Meridian Corporation (Nasdaq: MRBK) today reported:
- Net income of $5.9 million and
diluted earnings per share of $0.96 for the second quarter ended
June 30, 2022 compared to net income of $5.5 million and diluted
earnings per share of $0.88 for the first quarter ended March 31,
2022
- Return on average assets for the
second quarter of 2022 was 1.31% compared to 1.28% for the first
quarter of 2022; return on average equity for the second quarter
was 15.03% compared to 13.86% for the prior quarter
- Net interest margin increased to
4.07% in the second quarter of 2022 from 3.89% in the first quarter
of 2022
- Second quarter commercial loan
growth, excluding Paycheck Protection Program ("PPP") loans, was
$73.8 million, or 24% annualized; consumer loans increased by
$19.1 million, or 36% annualized
- Non-interest income of $10.4
million in the second quarter of 2022 compared to $13.1 million in
the prior quarter
- Non-interest expenses decreased by
$1.7 million, to $19.7 million in the second quarter of 2022 from
$21.4 million in the prior quarter; efficiency ratio at 70% for the
second quarter of 2022 compared to 74% for the prior quarter
- The Company repurchased 97,385
shares of its common stock at an average price of $31.14 per share
during the second quarter ended June 30, 2022
- On July 28, 2022, the Board of
Directors declared a quarterly cash dividend of $0.20 per common
share, payable August 22, 2022 to shareholders of record as of
August 15, 2022
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2022 |
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2022 |
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2021 |
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2021 |
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2021 |
(Dollars in thousands, except per share data) |
2nd QTR |
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1st QTR |
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4th QTR |
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3rd QTR |
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2nd QTR |
Income: |
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Net income |
$ |
5,938 |
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$ |
5,535 |
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$ |
7,719 |
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$ |
9,438 |
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$ |
8,258 |
Diluted earnings per common
share |
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0.96 |
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|
0.88 |
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1.24 |
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|
1.52 |
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|
1.33 |
Pre-tax, pre-provision income
(1) |
|
8,248 |
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7,704 |
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9,671 |
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|
12,898 |
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10,898 |
Pre-tax, pre-provision income - Bank (1) |
|
7,458 |
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8,778 |
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6,829 |
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8,896 |
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7,811 |
(1) See Non-GAAP reconciliation in the Appendix |
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Christopher J. Annas, Chairman and CEO commented “Meridian’s
second quarter revenue of $30.4 million generated earnings of $5.9
million, or $0.96 per diluted share. The results were very strong
despite a break even in the mortgage segment. While we’re not happy
with this, it does illuminate the excellent bank returns that
sometimes get overshadowed. Exceptional loan growth and a strong
margin drove much of the Bank’s success. Loan growth, excluding
PPP, was $92.9 million or 25% annualized and all organic. The net
interest margin increased to 4.07%, as PPP loans are being replaced
by higher yielding commercial loans. The SBA division has
consistently delivered loan sale income, and historically has done
well in difficult economic times. We expected a decline in mortgage
volume with the rate increases, but the lack of homes for sale in
the region has made it worse. We continually forecast results in
mortgage and make the appropriate adjustments.”
Mr. Annas added, “Despite the economic volatility, we have a
strong pipeline of commercial business which should hold through
year end. Meridian is the go-to bank for small and medium sized
businesses in the Philadelphia metro market, and we will continue
to get our opportunities. Our strong credit culture is a safeguard
with a possible recession looming, so our scrutiny towards these
opportunities will always be our first priority.”
Select Condensed Financial Information
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For the Quarter Ended (Unaudited) |
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2022 |
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2022 |
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2021 |
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2021 |
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2021 |
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(Dollars in thousands, except per share data) |
2nd QTR |
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1st QTR |
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4th QTR |
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3rd QTR |
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2nd QTR |
Income: |
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Net income - consolidated |
$ |
5,938 |
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$ |
5,535 |
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|
$ |
7,719 |
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|
$ |
9,438 |
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$ |
8,258 |
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Basic earnings per common
share |
|
0.99 |
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|
0.92 |
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1.29 |
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1.56 |
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|
1.37 |
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Diluted earnings per common
share |
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0.96 |
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|
0.88 |
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1.24 |
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|
1.52 |
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|
1.33 |
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Net interest income -
consolidated |
|
17,551 |
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|
16,035 |
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16,322 |
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|
16,257 |
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|
15,412 |
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At the Quarter Ended (Unaudited) |
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2022 |
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2022 |
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2021 |
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2021 |
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2021 |
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June 30 |
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March 31 |
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December 31 |
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September 30 |
|
June 30 |
Balance
Sheet: |
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Total assets |
$ |
1,853,019 |
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$ |
1,831,589 |
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$ |
1,713,443 |
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$ |
1,762,445 |
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$ |
1,709,010 |
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Loans, net of fees and
costs |
|
1,518,893 |
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1,431,906 |
|
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1,386,457 |
|
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1,378,670 |
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1,362,750 |
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Total deposits |
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1,568,014 |
|
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1,564,851 |
|
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1,446,413 |
|
|
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1,439,047 |
|
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1,413,280 |
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Non-interest bearing
deposits |
|
291,925 |
|
|
|
291,379 |
|
|
|
274,528 |
|
|
|
265,842 |
|
|
|
261,806 |
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Stockholders' Equity |
|
156,087 |
|
|
|
157,684 |
|
|
|
165,360 |
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|
158,416 |
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|
152,885 |
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At the Quarter Ended (Unaudited) |
|
2022 |
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2022 |
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|
2021 |
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|
2021 |
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|
2021 |
|
|
June 30 |
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March 31 |
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December 31 |
|
September 30 |
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June 30 |
Balance Sheet (Average
Balances): |
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Total assets |
$ |
1,811,335 |
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$ |
1,752,643 |
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$ |
1,755,263 |
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$ |
1,739,848 |
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$ |
1,723,421 |
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Total interest earning
assets |
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1,736,547 |
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1,680,070 |
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1,696,473 |
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1,691,641 |
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1,678,721 |
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Loans, net of fees and
costs |
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1,465,891 |
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1,397,002 |
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1,449,361 |
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1,351,634 |
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1,345,672 |
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Total deposits |
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1,567,325 |
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1,504,241 |
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1,468,575 |
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1,409,534 |
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1,385,250 |
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Non-interest bearing
deposits |
|
296,521 |
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|
281,123 |
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|
287,801 |
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|
|
254,843 |
|
|
|
255,964 |
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Stockholders' Equity |
|
158,420 |
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|
161,939 |
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|
159,921 |
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|
155,580 |
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146,497 |
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At the Quarter Ended (Unaudited) |
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2022 |
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2022 |
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2021 |
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2021 |
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2021 |
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June 30 |
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March 31 |
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December 31 |
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September 30 |
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June 30 |
Performance Ratios
(Annualized): |
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Return on average assets -
consolidated |
|
1.31 |
% |
|
|
1.28 |
% |
|
|
1.74 |
% |
|
|
2.15 |
% |
|
|
1.92 |
% |
Return on average equity -
consolidated |
|
15.03 |
% |
|
|
13.86 |
% |
|
|
19.15 |
% |
|
|
24.07 |
% |
|
|
22.61 |
% |
Income Statement SummarySecond Quarter
2022 Compared to First Quarter 2022
Net income was $5.9 million, or $0.96 per diluted share, for the
second quarter of 2022 compared to net income of $5.5 million, or
$0.88 per diluted share, for the first quarter of 2022. The $403
thousand increase in net income quarter-over-quarter was driven by
continued strong loan portfolio growth, which helped improve net
interest income by $1.5 million. Non-interest expense decreased
$1.7 million, but was offset by a decrease of $2.7 million in
non-interest income.
