Meridian Reports 4Q 2018 Operating Results and Record Annual Earnings

MALVERN, Pa., Jan. 25, 2019 /PRNewswire/ -- Meridian Corporation MRBK today reported net income of $2.4 million, or $0.37 per diluted share for the fourth quarter of 2018, which generated a return on average assets and return on average equity of 0.99% and 8.64%, respectively.

Christopher J. Annas, Chairman and CEO, commented "Meridian Corporation had an excellent quarter contributing to record earnings for 2018. Quarterly profit of $2.4 million was more than triple fourth quarter 2017 even before the tax adjustment.  The bank earnings growth was due to continued strong commercial loan growth, which exceeded 20% annually for the third consecutive year. While we take advantage of any disruption in our market, Meridian's sales culture is the principal driver in this robust performance.

Our mortgage unit had a profitable quarter as the Delaware Valley residential market remains very active, and we continue to manage the seasonality to maximize profitability. Market studies suggest a moderation in 2019 and we are planning accordingly.

In the fourth quarter we brought on a five-person SBA team from another local bank, where they were a top 10 lender. This gives Meridian an immediate presence in this business line, where previously we had little volume. We also hired a two-person team from another acquired bank that formed our new private banking unit. We expect some great synergies in this group from our commercial unit and Meridian Wealth Partners."

Select Condensed Financial Information





For the Quarter Ended (Unaudited)



(Dollars in thousands, except per



2018



2018



2018



2018



2017



share data)



December 31



September 30



June 30



March 31



December 31



Income:























Net income available to common 

     stockholders - consolidated



$

2,364



$

2,727



$

1,802



$

1,270



$

(12)



Diluted earnings per common share



$

0.37



$

0.42



$

0.28



$

0.20



$

(0.00)



Net income - excluding Mortgage



1,826



1,973



1,701



1,406



(190)



























Net income - Mortgage



538



754



101



(136)



178



Net interest income - consolidated



8,441



8,378



8,146



7,692



7,833















At the Quarter Ended (Unaudited)







2018



2018



2018



2018



2017







December 31



September 30



June 30



March 31



December 31



Balance Sheet:























Total assets



$

997,388



$

959,829



$

945,435



$

883,521



$

856,035



Loans, net of fees and costs



838,106



806,788



781,622



740,408



694,637



Total deposits



752,130



781,927



683,250



679,303



627,109



Non-interest bearing deposits



126,150



124,855



106,942



105,576



100,454





































Reconciliation of Non-GAAP Financial Measures

Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate performance trends and the adequacy of common equity.  This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Meridian believes adjusted net income, adjusted earnings per common share, adjusted ROAA and adjusted ROAE provide a greater understanding of ongoing operations and enhances comparability of results with prior periods. Because management believes that these adjustments are not incurred as a result of ongoing operations, they are not as helpful a measure of the performance of our underlying business, particularly in light of their unpredictable nature and are difficult to forecast.  This supplemental presentation should not be construed as an inference that Meridian's future results will be unaffected by similar adjustments to these measures determined in accordance with GAAP.





Adjusted Net Income, Earnings per Share and Return Ratios (Unaudited)







2018



2018



2018



2018



2017



(Dollars in thousands, except per share data)



4th QTR



3rd QTR



2nd QTR



1st QTR



4th QTR



























Net income available to common stockholders - 

     consolidated



$

2,364



$

2,727



$

1,802



$

1,270



$

(12)



Holding company formation cost adjustment





179









Contingent asset fair value adjustment





138









Deferred tax adjustment











737



Adjusted net income - consolidated(1)



2,364



3,044



1,802



1,270



725



























Net income - excluding Mortgage



1,826



1,973



1,701



1,406



(190)



Adjusted net income - excluding Mortgage (1)



1,826



2,290



1,701



1,406



547



























Diluted earnings per common share



$

0.37



$

0.42



$

0.28



$

0.20



$

(0.00)



Holding company formation cost adjustment





0.03









Contingent asset fair value adjustment





0.02









Deferred tax adjustment











0.16



Adjusted diluted earnings per common share(1)



$

0.37



$

0.47



$

0.28



$

0.20



$

0.16



Adjusted diluted earnings per common share- 

     excluding Mortgage(1)



