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Meridian Corporation (MRBK-6.99%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024. The report provides a comprehensive overview of the company's financial performance and condition.
The filing indicates that total assets increased by $139.7 million, or 6.2%, to $2.4 billion as of December 31, 2024. Portfolio loans grew by $137.8 million, or 7.3%, reaching $2.0 billion.
Meridian reported a consolidated net income increase of $3.1 million, or 23.4%, for the year. The return on average assets was 0.70%, and the return on average equity was 9.93%.
Net interest income rose by $2.1 million, or 3.0%, due to higher levels of earning assets. Non-interest income saw a significant increase of $9.4 million, or 29.3%, primarily due to an improved mortgage banking environment.
The company's net interest margin decreased by 19 basis points to 3.16% for the year ended December 31, 2024, compared to 3.35% for the previous year.
Meridian's provision for credit losses was $11.4 million, an increase of $4.6 million from the prior year, largely due to an increase in net charge-offs.
Non-interest expenses totaled $79.1 million, up by $2.0 million or 2.6% from the previous year, with increases in occupancy and equipment expenses and professional fees.
The company declared and paid quarterly dividends totaling $0.50 per share for the year 2024. The dividend policy remains subject to future earnings and regulatory requirements.
Meridian's capital ratios indicate that it remains well-capitalized under regulatory standards, with a tangible common equity ratio of 7.05%.
The report also details the company's focus on maintaining liquidity, with available liquidity totaling $315.8 million as of December 31, 2024, up from $273.4 million in the previous year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Meridian Corporation annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.