MALVERN, Pa., May 02, 2022 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported:

Christopher J. Annas, Chairman and CEO commented “Meridian’s first quarter revenue of $31.1 million generated earnings of $5.5 million, or $0.88 per diluted share. The solid quarterly performance resulted from exceptional growth and earnings from the bank segment. Loan and lease growth was $84.1 million or 26% annualized (excluding PPP loans and mortgage loans held for sale). The net interest margin increased to 3.89% as PPP loans are being replaced by higher yielding commercial loans.   The SBA division had an excellent quarter of growth and loan sales, as we continue to expand this business line. Although our mortgage business performance was down due to interest rate increases and a lack of homes for sale, historical seasonality should result in higher second and third quarter volume. We are monitoring expense levels constantly and making adjustments to support profitability.”