Jul. 26 at 6:14 PM
$MRBK Meridian Bank reports Q2 EPS 30c, consensus 31c
Total assets at June 30, 2024 were
$2.4B, compared to
$2.3B at March 31, 2024 and
$2.2B at June 30, 2023. Net interest margin was 3.06% for the second quarter of 2024, with a loan yield of 7.31%. Reports book value per common share
$14.51 and tangible book value per common share
$14.17. Reports common tier 1 risk-based capital ratio 9.84%. Christopher Annas, CEO commented: "Our second quarter earnings showed significant improvement from the first quarter, increasing by 24.3% to
$3.3M, or
$0.30 per share.
Key highlights include a steady net interest margin at 3.06% for the quarter and a quarterly profit in our mortgage segment. Total loan growth in the first half was 6.5% as we continue to bring on new relationships and take advantage of market disruption. Real estate loan growth is particularly strong in residential and multi-family, which are both in high demand. The Philadelphia metro region remains healthy, with a continued shortage of homes for sale. A recent comment from DR Horton highlighted that the US needs 5 million more homes nationally to meet demand, a deficiency that is evident in our region.
Private equity's significant ownership and rental of homes nationally contributes to this problem. Despite these challenges our volume has improved from 2023, and if rates come down the demand could strengthen. Meridian continues to gain market share in our region. While navigating the rate rise has presented some obstacles, our core businesses remain healthy. We are excited about our prospects and the generally stable economic landscape."