$

0.28



$

0.36



$

0.26



$

0.22



$

0.12



























Return on average assets - consolidated



0.99

%

1.16

%

0.81

%

0.61

%

0.14

%

Adjusted return on average assets - consolidated(1)



0.99

%

1.29

%

0.81

%

0.61

%

0.35

%

Return on average equity - consolidated



8.64

%

10.16

%

7.00

%

5.07

%

1.19

%

Adjusted return on average equity - consolidated(1)



8.64

%

11.34

%

7.00

%

5.07

%

2.99

%

























Return on average assets - excluding Mortgage



0.79

%

0.87

%

0.79

%

0.70

%

(0.10)

%

Adjusted return on average assets - excluding 

     Mortgage(1)



0.79

%

0.97

%

0.77

%

0.68

%

0.28

%

Return on average equity - excluding Mortgage



6.67

%

7.35

%

6.61

%

5.61

%

(0.78)

%

Adjusted return on average equity - excluding 

     Mortgage(1)



6.67

%

8.53

%

6.61

%

5.61

%

2.26

%



(1) Adjusted net income, adjusted earnings per common share, adjusted ROAA and adjusted ROAE are non-GAAP measures and remove the after tax effect of the charge to earnings for the holding company formation costs of $51 thousand, as well as the fair value adjustment to contingent assets of $39 thousand in the third quarter of 2018 and the after tax effect of the charge to adjust deferred tax assets resulting from the Tax Cuts and Jobs Act in the fourth quarter of 2017.

Financial Highlights

Net income available to common stockholders for the three and twelve months ended December 31, 2018 was $2.4 million, and $8.2 million, respectively, reflecting an increase of $2.4 million and $6.3 million as compared to net income available to common stockholders for the same periods in 2017.

  • Total assets of $997.4 million as of December 31, 2018 increased $141.4 million, or 16.5% year-over-year.

                                                                   
  • Total portfolio loans and leases of $838.1 million as of December 31, 2018 increased $143.5 million, or 20.7% year-over-year.

                                                       
  • Total deposits of $752.1 million as of December 31, 2018 increased $125.0 million, or 19.9% year-over-year.

                                                          
  • Non-interest bearing deposits of $126.2 million as of December 31, 2018 increased $25.7 million, or 25.6% year-over-year.

                                                                    
  • Net interest income increased $608 thousand, or 7.8% and $3.7 million or 12.9% for the three and twelve months ended December 31, 2018 over the same periods in 2017.

Income Statement Summary

Net income available to common stockholders was $2.4 million, or $0.37 per diluted share for the three months ended December 31, 2018 compared to a net loss $12 thousand, or $0.00 per diluted share, for the same period in 2017.  The increase was largely attributable to an increase in net interest income of $608 thousand, in addition to a lower level of provision for loan loss and the elimination of dividends payable to preferred stockholders.  The increase in net income available to common stockholders was also impacted by an additional $737 thousand in income tax expense for the three months ended December 31, 2017 resulting from a deferred tax adjustment upon implementation of the Tax Cuts and Jobs Act (the Act) which lowered the top federal corporate tax rate from 35% to 21%.  Non-interest income for the three months ended December 31, 2018 decreased $1.7 million, but was more than offset by the $2.1 million decrease in non-interest expense, further contributing to the increase in net income available to common stockholders.  Net income available to common stockholders was $8.2 million, or $1.27 per diluted share for the twelve months ended December 31, 2018 compared to $1.9 million, or $0.49 per diluted share, for the same period in 2017.

Net interest income increased $608 thousand, or 7.8%, for the three months ended December 31, 2018 to $8.4 million from $7.8 million for the same period in 2017. Net interest income increased $3.7 million, or 12.9%, to $32.7 million for the twelve months ended December 31, 2018, compared to $28.9 million for the twelve months ended December 31, 2017.  The growth in interest income for the three months ended December 31, 2018 compared to the same period in 2017 reflects an increase in average interest earning assets of $128.3 million. The growth in interest income for the twelve months ended December 31, 2018 compared to the same period in 2017 reflects an increase in average interest earning assets of $162.2 million.  Increases over both periods were partially offset by the decreases in the net interest margin.  The net interest margin was 3.70%, and 3.80%, for the three and twelve months ended December 31, 2018, respectively, compared to 4.01% and 3.96% for the same periods in 2017. The decrease in net interest margin reflects the pressure from the rising cost of funds, which has outpaced the favorable trend in yield on interest earning assets over both periods. The provision for loan losses decreased $397 thousand to $319 thousand for the three months ended December 31, 2018 and $584 thousand to $1.6 million for the twelve months ended December 31, 2018 due to strong asset quality and lower levels of net charge-offs for both periods year-over-year.

