8-K
Meridian Corp (MRBK)
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
January 29, 2026
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
| Pennsylvania | 000-55983 | 83-1561918 |
|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission<br><br>File Number) | (IRS Employer<br><br>Ident. No.) |
| 9 Old Lincoln Highway, Malvern, Pennsylvania | 19355 | |
| (Address of principal executive offices) | (Zip Code) | |
| (484) 568-5000<br><br>Registrant’s telephone number, including area code | ||
| 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:
☐ 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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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. ☐
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, $1 par value | MRBK | The NASDAQ Stock Market |
Item 2.02. Results of Operations and Financial Condition.
On January 29, 2026 Meridian Corporation issued a press release discussing the Corporation’s Fourth Quarter 2025 Results. A copy is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto and incorporated by reference into Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section. Furthermore, such information, including the exhibit attached hereto, shall not be deemed incorporated by reference into any of the Corporation’s reports or filings with the SEC under the Securities Exchange Act of 1933, as amended (the "Securities Act"), or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such report or filing. The information in this Current Report on Form 8-K, including the exhibit attached hereto, shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.
Item 7.01. Regulation FD Disclosures.
In connection with the issuance of its earnings for the three months ended December 31, 2025, Meridian Corporation has also made available on its website materials that contain supplemental information about the Corporation's financial results (“Earnings Supplement”). A copy of the earnings supplement is attached hereto as Exhibit 99.2 and is incorporated by reference in this Item 7.01. The information contained in this Item 7.01 of this Report on Form 8-K, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
Quarterly Dividend
On January 29, 2026, Meridian Corporation’s Board of Directors declared a quarterly cash dividend of $0.14 per common share, payable February 17, 2026, to shareholders of record as of February 9, 2026. This is an increase of $0.015 or 12%, compared to the quarterly cash dividend of $0.125 per common share declared in the prior quarter.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is furnished herewith:
99.1 Press Release, issued January 29, 2026
99.2 Earnings Supplement, issued January 29, 2026
EXHIBIT INDEX
| Exhibit No. | Description of Exhibit |
|---|---|
| 99.1 | Press Release, issued January 29, 2026 |
| 99.2 | Earnings Supplement, issued January 29, 2026 |
| 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 CORPORATION<br>(Registrant) | |||
|---|---|---|---|
| Dated: January 29, 2026 | |||
| By: | /s/ Denise Lindsay | ||
| Denise Lindsay | |||
| Executive Vice President and Chief Financial Officer |
Document
Exhibit 99.1
Meridian Corporation Reports Fourth Quarter 2025 Results and Announces a Quarterly Dividend of $0.14 per Common Share.
MALVERN, PA., January 29, 2026 — Meridian Corporation (Nasdaq: MRBK) today reported:
| Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| (Dollars in thousands, except per share data)(Unaudited) | December 31,<br>2025 | September 30,<br>2025 | December 31,<br>2024 | |||
| Income: | ||||||
| Net income | $ | 7,186 | $ | 6,659 | $ | 5,601 |
| Diluted earnings per common share | 0.61 | 0.58 | 0.49 | |||
| Pre-provision net revenue (PPNR) (1) | 12,584 | 11,523 | 11,168 | |||
| (1) See Non-GAAP reconciliation in the Appendix |
•Net income for the quarter ended December 31, 2025 was $7.2 million, or $0.61 per diluted share, up $527 thousand, or 8%, from prior quarter.
•Pre-provision net revenue1 for the quarter was $12.6 million, an improvement of $1.4 million, or 13%. from Q4'2024.
•Net interest margin was 3.77% for the fourth quarter of 2025, while the loan yield declined to 7.15%, and cost of funds declined to 3.23% from the prior quarter.
•Return on average assets and return on average equity for the fourth quarter of 2025 were 1.10% and 14.79%, respectively.
•Total assets at December 31, 2025 were $2.6 billion, compared to $2.5 billion at September 30, 2025 and $2.4 billion at December 31, 2024.
•Commercial loans, excluding leases, increased $35.2 million, or 2% from prior quarter.
•On January 29, 2026, the Board of Directors declared a quarterly cash dividend of $0.14 per common share, payable February 17, 2026 to shareholders of record as of February 9, 2026. This is an increase of $0.015 or 12%, compared to the quarterly cash dividend of $0.125 per common share declared in the prior quarter.
Christopher J. Annas, Chairman and CEO commented:
"Meridian's fourth quarter earnings grew 7.9% over the prior quarter, to $7.2 million. Annual earnings grew 33.6% over 2024 to $21.8 million. Year-over-year growth of our core commercial, industrial, and real estate loan portfolios equaled 10.7%, driven mostly through new and existing loan relationships, and despite SBA loan sales and a $25 million residential mortgage sale to reallocate to commercial. The exceptional loan growth has been sustainable over the years due to targeted lending hires, training new candidates and devising new ways to capitalize on market disruption.
The net interest margin has improved throughout 2025 mostly from lower deposit rates. We have benefited from lower core deposit rates to our commercial business because of pricing elasticity, but also from excellent management of our brokered deposit stack, which is similar in proportion to traditional branch banks’ CDs. Expenses were relatively flat from prior quarter, and up just 5.2% year over year. Although we are currently facing higher levels of nonperforming loans and leases, we are seeing slow progress as recoveries are improving and assets are migrating to our possession and ultimate disposition.
