MALVERN, Pa., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported:
| Three Months Ended | Year Ended | ||||||||||
| (Dollars in thousands, except per share data)(Unaudited) | December 31, 2024 | September 30, 2024 | December 31, 2024 | December 31, 2023 | |||||||
| Income: | |||||||||||
| Net income | $ | 5,601 | $ | 4,743 | $ | 16,346 | $ | 13,243 | |||
| Diluted earnings per common share | $ | 0.49 | $ | 0.42 | $ | 1.45 | $ | 1.16 | |||
| Pre-tax, pre-provision income(1) | $ | 11,168 | $ | 8,527 | $ | 33,186 | $ | 23,782 | |||
| (1) See Non-GAAP reconciliation in the Appendix | |||||||||||
- Net income for the quarter ended December 31, 2024 was $5.6 million, or $0.49 per diluted share and $16.3 million, or $1.45 per diluted share, for the year.
- Pre-tax, pre-provision income1 for the quarter and the year were $11.2 million and $33.2 million, respectively.
- Net interest margin was 3.29% for the fourth quarter of 2024, with a loan yield of 7.17%. Net interest margin was 3.16% with a loan yield of 7.28% for the year.
- Return on average assets and return on average equity for the fourth quarter of 2024 were 0.92% and 13.01%, respectively, and 0.70% and 9.93% for the year.
- During the quarter a net gain of $4.0 million was recognized on the sale of $6.6 million in residential mortgage loan servicing rights held at amortized cost and, a $317 thousand gain was recognized on the sale of a $1.7 million OREO property.
- Fees and other disposal costs of $1.0 million, net, were recognized during the quarter for the early termination of the Blue Bell lease.
- Total assets at December 31, 2024 were $2.4 billion, compared to $2.4 billion at September 30, 2024 and $2.2 billion at December 31, 2023.
- Commercial loans, excluding leases, increased $34.8 million, or 2% for the quarter and $177.1 million, or 12% year over year.
- Fourth quarter deposit growth was $26.4 million, or 1%, and $181.9 million, or 10% year over year.
- Non-interest-bearing deposits were up $3.7 million or 2%, quarter over quarter, and $1.6 million or 1%, year over year.
- On January 23, 2025, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable February 18, 2025 to shareholders of record as of February 10, 2025.
Christopher J. Annas, Chairman and CEO commented:
Our fourth quarter earnings showed significant improvement from the third quarter, increasing by 18.1% to $5.6 million, or $0.49 per share. For the year, net income increased 23.4% to $16.3 million, and $1.45 per share. While we are pleased with the improvement, we are still working through the drastic rate shock brought on by the Fed, particularly in our net interest margin which is down 50 basis points from 2019 levels. The team is working diligently each day to return to historical spreads.
Loan growth of 12% (minus planned lease paydowns) for 2024 was exceptional, and our three main lending groups all contributed. Commercial real estate is benefiting from a continued lack of homes for sale, and our C&I and SBA teams are winning client relationships with persistence and creative advisory. Legacy low fixed-rate loans often made it unprofitable for us to solicit business from prospects. Deposits were up nearly 10%, mostly from money market accounts that can be rate-adjusted anytime.
The mortgage group had significant improvement, with a $4.1 million pre-tax income versus a large loss in 2023. The hard cuts we made in the cyclical slowdown have given us much operational leverage and allows us to pivot quickly based on market conditions. Part of the cuts included prepaying a major lease at a discount and allowing many operations personnel to work from home. The Philadelphia metro region is still very low in housing inventory, which stymied an even bigger improvement in our business.
Our wealth segment had a banner year with pre-tax income nearly doubling to $2.4 million. Strong growth in assets under management along with better stock market returns were the big contributors. We will devote more resources to wealth in 2025 to leverage our brand and deepen relationships with our commercial customers for referrals.
We are encouraged by the new administration and communications about reduced regulatory burdens and prospects for economic growth. Our regulatory costs are substantial and, quite frankly, make little sense for a bank our size that is not systemically significant. We are hopeful that new and broader thinking can help banks like Meridian to better serve their markets and produce better returns for shareholders.
