Business
Meridian Corporation’s Fourth Quarter 2019 Earnings Increase 33% Year-Over-Year to $3.1 Million, or $0.49 Per Diluted Share
MALVERN, Pa., Jan. 27, 2020 (GLOBE NEWSWIRE) -- Meridian Corporation (“Meridian”) (Nasdaq: MRBK) today reported net income increased 32.7% to $3.1 million, or
About this update from Meridian Corporation
[{"type":"text","content":"MALVERN, Pa., Jan. 27, 2020 (GLOBE NEWSWIRE) -- Meridian Corporation (“Meridian”) (Nasdaq: MRBK) today reported net income increased 32.7% to $3.1 million, or $0.49 per diluted share for the fourth quarter of 2019, compared to $2.4 million, or $0.37 per diluted share, in the fourth quarter of 2018, generating a return on average assets and return on average equity of 1.13% and 10.41%, respectively, for the current quarter. For the year ended December 31, 2019, Meridian’s net income increased $2.3 million or 28.4% to $10.5 million, or $1.63 per diluted share, compared to $8.2 million, or $1.27 per diluted share, for 2018.\n “For the fourth quarter and the full year, our stellar performance reflects the successful execution of our strategic growth plan which is supported by the growth in our core commercial loan business and strong results in our SBA loan and mortgage businesses,” said Christopher J. Annas, Chairman and CEO. “We generated record net income for the fourth quarter and year, and delivered returns on average equity and average assets of 9.09% and 1.01%, respectively for the year. At the same time, commercial loan balances grew 18% contributing to the increase in net interest income of 11% over prior year.” “Our mortgage segment recorded its 8th consecutive profitable year, earning $2.4 million before taxes, with purchase and refinance activity continuing strong through the fourth quarter,” Annas continued. “As we head into 2020, we feel confident about the opportunity to gain market share across our franchise and our ability to prudently manage our operating expenses as we continue to invest in the future.” Financial Highlights Net income for the fourth quarter of 2019 and the full year was $3.1 million and $10.5 million, respectively, increases of $773 thousand or 32.7% and $2.3 million or 28.4% as compared to net income for the same periods in 2018.The net interest margin was 3.61%, and 3.65%, for the fourth quarter and the full year, respectively, compared to 3.70% and 3.80% for the same periods in 2018.Net interest income increased $1.2 million or 14.5% and $3.7 million or 11.3% for the three and twelve months ended December 31, 2019 over the same periods in 2018. Total assets increased $153.5 million, or 15.4% to $1.2 billion as of December 31, 2019 compared to a year ago.Total portfolio loans and leases increase...