Business
Meridian Corporation Reports First Quarter 2023 Results and Announces a Quarterly Dividend of $0.125 per Common Share
MALVERN, Pa., May 02, 2023 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Net income of $4.0 million and diluted earnings per share
About this update from Meridian Corporation
[{"type":"text","content":"MALVERN, Pa., May 02, 2023 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Net income of $4.0 million and diluted earnings per share of $0.34 for the first quarter ended March 31, 2023.Return on average assets and return on average equity for the first quarter of 2023 were 0.78% and 10.65%, respectively.Net interest margin was 3.61% for the first quarter of 2023.Total assets at March 31, 2023 were $2.2 billion, compared to $2.1 billion at December 31, 2022 and $1.8 billion at March 31, 2022.First quarter commercial loan growth was $61.3 million, or 16.9% annualized; residential and home equity loans increased by $19.6 million.First quarter deposit growth was $57.9 million, or 13.6% annualized.Upon adoption ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326) (“CECL”) effective January 1, 2023, we recorded an increase to our allowance for credit losses of $1.6 million and an adjustment to the reserve for unfunded commitments of $1.3 million. The after-tax retained earnings impact of this adoption was $2.2 million.The Company repurchased 184,598 shares of its common stock at an average price of $15.63 per share during the first quarter.Performed a two-for-one stock split in the form of a 100% stock dividend on outstanding shares of common stock. After the close of business on March 20, 2023, shareholders of record on March 14, 2023, received one additional share of Corporation stock for each share then held. All share and per share amounts have been adjusted to reflect the stock split.On April 27, 2023, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable May 22, 2023 to shareholders of record as of May 15, 2023. Christopher J. Annas, Chairman and CEO commented “Meridian’s first quarter revenue of $37.6 million generated earnings of $4.0 million, or $0.34 per diluted share. The bank segment had strong performance with loan growth of 4.3% for the quarter while achieving net interest margin of 3.61%. The margin was down from the prior quarter as we could no longer delay raising deposit rates. The first quarter banking market turmoil with SVB and others alerted most customers on deposit insurance and we offered insured sweep accounts as needed. Our deposit base is diversified with generally larger average balances due to our commercial orientation. During...