Select Condensed Financial Information
| As of or for the three months ended (Unaudited) | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||||||
| Income: | |||||||||||||||||||
| Net income | $ | 5,601 | $ | 4,743 | $ | 3,326 | $ | 2,676 | $ | 571 | |||||||||
| Basic earnings per common share | 0.50 | 0.43 | 0.30 | 0.24 | 0.05 | ||||||||||||||
| Diluted earnings per common share | 0.49 | 0.42 | 0.30 | 0.24 | 0.05 | ||||||||||||||
| Net interest income | 19,299 | 18,242 | 16,846 | 16,609 | 16,942 | ||||||||||||||
| Balance Sheet: | |||||||||||||||||||
| Total assets | $ | 2,385,867 | $ | 2,387,721 | $ | 2,351,584 | $ | 2,292,923 | $ | 2,246,193 | |||||||||
| Loans, net of fees and costs | 2,030,437 | 2,008,396 | 1,988,535 | 1,956,315 | 1,895,806 | ||||||||||||||
| Total deposits | 2,005,368 | 1,978,927 | 1,915,436 | 1,900,696 | 1,823,462 | ||||||||||||||
| Non-interest bearing deposits | 240,858 | 237,207 | 224,040 | 220,581 | 239,289 | ||||||||||||||
| Stockholders' equity | 171,522 | 167,450 | 162,382 | 159,936 | 158,022 | ||||||||||||||
| Balance Sheet Average Balances: | |||||||||||||||||||
| Total assets | $ | 2,434,270 | $ | 2,373,261 | $ | 2,319,295 | $ | 2,269,047 | $ | 2,219,340 | |||||||||
| Total interest earning assets | 2,342,651 | 2,277,523 | 2,222,177 | 2,173,212 | 2,121,068 | ||||||||||||||
| Loans, net of fees and costs | 2,029,739 | 1,997,574 | 1,972,740 | 1,944,187 | 1,891,170 | ||||||||||||||
| Total deposits | 2,043,505 | 1,960,145 | 1,919,954 | 1,823,523 | 1,820,532 | ||||||||||||||
| Non-interest bearing deposits | 259,118 | 246,310 | 229,040 | 233,255 | 254,025 | ||||||||||||||
| Stockholders' equity | 171,214 | 165,309 | 162,119 | 159,822 | 157,210 | ||||||||||||||
| Performance Ratios (Annualized): | |||||||||||||||||||
| Return on average assets | 0.92 | % | 0.80 | % | 0.58 | % | 0.47 | % | 0.10 | % | |||||||||
| Return on average equity | 13.01 | % | 11.41 | % | 8.25 | % | 6.73 | % | 1.44 | % | |||||||||
Income Statement - Fourth Quarter 2024 Compared to Third Quarter 2024
Fourth quarter net income increased $858 thousand, or 18.1%, to $5.6 million due to increased net interest income, combined with increased non-interest income which included a gain of $4.0 million on the sale of mortgage servicing rights, along with a $317 thousand gain on sale of a residential property included in other real estate owned. These increases were largely offset by a quarterly provision for credit losses that was higher by $1.3 million and an increase in non-interest expense of $865 thousand, or 4.2%, which was impacted by the early termination of the Blue Bell lease. Detailed explanations of the major categories of income and expense follow below.
Net Interest income
The rate/volume analysis table below analyzes dollar changes in the components of interest income and interest expense as they relate to the change in balances (volume) and the change in interest rates (rate) of tax-equivalent net interest income for the periods indicated and allocated by rate and volume. Changes in interest income and/or expense related to changes attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of the change in each category.
| Three Months Ended | ||||||||||||||||||||
| (dollars in thousands) | December 31, 2024 | September 30, 2024 | $ Change | % Change | Change due to rate | Change due to volume | ||||||||||||||
| Interest income: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 801 | $ | 416 | $ | 385 | 92.5 | % | $ | (52 | ) | $ | 437 | |||||||
| Investment securities - taxable | 1,684 | 1,480 | 204 | 13.8 | % | 124 | 80 | |||||||||||||
| Investment securities - tax exempt(1) | 397 | 397 | - | - | % | 5 | (5 | ) | ||||||||||||
| Loans held for sale | 565 | 766 | (201 | ) | (26.2 | )% | (49 | ) | (152 | ) | ||||||||||
| Loans held for investment(1) | 36,666 | 37,339 | (673 | ) | (1.8 | )% | (1,268 | ) | 595 | |||||||||||
| Total loans | 37,231 | 38,105 | (874 | ) | (2.3 | )% | (1,317 | ) | 443 | |||||||||||
| Total interest income | $ | 40,113 | $ | 40,398 | $ | (285 | ) | (0.7 | )% | $ | (1,240 | ) | $ | 955 | ||||||
| Interest expense: | ||||||||||||||||||||
| Interest-bearing demand deposits | $ | 1,244 | $ | 1,390 | $ | (146 | ) | (10.5 | )% | $ | (234 | ) | $ | 88 | ||||||
| Money market and savings deposits | 8,266 | 8,391 | (125 | ) | (1.5 | )% | (934 | ) | 809 | |||||||||||
| Time deposits | 8,831 | 9,532 | (701 | ) | (7.4 | )% | (465 | ) | (236 | ) | ||||||||||
| Total interest - bearing deposits | 18,341 | 19,313 | (972 | ) | (5.0 | )% | (1,633 | ) | 661 | |||||||||||
| Borrowings | 1,608 | 1,985 | (377 | ) | (19.0 | )% | (10 | ) | (367 | ) | ||||||||||
| Subordinated debentures | 780 | 779 | 1 | 0.1 | % | - | 1 | |||||||||||||
| Total interest expense | 20,729 | 22,077 | (1,348 | ) | (6.1 | )% | (1,643 | ) | 295 | |||||||||||
| Net interest income differential | $ | 19,384 | $ | 18,321 | $ | 1,063 | 5.80 | % | $ | 403 | $ | 660 | ||||||||
| (1) Reflected on a tax-equivalent basis. | ||||||||||||||||||||
Interest income decreased $285 thousand quarter-over-quarter on a tax equivalent basis, driven by rate changes, particularly in the loan portfolio. The overall yield on earnings assets decreased 25 basis points during the period, impacting interest income by $1.2 million. This decrease was significantly offset by favorable volume changes as the level of average earning assets increased by $65.1 million contributing $955 thousand to lessen the interest income decrease.
Average total loans, excluding residential loans for sale, increased $32.5 million resulting in an increase due to volume in interest income of $595 thousand. The largest drivers of this increase were commercial, commercial real estate, and small business loans which on a combined basis increased $40.4 million on average, partially offset by a decrease in average leases of $11.4 million. Home equity, residential real estate, consumer and other loans held in portfolio increased on a combined basis $3.2 million on average. The yield on total loans decreased 24 basis points, and the yield on cash and investments increased 6 basis points on a combined basis.
Total interest expense decreased $1.3 million, quarter-over-quarter, due to a lower volume of time deposits and borrowings, combined with a decrease in the cost of all deposit types, despite a higher level of interest-bearing and money market deposits. Interest expense on total deposits decreased $972 thousand and interest expense on borrowings decreased $377 thousand. During the period, interest-bearing deposits and money market accounts increased $8.8 million and $81.4 million on average, respectively, while time deposits decreased $19.7 million on average. Borrowings decreased $29.7 million on average. Overall increase in interest expense on deposits due to volume changes was $661 thousand.
