Meridian Corporation - MRBK STOCK NEWS

Meridian Corporation (Nasdaq: MRBK) announced a two-for-one stock split in the form of a 100% stock dividend, effective for shareholders of record as of March 14, 2023. Each shareholder will receive one additional share for each share held, with shares distributed after March 20, 2023. Post-split, there will be approximately 11,405,184 shares outstanding. CEO Christopher J. Annas expressed satisfaction with the company’s financial performance and emphasized the importance of building a local shareholder base to enhance branding in the Philadelphia metro area.

Meridian Corporation (Nasdaq: MRBK) reported a net income of $21.8 million and diluted earnings per share of $3.58 for the year ended December 31, 2022. In Q4 2022, net income was $4.6 million with diluted earnings per share of $0.77. The return on average assets was 1.18% for the year and 0.92% for the quarter. Total assets increased to $2.1 billion. A quarterly cash dividend of $0.25 per share was declared, payable on February 21, 2023. Despite strong loan growth, the company faced challenges in its mortgage segment, which saw a 67% decline in revenue year-over-year due to rising rates and low inventory.

Meridian Corporation (Nasdaq: MRBK) reported a net income of $5.8 million and diluted earnings per share of $0.96 for Q3 2022, unchanged from Q2 2022. The company experienced a decrease in return on average assets to 1.23% and return on average equity to 14.59%. Net interest margin fell to 4.01%. Commercial loan growth was notable at $69.1 million, while consumer loans rose $42.9 million. Non-interest income dipped slightly to $10.2 million. The Board declared a quarterly cash dividend of $0.20 per share, payable November 21, 2022.

Meridian Corporation (NASDAQ: MRBK) has appointed Christine M. Helmig, CPA, to its Board of Directors, effective immediately. Helmig, currently the CFO of Hankin Group, brings extensive financial expertise and has served on Meridian's Advisory Board since January 2022. Her appointment is expected to enhance the Board's effectiveness and alignment with Meridian's vision. Chairman Chris Annas emphasized her dedication and experience will provide significant value. Helmig is recognized for her community involvement and has received the Philadelphia Business Journal’s CFO of the Year award.

Meridian Corporation (Nasdaq: MRBK) reported net income of $5.9 million and diluted earnings per share of $0.96 for Q2 2022, showing improvement from Q1 2022's $5.5 million and $0.88 respectively. Return on average assets rose to 1.31%, while net interest margin increased to 4.07%. Commercial loans grew by $73.8 million (24% annualized). However, non-interest income decreased to $10.4 million from $13.1 million, influenced by declines in SBA loan income and mortgage revenues. The company declared a $0.20 dividend, payable August 22, 2022.

Meridian Corporation announced the passing of Kenneth H. Slack, a distinguished member of its Board of Directors since 2004 and a founding organizer. Slack contributed significantly by chairing the Audit and Compensation Committees. He co-founded the public accounting firm Stephano Slack LLC and had over 30 years of experience in public accounting. His involvement extended to various local boards and organizations, showcasing his commitment to community service and business excellence. Meridian Corporation, through its subsidiary Meridian Bank, offers a diverse range of financial services and has over 20 offices.

Meridian Corporation (Nasdaq: MRBK) reported a first-quarter net income of $5.5 million, or $0.88 per diluted share, representing a 45.6% decline from $10.2 million in Q1 2021. Total assets grew 6.9% to $1.8 billion, driven by an 8.2% increase in deposits. The net interest margin increased to 3.89%. However, non-interest income fell 51.6% due to a significant drop in mortgage banking activity. A quarterly dividend of $0.20 per share was declared, payable on May 23, 2022.

Meridian Corporation (MRBK) reported its fourth quarter 2021 results, revealing a net income of $7.7 million, or $1.24 per diluted share, down 18.2% from Q3 2021. Total revenue reached $35.3 million, with a year-to-date net income of $35.6 million, a 35% increase from 2020. The board declared a quarterly cash dividend of $0.20 and a special dividend of $1.00, both payable on February 21, 2022. Loan and lease growth year-over-year was 19.5%. Non-interest income fell by 22.8%, primarily due to a decline in mortgage banking revenues. Total assets were reported at $1.71 billion, down 2.8% from the previous quarter.