From GlobeNewswire: 2025-01-24 09:00:00

Meridian Corporation (Nasdaq: MRBK) reported net income of $5.6 million for the quarter ended December 31, 2024, with diluted earnings per share of $0.49. Pre-tax, pre-provision income for the quarter was $11.2 million. Total assets at December 31, 2024, were $2.4 billion, with commercial loans increasing by 2% for the quarter and 12% year over year.

Chairman and CEO Christopher J. Annas noted a 18.1% increase in fourth quarter earnings to $5.6 million, with net income rising 23.4% for the year. Loan growth of 12% in 2024 was driven by commercial real estate and C&I loans. Wealth segment pre-tax income nearly doubled to $2.4 million, with strong growth in assets under management.

The mortgage group saw significant improvement, with a $4.1 million pre-tax income compared to a loss in 2023. Meridian is optimistic about the new administration’s reduced regulatory burdens and prospects for economic growth. Regulatory costs are substantial for the bank, and they hope for broader thinking to better serve their markets.

Net interest income increased in the fourth quarter, driven by higher non-interest income including gains on the sale of mortgage servicing rights. Provision for credit losses increased, while non-interest expense also rose due to lease termination costs. The net interest margin increased to 3.29%.

Total assets decreased slightly, but loan and deposit growth were positive for Meridian. Asset quality improved with a decrease in non-performing loans. The bank is focused on maintaining a strong financial position and serving its customers effectively.

Meridian believes non-GAAP measures provide meaningful insights. These measures include pre-tax, pre-provision income, allowance for credit losses to loans ratio, and tangible common equity ratio. These metrics help provide a clearer view of the company’s financial performance.

For more information, contact Christopher J. Annas at 484-568-5001 or [email protected]. Visit www.meridianbanker.com for additional details.



Read more at GlobeNewswire:: Meridian Corporation Reports Fourth Quarter 2024 Results