Meridian Corporation Reports 3Q 2021 Net Income of $9.4 Million, or $1.52 Per Diluted Share and Increases Quarterly Cash Dividend to $0.20 Per Share

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[{"type":"text","content":"MALVERN, Pa., Nov. 01, 2021 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: 2021 2021 2021 2020 2020(Dollars in thousands, except per share data)3rd QTR 2nd QTR 1st QTR 4th QTR 3rd QTRIncome: Net income$9,438 $8,258 $10,170 $8,997 $9,212Diluted earnings per common share$1.52 $1.33 $1.65 $1.48 $1.51Pre-tax, pre-provision income (1)$12,898 $10,898 $13,905 $13,040 $15,941Pre-tax, pre-provision income - Bank (1)$8,896 $7,811 $7,891 $6,294 $6,531(1) See Non-GAAP reconciliation in the Appendix Christopher J. Annas, Chairman and CEO commented “Meridian’s third quarter revenue of $40.4 million generated earnings of $9.4 million, or $1.52 per diluted share. Year-to-date earnings equaled $27.9 million compared to $17.4 million in 2020. The outstanding quarterly performance resulted from exceptional growth and earnings from the bank segment along with seasonally strong mortgage business. Loan and lease growth year-to-date annualized to 21% (excluding PPP loans and mortgage loans held for sale) as we capitalized on disruption at recently-acquired banks, brought on new lenders from competitor banks and enjoyed a robust business environment throughout the Delaware Valley. Our SBA and Wealth business lines also had strong quarters, capitalizing on the favorable market conditions. Our quarterly net interest margin was 3.83%, as we remained very disciplined in our pricing of loans and deposits. Approaching $2 billion in assets, Meridian is equally capable in handling small business requests as well as major financings. This range gives us great opportunity to gain a deeper market share in the Delaware Valley.” Mr. Annas added, “As mortgage refinancing declines, our team is gaining share in the purchase market despite a lack of homes for sale. We expect the demand for homes to sustain through any seasonal aberrations.” Income Statement Highlights Third quarter 2021 compared with second quarter 2021: Net income was $9.4 million, an increase of $1.2 million, or 14.3%, led by a higher level of both net interest income and non-interest income as our bank segment continues to drive our performance. Ancillary business lines also performed well.The return on average equity (“ROE”) and return on average assets (“ROA”) were 24.07% and 2.15%, respectively, for the third quarter 2021, compared to 22.61% and 1.92%, respectively, for t...

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