Our wealth management segment produced annual pre-tax income of $2.3 million, as assets under management grew 7.8%. We hired three new wealth advisors over the year, and also benefitted from stock market gains in client portfolios that expanded the AUM. We are investing in the wealth group as we see more opportunity, and we closely track our commercial customers’ liquidity events to pursue these assets. The mortgage segment earned pre-tax income of $1.1 million, with mortgage revenue down about $260 thousand or 1.3% from the prior year. The business has suffered from lack of homes for sale, that only saw some rebounding at end of year. We further streamlined the business in 2025 to assure profitability, and are optimistic about our 2026 origination goals.
Meridian's consistent organic growth, year over year, for the past 22 years has been defined by being opportunistic during times of turmoil. A series of acquisitions in our market during 2025 has positioned us to take advantage of customer and employee turmoil. Through our brand and strategic marketing efforts we expect to leverage this strength to our benefit in 2026."
Exhibit 99.1
Select Condensed Financial Information
| As of or for the three months ended (Unaudited) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | |||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||
| Income: | |||||||||||||||
| Net income | $ | 7,186 | $ | 6,659 | $ | 5,592 | $ | 2,399 | $ | 5,601 | |||||
| Basic earnings per common share | 0.62 | 0.59 | 0.50 | 0.21 | 0.50 | ||||||||||
| Diluted earnings per common share | 0.61 | 0.58 | 0.49 | 0.21 | 0.49 | ||||||||||
| Net interest income | 23,627 | 23,116 | 21,159 | 19,776 | 19,299 | ||||||||||
| Balance Sheet: | |||||||||||||||
| Total assets | $ | 2,560,420 | $ | 2,541,130 | $ | 2,510,938 | $ | 2,528,888 | $ | 2,385,867 | |||||
| Loans, net of fees and costs | 2,170,600 | 2,162,845 | 2,108,250 | 2,071,675 | 2,030,437 | ||||||||||
| Total deposits | 2,158,128 | 2,131,116 | 2,110,374 | 2,128,742 | 2,005,368 | ||||||||||
| Non-interest bearing deposits | 245,377 | 239,614 | 237,042 | 323,485 | 240,858 | ||||||||||
| Stockholders' equity | 198,141 | 188,029 | 178,020 | 173,568 | 171,522 | ||||||||||
| Balance Sheet Average Balances: | |||||||||||||||
| Total assets | $ | 2,588,357 | $ | 2,534,565 | $ | 2,491,625 | $ | 2,420,571 | $ | 2,434,270 | |||||
| Total interest earning assets | 2,495,922 | 2,443,261 | 2,404,952 | 2,330,224 | 2,342,651 | ||||||||||
| Loans, net of fees and costs | 2,200,626 | 2,146,651 | 2,113,411 | 2,039,676 | 2,029,739 | ||||||||||
| Total deposits | 2,173,242 | 2,143,821 | 2,095,028 | 2,036,208 | 2,043,505 | ||||||||||
| Non-interest bearing deposits | 256,554 | 253,374 | 249,745 | 244,161 | 259,118 | ||||||||||
| Stockholders' equity | 192,799 | 183,242 | 176,945 | 174,734 | 171,214 | ||||||||||
| Performance Ratios (Annualized): | |||||||||||||||
| Return on average assets | 1.10 | % | 1.04 | % | 0.90 | % | 0.40 | % | 0.92 | % | |||||
| Return on average equity | 14.79 | % | 14.42 | % | 12.68 | % | 5.57 | % | 13.01 | % |
Income Statement - Fourth Quarter 2025 Compared to Third Quarter 2025
Fourth quarter net income increased $527 thousand, or 7.9%, to $7.2 million due largely to an increase in net interest income of $511 thousand and an increase in non-interest income of $662 thousand, The provision for credit losses increased $437 thousand and non-interest expense was relatively flat over prior quarter. Income tax expense was up $97 thousand. Detailed explanations of the major categories of income and expense follow below.
Exhibit 99.1
Net Interest income
The rate/volume analysis table below analyzes dollar changes in the components of interest income and interest expense as they relate to the change in balances (volume) and the change in interest rates (rate) of tax-equivalent net interest income for the periods indicated and allocated by rate and volume. Changes in interest income and/or expense related to changes attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of the change in each category.