Total non-interest income for the three months ended December 31, 2018 was $7.5 million, down $1.7 million, or 18.7%, from the comparable period in 2017.  Total non-interest income for the twelve months ended December 31, 2018 was $32.4 million, down $4.4 million, or 11.8%, from the same period in 2017.  These overall decreases in non-interest income came primarily from our mortgage division. Mortgage banking revenue decreased over both periods due primarily to a decline in mortgage originations and lower margins, which decreased 60 basis points and 53 basis points, for the three and twelve months, respectively.  The overall decline in mortgage banking revenue was

partially offset by hedging gains and fair value adjustments period over period.  Realized gains on derivatives related to mortgage banking, included in other non-interest income, increased $1.4 million for the twelve months ended December 31, 2018 to $627 thousand, compared to a loss of $724 thousand for the same period in 2017. There was also a $55 thousand decline in fair value adjustments related to mortgage banking for the same period in 2017. Wealth management revenue was relatively flat for the three months ended December 31, 2018 compared to three months ended December 31, 2017, but up $1.1 million for the twelve months ended December 31, 2018 compared to the same period in 2017 as Meridian Wealth Partners was included in our results for a full year in 2018.

Total non-interest expense was $12.6 million for the three months ended December 31, 2018, down $2.1 million, or 14.2%, from $14.6 million for the three months ended December 31, 2017 and $53.0 million for twelve months ended December 31, 2018, down $4.8 million, or 8.2%, from the same period in the 2017. The decrease is mainly attributable to a reduction in salaries and employee benefits expense, as full-time equivalent employees, particularly in the mortgage division were reduced. In addition, variable loan expenses decreased reflecting the lower level of mortgage originations. Occupancy and equipment expense was relatively flat for the comparable three month and twelve month periods.  Professional fees decreased $249 thousand and advertising and promotion expense decreased $159 thousand over the comparable three month period, while such expenses increased modestly over the comparable twelve month period. Data processing expenses were up over both periods due mainly to the increased transaction volume from growth in the loan portfolios. Other expenses were up over both periods presented. The increase year-over-year related to amortization of intangible assets and a one-time fair market value adjustment of $177 thousand to contingent assets, a $200 thousand reserve established for the open litigation as well as higher levels of other employee-related expenses, shares tax expense, and other expense.

Balance Sheet Summary

As of December 31, 2018, total assets were $997.4 million compared with $856.0 million as of December 31, 2017 and $959.8 million as of September 30, 2018. Total assets increased $141.4 million, or 16.5%, on a year-over-year basis primarily due to strong loan growth.  Total assets increased $37.6 million, or 3.9%, from the previous quarter, mostly due to an increase in portfolio loans of $31.3 million.

Total loans, excluding mortgage loans held for sale, grew $143.5 million, or 20.7%, to $838.1 million as of December 31, 2018, from $694.6 million as of December 31, 2017. This was an increase of $31.3 million, or 3.9%, from $806.8 million as of September 30, 2018. The increase in loans for both periods is attributable to several commercial categories as we continue to grow our presence in the Philadelphia market area. Commercial loans increased $52.9 million, or 26.3%, year-over-year.  Commercial real estate and commercial construction loans combined increased $74.0 million, or 20.2%, year-over-year. Residential loans held in portfolio increased $21.1 million, or 64.6%, year-over-year as certain loan products or terms were targeted to hold in portfolio. Residential mortgage loans held for sale increased $2.7 million, or 7.6%, to $37.7 million as of December 31, 2018 from December 31, 2017.

