Meridian Corporation (Nasdaq: MRBK) today reported:
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2022 |
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2021 |
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2021 |
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2021 |
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2021 |
(Dollars in thousands, except per share data) |
1st QTR |
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4th QTR |
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3rd QTR |
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2nd QTR |
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1st QTR |
Income: |
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Net income |
$ |
5,535 |
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$ |
7,719 |
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$ |
9,438 |
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$ |
8,258 |
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$ |
10,170 |
Diluted earnings per common
share |
$ |
0.88 |
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$ |
1.24 |
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$ |
1.52 |
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$ |
1.33 |
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$ |
1.65 |
Pre-tax, pre-provision income
(1) |
$ |
7,704 |
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$ |
9,671 |
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$ |
12,898 |
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$ |
10,898 |
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$ |
13,905 |
Pre-tax, pre-provision income - Bank (1) |
$ |
8,778 |
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$ |
6,829 |
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$ |
8,896 |
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$ |
7,811 |
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$ |
7,891 |
(1) See Non-GAAP reconciliation in the Appendix |
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Christopher J. Annas, Chairman and CEO commented “Meridian’s
first quarter revenue of $31.1 million generated earnings of $5.5
million, or $0.88 per diluted share. The solid quarterly
performance resulted from exceptional growth and earnings from the
bank segment. Loan and lease growth was $84.1 million or 26%
annualized (excluding PPP loans and mortgage loans held for sale).
The net interest margin increased to 3.89% as PPP loans are being
replaced by higher yielding commercial loans. The SBA
division had an excellent quarter of growth and loan sales, as we
continue to expand this business line. Although our mortgage
business performance was down due to interest rate increases and a
lack of homes for sale, historical seasonality should result in
higher second and third quarter volume. We are monitoring expense
levels constantly and making adjustments to support
profitability.”
Mr. Annas added, “Meridian is getting consistent opportunities
to capture market share in our core Philadelphia metro region,
benefited by recent consolidations. At the same time we are being
watchful of economic and international events that continue to
affect supply chains and pricing. Diligence in our credit process
towards these opportunities will always be our first priority.”
Balance Sheet Highlights
March 31, 2022 compared to December 31, 2021:
- Total assets increased $118.1
million, or 6.9%, to $1.8 billion as of March 31, 2022.
- Portfolio loans, excluding SBA
Paycheck Protection Program ("PPP") loans, grew $84.1 million, or
6.5% quarter-over-quarter, or 26% on an annualized basis. PPP loans
decreased $38.6 million, or 43.7%, and mortgage loans held for sale
decreased $376 thousand, or 0.5%.
- Quarter-over-quarter portfolio
loan growth was most evident in the commercial real
estate/construction portfolio which grew $41.0 million, commercial
loans and leases which grew $38.7 million, and residential loans
which grew $10.3 million, partially offset by a decrease of $4.3
million in SBA loans, and a $1.6 million decrease in home equity
loans.
- As of March 31, 2022, we have
assisted borrowers with the forgiveness of 904 PPP “round 1” loans
totaling approximately $227.4 million, and 324 PPP “round 2” loans
totaling approximately $70.0 million.
- Cash and cash equivalents and
investments increased a combined $45.4 million or 193.4%.
- During the quarter-ended March 31,
2022, $27.7 million of municipal securities, previously classified
as available-for-sale on the balance sheet, were transferred to the
held-to-maturity portfolio at fair value. After transfer, $1.3
million of unrealized losses remain in accumulated other
comprehensive income. No gain or loss was recognized as a result of
the transfer.
- Our combined servicing asset
portfolio (which includes both mortgage servicing rights and SBA
servicing assets) increased $631 thousand, or 4.9%, to $13.4
million as of March 31, 2022.
- Total deposits grew $118.4
million, or 8.2%, to $1.6 billion as of March 31, 2022.
Non-interest bearing deposits grew $16.9 million, or 6.1%, to
$291.4 million as of March 31, 2022.
- Total borrowings decreased $5.2
million as short-term borrowings were paid down with available cash
on hand. As of March 31, 2022 Federal Reserve’s Paycheck Protection
Program Liquidity Facility (“PPPLF”) balances were paid down to $0
as PPP loans have continued to be forgiven or paid off.
Income Statement HighlightsFirst quarter 2022
compared to fourth quarter 2021:
- Pre-tax, pre-provision income for
the Bank in the first quarter 2022 was $8.8 million, an increase of
$1.9 million, or 28.5%, led by strong SBA loan sales volume, wealth
management income, and other fee income, combined with lower
operating expenses for the quarter.
- Consolidated net income was $5.5
million, a decrease of $2.2 million, or 28.3%, largely led by a
lower level of non-interest income from mortgage banking
activity.
- The return on average equity
(“ROE”) and return on average assets (“ROA”) were 13.86% and 1.28%,
respectively, for the first quarter 2022, compared to 19.15% and
1.74%, respectively, for the fourth quarter 2021.
- Net interest margin increased to
3.89% from 3.83%, as excess cash and PPP loan payoffs were
reinvested in higher yielding commercial portfolios. Interest
income, however, declined modestly $287 thousand, or 1.8% due
largely to fewer days in the quarter.
- Non-interest income decreased $4.0
million or 23.3%, due to:
- Lower level of mortgage banking
revenue, which declined $6.5 million, or 48%, partially offset by
increased hedging gains of $2.3 million.
- An increase in SBA loan sale
revenue of $1.0 million, or 70.8%.
- An increase in other fee income of
$131 thousand, or 11.7%.
- An increase in wealth management
revenue of $34 thousand, or 2.7%, due to increased assets under
management ("AUM") and favorable market conditions.
- Changes in fair value related to
mortgage banking activities were down $236 thousand over the
period.
- Provision for loan losses
increased $837 thousand due to loan growth, combined with an
increase in specific reserves due to impaired loans.
- Non-interest expenses decreased
$2.3 million, or 9.7%, as a result of a lower level of salaries and
benefits, largely related to variable compensation in the mortgage
segment, combined with a decline in incentive and stock based
compensation for bank and wealth segments.
