Meridian Corporation Reports 1Q 2022 Net Income of $5.5 million, or $0.88 Per Diluted Share and Quarterly Cash Dividend of $0.20 Per Share

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[{"type":"text","content":"MALVERN, Pa., May 02, 2022 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: 2022 2021 2021 2021 2021(Dollars in thousands, except per share data)1st QTR 4th QTR 3rd QTR 2nd QTR 1st QTRIncome: Net income$5,535 $7,719 $9,438 $8,258 $10,170Diluted earnings per common share$0.88 $1.24 $1.52 $1.33 $1.65Pre-tax, pre-provision income (1)$7,704 $9,671 $12,898 $10,898 $13,905Pre-tax, pre-provision income - Bank (1)$8,778 $6,829 $8,896 $7,811 $7,891(1) See Non-GAAP reconciliation in the Appendix Christopher J. Annas, Chairman and CEO commented “Meridian’s first quarter revenue of $31.1 million generated earnings of $5.5 million, or $0.88 per diluted share. The solid quarterly performance resulted from exceptional growth and earnings from the bank segment. Loan and lease growth was $84.1 million or 26% annualized (excluding PPP loans and mortgage loans held for sale). The net interest margin increased to 3.89% as PPP loans are being replaced by higher yielding commercial loans. The SBA division had an excellent quarter of growth and loan sales, as we continue to expand this business line. Although our mortgage business performance was down due to interest rate increases and a lack of homes for sale, historical seasonality should result in higher second and third quarter volume. We are monitoring expense levels constantly and making adjustments to support profitability.” Mr. Annas added, “Meridian is getting consistent opportunities to capture market share in our core Philadelphia metro region, benefited by recent consolidations. At the same time we are being watchful of economic and international events that continue to affect supply chains and pricing. Diligence in our credit process towards these opportunities will always be our first priority.” Balance Sheet Highlights March 31, 2022 compared to December 31, 2021: Total assets increased $118.1 million, or 6.9%, to $1.8 billion as of March 31, 2022.Portfolio loans, excluding SBA Paycheck Protection Program (\"PPP\") loans, grew $84.1 million, or 6.5% quarter-over-quarter, or 26% on an annualized basis. PPP loans decreased $38.6 million, or 43.7%, and mortgage loans held for sale decreased $376 thousand, or 0.5%.Quarter-over-quarter portfolio loan growth was most evident in the commercial real estate/construction portfolio which grew $41.0 million, commercial loans ...

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