{"id":517822,"date":"2021-07-26T17:53:45","date_gmt":"2021-07-26T21:53:45","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/meridian-corporation-reports-2q-2021-net-income-of-8-3-million-or-1-33-per-diluted-share-and-declares-quarterly-cash-dividend-of-0-125-per-share\/"},"modified":"2021-07-26T17:53:45","modified_gmt":"2021-07-26T21:53:45","slug":"meridian-corporation-reports-2q-2021-net-income-of-8-3-million-or-1-33-per-diluted-share-and-declares-quarterly-cash-dividend-of-0-125-per-share","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/meridian-corporation-reports-2q-2021-net-income-of-8-3-million-or-1-33-per-diluted-share-and-declares-quarterly-cash-dividend-of-0-125-per-share\/","title":{"rendered":"Meridian Corporation Reports 2Q 2021 Net Income of $8.3 Million, or $1.33 Per Diluted Share and Declares Quarterly Cash Dividend of $0.125 Per Share"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n MALVERN, Pa.<\/span>, July 26, 2021<\/span> \/PRNewswire\/ —\u00a0Meridian Corporation (Nasdaq: MRBK) today reported:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Dollars\u00a0in\u00a0thousands,\u00a0except\u00a0per\u00a0share\u00a0data)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2nd QTR <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st QTR <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4th QTR<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3rd QTR<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2nd QTR<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Income:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,258<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,170<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,997<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,212<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,713<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Diluted earnings per common share<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.33<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.65<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.48<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.51<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.94<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Pre-tax, pre-provision income (1)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,898<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 13,905<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 13,040<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 15,941<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,034<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Pre-tax, pre-provision income – Bank (1)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,811<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,891<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,294<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,531<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,908<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 (1) See Non-GAAP reconciliation in the Appendix<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\n Christopher J. Annas<\/span>, Chairman and CEO commented “Meridian achieved strong quarterly earnings, generating revenues of $39.2 million<\/span> and earning $8.3 million<\/span> or $1.33<\/span> per diluted share. Annualized ROE and ROA were 22.61% and 1.92%, respectively.\u00a0 The bank segment contributed 72% of the consolidated pre-tax pre-provision income, and commercial loan growth (excluding PPP loans and loans held for sale) was 17% annualized, as new additions to our lending staff coupled with market disruption produced strong results.”\u00a0 <\/p>\n

Mr. Annas added, “In the current quarter we achieved record levels of SBA net loan sales revenue of $1.5 million<\/span> and wealth management revenue of $1.2 million<\/span>. The mortgage segment added $19.5 million<\/span> in revenue with $2.7 million<\/span> in pre-tax income as the originations shift from refinancing to purchase loans.\u00a0 This mortgage revenue number is down from 2Q2020, affected by a lack of homes for sale and a slower refinance rate. We manage the business for profitability, not scale, and see similar market conditions for the rest of 2021.”<\/p>\n

\n Income Statement Highlights<\/b>\n <\/p>\n

Second quarter 2021 compared with first quarter 2021:\u00a0<\/p>\n