Meridian Corp
For the period ended Jun 30, 2024. Filed Aug 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.
Jun 30, 2024 · Filed Aug 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 endedJune 30, | Six months endedJune 30, | |||
|---|---|---|---|---|
| (dollars in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 |
| Interest income: | ||||
| Loans and other finance receivables, including fees | $36,486 | $32,215 | $71,825 | $61,632 |
| Securities - taxable | 1,324 | 992 | 2,575 | 1,951 |
| Securities - tax-exempt | 324 | 351 | 649 | 705 |
| Cash and cash equivalents | 331 | 278 | 631 | 495 |
| Total interest income | 38,465 | 33,836 | 75,680 | 64,783 |
| Interest expense: | ||||
| Deposits | 18,991 | 14,023 | 36,383 | 25,470 |
| Borrowings and subordinated debentures | 2,628 | 2,715 | 5,842 | 4,538 |
| Total interest expense | 21,619 | 16,738 | 42,225 | 30,008 |
| Net interest income | 16,846 | 17,098 | 33,455 | 34,775 |
| Provision for credit losses | 2,680 | 705 | 5,546 | 2,104 |
| Net interest income after provision for credit losses | 14,166 | 16,393 | 27,909 | 32,671 |
| Non-interest income: | ||||
| Mortgage banking income | 5,420 | 5,050 | 9,054 | 8,322 |
| Wealth management income | 1,444 | 1,235 | 2,761 | 2,431 |
| SBA loan income | 785 | 1,767 | 1,771 | 2,480 |
| Earnings on investment in life insurance | 215 | 193 | 422 | 385 |
| Net change in the fair value of derivative instruments | 203 | 183 | 278 | 114 |
| Net change in the fair value of loans held-for-sale | (29) | (199) | (31) | (200) |
| Net change in the fair value of loans held-for-investment | (24) | (219) | (199) | (102) |
| Net loss on hedging activity | (63) | (1) | (82) | (1) |
| Net loss on sale of investment securities available-for-sale | — | (54) | — | (54) |
| Other | 1,293 | 1,169 | 3,254 | 2,387 |
| Total non-interest income | 9,244 | 9,124 | 17,228 | 15,762 |
| Non-interest expense: | ||||
| Salaries and employee benefits | 11,437 | 12,152 | 22,010 | 23,213 |
| Occupancy and equipment | 1,230 | 1,140 | 2,463 | 2,384 |
| Professional fees | 1,029 | 1,004 | 2,527 | 1,827 |
| Data processing and software | 1,506 | 1,681 | 3,038 | 3,113 |
| Advertising and promotion | 989 | 1,091 | 1,737 | 1,952 |
| Pennsylvania bank shares tax | 274 | 245 | 548 | 490 |
| Other | 2,553 | 2,302 | 4,869 | 4,425 |
| Total non-interest expense | 19,018 | 19,615 | 37,192 | 37,404 |
| Income before income taxes | 4,392 | 5,902 | 7,945 | 11,029 |
| Income tax expense | 1,066 | 1,257 | 1,943 | 2,363 |
| Net income | $3,326 | $4,645 | $6,002 | $8,666 |
| Basic earnings per common share | $0.30 | $0.42 | $0.54 | $0.78 |
| Diluted earnings per common share | $0.30 | $0.41 | $0.54 | $0.75 |
| Basic weighted average shares outstanding | 11,096 | 11,062 | 11,092 | 11,167 |
| Diluted weighted average shares outstanding | 11,150 | 11,304 | 11,178 | 11,494 |
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