Interest income increased $2.0 million, or 11.5%, to $20.0
million from $18.0 million, for the second quarter of 2022.
Quarter-over-quarter, there was combined average balance growth of
$57.4 million on commercial loans and leases, small business loans,
and residential real estate loans. In addition, the yield on loans
rose 28 basis points, to 4.99% for the second quarter of 2022. This
yield increase is partially due to these portfolios realizing the
impact of interest rate rises in the market, combined with the
positive impact of PPP loan balances being paid off and replaced by
higher yielding commercial loans and leases.
Interest expense increased $557 thousand, or 28.9%, to $2.5
million as interest rates rose during the period. The cost of
deposits increased 12 basis points over the prior quarter, as rates
in interest checking, money market accounts, and time deposits
moved up 21, 12, and 13 basis points, respectively.
The net interest margin was 4.07% for the second quarter of 2022
compared to 3.89% for the first quarter of 2022. Excluding the
impact from PPP, the net interest margin increased 13 basis points
to 3.95% for the second quarter 2022 from 3.82% for the first
quarter of 2022. A reconciliation of this non-GAAP measure is
included in the Appendix. Overall, net interest income increased
$1.5 million, or 9.5%, to $17.6 million from $16.0 million for the
first quarter of 2022.
The provision for loan losses was $602 thousand for the second
quarter of 2022, compared to a $615 thousand provision for the
first quarter of 2022. The second quarter provision was the result
of new loan growth as well as covering $695 thousand in charge-offs
on small ticket equipment leases, partially offset by decreases in
specific reserves on non-performing loans as the underlying credit
quality improved.
Total non-interest income for the second quarter of 2022 was
$10.4 million, down $2.7 million or 20.6%, from the first quarter
of 2022. Non-interest income was primarily down as a result of
lower SBA loan income, which decreased $2.1 million. Mortgage
banking revenue and wealth management revenue also decreased
slightly, down $154 thousand or 2.2%, and $50 thousand, or 3.8%,
respectively.
SBA loan income for the second quarter of 2022 was $437
thousand, a decline of $2.1 million, or 82.7%, from the first
quarter of 2022. The decline was the result of a lower level of SBA
loans sold ($12.8 million in the second quarter of 2022 compared to
$25.2 million in loans sold in the first quarter of 2022), as well
as lower margins on the sale.
The mortgage segment originated $332.4 million in loans during
the second quarter of 2022, an increase of $8.6 million, or 2.6%,
from the prior quarter, but the gain on sale margin declined 73
basis points. Refinance activity was down as interest rates
continue to rise, representing 15% of the total residential
mortgage loans originated for the second quarter of 2022, compared
to 36% for the first quarter of 2022. The changes in the fair value
of derivative instruments and loans held for sale increased a
combined $884 thousand during the second quarter of 2022 compared
to the first quarter of 2022, while there was a $1.7 million gain
on hedging activity for the second quarter of 2022, compared to a
$2.8 million gain for the first quarter of 2022.
Wealth management revenue from our wealth segment decreased $50
thousand, or 3.8%, quarter-over-quarter due to impacts from
unfavorable market conditions.
Total non-interest expense for the second quarter of 2022 was
$19.7 million, down $1.7 million or 8.1%, from the first quarter of
2022. Total salaries and employee benefits expense was $12.9
million, a net decrease of $2.4 million or 15.5%, compared to the
first quarter of 2022. Of this decrease, $1.9 million related to
the mortgage segment, which recognizes variable compensation based
on loan origination volume, as well as a general reduction in
workforce. Salary and employee benefits were down $442 thousand for
the bank and wealth segments due to a decline in the value of stock
based compensation quarter-over-quarter.
Partially offsetting the decrease in salaries and benefits,
advertising expense was up $203 thousand, or 20.6%, and other
non-interest expense increased $321 thousand, or 19.3%. Increases
in other expense related to employee business and travel expenses,
communications and other lesser expenses related to growth.
Balance Sheet SummaryAs of June 30, 2022,
total assets were $1.9 billion, an increase of $21.4 million, or
1.2%, from March 31, 2022. This growth in assets was due to loan
portfolio growth, partially funded by a reduction in cash and
investments of $31.1 million.
Portfolio loans grew $87.0 million, or 6.1%, to $1.5 billion as
of June 30, 2022, from $1.4 billion as of March 31, 2022.
