From GlobeNewswire: 2024-07-26 13:09:00

Meridian Corporation (Nasdaq: MRBK) reported second quarter earnings showing improvement from the first quarter, with net income rising 24.3% to $3.3 million. Total assets were $2.4 billion at June 30, 2024. The Board declared a quarterly cash dividend of $0.125 per common share. CEO Christopher J. Annas highlighted strong loan growth and market share gains in the Philadelphia metro region.

Detailed financial information for the second quarter ended June 30, 2024, showed net income of $3.3 million, or $0.30 per share, and a net interest margin of 3.06%. Non-interest income increased by 15.8% quarter-over-quarter, led by growth in mortgage banking income. Non-interest expense rose to $19 million due to increases in salaries, benefits, and other expenses.

Total loans increased by $40.7 million, or 3%, for the quarter and $112.3 million, or 8%, year over year. Total assets were $2.4 billion at June 30, 2024. Pre-tax, pre-provision income was $7.1 million for the quarter, with $545 thousand coming from the mortgage division. The net interest margin was 3.06% for the second quarter of 2024.

Interest income for the quarter ended June 30, 2024, increased by $1.2 million on a tax equivalent basis, driven by higher levels of average earning assets. Net interest income differential was $16.9 million. Provision for credit losses decreased to $2.7 million for the quarter. Non-interest income increased by $1.3 million, with mortgage banking income leading the growth. Non-interest expense rose to $19 million due to higher salaries, benefits, and expenses.

Meridian Corporation’s financial performance for the second quarter of 2024 saw improvements in net income, net interest margin, non-interest income, and total loans. CEO Christopher J. Annas expressed optimism about the company’s prospects and its ability to navigate challenges in a generally stable economic landscape. The Philadelphia metro region continues to exhibit healthy growth, with opportunities for market share gains and loan growth.



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