The cost of interest-bearing deposits decreased 35 basis points driven by certain money market funds and wholesale time deposits which repriced at lower costs. The total decrease in interest expense on deposits attributable to rate changes was $1.6 million. Overall the net interest margin increased 9 basis points to 3.29% as the cost of funds decline outpaced the decline in yield on earning assets, and non-interest bearing balances increased $14.2 million on average.
Provision for Credit Losses
The overall provision for credit losses for the fourth quarter increased $1.3 million to $3.6 million, from $2.3 million in the third quarter. The provision for funded loans increased $1.6 million and the provision on unfunded loan commitments decreased $331 thousand during the current quarter. The fourth quarter provision for funded loans of $3.6 million increased from the prior quarter due largely to an increase of $5.0 million in net charge-offs and was positively impacted by favorable changes in certain portfolio baseline loss rates.
Non-interest income
The following table presents the components of non-interest income for the periods indicated:
| Three Months Ended | ||||||||||||||
| (Dollars in thousands) | December 31, 2024 | September 30, 2024 | $ Change | % Change | ||||||||||
| Mortgage banking income | $ | 5,516 | $ | 6,474 | $ | (958 | ) | (14.8 | )% | |||||
| Wealth management income | 1,527 | 1,447 | 80 | 5.5 | % | |||||||||
| SBA loan income | 1,143 | 544 | 599 | 110.1 | % | |||||||||
| Earnings on investment in life insurance | 224 | 222 | 2 | 0.9 | % | |||||||||
| Gain on sale of MSRs | 3,992 | - | 3,992 | 100.0 | % | |||||||||
| Net change in the fair value of derivative instruments | (146 | ) | (102 | ) | (44 | ) | 43.1 | % | ||||||
| Net change in the fair value of loans held-for-sale | (163 | ) | 169 | (332 | ) | (196.4 | )% | |||||||
| Net change in the fair value of loans held-for-investment | (552 | ) | 965 | (1,517 | ) | (157.2 | )% | |||||||
| Net (loss) gain on hedging activity | 192 | (197 | ) | 389 | (197.5 | )% | ||||||||
| Net loss on sale of investment securities available-for-sale | 2 | (57 | ) | 59 | (103.5 | )% | ||||||||
| Other | 1,545 | 1,366 | 179 | 13.1 | % | |||||||||
| Total non-interest income | $ | 13,280 | $ | 10,831 | $ | 2,449 | 22.6 | % | ||||||
Total non-interest income increased $2.4 million, or 22.6%, quarter-over-quarter after recognizing a gain of $4.0 million on the sale of $6.6 million in residential mortgage loan servicing rights; change in gains of $389 thousand in hedging activity; and a $317 thousand gain on the sale of a $1.7 million residential OREO property, which is recorded in other non-interest income. In addition, SBA income increased $599 thousand due largely to a higher level of SBA loan sales. SBA loans sold for the quarter-ended December 31, 2024 totaled $19.9 million, up $8.0 million, or 67.4%, compared to the quarter-ended September 30, 2024. The gross margin on SBA sales was 7.5% for the quarter, down from 7.9% for the previous quarter. These gains were partially offset by unfavorable portfolio fair value changes of $1.9 million combined, and lower levels of mortgage banking income, which decreased $1.0 million, or 14.8%. Mortgage loan sales decreased $29.8 million or 12.1% quarter over quarter driving lower gain on sale income at a slightly lower margin.
Non-interest expense
The following table presents the components of non-interest expense for the periods indicated:
| Three Months Ended | ||||||||||||
| (Dollars in thousands) | December 31, 2024 | September 30, 2024 | $ Change | % Change | ||||||||
| Salaries and employee benefits | $ | 12,429 | $ | 12,829 | $ | (400 | ) | (3.1 | )% | |||
| Occupancy and equipment | 2,270 | 1,243 | 1,027 | 82.6 | % | |||||||
| Professional fees | 1,134 | 1,106 | 28 | 2.5 | % | |||||||
| Data processing and software | 1,553 | 1,553 | - | - | % | |||||||
| Advertising and promotion | 839 | 717 | 122 | 17.0 | % | |||||||
| Pennsylvania bank shares tax | 243 | 181 | 62 | 34.3 | % | |||||||
| Other | 2,943 | 2,917 | 26 | 0.9 | % | |||||||
| Total non-interest expense | $ | 21,411 | $ | 20,546 | $ | 865 | 4.2 | % | ||||
Occupancy and equipment expense increased $1.0 million, net, due to fees, credits and other disposal costs for the early termination of the Blue Bell lease. The lease termination is expected to improve occupancy expense by $359 thousand per year. Advertising and promotion, which includes business development with other expenses, were up $148 thousand due to seasonal events. These increases were partially offset by a decrease in salaries and benefits of $400 thousand. Bank and wealth segments combined increased $5 thousand, while the mortgage segment decreased $405 thousand. Mortgage segment salaries, commissions, and employee benefits expense are impacted by volume and decreased commensurate with the lower levels of originations, which were down $36.1 million over the prior quarter.
Balance Sheet - December 31, 2024 Compared to September 30, 2024
Total assets decreased $1.9 million, or 0.1%, to $2.4 billion as of December 31, 2024 from $2.4 billion at September 30, 2024. Despite continued strong loan growth during the quarter, total assets decreased due to the decline in mortgage loans held for sale and the sale of mortgage servicing rights. Interest-bearing cash increased $2.1 million, or 10.4%, to $21.9 million as of December 31, 2024, from September 30, 2024.
