0001564590-21-002322.txt : 20210126 0001564590-21-002322.hdr.sgml : 20210126 20210126161252 ACCESSION NUMBER: 0001564590-21-002322 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210126 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210126 DATE AS OF CHANGE: 20210126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Meridian Bancorp, Inc. CENTRAL INDEX KEY: 0001600125 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36573 FILM NUMBER: 21554195 BUSINESS ADDRESS: STREET 1: 10 MERIDIAN STREET CITY: EAST BOSTON STATE: MA ZIP: 02128 BUSINESS PHONE: (617) 567-1500 MAIL ADDRESS: STREET 1: 10 MERIDIAN STREET CITY: EAST BOSTON STATE: MA ZIP: 02128 8-K 1 ebsb-8k_20210126.htm 8-K ebsb-8k_20210126.htm
false 0001600125 0001600125 2021-01-26 2021-01-26

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 26, 2021

 

 

MERIDIAN BANCORP, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

Maryland

001-36573

46-5396964

(State or Other Jurisdiction

of Incorporation)

(Commission

File No.)

(I.R.S. Employer

Identification No.)

 

67 Prospect Street, Peabody, Massachusetts

01960

(Address of Principal Executive Offices)

(Zip Code)

 

Registrant's telephone number, including area code:  (617) 567-1500

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock

EBSB

The NASDAQ Stock Market, LLC

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  

Emerging Growth Company  ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

 

Item 2.02

Results of Operations and Financial Condition

On January 26, 2021, Meridian Bancorp, Inc. (the “Company”) issued a press release announcing earnings for the fourth quarter and year ended December 31, 2020. A copy of the press release is attached as Exhibit 99 to this report.

The press release attached as an exhibit to this Current Report pursuant to this Item 2.02 is being furnished to, and not filed with, the Securities and Exchange Commission.

Item 9.01

Financial Statements and Exhibits

 

(a)

Not Applicable.

 

(b)

Not Applicable.

 

(c)

Not Applicable.

 

(d)

Exhibits.

 

Exhibit No.

 

Exhibit

 

 

 

99

 

Press release dated January 26, 2021

 

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

 

 

MERIDIAN BANCORP, INC.

 

 

 

 

DATE: January 26, 2021

 

By:

/s/ Kenneth R. Fisher

 

 

 

Kenneth R. Fisher

 

 

 

Executive Vice President, Treasurer and

 

 

 

    Chief Financial Officer

 

 

 EX-99 2 ebsb-ex99_6.htm EX-99 ebsb-ex99_6.htm

Exhibit 99

 

 

Meridian Bancorp, Inc. Announces Record Fourth Quarter Net Income

and Full Year 2020 Results

 

 

Contact: Richard J. Gavegnano, Chairman, President and Chief Executive Officer

(978) 977-2211

Boston, Massachusetts (January 26, 2021): Meridian Bancorp, Inc. (the “Company” or “Meridian”) (NASDAQ: EBSB), the holding company for East Boston Savings Bank (the “Bank”), announced net income of $18.1 million, or $0.36 per diluted share, for the quarter ended December 31, 2020, compared to $17.1 million, or $0.33 per diluted share, for the quarter ended December 31, 2019. For the year ended December 31, 2020, net income was $65.1 million, or $1.29 per diluted share, down from $67.0 million, or $1.30 per diluted share, for the year ended December 31, 2019. The Company’s return on average assets was 1.10% for the quarter ended December 31, 2020, compared to 1.08% for the quarter ended December 31, 2019. For the year ended December 31, 2020, the Company’s return on average assets was 1.01%, down from 1.06% for the year ended December 31, 2019. The Company’s return on average equity was 9.51% for the quarter ended December 31, 2020, compared to 9.45% for the quarter ended December 31, 2019. For the year ended December 31, 2020, the Company’s return on average equity was 8.76%, down from 9.56% for the year ended December 31, 2019.

Richard J. Gavegnano, Chairman, President and Chief Executive Officer, said, “I am pleased to report record net income of $18.1 million for the fourth quarter of 2020, an increase of $1.1 million, or 6.2% compared to the fourth quarter of 2019, and $65.1 million for the year 2020. These earnings reflect significant increases in net interest income for the quarter and year ended December 31, 2020, improving the net interest margin to 3.24% and 3.12%, respectively, a result of management’s focus on maintaining loan yields while aggressively decreasing our cost of funds. Also, with the adoption of CECL as of the end of the quarter, our percentage of allowance to total loans increased to 1.25% at December 31, 2020, from 0.87% at December 31, 2019, after provisions of $8.9 million and a $26.5 million for the quarter and year ended December 31, 2020, respectively.”  

Mr. Gavegnano continued, “Our commercial lending team has worked diligently with our customers throughout the pandemic to ensure the Bank is providing these relationships with the support necessary to best address their needs in navigating through these unprecedented times. These efforts have resulted in a sharp decrease in the Bank’s COVID-19 related modifications, with substantially all remaining modifications being interest-only payments over a temporary period. As of December 31, 2020, the Bank had not executed any second modifications to customers that required full payment deferrals.”

The Company’s net interest income was $51.5 million for the quarter ended December 31, 2020, up $2.6 million, or 5.4%, from the quarter ended September 30, 2020, and up $7.8 million, or 17.9%, from the quarter ended December 31, 2019. The interest rate spread and net interest margin on a tax-equivalent basis were 3.06% and 3.24%, respectively, for the quarter ended December 31, 2020 compared to 2.91% and 3.13%, respectively, for the quarter ended September 30, 2020 and 2.51% and 2.84%, respectively, for the quarter ended December 31, 2019. For the year ended December 31, 2020, net interest income increased $19.8 million, or 11.4%, to $192.7 million from the year ended December 31, 2019. The interest rate spread and net interest margin on a tax-equivalent basis were 2.87% and 3.12% for the year ended December 31, 2020 compared to 2.52% and 2.86% for the year ended December 31, 2019. The increases in net interest income for the quarter and year ended December 31, 2020 compared to the respective prior periods were primarily due to the substantial reduction in the cost of funds.