| Three Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (dollars in thousands) | December 31,<br>2025 | September 30,<br>2025 | Change | % Change | Change due to rate | Change due to volume | |||||
| Interest income: | |||||||||||
| Cash and cash equivalents | $ | 348 | $ | 412 | (15.5) | % | $ | (28) | $ | (36) | |
| Investment securities - taxable | 1,891 | 1,895 | (4) | (0.2) | % | (14) | 10 | ||||
| Investment securities - tax exempt (1) | 396 | 400 | (4) | (1.0) | % | (12) | 8 | ||||
| Loans held for sale | 500 | 536 | (36) | (6.7) | % | (37) | 1 | ||||
| Loans held for investment (1) | 39,764 | 39,942 | (178) | (0.4) | % | (1,161) | 983 | ||||
| Total loans | 40,264 | 40,478 | (214) | (0.5) | % | (1,198) | 984 | ||||
| Total interest income | $ | 42,899 | $ | 43,185 | (0.7) | % | $ | (1,252) | $ | 966 | |
| Interest expense: | |||||||||||
| Interest-bearing demand deposits | $ | 1,186 | $ | 1,314 | (9.7) | % | $ | 30 | $ | (158) | |
| Money market and savings deposits | 7,942 | 8,322 | (380) | (4.6) | % | (821) | 441 | ||||
| Time deposits | 7,454 | 7,782 | (328) | (4.2) | % | (249) | (79) | ||||
| Total interest - bearing deposits | 16,582 | 17,418 | (836) | (4.8) | % | (1,040) | 204 | ||||
| Borrowings | 1,568 | 1,495 | 73 | 4.9 | % | (44) | 117 | ||||
| Subordinated debentures | 1,049 | 1,080 | (31) | (2.9) | % | (33) | 2 | ||||
| Total interest expense | 19,199 | 19,993 | (794) | (4.0) | % | (1,117) | 323 | ||||
| Net interest income differential | $ | 23,700 | $ | 23,192 | 2.19 | % | $ | (135) | $ | 643 | |
| (1) Reflected on a tax-equivalent basis. |
All values are in US Dollars.
Interest income decreased $286 thousand quarter-over-quarter on a tax equivalent basis, driven by lower yields largely offset by increased average balances of interest earning assets. The yield on interest-earnings assets decreased 19 basis points and negatively impacted interest income by $1.3 million, while the average balance of interest earning assets increased by $52.7 million, and contributed $966 thousand to interest income which helped to lessen the overall decrease.
Average total loans, excluding residential loans for sale, increased $54.0 million. The largest drivers of this increase were construction, commercial real estate, and commercial loans which on a combined basis increased $55.3 million on average, partially offset by a decrease in average leases of $6.9 million. Home equity, residential real estate, consumer and other loans held in portfolio increased on a combined basis $5.5 million on average.
Interest expense decreased $794 thousand, quarter-over-quarter, due to a decline in the cost of deposits and borrowings, partially offset by a higher volume of total interest-bearing deposits and borrowings. Interest expense on total deposits decreased $836 thousand, interest expense on borrowings increased $73 thousand, and interest expense on subordinated debentures decreased by $31 thousand as well. During the period, interest-bearing checking accounts decreased $20.4 million, time deposits decreased $7.4 million, while money market and savings deposit balances increased $54.1 million on average. Borrowings increased $9.9 million on average. On a rate basis, money market accounts and time deposits experienced a decrease in the cost, with the overall cost of deposits declined 19 basis points.
Overall the net interest margin remained at 3.77%, consistent with the prior quarter, as the decline in cost of funds offset the decline in yield on earning assets.
Provision for Credit Losses
The overall provision for credit losses for the fourth quarter increased $437 thousand to $3.3 million, from $2.9 million in the third quarter. The higher level of provisioning was largely due to a $1.6 million increase in net charge-offs, combined with the impact of an upgrade to the third-party macroeconomic forecast model used to estimate credit losses on the loan portfolio, partially offset by a decline in baseline loss rates utilized for several loan portfolio segments. The model upgrade was based on assessing the macroeconomic variable relationships to expected results. The overall impact to the ACL from the model upgrade, before applying qualitative adjustments, was not considered material.
Exhibit 99.1
Non-interest income
The following table presents the components of non-interest income for the periods indicated:
| Three Months Ended | |||||||
|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | December 31,<br>2025 | September 30,<br>2025 | Change | % Change | |||
| Mortgage banking income | $ | 5,714 | $ | 5,914 | (3.4) | % | |
| Wealth management income | 1,679 | 1,610 | 69 | 4.3 | % | ||
| SBA loan income | 1,285 | 1,431 | (146) | (10.2) | % | ||
| Earnings on investment in life insurance | 248 | 246 | 2 | 0.8 | % | ||
| Net (loss) gain on sale of MSRs | (12) | — | (12) | (100.0) | % | ||
| Net (loss) gain on sale of loans | (184) | (250) | 66 | (26.4) | % | ||
| Net change in the fair value of derivative instruments | 197 | 129 | 68 | 52.7 | % | ||
| Net change in the fair value of loans held-for-sale | 112 | (75) | 187 | (249.3) | % | ||
| Net change in the fair value of loans held-for-investment | 86 | 213 | (127) | (59.6) | % | ||
| Net (loss) gain on hedging activity | (22) | (166) | 144 | (86.7) | % | ||
| Net gain (loss) on sale of investments AFS | 453 | 48 | 405 | 843.8 | % | ||
| Other | 1,059 | 853 | 206 | 24.2 | % | ||
| Total non-interest income | $ | 10,615 | $ | 9,953 | 6.7 | % |
All values are in US Dollars.
Total non-interest income increased $662 thousand, or 6.7%, quarter-over-quarter largely due to the increase in gains of $405 thousand on the sales of investment securities, $187 thousand in favorable fair value changes, $144 thousand in gains from hedging activities, $206 thousand increase in fee income from title and other services as well as an increase of $69 thousand in wealth management income, and a $66 thousand decline in the net loss on sale of loans. These improvements were partially offset by a $146 thousand decline in SBA loan income, and a $200 thousand decrease in mortgage banking income. Mortgage loan sales increased $1.0 million, or 0.5%, quarter-over-quarter. Despite this increase in overall sales, margin decreased 11 basis points resulting in a lower level of mortgage banking income.
