A Business at a Glance
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Meridian Corp
MRBK
$229M
Mkt Cap
$19.82
+0.15%
Meridian Corp (MRBK) has a current P/E ratio of 11.2, compared to its historical median P/E of 9.7. The stock is currently considered Fair based on its historical valuation range.
Meridian Corp (MRBK) has a 5-year average return on invested capital (ROIC) of 11.6%. This indicates solid capital allocation.
Meridian Corp (MRBK) has a market capitalization of $229M. It is classified as a small-cap stock.
Yes, Meridian Corp (MRBK) pays a dividend with a trailing twelve-month yield of 2.48%.
Based on historical P/E analysis, Meridian Corp (MRBK) appears fair. The current P/E of 11.2 is 15% above its historical median of 9.7. The estimated fair value CAGR (P/E method) is 1.2%.
Meridian Corp (MRBK) operates in the National Commercial Banks industry, within the Financials sector.
Meridian Corp (MRBK) reported annual revenue of $205 million in its most recent fiscal year, based on SEC EDGAR filings.
Item 1. Business The Corporation is a bank holding company engaged in banking activities through its wholly-owned subsidiary, Meridian Bank (the “Bank”), a full-service, state-chartered commercial bank with offices in the Delaware Valley tri-state market, which includes Pennsylvania, New Jersey and Delaware, as well as in the Central Maryland market, and Florida. We have a financial services business model with non-interest revenue streams from mortgage lending, SBA lending and wealth management services. We provide services to small and middle market businesses, professionals and retail customers throughout our market area. We have a modern, progressive, consultative approach to creating innovative solutions for our customers. We are technology driven, with a culture that incorporates significant use of customer preferred alternative delivery channels, such as mobile banking, remote deposit capture and bank-to-bank ACH.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 205M | 205M | 197M | 169M | 130M | 160M |
| Net Income | 22M | 22M | 16M | 13M | 22M | 36M |
| EPS | $1.89 | $1.89 | $1.45 | $1.16 | $0.90 | $1.44 |
| Free Cash Flow | 23M | 23M | 9.0M | 17M | 82M | 160M |
| ROIC | 7.1% | 11.8% | 9.6% | 8.0% | 13.3% | 15.2% |
| Gross Margin | 0.0% | 0.0% | - | - | - | - |
| Debt/Equity | 0.53 | 0.53 | 0.58 | 0.96 | 0.80 | 0.25 |
| Dividends/Share | $0.49 | $0.50 | $0.50 | $0.50 | $0.45 | $0.40 |
| Operating Income | 4.0M | 4.0M | 6.2M | 5.0M | 5.2M | 4.3M |
| Operating Margin | 2.0% | 2.0% | 3.1% | 3.0% | 4.0% | 2.7% |
| ROE | 10.9% | 11.8% | 9.9% | 8.5% | 13.7% | 23.2% |
| Shares Outstanding | 12M | 12M | 11M | 11M | 24M | 25M |
| Metric | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 72M | 76M | 86M | 150M | 160M | 130M | 169M | 197M | 205M | 205M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 39M | 35M | 35M | 72M | 79M | 54M | 47M | 47M | 51M | 51M |
| EBIT | 916K | 2.2M | 1.6M | 2.6M | 4.3M | 5.2M | 5.0M | 6.2M | 4.0M | 4.0M |
| Op. Margin | 1.3% | 2.9% | 1.9% | 1.7% | 2.7% | 4.0% | 3.0% | 3.1% | 2.0% | 2.0% |
| Net Income | 1.9M | 8.2M | 10M | 26M | 36M | 22M | 13M | 16M | 22M | 22M |
| Net Margin | 2.6% | 10.7% | 12.2% | 17.7% | 22.3% | 16.7% | 7.9% | 8.3% | 10.6% | 10.6% |
| Non-Recurring | 26K | 0 | -14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||||
| ROIC | 2.1% | 7.2% | 7.6% | 11.4% | 15.2% | 13.3% | 8.0% | 9.6% | 11.8% | 7.1% |
| ROE | 2.2% | 7.7% | 9.1% | 20.2% | 23.2% | 13.7% | 8.5% | 9.9% | 11.8% | 10.9% |
| ROA | 0.2% | 0.9% | 1.0% | 1.8% | 2.1% | 1.2% | 0.6% | 0.7% | 0.9% | 0.9% |
| Cash Flow | ||||||||||
| Op. Cash Flow | 10M | 11M | 22M | 158M | 165M | 85M | 19M | 9.6M | 24M | 24M |
| Free Cash Flow | 8.1M | 9.4M | 21M | 158M | 160M | 82M | 17M | 9.0M | 23M | 23M |
| Owner Earnings | 9.3M | 9.3M | 20M | 156M | 162M | 82M | 16M | 6.4M | 22M | 22M |
| CapEx | 2.4M | 1.6M | 746K | 747K | 5.4M | 2.9M | 1.8M | 568K | 1.7M | 1.7M |
| Maint. CapEx | 963K | 1.4M | 1.7M | 1.9M | 1.5M | 1.6M | 1.8M | 2.2M | 1.6M | 1.6M |
| Growth CapEx | 1.4M | 217K | 0 | 0 | 3.9M | 1.3M | 19K | 0 | 128K | 128K |
