Meridian Bank reports Q2 EPS 49c vs. 30c last year

Reports Q2 revenue $11.1M vs. $7.1M last year. Q2 net interest margin was 3.54% vs. 3.46% in Q1. Tangible book value per common share was $15.44 from $15.06 at previous quarter end. CEO Christopher Annas commented: “Meridian’s Q2 earnings of $5.6M were substantially above Q1, benefiting from improving margin, SBA loan sales and mortgage seasonality. PPNR was up 33% over the same period, reflecting overall healthy growth in our business units and good expense control. Loan growth was 2.5% for the quarter but was negatively impacted by a large SBA loan sale and the planned paydowns in our lease group. We continue to forecast loan growth in the 8-10% range for the year. Management is intensely focused on reducing the nonperforming loans, historically high for us, but negotiations and lengthy court schedules will slow the process…Our principal Philadelphia metro market is healthy and vibrant, and we have not yet seen the impact of economic uncertainties. We are excited about our market penetration in all segments, and believe this will propel us to greater performance.”