SBA loan income decreased $146 thousand as the volume of SBA loans sold was down $4.5 million to $20.8 million, for the quarter-ended December 31, 2025 compared to the quarter-ended September 30, 2025, while the gross margin on SBA sales was 7.4% for both quarter ends.
Non-interest expense
The following table presents the components of non-interest expense for the periods indicated:
| Three Months Ended | |||||||
|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | December 31,<br>2025 | September 30,<br>2025 | Change | % Change | |||
| Salaries and employee benefits | $ | 13,103 | $ | 13,613 | (3.7) | % | |
| Occupancy and equipment | 1,210 | 991 | 219 | 22.1 | % | ||
| Professional fees | 1,076 | 1,092 | (16) | (1.5) | % | ||
| Data processing and software | 1,981 | 1,865 | 116 | 6.2 | % | ||
| Advertising and promotion | 944 | 877 | 67 | 7.6 | % | ||
| Pennsylvania bank shares tax | 224 | 254 | (30) | (11.8) | % | ||
| Other | 3,120 | 2,854 | 266 | 9.3 | % | ||
| Total non-interest expense | $ | 21,658 | $ | 21,546 | 0.5 | % |
All values are in US Dollars.
Overall salaries and benefits decreased $510 thousand, largely attributable to the variable nature of the mortgage segment along with timing of certain incentive expense. Occupancy increased $219 thousand due to the relocation two offices including the opening of the full service branch in Florida. Data processing and software expense increased $116 thousand due to an increase in customer transaction volume, while advertising and promotion expenses increased $67 thousand as the level of business development activities and special events increased at the end of the year. Other expense increased $266 thousand from an increase in OREO expense as collateral on a land development loan was repossessed and reclassified into OREO during the quarter-ended December 31, 2025, offset by a decline in other loan related expenses.
Exhibit 99.1
Balance Sheet - December 31, 2025 Compared to September 30, 2025
Total assets increased $19.3 million, or 0.8%, to $2.6 billion as of December 31, 2025 from $2.5 billion as of September 30, 2025.
Portfolio loans grew $8.4 million, or 0.4% quarter-over-quarter. This growth was generated from commercial & industrial loans which increased $10.9 million, or 2.6%, construction loans increased $15.4 million, or 4.9%, and commercial mortgage loans increased $6.9 million, or 0.8%. The balance of residential mortgages decreased by $24.4 million, or 9.4%, as we sold a $24.5 million portion of this portfolio and are using the proceeds to fund higher yielding loans. Lease financings also decreased $4.3 million, or 8.6% from September 30, 2025, partially offsetting the above noted loan growth, but this decline was expected.
Total deposits increased $27.0 million, or 1.3% quarter-over-quarter, led by an increase of $21.2 million in interest-bearing deposits. Money market accounts and savings accounts increased a combined $27.2 million, non-interest bearing accounts increased $5.8 million or 2.4%, while interest bearing demand deposits increased $5.4 million. Overall borrowings decreased $19.9 million, or 14.5% quarter-over-quarter.
Total stockholders’ equity increased by $10.1 million from September 30, 2025, to $198.1 million as of December 31, 2025. Changes to equity for the quarter included net income of $7.2 million, a net increase of $7.5 million due to stock issuance under an ATM offering, an increase of $626 thousand in other comprehensive income, partially offset by dividends paid of $1.4 million. The Community Bank Leverage Ratio for the Bank was 9.51% at December 31, 2025.
Asset Quality Summary
Non-performing loans decreased $298 thousand, to $55.1 million at December 31, 2025 compared to $55.4 million at September 30, 2025, with decreases coming in land development, construction, and commercial non-performing loans, partially offset by an increase in non-performing SBA loans. Included in non-performing loans are $24.8 million of SBA loans of which $13.2 million, or 53%, are guaranteed by the SBA. The SBA portfolio was subject to the Fed's rapid rate increase and $13.5 million, or 54% of these non-performing loans originated in 2020-2021 when rates were lower by over 500 basis points. As a result of these changes in non-performing loans, the ratio of non-performing loans to total loans decreased 3 bps to 2.50% as of December 31, 2025, from 2.53% as of September 30, 2025. The ratio of non-performing loans to total loans, excluding the guaranteed portion of the SBA portfolio was 1.90%.
Net charge-offs increased to $3.5 million, or 0.16% of total average loans for the quarter ended December 31, 2025, compared to net charge-offs of $1.9 million, or 0.09%, for the quarter ended September 30, 2025. Fourth quarter charge-offs consisted of $1.6 million in SBA loans, $846 thousand in commercial loans, $807 thousand in finance receivables, and $561 thousand of small ticket equipment leases. Overall there were recoveries of $257 thousand, mainly related to leases.
The ratio of allowance for credit losses to total loans held for investment was 1.00% as of December 31, 2025, slightly down from 1.01% reported as of September 30, 2025, impacted by charge-offs for the quarter, combined with the impact on the ACL from the residential mortgage loan sale. As of December 31, 2025 there were specific reserves of $3.4 million against individually evaluated loans, a slight increase of $94 thousand from the level of specific reserves as of September 30, 2025.
About Meridian Corporation
Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware, Maryland, and Florida. Through its 17 offices, including banking branches and mortgage locations, Meridian offers a full suite of financial products and services. Meridian specializes in business and industrial lending, retail and commercial real estate lending, electronic payments, and wealth management solutions through Meridian Wealth Partners. Meridian also offers a broad menu of high-yield depository products supported by robust online and mobile access. For additional information, visit our website at www.meridianbanker.com. Member FDIC.