Portfolio loan growth, excluding PPP loans, was $115.2 million, or
8% quarter-over-quarter. Commercial loans increased $16.9 million,
or 7.7%, commercial real estate loans increased $17.5 million, or
3.2%, construction loans increased $13.0 million, or 7.9%,
residential real estate loans held in portfolio increased $35.4
million, or 45.0%, and lease financings increased $15.1 million, or
14.1% from March 31, 2022. Partially offsetting the growth in
portfolio loans was a decrease of $66.8 million, or 75.7%, in PPP
loan balances as they continue to be forgiven by the SBA.
Deposits were $1.6 billion as of June 30, 2022, up $3.2
million, or 0.2%, from March 31, 2022. Non-interest bearing
deposits increased $546 thousand, or 0.2%, from March 31, 2022.
Interest-bearing checking accounts decreased $47.0 million, or
18.6%, while money market accounts/savings accounts combined
increased $40.8 million, or 5.9%, since March 31, 2022.
Certificates of deposits increased $8.8 million, or 2.7%, from
March 31, 2022, as some wholesale deposits shifted from
interest-bearing checking due to more favorable interest rates.
Consolidated stockholders’ equity of the Corporation was $156.1
million, or 8.4% of total assets as of June 30, 2022, as
compared to $157.7 million, or 8.6% of total assets as of March 31,
2022. The change in stockholders’ equity is the result of net
income of $5.9 million for the quarter, offset by dividends of $1.2
million paid during the second quarter, as well as $3.0 million in
treasury share purchases, and a $3.5 million decline in accumulated
other comprehensive income from the investment security portfolio
due to changes in interest rates over this period.
As of June 30, 2022, the Tier 1 leverage ratio was 8.87%
for the Corporation and 10.86% for the Bank, the Tier 1 risk-based
capital and common equity ratios were 9.79% for the Corporation and
11.98% for the Bank, and total risk-based capital was 13.50% for
the Corporation and 13.33% for the Bank. Based on these capital
ratio levels, we remain above the Community Bank Leverage Ratio
("CBLR") requirement of 8%. Quarter-end numbers show a tangible
common equity to tangible assets ratio (a non-GAAP measure) of
8.22% for the Corporation and 10.18% for the Bank. A reconciliation
of this non-GAAP measure is included in the Appendix. Tangible book
value per share was $25.16 as of June 30, 2022, compared with
$25.04 as of March 31, 2022.
Asset Quality Summary Meridian credit culture
is strong and asset quality remains a primary focus of management.
Total non-performing loans were $23.0 million as of June 30,
2022, relatively flat over the prior period. The ratio of
non-performing assets to total assets declined to 1.24% as of
June 30, 2022, from 1.25% as of March 31, 2022. There was no
other real estate property included in non-performing assets for
either period.
Meridian realized net charge-offs of 0.03% of total average
loans for the quarter ended June 30, 2022, down from the
quarter ended March 31, 2022 level of 0.04%. Net charge-offs for
the quarter ended June 30, 2022 were $622 thousand, comprised of
$695 thousand in charge-offs, with $73 thousand in recoveries for
the quarter. Nearly all of the charge-offs for the quarter ended
June 30, 2022 were from small ticket equipment leases. The
ratio of allowance for loan losses to total loans held for
investment, excluding loans at fair value and PPP loans (a non-GAAP
measure, see reconciliation in the Appendix), was 1.27% as of
June 30, 2022 compared to 1.38% as of March 31, 2022. As of
June 30, 2022 there were specific reserves of $2.8 million against
non-performing loans, down from $4.2 million as of March 31, 2022
due to improvement in the underlying credit quality for certain
loans.
About Meridian CorporationMeridian Bank, the
wholly owned subsidiary of Meridian Corporation, is an innovative
community bank serving Pennsylvania, New Jersey, Delaware and
Maryland. Through more than 20 offices, including banking branches
and mortgage locations, Meridian offers a full suite of financial
products and services. Meridian specializes in business and
industrial lending, retail and commercial real estate lending,
electronic payments, and wealth management solutions through
Meridian Wealth Partners. Meridian also offers a broad menu of
high-yield depository products supported by robust online and
mobile access. For additional information, visit our website at
www.meridianbanker.com. Member FDIC.
“Safe Harbor” Statement
In addition to historical information, this press release may
contain “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements with respect to Meridian Corporation’s strategies,
goals, beliefs, expectations, estimates, intentions, capital
raising efforts, financial condition and results of operations,
future performance and business. Statements preceded by, followed
by, or that include the words “may,” “could,” “should,” “pro
forma,” “looking forward,” “would,” “believe,” “expect,”
“anticipate,” “estimate,” “intend,” “plan,” or similar expressions
generally indicate a forward-looking statement. These
forward-looking statements involve risks and uncertainties that are
subject to change based on various important factors (some of
which, in whole or in part, are beyond Meridian Corporation’s
control). Numerous competitive, economic, regulatory, legal and
technological factors, risks and uncertainties that could cause
actual results to differ materially include, without limitation,
the impact of the COVID-19 pandemic and government responses
thereto; on the U.S. economy, including the markets in which we
operate; actions that we and our customers take in response to
these factors and the effects such actions have on our operations,
products, services and customer relationships; and the risk that
the Small Business Administration may not fund some or all Paycheck
Protection Program (PPP) loan guaranties; increased competitive
pressures; changes in the interest rate environment; changes in
general economic conditions and conditions within the securities
markets; legislative and regulatory changes; and the effects of
inflation, a potential recession, among others, could cause
Meridian Corporation’s financial performance to differ materially
from the goals, plans, objectives, intentions and expectations
expressed in such forward-looking statements. Meridian Corporation
cautions that the foregoing factors are not exclusive, and neither
such factors nor any such forward-looking statement takes into
account the impact of any future events. All forward-looking
statements and information set forth herein are based on
management’s current beliefs and assumptions as of the date hereof
and speak only as of the date they are made. For a more complete
discussion of the assumptions, risks and uncertainties related to
our business, you are encouraged to review Meridian Corporation’s
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K for the year ended December 31, 2021 and
subsequently filed quarterly reports on Form 10-Q and current
reports on Form 8-K that update or provide information in
addition to the information included in the Form 10-K and
Form 10-Q filings, if any. Meridian Corporation does not
undertake to update any forward-looking statement whether written
or oral, that may be made from time to time by Meridian Corporation
or by or on behalf of Meridian Bank.
