Welcome to our dedicated page for Meridian Corporation news (Ticker: MRBK), a resource for investors and traders seeking the latest updates and insights on Meridian Corporation stock.
Meridian Corporation (MRBK) is a locally-based community bank dedicated to providing a comprehensive array of financial services to businesses, professionals, and retail customers across Pennsylvania, New Jersey, and Delaware. As a full-service, state-chartered commercial bank, Meridian operates in three primary segments: Bank, Wealth, and Mortgage.
The largest segment, Bank, encompasses commercial and retail banking services. Meridian generates interest income through its lending and investing activities. The bank's portfolio includes commercial and consumer real estate financing, residential mortgages, investment and wealth management services, retail banking, and electronic payments processing. These services are supported by a network of branches that gather deposits, which are essential for funding loans and generating net interest income.
Meridian prides itself on delivering tailored financial solutions designed by experienced bankers. These solutions are delivered efficiently through advanced technological channels, ensuring customers receive personalized and convenient service. As a member of FDIC and an Equal Housing Lender, the bank adheres to stringent regulatory standards, providing customers with peace of mind.
In recent times, Meridian Bank has continued to grow and expand its presence in the Delaware Valley region. With a focus on high visibility and community presence, the bank has become a preferred financial institution in its service areas. The forecasted rate declines are expected to create a robust business environment, further driving the bank's growth.
For more information, contact Christopher J. Annas at CAnnas@meridianbanker.com or call 484.568.5001.
Meridian (MRBK) reported Q3 2024 net income of $4.7 million, up 42.6% from Q2, with diluted EPS of $0.42. The company saw net interest margin of 3.20% and loan yield of 7.41%. Commercial loans grew by $30.0 million (2%) quarterly and $158.0 million (11%) yearly. Deposits increased by $63.5 million (3%) in Q3 and $170.3 million (9.4%) year-over-year. The Board declared a quarterly cash dividend of $0.125 per share, payable November 19, 2024. Total assets remained stable at $2.4 billion, while non-performing loans increased to $45.1 million.
Meridian (Nasdaq: MRBK) reported Q2 2024 results with net income of $3.3 million, up 24.3% from Q1. Diluted earnings per share reached $0.30. Key highlights include:
- Commercial loans grew 3% for the quarter and 8% year-over-year
- Total assets increased to $2.4 billion
- Pre-tax, pre-provision income was $7.1 million
- Net interest margin was 3.06% with a loan yield of 7.31%
- Board declared a quarterly cash dividend of $0.125 per share
CEO Christopher J. Annas noted strong loan growth, particularly in residential and multi-family real estate, amid market disruption. The company continues to gain market share in the Philadelphia metro region despite rate challenges.
Meridian Bank has appointed Christopher E. McDermott as Senior Vice President, Commercial Lending, bringing his extensive banking experience to serve business customers in Bucks and Montgomery Counties. McDermott's background includes working for large and small institutions in commercial lending, and his expertise will enhance Meridian's 'Continuum of Lending' strategy. CEO Chris Annas believes McDermott's experience aligns well with Meridian's culture of partnership and customer loyalty.
Meridian (MRBK) reported first-quarter 2024 results, with net income of $2.7 million and diluted earnings per share of $0.24. Commercial loans increased by 5% for the quarter. Total assets were $2.3 billion. The Board declared a dividend of $0.125 per share. The CEO noted improvements in earnings, stable interest margins, and growth in the Philadelphia metro region.
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