- On April 28, 2022, the Board of
Directors declared a quarterly cash dividend of $0.20 per common
share, payable May 23, 2022, to shareholders of record as of May
16, 2022.
Select Condensed Financial Information
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For the Quarter Ended (Unaudited) |
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2022 |
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2021 |
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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) |
1st QTR |
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4th QTR |
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3rd QTR |
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2nd QTR |
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1st QTR |
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Income: |
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Net income - consolidated |
$ |
5,535 |
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$ |
7,719 |
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$ |
9,438 |
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$ |
8,258 |
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$ |
10,170 |
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Basic earnings per common
share |
$ |
0.92 |
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$ |
1.29 |
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$ |
1.56 |
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$ |
1.37 |
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$ |
1.70 |
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Diluted earnings per common
share |
$ |
0.88 |
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$ |
1.24 |
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$ |
1.52 |
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$ |
1.33 |
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$ |
1.65 |
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Net interest income -
consolidated |
$ |
16,035 |
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$ |
16,322 |
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$ |
16,257 |
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$ |
15,412 |
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$ |
15,120 |
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At the Quarter Ended (Unaudited) |
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2022 |
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2021 |
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2021 |
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2021 |
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2021 |
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March 31 |
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December 31 |
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September 30 |
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June 30 |
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March 31 |
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Balance
Sheet: |
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Total assets |
$ |
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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$ |
1,743,977 |
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Loans, net of fees and
costs |
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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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1,354,551 |
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Total deposits |
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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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1,383,590 |
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Non-interest bearing
deposits |
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291,379 |
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274,528 |
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265,842 |
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261,806 |
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257,730 |
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Stockholders' Equity |
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157,684 |
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165,360 |
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158,416 |
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152,885 |
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143,505 |
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At the Quarter Ended (Unaudited) |
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2022 |
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2021 |
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2021 |
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2021 |
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2021 |
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March 31 |
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December 31 |
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September 30 |
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June 30 |
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March 31 |
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Balance Sheet (Average
Balances): |
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Total assets |
$ |
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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$ |
1,694,961 |
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Total interest earning
assets |
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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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1,654,791 |
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Loans, net of fees and
costs |
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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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1,296,242 |
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Total deposits |
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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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1,307,280 |
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Non-interest bearing
deposits |
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281,123 |
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287,801 |
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254,843 |
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255,964 |
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234,030 |
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Stockholders' Equity |
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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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137,189 |
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At the Quarter Ended (Unaudited) |
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2022 |
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2021 |
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2021 |
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2021 |
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2021 |
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March 31 |
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December 31 |
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September 30 |
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June 30 |
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March 31 |
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Performance
Ratios: |
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Return on average assets -
consolidated |
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1.28 |
% |
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1.74 |
% |
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2.15 |
% |
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1.92 |
% |
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2.43 |
% |
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Return on average equity -
consolidated |
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13.86 |
% |
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19.15 |
% |
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24.07 |
% |
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22.61 |
% |
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30.06 |
% |
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Income Statement Summary
First Quarter 2022 Compared to Fourth Quarter
2021
Net income was $5.5 million, or $0.88 per diluted share, for the
first quarter of 2022 compared to net income of $7.7 million, or
$1.24 per diluted share, for the fourth quarter of 2021. The $2.2
million decrease in net income quarter-over-quarter was driven
largely by a decline in mortgage banking activity, partially offset
by an increased level of SBA 7(a) loan sales during the quarter.
Non-interest expense decreased $2.3 million and the provision for
loan losses increased $837 thousand due to portfolio loan growth
combined with the impact of charge-offs, specific reserves and
qualitative provisioning during the current quarter.
Interest income decreased $284 thousand, or 1.6%, to $18.0
million from $18.2 million for the fourth quarter of 2021 largely
due to having 2 less days in the first quarter of 2022, in addition
to a lower level of commercial real estate and construction loan
fees, and lower PPP fee income. Quarter-over-quarter, there was
combined average balance growth of $67.3 million on commercial
loans and leases, small business loans, and residential real estate
loans. All of these factors led to a decrease of only 3 basis
points in the yield on loans, to 4.71% for the first quarter of
2022. Despite the modest decrease in loan yield, due to lower PPP
fee income, PPP loan balances are being replaced by higher yielding
commercial loans and leases, as evidenced by the loan portfolio
growth discussed in the balance sheet summary section below.
Interest expense remained relatively unchanged from the prior
quarter, increasing only $3 thousand, or 0.1%, to $1.9 million. The
cost of deposits increased 2 basis points over the prior quarter,
as rates in interest checking and money market accounts moved up 1
and 2 basis points, respectively, while the cost of time deposits
was lower by 1 basis point.
The net interest margin was 3.89% for the first quarter of 2022
compared to 3.83% for the fourth quarter of 2021. Excluding the
impact from PPP, the net interest margin increased 6 basis points
to 3.82% for the first quarter 2022 from 3.76% for the fourth
quarter of 2021. A reconciliation of this non-GAAP measure is
included in the Appendix. Overall based on the above, net interest
income decreased $287 thousand, or 1.8%, to $16.0 million from
$16.3 million for the fourth quarter of 2021.
The provision for loan losses was $615 thousand for the first
quarter of 2022, compared to a $(222) thousand negative provision
for the fourth quarter of 2021. The increase in the provision was
due to growth in the loan portfolio quarter over quarter, in
addition to $567 thousand in leasing charge-offs that were recorded
during the first quarter of 2022, and an increase in specific
reserves on non-performing loans, offset somewhat by the impacts of
qualitative provisioning for economic factors that have continued
to improve as we emerge from the COVID-19 pandemic. Nearly all of
the first quarter 2022 charge-offs were in our small ticket
equipment leasing portfolio.