Deposits were $752.1 million as of December 31, 2018, up $125.0 million, or 19.9%, from December 31, 2017, and down $29.8 million, or 3.8%, from September 30, 2018. Non-interest bearing deposits increased $25.7 million, or 25.6%, from December 31, 2017 and increased $1.3 million, or 1.0%, from September 30, 2018. New business relationships fueled the increases.  Money market accounts/savings accounts increased $6.3 million, or 2.8%, since December 31, 2017 and decreased $43.6 million, or 15.8%, since September 30, 2018 while interest-bearing checking accounts increased $32.7 million, or 40.0%, during the year, and increased $11.3 million or 10.9% quarter over quarter. Certificates of deposit increased $60.3 million, or 27.6%, during the year and $1.3 million, or 0.5%, quarter over quarter.

Consolidated stockholders' equity of the Corporation was $109.9 million, or 11.02% of total assets as of December 31, 2018, as compared to $101.4 million, or 11.84% of total assets as of December 31, 2017. As of December 31, 2018, the Tier 1 leverage ratio was 11.20%, the Tier 1 risk-based capital and common equity ratios were 11.76%, and total risk-based capital was 13.70%. Quarter-end numbers show a tangible common equity to tangible assets ratio of 10.56%. Tangible book value per share was $16.36 as of December 31, 2018, compared with $15.00 as of December 31, 2017.

Asset Quality Summary

Asset quality remains strong. The Bank realized net charge-offs of 0.00% of total average loans for the quarter ending December 31, 2018, compared with net charge-offs of 0.09% for the quarter ending December 31, 2017. Total non-performing assets, including loans and other real estate property, were $3.9 million as of December 31, 2018, $3.2 million as of December 31, 2017, and $2.9 million as of September 30, 2018. The ratio of non-performing assets to total assets as of December 31, 2018 was 0.39% compared to 0.42% as of December 31, 2017 and 0.30% as of September 30, 2018. As of December 31, 2018, the ratio of allowance for loan losses to total loans, excluding mortgages held for sale, was 0.96%, consistent with both December 31, 2017 and September 30, 2018.

About Meridian Corporation

Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is a full-service commercial bank headquartered in Malvern, Pennsylvania with 23 offices in the greater Philadelphia Metro market. The Bank offers a full range of commercial and retail loan and deposit products, along with wealth management and electronic payment services. Meridian Mortgage, a division of the Bank, is a top tier provider of residential mortgage loans. For additional information, visit our website at www.meridianbanker.com.  Member FDIC.

"Safe Harbor" Statement

In addition to historical information, this press release may contain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation's strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words "may," "could," "should," "pro forma," "looking forward," "would," "believe," "expect," "anticipate," "estimate," "intend," "plan," or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation's control). Numerous competitive, economic, regulatory, legal and technological factors, among others, could cause Meridian Corporation's financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements.   Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management's current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation's filings with the Securities and Exchange Commission and, for periods prior to the completion of the holding company reorganization, Meridian Bank's filings with the FDIC, including Meridian Bank's most recent annual report on Form 10-K for the year ended December 31, 2017, subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Meridian Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Meridian Corporation or by or on behalf of Meridian Bank.

Contact: Jessica Annas

jannas@meridianbanker.com   

484.568.5035

FINANCIAL TABLES FOLLOW





Quarterly







2018



2018



2018



2018



2017



(Dollars in thousands, except per share data)



4th QTR



3rd QTR



2nd QTR



1st QTR



4th QTR



Earnings and Per Share Data























Net income



$

2,364



$

2,727



$

1,802



$

1,270



$

288



Net income available to common stockholders



2,364



2,727



1,802



1,270



(12)



Basic earnings per common share



0.37



0.43



0.28



0.20



(0.00)



Common shares outstanding



6,407



6,407



6,401



6,392



6,392



























Performance Ratios























Return on average assets - consolidated



0.99

%

1.16

%

0.81

%

0.61

%

0.14

%

Return on average assets - excluding Mortgage (non-GAAP)



0.79

%

0.87

%

0.79

%

0.70

%

(0.10%)



Return on average equity - consolidated



8.64

%

10.16

%

7.00

%

5.07

%

1.19

%

Return on average equity - excluding Mortgage (non-GAAP)



