Meridian Corp
For the period ended Sep 30, 2024. Filed Nov 8, 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.
Sep 30, 2024 · Filed Nov 8, 2024
MRBK$16.75-0.4%Stored close · as of Nov 10, 2026
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Consolidated Balance Sheets – and
CONSOLIDATED BALANCE SHEETS
| (dollars in thousands, except share data) | September 30,2024 | December 31,2023 |
|---|---|---|
| Assets: | ||
| Cash and due from banks | $12,542 | $10,067 |
| Interest-bearing deposits at other banks | 19,805 | 46,630 |
| Cash and cash equivalents | 32,347 | 56,697 |
| Securities available-for-sale, at fair value (amortized cost of $179,008 and $156,492, respectively) | 171,568 | 146,019 |
| Securities held-to-maturity, at amortized cost (fair value of $31,323 and $32,730, respectively) | 33,833 | 35,781 |
| Equity investments | 2,166 | 2,121 |
| Mortgage loans held for sale | 46,602 | 24,816 |
| Loans and other finance receivables, net of fees and costs | 2,008,396 | 1,895,806 |
| Allowance for credit losses | (21,965) | (22,107) |
| Loans and other finance receivables, net of the allowance for credit losses | 1,986,431 | 1,873,699 |
| Restricted investment in bank stock | 8,542 | 8,072 |
| Bank premises and equipment, net | 12,807 | 13,557 |
| Bank owned life insurance | 29,489 | 28,844 |
| Accrued interest receivable | 10,012 | 9,325 |
| Other real estate owned | 1,862 | 1,703 |
| Deferred income taxes | 3,537 | 4,201 |
| Servicing assets | 4,364 | 11,748 |
| Servicing assets held for sale | 6,609 | — |
| Goodwill | 899 | 899 |
| Intangible assets | 2,818 | 2,971 |
| Other assets | 33,835 | 25,740 |
| Total assets | $2,387,721 | $2,246,193 |
| Liabilities: | ||
| Deposits: | ||
| Non-interest bearing | $237,207 | $239,289 |
| Interest bearing | 1,741,720 | 1,584,173 |
| Total deposits | 1,978,927 | 1,823,462 |
| Borrowings | 144,880 | 174,896 |
| Subordinated debentures | 49,928 | 49,836 |
| Accrued interest payable | 7,017 | 10,324 |
| Other liabilities | 39,519 | 29,653 |
| Total liabilities | 2,220,271 | 2,088,171 |
| Stockholders’ equity: | ||
| Common stock, $1 par value per share. 25,000,000 shares authorized; 13,232,258 and 13,186,198 shares issued and 11,229,075 and 11,183,015 shares outstanding, respectively | 13,232 | 13,186 |
| Surplus | 81,002 | 80,325 |
| Treasury stock, 2,003,183 shares, at cost | (26,079) | (26,079) |
| Unearned common stock held by employee stock ownership plan | (1,204) | (1,204) |
| Retained earnings | 107,765 | 101,216 |
| Accumulated other comprehensive loss | (7,266) | (9,422) |
| Total stockholders’ equity | 167,450 | 158,022 |
| Total liabilities and stockholders’ equity | $2,387,721 | $2,246,193 |
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