Meridian Corp Q2 net income $3.3M ($0.30 EPS) up 24% QoQ but down 28% YoY; declares $0.125 dividend

Meridian Corp

2024-Q2 EPS reported $0.54 revenue$2,761,000

Net income $3.326M, diluted EPS $0.30 vs $0.24 Q1 and $0.41 a year ago.
Net interest margin 3.06%, down 3 bps sequentially; commercial loans grew $40.7M in Q2.
Pre-tax pre-provision income $7.072M, up from $6.419M in Q1; mortgage division contributed $545K.
Board declared $0.125 per share quarterly dividend, payable Aug 19 to holders of record Aug 12.
Net charge-offs increased to $4.1M (0.20% avg loans) from $2.3M (0.12%) in Q1; NPA ratio improved to 1.68%.

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