From GlobeNewswire: 2024-04-26 10:42:00

Meridian Corporation (Nasdaq: MRBK) reported increased net income of $2.7 million and diluted earnings per common share of $0.24 for the first quarter of 2024. Commercial loans increased by 5%, total assets were at $2.3 billion. Pre-tax, pre-provision income for the Bank was $6.4 million. A quarterly cash dividend of $0.125 per common share was declared.

Net interest income decreased by $324 thousand due to an increase in interest expense on deposits and borrowings. Non-interest income decreased by $133 thousand, while non-interest expenses decreased by $1.5 million due to a decrease in salaries and benefits. The provision for credit losses decreased from $4.6 million to $2.9 million.

Non-interest income decreased by $133 thousand due to a decrease in the fair value of loans held for investment, partially offset by an increase in mortgage banking income. Wealth management income increased by 6.3%. Total non-interest income for the quarter was $7,984 thousand, a decrease of 1.6% from the previous quarter.



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