FINANCIAL TABLES FOLLOW
APPENDIX - FINANCIAL RATIOS
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|
Quarterly |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
(Dollars in thousands, except per share data) |
|
2nd QTR |
|
1st QTR |
|
4th QTR |
|
3rd QTR |
|
2nd QTR |
Earnings and Per Share Data |
|
|
|
|
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|
|
Net income |
|
$ |
5,938 |
|
|
$ |
5,535 |
|
|
$ |
7,719 |
|
|
$ |
9,438 |
|
|
$ |
8,258 |
|
Basic earnings per common share |
|
|
0.99 |
|
|
|
0.92 |
|
|
|
1.29 |
|
|
|
1.56 |
|
|
|
1.37 |
|
Diluted earnings per common share |
|
|
0.96 |
|
|
|
0.88 |
|
|
|
1.24 |
|
|
|
1.52 |
|
|
|
1.33 |
|
Common shares outstanding |
|
|
6,037 |
|
|
|
6,129 |
|
|
|
6,108 |
|
|
|
6,108 |
|
|
|
6,173 |
|
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|
Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets - consolidated |
|
|
1.31 |
% |
|
|
1.28 |
% |
|
|
1.74 |
% |
|
|
2.15 |
% |
|
|
1.92 |
% |
Return on average equity - consolidated |
|
|
15.03 |
% |
|
|
13.86 |
% |
|
|
19.15 |
% |
|
|
24.07 |
% |
|
|
22.61 |
% |
Net interest margin (TEY) |
|
|
4.07 |
% |
|
|
3.89 |
% |
|
|
3.83 |
% |
|
|
3.83 |
% |
|
|
3.70 |
% |
Net interest margin (TEY, excluding PPP loans and borrowings)
(1) |
|
|
3.95 |
% |
|
|
3.82 |
% |
|
|
3.76 |
% |
|
|
3.73 |
% |
|
|
3.75 |
% |
Yield on earning assets (TEY) |
|
|
4.65 |
% |
|
|
4.35 |
% |
|
|
4.28 |
% |
|
|
4.31 |
% |
|
|
4.20 |
% |
Yield on earning assets (TEY, excluding PPP loans) (1) |
|
|
4.54 |
% |
|
|
4.31 |
% |
|
|
4.23 |
% |
|
|
4.24 |
% |
|
|
4.30 |
% |
Cost of funds |
|
|
0.61 |
% |
|
|
0.50 |
% |
|
|
0.49 |
% |
|
|
0.52 |
% |
|
|
0.54 |
% |
Efficiency ratio - consolidated |
|
|
70 |
% |
|
|
74 |
% |
|
|
71 |
% |
|
|
66 |
% |
|
|
71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) to average loans |
|
|
0.03 |
% |
|
|
0.04 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.01 |
% |
Non-performing loans/Total loans |
|
|
1.46 |
% |
|
|
1.51 |
% |
|
|
1.57 |
% |
|
|
0.61 |
% |
|
|
0.55 |
% |
Non-performing assets/Total assets |
|
|
1.24 |
% |
|
|
1.25 |
% |
|
|
1.34 |
% |
|
|
0.52 |
% |
|
|
0.48 |
% |
Allowance for loan losses/Total loans held for investment |
|
|
1.24 |
% |
|
|
1.31 |
% |
|
|
1.35 |
% |
|
|
1.38 |
% |
|
|
1.35 |
% |
Allowance for loan losses/Total loans held for investment
(excluding loans at fair value and PPP loans) (1) |
|
|
1.27 |
% |
|
|
1.38 |
% |
|
|
1.46 |
% |
|
|
1.52 |
% |
|
|
1.58 |
% |
Allowance for loan losses/Non-performing loans |
|
|
81.82 |
% |
|
|
82.41 |
% |
|
|
81.47 |
% |
|
|
206.42 |
% |
|
|
224.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share |
|
$ |
25.85 |
|
|
$ |
25.73 |
|
|
$ |
27.07 |
|
|
$ |
25.94 |
|
|
$ |
24.77 |
|
Tangible book value per common share |
|
$ |
25.16 |
|
|
$ |
25.04 |
|
|
$ |
26.37 |
|
|
$ |
25.23 |
|
|
$ |
24.06 |
|
Total equity/Total assets |
|
|
8.42 |
% |
|
|
8.61 |
% |
|
|
9.65 |
% |
|
|
8.99 |
% |
|
|
8.95 |
% |
Tangible common equity/Tangible assets - Corporation (1) |
|
|
8.22 |
% |
|
|
8.40 |
% |
|
|
9.42 |
% |
|
|
8.76 |
% |
|
|
8.71 |
% |
Tangible common equity/Tangible assets - Bank (1) |
|
|
10.18 |
% |
|
|
10.40 |
% |
|
|
11.54 |
% |
|
|
10.90 |
% |
|
|
10.92 |
% |
Tier 1 leverage ratio - Corporation |
|
|
8.87 |
% |
|
|
9.10 |
% |
|
|
9.39 |
% |
|
|
9.28 |
% |
|
|
8.97 |
% |
Tier 1 leverage ratio - Bank |
|
|
10.86 |
% |
|
|
11.20 |
% |
|
|
11.51 |
% |
|
|
11.55 |
% |
|
|
11.28 |
% |
Common tier 1 risk-based capital ratio - Corporation |
|
|
9.79 |
% |
|
|
10.09 |
% |
|
|
10.83 |
% |
|
|
10.64 |
% |
|
|
10.16 |
% |
Common tier 1 risk-based capital ratio - Bank |
|
|
11.98 |
% |
|
|
12.41 |
% |
|
|
13.27 |
% |
|
|
13.25 |
% |
|
|
12.80 |
% |
Tier 1 risk-based capital ratio - Corporation |
|
|
9.79 |
% |
|
|
10.09 |
% |
|
|
10.83 |
% |
|
|
10.64 |
% |
|
|
10.16 |
% |
Tier 1 risk-based capital ratio - Bank |
|
|
11.98 |
% |
|
|
12.41 |
% |
|
|
13.27 |
% |
|
|
13.25 |
% |
|
|
12.80 |
% |
Total risk-based capital ratio - Corporation |
|
|
13.50 |
% |
|
|
13.91 |
% |
|
|
14.81 |
% |
|
|
14.72 |
% |
|
|
14.23 |
% |
Total risk-based capital ratio - Bank |
|
|
13.33 |
% |
|
|
13.76 |
% |
|
|
14.63 |
% |
|
|
14.62 |
% |
|
|
14.18 |
% |
(1) Non-GAAP
measure. See reconciliation in the Appendix.
