Meridian Corporation Reports First Quarter 2024 Results and Announces a Quarterly Dividend of $0.125 per Common Share

About this update from Meridian Corporation

[{"type":"text","content":"MALVERN, Pa., April 26, 2024 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Three Months Ended (Dollars in thousands, except per share data)((Unaudited)March 31,2024 December 31,2023 March 31,2023 Income: Net income$2,676 $571 $4,021 Diluted earnings per common share$0.24 $0.05 $0.34 Pre-tax, pre-provision income (1)$6,419 $5,356 $6,526 Pre-tax, pre-provision income - Bank (1)$6,406 $5,757 $8,358 (1) See Non-GAAP reconciliation in the Appendix Commercial loans, excluding leases, increased $71.6 million, or 5%, for the quarter and $137.1 million, or 10%, year over year.Total assets at March 31, 2024 were $2.3 billion, compared to $2.2 billion at December 31, 2023 and March 31, 2023.Pre-tax, pre-provision income for the Bank was $6.4 million for the quarter.Net interest margin was 3.09% for the first quarter of 2024, with a loan yield of 7.24%.On April 25, 2024, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable May 20, 2024 to shareholders of record as of May 13, 2024. Christopher J. Annas, Chairman and CEO commented, “Our first quarter earnings improved measurably from last quarter, totaling $2.7 million and $0.24 cents per share. We continue to manage through the dramatic rate rise effects, both with our bank and with our customers. The net interest margin contracted to 3.09% for the quarter, but shows signs of stabilizing. The economic environment in the Philadelphia metro region remains healthy, and growth continues around 10% over the prior year across our main commercial business lines. The housing market is still tight with low inventory, so home construction financing is strong with quick settlements. There has been some disruption with larger banks closing branches and a few mid-size banks with management changes, which gives us continued customer acquisition opportunities. Meridian is a credit driven bank, with a broad product line to service all but the biggest customers. This segment is credit dependent, and the businesses have been adjusting to the change. Provisioning reflects the strain on our customers, particularly small businesses, and was still elevated in 1Q due mostly to our SBA and equipment leasing divisions. The mortgage segment had a seasonal loss for the quarter, but achieved higher volumes than in the prior year comparable quarter. Desp...

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