Portfolio loan growth was $22.8 million, or 1.1% quarter-over-quarter. The portfolio growth was generated from commercial mortgage loans which increased $23.0 million, or 2.9%, construction loans which increased $9.0 million, or 3.6%, commercial & industrial loans which increased $3.5 million, or 1.0%. Lease financings decreased $10.7 million, or 12.4% from September 30, 2024, partially offsetting the above noted loan growth, but this decline was expected as we continue to refocus away from lease originations.
Total deposits increased $26.4 million, or 1.3% quarter-over-quarter, due largely to higher levels of money market accounts and interest bearing demand deposits to a lesser degree. Money market accounts and savings accounts increased a combined $90.7 million, while interest bearing demand deposits increased $8.0 million. Time deposits decreased $75.9 million from largely wholesale efforts. Non-interest bearing deposits increased $3.7 million. Overall borrowings decreased $20.4 million, or 14.1% quarter-over-quarter.
Total stockholders' equity increased by $4.1 million from September 30, 2024, to $171.5 million as of December 31, 2024. Changes to equity for the current quarter included net income of $5.6 million, less dividends paid of $1.4 million, offset by a decrease of $876 thousand in other comprehensive income. The Community Bank Leverage Ratio for the Bank was 9.21% at December 31, 2024.
Asset Quality Summary
Non-performing loans decreased $18 thousand to $45.1 million at December 31, 2024 compared to $45.1 million at September 30, 2024. As a result of the decrease, the ratio of non-performing loans to total loans decreased 1 bps to 2.19% as of December 31, 2024, from 2.20% as of September 30, 2024. During the quarter a $1.7 million residential property in OREO was sold, reducing non-performing assets by $1.7 million. As a result, the ratio of non-performing assets to total assets decreased 7 bps to 1.90% as of December 31, 2024, compared to 1.97% as of September 30, 2024. The decrease in non-performing loans was primarily due to the partial charge-off of a commercial loan relationship discussed below, largely offset by an increase in non-performing construction loans.
Meridian realized net charge-offs of 0.34% of total average loans for the quarter ended December 31, 2024, up from 0.11% for the quarter ended September 30, 2024. Net charge-offs increased to $7.1 million for the quarter ended December 31, 2024, compared to net charge-offs of $2.3 million for the quarter ended September 30, 2024. Fourth quarter charge-offs consisted of $3.5 million in charge-offs on a protracted commercial advertising loan relationship, $1.3 million of small ticket equipment leases which are charged-off after becoming more than 120 days past due, and $1.7 million in SBA loans. Overall there were recoveries of $315 thousand, largely related to leases and small business loans.
The ratio of allowance for credit losses to total loans held for investment, excluding loans at fair value (a non-GAAP measure, see reconciliation in the Appendix), was 0.91% as of December 31, 2024, a decrease from the coverage ratio of 1.10% as of September 30, 2024 due largely to the level of charge-offs in the quarter discussed above. As of December 31, 2024 there were specific reserves of $2.7 million against individually evaluated loans, a decrease of $4.1 million from $6.8 million in specific reserves as of September 30, 2024. The specific reserve decline over the prior quarter was the result of the commercial loan relationship specific reserve charge-off, combined with specific reserve charge-offs on SBA loans, while new specific reserves were established on additional SBA loans in the current quarter.
About Meridian Corporation
Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware and Maryland. Through its 18 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, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; increased competitive pressures; changes in spreads on interest-earning assets and interest-bearing liabilities; changes in general economic conditions and conditions within the securities markets; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; 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, 2023 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.
| MERIDIAN CORPORATION AND SUBSIDIARIES FINANCIAL RATIOS (Unaudited) (Dollar amounts and shares in thousands, except per share amounts) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||
| Earnings and Per Share Data: | |||||||||||||||||||
| Net income | $ | 5,601 | $ | 4,743 | $ | 3,326 | $ | 2,676 | $ | 571 | |||||||||