|
|
|
|
|
|
|
|
|
Statements of Income (Unaudited) |
|
Statements of Income (Unaudited) |
|
Three Months Ended |
|
Six Months Ended |
(Dollars in thousands, except per share data) |
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 30, 2021 |
Interest Income |
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
19,120 |
|
|
$ |
16,839 |
|
|
$ |
36,339 |
|
|
$ |
33,662 |
|
Investments and cash |
|
917 |
|
|
|
678 |
|
|
|
1,662 |
|
|
|
1,307 |
|
Total interest
income |
|
20,037 |
|
|
|
17,517 |
|
|
|
38,001 |
|
|
|
34,969 |
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
Deposits |
|
1,818 |
|
|
|
1,368 |
|
|
|
3,107 |
|
|
|
2,934 |
|
Borrowings |
|
668 |
|
|
|
737 |
|
|
|
1,308 |
|
|
|
1,502 |
|
Total interest
expense |
|
2,486 |
|
|
|
2,105 |
|
|
|
4,415 |
|
|
|
4,436 |
|
|
|
|
|
|
|
|
|
Net interest
income |
|
17,551 |
|
|
|
15,412 |
|
|
|
33,586 |
|
|
|
30,533 |
|
Provision for loan
losses |
|
602 |
|
|
|
96 |
|
|
|
1,217 |
|
|
|
695 |
|
Net interest income after
provision for loan losses |
|
16,949 |
|
|
|
15,316 |
|
|
|
32,369 |
|
|
|
29,838 |
|
|
|
|
|
|
|
|
|
Non-Interest
Income |
|
|
|
|
|
|
|
Mortgage banking income |
|
6,942 |
|
|
|
19,467 |
|
|
|
14,038 |
|
|
|
43,567 |
|
Wealth management income |
|
1,254 |
|
|
|
1,163 |
|
|
|
2,558 |
|
|
|
2,299 |
|
SBA income |
|
437 |
|
|
|
1,490 |
|
|
|
2,957 |
|
|
|
2,735 |
|
Earnings on investment in life
insurance |
|
137 |
|
|
|
65 |
|
|
|
275 |
|
|
|
131 |
|
Net change in fair value of
derivative instruments |
|
(674 |
) |
|
|
(2,148 |
) |
|
|
(840 |
) |
|
|
(3,092 |
) |
Net change in fair value of loans
held for sale |
|
268 |
|
|
|
1,235 |
|
|
|
(856 |
) |
|
|
(2,632 |
) |
Net change in fair value of loans
held for investment |
|
(835 |
) |
|
|
41 |
|
|
|
(1,613 |
) |
|
|
(61 |
) |
Net gain (loss) on hedging
activity |
|
1,715 |
|
|
|
(674 |
) |
|
|
4,542 |
|
|
|
3,587 |
|
Net gain on sale of investment
securities available-for-sale |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48 |
|
Service charges |
|
31 |
|
|
|
33 |
|
|
|
58 |
|
|
|
64 |
|
Other |
|
1,128 |
|
|
|
1,060 |
|
|
|
2,386 |
|
|
|
2,134 |
|
Total non-interest
income |
|
10,403 |
|
|
|
21,732 |
|
|
|
23,505 |
|
|
|
48,780 |
|
|
|
|
|
|
|
|
|
Non-Interest
Expenses |
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
12,926 |
|
|
|
20,213 |
|
|
|
28,224 |
|
|
|
42,352 |
|
Occupancy and equipment |
|
1,176 |
|
|
|
1,175 |
|
|
|
2,428 |
|
|
|
2,326 |
|
Professional fees |
|
913 |
|
|
|
816 |
|
|
|
1,761 |
|
|
|
1,756 |
|
Advertising and promotion |
|
1,189 |
|
|
|
921 |
|
|
|
2,175 |
|
|
|
1,707 |
|
Data processing |
|
580 |
|
|
|
520 |
|
|
|
1,059 |
|
|
|
1,136 |
|
Information technology |
|
728 |
|
|
|
464 |
|
|
|
1,438 |
|
|
|
889 |
|
Pennsylvania bank shares tax |
|
212 |
|
|
|
163 |
|
|
|
411 |
|
|
|
326 |
|
Other |
|
1,982 |
|
|
|
1,974 |
|
|
|
3,643 |
|
|
|
4,018 |
|
Total non-interest
expenses |
|
19,706 |
|
|
|
26,246 |
|
|
|
41,139 |
|
|
|
54,510 |
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
7,646 |
|
|
|
10,802 |
|
|
|
14,735 |
|
|
|
24,108 |
|
Income tax
expense |
|
1,708 |
|
|
|
2,544 |
|
|
|
3,262 |
|
|
|
5,680 |
|
Net Income |
$ |
5,938 |
|
|
$ |
8,258 |
|
|
$ |
11,473 |
|
|
$ |
18,428 |
|
|
|
|
|
|
|
|
|
Weighted-average basic shares
outstanding |
|
5,999 |
|
|
|
6,032 |
|
|
|
6,011 |
|
|
|
6,018 |
|
Basic earnings per common
share |
$ |
0.99 |
|
|
$ |
1.37 |
|
|
$ |
1.91 |
|
|
$ |
3.06 |
|
|
|
|
|
|
|
|
|
Adjusted weighted-average diluted
shares outstanding |
|
6,199 |
|
|
|
6,203 |
|
|
|
6,229 |
|
|
|
6,177 |
|
Diluted earnings per common
share |
$ |
0.96 |
|
|
$ |
1.33 |
|
|
$ |
1.84 |
|
|
$ |
2.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Condition (Unaudited) |
(Dollars in thousands) |
June 30, 2022 |
|
March 31, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
|
June 30, 2021 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & cash equivalents |
$ |
37,093 |
|
|
$ |
68,888 |
|
|
$ |
23,480 |
|
|
$ |
63,121 |
|
|
$ |
26,902 |
|
Investment securities |
|
168,552 |
|
|
|
167,870 |
|
|
|
168,028 |
|
|
|
153,566 |
|
|
|
149,366 |
|
Mortgage loans held for sale |
