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Meridian Profit Falls 22% as Mortgage Business Weakens
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Meridian Profit Falls 22% as Mortgage Business Weakens
MALVERN, PA — Meridian Corporation (NASDAQ: MRBK) reported a 22% decline in third-quarter profit as weaker mortgage banking activity, lower small-business loan sales and valuation losses outweighed improved lending margins at the Pennsylvania-based financial institution. Net income fell to $5.2 million, or 43 cents per diluted share, for the quarter ended Sept. 30, compared with $6.7 million, or 58 cents per share, a year earlier. Profit decline…
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