Meridian Corp - MRBK STOCK NEWS

Meridian (MRBK) reported Q4 2024 net income of $5.6 million ($0.49 per diluted share), an 18.1% increase from Q3. Full-year 2024 net income reached $16.3 million ($1.45 per diluted share), up 23.4% from 2023.

Key Q4 highlights include: net interest margin of 3.29%, commercial loan growth of 2%, and deposit growth of 1%. The company recognized a $4.0 million gain from selling $6.6 million in residential mortgage servicing rights and a $317,000 gain from selling an OREO property.

Total assets remained stable at $2.4 billion, with commercial loans (excluding leases) increasing 12% year-over-year. Deposits grew 10% annually to reach $2.0 billion. The Board declared a quarterly cash dividend of $0.125 per share, payable February 18, 2025.

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.

Meridian Bank appoints Patrick Hart as Senior Vice President, Commercial Lending, bringing 25 years of banking experience in the Greater Philadelphia region. Hart's expertise in credit and lending will benefit the bank's Chester County team, focusing on commercial and industrial organizations. Marc Pelletier, Meridian SVP, praises Hart's skills and enthusiasm for customer service.

Meridian Corporation (MRBK) reported a decrease in net income to $571 thousand for the fourth quarter of 2023, down from $4.0 million in the prior quarter. The decline was attributed to additional provisions for non-performing commercial credit and negative impact from the rise in interest rates. However, the company saw a 9% increase in commercial loans, excluding leases, and a 3.18% net interest margin for the fourth quarter. The Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable February 20, 2024. The company's CEO expressed confidence in the existing reserves and expected resolution in the commercial credit in 2024, with continued growth in core portfolios and a stable business environment in the Philadelphia metro region.

Meridian Bank (MRBK) ranks as a top lender in the SBA's Eastern Pennsylvania District, securing first place in dollar volume and third in the total number of SBA 7(a) loans in fiscal year 2023. Meridian provided $128.8 million in 7(a) lending through 138 loans, marking a consistent increase over the past four years. The bank also ranks third in New Jersey and 47th in the nation by volume. Rocco Perate, Executive Vice President, SBA Lending, attributes this success to the bank's entrepreneurial spirit, dedicated team, and commitment to understanding small businesses' needs.

Meridian Corporation reports net income of $4.0 million and diluted earnings of $0.35 per share for Q3 2023. Return on average assets and return on average equity were 0.73% and 10.17%, respectively. Total assets at September 30, 2023, were $2.2 billion. Commercial loan growth was $21.3 million, or 6.1% annualized. Deposit growth was $26.0 million, or 6.0% annualized. The Board of Directors declared a quarterly cash dividend of $0.125 per common share.