Exhibit 99.1
“Safe Harbor” Statement
In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; increased competitive pressures; changes in spreads on interest-earning assets and interest-bearing liabilities; changes in general economic conditions and conditions within the securities markets; escalating tariff and other trade policies and the resulting impacts on market volatility and global trade; the impact of uncertain or changing political conditions or any current or future federal government shutdown and uncertainty regarding the federal government's debt limit; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Meridian Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Meridian Corporation or by or on behalf of Meridian Bank.
Exhibit 99.1
MERIDIAN CORPORATION AND SUBSIDIARIES
FINANCIAL RATIOS (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
| Three Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | |||||||||||
| Earnings and Per Share Data: | |||||||||||||||
| Net income | $ | 7,186 | $ | 6,659 | $ | 5,592 | $ | 2,399 | $ | 5,601 | |||||
| Basic earnings per common share | $ | 0.62 | $ | 0.59 | $ | 0.50 | $ | 0.21 | $ | 0.50 | |||||
| Diluted earnings per common share | $ | 0.61 | $ | 0.58 | $ | 0.49 | $ | 0.21 | $ | 0.49 | |||||
| Common shares outstanding | 11,826 | 11,517 | 11,297 | 11,285 | 11,240 | ||||||||||
| Performance Ratios: | |||||||||||||||
| Return on average assets (2) | 1.10 | % | 1.04 | % | 0.90 | % | 0.40 | % | 0.92 | % | |||||
| Return on average equity (2) | 14.79 | 14.42 | 12.68 | 5.57 | 13.01 | ||||||||||
| Net interest margin (tax-equivalent) (2) | 3.77 | 3.77 | 3.54 | 3.46 | 3.29 | ||||||||||
| Yield on earning assets (tax-equivalent) (2) | 6.82 | 7.01 | 6.89 | 6.83 | 6.81 | ||||||||||
| Cost of funds (2) | 3.23 | 3.42 | 3.52 | 3.56 | 3.71 | ||||||||||
| Efficiency ratio | 63.25 | % | 65.15 | % | 65.82 | % | 69.16 | % | 65.72 | % | |||||
| Asset Quality Ratios: | |||||||||||||||
| Net charge-offs (recoveries) to average loans | 0.16 | % | 0.09 | % | 0.17 | % | 0.14 | % | 0.34 | % | |||||
| Non-performing loans to total loans | 2.50 | 2.53 | 2.35 | 2.49 | 2.19 | ||||||||||
| Non-performing assets to total assets | 2.38 | 2.32 | 2.14 | 2.07 | 1.90 | ||||||||||
| Allowance for credit losses to: | |||||||||||||||
| Total loans and other finance receivables | 0.99 | 1.01 | 0.99 | 1.01 | 0.91 | ||||||||||
| Total loans and other finance receivables (excluding loans at fair value) (1) | 1.00 | 1.01 | 1.00 | 1.01 | 0.91 | ||||||||||
| Non-performing loans | 39.18 | % | 39.37 | % | 41.26 | % | 39.63 | % | 40.86 | % | |||||
| Capital Ratios: | |||||||||||||||
| Book value per common share | $ | 16.75 | $ | 16.33 | $ | 15.76 | $ | 15.38 | $ | 15.26 | |||||
| Tangible book value per common share | $ | 16.46 | $ | 16.02 | $ | 15.44 | $ | 15.06 | $ | 14.93 | |||||
| Total equity/Total assets | 7.74 | % | 7.40 | % | 7.09 | % | 6.86 | % | 7.19 | % | |||||
| Tangible common equity/Tangible assets - Corporation (1) | 7.61 | 7.27 | 6.96 | 6.73 | 7.05 | ||||||||||
| Tangible common equity/Tangible assets - Bank (1) | 9.41 | 9.16 | 8.96 | 8.61 | 9.06 | ||||||||||
| Tier 1 leverage ratio - Bank | 9.51 | 9.41 | 9.32 | 9.30 | 9.21 | ||||||||||
| Common tier 1 risk-based capital ratio - Bank | 10.66 | 10.52 | 10.53 | 10.15 | 10.33 | ||||||||||
| Tier 1 risk-based capital ratio - Bank | 10.66 | 10.52 | 10.53 | 10.15 | 10.33 | ||||||||||
| Total risk-based capital ratio - Bank | 11.66 | % | 11.54 | % | 11.54 | % | 11.14 | % | 11.20 | % | |||||
| (1) See Non-GAAP reconciliation in the Appendix | |||||||||||||||
| (2) Annualized |
Exhibit 99.1
MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
| Three Months Ended | Year Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br>2025 | September 30,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 | ||||||
| Interest income: | ||||||||||
| Loans and other finance receivables, including fees | $ | 40,264 | $ | 40,477 | $ | 37,229 | $ | 155,987 | $ | 147,157 |
| Securities - taxable | 1,891 | 1,895 | 1,684 | 7,271 | 5,739 | |||||
| Securities - tax-exempt | 323 | 325 | 314 | 1,256 | 1,283 | |||||
