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On Thursday, Meridian Corp (NASDAQ:MRBK), a $153 million market cap commercial banking company incorporated in Pennsylvania, conducted its Annual Meeting of Shareholders, resulting in the election of three Class B directors and the ratification of the company’s independent auditor for the upcoming fiscal year. The company, which has delivered a remarkable 45% return over the past year and offers a 3.65% dividend yield, is currently trading below its InvestingPro Fair Value.
At the meeting, shareholders voted on three primary agenda items. The first was the election of three Class B directors to serve on the board for a three-year term ending in 2028. The elected directors are George C. Collier, Robert T. Holland, and Denise Lindsay (NYSE:LNN), who received 6,563,955, 6,543,611, and 7,094,415 votes for their election, respectively. Votes withheld for these candidates were 1,598,407, 1,618,751, and 1,067,947, respectively.
The second item was a non-binding say-on-pay proposal, which allows shareholders to give their opinion on the compensation of the named executive officers. This proposal passed with 7,170,396 votes for, 967,760 against, and 24,206 abstentions.
Lastly, the shareholders ratified the appointment of Crowe LLP as the independent registered public accounting firm for the year ending December 31, 2025. The decision was near-unanimous, with 9,412,384 votes for, 60 against, and no abstentions.
The meeting also confirmed the continuation in office of the following directors: Christopher J. Annas, Robert M. Casciato, Christine M. Helmig, Edward J. Hollin, and Anthony M. Imbesi. According to InvestingPro analysis, the company maintains a FAIR overall financial health score, with particularly strong performance in relative value metrics. InvestingPro subscribers have access to over 30 additional financial health indicators and exclusive insights.
This 8-K filing with the SEC provides investors and the public with the necessary information regarding the governance of Meridian Corp. The outcomes of the meeting are expected to guide the company’s strategic direction and governance practices for the next term. With a P/E ratio of 9.5 and analysts projecting profitability for the current fiscal year, InvestingPro data suggests strong potential for value creation. Discover more detailed analysis and financial metrics by subscribing to InvestingPro.
In other recent news, Meridian Corporation announced its financial results for the first quarter ending March 31, 2025. The company reported a net income of $2.4 million, or $0.21 per diluted share, which is slightly below the $2.7 million reported in the same period last year. Despite this, pre-provision net revenue increased significantly by 30.2% from the first quarter of 2024, reaching $8.4 million. The net interest margin was recorded at 3.46%, with a loan yield of 7.19%, and total assets grew to $2.5 billion. Commercial loans, excluding leases, rose by 3%, while deposits increased by 6%, with non-interest-bearing deposits seeing a 34% surge. The Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable on May 19, 2025. Meridian Wealth Partners showed strong performance with a pre-tax income of $726 thousand, although the mortgage group faced a larger pre-tax loss due to lower volume and a reduced loan officer count. The company remains optimistic about loan originations, anticipating an increase in home inventory in its markets.
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