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Segments
 9 Months Ended
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

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Three Months Ended September 30, 2021

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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

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage banking income

​

​

215

​

—

​

18,511

​

18,726

​

​

574

​

—

​

21,238

​

21,812

Wealth management income

​

​

—

​

1,232

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—

​

1,232

​

​

—

​

951

​

—

​

951

SBA income

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​

2,688

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—

​

—

​

2,688

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​

641

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—

​

—

​

641

Net change in fair values

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​

13

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—

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(847)

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(834)

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​

(4)

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—

​

6,057

​

6,053

Net loss on hedging activity

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​

—

​

—

​

(1,189)

​

(1,189)

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​

—

​

—

​

(2,637)

​

(2,637)

Other

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​

836

​

—

​

663

​

1,499

​

​

2,045

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—

​

195

​

2,240

Non-interest income

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​

3,752

​

1,232

​

17,138

​

22,122

​

​

3,256

​

951

​

24,853

​

29,060

Non-interest expense

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​

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

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Nine Months Ended September 30, 2020

(Dollars in thousands)

    

Bank

    

Wealth

    

Mortgage

    

Total

    

Bank

    

Wealth

    

Mortgage

    

Total

Net interest income

​

$

45,340

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(249)

​

1,698

​

46,789

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$

32,725

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(24)

​

1,277

​

33,978

Provision for loan losses

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​

1,292

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—

​

—

​

1,292

​

​

7,139

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—

​

—

​

7,139

Net interest income after provision

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​

44,048

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(249)

​

1,698

​

45,497

​

​

25,586

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(24)

​

1,277

​

26,839

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​

​

​

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​

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​

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​

​

​

​

​

​

​

​

​

Non-interest Income

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage banking income

​

​

892

​

—

​

61,401

​

62,293

​

​

973

​

—

​

44,422

​

45,395

Wealth management income

​

​

—

​

3,531

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—

​

3,531

​

​

—

​

2,825

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—

​

2,825

SBA income

​

​

5,423

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—

​

—

​

5,423

​

​

1,821

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—

​

—

​

1,821

Net change in fair values

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​

52

​

—

​

(6,671)

​

(6,619)

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​

(68)

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—

​

11,012

​

10,944

Net gain (loss) on hedging activity

​

​

—

​

—

​

2,397

​

2,397

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​

—

​

—

​

(7,363)

​

(7,363)

Other

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​

2,110

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—

​

1,767

​

3,877

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​

2,931

​

14

​

405

​

3,350

Non-interest income

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​

8,477

​

3,531

​

58,894

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70,902

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​

5,657

​

2,839

​

48,476

​

56,972

Non-interest expense

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​

28,981

​

2,486

​

48,523

​

79,990

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​

23,341

​

2,363

​

35,448

​

61,152

Income before income taxes

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$

23,544

​

796

​

12,069

​

36,409

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$

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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