Total non-interest income for the first quarter of 2022 was
$13.1 million, down $4.0 million or 23.3%, from the fourth quarter
of 2021. The decrease in non-interest income was due to a decrease
of $6.5 million, or 48.0%, in mortgage banking net revenue over the
fourth quarter of 2021 as mortgage loan originations were down
quarter-over-quarter. Our mortgage segment originated $323.8
million in loans during the first quarter of 2022, a decrease of
$104.5 million, or 24.4%, from the prior quarter. Refinance
activity represented 36% of the total residential mortgage loans
originated for the first quarter of 2022, compared to 33% for the
fourth quarter of 2021. The changes in the fair value of derivative
instruments and loans held for sale declined a combined $236
thousand during the first quarter of 2022 compared to the fourth
quarter of 2021, while there was a $2.8 million gain on hedging
activity for the first quarter of 2022, compared to a $563 thousand
gain for the fourth quarter of 2021.
As our SBA lending group continues to grow the SBA 7(a) loan
portfolio, the pipeline of loan sales activity has remained strong.
For the first quarter of 2022 the gain on sale of SBA 7(a) loans
increasing $1.0 million, or 70.8%, from the fourth quarter of 2021
as the volume of loans sold increased to $25.2 million in the first
quarter of 2022 compared to $15.6 million in loans sold in the
fourth quarter of 2021.
Wealth management revenue from our wealth segment increased $34
thousand, or 2.7%, quarter-over-quarter due to the more favorable
market conditions that existed in the first quarter of 2022,
compared to the fourth quarter of 2021. Assets under management
maintained above the $1 billion level as the wealth segment has
continued to benefit from favorable market conditions and business
development synergies realized between our segments.
Other non-interest income increased $131 thousand, or 11.7%,
compared to the fourth quarter of 2021. This increase was largely
due to increases in income from our title insurance company and
swap premium income.
Total non-interest expense for the first quarter of 2022 was
$21.4 million, down $2.3 million or 9.7%, from the fourth quarter
of 2021. Total salaries and employee benefits expense was $15.3
million, a net decrease of $1.7 million or 10.2%, compared to the
fourth quarter of 2021. Of this decrease, $761 thousand related to
the mortgage segment, which recognizes variable compensation based
on loan origination volume. Salary and employee benefits were down
$983 thousand for the bank and wealth segments due to a decline in
stock based compensation quarter-over-quarter.
Occupancy and equipment expense was up $167 thousand, or 15.4%,
from the fourth quarter of 2021 due to improvements starting to be
made for our operations headquarters which was purchased later in
2021. Information technology costs decreased $157 thousand, or
18.1%, Other non-interest expense declined $619 thousand, or 27.2%,
due to a reduction in a reserve for mortgage loan repurchases.
First Quarter 2022 Compared to First Quarter
2021Net income was $5.5 million, or $0.88 per diluted
share for the first quarter of 2022 compared to net income of $10.2
million, or $1.65 per diluted share, for the first quarter of 2021.
The decrease of $4.6 million, or 45.6%, was driven largely by a
decline in mortgage banking activity, partially offset by the bank
segment’s continued improvement from interest income on portfolio
loans, combined with increases in SBA 7(a) loan sales and wealth
management revenue.
Net interest income was $16.0 million, an increase of $915
thousand, or 6.1%, over net interest income for the first quarter
of 2021. This net interest income growth reflects an increase in
average interest earning assets of $25.3 million and an increase in
the net interest margin of 17 basis points. The increase in net
interest margin is a result of a 6 basis point increase in the
yield on interest-earning assets, combined with a decrease of 14
basis points in the cost of funds.
The provision for loan losses of $615 thousand for the first
quarter of 2022 increased $16 thousand, or 2.67%, from the
provision for loan losses recorded for the first quarter of 2021.
The first quarter 2021 provision was calculated at the time the
COVID-19 pandemic was intensifying locally and nationally and was
therefore impacted by increased qualitative provisioning for the
economic uncertainty as a result of the pandemic, while the first
quarter 2022 provision reflects that certain financial and economic
indicators have improved over the last few periods, combined with
the impact of a specific reserve applied against the non-performing
loan relationship discussed below in the Asset Quality Summary
section.
Total non-interest income for the first quarter of 2022 was
$13.1 million, down $13.9 million or 51.6% from the comparable
period in 2021. This decrease in non-interest income came from our
mortgage segment. Mortgage banking net revenue decreased $17.0
million or 70.6% over the first quarter of 2021, resulting from
decreased levels of mortgage loan originations as rising interest
rates and lack of housing inventory has had an impact on mortgage
banking activity. Our mortgage segment originated $323.8 million in
loans during the first quarter of 2022, a decrease of $401.2
million, or 55.3%, from the first quarter of 2021. The changes in
the fair value of derivative instruments and loans held for sale
increased a combined $3.5 million over the period. Net hedging
activity declined as the net gain decreased $1.4 million for the
first quarter of 2022.
Net revenue from the sales of SBA 7(a) loans increased $1.3
million as $25.2 million in loans were sold in the first quarter of
2022 compared to $13.0 million in loans sold in the first quarter
of 2021, an increase of nearly 93.8%. This represents the 5th
straight quarter of net revenue from the sales of SBA 7(a) loans of
at least $1.2 million. Wealth management revenue increased $168
thousand year-over-year due to an increase of $166.8 million in
assets under management over this period, which benefit from the
more favorable market conditions, as discussed above. Other fee
income was up $173 thousand or 16.1% from the first quarter of
2021, to $1.2 million, due to increases in wire fees, title fee
income, and servicing fee income.
Total non-interest expense for the first quarter of 2022 was
$21.4 million, down $6.8 million or 24.2%, from the comparable
period in 2021. The decrease in non-interest expense is largely
attributable to a decrease in salaries and employee benefits
expense, which decreased $6.8 million or 30.9%, from the comparable
period in 2021. Of this decrease, $7.5 million relates to the
mortgage segment, while there was an increase of $680 thousand for
the bank and wealth segments due to an increase of 30 in FTE’s and
a higher level of stock-based compensation expense. Advertising and
promotion expense increased $201 thousand, or 25.6%, over the
comparable period in 2021 as the result of a renewed and focused
priority placed on business development and community outreach
efforts throughout the Meridian organization. In the first quarter
of 2022 the easing of COVID-19 restrictions has provided our team
members with much better opportunities to meet with customers and
prospective customers as they were accustomed to pre-pandemic.