| Cash and cash equivalents | 348 | 412 | 801 | 1,800 | 1,848 | |||||
| Total interest income | 42,826 | 43,109 | 40,028 | 166,314 | 156,027 | |||||
| Interest expense: | ||||||||||
| Deposits | 16,582 | 17,418 | 18,341 | 68,169 | 74,037 | |||||
| Borrowings and subordinated debentures | 2,617 | 2,575 | 2,388 | 10,467 | 10,994 | |||||
| Total interest expense | 19,199 | 19,993 | 20,729 | 78,636 | 85,031 | |||||
| Net interest income | 23,627 | 23,116 | 19,299 | 87,678 | 70,996 | |||||
| Provision for credit losses | 3,287 | 2,850 | 3,572 | 15,152 | 11,400 | |||||
| Net interest income after provision for credit losses | 20,340 | 20,266 | 15,727 | 72,526 | 59,596 | |||||
| Non-interest income: | ||||||||||
| Mortgage banking income | 5,714 | 5,914 | 5,516 | 20,783 | 21,044 | |||||
| Wealth management income | 1,679 | 1,610 | 1,527 | 6,316 | 5,735 | |||||
| SBA loan income | 1,285 | 1,431 | 1,143 | 5,452 | 3,458 | |||||
| Earnings on investment in life insurance | 248 | 246 | 224 | 956 | 868 | |||||
| Net (loss) gain on sale of MSRs | (12) | — | 3,992 | 403 | 3,992 | |||||
| Net (loss) gain on sale of loans | (184) | (250) | 15 | (434) | 15 | |||||
| Net change in the fair value of derivative instruments | 197 | 129 | (146) | 373 | 30 | |||||
| Net change in the fair value of loans held-for-sale | 112 | (75) | (163) | 310 | (25) | |||||
| Net change in the fair value of loans held-for-investment | 86 | 213 | (552) | 659 | 214 | |||||
| Net (loss) gain on hedging activity | (22) | (166) | 192 | (151) | (87) | |||||
| Net gain (loss) on sale of investments AFS | 453 | 48 | (1) | 501 | (57) | |||||
| Other | 1,059 | 853 | 1,532 | 4,012 | 6,152 | |||||
| Total non-interest income | 10,615 | 9,953 | 13,280 | 39,180 | 41,339 | |||||
| Non-interest expense: | ||||||||||
| Salaries and employee benefits | 13,103 | 13,613 | 12,429 | 51,280 | 47,268 | |||||
| Occupancy and equipment | 1,210 | 991 | 2,270 | 4,576 | 5,976 | |||||
| Professional fees | 1,076 | 1,092 | 1,134 | 4,095 | 4,767 | |||||
| Data processing and software | 1,981 | 1,865 | 1,553 | 7,031 | 6,144 | |||||
| Advertising and promotion | 944 | 877 | 839 | 3,877 | 3,293 | |||||
| Pennsylvania bank shares tax | 224 | 254 | 243 | 1,016 | 972 | |||||
| Other | 3,120 | 2,854 | 2,943 | 11,429 | 10,729 | |||||
| Total non-interest expense | 21,658 | 21,546 | 21,411 | 83,304 | 79,149 | |||||
| Income before income taxes | 9,297 | 8,673 | 7,596 | 28,402 | 21,786 | |||||
| Income tax expense | 2,111 | 2,014 | 1,995 | 6,566 | 5,440 | |||||
| Net income | $ | 7,186 | $ | 6,659 | $ | 5,601 | $ | 21,836 | $ | 16,346 |
| Basic earnings per common share | $ | 0.62 | $ | 0.59 | $ | 0.50 | $ | 1.93 | $ | 1.47 |
| Diluted earnings per common share | $ | 0.61 | $ | 0.58 | $ | 0.49 | $ | 1.89 | $ | 1.45 |
| Basic weighted average shares outstanding | 11,543 | 11,325 | 11,158 | 11,326 | 11,113 | |||||
| Diluted weighted average shares outstanding | 11,771 | 11,540 | 11,375 | 11,538 | 11,243 |
Exhibit 99.1
MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
| December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||||
| Cash and due from banks | $ | 10,358 | $ | 12,605 | $ | 20,604 | $ | 16,976 | $ | 5,598 |
| Interest-bearing deposits at other banks | 25,420 | 27,384 | 29,570 | 113,620 | 21,864 | |||||
| Federal funds sold | — | — | — | 629 | — | |||||
| Cash and cash equivalents | 35,778 | 39,989 | 50,174 | 131,225 | 27,462 | |||||
| Securities available-for-sale, at fair value | 193,457 | 194,268 | 187,902 | 185,221 | 174,304 | |||||
| Securities held-to-maturity, at amortized cost | 32,544 | 32,593 | 32,642 | 32,720 | 33,771 | |||||
| Equity investments | 2,166 | 2,150 | 2,130 | 2,126 | 2,086 | |||||
| Mortgage loans held for sale, at fair value | 33,762 | 28,016 | 44,078 | 28,047 | 32,413 | |||||
| Loans and other finance receivables, net of fees and costs | 2,170,600 | 2,162,845 | 2,108,250 | 2,071,675 | 2,030,437 | |||||
| Allowance for credit losses | (21,573) | (21,794) | (20,851) | (20,827) | (18,438) | |||||
| Loans and other finance receivables, net of the allowance for credit losses | 2,149,027 | 2,141,051 | 2,087,399 | 2,050,848 | 2,011,999 | |||||
