Meridian Corporation (MRBK)

Meridian Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	144.4	130.08	84.63	68.82	60.36	51.13
Interest Income on Investments	7.95	6.51	4.09	2.7	2.3	1.74
Total Interest Income	152.34	136.59	88.72	71.52	62.66	52.86
Interest Paid on Deposits	72.5	57.82	15.4	5.49	9.97	13.91
Interest Paid on Borrowings	11.2	9.83	3.2	2.92	3.69	2.62
Total Interest Expense	83.71	67.65	18.59	8.41	13.66	16.53
Net Interest Income	68.64	68.94	70.13	63.11	49	36.34
Net Interest Income Growth (YoY)	-2.67%	-1.69%	11.12%	28.81%	34.84%	11.27%
Trust Income	5.45	4.93	4.73	4.8	3.85	3.62
Mortgage Banking Activities	18.92	16.54	25.33	75.93	76.46	26.01
Gain (Loss) on Sale of Investments	1.51	0.07	-2.41	0.25	1.67	0.56
Other Non-Interest Income	10.04	10.39	14.92	10.32	1.09	2.72
Total Non-Interest Income	36.18	31.97	41.72	87.99	86.92	32.89
Non-Interest Income Growth (YoY)	13.60%	-23.39%	-52.58%	1.23%	164.24%	1.66%
Revenues Before Loan Losses	104.81	100.91	111.85	151.1	135.91	69.23
Provision for Loan Losses	12.46	6.82	2.49	1.07	8.3	0.9
Revenue	92.36	94.09	109.36	150.03	127.61	68.33
Revenue Growth (YoY)	-7.12%	-13.96%	-27.10%	17.57%	86.76%	7.71%
Salaries and Employee Benefits	45.41	46.2	52.9	77.26	71.38	34.89
Occupancy Expenses	2.56	2.46	2.58	4.55	2.39	2.51
Selling, General & Administrative	18.19	18.01	17.15	13.26	12.08	9.24
Other Non-Interest Expense	11.28	10.45	8.81	8.66	7.22	8.18
Total Non-Interest Expense	77.44	77.13	81.44	103.73	93.08	54.81
EBT Excluding Unusual Items	14.92	16.97	27.92	46.3	34.54	13.51
Pretax Income	14.92	16.97	27.92	46.3	34.54	13.51
Income Tax Expense	3.6	3.72	6.09	10.72	8.1	3.03
Net Income	11.32	13.24	21.83	35.59	26.44	10.48
Net Income to Common	11.32	13.24	21.83	35.59	26.44	10.48
Net Income Growth	-34.34%	-39.33%	-38.66%	34.60%	152.25%	28.40%
Basic Shares Outstanding	11	11	12	12	12	13
Diluted Shares Outstanding	11	11	12	12	12	13
Shares Change (YoY)	-2.90%	-6.69%	-1.68%	0.31%	-3.90%	0.17%
EPS (Basic)	1.02	1.19	1.85	2.96	2.16	0.82
EPS (Diluted)	1.00	1.16	1.79	2.87	2.13	0.81
EPS Growth	-32.92%	-35.20%	-37.63%	34.43%	161.96%	28.35%
Dividend Per Share	0.500	0.500	0.400	0.287	0.125	-
Dividend Growth	5.26%	25.00%	39.13%	130.00%	-	-
Effective Tax Rate	24.14%	21.95%	21.82%	23.15%	23.45%	22.44%

Source: S&P Capital IQ. Banks template. Financial Sources.