Information technology expense increased $285 thousand, or
67.1%, to $710 thousand for the first quarter of 2022. Meridian
continued with our strategy to invest in technology that focuses on
improving back-office efficiencies through automation and workflow
processes. In addition, with a focus on cloud-based computing, IT
has improved the scalability of storage; reduced the maintenance
process; and eliminated the need and cost for further servers.
Other non-interest expense decreased $382 thousand, or 18.7%, to
$1.7 million for the first quarter of 2022, largely due to a
reduction in a reserve for mortgage loan repurchases.
Balance Sheet SummaryAs of March 31, 2022,
total assets were $1.8 billion, an increase of $118.1 million, or
6.9%, from December 31, 2021. Total assets increased $87.6 million
from March 31, 2021. This growth in assets over both periods
compared was due to loan portfolio growth, as discussed further
below.
Portfolio loans grew $45.4 million, or 3.3%, to $1.4 billion as
of March 31, 2022, from $1.4 billion as of December 31, 2021.
Overall portfolio loan growth, excluding PPP loans, was 6.5%
quarter-over-quarter, or 26% on an annualized basis for 2022.
Commercial loans increased $25.0 million, or 8.5%, commercial real
estate loans increased $12.9 million, or 2.4%, construction loans
increased $28.1 million, or 20.8%, residential real estate loans
held in portfolio increased $10.3 million, or 15.1%, and lease
financings increased $13.7 million, or 14.7% from December 31,
2021. Partially offsetting the growth in portfolio loans was a
decrease of $38.6 million, or 43.7%, in PPP loan balances.
The Corporation adopted ASU 20216-02 ("Leases") as of January 1,
2022, that revised the lessee accounting for our office and
equipment leases. As a result of this adoption, a right of use
asset of $10.5 million was included in other assets, while a
related lease liability of $10.3 million was included in other
liabilities as of March 31, 2022.
Deposits were $1.6 billion as of March 31, 2022, up $118.4
million, or 8.2%, from December 31, 2021. Non-interest bearing
deposits increased $16.9 million, or 6.1%, from December 31, 2021
due to strong business development efforts.
Interest-bearing checking accounts decreased $16.0 million, or
5.9%, while money market accounts/savings accounts combined
decreased $9.5 million, or 1.4%, since December 31, 2021.
Certificates of deposits increased $127.0 million, or 61.7%, from
December 31, 2021, as such deposits were utilized as an alternative
source of wholesale funding due to more favorable interest rates at
this time.
Consolidated stockholders’ equity of the Corporation was $157.7
million, or 8.6% of total assets as of March 31, 2022, as compared
to $165.4 million, or 9.7% of total assets as of December 31, 2021.
The change in stockholders’ equity is the result of year-to-date
net income of $5.5 million, offset by dividends of $8.5 million
paid during the first three months of 2022, and a $6.4 million
decline in accumulated other comprehensive income from the
investment security portfolio due to changes in interest rates over
this period.
As of March 31, 2022, the Tier 1 leverage ratio was 9.10%
for the Corporation and 11.20% for the Bank, the Tier 1 risk-based
capital and common equity ratios were 10.09% for the Corporation
and 12.41% for the Bank, and total risk-based capital was 13.91%
for the Corporation and 13.76% 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
8.40% for the Corporation and 10.40% for the Bank. A reconciliation
of this non-GAAP measure is included in the Appendix. Tangible book
value per share was $25.04 as of March 31, 2022, compared with
$26.37 as of December 31, 2021.
Asset Quality Summary Asset quality remains a
strong focus of management. In the fourth quarter of 2021 one loan
relationship for $13.8 million became a non-performing loan
relationship and as a result total non-performing loans were $22.8
million as of March 31, 2022, compared to $23.0 million as of
December 31, 2021. As of March 31, 2022 there was a
specific reserve of $2.3 million against this loan relationship.
Consequently the ratio of non-performing assets to total assets was
elevated to 1.25% as of March 31, 2022 and 1.34% as of
December 31, 2021. Despite the near-term impact to these
ratios resulting from this one loan relationship, management feels
that overall asset quality remains strong. There was no other real
estate property included in non-performing assets for either
period.
Meridian realized net charge-offs of 0.04% of total average
loans for the quarter ending March 31, 2022, up from the
quarter ended December 31, 2021 level of 0.00%. Charge-offs
amounted to $567 thousand for the quarter ending March 31,
2022, while recoveries were $20 thousand during this quarter.
Nearly all of the charge-offs for the quarter ending March 31,
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 1.38% as of March 31,
2022 and 1.46% as of December 31, 2021.
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 current COVID-19 pandemic and government responses thereto,
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 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.