| Basic earnings per common share | $ | 0.50 | $ | 0.43 | $ | 0.30 | $ | 0.24 | $ | 0.05 | |||||||||
| Diluted earnings per common share | $ | 0.49 | $ | 0.42 | $ | 0.30 | $ | 0.24 | $ | 0.05 | |||||||||
| Common shares outstanding | 11,240 | 11,229 | 11,191 | 11,186 | 11,183 | ||||||||||||||
| Performance Ratios: | |||||||||||||||||||
| Return on average assets(2) | 0.92 | % | 0.80 | % | 0.58 | % | 0.47 | % | 0.10 | % | |||||||||
| Return on average equity(2) | 13.01 | 11.41 | 8.25 | 6.73 | 1.44 | ||||||||||||||
| Net interest margin (tax-equivalent)(2) | 3.29 | 3.20 | 3.06 | 3.09 | 3.18 | ||||||||||||||
| Yield on earning assets (tax-equivalent)(2) | 6.81 | 7.06 | 6.98 | 6.90 | 6.81 | ||||||||||||||
| Cost of funds(2) | 3.71 | 4.05 | 4.10 | 4.00 | 3.81 | ||||||||||||||
| Efficiency ratio | 65.72 | % | 70.67 | % | 72.89 | % | 73.90 | % | 78.63 | % | |||||||||
| Asset Quality Ratios: | |||||||||||||||||||
| Net charge-offs (recoveries) to average loans | 0.34 | % | 0.11 | % | 0.20 | % | 0.12 | % | 0.11 | % | |||||||||
| Non-performing loans to total loans | 2.19 | 2.20 | 1.84 | 1.93 | 1.76 | ||||||||||||||
| Non-performing assets to total assets | 1.90 | 1.97 | 1.68 | 1.74 | 1.58 | ||||||||||||||
| Allowance for credit losses to: | |||||||||||||||||||
| Total loans and other finance receivables | 0.91 | 1.09 | 1.09 | 1.18 | 1.17 | ||||||||||||||
| Total loans and other finance receivables (excluding loans at fair value)(1) | 0.91 | 1.10 | 1.10 | 1.19 | 1.17 | ||||||||||||||
| Non-performing loans | 40.86 | % | 48.66 | % | 57.66 | % | 60.59 | % | 65.48 | % | |||||||||
| Capital Ratios: | |||||||||||||||||||
| Book value per common share | $ | 15.26 | $ | 14.91 | $ | 14.51 | $ | 14.30 | $ | 14.13 | |||||||||
| Tangible book value per common share | $ | 14.93 | $ | 14.58 | $ | 14.17 | $ | 13.96 | $ | 13.78 | |||||||||
| Total equity/Total assets | 7.19 | % | 7.01 | % | 6.91 | % | 6.98 | % | 7.04 | % | |||||||||
| Tangible common equity/Tangible assets - Corporation(1) | 7.05 | 6.87 | 6.76 | 6.82 | 6.87 | ||||||||||||||
| Tangible common equity/Tangible assets - Bank(1) | 9.06 | 8.95 | 8.85 | 8.93 | 8.94 | ||||||||||||||
| Tier 1 leverage ratio - Bank | 9.21 | 9.32 | 9.33 | 9.42 | 9.46 | ||||||||||||||
| Common tier 1 risk-based capital ratio - Bank | 10.33 | 10.17 | 9.84 | 9.87 | 10.10 | ||||||||||||||
| Tier 1 risk-based capital ratio - Bank | 10.33 | 10.17 | 9.84 | 9.87 | 10.10 | ||||||||||||||
| Total risk-based capital ratio - Bank | 11.20 | % | 11.22 | % | 10.84 | % | 10.95 | % | 11.17 | % | |||||||||
| (1) See Non-GAAP reconciliation in the Appendix | |||||||||||||||||||
| (2) Annualized | |||||||||||||||||||
| MERIDIAN CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollar amounts and shares in thousands, except per share amounts) | |||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Interest income: | |||||||||||||||||||
| Loans and other finance receivables, including fees | $ | 37,229 | $ | 38,103 | $ | 34,469 | $ | 147,157 | $ | 130,081 | |||||||||
| Securities - taxable | 1,684 | 1,480 | 1,020 | 5,739 | 3,873 | ||||||||||||||
| Securities - tax-exempt | 314 | 320 | 331 | 1,283 | 1,369 | ||||||||||||||
| Cash and cash equivalents | 801 | 416 | 526 | 1,848 | 1,266 | ||||||||||||||
| Total interest income | 40,028 | 40,319 | 36,346 | 156,027 | 136,589 | ||||||||||||||
| Interest expense: | |||||||||||||||||||
| Deposits | 18,341 | 19,313 | 16,806 | 74,037 | 57,819 | ||||||||||||||
| Borrowings and subordinated debentures | 2,388 | 2,764 | 2,598 | 10,994 | 9,828 | ||||||||||||||
| Total interest expense | 20,729 | 22,077 | 19,404 | 85,031 | 67,647 | ||||||||||||||
| Net interest income | 19,299 | 18,242 | 16,942 | 70,996 | 68,942 | ||||||||||||||
| Provision for credit losses | 3,572 | 2,282 | 4,628 | 11,400 | 6,815 | ||||||||||||||
| Net interest income after provision for credit losses | 15,727 | 15,960 | 12,314 | 59,596 | 62,127 | ||||||||||||||
| Non-interest income: | |||||||||||||||||||
| Mortgage banking income | 5,516 | 6,474 | 3,394 | 21,044 | 16,537 | ||||||||||||||
| Wealth management income | 1,527 | 1,447 | 1,239 | 5,735 | 4,928 | ||||||||||||||
| SBA loan income | 1,143 | 544 | 1,022 | 3,458 | 4,485 | ||||||||||||||
| Earnings on investment in life insurance | 224 | 222 | 204 | 868 | 789 | ||||||||||||||
| Gain on sale of MSRs | 3,992 | - | - | 3,992 | - | ||||||||||||||
| Net change in the fair value of derivative instruments | (146 | ) | (102 | ) | (126 | ) | 30 | 91 | |||||||||||
| Net change in the fair value of loans held-for-sale | (163 | ) | 169 | 120 | (25 | ) | 32 | ||||||||||||
| Net change in the fair value of loans held-for-investment | (552 | ) | 965 | 805 | 214 | 132 | |||||||||||||
