Business
Meridian Corporation Reports Second Quarter 2023 Results and Announces a Quarterly Dividend of $0.125 per Common Share.
MALVERN, Pa., July 28, 2023 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Net income of $4.6 million and diluted earnings per share
About this update from Meridian Corporation
[{"type":"text","content":"MALVERN, Pa., July 28, 2023 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Net income of $4.6 million and diluted earnings per share of $0.41 for the second quarter ended June 30, 2023.Return on average assets and return on average equity for the second quarter of 2023 were 0.86% and 12.08%, respectively.Net interest margin was 3.33% for the second quarter of 2023, with loan yield of 6.89%.Total assets at June 30, 2023 were $2.2 billion, compared to $2.2 billion at March 31, 2023 and $1.9 billion at June 30, 2022.Second quarter commercial loan growth was $27.4 million, or 7.2% annualized; residential and home equity loans increased by $14.2 million on a combined basis, or 18.9% annualized.Second quarter deposit growth was $12.2 million, or 2.8% annualized.Non-interest bearing deposits were up $6.5 million, or 10% annualized.The Company repurchased 127,849 shares of its common stock at an average price of $12.21 per share during the second quarter. The repurchase plan expired mid April.On July 27, 2023, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable August 21, 2023 to shareholders of record as of August 14, 2023. Christopher J. Annas, Chairman and CEO commented, “Meridian’s second quarter revenue of $43.0 million generated earnings of $4.6 million, or $0.41 per diluted share. Annual loan growth in the core CRE, C&I and SBA portfolios are expected to again approach 15%. These groups also bring deposits and other referrals, which enhances overall yields. Construction lending for residential and multi-family is still robust because of high demand, as for-sale homes are at historical lows. Credit has not deteriorated meaningfully in any segment and we remain diligent with our credit process and diversification.\" Mr. Annas added, \"Total business deposits increased to 58% of total deposits, with non-interest bearing accounts up in the quarter by 10% on annualized basis. The margin was down from the prior quarter mostly due to higher deposit expense, as customers have increasing awareness of rate moves. The historical lag effect is gone. We have adjusted well to the tumultuous environment created by the historic Federal Reserve interest rate moves, but the impact on margins continues. We are well positioned for a rise or fall and will not bet on either event. The ...