Revenue during the quarter grew 19.33 percent to $35.81 million from $30 million in the previous year period. Net interest income for the quarter rose 17.53 percent over the prior year period to $33.35 million. Non-interest income for the quarter rose 51.26 percent over the last year period to $4.07 million.

Meridian Bancorp, Inc has made provision of $1.62 million for loan losses during the quarter, up 51.88 percent from $1.07 million in the same period last year.

Net interest margin contracted 19 basis points to 3.20 percent in the quarter from 3.39 percent in the last year period. Efficiency ratio for the quarter improved to 61.02 percent from 62.01 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Richard J. Gavegnano, chairman, president and chief executive officer, said, “I am pleased to report net income of $9.2 million, a new first quarter record, for 2017, up 24% from the first quarter of 2016 resulting from an 18% rise in net interest income. During the first quarter, our total assets grew to $4.6 billion reflecting net growth of $122 million, or 3%, in loans to $4.0 billion and of $181 million, or 5%, in deposits to $3.7 billion. We are continuing to attract new business and consumer relationships that are the key to our strong organic growth as we consider other opportunities to gain market share in the Boston area and build stockholder value."

Deposits stood at $3,656.63 million as on Mar. 31, 2017, up 25.60 percent compared with $2,911.42 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $439.32 million or 12.01 percent of total deposits on Mar. 31, 2017, compared with $388.73 million or 13.35 percent of total deposits on Mar. 31, 2016.

Investments stood at $59.06 million as on Mar. 31, 2017, down 55.30 percent or $73.06 million from year-ago. Shareholders equity was at $616.18 million as on Mar. 31, 2017.

Return on average assets moved down 1 basis points to 0.82 percent in the quarter from 0.83 percent in the last year period. At the same time, return on average equity increased 92 basis points to 6.03 percent in the quarter from 5.11 percent in the last year period.

Nonperforming assets moved down 56.31 percent or $17.64 million to $13.69 million on Mar. 31, 2017 from $31.33 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.30 percent in the quarter, down from 0.84 percent in the last year period.

Equity to assets ratio was 13.28 percent for the quarter, down from 15.62 percent for the previous year quarter. Book value per share was $11.49 for the quarter, up 6.29 percent or $0.68 compared to $10.81 for the same period last year.