| D&A | 963K | 1.4M | 1.7M | 1.9M | 1.5M | 1.6M | 1.8M | 2.2M | 1.6M | 1.6M |
| CapEx/OCF | 23.0% | 14.9% | 3.5% | N/A | 3.3% | 3.4% | 9.7% | 5.9% | N/A | 7.1% |
| Capital Allocation | ||||||||||
| Dividends Paid | 1.2M | 0 | 0 | 1.5M | 9.7M | 11M | 5.6M | 5.6M | 5.7M | 5.7M |
| Dividend Yield | 2.1% | N/A | N/A | 1.9% | 3.5% | 3.2% | 4.5% | 4.6% | N/A | 2.5% |
| Share Buybacks | 0 | 0 | 3K | 5.7M | 3.0M | 13M | 4.3M | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.0% | 5.5% | 0.8% | 8.0% | 2.9% | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 203K | 293K | 272K | 763K | 1.6M | 1.5M | 1.2M | 976K | 1.2M | 1.2M |
| Debt Repayment | 250K | 825K | 9.4M | 922K | 45M | 0 | 28M | 43M | 8.1M | 8.1M |
| Balance Sheet | ||||||||||
| Net Debt | 33M | 46M | 65M | 109M | -141M | 84M | 94M | 71M | 98M | 98M |
| Cash & Equiv. | 36M | 24M | 39M | 37M | 23M | 38M | 57M | 27M | 8.3M | 8.3M |
| Long-Term Debt | 8.9M | 6.2M | 40M | 162M | 0 | 8.9M | 9.7M | 0 | N/A | 107M |
| Debt/Equity | 1.07 | 1.10 | 1.36 | 1.90 | 0.25 | 0.80 | 0.96 | 0.58 | 0.53 | 0.53 |
| Interest Coverage | 0.1 | 0.2 | 0.1 | 0.2 | 0.5 | 0.3 | 0.1 | 0.1 | 0.0 | 0.1 |
| Equity | 101M | 110M | 121M | 142M | 165M | 153M | 158M | 172M | 200M | 200M |
| Total Assets | 856M | 997M | 1.2B | 1.7B | 1.7B | 2.1B | 2.2B | 2.4B | 2.6B | 2.6B |
| Total Liabilities | 755M | 888M | 1.0B | 1.6B | 1.5B | 1.9B | 2.1B | 2.2B | 2.4B | 2.4B |
| Intangibles | 0 | 4.1M | 3.9M | 3.6M | 3.4M | 3.2M | 3.0M | 2.8M | 2.6M | 2.6M |
| Retained Earnings | 16M | 24M | 34M | 59M | 85M | 96M | 101M | 112M | 128M | 128M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Per Share Data | ||||||||||
| EPS | 0.25 | 0.64 | 0.82 | 2.14 | 1.44 | 0.90 | 1.16 | 1.45 | 1.89 | 1.89 |
| Owner EPS | 1.22 | 0.72 | 1.53 | 12.58 | 6.53 | 3.35 | 1.39 | 0.57 | 1.86 | 1.86 |
| Book Value | 13.32 | 8.52 | 9.39 | 11.44 | 6.67 | 6.28 | 13.84 | 15.22 | 17.29 | 17.29 |
| Cash Flow/Share | 1.38 | 0.86 | 1.68 | 12.80 | 6.66 | 3.47 | 1.65 | 0.85 | 2.10 | 2.03 |
| Dividends/Share | 0.15 | N/A | N/A | 0.13 | 0.40 | 0.45 | 0.50 | 0.50 | 0.50 | 0.49 |
| Shares Out. | 7.6M | 12.9M | 12.9M | 12.4M | 24.8M | 24.4M | 11.4M | 11.3M | 11.6M | 11.6M |
| Valuation | ||||||||||
| P/E Ratio | 30.0 | 10.1 | 9.4 | 3.9 | 10.4 | 7.4 | 11.0 | 8.9 | N/A | 10.5 |
| P/FCF | 6.9 | 8.8 | 4.7 | 0.7 | 2.3 | 3.9 | 8.5 | 16.1 | N/A | 10.1 |
| EV/EBIT | 179.7 | 92.1 | 138.7 | 147.2 | N/A | N/A | N/A | N/A | N/A | 81.6 |
| Price/Book | 0.6 | 0.8 | 0.8 | 0.7 | 2.2 | 1.1 | 0.9 | 0.8 | N/A | 1.1 |
| Price/Sales | 0.8 | 1.3 | 1.3 | 0.6 | 1.8 | N/A | N/A | N/A | N/A | 1.1 |
| FCF Yield | 14.4% | 11.4% | 21.2% | 152.0% | 43.4% | 50.7% | 11.7% | 6.2% | N/A | 9.9% |
| Market Cap | 56M | 82M | 98M | 104M | 368M | 161M | 146M | 145M | 0 | 229M |
| Avg. Price | 7.25 | 6.82 | 6.82 | 6.56 | 11.21 | 13.80 | 10.81 | 10.90 | 0.00 | 19.82 |
| Year-End Price | 7.36 | 6.41 | 7.62 | 8.38 | 14.86 | 13.24 | 12.75 | 12.86 | 0.00 | 19.82 |
Meridian Corp passes 2 of 9 quality checks, indicating weak fundamentals.
Meridian Corp trades at 11.2x trailing earnings, compared to its 15-year median P/E of 9.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 8.1x vs a median of 5.8x. The company's 5-year average ROIC is 11.6%. Total shareholder yield (dividends) is 2.5%. At current prices, the estimated annualized return to fair value is +9.9%.
Meridian Corp (MRBK) has a net profit margin of 10.6%. This is a healthy margin.
Meridian Corp (MRBK) generated $23 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Meridian Corp (MRBK) has a debt-to-equity ratio of 0.53. This indicates moderate leverage.
Meridian Corp (MRBK) reported earnings per share (EPS) of $1.89 in its most recent fiscal year.
Meridian Corp (MRBK) has a return on equity (ROE) of 11.8%. This indicates moderate shareholder returns.
The Ledger Terminal provides 9 years of financial data for Meridian Corp (MRBK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Meridian Corp (MRBK) has a book value per share of $17.29, based on its most recent annual SEC filing.
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