Total interest and dividend income totaled $62.3 million for the quarter ended December 31, 2020, up $733,000, or 1.2%, from the quarter ended September 30, 2020. The Company’s yield on interest-earning assets on a tax-equivalent basis was 3.92% for the quarter ended December 31, 2020, down two basis points from the quarter ended September 30, 2020 and 41 basis points from the quarter ended December 31, 2019. For the year ended December 31, 2020, the Company’s total interest and dividend income totaled $252.1 million, a decrease of $14.0 million, or 5.3%, from the year ended December 31, 2019, primarily due to a decrease in the yield on other interest-earning assets of 190 basis points to 0.58%. The Company’s yield on interest-earning assets on a tax-equivalent basis decreased 31 basis points to 4.06% for the year ended December 31, 2020 compared to the year ended December 31, 2019, primarily due to the increase of $224.2 million, or 65.6%, in the Company’s average other interest-earning assets to $566.0 million and a 190 basis point, or 73.6%, decrease in the yield on other interest-earning assets.

 

Total interest expense totaled $10.9 million for the quarter ended December 31, 2020, down $1.9 million, or 14.9%, from the quarter ended September 30, 2020, and down $12.3 million, or 53.0%, from the quarter ended December 31, 2019. Interest expense on deposits decreased to $6.9 million for the quarter ended December 31, 2020, down $1.9 million, or 21.3%, from the quarter ended September 30, 2020 and down $12.1 million, or 63.8%, from the quarter ended December 31, 2019 primarily due to a decrease in the cost of average total deposits to 0.55% from 0.72% for the quarter ended September 30, 2020, and 1.53% for the quarter ended December 31, 2019. Interest expense on borrowings totaled $4.0 million for the quarter ended December 31, 2020, down $180,000, or 4.3%, from the quarter ended December 31, 2019. The Company’s total cost of funds was 0.75% for the quarter ended December 31, 2020, down 15 basis points from the quarter ended September 30, 2020 and down 90 basis points from 1.65% for the quarter ended December 31, 2019. Interest expense totaled $59.4 million for the year ended December 31, 2020, down $33.8 million, or 36.3%, from the year ended December 31, 2019. Interest expense on deposits decreased to $43.0 million for the year ended December 31, 2020, down $36.0 million, or 45.6%, primarily due to a decrease in the cost of average total deposits to 0.88% from 1.59% for the year ended December 31, 2019. Interest expense on borrowings totaled $16.4 million for the year ended December 31, 2020, up $2.2 million, or 15.5%, from the year ended December 31, 2019 primarily due to an increase in average total borrowings to $750.6 million. The Company’s total cost of funds was 1.05% for the year ended December 31, 2020, down 63 basis points from 1.68% for the year ended December 31, 2019.

Mr. Gavegnano noted, “Our net interest margin improved to 3.24% for the quarter and 3.12% for the year ended December 31, 2020, due to increases in net interest income of 17.9% and 11.5%, respectively. These increases are primarily driven from the decline in our cost of funds, decreasing 90 basis points to 0.75% for the fourth quarter of 2020 and 63 basis points to 1.05% for the year 2020, from 1.65% and 1.68%, respectively, from the same periods in 2019.”  

The Company’s provision for credit losses was $8.9 million for the quarter ended December 31, 2020, compared to $7.2 million for the quarter ended September 30, 2020 and a reversal of $504,000 for the quarter ended December 31, 2019. The provision for credit losses was $26.5 million for the year ended December 31, 2020, compared to a reversal of $2.6 million for 2019. The allowance for credit losses on loans was $68.8 million or 1.25% of total loans at December 31, 2020, compared to $67.6 million or 1.20% of total loans at September 30, 2020, and $50.3 million or 0.87% of total loans at December 31, 2019. In accordance with Financial Accounting Standards Board’s Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326), the Company adopted the new credit loss accounting standard as of December 31, 2020, with a retroactive adjustment as of January 1, 2020. The Company previously deferred the adoption of ASU No. 2016-03, an option provided under the CARES Act. The adoption resulted in a $7.7 million decrease in the allowance for credit losses on loans recognized through an adjustment to retained earnings, net of deferred taxes.

Net charge-offs totaled $43,000 for the quarter ended December 31, 2020 compared to net charge-offs of $5,000 for the quarter ended December 31, 2019. For the year ended December 31, 2020, net charge-offs totaled $255,000 compared to net charge-offs of $348,000 for year ended December 31, 2019. Non-performing assets were $3.2 million, or 0.05% of total assets, at December 31, 2020, compared to $3.4 million, or 0.05% of total assets, at December 31, 2019.

Mr. Gavegnano noted, “Management has been very successful in sustaining the Company’s historically low levels of non-performing assets and substandard loans. Our asset quality, despite the COVID-19 related modifications, has the Company well-positioned as we approach the latter stages of the pandemic response and look to the resumption of economic activity, even in the hardest hit industries.  We are confident that the work we have put in to strengthening our loan relationships has not only protected these relationships during the pandemic but also reinforces our position as reliable business partners when executing their post-pandemic strategies.”  

Non-interest income was $5.9 million for the quarter ended December 31, 2020, up from $3.6 million for the quarter ended September 30, 2020 and up from $3.7 million for the quarter ended December 31, 2019. Non-interest income increased $2.3 million, or 64.2%, compared to the quarter ended September 30, 2020, due primarily to an increase of $2.7 million in gain on marketable equity securities, net, reflecting increases in market valuations in the fourth quarter of 2020, partially offset by a decrease of $686,000 in loan fees. Compared to the quarter ended December 31, 2019, non-interest income increased $2.2 million, or 59.3%, due primarily to increases of $1.9 million in valuation increase on marketable equity securities, net, and $659,000 in mortgage banking gains, net, partially offset by a decrease of $405,000 in loan fees. For the year ended December 31, 2020, non-interest income increased $4.0 million, or 29.7%, to $17.3 million from $13.3 million for the year ended December 31, 2019, due primarily to a $4.2 million gain on sale of asset and an increase of $1.7 million in mortgage banking gains, net, partially offset by a $1.4 million valuation decrease on marketable equity securities, net, and a $627,000 decrease in customer service fees for the year ended December 31, 2020, compared to the year ended December 31, 2019.

