Meridian Q4 net income $571K ($0.05 EPS), down 86% from Q3; provision spikes to $4.6M

Meridian Corp

2023-FY EPS reported $1.16 revenue$4,928,000

Net income $571K vs $4.005M in Q3; diluted EPS $0.05 vs $0.35. Net interest income $16.94M, down 1.6% QoQ.
Provision for credit losses surged to $4.6M from $82K, driven by $3.9M in specific reserves on commercial/SBA loans.
Non-performing loans to total loans increased to 1.76% from 1.53%; net charge-offs $2.2M (0.11% of avg loans).
Board declared $0.125/share quarterly dividend, payable Feb 20 to holders of record Feb 12.
CEO cites deterioration in one commercial credit and impact of higher rates on SBA/leasing businesses.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Meridian Corp reported the quarter ended December 31, 2023 results: net income $571 thousand, EPS $0.05 per diluted share.

Period: the quarter ended December 31, 2023
Net income: $571 thousand
EPS: $0.05 per diluted share
Result: reported results

Exact text from the filing

On January 26, 2024 Meridian Corporation issued a press release discussing the Corporation’s Fourth Quarter 2023 Results.

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Source: SEC EDGAR

accession 0001750735-24-000003

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