Contact
Christopher J. AnnasChairman &
CEOCannas@meridianbanker.com484.568.5000
FINANCIAL TABLES FOLLOW
APPENDIX - FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
(Dollars in thousands, except per share data) |
|
1st QTR |
|
4th QTR |
|
3rd QTR |
|
2nd QTR |
|
1st QTR |
Earnings and Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,535 |
|
|
$ |
7,719 |
|
|
$ |
9,438 |
|
|
$ |
8,258 |
|
|
$ |
10,170 |
|
Basic earnings per common share |
|
|
0.92 |
|
|
|
1.29 |
|
|
|
1.56 |
|
|
|
1.37 |
|
|
|
1.70 |
|
Diluted earnings per common share |
|
|
0.88 |
|
|
|
1.24 |
|
|
|
1.52 |
|
|
|
1.33 |
|
|
|
1.65 |
|
Common shares outstanding |
|
|
6,129 |
|
|
|
6,108 |
|
|
|
6,108 |
|
|
|
6,173 |
|
|
|
6,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets - consolidated |
|
|
1.28% |
|
|
|
1.74% |
|
|
|
2.15% |
|
|
|
1.92% |
|
|
|
2.43% |
|
Return on average equity - consolidated |
|
|
13.86% |
|
|
|
19.15% |
|
|
|
24.07% |
|
|
|
22.61% |
|
|
|
30.06% |
|
Net interest margin (TEY) |
|
|
3.89% |
|
|
|
3.83% |
|
|
|
3.83% |
|
|
|
3.70% |
|
|
|
3.72% |
|
Net interest margin (TEY, excluding PPP loans and borrowings)
(1) |
|
|
3.82% |
|
|
|
3.76% |
|
|
|
3.73% |
|
|
|
3.75% |
|
|
|
3.64% |
|
Yield on earning assets (TEY) |
|
|
4.35% |
|
|
|
4.28% |
|
|
|
4.31% |
|
|
|
4.20% |
|
|
|
4.29% |
|
Yield on earning assets (TEY, excluding PPP loans) (1) |
|
|
4.31% |
|
|
|
4.23% |
|
|
|
4.24% |
|
|
|
4.30% |
|
|
|
4.26% |
|
Cost of funds |
|
|
0.50% |
|
|
|
0.49% |
|
|
|
0.52% |
|
|
|
0.54% |
|
|
|
0.62% |
|
Efficiency ratio |
|
|
74% |
|
|
|
71% |
|
|
|
66% |
|
|
|
71% |
|
|
|
67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) to average loans |
|
|
0.04% |
|
|
|
—% |
|
|
|
—% |
|
|
|
0.01% |
|
|
|
—% |
|
Non-performing loans/Total loans |
|
|
1.51% |
|
|
|
1.57% |
|
|
|
0.61% |
|
|
|
0.55% |
|
|
|
0.56% |
|
Non-performing assets/Total assets |
|
|
1.25% |
|
|
|
1.34% |
|
|
|
0.52% |
|
|
|
0.48% |
|
|
|
0.49% |
|
Allowance for loan losses/Total loans held for investment |
|
|
1.31% |
|
|
|
1.35% |
|
|
|
1.38% |
|
|
|
1.35% |
|
|
|
1.36% |
|
Allowance for loan losses/Total loans held for investment
(excluding loans at fair value and PPP loans) (1) |
1.38% |
|
|
|
1.46% |
|
|
|
1.52% |
|
|
|
1.58% |
|
|
|
1.65% |
|
Allowance for loan losses/Non-performing loans |
|
|
82.41% |
|
|
|
81.47% |
|
|
|
206.42% |
|
|
|
224.63% |
|
|
|
214.44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share |
|
$ |
25.73 |
|
|
$ |
27.07 |
|
|
$ |
25.94 |
|
|
$ |
24.77 |
|
|
$ |
23.27 |
|
Tangible book value per common share |
|
$ |
25.04 |
|
|
$ |
26.37 |
|
|
$ |
25.23 |
|
|
$ |
24.06 |
|
|
$ |
22.55 |
|
Total equity/Total assets |
|
|
8.61% |
|
|
|
9.65% |
|
|
|
8.99% |
|
|
|
8.95% |
|
|
|
8.23% |
|
Tangible common equity/Tangible assets - Corporation (1) |
|
|
8.40% |
|
|
|
9.42% |
|
|
|
8.76% |
|
|
|
8.71% |
|
|
|
7.99% |
|
Tangible common equity/Tangible assets - Bank (1) |
|
|
10.40% |
|
|
|
11.54% |
|
|
|
10.90% |
|
|
|
10.92% |
|
|
|
10.22% |
|
Tier 1 leverage ratio - Corporation |
|
|
9.10% |
|
|
|
9.39% |
|
|
|
9.28% |
|
|
|
8.97% |
|
|
|
8.86% |
|
Tier 1 leverage ratio - Bank |
|
|
11.20% |
|
|
|
11.51% |
|
|
|
11.55% |
|
|
|
11.28% |
|
|
|
11.34% |
|
Common tier 1 risk-based capital ratio - Corporation |
|
|
10.09% |
|
|
|
10.83% |
|
|
|
10.64% |
|
|
|
10.16% |
|
|
|
9.90% |
|
Common tier 1 risk-based capital ratio - Bank |
|
|
12.41% |
|
|
|
13.27% |
|
|
|
13.25% |
|
|
|
12.80% |
|
|
|
12.66% |
|
Tier 1 risk-based capital ratio - Corporation |
|
|
10.09% |
|
|
|
10.83% |
|
|
|
10.64% |
|
|
|
10.16% |
|
|
|
9.90% |
|
Tier 1 risk-based capital ratio - Bank |
|
|
12.41% |
|
|
|
13.27% |
|
|
|
13.25% |
|
|
|
12.80% |
|
|
|
12.66% |
|
Total risk-based capital ratio - Corporation |
|
|
13.91% |
|
|
|
14.81% |
|
|
|
14.72% |
|
|
|
14.23% |
|
|
|
14.05% |
|
Total risk-based capital ratio - Bank |
|
|
13.76% |
|
|
|
14.63% |
|
|
|
14.62% |
|
|
|
14.18% |
|
|
|
14.03% |
|
(1) Non-GAAP measure. See reconciliation in the
Appendix.
