Meridian reports Q1 net income $5.5M ($0.88 EPS); loan growth 26% annualized; dividend $0.20

Meridian Corp

2022-Q1 EPS reported $0.88

Net income of $5.5M, diluted EPS $0.88, down from $10.2M ($1.65) in Q1 2021; revenue $31.1M.
Net interest margin improved to 3.89% from 3.83% Q4; portfolio loan growth ex-PPP $84.1M (26% annualized).
Total deposits grew $118.4M to $1.6B; non-interest bearing deposits up $16.9M to $291.4M.
Quarterly cash dividend of $0.20/share declared, payable May 23 to holders of record May 16, 2022.
Non-interest income fell $13.9M (51.6%) YoY largely due to lower mortgage banking revenue ($17.0M decrease).

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