is the approval on a non-binding advisory basis of the compensation of our named executive officers. The company's executive compensation is discussed in the proxy statement that was made available to you earlier. Approval of this proposal requires that the number of votes cast favoring the proposal exceeds the votes cast opposing the proposal. The third proposal today, on a non-binding advisory basis, is to whether an advisory vote on executive compensation should be held every one, two, or three years.
This advisory vote is required under Section 14A of the Exchange Act, and such vote must occur at least once every six years. Although this advisory vote is non-binding, the Board and the Compensation Committee will take into account the outcome of the vote when considering the frequency of future advisory votes on executive compensation. The last proposal to be voted on at today's meeting is to ratify the appointment of Forvis as the independent registered public accounting firm for 2025. The appointment of Forvis is discussed in the proxy statement that was made available to you earlier. Approval of this proposal requires that the number of votes cast favoring the proposal exceeds the votes cast opposing the proposal.
Mallory Irwin of Forvis is in attendance at today's meeting and would be pleased to respond to appropriate questions submitted by shareholders, which may be submitted at this time through the online portal. The meeting is now open for any questions that may have been submitted by shareholders to our online portal. Not seeing any questions related to the proposals and having presented all matters to be voted on by the shareholders, I declare the polls now open for voting on the proposals. We will take a few moments to ensure that all of the online ballots have been properly submitted for the proposals being voted on today. The voting has been completed, and I declare the polls for voting are now closed at this time, 10:08 A.M. Eastern Time, May 20, 2025.
While we finish tabulating the votes, I want to take a minute to express my sincerest thank you to all of our shareholders who have taken the time to attend this annual meeting virtually and to vote their shares. I have been advised by Secretary McCormick that each of the proposals presented today has been preliminarily approved by MVB shareholders, with the directors standing for election having been duly elected for the respective terms as described in the proxy statement. The final results of the meeting will appear in a current report on Form 8-K that the company will file within four business days of this meeting. Having concluded the formal business set forth in the annual proxy statement, I will hereby adjourn this portion of the annual meeting of shareholders and would now like to introduce CEO Larry Mazza, who will deliver his CEO presentation. Larry?
Chairman Becker, thank you very much for the introduction. I, too, like you, would like to thank our shareholders, our directors, our teammates, and especially our clients for their continued support in 2024 and beyond. When you look at 2024, we have really a completion of a transitional time for Team MVB, where we had some headwinds in 2023, 2024, and now those headwinds, we believe, have turned into tailwinds and have shown, as recent as yesterday, announcing a share buyback for our shareholders. We see continued positive news with that. When you look into the first slide that's on the screen, we talk about our strategy on a page. Our strategy on a page goes with our purpose, which is trusted partners on the financial frontier committed to your success. We tie five values to that purpose, what we call respect, love, and caring.
As the first one, our trust, our commitment, and then our adaptivity and teamwork. Dropping to the growth vehicles, we have Victor, which is our software as a service. Our banking as a service, which has our largest client in Credit Karma. Our gaming vertical, which we have 84% of the market share in that area. Also, payments, which is rapidly growing in a very positive way. Our core lending and core deposits, which is rebounding, I think, in a positive way as well. Our growth in our payments vehicle is depicted here. You can see the CAGRs, the compound annual growth rate, is 55%. We now have nearly $500 million plus, nearly $500 million plus in gaming deposits. When you look at the payment revenue, our payment revenue continues to grow.
You can see from 2023 to 2024, it's 123% CAGR, compounded annual growth rate, which is very positive for this vertical and where we see it going into the future. When you look at our deposit base, which is very important for our franchise value, we show a chart that shows an off-balance sheet growth as well as an on-balance sheet growth of a very positive trajectory. We now have a 31% increase in deposits off-balance sheet, and we continue to grow deposits throughout the company as well, not only in our fintech side, but what we call our core side, our commercial and retail, which have been very, very positive and I think very, very important for our commercial and our retail areas as we move forward. When we look at our next slide, we look at the growth in our fintech banking, our gross deposits there.
We have a compounded annual growth rate of 29%. When you look at our gross fees, our compounded annual growth rate is 86%. The slight decline in 2024 represents our exit of the digital space, which was expensive to do, but we think very positive as far as our repositioning going forward into 2025 and beyond. When you look at one of our most important measures of risk, it's our asset quality. On this slide, our asset quality, we believe, is still one of the best in the industry, which is always important to us. Our culture will respect and always focus very, very, very tightly in on credit quality. One of our last slides showing our position of growth and strength is our capital position.
Again, we have some of the best capital ratios, I believe, in the industry all the way through, and we continue to remain strong in our asset quality as well as our capital to build a fortress balance sheet for our shareholders and going forward, a good foundation for us to grow upon. That basically is the presentation for today, Mr. Chairman. I'll kick it back over to you.
Thank you very much, Larry. As our CEO noted, the climate and the market for the products and services that MVB offers has markedly improved these last few months, and we're really excited about what the future looks like for the organization. That concludes our meeting for today. We would encourage each of you to reach out to Secretary McCormick or Marcie Lipscomb, Investor Relations Head at MVB Bank, if you have any questions that we haven't covered today, and we'll be sure and get back to you. We thank you for your support, and we thank you for your investment in MVB. Good day.
This concludes the meeting. You may disconnect now.