6.67

%

7.35

%

6.61

%

5.61

%

(0.78%)



Net interest margin (TEY)



3.70

%

3.72

%

3.88

%

3.91

%

4.01

%

Efficiency ratio - consolidated



79

%

78

%

84

%

85

%

86

%

Adjusted efficiency ratio - consolidated (non-GAAP)



79

%

76

%

84

%

85

%

86

%

Efficiency ratio - excluding Mortgage (non-GAAP)



73

%

71

%

73

%

77

%

78

%

Adjusted efficiency ratio - excluding Mortgage (non-GAAP)



73

%

67

%

73

%

77

%

78

%

























Asset Quality Ratios























Net charge-offs to average loans



0.00

%

0.00

%

0.01

%

0.02

%

0.09

%

Non-performing loans/Total loans



0.45

%

0.35

%

0.34

%

0.38

%

0.43

%

Non-performing assets/Total assets



0.39

%

0.30

%

0.30

%

0.38

%

0.42

%

Allowance for credit loss/Total loans



0.92

%

0.92

%

0.90

%

0.93

%

0.92

%

Allowance for credit loss/Total loans held for investment



0.96

%

0.96

%

0.95

%

0.96

%

0.96

%

Allowance for credit loss/Non-performing loans



204.85

%

263.89

%

261.83

%

241.97

%

212.51

%

























Capital Ratios























Book value per common share



$

17.15



$     16.70



$     16.31



$    16.01



$   15.86



Tangible book value per common share



$

16.36



$     15.91



$     15.47



$    15.16



$   15.00



Total equity/Total assets



11.02

%

11.15

%

11.04

%

11.59

%

11.84

%

Tangible common equity/Tangible assets



10.56

%

10.67

%

10.53

%

11.03

%

11.27

%

Tier 1 leverage ratio



11.20

%

11.02

%

11.28

%

11.69

%

12.37

%

Common tier 1 risk-based capital ratio



11.76

%

12.03

%

12.03

%

12.36

%

12.86

%

Tier 1 risk-based capital ratio



11.76

%

12.03

%

12.03

%

12.36

%

12.86

%

Total risk-based capital ratio



13.70

%

14.03

%

14.07

%

14.46

%

15.53

%



































 

 





Statements of Income (Unaudited)



Statements of Income (Unaudited)







Quarter Ended



Twelve Months Ended



(Dollars in Thousands)



December 31, 2018



December 31, 2017



December 31, 2018



December 31, 2017























Interest Income



















Interest and fees on loans



$

11,476



$

9,519



$

42,694



$

34,667



Investments



410



289



1,370



1,053



Total interest income



11,886



9,808



44,064



35,720























Interest Expense



















Deposits



3,056



1,548



9,227



4,627



Borrowings



389



427



2,180



2,155



Total interest expense



3,445



1,975



11,407



6,782























Net interest income



8,441



7,833



32,657



28,938



Provision for loan losses



319



716



1,577



2,161



Net interest income after provision for 

     loan losses



8,122



7,117



31,080



26,777























Non-Interest Income



















Mortgage banking income



5,780



7,762



26,187



32,836



Wealth management income



921



967



3,917



2,872



Earnings on investment in life insurance



74



82



300



276



Net change in fair value of mortgage related 

     financial instruments



104



(306)



(368)



(313)



Gain on sale of investment securities 

     available-for-sale





22





26



Service charges



28



25



115



87



Other



557



626



2,204



916



Total non-interest income



7,464



9,178



32,355



36,700























Non-Interest Expenses



















Salaries and employee benefits



8,075



9,372



34,794



39,126



Occupancy and equipment



909



981



3,779



3,799



FDIC assessment



196



242



554



722



Professional fees



492



741



2,162



2,125



Data processing



337



291



1,261



1,162



Advertising and promotion



553



712



2,355



2,248



Loan expenses



583



1,017



2,643



4,025



Other



1,411



1,278



5,397



4,484



Total non-interest expenses



12,556



14,634



52,945



57,691























Income before income taxes



3,030



1,661



10,490



5,786



Income tax expense



666



1,373



2,327



2,754























Net Income



2,364



288



8,163



3,032



Dividends on preferred stock





300





(1,167)























