Meridian Bank reports Q3 EPS 35c, consensus 38c

Return on average assets and return on average equity for the third quarter of 2023 were 0.73% and 10.17%, respectively. Net interest margin was 3.29% for the third quarter of 2023, with a loan yield of 7.08%. Total assets at September 30, 2023 and June 30, 2023 were $2.2 billion, compared to $1.9 billion at September 30, 2022. Reports tangible book value per share $13.53. Reports CET1 ratio 8.43%. “We were pleased with our growth in the third quarter as we prioritize our asset mix to emphasize relationship-based credits,” said Christopher Annas, Chairman and CEO. “We continue to show growth in deposits, reduction in borrowings, and strengthening of our capital position. While our margin compressed slightly, we remain focused on high quality assets and prudent management of the balance sheet. With the seasonal slowdown and increasing mortgage rates, mortgage origination decreased $14.5 million. The increase in the ten year Treasury and the lack of homes for sale continue to plague the division as we are simultaneously working to tailor operations to reasonable levels. Our growth this year in such a challenging environment is a strong indicator of our success in and our commitment to the regions we serve. We remain focused on opportunities that provide us with additional business and help foster long-term customer connections.”