MALVERN, PA — Meridian Corporation (Nasdaq: MRBK), the parent company of Meridian Bank, has released robust third-quarter results for 2024, showcasing significant financial growth and strategic advancements. The corporation recorded a net income of $4.7 million for the quarter ended September 30, marking a 42.6% increase from the previous quarter. This impressive performance underscores the company’s ability to navigate economic conditions and capitalize on market opportunities.
Chairman and CEO Christopher J. Annas highlighted the corporation’s achievements, stating, “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.”
Meridian’s total assets stood at $2.4 billion as of September 30, 2024, reflecting steady growth compared to both the previous quarter and year-over-year figures. This growth was fueled by a $30 million increase in commercial loans and a $63.5 million rise in deposits during the quarter. The corporation’s loan portfolio saw a 11% increase year-over-year, with commercial loans excluding leases rising by 2% for the quarter.
The bank’s net interest margin improved to 3.20%, driven by a loan yield of 7.41%, which contributed to the enhanced earnings profile. Meanwhile, deposit growth was robust, climbing 9.4% year-over-year, with non-interest-bearing deposits alone increasing by 6% quarter-over-quarter.
Asset quality remains a focus for Meridian, with non-performing loans increasing slightly to $45.1 million by the end of the third quarter. Despite this uptick, the bank maintained a stable allowance for credit losses ratio of 1.10%, consistent with the previous quarter. The company’s credit management strategies continue to mitigate potential risks, reflecting disciplined financial oversight.
Meridian Corporation also declared a quarterly dividend of $0.125 per common share, scheduled for payment on November 19, 2024, to shareholders of record as of November 12, 2024. This announcement aligns with Meridian’s commitment to delivering value to its shareholders while strategically positioning for further growth.
As the bank continues to leverage its strong market presence in the Philadelphia metro area, it remains well-equipped to enhance its market share and support the growth ambitions of its clients. With a reputation built on responsiveness and consistency, Meridian aims to sustain its trajectory of financial excellence and community engagement.
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