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 Corporation (Nasdaq: MRBK) reported a strong second quarter 2020 with net income of $5.7 million, or $0.94 per share, reflecting a 127% increase from Q1. This growth was fueled by significant mortgage banking revenue due to low interest rates and $260 million in PPP loans, contributing to a total revenue increase of 48% to $35.7 million. The company also declared a quarterly cash dividend of $0.125 per share, payable August 24, showing confidence in its long-term prospects. However, it increased loan loss provisions by $1.6 million to address economic uncertainties from the COVID-19 pandemic.
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