Meridian Corporation reports news as a bank holding company whose wholly owned subsidiary, Meridian Bank, provides commercial banking, mortgage banking and wealth management services. The bank serves markets in Pennsylvania, New Jersey, Delaware, Maryland and Florida through branches, mortgage offices and wealth management offices.
Recurring updates cover quarterly earnings, net interest margin, loan yields, deposit costs, pre-provision net revenue and dividends. Company releases also discuss commercial and industrial lending, commercial real estate, construction and small business loans, SBA loan sale income, mortgage banking seasonality, wealth-management performance, credit quality and board composition at Meridian Corporation and Meridian Bank.
Meridian (MRBK) reported Q4 2024 net income of $5.6 million ($0.49 per diluted share), an 18.1% increase from Q3. Full-year 2024 net income reached $16.3 million ($1.45 per diluted share), up 23.4% from 2023.
Key Q4 highlights include: net interest margin of 3.29%, commercial loan growth of 2%, and deposit growth of 1%. The company recognized a $4.0 million gain from selling $6.6 million in residential mortgage servicing rights and a $317,000 gain from selling an OREO property.
Total assets remained stable at $2.4 billion, with commercial loans (excluding leases) increasing 12% year-over-year. Deposits grew 10% annually to reach $2.0 billion. The Board declared a quarterly cash dividend of $0.125 per share, payable February 18, 2025.
Meridian (MRBK) reported Q3 2024 net income of $4.7 million, up 42.6% from Q2, with diluted EPS of $0.42. The company saw net interest margin of 3.20% and loan yield of 7.41%. Commercial loans grew by $30.0 million (2%) quarterly and $158.0 million (11%) yearly. Deposits increased by $63.5 million (3%) in Q3 and $170.3 million (9.4%) year-over-year. The Board declared a quarterly cash dividend of $0.125 per share, payable November 19, 2024. Total assets remained stable at $2.4 billion, while non-performing loans increased to $45.1 million.
Meridian (Nasdaq: MRBK) reported Q2 2024 results with net income of $3.3 million, up 24.3% from Q1. Diluted earnings per share reached $0.30. Key highlights include:
- Commercial loans grew 3% for the quarter and 8% year-over-year
- Total assets increased to $2.4 billion
- Pre-tax, pre-provision income was $7.1 million
- Net interest margin was 3.06% with a loan yield of 7.31%
- Board declared a quarterly cash dividend of $0.125 per share
CEO Christopher J. Annas noted strong loan growth, particularly in residential and multi-family real estate, amid market disruption. The company continues to gain market share in the Philadelphia metro region despite rate challenges.
Meridian Bank has appointed Christopher E. McDermott as Senior Vice President, Commercial Lending, bringing his extensive banking experience to serve business customers in Bucks and Montgomery Counties. McDermott's background includes working for large and small institutions in commercial lending, and his expertise will enhance Meridian's 'Continuum of Lending' strategy. CEO Chris Annas believes McDermott's experience aligns well with Meridian's culture of partnership and customer loyalty.
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