Business
Meridian Corporation Reports Net Income of $2.0 Million, or $0.31 Per Diluted Share, in 2Q 2019
MALVERN, Pa., July 29, 2019 /PRNewswire/ -- Meridian Corporation (Nasdaq: MRBK) today reported net income increased 12.2% to $2.0 million, or $0.31 per
About this update from Meridian Corporation
[{"type":"text","content":" MALVERN, Pa., July 29, 2019 /PRNewswire/ -- Meridian Corporation (Nasdaq: MRBK) today reported net income increased 12.2% to $2.0 million, or $0.31 per diluted share for the second quarter of 2019, compared to $1.8 million, or $0.28 per diluted share, in the second quarter of 2018, generating a return on average assets and return on average equity of 0.81% and 7.14%, respectively, for the current quarter. Pretax income for the second quarter of 2019 was reduced by $665 thousand for a class action litigation settlement. This $665 thousand decrease in pretax income reduced second quarter 2019 net income by $517 thousand, or $0.08 per basic and diluted share.\nIn the first six months of 2019, Meridian's net income increased 31.1% to $4.0 million, or $0.63 per diluted share, compared to $3.1 million, or $0.48 per diluted share, in the first six months of 2018. \n\"Meridian's second quarter operating results were highlighted by strong loan and core deposit growth and solid net interest income, reflecting earning asset expansion and a relatively stable net interest margin,\" said Christopher J. Annas, Chairman and CEO. \"Loan balances were 13% higher and deposit balances grew 23% at the end of the second quarter compared to a year ago, contributing to our higher profitability. \n\"Our SBA lending team that joined Meridian in late 2018 is doing outstanding work serving the entrepreneurs in our markets. We have the right team in place and are optimistic about this new loan segment and its potential for growth.\n\"The markets we serve in Pennsylvania, Delaware and New Jersey continue to demonstrate strong economic growth. This growth, along with the consolidation we are seeing in the banking industry, continues to present opportunities for us to gain market share.\"\nSelect Condensed Financial Information \nReconciliation of Non-GAAP Financial Measures\nMeridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate performance trends and the adequacy of common equity. This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian's...