| Restricted investment in bank stock | 7,811 | 8,350 | 9,162 | 8,369 | 7,753 | |||||
| Bank premises and equipment, net | 12,402 | 12,413 | 12,320 | 12,028 | 12,151 | |||||
| Bank owned life insurance | 30,687 | 30,421 | 30,175 | 29,935 | 29,712 | |||||
| Accrued interest receivable | 10,724 | 10,944 | 10,334 | 10,345 | 9,958 | |||||
| OREO and other repossessed assets | 5,997 | 3,714 | 3,148 | 249 | 276 | |||||
| Deferred income taxes | 4,215 | 4,989 | 5,314 | 5,136 | 4,669 | |||||
| Servicing assets | 3,932 | 3,845 | 3,658 | 4,284 | (2,227) | |||||
| Servicing assets held for sale | — | — | — | — | 6,609 | |||||
| Goodwill | 899 | 899 | 899 | 899 | 899 | |||||
| Intangible assets | 2,563 | 2,614 | 2,665 | 2,716 | 2,767 | |||||
| Other assets | 34,456 | 24,874 | 28,938 | 24,740 | 31,265 | |||||
| Total assets | $ | 2,560,420 | $ | 2,541,130 | $ | 2,510,938 | $ | 2,528,888 | $ | 2,385,867 |
| Liabilities: | ||||||||||
| Deposits: | ||||||||||
| Non-interest bearing | $ | 245,377 | $ | 239,614 | $ | 237,042 | $ | 323,485 | $ | 240,858 |
| Interest bearing: | ||||||||||
| Interest checking | 157,360 | 151,973 | 173,865 | 161,055 | 141,439 | |||||
| Money market and savings deposits | 1,023,290 | 996,126 | 956,448 | 947,795 | 913,536 | |||||
| Time deposits | 732,101 | 743,403 | 743,019 | 696,407 | 709,535 | |||||
| Total interest-bearing deposits | 1,912,751 | 1,891,502 | 1,873,332 | 1,805,257 | 1,764,510 | |||||
| Total deposits | 2,158,128 | 2,131,116 | 2,110,374 | 2,128,742 | 2,005,368 | |||||
| Borrowings | 117,338 | 137,265 | 138,965 | 139,590 | 124,471 | |||||
| Subordinated debentures | 49,853 | 49,822 | 49,792 | 49,761 | 49,743 | |||||
| Accrued interest payable | 6,531 | 7,095 | 7,059 | 7,404 | 6,860 | |||||
| Other liabilities | 30,429 | 27,803 | 26,728 | 29,823 | 27,903 | |||||
| Total liabilities | 2,362,279 | 2,353,101 | 2,332,918 | 2,355,320 | 2,214,345 | |||||
| Stockholders’ equity: | ||||||||||
| Common stock | 13,830 | 13,521 | 13,300 | 13,288 | 13,243 | |||||
| Surplus | 90,352 | 85,122 | 82,184 | 82,026 | 81,545 | |||||
| Treasury stock | (26,079) | (26,079) | (26,079) | (26,079) | (26,079) | |||||
| Unearned common stock held by ESOP | (2,807) | (1,006) | (1,006) | (1,006) | (1,006) | |||||
| Retained earnings | 128,124 | 122,376 | 117,132 | 112,952 | 111,961 | |||||
| Accumulated other comprehensive loss | (5,279) | (5,905) | (7,511) | (7,613) | (8,142) | |||||
| Total stockholders’ equity | 198,141 | 188,029 | 178,020 | 173,568 | 171,522 | |||||
| Total liabilities and stockholders’ equity | $ | 2,560,420 | $ | 2,541,130 | $ | 2,510,938 | $ | 2,528,888 | $ | 2,385,867 |
Exhibit 99.1
MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SEGMENT INFORMATION (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
| Three Months Ended | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | ||||||||||||||||||||||||||||||||
| Interest income | $ | 42,826 | $ | 43,109 | $ | 41,211 | $ | 39,168 | $ | 40,028 | ||||||||||||||||||||||||||
| Interest expense | 19,199 | 19,993 | 20,052 | 19,392 | 20,729 | |||||||||||||||||||||||||||||||
| Net interest income | 23,627 | 23,116 | 21,159 | 19,776 | 19,299 | |||||||||||||||||||||||||||||||
| Provision for credit losses | 3,287 | 2,850 | 3,803 | 5,212 | 3,572 | |||||||||||||||||||||||||||||||
| Non-interest income | 10,615 | 9,953 | 11,288 | 7,324 | 13,280 | |||||||||||||||||||||||||||||||
| Non-interest expense | 21,658 | 21,546 | 21,357 | 18,743 | 21,411 | |||||||||||||||||||||||||||||||
| Income before income tax expense | 9,297 | 8,673 | 7,287 | 3,145 | 7,596 | |||||||||||||||||||||||||||||||
| Income tax expense | 2,111 | 2,014 | 1,695 | 746 | 1,995 | |||||||||||||||||||||||||||||||
| Net Income | $ | 7,186 | $ | 6,659 | $ | 5,592 | $ | 2,399 | $ | 5,601 | ||||||||||||||||||||||||||
| Basic weighted average shares outstanding | 11,543 | 11,325 | 11,228 | 11,205 | 11,158 | |||||||||||||||||||||||||||||||
| Basic earnings per common share | $ | 0.62 | $ | 0.59 | $ | 0.50 | $ | 0.21 | $ | 0.50 | ||||||||||||||||||||||||||