|
|
|
|
|
|
|
|
|
Statements of Income (Unaudited) |
|
|
Three Months Ended |
(Dollars in thousands) |
|
March 31, 2022 |
|
March 31, 2021 |
Interest Income |
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
17,219 |
|
|
$ |
16,822 |
|
Investments and cash |
|
|
745 |
|
|
|
629 |
|
Total interest
income |
|
|
17,964 |
|
|
|
17,451 |
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
Deposits |
|
|
1,289 |
|
|
|
1,566 |
|
Borrowings |
|
|
640 |
|
|
|
765 |
|
Total interest
expense |
|
|
1,929 |
|
|
|
2,331 |
|
|
|
|
|
|
|
|
Net interest
income |
|
|
16,035 |
|
|
|
15,120 |
|
Provision for loan
losses |
|
|
615 |
|
|
|
599 |
|
Net interest income after
provision for loan losses |
|
|
15,420 |
|
|
|
14,521 |
|
|
|
|
|
|
|
|
Non-Interest
Income |
|
|
|
|
|
|
Mortgage banking income |
|
|
7,096 |
|
|
|
24,100 |
|
Wealth management income |
|
|
1,304 |
|
|
|
1,136 |
|
SBA income |
|
|
2,520 |
|
|
|
1,245 |
|
Earnings on investment in life
insurance |
|
|
138 |
|
|
|
66 |
|
Net change in fair value of
derivative instruments |
|
|
(166 |
) |
|
|
(944 |
) |
Net change in fair value of loans
held for sale |
|
|
(1,124 |
) |
|
|
(3,867 |
) |
Net change in fair value of loans
held for investment |
|
|
(778 |
) |
|
|
(102 |
) |
Net gain (loss) on hedging
activity |
|
|
2,827 |
|
|
|
4,261 |
|
Net gain on sale of investment
securities available-for-sale |
|
|
12 |
|
|
|
48 |
|
Service charges |
|
|
27 |
|
|
|
32 |
|
Other |
|
|
1,246 |
|
|
|
1,073 |
|
Total non-interest
income |
|
|
13,102 |
|
|
|
27,048 |
|
|
|
|
|
|
|
|
Non-Interest
Expenses |
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
15,298 |
|
|
|
22,139 |
|
Occupancy and equipment |
|
|
1,252 |
|
|
|
1,152 |
|
Professional fees |
|
|
848 |
|
|
|
940 |
|
Advertising and promotion |
|
|
986 |
|
|
|
785 |
|
Data processing |
|
|
479 |
|
|
|
616 |
|
Information technology |
|
|
710 |
|
|
|
425 |
|
Pennsylvania bank shares tax |
|
|
199 |
|
|
|
163 |
|
Other |
|
|
1,661 |
|
|
|
2,043 |
|
Total non-interest
expenses |
|
|
21,433 |
|
|
|
28,263 |
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
7,089 |
|
|
|
13,306 |
|
Income tax
expense |
|
|
1,554 |
|
|
|
3,136 |
|
Net Income |
|
$ |
5,535 |
|
|
$ |
10,170 |
|
|
|
|
|
|
|
|
Weighted-average basic shares
outstanding |
|
|
6,023 |
|
|
|
6,000 |
|
Basic earnings per common
share |
|
$ |
0.92 |
|
|
$ |
1.70 |
|
|
|
|
|
|
|
|
Adjusted weighted-average diluted
shares outstanding |
|
|
6,262 |
|
|
|
6,146 |
|
Diluted earnings per common
share |
|
$ |
0.88 |
|
|
$ |
1.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Condition (Unaudited) |
(Dollars in thousands) |
March 31, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
|
June 30, 2021 |
|
March 31, 2021 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & cash equivalents |
$ |
68,888 |
|
|
$ |
23,480 |
|
|
$ |
63,121 |
|
|
$ |
26,902 |
|
|
$ |
31,004 |
|
Investment securities |
|
167,870 |
|
|
|
168,028 |
|
|
|
153,566 |
|
|
|
149,366 |
|
|
|
141,654 |
|
Mortgage loans held for sale |
|
81,258 |
|
|
|
80,882 |
|
|
|
117,996 |
|
|
|
132,348 |
|
|
|
170,248 |
|
Loans, net of fees and costs |
|
1,431,906 |
|
|
|
1,386,457 |
|
|
|
1,378,670 |
|
|
|
1,362,750 |
|
|
|
1,354,551 |
|
Allowance for loan losses |
|
(18,826 |
) |
|
|
(18,758 |
) |
|
|
(18,976 |
) |
|
|
(18,361 |
) |
|
|
(18,376 |
) |
Bank premises and equipment,
net |
|
11,883 |
|
|
|
11,806 |
|
|
|
8,242 |
|
|
|
8,160 |
|
|
|
8,080 |
|
Bank owned life insurance |
|
22,641 |
|
|
|
22,503 |
|
|
|
22,362 |
|
|
|
12,269 |
|
|
|
12,204 |
|
Servicing assets |
|
13,396 |
|
|
|
12,765 |
|
|
|
11,932 |
|
|
|
10,327 |
|
|
|
8,278 |
|
Goodwill and intangible
assets |
|
4,227 |
|
|
|
4,278 |
|
|
|
4,329 |
|
|
|
4,380 |
|
|
|
4,432 |
|
Other assets |
|
48,346 |
|
|
|
22,002 |
|
|
|
21,203 |
|
|
|
20,869 |
|
|
|
31,902 |
|
Total
Assets |
$ |
1,831,589 |
|
|
$ |
1,713,443 |
|
|
$ |
1,762,445 |
|
|
$ |
1,709,010 |
|
|
$ |
1,743,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities &
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits |
$ |
291,379 |
|
|
$ |
274,528 |
|
|
$ |
265,842 |
|
|
$ |
261,806 |
|
|
$ |
257,730 |
|
Interest bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
|
252,298 |
|
|
|
268,248 |
|
|
|
279,659 |
|
|
|
257,939 |
|
|
|
243,832 |
|
Money market / savings
accounts |
|
688,117 |
|
|
|
697,628 |
|
|
|
670,101 |
|
|
|
631,604 |
|
|
|
592,260 |
|
Certificates of deposit |
|
333,057 |
|
|
|
206,009 |
|
|
|
223,445 |
|
|