2

 

Non-interest expenses were $24.1 million, or 1.46% of average assets for the quarter ended December 31, 2020, compared to $25.3 million, or 1.59% of average assets for the quarter ended December 31, 2019. Non-interest expenses decreased $1.2 million, or 4.6%, compared to the quarter ended December 31, 2019, due primarily to decreases of $1.0 million in salaries and employee benefits. For the year ended December 31, 2020, non-interest expenses decreased $3.5 million, or 3.5%, to $96.5 million from $100.0 million for the year ended December 31, 2019, due primarily to decreases of $3.5 million in salaries and employee benefits, $652,000 in marketing and advertising and $542,000 in other general and administrative, partially offset by increases of $636,000 in occupancy and equipment and $592,000 in data processing. The Company’s efficiency ratio was 44.23% for the quarter ended December 31, 2020 compared to 43.69% for the quarter ended September 30, 2020 and 54.44% for the quarter ended December 31, 2019. For the year ended December 31, 2020 the efficiency ratio was 47.07%, a decrease of 722 basis points compared to 54.29% for the year ended December 31, 2019.

Mr. Gavegnano added, “We decreased our efficiency ratio to 47% for the year ended December 31, 2020, from 54% for 2019.  The Company’s efforts towards limiting operating expenses throughout the pandemic proved successful, even as we opened three de novo branches in Brookline, Salem and Woburn during 2020.”

The Company recorded a provision for income taxes of $6.2 million for the quarter ended December 31, 2020, reflecting an effective tax rate of 25.4%, compared to $5.5 million, or an effective tax rate of 24.4%, for the quarter ended December 31, 2019. For the year ended December 31, 2020 the provision for income taxes was $21.9 million, reflecting an effective tax rate of 25.2%, compared to $21.8 million, reflecting an effective rate of 24.5% for the year ended December 31, 2019.

Total assets were $6.620 billion at December 31, 2020, up $276.2 million, or 4.4%, from $6.344 billion at December 31, 2019. Net loans were $5.444 billion at December 31, 2020 down $253.7 million, or 4.5%, from December 31, 2019. Loan originations totaled $505.2 million during the quarter ended December 31, 2020 and $1.461 billion for the year ended December 31, 2020. The net decrease in loans for the year ended December 31, 2020 was primarily due to decreases of $197.0 million in commercial real estate loans, $122.9 million in multi-family loans and $95.2 million in one- to four-family loans, partially offset by increases of $160.3 million in commercial and industrial loans and $24.1 million in construction loans. The increase in commercial and industrial loans includes the origination of $123.7 million in PPP loans. The allowance for credit losses on loans increased $18.5 million, or 36.8%, to $68.8 million during the year ended December 31, 2020. Cash and due from banks was $914.6 million at December 31, 2020, an increase of $508.2 million, or 125.1% from December 31, 2019.

Total deposits were $5.081 billion at December 31, 2020, up $159.6 million, or 3.2%, from $4.922 billion at December 31, 2019. Core deposits, which exclude certificates of deposit, increased $510.3 million, or 15.2%, during the year ended December 31, 2020 to $3.862 billion, or 76.0% of total deposits, compared to 68.1% at December 31, 2019. The net increase in deposits for the year ended December 31, 2020 includes a $187.4 million increase, or 35.8%, in non-interest bearing demand deposits and a $350.7 million decrease in certificates of deposit, including a $192.5 million reduction in brokered deposits. Total borrowings were $708.2 million at December 31, 2020, up $72.0 million, or 11.3%, from December 31, 2019.

Total stockholders’ equity increased $42.3 million, or 5.8%, to $768.9 million at December 31, 2020 from $726.6 million at December 31, 2019. The increase for the year ended December 31, 2020 was primarily due to net income of $65.1 million, $5.5 million related to the adoption of ASU 2016-13, net of taxes, and $5.3 million related to stock-based compensation plans, partially offset by the repurchase of one million shares of the Company’s common stock related to the stock repurchase program at a total cost of $17.7 million and dividends of $0.32 per share totaling $16.0 million. Stockholders’ equity to assets was 11.61% at December 31, 2020, compared to 11.45% at December 31, 2019. Book value per share increased to $14.67 at December 31, 2020 from $13.61 at December 31, 2019. Tangible book value per share increased to $14.25 at December 31, 2020 from $13.19 at December 31, 2019. Market price per share decreased 25.8% to $14.91 at December 31, 2020 from $20.09 at December 31, 2019. The Company and the Bank elected to be subject to the Community Bank Leverage Ratio and at December 31, 2020 exceeded the minimum requirement to be considered well capitalized.

Mr. Gavegnano concluded, “The year 2020 and the COVID-19 pandemic have posed unprecedented challenges to the integrity of the economy and financial markets, especially the financial services industry. Management’s depth in industry experience, along with strong capital and liquidity positions, have the Company prepared to meet the challenges of 2021 and beyond. We will continue to support our customers and communities we serve through these difficult times, testing our steadfast resolve to be a true community bank.”

Meridian Bancorp, Inc. is the holding company for East Boston Savings Bank. East Boston Savings Bank, a Massachusetts-chartered stock savings bank founded in 1848, operates 43 branches in the greater Boston metropolitan area, including 42 full-service locations and one mobile branch. We offer a variety of deposit and loan products to individuals and businesses located in our primary market, which consists of Essex, Middlesex, Norfolk and Suffolk Counties, Massachusetts. For additional information, visit www.ebsb.com.

3

 

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of Meridian Bancorp, Inc.’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, general economic conditions, the effects of any health pandemic, changes in interest rates, regulatory considerations, and competition and the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Meridian Bancorp, Inc.’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.

