Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Shares of our common stock trade on the NASDAQ Global Select Market under the symbol "MRBK". As of March 25, 2021, there were approximately 196 registered shareholders of the Corporation's common stock. Certain shares are held in “nominee” or “street” name and accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number.
Share Repurchases
The was no repurchasing activity of the Corporation during the fourth quarter of 2020.
Dividend Policy
In 2020 the Corporation commenced quarterly cash dividends on its common stock. The Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable August 24, 2020, to shareholders of record as of August 10, 2020. On October 22, 2020, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable November 23, 2020, to shareholders of record as of November 9, 2020. On January 28, 2021, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable February 22, 2021, to shareholders of record as of February 8, 2021.
Special Dividend
On February 16, 2021, the Corporation’s Board of Directors declared a special dividend of $1.00 per share on its Common Stock, payable on March 15, 2021 to shareholders of record as of March 1, 2021.
Future dividend payments will depend upon maintenance of a strong financial condition, future earnings and capital and regulatory requirements. Also, the Corporation and the Bank are subject to restrictions on the amount of dividends that may be paid without approval of banking regulatory authorities.
31
Table of Contents
Item 6. Selected Financial Data
Selected historical consolidated financial information
The following table should be read in conjunction with our Consolidated Financial Statements and related notes and "Management’s Discussion and Analysis of Financial Condition and Results of Operations," each of which is included elsewhere in this Annual Report on Form 10-K.
As of and for the Years Ended December 31,
(Dollars in thousands, except per share data)
2020
2019
2018
2017
2016
Selected period End Balance Sheet Data:
Cash and cash equivalents
$
36,744
39,371
23,952
35,506
18,872
Investment securities
130,072
67,636
63,169
52,867
47,552
Loans receivable, gross
1,284,764
964,710
838,106
694,637
604,291
Loans held for sale
229,199
33,704
37,695
35,024
39,573
Allowance for loans losses
(17,767)
(9,513)
(8,053)
(6,709)
(5,425)
Goodwill and intangible assets, net
4,500
4,773
5,046
5,495
—
Total assets
1,720,197
1,150,019
997,480
856,035
733,693
Interest-bearing deposits
1,037,492
711,718
625,980
526,655
431,034
Total deposits
1,241,335
851,168
752,130
627,109
527,136
Total liabilities
1,578,575
1,029,324
887,928
754,672
663,730
Total Stockholders' equity
141,622
120,695
109,552
101,363
69,963
Selected Income Statement Data:
Interest income
$
62,656
52,863
44,064
35,720
30,980
Interest expense
13,660
16,527
11,407
6,782
5,192
Net interest income
48,996
36,336
32,657
28,938
25,788
Provisions for loan losses
8,302
901
1,577
2,161
1,198
Net interest income after provisions for loan losses
40,694
35,435
31,080
26,777
24,590
Non-interest income
86,918
32,893
32,355
36,700
42,844
Non-interest expense
93,076
54,814
52,945
57,691
59,913
Net income before income taxes
34,536
13,514
10,490
5,786
7,521
Income tax expense (benefit)
8,098
3,033
2,327
2,754
2,599
Net income
26,438
10,481
8,163
3,032
4,922
Preferred stock dividends and net accretion
—
—
—
(1,167)
(1,156)
Net income available to common stockholders
26,438
10,481
8,163
1,865
3,767
Selected Per Share Data:
Earnings per common share, basic
$
4.32
1.64
1.28
0.50
1.12
Earnings per common share, diluted
$
4.27
1.63
1.27
0.49
1.11
Book value per common share
$
23.08
18.84
17.10
15.86
15.50
Tangible book value per share (1)
$
22.35
18.09
16.31
15.00
15.50
Weighted average common shares outstanding, basic
6,122
6,407
6,397
3,743
3,362
Weighted average common shares outstanding, diluted
6,187
6,438
6,427
3,770
3,389
Shares outstanding at the end of period
6,136
6,405
6,407
6,392
3,685
Selected Performance Metrics:
Return on average assets (ROAA)
1.78%
1.01%
0.90%
0.39%
0.71%
Return on average equity (ROAE)
21.33%
9.09%
7.77%
3.97%
7.69%
Net interest spread
3.17%
3.21%
3.44%
3.69%
3.67%
Net interest margin (NIM)
3.40%
3.65%
3.80%
3.93%
3.87%
Efficiency ratio
68.48%
79.18%
81.44%
87.78%
87.30%
Noninterest income to average assets
5.85%
3.17%
3.62%
4.69%
6.21%
Noninterest expense to average assets
6.26%
5.29%
5.87%
7.41%
8.68%
Yield on interest-earning assets
4.35%
5.30%
5.14%
4.83%
4.62%
Cost of interest-bearing liabilities
1.18%
2.10%
1.69%
1.16%
0.95%
Yield on loans
4.59%
5.51%
5.35%
5.10%
4.89%
Cost of deposits
1.07%
1.97%
1.54%
0.95%
0.77%
Selected Credit Quality Ratios:
Nonperforming assets to total assets
0.46%
0.29%
0.39%
0.42%
0.73%
Nonperforming loans to total loans
0.62%
0.34%
0.45%
0.43%
0.83%
Allowance for loan losses to nonperforming loans
224.04%
294.12%
204.85%
212.51%
101.90%
Allowance for loan losses to total loans
1.38%
0.99%
0.96%
0.92%
0.84%
Allowance for loan losses to total loans held-for-investment (excluding loans at fair value and PPP loans) (1)
1.65%
1.00%
1.01%
0.96%
0.90%
Net charge-offs to average loans
0.00%
(0.06)%
0.03%
0.13%
0.17%
Corporation Capital Ratios:
Tier 1 leverage capital ratio
8.96%
10.55%
11.16%
12.37%
9.67%
Tier 1 risk-based capital ratio
10.22%
11.21%
11.72%
12.86%
10.62%
Total risk-based capital ratio
14.55%
16.10%
13.66%
15.53%
13.51%
Common equity tier 1 capital ratio
10.22%
11.21%
11.72%
12.86%
8.68%
(1) Refer to Non-GAAP Financial Measures section below
32
Table of Contents