Business
Meridian Corporation’s Third Quarter 2019 Earnings Increase 22% Year-Over-Year to $3.3 Million, or $0.52 Per Diluted Share
MALVERN, Pa., Oct. 24, 2019 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported net income increased 21.6% to $3.3 million, or $0.52 per
About this update from Meridian Corporation
[{"type":"text","content":"MALVERN, Pa., Oct. 24, 2019 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported net income increased 21.6% to $3.3 million, or $0.52 per diluted share for the third quarter of 2019, compared to $2.7 million, or $0.42 per diluted share, in the third quarter of 2018, generating a return on average assets and return on average equity of 1.24% and 11.29%, respectively, for the current quarter. For the first nine months of 2019, Meridian’s net income increased $1.5 million or 26.6% to $7.3 million, or $1.14 per diluted share, compared to $5.8 million, or $0.90 per diluted share, for the first nine months of 2018.\n “Meridian achieved record earnings for the third quarter, with annualized return on average equity of 11.29% and annualized return on average assets of 1.24%. This resulted from continued growth in our core commercial loan business, greater SBA loan generation and sale activities, and seasonally-high mortgage production,” said Christopher J. Annas, Chairman and CEO. “Commercial loan balances are up nearly 12% year-to-date and along with a net interest margin of 3.61%, year-to-date net interest income grew 10% over prior year.” “Our mortgage division profitability was excellent during the third quarter and we see purchase and refinance activity continuing strong in the fourth quarter,” Annas continued. “Our mortgage business has been profitable every year since 2012, and our third quarter is generally the most active.” “Our Pennsylvania, Delaware and New Jersey markets continue to demonstrate strong economic growth. Additionally, the recent DNB First and Beneficial acquisitions by out-of-market banks, coupled with our consistent outreach efforts, should help us achieve our annualized 15% loan growth target,” Annas concluded. Financial Highlights Net income for the three and nine months ended September 30, 2019 was $3.3 million and $7.3 million, respectively, increases of $590 thousand or 21.6% and $1.5 million or 26.6% as compared to net income for the same periods in 2018.Total assets of $1.1 billion as of September 30, 2019 increased $129.5 million, or 13.0% year-to-date and $167.0 million or 17.4% year-over-year.Total portfolio loans and leases of $935.9 million as of September 30, 2019 increased $97.8 million, or 11.7% year-to-date and $129.1 million or 16.0% year-over-year.Total deposits of $858.5 mi...