4

 

MERIDIAN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

December 31,

2020

 

 

September 30,

2020

 

 

December 31,

2019

 

 

 

 

(Dollars in thousands)

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

914,586

 

 

$

702,138

 

 

$

406,382

 

 

Certificates of deposit

 

 

—

 

 

 

—

 

 

 

247

 

 

Securities available for sale, at fair value

 

 

11,326

 

 

 

12,183

 

 

 

15,076

 

 

Marketable equity securities, at fair value

 

 

12,189

 

 

 

16,203

 

 

 

15,243

 

 

Federal Home Loan Bank stock, at cost

 

 

30,658

 

 

 

33,282

 

 

 

28,947

 

 

Loans held for sale

 

 

8,224

 

 

 

11,662

 

 

 

2,455

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

One- to four-family

 

 

564,146

 

 

 

604,037

 

 

 

659,366

 

 

Home equity lines of credit

 

 

68,721

 

 

 

73,581

 

 

 

69,491

 

 

Multi-family

 

 

880,552

 

 

 

941,409

 

 

 

1,003,418

 

 

Commercial real estate

 

 

2,499,660

 

 

 

2,595,124

 

 

 

2,696,671

 

 

Construction

 

 

731,432

 

 

 

666,375

 

 

 

707,370

 

 

Commercial and industrial

 

 

765,195

 

 

 

766,418

 

 

 

604,889

 

 

Consumer

 

 

10,707

 

 

 

12,213

 

 

 

12,196

 

 

Total loans

 

 

5,520,413

 

 

 

5,659,157

 

 

 

5,753,401

 

 

Allowance for credit losses on loans

 

 

(68,824

)

 

 

(67,639

)

 

 

(50,322

)

 

Net deferred loan origination fees

 

 

(7,784

)

 

 

(7,717

)

 

 

(5,539

)

 

Loans, net

 

 

5,443,805

 

 

 

5,583,801

 

 

 

5,697,540

 

 

Bank-owned life insurance

 

 

41,877

 

 

 

41,606

 

 

 

41,155

 

 

Premises and equipment, net

 

 

66,850

 

 

 

67,917

 

 

 

65,841

 

 

Accrued interest receivable

 

 

23,173

 

 

 

21,460

 

 

 

14,481

 

 

Deferred tax asset, net

 

 

21,355

 

 

 

17,007

 

 

 

16,726

 

 

Goodwill

 

 

20,378

 

 

 

20,378

 

 

 

20,378

 

 

Core deposit intangible

 

 

1,651

 

 

 

1,769

 

 

 

2,123

 

 

Other assets

 

 

23,776

 

 

 

37,327

 

 

 

17,100

 

 

Total assets

 

$

6,619,848

 

 

$

6,566,733

 

 

$

6,343,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non interest-bearing demand deposits

 

$

711,573

 

 

$

707,458

 

 

$

524,154

 

 

Interest-bearing demand deposits

 

 

1,364,548

 

 

 

1,353,153

 

 

 

1,269,211

 

 

Money market deposits

 

 

930,507

 

 

 

789,712

 

 

 

675,702

 

 

Regular savings and other deposits

 

 

855,329

 

 

 

850,810

 

 

 

882,550

 

 

Certificates of deposit

 

 

1,219,210

 

 

 

1,250,894

 

 

 

1,569,916

 

 

Total deposits

 

 

5,081,167

 

 

 

4,952,027

 

 

 

4,921,533

 

 

Short-term borrowings

 

 

—

 

 

 

25,000

 

 

 

—

 

 

Long-term debt

 

 

708,245

 

 

 

779,279

 

 

 

636,245

 

 

Accrued expenses and other liabilities

 

 

61,551

 

 

 

62,163

 

 

 

59,329

 

 

Total liabilities

 

 

5,850,963

 

 

 

5,818,469

 

 

 

5,617,107

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued

 

 

—

 

 

 

—

 

 

 

—

 

 

Common stock, $0.01 par value, 100,000,000 shares authorized; 52,415,061, 52,413,120 and 53,377,506 shares issued at December 31, 2020,  September 30, 2020 and December 31, 2019, respectively

 

 

524

 

 

 

524

 

 

 

534

 

 

Additional paid-in capital

 

 

363,995

 

 

 

363,093

 

 

 

377,213

 

 

Retained earnings

 

 

420,297

 

 

 

400,649

 

 

 

365,742

 

 

Accumulated other comprehensive income (loss)

 

 

(58

)

 

 

91

 

 

 

(147

)

 

Unearned compensation - ESOP; 2,191,745, 2,222,186 and 2,313,509 shares at December 31, 2020, September 30, 2020 and December 31, 2019, respectively

 

 

(15,873

)

 

 

(16,093

)

 

 

(16,755

)

 

Total stockholders' equity

 

 

768,885

 

 

 

748,264

 

 

 

726,587

 

 

Total liabilities and stockholders' equity

 

$

6,619,848

 

 

$

6,566,733

 

 

$

6,343,694

 

 

 

5

 

MERIDIAN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

 

 

 

Three Months Ended

 

 

Years Ended

 

 

 

December 31,

2020

 

 

September 30,

2020

 

 

December 31,

2019

 

 

December 31,

2020

 

 

December 31,

2019

 

 

 

(Dollars in thousands, except per share amounts)

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

61,599

 

 

$

60,918

 

 

$

64,801

 

 

$

247,999

 

 

$

256,603

 

Interest on debt securities

 

 

68

 

 

 

76

 

 

 

109

 

 

 

331

 

 

 

466

 

Dividends on equity securities

 

 

158

 

 

 

118

 

 

 

109

 

 

 

515

 

 

 

493

 

Interest on certificates of deposit

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

 

 

74

 

Other interest and dividend income

 

 

514

 

 

 

494

 

 

 

1,811

 

 

 

3,267

 

 

 

8,467

 

Total interest and dividend income

 

 

62,339

 

 

 

61,606

 

 

 

66,831

 

 

 

252,113

 

 

 

266,103

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

6,883

 