|
58,938 |
|
|
|
81,258 |
|
|
|
80,882 |
|
|
|
117,996 |
|
|
|
132,348 |
|
Loans, net of fees and costs |
|
1,518,893 |
|
|
|
1,431,906 |
|
|
|
1,386,457 |
|
|
|
1,378,670 |
|
|
|
1,362,750 |
|
Allowance for loan losses |
|
(18,805 |
) |
|
|
(18,826 |
) |
|
|
(18,758 |
) |
|
|
(18,976 |
) |
|
|
(18,361 |
) |
Bank premises and equipment,
net |
|
12,185 |
|
|
|
11,883 |
|
|
|
11,806 |
|
|
|
8,242 |
|
|
|
8,160 |
|
Bank owned life insurance |
|
22,778 |
|
|
|
22,641 |
|
|
|
22,503 |
|
|
|
22,362 |
|
|
|
12,269 |
|
Servicing assets |
|
12,860 |
|
|
|
13,396 |
|
|
|
12,765 |
|
|
|
11,932 |
|
|
|
10,327 |
|
Goodwill and intangible
assets |
|
4,176 |
|
|
|
4,227 |
|
|
|
4,278 |
|
|
|
4,329 |
|
|
|
4,380 |
|
Other assets |
|
36,349 |
|
|
|
48,346 |
|
|
|
22,002 |
|
|
|
21,203 |
|
|
|
20,869 |
|
Total
Assets |
$ |
1,853,019 |
|
|
$ |
1,831,589 |
|
|
$ |
1,713,443 |
|
|
$ |
1,762,445 |
|
|
$ |
1,709,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities &
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits |
$ |
291,925 |
|
|
$ |
291,379 |
|
|
$ |
274,528 |
|
|
$ |
265,842 |
|
|
$ |
261,806 |
|
Interest bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
|
205,298 |
|
|
|
252,298 |
|
|
|
268,248 |
|
|
|
279,659 |
|
|
|
257,939 |
|
Money market / savings
accounts |
|
728,886 |
|
|
|
688,117 |
|
|
|
697,628 |
|
|
|
670,101 |
|
|
|
631,604 |
|
Certificates of deposit |
|
341,905 |
|
|
|
333,057 |
|
|
|
206,009 |
|
|
|
223,445 |
|
|
|
261,931 |
|
Total interest bearing
deposits |
|
1,276,089 |
|
|
|
1,273,472 |
|
|
|
1,171,885 |
|
|
|
1,173,205 |
|
|
|
1,151,474 |
|
Total deposits |
|
1,568,014 |
|
|
|
1,564,851 |
|
|
|
1,446,413 |
|
|
|
1,439,047 |
|
|
|
1,413,280 |
|
Borrowings |
|
59,136 |
|
|
|
36,136 |
|
|
|
41,344 |
|
|
|
100,683 |
|
|
|
82,156 |
|
Subordinated debt |
|
40,567 |
|
|
|
40,538 |
|
|
|
40,508 |
|
|
|
40,760 |
|
|
|
40,730 |
|
Other liabilities |
|
29,215 |
|
|
|
32,380 |
|
|
|
19,818 |
|
|
|
23,539 |
|
|
|
19,959 |
|
Total
Liabilities |
|
1,696,932 |
|
|
|
1,673,905 |
|
|
|
1,548,083 |
|
|
|
1,604,029 |
|
|
|
1,556,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
156,087 |
|
|
|
157,684 |
|
|
|
165,360 |
|
|
|
158,416 |
|
|
|
152,885 |
|
Total Liabilities
& Stockholders’ Equity |
$ |
1,853,019 |
|
|
$ |
1,831,589 |
|
|
$ |
1,713,443 |
|
|
$ |
1,762,445 |
|
|
$ |
1,709,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Statements of Income (Unaudited) |
|
Three Months Ended |
(Dollars in thousands, except per share data) |
June 30, 2022 |
|
March 31, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
|
June 30, 2021 |
Interest income |
$ |
20,037 |
|
$ |
17,964 |
|
$ |
18,248 |
|
|
$ |
18,306 |
|
$ |
17,517 |
Interest expense |
|
2,486 |
|
|
1,929 |
|
|
1,926 |
|
|
|
2,049 |
|
|
2,105 |
Net interest income |
|
17,551 |
|
|
16,035 |
|
|
16,322 |
|
|
|
16,257 |
|
|
15,412 |
Provision (credit) for loan
losses |
|
602 |
|
|
615 |
|
|
(222 |
) |
|
|
597 |
|
|
96 |
Non-interest income |
|
10,403 |
|
|
13,102 |
|
|
17,086 |
|
|
|
22,122 |
|
|
21,732 |
Non-interest expense |
|
19,706 |
|
|
21,433 |
|
|
23,737 |
|
|
|
25,481 |
|
|
26,246 |
Income before income tax
expense |
|
7,646 |
|
|
7,089 |
|
|
9,893 |
|
|
|
12,301 |
|
|
10,802 |
Income tax expense |
|
1,708 |
|
|
1,554 |
|
|
2,174 |
|
|
|
2,863 |
|
|
2,544 |
Net Income |
$ |
5,938 |
|
$ |
5,535 |
|
$ |
7,719 |
|
|
$ |
9,438 |
|
$ |
8,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average basic shares
outstanding |
|
5,999 |
|
|
6,023 |
|
|
5,978 |
|
|
|
6,045 |
|
|
6,032 |
Basic earnings per common
share |
$ |
0.99 |
|
$ |
0.92 |
|
$ |
1.29 |
|
|
$ |
1.56 |
|
$ |
1.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted weighted-average diluted
shares outstanding |
|
6,199 |
|
|
6,262 |
|
|
6,210 |
|
|
|
6,231 |
|
|
6,203 |
Diluted earnings per common
share |
$ |
0.96 |
|
$ |
0.88 |
|
$ |
1.24 |
|
|
$ |
1.52 |
|
$ |
1.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Information |
|
|
|
Three Months Ended June 30, 2022 |
|
|
Three Months Ended June 30, 2021 |
(Dollars in thousands) |
|
Bank |
|
Wealth |
|
Mortgage |
|
Total |
|
Bank |
|
Wealth |
