Meridian Q2 net income $5.9M ($0.96 EPS); NIM expands to 4.07%, loan growth 25% annualized ex-PPP

Meridian Corp

2022-Q2 EPS reported $1.84

Net income of $5.9M vs $5.5M in Q1; diluted EPS $0.96 vs $0.88 prior quarter.
Net interest margin rose 18 bps to 4.07%; commercial loan growth ex-PPP $73.8M (24% annualized).
Non-interest income $10.4M, down $2.7M from Q1 on lower SBA loan sales ($12.8M sold vs $25.2M).
Board declared $0.20/sh dividend payable Aug 22 to holders of record Aug 15.
Repurchased 97,385 shares at avg $31.14 during Q2; tangible book value $25.16/sh.

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