 

 

8,746

 

 

 

18,996

 

 

 

42,989

 

 

 

78,978

 

Interest on borrowings

 

 

4,001

 

 

 

4,051

 

 

 

4,181

 

 

 

16,391

 

 

 

14,187

 

Total interest expense

 

 

10,884

 

 

 

12,797

 

 

 

23,177

 

 

 

59,380

 

 

 

93,165

 

Net interest income

 

 

51,455

 

 

 

48,809

 

 

 

43,654

 

 

 

192,733

 

 

 

172,938

 

Provision (reversal) for credit losses

 

 

8,927

 

 

 

7,163

 

 

 

(504

)

 

 

26,456

 

 

 

(2,561

)

Net interest income, after provision for credit losses

 

 

42,528

 

 

 

41,646

 

 

 

44,158

 

 

 

166,277

 

 

 

175,499

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

2,355

 

 

 

2,193

 

 

 

2,407

 

 

 

8,593

 

 

 

9,220

 

Loan (costs) fees

 

 

(422

)

 

 

264

 

 

 

(17

)

 

 

481

 

 

 

549

 

Mortgage banking gains, net

 

 

728

 

 

 

704

 

 

 

69

 

 

 

1,961

 

 

 

309

 

Gain on sale of asset

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,195

 

 

 

—

 

Gain on marketable equity securities, net

 

 

2,853

 

 

 

122

 

 

 

930

 

 

 

656

 

 

 

2,016

 

Income from bank-owned life insurance

 

 

271

 

 

 

272

 

 

 

281

 

 

 

1,113

 

 

 

1,127

 

Other income

 

 

82

 

 

 

17

 

 

 

12

 

 

 

267

 

 

 

92

 

Total non-interest income

 

 

5,867

 

 

 

3,572

 

 

 

3,682

 

 

 

17,266

 

 

 

13,313

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

14,704

 

 

 

13,426

 

 

 

15,722

 

 

 

57,902

 

 

 

61,371

 

Occupancy and equipment

 

 

3,833

 

 

 

3,734

 

 

 

3,691

 

 

 

15,230

 

 

 

14,594

 

Data processing

 

 

2,205

 

 

 

2,196

 

 

 

2,074

 

 

 

8,671

 

 

 

8,079

 

Marketing and advertising

 

 

1,165

 

 

 

554

 

 

 

1,151

 

 

 

3,979

 

 

 

4,631

 

Professional services

 

 

594

 

 

 

688

 

 

 

858

 

 

 

2,974

 

 

 

3,182

 

Deposit insurance

 

 

404

 

 

 

692

 

 

 

255

 

 

 

2,371

 

 

 

2,206

 

Other general and administrative

 

 

1,189

 

 

 

1,540

 

 

 

1,512

 

 

 

5,418

 

 

 

5,960

 

Total non-interest expenses

 

 

24,094

 

 

 

22,830

 

 

 

25,263

 

 

 

96,545

 

 

 

100,023

 

Income before income taxes

 

 

24,301

 

 

 

22,388

 

 

 

22,577

 

 

 

86,998

 

 

 

88,789

 

Provision for income taxes

 

 

6,180

 

 

 

5,714

 

 

 

5,509

 

 

 

21,947

 

 

 

21,793

 

Net income

 

$

18,121

 

 

$

16,674

 

 

$

17,068

 

 

$

65,051

 

 

$

66,996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.36

 

 

$

0.33

 

 

$

0.33

 

 

$

1.29

 

 

$

1.31

 

Diluted

 

$

0.36

 

 

$

0.33

 

 

$

0.33

 

 

$

1.29

 

 

$

1.30

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

50,201,720

 

 

 

50,169,024

 

 

 

51,027,229

 

 

 

50,283,704

 

 

 

51,030,318

 

Diluted

 

 

50,295,295

 

 

 

50,248,048

 

 

 

51,539,436

 

 

 

50,418,169

 

 

 

51,492,755

 

 

6

 

MERIDIAN BANCORP, INC. AND SUBSIDIARIES

NET INTEREST INCOME ANALYSIS

(Unaudited)

 

 

 

Three Months Ended

 

 

December 31, 2020

 

September 30, 2020

 

December 31, 2019

 

 

Average

Balance

 

 

Interest

(1)

 

Yield/

Cost (1)(6)

 

Average

Balance

 

 

Interest

(1)

 

Yield/

Cost (1)(6)

 

Average

Balance

 

 

Interest

(1)

 

Yield/

Cost (1)(6)

 

 

(Dollars in thousands)

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (2)

 

$

5,613,834

 

 

$

62,400

 

 

 

 

4.42

 

%

 

$

5,671,957

 

 

$

61,682

 

 

 

 

4.33

 

%

 

$

5,772,817

 

 

$

65,525

 

 

 

 

4.50

 

%

Securities and certificates of deposit

 

 

25,855

 

 

 

258

 

 

 

 

3.97

 

 

 

 

29,263

 

 

 

219

 

 

 

 

2.98

 

 

 

 

30,377

 

 

 

236

 

 

 

 

3.08

 

 

Other interest-earning assets (3)

 

 

777,307

 

 

 

514

 

 

 

 

0.26

 

 

 

 

604,916

 

 

 

494

 

 

 

 

0.32

 

 

 

 

388,136

 

 

 

1,811

 

 

 

 

1.85

 

 

Total interest-earning assets

 

 

6,416,996

 

 

 

63,172

 

 

 

 

3.92

 

 

 

 

6,306,136

 

 

 

62,395

 

 

 

 

3.94

 

 

 

 

6,191,330

 

 

 

67,572

 

 

 

 

4.33

 

 

Noninterest-earning assets

 

 

164,339

 

 

 

 

 

 

 

 

 

 

 

 

 

161,886

 

 

 

 

 

 

 

 

 

 

 

 

 

155,912

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

6,581,335

 

 

 

 

 

 

 

 

 

 

 

 

$

6,468,022

 

 

 

 

 

 

 

 

 

 

 

 