|
Mortgage |
|
Total |
Net
interest income |
|
$ |
16,923 |
|
|
317 |
|
|
311 |
|
|
17,551 |
|
|
$ |
14,824 |
|
|
2 |
|
|
586 |
|
|
15,412 |
|
Provision for loan losses |
|
|
602 |
|
|
— |
|
|
— |
|
|
602 |
|
|
|
96 |
|
|
— |
|
|
— |
|
|
96 |
|
Net interest income after
provision |
|
|
16,321 |
|
|
317 |
|
|
311 |
|
|
16,949 |
|
|
|
14,728 |
|
|
2 |
|
|
586 |
|
|
15,316 |
|
Non-interest income |
|
|
1,159 |
|
|
1,254 |
|
|
7,990 |
|
|
10,403 |
|
|
|
2,402 |
|
|
1,163 |
|
|
18,167 |
|
|
21,732 |
|
Non-interest expense |
|
|
10,624 |
|
|
822 |
|
|
8,260 |
|
|
19,706 |
|
|
|
9,415 |
|
|
789 |
|
|
16,042 |
|
|
26,246 |
|
Income before income taxes |
|
$ |
6,856 |
|
|
749 |
|
|
41 |
|
|
7,646 |
|
|
$ |
7,715 |
|
|
376 |
|
|
2,711 |
|
|
10,802 |
|
Efficiency ratio |
|
|
59 |
% |
|
52 |
% |
|
100 |
% |
|
70 |
% |
|
|
55 |
% |
|
68 |
% |
|
86 |
% |
|
71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Information |
|
|
|
Six Months Ended June 30, 2022 |
|
|
Six Months Ended June 30, 2021 |
(Dollars in thousands) |
|
Bank |
|
Wealth |
|
Mortgage |
|
Total |
|
Bank |
|
Wealth |
|
Mortgage |
|
Total |
Net
interest income |
|
$ |
32,533 |
|
|
411 |
|
|
642 |
|
|
33,586 |
|
|
$ |
29,324 |
|
|
(11 |
) |
|
1,220 |
|
|
30,533 |
|
Provision for loan losses |
|
|
1,217 |
|
|
— |
|
|
— |
|
|
1,217 |
|
|
|
695 |
|
|
— |
|
|
— |
|
|
695 |
|
Net interest income after
provision |
|
|
31,316 |
|
|
411 |
|
|
642 |
|
|
32,369 |
|
|
|
28,629 |
|
|
(11 |
) |
|
1,220 |
|
|
29,838 |
|
Non-interest income |
|
|
4,535 |
|
|
2,558 |
|
|
16,412 |
|
|
23,505 |
|
|
|
4,724 |
|
|
2,299 |
|
|
41,757 |
|
|
48,780 |
|
Non-interest expense |
|
|
20,833 |
|
|
1,700 |
|
|
18,606 |
|
|
41,139 |
|
|
|
18,348 |
|
|
1,684 |
|
|
34,478 |
|
|
54,510 |
|
Income before income taxes |
|
$ |
15,018 |
|
|
1,269 |
|
|
(1,552 |
) |
|
14,735 |
|
|
$ |
15,005 |
|
|
604 |
|
|
8,499 |
|
|
24,108 |
|
Efficiency ratio |
|
|
56 |
% |
|
57 |
% |
|
109 |
% |
|
72 |
% |
|
|
54 |
% |
|
74 |
% |
|
80 |
% |
|
69 |
% |
Reconciliation of Non-GAAP Financial
Measures
Meridian believes that non-GAAP measures are meaningful because
they reflect adjustments commonly made by management, investors,
regulators and analysts. This non-GAAP disclosure has limitations
as an analytical tool, should not be viewed as a substitute for
performance and financial condition measures determined in
accordance with GAAP, and should not be considered in isolation or
as a substitute for analysis of Meridian’s results as reported
under GAAP, nor is it necessarily comparable to non-GAAP
performance measures that may be presented by other companies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, Pre-provision
Reconciliation (Unaudited) |
|
2022 |
|
2022 |
|
|
2021 |
|
|
2021 |
|
2021 |
(Dollars in thousands) |
2nd QTR |
|
1st QTR |
|
4th QTR |
|
3rd QTR |
|
2nd QTR |
Income before income tax expense |
$ |
7,646 |
|
$ |
7,089 |
|
|
$ |
9,893 |
|
|
$ |
12,301 |
|
$ |
10,802 |
Provision for loan losses |
|
602 |
|
|
615 |
|
|
|
(222 |
) |
|
|
597 |
|
|
96 |
Pre-tax, pre-provision
income |
$ |
8,248 |
|
$ |
7,704 |
|
|
$ |
9,671 |
|
|
$ |
12,898 |
|
$ |
10,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, Pre-provision Income by
Segment (Unaudited) |
|
2022 |
|
2022 |
|
|
2021 |
|
|
2021 |
|
2021 |
(Dollars in thousands) |
2nd QTR |
|
1st QTR |
|
4th QTR |
|
3rd QTR |
|
2nd QTR |
Bank |
$ |
7,458 |
|
$ |
8,778 |
|
|
$ |
6,829 |
|
|
$ |
8,896 |
|
$ |
7,811 |
Wealth |
|
749 |
|
|
519 |
|
|
|
286 |
|
|
|
432 |
|
|
376 |
Mortgage |
|
41 |
|
|
(1,593 |
) |
|
|
2,556 |
|
|
|
3,570 |
|
|
2,711 |
Pre-tax, pre-provision
income |
$ |
8,248 |
|
$ |
7,704 |
|
|
$ |
9,671 |
|
|
$ |
12,898 |
|
$ |
10,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of PPP / PPPLF Impacted
Yields (Unaudited) |
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2nd QTR |
|
1st QTR |
|
4th QTR |
|
3rd QTR |
|
2nd QTR |
Net interest margin (TEY) |
|
4.07 |
% |
|
|
3.89 |
% |
|
|
3.83 |
% |
|
|
3.83 |
% |
|
|
3.70 |
% |
Impact of PPP loans and PPPLF
borrowings |
|
(0.12) % |
|
|
(0.07) % |
|
|
(0.07) % |
|
|
(0.10) % |
|
|
0.05 |
% |
Net interest margin
