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MRBK - Meridian Corporation: Mortgage Banking Decline To Counter Net Interest Income Growth
Meridian Corporation
Refinancing activity will likely trend downwards towards a normal level. Further, high home prices will likely begin to constrain mortgage purchase volume.
The vaccine rollout and reopening of the economy will likely drive commercial loan growth.
Costly time deposits, representing around 11% of total funds, will likely mature in the first half of the year.
The year-end target price suggests a moderate price upside, which warrants a neutral rating.