| Net (loss) gain on hedging activity | 192 | (197 | ) | (53 | ) | (87 | ) | 28 | |||||||||||
| Net loss on sale of investment securities available-for-sale | 2 | (57 | ) | - | (55 | ) | (58 | ) | |||||||||||
| Other | 1,545 | 1,366 | 1,512 | 6,166 | 5,001 | ||||||||||||||
| Total non-interest income | 13,280 | 10,831 | 8,117 | 41,339 | 31,965 | ||||||||||||||
| Non-interest expense: | |||||||||||||||||||
| Salaries and employee benefits | 12,429 | 12,829 | 11,744 | 47,268 | 47,377 | ||||||||||||||
| Occupancy and equipment | 2,270 | 1,243 | 1,232 | 5,976 | 4,842 | ||||||||||||||
| Professional fees | 1,134 | 1,106 | 1,382 | 4,767 | 4,312 | ||||||||||||||
| Data processing and software | 1,553 | 1,553 | 1,651 | 6,144 | 6,415 | ||||||||||||||
| Advertising and promotion | 839 | 717 | 931 | 3,293 | 3,730 | ||||||||||||||
| Pennsylvania bank shares tax | 243 | 181 | 233 | 972 | 968 | ||||||||||||||
| Other | 2,943 | 2,917 | 2,530 | 10,729 | 9,481 | ||||||||||||||
| Total non-interest expense | 21,411 | 20,546 | 19,703 | 79,149 | 77,125 | ||||||||||||||
| Income before income taxes | 7,596 | 6,245 | 728 | 21,786 | 16,967 | ||||||||||||||
| Income tax expense | 1,995 | 1,502 | 157 | 5,440 | 3,724 | ||||||||||||||
| Net income | $ | 5,601 | $ | 4,743 | $ | 571 | $ | 16,346 | $ | 13,243 | |||||||||
| Basic earnings per common share | $ | 0.50 | $ | 0.43 | $ | 0.05 | $ | 1.47 | $ | 1.19 | |||||||||
| Diluted earnings per common share | $ | 0.49 | $ | 0.42 | $ | 0.05 | $ | 1.45 | $ | 1.16 | |||||||||
| Basic weighted average shares outstanding | 11,158 | 11,110 | 11,070 | 11,113 | 11,115 | ||||||||||||||
| Diluted weighted average shares outstanding | 11,375 | 11,234 | 11,206 | 11,243 | 11,387 | ||||||||||||||
| MERIDIAN CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited) (Dollar amounts and shares in thousands, except per share amounts) | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||
| Assets: | |||||||||||||||||||
| Cash and due from banks | $ | 5,598 | $ | 12,542 | $ | 8,457 | $ | 8,935 | $ | 10,067 | |||||||||
| Interest-bearing deposits at other banks | 21,864 | 19,805 | 15,601 | 14,092 | 46,630 | ||||||||||||||
| Cash and cash equivalents | 27,462 | 32,347 | 24,058 | 23,027 | 56,697 | ||||||||||||||
| Securities available-for-sale, at fair value | 174,304 | 171,568 | 159,141 | 150,996 | 146,019 | ||||||||||||||
| Securities held-to-maturity, at amortized cost | 33,771 | 33,833 | 35,089 | 35,157 | 35,781 | ||||||||||||||
| Equity investments | 2,086 | 2,166 | 2,088 | 2,092 | 2,121 | ||||||||||||||
| Mortgage loans held for sale, at fair value | 32,413 | 46,602 | 54,278 | 29,124 | 24,816 | ||||||||||||||
| Loans and other finance receivables, net of fees and costs | 2,030,437 | 2,008,396 | 1,988,535 | 1,956,315 | 1,895,806 | ||||||||||||||
| Allowance for credit losses | (18,438 | ) | (21,965 | ) | (21,703 | ) | (23,171 | ) | (22,107 | ) | |||||||||
| Loans and other finance receivables, net of the allowance for credit losses | 2,011,999 | 1,986,431 | 1,966,832 | 1,933,144 | 1,873,699 | ||||||||||||||
| Restricted investment in bank stock | 7,753 | 8,542 | 10,044 | 8,560 | 8,072 | ||||||||||||||
| Bank premises and equipment, net | 12,151 | 12,807 | 13,114 | 13,451 | 13,557 | ||||||||||||||
| Bank owned life insurance | 29,712 | 29,489 | 29,267 | 29,051 | 28,844 | ||||||||||||||
| Accrued interest receivable | 9,958 | 10,012 | 9,973 | 9,864 | 9,325 | ||||||||||||||
| Other real estate owned | 159 | 1,862 | 1,862 | 1,703 | 1,703 | ||||||||||||||
| Deferred income taxes | 4,669 | 3,537 | 3,950 | 4,339 | 4,201 | ||||||||||||||
| Servicing assets | 4,382 | 4,364 | 11,341 | 11,573 | 11,748 | ||||||||||||||
| Servicing assets held for sale | - | 6,609 | - | - | - | ||||||||||||||
| Goodwill | 899 | 899 | 899 | 899 | 899 | ||||||||||||||
| Intangible assets | 2,767 | 2,818 | 2,869 | 2,920 | 2,971 | ||||||||||||||
| Other assets | 31,382 | 33,835 | 26,779 | 37,023 | 25,740 | ||||||||||||||
| Total assets | $ | 2,385,867 | $ | 2,387,721 | $ | 2,351,584 | $ | 2,292,923 | $ | 2,246,193 | |||||||||
| Liabilities: | |||||||||||||||||||
| Deposits: | |||||||||||||||||||
| Non-interest bearing | $ | 240,858 | $ | 237,207 | $ | 224,040 | $ | 220,581 | $ | 239,289 | |||||||||
| Interest bearing | |||||||||||||||||||
| Interest checking | 141,439 | 133,429 | 130,062 | 121,204 | 150,898 | ||||||||||||||
| Money market and savings deposits | 913,536 | 822,837 | 787,479 | 797,525 | 747,803 | ||||||||||||||
| Time deposits | 709,535 | 785,454 | 773,855 | 761,386 | 685,472 | ||||||||||||||