(TEY, excluding PPP loans and PPPLF borrowings) |
|
3.95 |
% |
|
|
3.82 |
% |
|
|
3.76 |
% |
|
|
3.73 |
% |
|
|
3.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on earning assets
(TEY) |
|
4.65 |
% |
|
|
4.35 |
% |
|
|
4.28 |
% |
|
|
4.31 |
% |
|
|
4.20 |
% |
Impact of PPP loans |
|
(0.11) % |
|
|
(0.04) % |
|
|
(0.05) % |
|
|
(0.07) % |
|
|
0.10 |
% |
Yield on earning
assets (TEY, excluding PPP loans) |
|
4.54 |
% |
|
|
4.31 |
% |
|
|
4.23 |
% |
|
|
4.24 |
% |
|
|
4.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Allowance for Loan Losses / Total
loans (Unaudited) |
|
|
2022 |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
|
June 30 |
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
Allowance for loan losses /
Total loans held for investment |
|
1.24 |
% |
|
|
1.31 |
% |
|
|
1.35 |
% |
|
|
1.38 |
% |
|
|
1.35 |
% |
Less: Impact of loans held for
investment - fair valued |
|
0.01 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
Less: Impact of PPP loans |
|
0.02 |
% |
|
|
0.05 |
% |
|
|
0.09 |
% |
|
|
0.13 |
% |
|
|
0.22 |
% |
Allowance for loan
losses / Total loans held for investment (excl. loans at fair value
and PPP loans) |
|
1.27 |
% |
|
|
1.38 |
% |
|
|
1.46 |
% |
|
|
1.52 |
% |
|
|
1.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity Ratio Reconciliation - Corporation
(Unaudited) |
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
(Dollars in thousands) |
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
Total stockholders' equity |
$ |
156,087 |
|
|
$ |
157,684 |
|
|
$ |
165,360 |
|
|
$ |
158,416 |
|
|
$ |
152,885 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets |
|
(4,176 |
) |
|
|
(4,227 |
) |
|
|
(4,278 |
) |
|
|
(4,329 |
) |
|
|
(4,380 |
) |
Tangible common equity |
$ |
151,911 |
|
|
$ |
153,457 |
|
|
$ |
161,082 |
|
|
$ |
154,087 |
|
|
$ |
148,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,853,019 |
|
|
$ |
1,831,589 |
|
|
$ |
1,713,443 |
|
|
$ |
1,762,445 |
|
|
$ |
1,709,010 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets |
|
(4,176 |
) |
|
|
(4,227 |
) |
|
|
(4,278 |
) |
|
|
(4,329 |
) |
|
|
(4,380 |
) |
Tangible assets |
$ |
1,848,843 |
|
|
$ |
1,827,362 |
|
|
$ |
1,709,165 |
|
|
$ |
1,758,116 |
|
|
$ |
1,704,629 |
|
Tangible common equity
ratio - Corporation |
|
8.22 |
% |
|
|
8.40 |
% |
|
|
9.42 |
% |
|
|
8.76 |
% |
|
|
8.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity Ratio Reconciliation - Bank
(Unaudited) |
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
(Dollars in thousands) |
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
Total stockholders' equity |
$ |
192,212 |
|
|
$ |
194,347 |
|
|
$ |
201,486 |
|
|
$ |
196,009 |
|
|
$ |
190,477 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets |
|
(4,176 |
) |
|
|
(4,227 |
) |
|
|
(4,278 |
) |
|
|
(4,329 |
) |
|
|
(4,380 |
) |
Tangible common equity |
$ |
188,036 |
|
|
$ |
190,120 |
|
|
$ |
197,208 |
|
|
$ |
191,680 |
|
|
$ |
186,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,852,998 |
|
|
$ |
1,831,461 |
|
|
$ |
1,713,318 |
|
|
$ |
1,762,415 |
|
|
$ |
1,709,006 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets |
|
(4,176 |
) |
|
|
(4,227 |
) |
|
|
(4,278 |
) |
|
|
(4,329 |
) |
|
|
(4,380 |
) |
Tangible assets |
$ |
1,848,822 |
|
|
$ |
1,827,234 |
|
|
$ |
1,709,040 |
|
|
$ |
1,758,086 |
|
|
$ |
1,704,626 |
|
Tangible common equity
ratio - Bank |
|
10.17 |
% |
|
|
10.40 |
% |
|
|
11.54 |
% |
|
|
10.90 |
% |
|
|
10.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value Reconciliation
(Unaudited) |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
Book value per common
share |
$ |
25.85 |
|
$ |
25.73 |
|
$ |
27.07 |
|
$ |
25.94 |
|
$ |
24.77 |
Less: Impact of goodwill and
intangible assets |
|
0.69 |
|
|
0.69 |
|
|
0.70 |
|
|
0.71 |
|
|
0.71 |
Tangible book value
per common share |
$ |
25.16 |
|
$ |
25.04 |
|
$ |
26.37 |
|
$ |
25.23 |
|
$ |
24.06 |
Contact: Christopher
Annascannas@meridianbanker.com484-568-5000
Grafico Azioni Meridian (NASDAQ:MRBK)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Meridian (NASDAQ:MRBK)
Storico
Da Giu 2023 a Giu 2024