10-Q 1 mrbk-20220331.htm 10-Q mrbk-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 000-55983
mrbk-20220331_g1.jpg
(Exact name of registrant as specified in its charter)
Pennsylvania83-1561918
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
9 Old Lincoln Highway, Malvern, Pennsylvania 19355
(Address of principal executive offices) (Zip Code)
(484) 568-5000
(Registrant’s telephone number, including area code)
Title of classTrading SymbolName of exchange on which registered
Common Stock, $1 par valueMRBKThe NASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of May 9, 2022 there were 6,114,424 outstanding shares of the issuer’s common stock, par value $1.00 per share.


TABLE OF CONTENTS


MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(dollars in thousands, except per share data)March 31,
2022
December 31,
2021
Cash and due from banks$56,022 $23,480 
Federal funds sold12,866  
Cash and cash equivalents68,888 23,480 
Securities available-for-sale (amortized cost of $136,745 and $158,387 as of March 31, 2022 and December 31, 2021)
130,653 159,302 
Securities held-to-maturity (fair value of $33,556 and $6,591 as of March 31, 2022 and December 31, 2021)
34,977 6,372 
Equity investments2,240 2,354 
Mortgage loans held for sale (amortized cost of $81,502 and $80,002 as of March 31, 2022 and December 31, 2021), at fair value
81,258 80,882 
Loans, net of fees and costs (includes $17,375 and $17,558 of loans at fair value, amortized cost of $17,375 and $17,106 as of March 31, 2022 and December 31, 2021)
1,431,906 1,386,457 
Allowance for loan and lease losses(18,826)(18,758)
Loans, net of the allowance for loan and lease losses1,413,080 1,367,699 
Restricted investment in bank stock4,330 5,117 
Bank premises and equipment, net11,883 11,806 
Bank owned life insurance22,641 22,503 
Accrued interest receivable4,848 5,009 
Deferred income taxes3,190 1,413 
Servicing assets13,396 12,765 
Goodwill 899 899 
Intangible assets3,328 3,379 
Other assets35,978 10,463 
Total assets$1,831,589 1,713,443 
Liabilities:
Deposits:
Non-interest bearing$291,379 274,528 
Interest bearing1,273,472 1,171,885 
Total deposits1,564,851 1,446,413 
Short-term borrowings36,136 41,344 
Subordinated debentures40,538 40,508 
Accrued interest payable575 31 
Other liabilities 31,805 19,787 
Total liabilities1,673,905 1,548,083 
Stockholders’ equity:
Common stock, $1 par value. Authorized 25,000,000 shares as of March 31, 2022 and December 31, 2021; issued 6,555,909 and 6,534,587 as of March 31, 2022 and December 31, 2021
6,556 6,535 
Surplus84,177 83,663 
Treasury stock - 426,693 shares at March 31, 2022 and December 31, 2021
(8,860)(8,860)
Unearned common stock held by employee stock ownership plan(1,602)(1,602)
Retained earnings83,104 84,916 
Accumulated other comprehensive (loss) income (5,691)708 
Total stockholders’ equity157,684 165,360 
Total liabilities and stockholders’ equity$1,831,589 1,713,443 
See accompanying notes to the unaudited consolidated financial statements.
3

MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended March 31,
(dollars in thousands, except per share data)20222021
Interest income:
Loans, including fees17,219 16,822 
Securities:
Taxable336 273 
Tax-exempt396 353 
Cash and cash equivalents13 3 
Total interest income17,964 17,451 
Interest expense:
Deposits1,289 1,566 
Borrowings640 765 
Total interest expense1,929 2,331 
Net interest income16,035 15,120 
Provision for loan losses615 599 
Net interest income after provision for loan losses15,420 14,521 
Non-interest income:
Mortgage banking income7,096 24,100 
Wealth management income1,304 1,136 
SBA loan income2,520 1,245 
Earnings on investment in life insurance138 66 
Net change in the fair value of derivative instruments(166)(944)
Net change in the fair value of loans held-for-sale(1,124)(3,867)
Net change in the fair value of loans held-for-investment(778)(102)
Net gain on hedging activity2,827 4,261 
Net gain on sale of investment securities available-for-sale 48 
Service charges27 32 
Other1,258 1,073 
Total non-interest income13,102 27,048 
Non-interest expenses:
Salaries and employee benefits15,298 22,139 
Occupancy and equipment1,252 1,152 
Professional fees848 940 
Advertising and promotion986 785 
Data processing479 616 
Information technology710 425 
Pennsylvania bank shares tax199 163 
Other1,661 2,043 
Total non-interest expenses21,433 28,263 
Income before income taxes7,089 13,306 
Income tax expense1,554 3,136 
Net income$5,535 10,170 
Basic earnings per common share$0.92 1.70 
Diluted earnings per common share$0.88 1.65 
See accompanying notes to the unaudited consolidated financial statements.
4

MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
Three months ended March 31,
(dollars in thousands)20222021
Net income:$5,535 10,170 
Other comprehensive (loss) income:
Net change in unrealized gains on investment securities available for sale:
Net unrealized losses arising during the period, net of tax benefit of $1,626, and $592, respectively
(5,369)(1,883)
Less: reclassification adjustment for net gains realized in net income, net of tax expense of $3, and $12, respectively
(9)(36)
Reclassification adjustment for securities transferred from available-for-sale to held-to-maturity, net of tax benefit of $308, and $0, respectively
(1,021) 
Unrealized investment losses, net of tax benefit of $1,936, and $604, respectively
(6,399)(1,919)
Total other comprehensive loss(6,399)(1,919)
Total comprehensive (loss) income$(864)8,251 
See accompanying notes to the unaudited consolidated financial statements.
5

MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(dollars in thousands)
Common
Stock
SurplusTreasury
Stock
Unearned
Common
Stock
ESOP
Retained
Earnings
Accumulated
Other
Comprehensive (Loss)
Income
Total
Balance, January 1, 2021$6,456 81,196 (5,828)(1,768)59,010 2,556 141,622 
Comprehensive income:
Net income10,170 10,170 
Net change in unrealized investment losses, net of tax(1,919)(1,919)
Total comprehensive income8,251 
Dividends declared, $1.125 per share
(6,931)(6,931)
Common stock issued through share-based awards and exercises32 302 334 
Stock based compensation229 229 
Balance, March 31, 2021$6,488 81,727 (5,828)(1,768)62,249 637 143,505 
(dollars in thousands)
Common
Stock
SurplusTreasury
Stock
Unearned
Common
Stock
ESOP
Retained
Earnings
Accumulated
Other
Comprehensive (Loss)
Income
Total
Balance, January 1, 2022$6,535 83,663 (8,860)(1,602)84,916 708 165,360 
Comprehensive income:
Net income5,535 5,535 
Net change in unrealized investment losses, net of tax(6,399)(6,399)
Total comprehensive loss(864)
Dividends declared, $1.20 per share
(7,347)(7,347)
Common stock issued through share-based awards and exercises21 254 275 
Stock based compensation260 260 
Balance, March 31, 2022
$6,556 84,177 (8,860)(1,602)83,104 (5,691)157,684 
See accompanying notes to the unaudited consolidated financial statements.
6

MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(dollars in thousands)20222021
Net income$5,535 10,170 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Gain on sale of investment securities (48)
Net amortization of investment premiums and discounts and change in fair value of equity securities(27)331 
Depreciation and amortization, net50 (1,709)
Provision for loan losses615 599 
Amortization of issuance costs on subordinated debt30 30 
Stock based compensation 260 229 
Net change in fair value of derivative instruments166 944 
Net change in fair value of loans held for sale1,124 3,867 
Net change in fair value of loans held for investment778 102 
Amortization and net impairment of servicing rights494 (2,661)
SBA loan income(2,520)(1,245)
Proceeds from sale of loans319,610 803,858 
Loans originated for sale(313,485)(724,675)
Mortgage banking income(7,096)(24,100)
Decrease (increase) in accrued interest receivable161 (85)
Increase in other assets(9,962)(5,246)
Earnings from investment in life insurance(138)(66)
Increase (decrease) in deferred income tax 159 (1,865)
Increase (decrease) in accrued interest payable544 (411)
Increase in other liabilities 10,156 4,745 
Net cash provided by operating activities6,454 62,764 
Cash flows from investing activities:
Activity in available-for-sale securities:
Maturities, repayments and calls3,843 2,343 
Sales 13,639 
Purchases(9,885)(28,151)
Activity in held-to-maturity securities:
Maturities, repayments and calls390  
Purchases(2,500) 
Decrease in restricted stock787 2,747 
Net increase in loans(59,762)(70,915)
Purchases of premises and equipment(77)(677)
Net cash used in investing activities(67,204)(81,014)
Cash flows from financing activities:
Net increase in deposits118,438 142,255 
Decrease in short-term borrowings(5,208)(5,465)
Decrease in short-term borrowings with original maturity > 90 days (75,021)
(Repayment) proceeds from long-term debt, net (42,662)
Dividends paid(7,347)(6,931)
Share based awards and exercises275 334 
Net cash provided by financing activities106,158 12,510 
Net change in cash and cash equivalents 45,408 (5,740)
Cash and cash equivalents at beginning of period23,480 36,744 
Cash and cash equivalents at end of period$68,888 31,004 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest$1,386 2,742 
Supplemental disclosure of cash flow information:
Transfers from loans held for sale to loans held for investment1,653 2,390 
Net loans sold, not settled(13,857)(4,432)
Investment security purchases, not settled(2,761)(1,188)
Transfer of securities from AFS to HTM23,522  
Lease liabilities arising from obtaining right-of-use assets10,995  
See accompanying notes to the unaudited consolidated financial statements.
7

MERIDIAN CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(1)     Basis of Presentation
The Corporation’s unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations for the interim periods presented have been included.
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Amounts subject to significant estimates are items such as the allowance for loan losses and lending related commitments, the fair value of financial instruments, other-than-temporary impairments of investment securities, and the valuations of goodwill and intangible assets, and servicing assets.
These unaudited consolidated financial statements should be read in conjunction with the Corporation’s filings with the Securities and Exchange Commission (including our Annual Report on Form 10-K for the year ended December 31, 2021) and, 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 Form 10-K and Form 10-Q filings, if any.
Certain prior period amounts have been reclassified to conform with current period presentation. Reclassifications had no effect on net income or stockholders’ equity. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2022 or for any other period.

(2)     Earnings per Common Share
Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period reduced by unearned ESOP Plan shares and treasury shares. Diluted earnings per common share takes into account the potential dilution computed pursuant to the treasury stock method that could occur if stock options were exercised and converted into common stock and if restricted stock awards were vested, and SERP plan liabilities were satisfied with common shares. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be anti-dilutive.
Three Months Ended
March 31,
(dollars in thousands, except per share data)20222021
Numerator:
Net income available to common stockholders$5,535 10,170 
Denominator for basic earnings per share
Weighted average shares outstanding6,128 6,119 
Average unearned ESOP shares(105)(119)
Basic weighted averages shares outstanding6,023 6,000 
Dilutive effects of assumed exercises of stock options173 93 
Dilutive effects of SERP shares66 53 
Denominator for diluted earnings per share - adjusted weighted average shares outstanding6,262 6,146 
Basic earnings per share$0.92 1.70 
Diluted earnings per share$0.88 1.65 
Antidilutive shares excluded from computation of average dilutive earnings per share21 22 
8


