Meridian Interstate Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. The company reported net income of $2.1 million, or $0.10 per basic and diluted share, for the quarter ended December 31, 2012 compared to $2.0 million, or $0.09 per basic and diluted share, for the quarter ended December 31, 2011. The company's return on average assets was 0.38% for the quarter ended December 31, 2012 compared to 0.40% for the quarter ended December 31, 2011. The company's return on average equity was 3.59% for the quarter ended December 31, 2012 compared to 3.58% for the quarter ended December 31, 2011. Net interest income increased $2.5 million, or 16.8%, to $17.3 million for the quarter ended December 31, 2012 from $14.8 million for the quarter ended December 31, 2011. Net interest income, after provision for loan losses were $14.53 million against $13.56 million for the same period a year ago. Income before income taxes was $3.18 million against $2.91 million a year ago.

For the year ended December 31, 2012, net income was $12.4 million, or $0.57 per basic and diluted share compared to $12.0 million, or $0.55 per basic and diluted share, for the year ended December 31, 2011. Return on average assets was 0.59% compared to 0.63% for the year ended December 31, 2011. Return on average equity was 5.42% compared to 5.45% for the year ended December 31, 2011. Net interest income increased $8.2 million, or 14.1%, to $66.0 million from $57.8 million for the year ended December 31, 2011. The increases in net interest income were due primarily to strong loan growth along with declines in the cost of funds for the fourth quarter and year ended December 31, 2012 compared to the same periods in 2011. Book value per share increased to $10.57 at December 31, 2012 from $9.93 at December 31, 2011. Tangible book value per share increased to $9.95 at December 31, 2012 from $9.31 at December 31, 2011. Market price per share increased $4.33, or 34.8%, to $16.78 at December 31, 2012 from $12.45 at December 31, 2011. Net interest income, after provision for loan losses were $57.44 million against $54.177 million for the same period a year ago. Income before income taxes was $18.75 million against $18.57 million a year ago.