Meridian Corporation Reports Net Income of $9.0 Million, or $1.48 Per Diluted Share, in 4Q 2020 and Declares Quarterly Cash Dividend of $0.125 Per Share.

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[{"type":"text","content":"MALVERN, Pa., Feb. 01, 2021 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: 2020 2020 2020 2020 2019(Dollars in thousands, except per share data)4th QTR 3rd QTR 2nd QTR 1st QTR 4th QTRIncome: Net income - consolidated$8,997 $9,212 $5,713 $2,516 $3,137Diluted earnings per common share$1.48 $1.51 $0.94 $0.39 $0.49 Christopher J. Annas, Chairman and CEO commented “Meridian had a spectacular fourth quarter, earning $9.0 million with a $1.48 diluted EPS. The bank, mortgage group, wealth and title all contributed nicely. For the year, Meridian generated revenues of $149.6 million with net income of $26.4 million. That’s a 21% ROE and diluted EPS of $4.27, quite an achievement for any type of company and in a year like no other. In this work-from-anywhere environment, our high energy team propelled us past the difficulties of 2020 to this record performance.” Mr. Annas continued, “Commercial loan growth for the year (excluding PPP and held-for-sale) was 13%, despite a big drop in construction loan balances. The housing market has been very strong in the Philadelphia metro region, which accelerated home sales after construction and benefitted the builders. Our small-ticket leasing business, organically started in the second quarter, ended with $32.8 million in outstandings. We are proud of our history of building businesses and taking advantage of market disruption to add lending staff, a testimony to our growth culture. As the region gets vaccinated and commerce rebounds, we are poised to really take advantage of the upturn. Our online delivery model, which we crafted from our founding in 2004, is now the preferred method for all banking services and we can capitalize on this transformation.” Income Statement Highlights Fourth quarter 2020 compared with third quarter 2020: Net income was $9.0 million, a decrease of $215 thousand, or 2.3%, driven by continued strong non-interest income for the quarter.Pre-tax, pre-provision income for the quarter was $13.0 million, a decrease of $2.9 million or 18.2% due to a an increase of $6.1 million in non-interest expense, partially offset by increased net interest income and non-interest income for the fourth quarter. A reconciliation of this non-GAAP measure is included in the Appendix.Total revenue was $47.9 million, an increase of $2.9 million, or 6.5%, due to a higher l...

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