Business
Meridian Corporation Reports Third Quarter 2023 Results and Announces a Quarterly Dividend of $0.125 per Common Share
MALVERN, Pa., Oct. 27, 2023 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Net income of $4.0 million and diluted earnings of $0.35
About this update from Meridian Corporation
[{"type":"text","content":"MALVERN, Pa., Oct. 27, 2023 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Net income of $4.0 million and diluted earnings of $0.35 per share for the third quarter ended September 30, 2023.Return on average assets and return on average equity for the third quarter of 2023 were 0.73% and 10.17%, respectively.Net interest margin was 3.29% for the third quarter of 2023, with a loan yield of 7.08%.Total assets at September 30, 2023 and June 30, 2023 were $2.2 billion, compared to $1.9 billion at September 30, 2022.Third quarter overall commercial loan growth was $21.3 million, or 6.1% annualized; residential and home equity loans increased by $15.1 million on a combined basis, or 19.2% annualized.Third quarter deposit growth was $26.0 million, or 6.0% annualized.Raised $9.7 million in subordinated debt at 8.00% during the quarter for growth and capital purposes.On October 26, 2023, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable November 20, 2023 to shareholders of record as of November 13, 2023. Total assets remained relatively flat quarter over quarter, however our portfolio loans increased $25.3 million, or 1.4% and total deposits increased $26.0 million, or 1.5%, during the period. \"We were pleased with our growth in the third quarter as we prioritize our asset mix to emphasize relationship-based credits,\" said Christopher J. Annas, Chairman and CEO. \"We continue to show growth in deposits, reduction in borrowings, and strengthening of our capital position. While our margin compressed slightly, we remain focused on high quality assets and prudent management of the balance sheet.\" Mortgage banking revenue was down $231 thousand over the prior quarter reflecting lower than anticipated loan production along with lower gain on sale margins. \"With the seasonal slowdown and increasing mortgage rates, mortgage origination decreased $14.5 million. The increase in the ten year Treasury and the lack of homes for sale continue to plague the division as we are simultaneously working to tailor operations to reasonable levels,\" Mr. Annas added. Mr. Annas concluded, \"Our growth this year in such a challenging environment is a strong indicator of our success in and our commitment to the regions we serve. We remain focused on opportunities that provide us with addition...