$

6,347,242

 

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

 

$

1,362,686

 

 

$

1,727

 

 

 

 

0.50

 

 

 

$

1,291,341

 

 

$

1,946

 

 

 

 

0.60

 

 

 

$

1,263,108

 

 

$

5,169

 

 

 

 

1.62

 

 

Money market deposits

 

 

839,992

 

 

 

1,026

 

 

 

 

0.49

 

 

 

 

769,571

 

 

 

1,270

 

 

 

 

0.66

 

 

 

 

674,620

 

 

 

2,210

 

 

 

 

1.30

 

 

Regular savings and other deposits

 

 

851,711

 

 

 

729

 

 

 

 

0.34

 

 

 

 

834,368

 

 

 

966

 

 

 

 

0.46

 

 

 

 

861,523

 

 

 

2,834

 

 

 

 

1.31

 

 

Certificates of deposit

 

 

1,221,585

 

 

 

3,401

 

 

 

 

1.11

 

 

 

 

1,262,433

 

 

 

4,564

 

 

 

 

1.44

 

 

 

 

1,604,383

 

 

 

8,783

 

 

 

 

2.17

 

 

Total interest-bearing deposits

 

 

4,275,974

 

 

 

6,883

 

 

 

 

0.64

 

 

 

 

4,157,713

 

 

 

8,746

 

 

 

 

0.84

 

 

 

 

4,403,634

 

 

 

18,996

 

 

 

 

1.71

 

 

Borrowings

 

 

787,406

 

 

 

4,001

 

 

 

 

2.02

 

 

 

 

804,281

 

 

 

4,051

 

 

 

 

2.00

 

 

 

 

636,370

 

 

 

4,181

 

 

 

 

2.61

 

 

Total interest-bearing liabilities

 

 

5,063,380

 

 

 

10,884

 

 

 

 

0.86

 

 

 

 

4,961,994

 

 

 

12,797

 

 

 

 

1.03

 

 

 

 

5,040,004

 

 

 

23,177

 

 

 

 

1.82

 

 

Noninterest-bearing demand deposits

 

 

700,341

 

 

 

 

 

 

 

 

 

 

 

 

 

702,717

 

 

 

 

 

 

 

 

 

 

 

 

 

527,723

 

 

 

 

 

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

 

55,742

 

 

 

 

 

 

 

 

 

 

 

 

 

57,636

 

 

 

 

 

 

 

 

 

 

 

 

 

57,400

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

5,819,463

 

 

 

 

 

 

 

 

 

 

 

 

 

5,722,347

 

 

 

 

 

 

 

 

 

 

 

 

 

5,625,127

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

 

761,872

 

 

 

 

 

 

 

 

 

 

 

 

 

745,675

 

 

 

 

 

 

 

 

 

 

 

 

 

722,115

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

6,581,335

 

 

 

 

 

 

 

 

 

 

 

 

$

6,468,022

 

 

 

 

 

 

 

 

 

 

 

 

$

6,347,242

 

 

 

 

 

 

 

 

 

 

 

Net interest-earning assets

 

$

1,353,616

 

 

 

 

 

 

 

 

 

 

 

 

$

1,344,142

 

 

 

 

 

 

 

 

 

 

 

 

$

1,151,326

 

 

 

 

 

 

 

 

 

 

 

Fully tax-equivalent net interest income

 

 

 

 

 

 

52,288

 

 

 

 

 

 

 

 

 

 

 

 

 

49,598

 

 

 

 

 

 

 

 

 

 

 

 

 

44,395

 

 

 

 

 

 

 

Less: tax-equivalent adjustments

 

 

 

 

 

 

(833

)

 

 

 

 

 

 

 

 

 

 

 

 

(789

)

 

 

 

 

 

 

 

 

 

 

 

 

(741

)

 

 

 

 

 

 

Net interest income

 

 

 

 

 

$

51,455

 

 

 

 

 

 

 

 

 

 

 

 

$

48,809

 

 

 

 

 

 

 

 

 

 

 

 

$

43,654

 

 

 

 

 

 

 

Interest rate spread (1)(4)

 

 

 

 

 

 

 

 

 

 

 

3.06

 

%

 

 

 

 

 

 

 

 

 

 

 

2.91

 

%

 

 

 

 

 

 

 

 

 

 

 

2.51

 

%

Net interest margin (1)(5)

 

 

 

 

 

 

 

 

 

 

 

3.24

 

%

 

 

 

 

 

 

 

 

 

 

 

3.13

 

%

 

 

 

 

 

 

 

 

 

 

 

2.84

 

%

Average interest-earning assets to average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

interest-bearing liabilities

 

 

 

 

 

 

126.73

 

%

 

 

 

 

 

 

 

 

 

 

 

127.09

 

%

 

 

 

 

 

 

 

 

 

 

 

122.84

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits, including noninterest-bearing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

demand deposits

 

$

4,976,315

 

 

$

6,883

 

 

 

 

0.55

 

%

 

$

4,860,430

 

 

$

8,746

 

 

 

 

0.72

 

%

 

$

4,931,357

 

 

$

18,996

 

 

 

 

1.53

 

%

Total deposits and borrowings, including

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

noninterest-bearing demand deposits

 

$

5,763,721

 

 

$

10,884

 

 

 

 

0.75

 

%

 

$

5,664,711

 

 

$

12,797

 

 

 

 

0.90

 

%

 

$

5,567,727

 

 

$

23,177

 

 

 

 

1.65

 

%

 

(1)

Income on debt securities, equity securities and revenue bonds included in commercial real estate loans, as well as resulting yields, interest rate spread and net interest margin, are presented on a tax-equivalent basis. The tax-equivalent adjustments are deducted from tax-equivalent net interest income to agree to amounts reported in the consolidated statements of net income. For the three months ended December 31, 2020, September 30, 2020 and December 31, 2019, yields on loans before tax-equivalent adjustments were 4.37%, 4.27% and 4.45%, respectively, yields on securities and certificates of deposit before tax-equivalent adjustments were 3.48%, 2.64% and 2.86%, respectively, and yield on total interest-earning assets before tax-equivalent adjustments were 3.86%, 3.89% and 4.28%, respectively. Interest rate spread before tax-equivalent adjustments for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019 was 3.00%, 2.86% and 2.46%, respectively, while net interest margin before tax-equivalent adjustments for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019 was 3.19%, 3.08% and 2.80%, respectively.