|
261,931 |
|
|
|
289,768 |
|
Total interest bearing
deposits |
|
1,273,472 |
|
|
|
1,171,885 |
|
|
|
1,173,205 |
|
|
|
1,151,474 |
|
|
|
1,125,860 |
|
Total deposits |
|
1,564,851 |
|
|
|
1,446,413 |
|
|
|
1,439,047 |
|
|
|
1,413,280 |
|
|
|
1,383,590 |
|
Borrowings |
|
36,136 |
|
|
|
41,344 |
|
|
|
100,683 |
|
|
|
82,156 |
|
|
|
149,260 |
|
Subordinated debt |
|
40,538 |
|
|
|
40,508 |
|
|
|
40,760 |
|
|
|
40,730 |
|
|
|
40,701 |
|
Other liabilities |
|
32,380 |
|
|
|
19,818 |
|
|
|
23,539 |
|
|
|
19,959 |
|
|
|
26,921 |
|
Total
Liabilities |
|
1,673,905 |
|
|
|
1,548,083 |
|
|
|
1,604,029 |
|
|
|
1,556,125 |
|
|
|
1,600,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
157,684 |
|
|
|
165,360 |
|
|
|
158,416 |
|
|
|
152,885 |
|
|
|
143,505 |
|
Total Liabilities
& Stockholders’ Equity |
$ |
1,831,589 |
|
|
$ |
1,713,443 |
|
|
$ |
1,762,445 |
|
|
$ |
1,709,010 |
|
|
$ |
1,743,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Statements of Income (Unaudited) |
|
Three Months Ended |
(Dollars in thousands) |
March 31, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
|
June 30, 2021 |
|
March 31, 2021 |
Interest income |
$ |
17,964 |
|
$ |
18,248 |
|
|
$ |
18,306 |
|
$ |
17,517 |
|
$ |
17,451 |
Interest expense |
|
1,929 |
|
|
1,926 |
|
|
|
2,049 |
|
|
2,105 |
|
|
2,331 |
Net interest income |
|
16,035 |
|
|
16,322 |
|
|
|
16,257 |
|
|
15,412 |
|
|
15,120 |
Provision (credit) for loan
losses |
|
615 |
|
|
(222 |
) |
|
|
597 |
|
|
96 |
|
|
599 |
Non-interest income |
|
13,102 |
|
|
17,086 |
|
|
|
22,122 |
|
|
21,732 |
|
|
27,048 |
Non-interest expense |
|
21,433 |
|
|
23,737 |
|
|
|
25,481 |
|
|
26,246 |
|
|
28,263 |
Income before income tax
expense |
|
7,089 |
|
|
9,893 |
|
|
|
12,301 |
|
|
10,802 |
|
|
13,306 |
Income tax expense |
|
1,554 |
|
|
2,174 |
|
|
|
2,863 |
|
|
2,544 |
|
|
3,136 |
Net Income |
$ |
5,535 |
|
$ |
7,719 |
|
|
$ |
9,438 |
|
$ |
8,258 |
|
$ |
10,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average basic shares
outstanding |
|
6,023 |
|
|
5,978 |
|
|
|
6,045 |
|
|
6,032 |
|
|
6,000 |
Basic earnings per common
share |
$ |
0.92 |
|
$ |
1.29 |
|
|
$ |
1.56 |
|
$ |
1.37 |
|
$ |
1.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted weighted-average diluted
shares outstanding |
|
6,262 |
|
|
6,210 |
|
|
|
6,231 |
|
|
6,203 |
|
|
6,146 |
Diluted earnings per common
share |
$ |
0.88 |
|
$ |
1.24 |
|
|
$ |
1.52 |
|
$ |
1.33 |
|
$ |
1.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Information |
|
|
|
Three Months Ended March 31, 2022 |
|
|
Three Months Ended March 31, 2021 |
(Dollars in thousands) |
|
Bank |
|
Wealth |
|
Mortgage |
|
Total |
|
Bank |
|
Wealth |
|
Mortgage |
|
Total |
Net interest income |
|
$ |
15,610 |
|
94 |
|
331 |
|
|
16,035 |
|
$ |
14,500 |
|
(14 |
) |
|
634 |
|
15,120 |
Provision for loan losses |
|
|
615 |
|
— |
|
— |
|
|
615 |
|
|
599 |
|
— |
|
|
— |
|
599 |
Net interest income after
provision |
|
|
14,995 |
|
94 |
|
331 |
|
|
15,420 |
|
|
13,901 |
|
(14 |
) |
|
634 |
|
14,521 |
Non-interest income |
|
|
3,376 |
|
1,303 |
|
8,423 |
|
|
13,102 |
|
|
2,323 |
|
1,136 |
|
|
23,589 |
|
27,048 |
Non-interest expense |
|
|
10,208 |
|
878 |
|
10,347 |
|
|
21,433 |
|
|
8,932 |
|
895 |
|
|
18,436 |
|
28,263 |
Income before income taxes |
|
$ |
8,163 |
|
519 |
|
(1,593 |
) |
|
7,089 |
|
$ |
7,292 |
|
227 |
|
|
5,787 |
|
13,306 |
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 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
(Dollars in thousands) |
1st QTR |
|
4th QTR |
|
3rd QTR |
|
2nd QTR |
|
1st QTR |
Income before income tax expense |
$ |
7,089 |
|
|
$ |
9,893 |
|
|
$ |
12,301 |
|
$ |
10,802 |
|
$ |
13,306 |
Provision for loan losses |
|
615 |
|
|
|
(222 |
) |
|
|
597 |
|
|
96 |
|
|
599 |
Pre-tax, pre-provision
income |
$ |
7,704 |
|
|
$ |
9,671 |
|
|
$ |
12,898 |
|
$ |
10,898 |
|
$ |
13,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, Pre-provision Income by
Segment (Unaudited) |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
(Dollars in thousands) |
1st QTR |
|
4th QTR |
|
3rd QTR |
|
2nd QTR |
|
1st QTR |
Bank |
$ |
8,778 |
|
|
$ |
6,829 |
|
|
$ |
8,896 |
|
$ |
7,811 |
|
$ |
7,891 |
Wealth |
|
519 |
|
|
|
286 |
|
|
|
432 |
|
|
376 |
|
|
227 |
Mortgage |
|
(1,593 |
) |
|
|
2,556 |
|
|
|
3,570 |
|
|
2,711 |
|
|
5,787 |
Pre-tax, pre-provision
income |
$ |
7,704 |
|
|
$ |
9,671 |
|
|
$ |
12,898 |
|
$ |
10,898 |
|
$ |
13,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of PPP / PPPLF Impacted
