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Segments
 3 Months Ended
Mar. 31, 2021
Segments  
Segments

(10)    Segments

ASC Topic 280 – Segment Reporting identifies operating segments as components of an enterprise which are evaluated regularly by the Chief Executive Officer, in deciding how to allocate resources and assess performance. The Corporation has applied the aggregation criterion set forth in this codification to the results of its operations.

Our Banking segment consists of commercial and retail banking. The Banking segment generates interest income from its lending (including leasing) and investing activities and is dependent on the gathering of lower cost deposits from its branch network or borrowed funds from other sources for funding its loans, resulting in the generation of net interest income. The Banking segment also derives revenues from other sources including gains on the sale of investment securities, gains on the sale of loans, SBA income, service charges on deposit accounts, cash sweep fees, overdraft fees, BOLI income, title insurance fees, and other less significant non-interest income.

Meridian Wealth Partners (“Wealth”), is a registered investment advisor and wholly-owned subsidiary of the Bank, that provides a comprehensive array of wealth management services and products and the trusted guidance to help

its clients and our banking customers prepare for the future. The unit generates non-interest income through advisory fees.

Meridian Mortgage (“Mortgage”) consists of 16 loan production offices located throughout the Delaware Valley and Maryland. The Mortgage segment originates 1 – 4 family residential mortgages and sells nearly all of its production to third party investors. The unit generates net interest income on the loans it originates and holds temporarily, then earns fee income (primarily gain on sales) at the time of the sale.  The unit also recognizes income from document preparation fees, changes in portfolio pipeline fair values and related net hedging gains.

The table below summarizes income and expenses, directly attributable to each business line, which has been included in the statement of operations.

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Segment Information

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Three Months Ended March 31, 2021

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Three Months Ended March 31, 2020

(Dollars in thousands)

    

Bank

    

Wealth

    

Mortgage

    

Total

    

Bank

    

Wealth

    

Mortgage

    

Total

Net interest income

​

$

14,500

​

(14)

​

634

​

15,120

​

$

9,518

​

(2)

​

150

​

9,666

Provision for loan losses

​

​

599

​

—

​

—

​

599

​

​

1,552

​

—

​

—

​

1,552

Net interest income after provision

​

​

13,901

​

(14)

​

634

​

14,521

​

​

7,966

​

(2)

​

150

​

8,114

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​

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Non-interest Income

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​

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​

​

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​

​

​

​

​

​

Mortgage banking income

​

​

268

​

—

​

23,832

​

24,100

​

​

102

​

—

​

6,691

​

6,793

Wealth management income

​

​

—

​

1,136

​

—

​

1,136

​

​

—

​

1,021

​

—

​

1,021

SBA income

​

​

1,245

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—

​

—

​

1,245

​

​

542

​

—

​

—

​

542

Net change in fair values

​

​

98

​

—

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(5,011)

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(4,913)

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​

(65)

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—

​

1,817

​

1,752

Net gain (loss) on hedging activity

​

​

—

​

—

​

4,261

​

4,261

​

​

—

​

—

​

(1,425)

​

(1,425)

Other

​

​

712

​

—

​

507

​

1,219

​

​

445

​

—

​

91

​

536

Non-interest income

​

​

2,323

​

1,136

​

23,589

​

27,048

​

​

1,024

​

1,021

​

7,174

​

9,219

Non-interest expense

​

​

8,932

​

895

​

18,436

​

28,263

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​

6,937

​

788

​

6,337

​

14,062

Income before income taxes

​

$

7,292

​

227

​

5,787

​

13,306

​

$

2,053

​

231

​

987

​

3,271

Total Assets

​

$

1,578,721

​

6,092

​

159,164

​

1,743,977

​

$

1,192,882

​

5,337

​

105,223

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1,303,442

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