Meridian Corp
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
MRBK$16.75-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income – Months Ended and
CONSOLIDATED STATEMENTS OF INCOME
| Three months endedMarch 31, | ||
|---|---|---|
| (dollars in thousands, except per share data) | 2024 | 2023 |
| Interest income: | ||
| Loans and other finance receivables, including fees | $35,339 | $29,417 |
| Securities - taxable | 1,251 | 959 |
| Securities - tax-exempt | 325 | 354 |
| Cash and cash equivalents | 300 | 217 |
| Total interest income | 37,215 | 30,947 |
| Interest expense: | ||
| Deposits | 17,392 | 11,447 |
| Borrowings | 3,214 | 1,823 |
| Total interest expense | 20,606 | 13,270 |
| Net interest income | 16,609 | 17,677 |
| Provision for credit losses | 2,866 | 1,399 |
| Net interest income after provision for credit losses | 13,743 | 16,278 |
| Non-interest income: | ||
| Mortgage banking income | 3,634 | 3,272 |
| Wealth management income | 1,317 | 1,196 |
| SBA loan income | 986 | 713 |
| Earnings on investment in life insurance | 207 | 192 |
| Net change in the fair value of derivative instruments | 75 | (69) |
| Net change in the fair value of loans held-for-sale | (2) | (1) |
| Net change in the fair value of loans held-for-investment | (175) | 117 |
| Net (loss) gain on hedging activity | (19) | — |
| Other | 1,961 | 1,218 |
| Total non-interest income | 7,984 | 6,638 |
| Non-interest expense: | ||
| Salaries and employee benefits | 10,573 | 11,061 |
| Occupancy and equipment | 1,233 | 1,244 |
| Professional fees | 1,498 | 823 |
| Advertising and promotion | 748 | 861 |
| Data processing and software | 1,532 | 1,432 |
| Pennsylvania bank shares tax | 274 | 245 |
| Other | 2,316 | 2,123 |
| Total non-interest expense | 18,174 | 17,789 |
| Income before income taxes | 3,553 | 5,127 |
| Income tax expense | 877 | 1,106 |
| Net income | $2,676 | $4,021 |
| Basic earnings per common share | $0.24 | $0.36 |
| Diluted earnings per common share | $0.24 | $0.34 |
| Basic weighted average shares outstanding | 11,088 | 11,272 |
| Diluted weighted average shares outstanding | 11,201 | 11,656 |
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