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Meridian Corporation Reports Third Quarter 2024 Results and Announces a Quarterly Dividend of $0.125 per Common Share
MALVERN, Pa., Oct. 24, 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., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported: Three Months Ended(Dollars in thousands, except per share data) (Unaudited)September 30,2024 June 30,2024 September 30,2023Income: Net income$4,743 $3,326 $4,005Diluted earnings per common share$0.42 $0.30 $0.35Pre-tax, pre-provision income (1)$8,527 $7,072 $5,292(1) See Non-GAAP reconciliation in the Appendix Net income for the quarter ended September 30, 2024 was $4.7 million and pre-tax, pre-provision income was $8.5 million1.Return on average assets and return on average equity for the third quarter of 2024 were 0.80% and 11.41%, respectively.Net interest margin was 3.20% for the third quarter of 2024, with a loan yield of 7.41%.Total assets at September 30, 2024 were $2.4 billion, compared to $2.4 billion at June 30, 2024 and $2.2 billion at September 30, 2023.Commercial loans, excluding leases, increased $30.0 million, or 2% for the quarter and $158.0 million, or 11% year over year.Third quarter deposit growth was $63.5 million, or 3%, and $170.3 million, or 9.4% year over year.Non-interest-bearing deposits were up $13.2 million or 6%, quarter over quarter.On October 22, 2024, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable November 19, 2024 to shareholders of record as of November 12, 2024. Christopher J. Annas, Chairman and CEO commented: “Our third quarter earnings showed significant improvement from the second quarter, increasing by 42.6% to $4.7 million, or $0.42 per share. Key highlights include an improving net interest margin at 3.20% for the quarter, and strong results from our wealth and mortgage segments. Robust loan growth of 7.2% for the first nine months of the year reflects our strong sales culture and healthy economic conditions in our primary market areas. We have great systems for lenders to be more effective, and that same technology for our customers to bank entirely online, which leads to better efficiencies. Deposit growth is consistent, and we are evaluating deposit-rich segments to accelerate growth that is less reliant on branch networks. Our wealth segment is benefiting from local disruption and the cross-selling from our commercial/industrial and CRE lending units. A recent hire from a large local bank has accelerated growth and has a pipeline for addin...