$MRBK
Meridian Corp

2021 Q4 Form 10-Q Financial Statement

#000155837021015925 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $18.31M $17.52M
YoY Change 15.28% 16.35%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.049M $2.105M
YoY Change -35.26% -39.13%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $9.890M $12.30M $10.80M
YoY Change -16.75% 2.64% 45.91%
Income Tax $2.170M $2.863M $2.544M
% Of Pretax Income 21.94% 23.27% 23.55%
Net Earnings $7.720M $9.438M $8.258M
YoY Change -14.22% 2.45% 44.55%
Net Earnings / Revenue 51.56% 47.14%
Basic Earnings Per Share $1.56 $1.37
Diluted Earnings Per Share $1.241M $1.52 $1.33
COMMON SHARES
Basic Shares Outstanding 6.079M 6.045M 6.032M
Diluted Shares Outstanding 6.231M 6.203M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $23.48M $63.12M $26.90M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $11.81M $8.242M $8.160M
YoY Change 51.81% 2.19% -1.5%
Goodwill $899.0K $899.0K $899.0K
YoY Change 0.0% 0.0% 0.0%
Intangibles $3.379M $3.430M $3.481M
YoY Change -6.16% -6.49% -6.85%
Long-Term Investments $2.400M $1.000M $1.000M
YoY Change 140.0% 0.0% 0.0%
Other Assets $1.400M $1.500M $1.000M
YoY Change 1300.0% 275.0% 66.67%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.713B $1.762B $1.709B
YoY Change -0.39% 0.22% 8.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $700.0K $100.0K
YoY Change -100.0% -69.57% -93.75%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $41.34M $22.28M $33.54M
YoY Change -61.31% -78.63% -61.47%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.30M $700.0K $100.0K
YoY Change 3341.67% -69.57% -93.75%
LONG-TERM LIABILITIES
Long-Term Debt $40.50M $40.80M $40.70M
YoY Change -0.49% 0.0% -0.25%
Other Long-Term Liabilities $19.80M $22.90M $19.80M
YoY Change -13.91% 12.25% 65.0%
Total Long-Term Liabilities $60.30M $63.70M $60.50M
YoY Change -5.34% 4.08% 14.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.30M $700.0K $100.0K
Total Long-Term Liabilities $60.30M $63.70M $60.50M
Total Liabilities $1.548B $1.604B $1.556B
YoY Change -1.93% -1.4% 7.06%
SHAREHOLDERS EQUITY
Retained Earnings $84.92M $78.41M $69.74M
YoY Change 43.9% 54.42% 64.77%
Common Stock $6.535M $6.506M $6.493M
YoY Change 1.22% 0.87% 1.23%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.860M $8.025M $5.828M
YoY Change 52.02% 37.7% 0.0%
Treasury Stock Shares
Shareholders Equity $165.4M $158.4M $152.9M
YoY Change
Total Liabilities & Shareholders Equity $1.713B $1.762B $1.709B
YoY Change -0.39% 0.22% 8.23%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income $7.720M $9.438M $8.258M
YoY Change -14.22% 2.45% 44.55%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $38.70M $20.70M $42.90M
YoY Change 1005.71% -125.18% -356.89%
INVESTING ACTIVITIES
Capital Expenditures -$3.900M -$400.0K -$400.0K
YoY Change 100.0% 33.33%
Acquisitions
YoY Change
Other Investing Activities -$20.60M -$25.70M -$8.500M
YoY Change -357.5% -48.7% -96.52%
Cash From Investing Activities -$24.60M -$26.00M -$8.900M
YoY Change -407.5% -48.41% -96.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.200M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -53.80M 41.50M -38.10M
YoY Change 6.32% -74.35% -114.09%
NET CHANGE
Cash From Operating Activities 38.70M 20.70M 42.90M
Cash From Investing Activities -24.60M -26.00M -8.900M
Cash From Financing Activities -53.80M 41.50M -38.10M
Net Change In Cash -39.70M 36.20M -4.100M
YoY Change 1.53% 23.97% -144.57%
FREE CASH FLOW
Cash From Operating Activities $38.70M $20.70M $42.90M
Capital Expenditures -$3.900M -$400.0K -$400.0K
Free Cash Flow $42.60M $21.10M $43.30M
YoY Change 1117.14% -125.73% -364.02%

Facts In Submission

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dei Security12b Title
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us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
3192000
us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
1718000
CY2021Q3 us-gaap Noninterest Income
NoninterestIncome
22122000
CY2020Q3 us-gaap Noninterest Income
NoninterestIncome
29060000
us-gaap Noninterest Income
NoninterestIncome
70902000
us-gaap Noninterest Income
NoninterestIncome
56972000
CY2021Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
19472000
CY2020Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
20447000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
61824000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
46529000
CY2021Q3 us-gaap Occupancy Net
OccupancyNet
1133000
CY2020Q3 us-gaap Occupancy Net
OccupancyNet
1108000
us-gaap Occupancy Net
OccupancyNet
3460000
us-gaap Occupancy Net
OccupancyNet
3159000
CY2021Q3 us-gaap Professional Fees
ProfessionalFees
873000
CY2020Q3 us-gaap Professional Fees
ProfessionalFees
681000
us-gaap Professional Fees
ProfessionalFees
2629000
us-gaap Professional Fees
ProfessionalFees
2118000
CY2021Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
1089000
CY2020Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
781000
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
2795000
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
1996000
CY2021Q3 mrbk Data Processing
DataProcessing
530000
CY2020Q3 mrbk Data Processing
DataProcessing
460000
mrbk Data Processing
DataProcessing
1666000
mrbk Data Processing
DataProcessing
1260000
CY2021Q3 mrbk Information Technology
InformationTechnology
476000
CY2020Q3 mrbk Information Technology
InformationTechnology
394000
mrbk Information Technology
InformationTechnology
1365000
mrbk Information Technology
InformationTechnology
1100000
CY2021Q3 mrbk Pennsylvania Bank Shares Tax Expense
PennsylvaniaBankSharesTaxExpense
152000
CY2020Q3 mrbk Pennsylvania Bank Shares Tax Expense
PennsylvaniaBankSharesTaxExpense
254000
mrbk Pennsylvania Bank Shares Tax Expense
PennsylvaniaBankSharesTaxExpense
478000
mrbk Pennsylvania Bank Shares Tax Expense
PennsylvaniaBankSharesTaxExpense
734000
CY2021Q3 us-gaap Other Noninterest Expense
OtherNoninterestExpense
1756000
CY2020Q3 us-gaap Other Noninterest Expense
OtherNoninterestExpense
1709000
us-gaap Other Noninterest Expense
OtherNoninterestExpense
5773000
us-gaap Other Noninterest Expense
OtherNoninterestExpense
4256000
CY2021Q3 us-gaap Noninterest Expense
NoninterestExpense
25481000
CY2020Q3 us-gaap Noninterest Expense
NoninterestExpense
25834000
us-gaap Noninterest Expense
NoninterestExpense
79990000
us-gaap Noninterest Expense
NoninterestExpense
61152000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12301000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11985000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
36409000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