(3)    Securities
The amortized cost and fair value of securities as of March 31, 2022 and December 31, 2021 are as follows:
March 31, 2022
(dollars in thousands)Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
# of Securities
in unrealized
loss position
Securities available-for-sale:
U.S. asset backed securities$14,664 35 (177)14,522 10 
U.S. government agency mortgage-backed securities9,352 2 (221)9,133 8 
U.S. government agency collateralized mortgage obligations22,037 30 (871)21,196 21 
State and municipal securities45,385 107 (2,832)42,660 31 
U.S. Treasuries32,978  (1,881)31,097 25 
Non-U.S. government agency collateralized mortgage obligations5,879  (165)5,714 5 
Corporate bonds6,450 24 (143)6,331 9 
Total securities available-for-sale$136,745 198 (6,290)130,653 109 
March 31, 2022
Amortized
cost
Gross
unrecognized
gains
Gross
unrecognized
losses
Fair
value
# of Securities
in unrecognized
loss position
Securities held-to-maturity:
State and municipal securities34,977 25 (1,446)33,556 15 
Total securities held-to-maturity$34,977 25 (1,446)33,556 15 
December 31, 2021
(dollars in thousands)Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
# of Securities
in unrealized
loss position
Securities available-for-sale:
U.S. asset backed securities$16,850 55 (68)16,837 10 
U.S. government agency mortgage-backed securities9,749 124 (60)9,813 3 
U.S. government agency collateralized mortgage obligations22,276 358 (253)22,381 10 
State and municipal securities72,099 1,379 (496)72,982 12 
U.S. Treasuries29,973 1 (246)29,728 21 
Non-U.S. government agency collateralized mortgage obligations990  (15)975 1 
Corporate bonds6,450 154 (18)6,586 5 
Total securities available-for-sale$158,387 2,071 (1,156)159,302 62 
Securities held-to-maturity:
State and municipal securities6,372 219  6,591  
Total securities held-to-maturity$6,372 219  6,591  

9

Although the Corporation’s investment portfolio overall is in a net unrealized loss position at March 31, 2022, the temporary impairment in the above noted securities is primarily the result of changes in market interest rates subsequent to purchase and it is more likely than not that the Corporation will not be required to sell these securities prior to recovery to satisfy liquidity needs, and therefore, no securities are deemed to be other-than-temporarily impaired.
During the quarter-ended March 31, 2022, $27.7 million of municipal securities, previously classified as available-for-sale on the balance sheet, were transferred to the held-to-maturity portfolio at fair value. After transfer, $1.3 million of unrealized losses remain in accumulated other comprehensive income. No gain or loss was recognized as a result of the transfer.
As of March 31, 2022 and December 31, 2021, securities having a fair value of $83.6 million and $92.2 million, respectively, were specifically pledged as collateral for public funds, the FRB discount window program, FHLB borrowings and other purposes. The FHLB has a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB.
The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at March 31, 2022 and December 31, 2021:
March 31, 2022
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Securities available-for-sale:
U.S. asset backed securities$10,458 (177)  10,458 (177)
U.S. government agency mortgage-backed securities8,979 (221)  8,979 (221)
U.S. government agency collateralized mortgage obligations13,740 (513)4,196 (358)17,936 (871)
State and municipal securities37,982 (2,794)535 (38)38,517 (2,832)
U.S. Treasuries31,097 (1,881)  31,097 (1,881)
Non-U.S. government agency collateralized mortgage obligations4,741 (165)  4,741 (165)
Corporate bonds4,807 — (143)  4,807 (143)
Total securities available-for-sale$111,804 (5,894)4,731 (396)116,535 (6,290)
March 31, 2022
Less than 12 Months12 Months or moreTotal
Fair
value
Unrecognized
losses
Fair
value
Unrecognized
losses
Fair
value
Unrecognized
losses
Securities held-to-maturity:
State and municipal securities  24,955 (1,446)24,955 (1,446)
Total securities held-to-maturity$  24,955 (1,446)24,955 (1,446)
10

December 31, 2021
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Securities available-for-sale:
U.S. asset backed securities$12,330 (68)  12,330 (68)
U.S. government agency mortgage-backed securities3,852 (60)  3,852 (60)
U.S. government agency collateralized mortgage obligations8,836 (187)1,657 (66)10,493 (253)
State and municipal securities14,994 (427)2,019 (69)17,013 (496)
U.S. Treasuries28,750 (246)  28,750 (246)
Non-U.S. government agency collateralized mortgage obligations975 (15)  975 (15)
Corporate bonds2,232 (18)