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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows – and
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine months endedSeptember 30, | ||
|---|---|---|
| (dollars in thousands) | 2024 | 2023 |
| Net income | $10,745 | $12,673 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Loss on sale of investment securities | 57 | 58 |
| Net amortization of investment premiums and discounts and change in fair value of equity securities | 2,873 | 1,225 |
| Depreciation and amortization (accretion), net | 276 | 289 |
| Provision for credit losses | 7,828 | 2,186 |
| Amortization of issuance costs on subordinated debt | 92 | 56 |
| Stock based compensation | 319 | 515 |
| Net change in fair value of derivative instruments | (176) | (217) |
| Net change in fair value of loans held for sale | (138) | 88 |
| Net change in fair value of loans held for investment | (766) | 673 |
| Amortization and net impairment of servicing rights | 994 | 1,618 |
| SBA loan income | (2,315) | (3,463) |
| Proceeds from sale of loans | 594,669 | 515,573 |
| Loans originated for sale | (594,399) | (504,880) |
| Mortgage banking income | (15,528) | (13,143) |
| Increase in accrued interest receivable | (687) | (1,621) |
| Increase in other assets | (438) | (4,874) |
| Earnings from investment in bank owned life insurance | (644) | (585) |
| Decrease in deferred income tax | 66 | 170 |
| (Decrease) increase in accrued interest payable | (3,307) | 5,425 |
| Increase (decrease) in other liabilities | 10,780 | (778) |
| Net cash provided by operating activities | $10,301 | $10,988 |
| Cash flows from investing activities: | ||
| Activity in available-for-sale securities: | ||
| Maturities, repayments and calls | 12,436 | 7,301 |
| Sales | 16,004 | 13,514 |
| Purchases | (61,024) | (12,949) |
| Activity in held-to-maturity securities: | ||
| Maturities, repayments and calls | 1,720 | 1,020 |
| Increase in restricted stock | (470) | (1,378) |
| Net increase in loans | (124,753) | (149,462) |
| Purchases of premises and equipment | (222) | (1,080) |
| Net cash used in investing activities | $(156,309) | $(143,034) |
| Cash flows from financing activities: | ||
| Net increase in deposits | 155,465 | 96,166 |
| (Decrease) increase in short-term borrowings | (40,609) | 37,201 |
| Increase in long-term debt | 10,594 | 18,676 |
| Repayment of subordinated debt | — | (54) |
| Proceeds from issuance of subordinated debt | — | 9,740 |
| Issuance costs on subordinated debt | — | (9) |
| Net purchase of treasury stock | — | (4,258) |
| Dividends paid | (4,196) | (4,217) |
| Share based awards and exercises | 404 | 169 |
| Net cash provided by financing activities | $121,658 | $153,414 |
| Net change in cash and cash equivalents | (24,350) | 21,368 |
| Cash and cash equivalents at beginning of period | 56,697 | 38,391 |
| Cash and cash equivalents at end of period | $32,347 | $59,759 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid during the period for: | ||
| Interest | $67,609 | $42,818 |
| Income taxes | 1,222 | 1,839 |
| Supplemental disclosure of cash flow information: | ||
| Transfers from loans held for sale to loans held for investment | — | 351 |
| Net loans sold, not settled | 8,162 | 12,820 |
| Investment security purchases, not settled | (7,380) | — |
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