Business
Meridian Corporation Reports Second Quarter 2024 Results and Announces a Quarterly Dividend of $0.125 per Common Share
MALVERN, Pa., July 26, 2024 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Three Months Ended(Dollars in thousands, except per share
About this update from Meridian Corporation
[{"type":"text","content":"MALVERN, Pa., July 26, 2024 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Three Months Ended(Dollars in thousands, except per share data)((Unaudited)June 30,2024 March 31,2024 June 30,2023Income: Net income$3,326 $2,676 $4,645Diluted earnings per common share$0.30 $0.24 $0.41Pre-tax, pre-provision income (1)$7,072 $6,419 $6,607(1) See Non-GAAP reconciliation in the Appendix Commercial loans, excluding leases, increased $40.7 million, or 3%, for the quarter and $112.3 million, or 8%, year over year.Total assets at June 30, 2024 were $2.4 billion, compared to $2.3 billion at March 31, 2024 and $2.2 billion at June 30, 2023.Pre-tax, pre-provision income was $7.1 million for the quarter, with $545 thousand from the mortgage division.Net interest margin was 3.06% for the second quarter of 2024, with a loan yield of 7.31%.On July 25, 2024, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable August 19, 2024 to shareholders of record as of August 12, 2024. Christopher J. Annas, Chairman and CEO commented: “Our second quarter earnings showed significant improvement from the first quarter, increasing by 24.3% to $3.3 million, or $0.30 per share. Key highlights include a steady net interest margin at 3.06% for the quarter and a quarterly profit in our mortgage segment. Total loan growth in the first half was 6.5% as we continue to bring on new relationships and take advantage of market disruption. Real estate loan growth is particularly strong in residential and multi-family, which are both in high demand. The Philadelphia metro region remains healthy, with a continued shortage of homes for sale. A recent comment from DR Horton highlighted that the US needs 5 million more homes nationally to meet demand, a deficiency that is evident in our region. Private equity’s significant ownership and rental of homes nationally contributes to this problem. Despite these challenges our volume has improved from 2023, and if rates come down the demand could strengthen. Meridian continues to gain market share in our region. While navigating the rate rise has presented some obstacles, our core businesses remain healthy. We are excited about our prospects and the generally stable economic landscape.” Select Condensed Financial Information As of or for the quarter ended (Unaudited) June 30,2...