Yields (Unaudited) |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
1st QTR |
|
4th QTR |
|
3rd QTR |
|
2nd QTR |
|
1st QTR |
Net interest margin (TEY) |
|
3.89 |
% |
|
|
3.83 |
% |
|
|
3.83 |
% |
|
|
3.70 |
% |
|
|
3.72 |
% |
Impact of PPP loans and PPPLF
borrowings |
|
(0.07) |
% |
|
|
(0.07) |
% |
|
|
(0.10) |
% |
|
|
0.05 |
% |
|
|
(0.08) |
% |
Net interest margin
(TEY, excluding PPP loans and PPPLF borrowings) |
|
3.82 |
% |
|
|
3.76 |
% |
|
|
3.73 |
% |
|
|
3.75 |
% |
|
|
3.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on earning assets
(TEY) |
|
4.35 |
% |
|
|
4.28 |
% |
|
|
4.31 |
% |
|
|
4.20 |
% |
|
|
4.29 |
% |
Impact of PPP loans |
|
(0.04) |
% |
|
|
(0.05) |
% |
|
|
(0.07) |
% |
|
|
0.10 |
% |
|
|
(0.03) |
% |
Yield on earning
assets (TEY, excluding PPP loans) |
|
4.31 |
% |
|
|
4.23 |
% |
|
|
4.24 |
% |
|
|
4.30 |
% |
|
|
4.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Allowance for Loan Losses / Total
loans (Unaudited) |
|
|
2022 |
|
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
|
March 31 |
|
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
Allowance for loan losses /
Total loans held for investment |
|
1.31 |
% |
|
|
1.35 |
% |
|
|
1.38 |
% |
|
|
1.35 |
% |
|
|
1.36 |
% |
Less: Impact of loans held for
investment - fair valued |
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
Less: Impact of PPP loans |
|
0.05 |
% |
|
|
0.09 |
% |
|
|
0.13 |
% |
|
|
0.22 |
% |
|
|
0.29 |
% |
Allowance for loan losses /
Total loans held for investment (excl. loans at fair value and PPP
loans) |
|
1.38 |
% |
|
|
1.46 |
% |
|
|
1.52 |
% |
|
|
1.58 |
% |
|
|
1.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity Ratio Reconciliation - Corporation
(Unaudited) |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
(Dollars in thousands) |
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
Total stockholders' equity |
$ |
157,684 |
|
|
$ |
165,360 |
|
|
$ |
158,416 |
|
|
$ |
152,885 |
|
|
$ |
143,505 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets |
|
(4,227 |
) |
|
|
(4,278 |
) |
|
|
(4,329 |
) |
|
|
(4,380 |
) |
|
|
(4,432 |
) |
Tangible common equity |
$ |
153,457 |
|
|
$ |
161,082 |
|
|
$ |
154,087 |
|
|
$ |
148,505 |
|
|
$ |
139,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,831,589 |
|
|
$ |
1,713,443 |
|
|
$ |
1,762,445 |
|
|
$ |
1,709,010 |
|
|
$ |
1,743,977 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets |
|
(4,227 |
) |
|
|
(4,278 |
) |
|
|
(4,329 |
) |
|
|
(4,380 |
) |
|
|
(4,432 |
) |
Tangible assets |
$ |
1,827,362 |
|
|
$ |
1,709,165 |
|
|
$ |
1,758,116 |
|
|
$ |
1,704,629 |
|
|
$ |
1,739,544 |
|
Tangible common equity
ratio - Corporation |
|
8.40 |
% |
|
|
9.42 |
% |
|
|
8.76 |
% |
|
|
8.71 |
% |
|
|
7.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity Ratio Reconciliation - Bank
(Unaudited) |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
(Dollars in thousands) |
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
Total stockholders' equity |
$ |
194,347 |
|
|
$ |
201,486 |
|
|
$ |
196,009 |
|
|
$ |
190,477 |
|
|
$ |
182,171 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets |
|
(4,227 |
) |
|
|
(4,278 |
) |
|
|
(4,329 |
) |
|
|
(4,380 |
) |
|
|
(4,432 |
) |
Tangible common equity |
$ |
190,120 |
|
|
$ |
197,208 |
|
|
$ |
191,680 |
|
|
$ |
186,097 |
|
|
$ |
177,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,831,461 |
|
|
$ |
1,713,318 |
|
|
$ |
1,762,415 |
|
|
$ |
1,709,006 |
|
|
$ |
1,743,945 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets |
|
(4,227 |
) |
|
|
(4,278 |
) |
|
|
(4,329 |
) |
|
|
(4,380 |
) |
|
|
(4,432 |
) |
Tangible assets |
$ |
1,827,234 |
|
|
$ |
1,709,040 |
|
|
$ |
1,758,086 |
|
|
$ |
1,704,626 |
|
|
$ |
1,739,513 |
|
Tangible common equity
ratio - Bank |
|
10.40 |
% |
|
|
11.54 |
% |
|
|
10.90 |
% |
|
|
10.92 |
% |
|
|
10.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value Reconciliation
(Unaudited) |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
Book value per common
share |
$ |
25.73 |
|
$ |
27.07 |
|
$ |
25.94 |
|
$ |
24.77 |
|
$ |
23.27 |
Less: Impact of goodwill and
intangible assets |
|
0.69 |
|
|
0.70 |
|
|
0.71 |
|
|
0.71 |
|
|
0.72 |
Tangible book value
per common share |
$ |
25.04 |
|
$ |
26.37 |
|
$ |
25.23 |
|
$ |
24.06 |
|
$ |
22.55 |
Meridian (NASDAQ:MRBK)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Meridian (NASDAQ:MRBK)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024