22659000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2863000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2773000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8543000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5218000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
9438000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
9212000
us-gaap Net Income Loss
NetIncomeLoss
27866000
us-gaap Net Income Loss
NetIncomeLoss
17441000
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.56
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.62
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.83
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.52
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.51
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.82
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
9438000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
-83000
CY2020Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
-301000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
9212000
us-gaap Net Income Loss
NetIncomeLoss
27866000
us-gaap Net Income Loss
NetIncomeLoss
17441000
CY2021Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-312000
CY2020Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
144000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-475000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
761000
CY2021Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1021000
CY2020Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
304000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1490000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2489000
CY2021Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
-71000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
-313000
CY2021Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
243000
CY2020Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
989000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
279000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
1032000
CY2021Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-383000
CY2020Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-157000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-558000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
448000
CY2021Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-1264000
CY2020Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-685000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1457000
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-685000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1769000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1457000
CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8174000
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8527000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
26097000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
18898000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
120695000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
2516000
CY2020Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
429000
CY2020Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2945000
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
32000
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5703000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
64000
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
5713000
CY2020Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1713000
CY2020Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
7426000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
59000
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
125518000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
9212000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
177000
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
131832000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
141622000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
10170000
CY2021Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-1919000
CY2020Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-685000
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8527000
CY2020Q3 mrbk Common Stock Dividends Per Share And Special Dividends Per Share
CommonStockDividendsPerShareAndSpecialDividendsPerShare
0.125
CY2020Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
763000
CY2020Q3 mrbk Employee Stock Ownership Plan Esop Shares Purchased
EmployeeStockOwnershipPlanEsopSharesPurchased
133601
CY2020Q3 mrbk Employee Stock Ownership Plan Esop Value Shares Purchased
EmployeeStockOwnershipPlanEsopValueSharesPurchased
2000000
CY2020Q3 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
373000
CY2021Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8251000
CY2021Q1 mrbk Common Stock Dividends Per Share And Special Dividends Per Share
CommonStockDividendsPerShareAndSpecialDividendsPerShare
1.125
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
6931000
CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
334000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
229000
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
143505000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
8258000
CY2021Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1414000
CY2021Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
9672000
CY2021Q2 mrbk Common Stock Dividends Per Share And Special Dividends Per Share
CommonStockDividendsPerShareAndSpecialDividendsPerShare
0.125
CY2021Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
768000
CY2021Q2 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
57000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
419000
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
152885000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
9438000
CY2021Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-1264000
CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8174000
CY2021Q3 mrbk Common Stock Dividends Per Share And Special Dividends Per Share
CommonStockDividendsPerShareAndSpecialDividendsPerShare
0.125
CY2021Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
769000
CY2021Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
78491
CY2021Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2197000
CY2021Q3 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
180000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
143000
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
158416000
us-gaap Profit Loss
ProfitLoss
27866000
us-gaap Profit Loss
ProfitLoss
17441000
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
362000
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
1345000