(2)

Loans on non-accrual status are included in average balances.

(3)

Includes Federal Home Loan Bank stock and associated dividends.

(4)

Interest rate spread represents the difference between the tax-equivalent yield on interest-earning assets and the cost of interest-bearing liabilities.

(5)

Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.

(6)

Annualized.

 

 

 

 

 

 

7

 

MERIDIAN BANCORP, INC. AND SUBSIDIARIES

NET INTEREST INCOME ANALYSIS

(Unaudited)

 

 

 

Years Ended

 

 

December 31, 2020

 

December 31, 2019

 

 

Average

Balance

 

 

Interest (1)

 

Yield/

Cost (1)

 

Average

Balance

 

 

Interest (1)

 

Yield/

Cost (1)

 

 

(Dollars in thousands)

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (2)

 

$

5,687,214

 

 

$

251,003

 

 

 

 

4.41

 

%

 

$

5,779,924

 

 

$

259,427

 

 

 

 

4.49

 

%

Securities and certificates of deposit

 

 

28,286

 

 

 

926

 

 

 

 

3.27

 

 

 

 

34,343

 

 

 

1,109

 

 

 

 

3.23

 

 

Other interest-earning assets (3)

 

 

566,003

 

 

 

3,267

 

 

 

 

0.58

 

 

 

 

341,786

 

 

 

8,467

 

 

 

 

2.48

 

 

Total interest-earning assets

 

 

6,281,503

 

 

 

255,196

 

 

 

 

4.06

 

 

 

 

6,156,053

 

 

 

269,003

 

 

 

 

4.37

 

 

Noninterest-earning assets

 

 

160,444

 

 

 

 

 

 

 

 

 

 

 

 

 

138,983

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

6,441,947

 

 

 

 

 

 

 

 

 

 

 

 

$

6,295,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

 

$

1,307,881

 

 

$

10,463

 

 

 

 

0.80

 

 

 

$

1,215,989

 

 

$

20,951

 

 

 

 

1.72

 

 

Money market deposits

 

 

756,169

 

 

 

5,577

 

 

 

 

0.74

 

 

 

 

683,051

 

 

 

8,797

 

 

 

 

1.29

 

 

Regular savings and other deposits

 

 

858,360

 

 

 

5,221

 

 

 

 

0.61

 

 

 

 

901,650

 

 

 

13,796

 

 

 

 

1.53

 

 

Certificates of deposit

 

 

1,322,317

 

 

 

21,728

 

 

 

 

1.64

 

 

 

 

1,648,089

 

 

 

35,434

 

 

 

 

2.15

 

 

Total interest-bearing deposits

 

 

4,244,727

 

 

 

42,989

 

 

 

 

1.01

 

 

 

 

4,448,779

 

 

 

78,978

 

 

 

 

1.78

 

 

Borrowings

 

 

750,621

 

 

 

16,391

 

 

 

 

2.18

 

 

 

 

593,711

 

 

 

14,187

 

 

 

 

2.39

 

 

Total interest-bearing liabilities

 

 

4,995,348

 

 

 

59,380

 

 

 

 

1.19

 

 

 

 

5,042,490

 

 

 

93,165

 

 

 

 

1.85

 

 

Noninterest-bearing demand deposits

 

 

647,735

 

 

 

 

 

 

 

 

 

 

 

 

 

505,520

 

 

 

 

 

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

 

56,091

 

 

 

 

 

 

 

 

 

 

 

 

 

46,250

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

5,699,174

 

 

 

 

 

 

 

 

 

 

 

 

 

5,594,260

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

 

742,773

 

 

 

 

 

 

 

 

 

 

 

 

 

700,776

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

6,441,947

 

 

 

 

 

 

 

 

 

 

 

 

$

6,295,036

 

 

 

 

 

 

 

 

 

 

 

Net interest-earning assets

 

$

1,286,155

 

 

 

 

 

 

 

 

 

 

 

 

$

1,113,563

 

 

 

 

 

 

 

 

 

 

 

Fully tax-equivalent net interest income

 

 

 

 

 

 

195,816

 

 

 

 

 

 

 

 

 

 

 

 

 

175,838

 

 

 

 

 

 

 

Less: tax-equivalent adjustments

 

 

 

 

 

 

(3,083

)

 

 

 

 

 

 

 

 

 

 

 

 

(2,900

)

 

 

 

 

 

 

Net interest income

 

 

 

 

 

$

192,733

 

 

 

 

 

 

 

 

 

 

 

 

$

172,938

 

 

 

 

 

 

 

Interest rate spread (1)(4)

 

 

 

 

 

 

 

 

 

 

 

2.87

 

%

 

 

 

 

 

 

 

 

 

 

 

2.52

 

%

Net interest margin (1)(5)

 

 

 

 

 

 

 

 

 

 

 

3.12

 

%

 

 

 

 

 

 

 

 

 

 

 

2.86

 

%

Average interest-earning assets to average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

interest-bearing liabilities

 

 

 

 

 

 

125.75

 

%

 

 

 

 

 

 

 

 

 

 

 

122.08

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits, including noninterest-bearing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

demand deposits

 

$

4,892,462

 

 

$

42,989

 

 

 

 

0.88

 

%

 

$

4,954,299

 

 

$

78,978

 

 

 

 

1.59

 

%

Total deposits and borrowings, including

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

noninterest-bearing demand deposits

 

$

5,643,083

 

 

$

59,380

 

 

 

 

1.05

 

%

 

$

5,548,010

 

 

$

93,165

 

 

 

 

1.68

 

%

____________________

(1)  Income on debt securities, equity securities and revenue bonds included in commercial real estate loans, as well as resulting yields, interest rate spread and net interest margin, are presented on a tax-equivalent basis. The tax-equivalent adjustments are deducted from tax-equivalent net interest income to agree to amounts reported in the consolidated statements of net income. For the year ended December 31, 2020 and 2019, yields on loans before tax-equivalent adjustments were 4.36% and 4.44%, respectively, yields on securities and certificates of deposit before tax-equivalent adjustments were 2.99% and 3.01%, respectively, and yield on total interest-earning assets before tax-equivalent adjustments were 4.01%, and 4.32%, respectively. Interest rate spread before tax-equivalent adjustments for the year ended December 31, 2020 and 2019 was 2.82%, and 2.47%, respectively, while net interest margin before tax-equivalent adjustments for the year ended December 31, 2020 and 2019 was 3.07% and 2.81%, respectively.

