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Independent Bank Corp. (INDB) and Meridian Bancorp, Inc. (EBSB) have announced that they have received all necessary regulatory approvals for the proposed acquisition of Meridian by Independent. The transaction is now set to close on November 12, 2021, pending customary closing conditions. This merger aims to enhance their service offerings and market presence in Massachusetts, particularly in the Greater Boston area.
Meridian Bancorp, Inc. (NASDAQ: EBSB) reported a net income of $18.3 million, or $0.36 per diluted share for Q3 2021, an increase from $16.5 million in Q2 2021 and $16.7 million in Q3 2020. Year-to-date, net income rose to $59.2 million, compared to $46.9 million in the same period last year. However, net interest income fell by 5.7% to $46.0 million year-over-year. Total assets decreased 7.4% to $6.128 billion, with total deposits down 7.6%.
Despite challenges, stockholders' equity increased 5.8% to $813.7 million, and tangible book value per share grew to $15.02.
BOSTON, Aug. 31, 2021 – Meridian Bancorp, Inc. (NASDAQ: EBSB) declared a quarterly cash dividend of $0.10 per share, payable on October 5, 2021. The record date for stockholders is September 21, 2021. Meridian, the holding company for East Boston Savings Bank, operates 43 branches in the Boston area, offering a range of deposit and loan products. Founded in 1848, the bank serves Essex, Middlesex, Norfolk, and Suffolk Counties in Massachusetts. For more details, visit www.ebsb.com.
Independent Bank Corp. (INDB) and Meridian Bancorp, Inc. (EBSB) received shareholder approvals for their merger agreement. The merger, pending regulatory approval and customary closing conditions, is anticipated to be completed in Q4 2021. The merger is strategically significant, as it combines Independent's Rockland Trust and Meridian's East Boston Savings Bank, potentially enhancing market presence and service offerings. Both companies will disclose final vote results in Form 8-Ks filed with the SEC.
Meridian Bancorp reported a net income of $16.5 million for Q2 2021, down from $24.3 million in Q1 2021 but an increase from $17.3 million in Q2 2020. For the first half of 2021, net income reached $40.9 million, up 35.1% year-over-year. The return on average assets was 1.03% for Q2 2021, and 1.25% for the first half. Despite a 10.8% decline in total interest income, net interest income increased by 0.8%. The company recognized $3.3 million in legal expenses and incurred $1.1 million in merger-related costs.
Meridian Bancorp, Inc. (NASDAQ: EBSB) has declared a quarterly cash dividend of $0.10 per common share, payable on July 1, 2021. Shareholders must be on record by the close of business on June 17, 2021. Founded in 1848, Meridian operates 43 branches in the Boston area, offering various deposit and loan products. The company emphasizes its commitment to its primary markets in Essex, Middlesex, Norfolk, and Suffolk Counties, Massachusetts.
Meridian Bancorp, Inc. (NASDAQ: EBSB) reported a record net income of $24.3 million for Q1 2021, up 34.2% from Q4 2020 and 87.4% year-over-year. Earnings per diluted share increased to $0.48. The company's return on average assets improved to 1.46% and return on equity rose to 12.45%. Net interest income increased 7.3% to $48.4 million. However, total assets decreased by 1.8% to $6.504 billion. Total deposits edged up 0.3% to $5.097 billion, with a notable decrease in certificates of deposit.
Independent Bank Corp. (INDB) and Meridian Bancorp, Inc. (EBSB) have entered a definitive merger agreement where Independent will acquire Meridian and Rockland Trust will acquire East Boston Savings Bank. Meridian stockholders will receive 0.2750 shares of Independent common stock per Meridian share. Valued at approximately $1.15 billion, the transaction is set to be tax-free for stockholders and is anticipated to enhance Independent’s tangible book value by 7.9% and its earnings per share by 23% in 2022. The merger is expected to close in Q4 2021, pending approvals.
Meridian Bancorp, Inc. (NASDAQ: EBSB) has declared a quarterly cash dividend of $0.10 per common share, reflecting a 25% increase from the previous rate. This dividend is payable on April 1, 2021, to stockholders of record by March 18, 2021. Additionally, the company announced a new stock repurchase program allowing for the buyback of up to 1,000,000 shares, approximately 1.9% of its outstanding stock. CEO Richard J. Gavegnano emphasized the commitment to enhancing shareholder value through these actions, which align with expected earnings trends and strong asset quality.
On January 26, 2021, Meridian Bancorp (EBSB) reported a net income of $18.1 million for Q4 2020, marking a 6.2% increase from $17.1 million in Q4 2019. For the full year, net income decreased to $65.1 million, down from $67.0 million in 2019. The net interest margin improved to 3.24% for Q4 and 3.12% for the year due to lower costs of funds. Total deposits increased by 3.2% to $5.081 billion. However, net loans fell 4.5% to $5.444 billion, largely due to a decrease in commercial real estate loans. The company's market price per share declined 25.8% year-over-year.
