Meridian Bank reports Q1 EPS 24c, consensus 24c

Total assets at March 31, 2024 were $2.3 billion, compared to $2.2 billion at December 31, 2023 and March 31, 2023. Reports book value per share $14.30. Reports common tier 1 risk-based capital ratio 9.87%. Christopher Annas, Chairman and CEO commented, “Our first quarter earnings improved measurably from last quarter, totaling $2.7 million and $0.24 cents per share. We continue to manage through the dramatic rate rise effects, both with our bank and with our customers. The net interest margin contracted to 3.09% for the quarter, but shows signs of stabilizing. The economic environment in the Philadelphia metro region remains healthy, and growth continues around 10% over the prior year across our main commercial business lines. The housing market is still tight with low inventory, so home construction financing is strong with quick settlements. There has been some disruption with larger banks closing branches and a few mid-size banks with management changes, which gives us continued customer acquisition opportunities…Meridian continues to grow and earn a higher market share in our region. Navigating through the rate rise has created some obstacles but our core businesses remain healthy. We’re excited about our prospects and a generally improving economic landscape.”