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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 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.
Meridian Corporation (MRBK) reported a net income of $9.4 million, or $1.52 per diluted share for Q3 2021, marking a 14.3% increase from Q2 2021. Year-to-date, income reached $27.9 million, compared to $17.4 million in 2020. The bank's total assets grew to $1.8 billion, with deposits up 15.9%. A quarterly dividend of $0.20 per common share has been declared, payable on November 22, 2021. Despite a decline in mortgage banking revenues by 3.8%, strong SBA sales and controlled expenses contributed positively to performance.
Meridian Corporation (Nasdaq: MRBK) has authorized a significant increase in its stock repurchase plan, now totaling $20 million, an increase from the previous $6 million initiated in April 2021. This adjustment allows for the repurchase of approximately 490,000 additional shares, amounting to an 8% increase in outstanding shares as of June 30, 2021. The repurchase is aimed at enhancing shareholder value, reflecting the company's confidence in its stock price. The actual timing and execution of the buybacks will depend on various market and financial factors.
Meridian Corporation (Nasdaq: MRBK) reported strong quarterly earnings for Q2 2021, with a net income of $8.3 million or $1.33 per diluted share. This is a decline of 18.8% from Q1 2021, primarily due to reduced non-interest income. Total revenues reached $39.2 million, highlighting the bank's robust performance in the commercial loan market, with a notable 17% annualized growth. The Board declared a cash dividend of $0.125 per share, payable on August 16, 2021. Total assets decreased slightly to $1.7 billion, while total loans net of allowance rose by 1% to $1.3 billion.
Meridian Corporation (MRBK) reported strong Q1 2021 results with net income of $10.2 million, or $1.65 per diluted share, representing a 304.2% increase year-over-year. Revenue stood at $44.5 million, a 93.4% increase from Q1 2020. Notably, the mortgage division contributed $24.7 million, despite a seasonal decline. The Board authorized a $6 million stock repurchase plan to enhance shareholder value. With a 30.06% ROE and 2.43% ROA, Meridian shows resilience amid economic challenges, aided by the PPP program and a robust local merger. Cash dividends of $0.125 per share are set for distribution.
Meridian Corporation (Nasdaq: MRBK) declared a special dividend of $1.00 per share on its Common Stock, payable on March 15, 2021 to shareholders of record by March 1, 2021. In 2020, the company reported revenue of $149.6 million and a net income of $26.4 million, achieving 162% diluted EPS growth and a 21% return on equity. The decision to issue a special dividend reflects strong performance in the mortgage division and a commitment to returning capital to shareholders while maintaining adequate capital for growth.
Meridian Corporation (MRBK) reported impressive financial results for the fourth quarter of 2020, achieving net income of $9.0 million or $1.48 per diluted share. For the year, net income reached $26.4 million, a 152.2% increase from 2019, driven by a 78.4% growth in total revenue to $149.6 million. The bank's mortgage division saw a massive 217.1% jump in banking revenue, largely due to a booming housing market and increased refinancing. A quarterly cash dividend of $0.125 has been declared, payable on February 22, 2021.
Meridian Corporation (Nasdaq: MRBK) reported historic earnings for Q3 2020, achieving a net income of $9.2 million and a diluted EPS of $1.51, driven by strong mortgage production and growth in core commercial loans. The annualized return on average equity was 29.30%. The company reported double-digit growth in commercial loans despite pandemic challenges and successfully facilitated nearly $260 million in PPP loans for 928 clients. However, they have increased loan loss provisions by $4 million due to economic uncertainties, with a loan loss allowance ratio rising to 1.27%.
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