(2)

Loans on non-accrual status are included in average balances.

(3)

Includes Federal Home Loan Bank stock and associated dividends.

(4)

Interest rate spread represents the difference between the tax-equivalent yield on interest-earning assets and the cost of interest-bearing liabilities.

(5)

Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.

 

 

 

8

 

MERIDIAN BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

 

 

 

Three Months Ended

 

Years Ended

 

 

December 31,

2020

 

September 30,

2020

 

December 31,

2019

 

December 31,

2020

 

December 31,

2019

Key Performance Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (1)

 

 

1.10

 

%

 

 

1.03

 

%

 

 

1.08

 

%

 

 

1.01

 

%

 

 

1.06

 

%

Return on average equity (1)

 

 

9.51

 

 

 

 

8.94

 

 

 

 

9.45

 

 

 

 

8.76

 

 

 

 

9.56

 

 

Interest rate spread  (1) (2)

 

 

3.06

 

 

 

 

2.91

 

 

 

 

2.51

 

 

 

 

2.87

 

 

 

 

2.52

 

 

Net interest margin  (1) (3)

 

 

3.24

 

 

 

 

3.13

 

 

 

 

2.84

 

 

 

 

3.12

 

 

 

 

2.86

 

 

Non-interest expense to average assets  (1)

 

 

1.46

 

 

 

 

1.41

 

 

 

 

1.59

 

 

 

 

1.50

 

 

 

 

1.59

 

 

Efficiency ratio (4)

 

 

44.23

 

 

 

 

43.69

 

 

 

 

54.44

 

 

 

 

47.07

 

 

 

 

54.29

 

 

 

 

 

December 31,

2020

 

September 30,

2020

 

December 31,

2019

 

 

(Dollars in thousands)

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One- to four-family

 

$

2,617

 

 

 

$

3,041

 

 

 

$

3,082

 

 

Home equity lines of credit

 

 

20

 

 

 

 

20

 

 

 

 

—

 

 

Commercial and industrial

 

 

527

 

 

 

 

541

 

 

 

 

323

 

 

Total non-accrual loans

 

 

3,164

 

 

 

 

3,602

 

 

 

 

3,405

 

 

Foreclosed assets

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

Total non-performing assets

 

$

3,164

 

 

 

$

3,602

 

 

 

$

3,405

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses on loans/total loans

 

 

1.25

 

%

 

 

1.20

 

%

 

 

0.87

 

%

Allowance for credit losses on loans/non-accrual loans

 

 

2,175.22

 

 

 

 

1,877.82

 

 

 

 

1,477.89

 

 

Non-accrual loans/total loans

 

 

0.06

 

 

 

 

0.06

 

 

 

 

0.06

 

 

Non-accrual loans/total assets

 

 

0.05

 

 

 

 

0.05

 

 

 

 

0.05

 

 

Non-performing assets/total assets

 

 

0.05

 

 

 

 

0.05

 

 

 

 

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital and Share Related

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity to total assets

 

 

11.61

 

%

 

 

11.39

 

%

 

 

11.45

 

%

Book value per share

 

$

14.67

 

 

 

$

14.28

 

 

 

$

13.61

 

 

Tangible book value per share (5)

 

$

14.25

 

 

 

$

13.85

 

 

 

$

13.19

 

 

Market value per share

 

$

14.91

 

 

 

$

10.35

 

 

 

$

20.09

 

 

Shares outstanding

 

52,415,061

 

 

 

52,413,120

 

 

 

53,377,506

 

 

 

(1)

Quarterly amounts are annualized.

(2)

Interest rate spread represents the difference between the tax-equivalent yield on interest-earning assets and the cost of interest-bearing liabilities.

(3)

Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.

(4)

The efficiency ratio is a non-GAAP measure representing non-interest expense divided by the sum of net interest income and non-interest income excluding gains and losses on marketable equity securities and gains and losses on sale of assets. The efficiency ratio is a common measure used by banks to understand expenses related to the generation of revenue. We have removed gains and losses on marketable equity securities and gains and losses on sale of assets as management deems them to be either discretionary or market driven and not representative of operating performance. Presented on a basis including gains and losses on marketable equity securities and gains and losses on sale of assets the efficiency ratio was 42.03%, 43.58% and 53.37% for the quarters ended December 31, 2020, September 30, 2020, and December 31, 2019, respectively and 45.97% and 53.70% for the year ended December 31, 2020 and 2019, respectively.

(5)

Tangible book value per share represents total stockholders’ equity less goodwill and other intangible assets divided by the number of shares outstanding.

9

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Document and Entity Information
Jan. 26, 2021
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 26, 2021
Entity Registrant Name MERIDIAN BANCORP, INC.
Entity Central Index Key 0001600125
Entity Emerging Growth Company false
Entity File Number 001-36573
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 46-5396964
Entity Address, Address Line One 67 Prospect Street
Entity Address, City or Town Peabody
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01960
City Area Code 617
Local Phone Number 567-1500
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Soliciting Material false
Pre-commencement Tender Offer false
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Title of Each Class Common Stock
Trading Symbol(s) EBSB
Name of Each Exchange on Which Registered NASDAQ
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