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Meridian Corporation (MRBK-0.94%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Total assets increased by $141.5 million, or 6.3%, to $2.4 billion as of September 30, 2024. Portfolio loans grew by $115.0 million, or 6.1%, reaching $2.0 billion.
Mortgage loans held for sale rose by $21.8 million, or 87.8%, to $46.6 million. Total deposits increased by $155.5 million, or 8.5%, to $2.0 billion.
Non-interest bearing deposits decreased by $2.1 million, or 0.9%, to $237.2 million. The Corporation returned $4.2 million of capital to shareholders through dividends.
Net income for the quarter was $4.7 million, or $0.42 per diluted share, up 18.4%. The return on average assets and equity were 0.80% and 11.41%, respectively.
Net interest margin decreased to 3.20% from 3.29%, due to rising deposit and borrowing costs. The provision for credit losses increased by $2.2 million.
Non-interest income increased by $2.7 million, or 33.9%, driven by mortgage banking income and positive fair value changes related to mortgage activities.
Non-interest expense rose by $528 thousand, or 2.6%, due to increased salaries and employee benefits and other expenses.
Net income for the nine months was $10.7 million, or $0.96 per diluted share, down 15.2%. The return on average assets and equity were 0.62% and 8.84%, respectively.
Net interest margin decreased to 3.12% from 3.40%. The provision for credit losses increased by $5.6 million.
Non-interest income rose by $4.2 million, or 17.7%, due to mortgage banking income and positive fair value changes.
Non-interest expense increased by $316 thousand, or 0.6%, due to professional fees and other expenses, partially offset by a decrease in salaries.
The ratio of non-performing assets to total assets was 1.97%, up from 1.58%. Total non-performing loans increased by $11.4 million.
Meridian realized net charge-offs of 0.11% of total average loans for the quarter, up from 0.05% in the prior year quarter.
The allowance for credit losses to total loans ratio was 1.09%, down from 1.17% at the end of 2023.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Meridian Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.