Net Income available to common 

     stockholders



$

2,364



$

(12)



$

8,163



$

1,865























Weighted-average basic shares outstanding



6,407



4,575



6,397



3,743



Basic earnings per common share



$

0.37



$

(0.00)



$

1.28



$

0.50























Adjusted weighted-average diluted shares 

     outstanding



6,433



4,602



6,427



3,770



Diluted earnings per common share



$

0.37



$

(0.00)



$

1.27



$

0.49



 

 





Statement of Condition (Unaudited)



(Dollars in Thousands)



December 31, 2018



September  30, 2018



June 30, 2018



March 31, 2018



December 31, 2017



























Assets























Cash & cash equivalents



$

23,952



$

25,823



$

27,013



$

24,964



$

35,506



Investment securities



63,169



60,449



54,773



51,372



52,867



Mortgage loans held for sale



37,695



34,044



45,571



30,858



35,024



Loans, net of fees and costs



838,106



806,788



781,622



740,408



694,637



Allowance for loan losses



(8,053)



(7,711)



(7,449)



(7,138)



(6,709)



Bank premises and 

     equipment, net



9,638



9,947



10,207



10,446



9,741



Bank owned life insurance



11,569



11,494



11,420



11,347



11,269



Other real estate owned









427



437



Goodwill and intangible 

     assets



5,046



5,114



5,359



5,427



5,495



Other assets



16,266



13,881



16,919



15,410



17,768



Total Assets



$

997,388



$

959,829



$

945,435



$

883,521



$

856,035



























Liabilities & Stockholders' 

     Equity























Liabilities























Non-interest bearing deposits



$

126,150



$

124,855



$

106,942



$

105,576



$

100,454



Interest bearing deposits























Interest checking



114,610



103,353



110,259



109,914



81,872



Money market / savings 

     accounts



232,653



276,258



215,042



213,282



226,374



Certificates of deposit



278,717



277,461



251,007



250,531



218,409



Total interest bearing 

     deposits



625,980



657,072



576,308



573,727



526,655



Total deposits



752,130



781,927



683,250



679,303



627,109



Borrowings



120,538



50,199



142,176



86,366



108,613



Subordinated debt



9,239



9,308



9,308



9,308



13,308



Other liabilities



5,614



11,377



6,321



6,132



5,642



Total Liabilities



887,521



852,811



841,055



781,109



754,672



























Stockholders' Equity



109,867



107,018



104,380



102,412



101,363



Total Liabilities & 

     Stockholders' Equity



$

997,388



$

959,829



$

945,435



$

883,521



$

856,035



 

 





Condensed Statements of Income (Unaudited)







Three Months Ended



(Dollars in Thousands)



December 31, 2018



September 30, 2018



June 30, 2018



March 31, 2018



December 31, 2017



























Interest income



$

11,886



$

11,573



$

10,809



$

9,796



$

9,808



Interest expense



3,445



3,195



2,663



2,104



1,975



Net interest income



8,441



8,378



8,146



7,692



7,833



Provision for loan losses



319



291



413



554



716



Non-interest income



7,464



9,167



8,668



7,056



9,178



Non-interest expense



12,556



13,753



14,074



12,562



14,634



Income before income taxes



3,030



3,501



2,327



1,632



1,661



Income tax expense



666



774



525



362



1,373



Net Income



2,364



2,727



1,802



1,270



288



























Dividends on preferred stock











(300)



Net income available to 

     common stockholders



$

2,364



$

2,727



$

1,802



$

1,270



$

(12)



























Weighted-average basic 

     shares outstanding



6,407



6,402



6,395



6,392



4,575



Basic earnings per common 

     share



$

0.37



$

0.43



$

0.28



$

0.20



$

(0.00)



























Adjusted weighted-average 

     diluted shares outstanding



6,433



6,430



6,425



6,425



4,602



Diluted earnings per common share



$

0.37



$

0.42



$

0.28



$

0.20



$

(0.00)



 

 

Cision View original content:http://www.prnewswire.com/news-releases/meridian-reports-4q-2018-operating-results-and-record-annual-earnings-300784529.html

SOURCE Meridian Bank

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