Meridian Q2 net income rises sharply on higher non-interest income
MRBK•Analyst coverage
The current average analyst rating on the shares is buy, with 2 strong buy or buy recommendations, no hold ratings, and no sell or strong sell ratings.
The average consensus recommendation for the banks peer group is buy.
Wall Street's median 12-month price target for Meridian Corp is $22.00, about 8.1% above its July 29 closing price of $20.35.
The stock recently traded at 9 times the next 12-month earnings, versus a P/E of 8 three months ago.
Quarterly results
Meridian's second-quarter net income rose sharply from the prior quarter on higher non-interest income.
Pre-provision net revenue for the quarter increased 3.6% sequentially.
| Metric | Actual |
|---|---|
| Q2 Pre-provision net revenue | $10.44 million |
| Q2 EPS | $0.48 |
| Q2 Net Interest Margin | 3.69% |
What drove the quarter
- Non-interest income — Q2 non-interest income rose $2.8 million, mainly due to higher mortgage banking and SBA loan income.