| Total interest-bearing deposits | 1,764,510 | 1,741,720 | 1,691,396 | 1,680,115 | 1,584,173 | ||||||||||||||
| Total deposits | 2,005,368 | 1,978,927 | 1,915,436 | 1,900,696 | 1,823,462 | ||||||||||||||
| Borrowings | 124,471 | 144,880 | 187,260 | 145,803 | 174,896 | ||||||||||||||
| Subordinated debentures | 49,743 | 49,928 | 49,897 | 49,867 | 49,836 | ||||||||||||||
| Accrued interest payable | 6,860 | 7,017 | 7,709 | 8,350 | 10,324 | ||||||||||||||
| Other liabilities | 27,903 | 39,519 | 28,900 | 28,271 | 29,653 | ||||||||||||||
| Total liabilities | 2,214,345 | 2,220,271 | 2,189,202 | 2,132,987 | 2,088,171 | ||||||||||||||
| Stockholders' equity: | |||||||||||||||||||
| Common stock | 13,243 | 13,232 | 13,194 | 13,189 | 13,186 | ||||||||||||||
| Surplus | 81,545 | 81,002 | 80,639 | 80,487 | 80,325 | ||||||||||||||
| Treasury stock | (26,079 | ) | (26,079 | ) | (26,079 | ) | (26,079 | ) | (26,079 | ) | |||||||||
| Unearned common stock held by employee stock ownership plan | (1,006 | ) | (1,204 | ) | (1,204 | ) | (1,204 | ) | (1,204 | ) | |||||||||
| Retained earnings | 111,961 | 107,765 | 104,420 | 102,492 | 101,216 | ||||||||||||||
| Accumulated other comprehensive loss | (8,142 | ) | (7,266 | ) | (8,588 | ) | (8,949 | ) | (9,422 | ) | |||||||||
| Total stockholders' equity | 171,522 | 167,450 | 162,382 | 159,936 | 158,022 | ||||||||||||||
| Total liabilities and stockholders' equity | $ | 2,385,867 | $ | 2,387,721 | $ | 2,351,584 | $ | 2,292,923 | $ | 2,246,193 | |||||||||
| MERIDIAN CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SEGMENT INFORMATION (Unaudited) (Dollar amounts and shares in thousands, except per share amounts) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||
| Interest income | $ | 40,028 | $ | 40,319 | $ | 38,465 | $ | 37,215 | $ | 36,346 | ||||
| Interest expense | 20,729 | 22,077 | 21,619 | 20,606 | 19,404 | |||||||||
| Net interest income | 19,299 | 18,242 | 16,846 | 16,609 | 16,942 | |||||||||
| Provision for credit losses | 3,572 | 2,282 | 2,680 | 2,866 | 4,628 | |||||||||
| Non-interest income | 13,280 | 10,831 | 9,244 | 7,984 | 8,117 | |||||||||
| Non-interest expense | 21,411 | 20,546 | 19,018 | 18,174 | 19,703 | |||||||||
| Income before income tax expense | 7,596 | 6,245 | 4,392 | 3,553 | 728 | |||||||||
| Income tax expense | 1,995 | 1,502 | 1,066 | 877 | 157 | |||||||||
| Net Income | $ | 5,601 | $ | 4,743 | $ | 3,326 | $ | 2,676 | $ | 571 | ||||
| Basic weighted average shares outstanding | 11,158 | 11,110 | 11,096 | 11,088 | 11,070 | |||||||||
| Basic earnings per common share | $ | 0.50 | $ | 0.43 | $ | 0.30 | $ | 0.24 | $ | 0.05 | ||||
| Diluted weighted average shares outstanding | 11,375 | 11,234 | 11,150 | 11,201 | 11,206 | |||||||||
| Diluted earnings per common share | $ | 0.49 | $ | 0.42 | $ | 0.30 | $ | 0.24 | $ | 0.05 | ||||
| Segment Information | |||||||||||||||||||||||||||||||
| Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | ||||||||||||||||||||||||||||||
| (dollars in thousands) | Bank | Wealth | Mortgage | Total | Bank | Wealth | Mortgage | Total | |||||||||||||||||||||||
| Net interest income | $ | 19,178 | $ | 70 | $ | 51 | $ | 19,299 | $ | 16,908 | $ | (15 | ) | $ | 49 | $ | 16,942 | ||||||||||||||
| Provision for credit losses | 3,572 | - | - | 3,572 | 4,628 | - | - | 4,628 | |||||||||||||||||||||||
| Net interest income after provision | 15,606 | 70 | 51 | 15,727 | 12,280 | (15 | ) | 49 | 12,314 | ||||||||||||||||||||||
| Non-interest income | 2,669 | 1,527 | 9,084 | 13,280 | 2,051 | 1,239 | 4,827 | 8,117 | |||||||||||||||||||||||
| Non-interest expense | 13,641 | 1,026 | 6,744 | 21,411 | 13,202 | 957 | 5,544 | 19,703 | |||||||||||||||||||||||
| Income (loss) before income taxes | $ | 4,634 | $ | 571 | $ | 2,391 | $ | 7,596 | $ | 1,129 | $ | 267 | $ | (668 | ) | $ | 728 | ||||||||||||||
| Efficiency ratio | 62 | % | 64 | % | 74 | % | 66 | % | 70 | % | 78 | % | 114 | % | 79 | % | |||||||||||||||
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||
| (dollars in thousands) | Bank | Wealth | Mortgage | Total | Bank | Wealth | Mortgage | Total | |||||||||||||||||||||||
| Net interest income | $ | 70,706 | $ | 146 | $ | 144 | $ | 70,996 | $ | 68,835 | $ | (27 | ) | $ | 134 | $ | 68,942 | ||||||||||||||
| Provision for credit losses | 11,400 | - | - | 11,400 | 6,815 | - | - | 6,815 | |||||||||||||||||||||||
| Net interest income after provision | 59,306 | 146 | 144 | 59,596 | 62,020 | (27 | ) | 134 | 62,127 | ||||||||||||||||||||||
| Non-interest income | 7,576 | 5,735 | 28,028 | 41,339 | 7,743 | 4,928 | 19,294 | 31,965 | |||||||||||||||||||||||
| Non-interest expense | 51,584 | 3,506 | 24,059 | 79,149 | 48,827 | 3,661 | 24,637 | 77,125 | |||||||||||||||||||||||
