Meridian Q3 net income $4.7M, EPS $0.42; NIM 3.20%, NPAs rise

Meridian Corp

2024-Q3 EPS reported $0.96 revenue$4,208,000

Net income $4.7M ($0.42 diluted EPS) up 42.6% QoQ and 18.4% YoY; pre-tax pre-provision income $8.5M.
Net interest margin improved 14 bps to 3.20%; loan yield 7.41%; total assets $2.4B.
Non-performing loans rose to $45.1M (2.20% of loans) from $37.6M at June 30, 2024.
Quarterly cash dividend of $0.125/share declared, payable Nov 19 to holders of record Nov 12.
Commercial loans grew 11% YoY; total deposits up 9.4% YoY with NIB deposits up 6% QoQ.

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