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Segments | 9 Months Ended
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Sep. 30, 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 (“Bank”) 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
​ | ​ | Three Months Ended September 30, 2021 | ​ | Three Months Ended September 30, 2020
(Dollars in thousands) |  | Bank |  | Wealth |  | Mortgage |  | Total |  | Bank |  | Wealth |  | Mortgage |  | Total
Net interest income | ​ | $ | 15,777 | ​ | 2 | ​ | 478 | ​ | 16,257 | ​ | $ | 12,104 | ​ | (19) | ​ | 630 | ​ | 12,715
Provision for loan losses | ​ | ​ | 597 | ​ | — | ​ | — | ​ | 597 | ​ | ​ | 3,956 | ​ | — | ​ | — | ​ | 3,956
Net interest income after provision | ​ | ​ | 15,180 | ​ | 2 | ​ | 478 | ​ | 15,660 | ​ | ​ | 8,148 | ​ | (19) | ​ | 630 | ​ | 8,759
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Non-interest Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage banking income | ​ | ​ | 215 | ​ | — | ​ | 18,511 | ​ | 18,726 | ​ | ​ | 574 | ​ | — | ​ | 21,238 | ​ | 21,812
Wealth management income | ​ | ​ | — | ​ | 1,232 | ​ | — | ​ | 1,232 | ​ | ​ | — | ​ | 951 | ​ | — | ​ | 951
SBA income | ​ | ​ | 2,688 | ​ | — | ​ | — | ​ | 2,688 | ​ | ​ | 641 | ​ | — | ​ | — | ​ | 641
Net change in fair values | ​ | ​ | 13 | ​ | — | ​ | (847) | ​ | (834) | ​ | ​ | (4) | ​ | — | ​ | 6,057 | ​ | 6,053
Net loss on hedging activity | ​ | ​ | — | ​ | — | ​ | (1,189) | ​ | (1,189) | ​ | ​ | — | ​ | — | ​ | (2,637) | ​ | (2,637)
Other | ​ | ​ | 836 | ​ | — | ​ | 663 | ​ | 1,499 | ​ | ​ | 2,045 | ​ | — | ​ | 195 | ​ | 2,240
Non-interest income | ​ | ​ | 3,752 | ​ | 1,232 | ​ | 17,138 | ​ | 22,122 | ​ | ​ | 3,256 | ​ | 951 | ​ | 24,853 | ​ | 29,060
Non-interest expense | ​ | ​ | 10,633 | ​ | 802 | ​ | 14,046 | ​ | 25,481 | ​ | ​ | 8,829 | ​ | 788 | ​ | 16,217 | ​ | 25,834
Income before income taxes | ​ | $ | 8,299 | ​ | 432 | ​ | 3,570 | ​ | 12,301 | ​ | $ | 2,575 | ​ | 144 | ​ | 9,266 | ​ | 11,985
Total Assets | ​ | $ | 1,625,468 | ​ | 6,396 | ​ | 130,581 | ​ | 1,762,445 | ​ | $ | 1,525,883 | ​ | 5,399 | ​ | 227,366 | ​ | 1,758,648
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​ | ​ | Nine Months Ended September 30, 2021 | ​ | Nine Months Ended September 30, 2020
(Dollars in thousands) |  | Bank |  | Wealth |  | Mortgage |  | Total |  | Bank |  | Wealth |  | Mortgage |  | Total
Net interest income | ​ | $ | 45,340 | ​ | (249) | ​ | 1,698 | ​ | 46,789 | ​ | $ | 32,725 | ​ | (24) | ​ | 1,277 | ​ | 33,978
Provision for loan losses | ​ | ​ | 1,292 | ​ | — | ​ | — | ​ | 1,292 | ​ | ​ | 7,139 | ​ | — | ​ | — | ​ | 7,139
Net interest income after provision | ​ | ​ | 44,048 | ​ | (249) | ​ | 1,698 | ​ | 45,497 | ​ | ​ | 25,586 | ​ | (24) | ​ | 1,277 | ​ | 26,839
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Non-interest Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage banking income | ​ | ​ | 892 | ​ | — | ​ | 61,401 | ​ | 62,293 | ​ | ​ | 973 | ​ | — | ​ | 44,422 | ​ | 45,395
Wealth management income | ​ | ​ | — | ​ | 3,531 | ​ | — | ​ | 3,531 | ​ | ​ | — | ​ | 2,825 | ​ | — | ​ | 2,825
SBA income | ​ | ​ | 5,423 | ​ | — | ​ | — | ​ | 5,423 | ​ | ​ | 1,821 | ​ | — | ​ | — | ​ | 1,821
Net change in fair values | ​ | ​ | 52 | ​ | — | ​ | (6,671) | ​ | (6,619) | ​ | ​ | (68) | ​ | — | ​ | 11,012 | ​ | 10,944
Net gain (loss) on hedging activity | ​ | ​ | — | ​ | — | ​ | 2,397 | ​ | 2,397 | ​ | ​ | — | ​ | — | ​ | (7,363) | ​ | (7,363)
Other | ​ | ​ | 2,110 | ​ | — | ​ | 1,767 | ​ | 3,877 | ​ | ​ | 2,931 | ​ | 14 | ​ | 405 | ​ | 3,350
Non-interest income | ​ | ​ | 8,477 | ​ | 3,531 | ​ | 58,894 | ​ | 70,902 | ​ | ​ | 5,657 | ​ | 2,839 | ​ | 48,476 | ​ | 56,972
Non-interest expense | ​ | ​ | 28,981 | ​ | 2,486 | ​ | 48,523 | ​ | 79,990 | ​ | ​ | 23,341 | ​ | 2,363 | ​ | 35,448 | ​ | 61,152
Income before income taxes | ​ | $ | 23,544 | ​ | 796 | ​ | 12,069 | ​ | 36,409 | ​ | $ | 7,902 | ​ | 452 | ​ | 14,305 | ​ | 22,659
Total Assets | ​ | $ | 1,625,468 | ​ | 6,396 | ​ | 130,581 | ​ | 1,762,445 | ​ | $ | 1,525,883 | ​ | 5,399 | ​ | 227,366 | ​ | 1,758,648
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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