mrbk Depreciation And Amortization Including Amortization Of Loan Fees
DepreciationAndAmortizationIncludingAmortizationOfLoanFees
-4677000
mrbk Depreciation And Amortization Including Amortization Of Loan Fees
DepreciationAndAmortizationIncludingAmortizationOfLoanFees
-992000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-991000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-238000
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
1292000
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
7139000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
88000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
83000
mrbk Capitalization Of Servicing Rights Net
CapitalizationOfServicingRightsNet
2992000
us-gaap Share Based Compensation
ShareBasedCompensation
791000
us-gaap Share Based Compensation
ShareBasedCompensation
300000
us-gaap Increase Decrease In Derivative Assets And Liabilities
IncreaseDecreaseInDerivativeAssetsAndLiabilities
-3431000
us-gaap Increase Decrease In Derivative Assets And Liabilities
IncreaseDecreaseInDerivativeAssetsAndLiabilities
6346000
us-gaap Increase Decrease In Loans Held For Sale
IncreaseDecreaseInLoansHeldForSale
-3164000
us-gaap Increase Decrease In Loans Held For Sale
IncreaseDecreaseInLoansHeldForSale
4424000
mrbk Increase Decrease In Loans Held For Investment
IncreaseDecreaseInLoansHeldForInvestment
-24000
mrbk Increase Decrease In Loans Held For Investment
IncreaseDecreaseInLoansHeldForInvestment
174000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
6000
mrbk Amortization Of Mortgage Servicing Rights Msrs And Net Impairment Of Servicing Rights
AmortizationOfMortgageServicingRightsMsrsAndNetImpairmentOfServicingRights
707000
mrbk Amortization Of Mortgage Servicing Rights Msrs And Net Impairment Of Servicing Rights
AmortizationOfMortgageServicingRightsMsrsAndNetImpairmentOfServicingRights
350000
mrbk Capitalization Of Servicing Rights Net
CapitalizationOfServicingRightsNet
7021000
mrbk Sba Income
SbaIncome
5423000
mrbk Sba Income
SbaIncome
1821000
mrbk Proceeds From Sales Of Loans
ProceedsFromSalesOfLoans
2034464000
mrbk Proceeds From Sales Of Loans
ProceedsFromSalesOfLoans
1356637000
mrbk Payments For Loans Originated For Sale
PaymentsForLoansOriginatedForSale
1864132000
mrbk Payments For Loans Originated For Sale
PaymentsForLoansOriginatedForSale
1498614000
mrbk Mortgage Banking Income
MortgageBankingIncome
62293000
mrbk Mortgage Banking Income
MortgageBankingIncome
45395000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-402000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
1518000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2648000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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mrbk Gain Loss From Investment In Life Insurance
GainLossFromInvestmentInLifeInsurance
224000
mrbk Gain Loss From Investment In Life Insurance
GainLossFromInvestmentInLifeInsurance
210000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-817000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1274000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-490000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
1170000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1299000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
9054000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
126432000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-161648000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
6173000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
6319000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
20855000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
44592000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
52468000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
92476000
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
2140000
us-gaap Proceeds From Sale Of Wholly Owned Real Estate And Real Estate Acquired In Settlement Of Loans
ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans
126000
us-gaap Increase Decrease Of Restricted Investments
IncreaseDecreaseOfRestrictedInvestments
-3699000
us-gaap Increase Decrease Of Restricted Investments
IncreaseDecreaseOfRestrictedInvestments
-422000
us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
82711000
us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
339459000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1496000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
651000
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
10000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-115948000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-378987000
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
197712000
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
357856000
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
-3187000
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
-31928000
mrbk Increase Decrease In Short Term Debt Maturing More Than Three Months
IncreaseDecreaseInShortTermDebtMaturingMoreThanThreeMonths
-81397000
mrbk Increase Decrease In Short Term Debt Maturing More Than Three Months
IncreaseDecreaseInShortTermDebtMaturingMoreThanThreeMonths
12902000
us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
-87141000
us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
247008000
us-gaap Repayments Of Assumed Debt
RepaymentsOfAssumedDebt
413000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
231000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2197000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5703000
us-gaap Payments Of Dividends
PaymentsOfDividends
8468000
us-gaap Payments Of Dividends
PaymentsOfDividends
763000
mrbk Employee Stock Ownership Plan Esop Value Shares Purchased
EmployeeStockOwnershipPlanEsopValueSharesPurchased
2000000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
571000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
405000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15893000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
577133000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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26377000
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid
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2490000
us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
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7116000
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us-gaap Basis Of Accounting
