From GlobeNewswire: 2025-04-25 13:31:00

Meridian Corporation (Nasdaq: MRBK) reported a net income of $2.4 million for the first quarter of 2025, with diluted earnings per share of $0.21. Pre-provision net revenue for the quarter was $8.4 million, up 30.2% from the first quarter of 2024. Total assets at the end of March 2025 were $2.5 billion.

The company’s first quarter earnings were slightly below the same period in 2024, but pre-provision net revenue increased by 30%, reflecting healthy growth in business units. Loan growth was 12% annualized, driven by commercial lending. The mortgage group had a larger pre-tax loss due to lower volume, but forecasted greater home inventory in key markets is promising.

Meridian Wealth Partners saw strong performance in the first quarter, with pre-tax income of $726,000. The company is poised for better growth in this segment as the expanded loan customer base provides referral business. The mortgage group experienced a decline in pre-tax income due to lower volume and a decrease in loan officers.

The company managed a spike in non-performing loans by focusing on remediation efforts. Net interest margin increased to 3.46%, helping to drive profitability. The ratio of non-performing loans to total loans increased to 2.49% as of March 31, 2025. Net charge-offs decreased from the previous quarter.

Total assets increased to $2.5 billion at the end of March 2025, with a significant increase in interest-earning cash. Loan growth contributed to the overall asset increase. Total deposits increased by $123.4 million quarter-over-quarter. Stockholders’ equity increased to $173.3 million.

Meridian Corporation’s non-GAAP measures reflect adjustments commonly made by management, investors, regulators, and analysts. The company believes these metrics are meaningful but acknowledges their limitations. The tangible book value per common share was $15.03 as of March 31, 2025, reflecting the company’s financial strength and performance.



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