Business
Meridian Corporation Reports Second Quarter 2022 Results
MALVERN, Pa., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Net income of $5.9 million and diluted earnings per share
About this update from Meridian Corporation
[{"type":"text","content":"MALVERN, Pa., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Net income of $5.9 million and diluted earnings per share of $0.96 for the second quarter ended June 30, 2022 compared to net income of $5.5 million and diluted earnings per share of $0.88 for the first quarter ended March 31, 2022Return on average assets for the second quarter of 2022 was 1.31% compared to 1.28% for the first quarter of 2022; return on average equity for the second quarter was 15.03% compared to 13.86% for the prior quarterNet interest margin increased to 4.07% in the second quarter of 2022 from 3.89% in the first quarter of 2022Second quarter commercial loan growth, excluding Paycheck Protection Program (\"PPP\") loans, was $73.8 million, or 24% annualized; consumer loans increased by $19.1 million, or 36% annualizedNon-interest income of $10.4 million in the second quarter of 2022 compared to $13.1 million in the prior quarterNon-interest expenses decreased by $1.7 million, to $19.7 million in the second quarter of 2022 from $21.4 million in the prior quarter; efficiency ratio at 70% for the second quarter of 2022 compared to 74% for the prior quarterThe Company repurchased 97,385 shares of its common stock at an average price of $31.14 per share during the second quarter ended June 30, 2022On July 28, 2022, the Board of Directors declared a quarterly cash dividend of $0.20 per common share, payable August 22, 2022 to shareholders of record as of August 15, 2022 2022 2022 2021 2021 2021(Dollars in thousands, except per share data)2nd QTR 1st QTR 4th QTR 3rd QTR 2nd QTRIncome: Net income$5,938 $5,535 $7,719 $9,438 $8,258Diluted earnings per common share 0.96 0.88 1.24 1.52 1.33Pre-tax, pre-provision income (1) 8,248 7,704 9,671 12,898 10,898Pre-tax, pre-provision income - Bank (1) 7,458 8,778 6,829 8,896 7,811(1) See Non-GAAP reconciliation in the Appendix Christopher J. Annas, Chairman and CEO commented “Meridian’s second quarter revenue of $30.4 million generated earnings of $5.9 million, or $0.96 per diluted share. The results were very strong despite a break even in the mortgage segment. While we’re not happy with this, it does illuminate the excellent bank returns that sometimes get overshadowed. Exceptional loan growth and a strong margin drove much of the Bank’s success. Loan growth, excluding PPP, was $9...