| Income (loss) before income taxes | $ | 15,298 | $ | 2,375 | $ | 4,113 | $ | 21,786 | $ | 20,936 | $ | 1,240 | $ | (5,209 | ) | $ | 16,967 | ||||||||||||||
| Efficiency ratio | 66 | % | 60 | % | 85 | % | 70 | % | 64 | % | 75 | % | 127 | % | 76 | % | |||||||||||||||
MERIDIAN CORPORATION AND SUBSIDIARIES
APPENDIX: NON-GAAP MEASURES (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have 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 | ||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||
| (Dollars in thousands, except per share data, Unaudited) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||
| Income before income tax expense | $ | 7,596 | $ | 6,245 | $ | 728 | $ | 21,786 | $ | 16,967 | ||||
| Provision for credit losses | 3,572 | 2,282 | 4,628 | 11,400 | 6,815 | |||||||||
| Pre-tax, pre-provision income | $ | 11,168 | $ | 8,527 | $ | 5,356 | $ | 33,186 | $ | 23,782 | ||||
| Pre-tax, Pre-provision Reconciliation | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| (Dollars in thousands, except per share data, Unaudited) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||
| Bank | $ | 8,206 | $ | 6,222 | $ | 5,757 | $ | 26,698 | $ | 27,751 | ||||||
| Wealth | 571 | 653 | 267 | 2,375 | 1,240 | |||||||||||
| Mortgage | 2,391 | 1,652 | (668 | ) | 4,113 | (5,209 | ) | |||||||||
| Pre-tax, pre-provision income | $ | 11,168 | $ | 8,527 | $ | 5,356 | $ | 33,186 | $ | 23,782 | ||||||
| Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding and Loans at Fair Value | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||
| Allowance for credit losses (GAAP) | $ | 18,438 | $ | 21,965 | $ | 21,703 | $ | 23,171 | $ | 22,107 | |||||||||
| Loans and other finance receivables (GAAP) | 2,030,437 | 2,008,396 | 1,988,535 | 1,956,315 | 1,895,806 | ||||||||||||||
| Less: Loans at fair value | (14,501 | ) | (13,965 | ) | (12,900 | ) | (13,139 | ) | (13,726 | ) | |||||||||
| Loans and other finance receivables, excluding loans at fair value (non-GAAP) | $ | 2,015,936 | $ | 1,994,431 | $ | 1,975,635 | $ | 1,943,176 | $ | 1,882,080 | |||||||||
| ACL to loans and other finance receivables (GAAP) | 0.91 | % | 1.09 | % | 1.09 | % | 1.18 | % | 1.17 | % | |||||||||
| ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP) | 0.91 | % | 1.10 | % | 1.10 | % | 1.19 | % | 1.17 | % | |||||||||
| Tangible Common Equity Ratio Reconciliation - Corporation | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||
| Total stockholders' equity (GAAP) | $ | 171,522 | $ | 167,450 | $ | 162,382 | $ | 159,936 | $ | 158,022 | |||||||||
| Less: Goodwill and intangible assets | (3,666 | ) | (3,717 | ) | (3,768 | ) | (3,819 | ) | (3,870 | ) | |||||||||
| Tangible common equity (non-GAAP) | 167,856 | 163,733 | 158,614 | 156,117 | 154,152 | ||||||||||||||
| Total assets (GAAP) | 2,385,867 | 2,387,721 | 2,351,584 | 2,292,923 | 2,246,193 | ||||||||||||||
| Less: Goodwill and intangible assets | (3,666 | ) | (3,717 | ) | (3,768 | ) | (3,819 | ) | (3,870 | ) | |||||||||
| Tangible assets (non-GAAP) | $ | 2,382,201 | $ | 2,384,004 | $ | 2,347,816 | $ | 2,289,104 | $ | 2,242,323 | |||||||||
| Tangible common equity to tangible assets ratio - Corporation (non-GAAP) | 7.05 | % | 6.87 | % | 6.76 | % | 6.82 | % | 6.87 | % | |||||||||
| Tangible Common Equity Ratio Reconciliation - Bank | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||
| Total stockholders' equity (GAAP) | $ | 219,119 | $ | 217,028 | $ | 211,308 | $ | 208,319 | $ | 204,132 | |||||||||
| Less: Goodwill and intangible assets | (3,666 | ) | (3,717 | ) | (3,768 | ) | (3,819 | ) | (3,870 | ) | |||||||||
| Tangible common equity (non-GAAP) | 215,453 | 213,311 | 207,540 | 204,500 | 200,262 | ||||||||||||||
| Total assets (GAAP) | 2,382,014 | 2,385,994 | 2,349,600 | 2,292,894 | 2,244,893 | ||||||||||||||
| Less: Goodwill and intangible assets | (3,666 | ) | (3,717 | ) | (3,768 | ) | (3,819 | ) | (3,870 | ) | |||||||||
| Tangible assets (non-GAAP) | $ | 2,378,348 | $ | 2,382,277 | $ | 2,345,832 | $ | 2,289,075 | $ | 2,241,023 | |||||||||
| Tangible common equity to tangible assets ratio - Bank (non-GAAP) | 9.06 | % | 8.95 | % | 8.85 | % | 8.93 | % | 8.94 | % | |||||||||
| Tangible Book Value Reconciliation | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||
| Book value per common share | $ | 15.26 | $ | 14.91 | $ | 14.51 | $ | 14.30 | $ | 14.13 | |||||||||
| Less: Impact of goodwill /intangible assets | 0.33 | 0.33 | 0.34 | 0.34 | 0.35 | ||||||||||||||
| Tangible book value per common share | $ | 14.93 | $ | 14.58 | $ | 14.17 | $ | 13.96 | $ | 13.78 | |||||||||
Contact:
Christopher J. Annas
484.568.5001
CAnnas@meridianbanker.com