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">(1)      Basis of Presentation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 27pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 27pt;">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.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 27pt;">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, 2020) 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.   </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 27pt;"><span style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 27pt;">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 September 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021 or for any other period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 27.35pt;"><span style="margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 27.35pt;">Estimates for the allowance for loan and lease losses at September 30, 2021 include probable losses related to the COVID-19 pandemic.  While there have been signals of economic recovery and a resumption of many types of business activity, there remains significant uncertainty involved in the measurement of these losses.  If economic conditions deteriorate further, then additional provision for loan losses may be required in future periods.  It is unknown how long these conditions will last and what the ultimate financial impact will be to the Corporation.</p>
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NetIncomeLossAvailableToCommonStockholdersBasic
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CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9212000
us-gaap Net Income Loss Available To Common Stockholders Basic
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27866000
us-gaap Net Income Loss Available To Common Stockholders Basic
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17441000
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CY2020Q3 us-gaap Weighted Average Number Of Shares Issued Basic
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6099000
us-gaap Weighted Average Number Of Shares Issued Basic
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us-gaap Weighted Average Number Of Shares Issued Basic
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us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Debt Securities Available For Sale Realized Gain
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us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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DebtSecuritiesAvailableForSaleRealizedLoss
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us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
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us-gaap Debt Securities Available For Sale Realized Loss
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CY2020Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
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us-gaap Allowance For Loan And Lease Losses Write Offs
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us-gaap Provision For Loan And Lease Losses
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CY2020Q2 us-gaap Loans And Leases Receivable Allowance
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us-gaap Allowance For Loan And Lease Losses Write Offs
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us-gaap Provision For Loan And Lease Losses
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CY2020Q3 us-gaap Loans And Leases Receivable Allowance
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CY2021Q3 us-gaap Financing Receivable Collectively Evaluated For Impairment
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10380000
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CY2021Q3 us-gaap Impaired Financing Receivable Related Allowance
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CY2020Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
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CY2020Q4 us-gaap Impaired Financing Receivable Related Allowance
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CY2021Q3 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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CY2021Q3 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
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CY2020Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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CY2021Q3 us-gaap Impaired Financing Receivable Recorded Investment
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CY2020Q4 us-gaap Impaired Financing Receivable Recorded Investment
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CY2020Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
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10558000
CY2020Q4 mrbk Impaired Financing Receivable
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CY2021Q3 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
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us-gaap Impaired Financing Receivable Average Recorded Investment
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CY2021Q3 mrbk Financing Receivable Modifications Included In Nonperforming Loans And Leases
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us-gaap Financing Receivable Modifications Number Of Contracts2
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CY2021Q3 us-gaap Unrealized Gain Loss On Derivatives
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CY2020Q3 us-gaap Unrealized Gain Loss On Derivatives
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us-gaap Gain Loss On Sale Of Derivatives
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CY2020Q3 us-gaap Gain Loss On Sale Of Derivatives
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us-gaap Gain Loss On Sale Of Derivatives
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CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021Q3 us-gaap Assets
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us-gaap Fees And Commissions Mortgage Banking And Servicing
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us-gaap Noninterest Income
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021Q3 us-gaap Assets
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CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
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CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021Q3 us-gaap Payments For Repurchase Of Common Stock
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CY2021Q2 us-gaap Common Stock Shares Authorized
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10000000
CY2021Q2 us-gaap Common Stock Shares Authorized
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25000000

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