| Diluted weighted average shares outstanding | 11,771 | 11,540 | 11,392 | 11,446 | 11,375 | |||||||||||||||||||||||||||||||
| Diluted earnings per common share | $ | 0.61 | $ | 0.58 | $ | 0.49 | $ | 0.21 | $ | 0.49 | Segment Information | |||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||
| Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Bank | Wealth | Mortgage | Total | Bank | Wealth | Mortgage | Total | ||||||||||||||||||||||||||||
| Net interest income | $ | 23,478 | $ | 59 | $ | 90 | $ | 23,627 | $ | 19,178 | $ | 70 | $ | 51 | $ | 19,299 | ||||||||||||||||||||
| Provision for credit losses | 3,287 | — | — | 3,287 | 3,572 | — | — | 3,572 | ||||||||||||||||||||||||||||
| Net interest income after provision | 20,191 | 59 | 90 | 20,340 | 15,606 | 70 | 51 | 15,727 | ||||||||||||||||||||||||||||
| Non-interest income | 2,943 | 1,679 | 5,993 | 10,615 | 2,669 | 1,527 | 9,084 | 13,280 | ||||||||||||||||||||||||||||
| Non-interest expense | 14,650 | 1,245 | 5,763 | 21,658 | 13,641 | 1,026 | 6,744 | 21,411 | ||||||||||||||||||||||||||||
| Income before income taxes | $ | 8,484 | $ | 493 | $ | 320 | $ | 9,297 | $ | 4,634 | $ | 571 | $ | 2,391 | $ | 7,596 | ||||||||||||||||||||
| Efficiency ratio | 55 | % | 72 | % | 95 | % | 63 | % | 62 | % | 64 | % | 74 | % | 66 | % | ||||||||||||||||||||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Bank | Wealth | Mortgage | Total | Bank | Wealth | Mortgage | Total | ||||||||||||||||||||||||||||
| Net interest income | $ | 87,179 | $ | 176 | $ | 323 | $ | 87,678 | $ | 70,706 | $ | 146 | $ | 144 | $ | 70,996 | ||||||||||||||||||||
| Provision for credit losses | 15,152 | — | — | 15,152 | 11,400 | — | — | 11,400 | ||||||||||||||||||||||||||||
| Net interest income after provision | 72,027 | 176 | 323 | 72,526 | 59,306 | 146 | 144 | 59,596 | ||||||||||||||||||||||||||||
| Non-interest income | 10,248 | 6,316 | 22,616 | 39,180 | 7,576 | 5,735 | 28,028 | 41,339 | ||||||||||||||||||||||||||||
| Non-interest expense | 57,287 | 4,155 | 21,862 | 83,304 | 51,584 | 3,506 | 24,059 | 79,149 | ||||||||||||||||||||||||||||
| Income before income taxes | $ | 24,988 | $ | 2,337 | $ | 1,077 | $ | 28,402 | $ | 15,298 | $ | 2,375 | $ | 4,113 | $ | 21,786 | ||||||||||||||||||||
| Efficiency ratio | 59 | % | 64 | % | 95 | % | 66 | % | 66 | % | 60 | % | 85 | % | 70 | % |
MERIDIAN CORPORATION AND SUBSIDIARIES
APPENDIX: NON-GAAP MEASURES (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.
| Pre-Provision Net Revenue Reconciliation | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data, Unaudited) | December 31,<br>2025 | September 30,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 | |||||||||||||||||||||||||||
| Income before income tax expense | $ | 9,297 | $ | 8,673 | $ | 7,596 | $ | 28,402 | $ | 21,786 | ||||||||||||||||||||||
| Provision for credit losses | 3,287 | 2,850 | 3,572 | 15,152 | 11,400 | |||||||||||||||||||||||||||
| Pre-provision net revenue | $ | 12,584 | $ | 11,523 | $ | 11,168 | $ | 43,554 | $ | 33,186 | ||||||||||||||||||||||
| Pre-Provision Net Revenue Reconciliation | ||||||||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data, Unaudited) | December 31,<br>2025 | September 30,<br>2025 | December 31,<br>2024 | December 31,<br>2025 | December 31,<br>2024 | |||||||||||||||||||||||||||
| Bank | $ | 11,771 | $ | 10,504 | $ | 8,206 | $ | 40,140 | $ | 26,698 | ||||||||||||||||||||||
| Wealth | 493 | 512 | 571 | 2,337 | 2,375 | |||||||||||||||||||||||||||
| Mortgage | 320 | 507 | 2,391 | 1,077 | 4,113 | |||||||||||||||||||||||||||
| Pre-provision net revenue | $ | 12,584 | $ | 11,523 | $ | 11,168 | $ | 43,554 | $ | 33,186 | ||||||||||||||||||||||
| Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding Loans at Fair Value | ||||||||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||||||
| December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | ||||||||||||||||||||||||||||
| Allowance for credit losses (GAAP) | $ | 21,573 | $ | 21,794 | $ | 20,851 | $ | 20,827 | $ | 18,438 | ||||||||||||||||||||||
| Loans and other finance receivables (GAAP) | 2,170,600 | 2,162,845 | 2,108,250 | 2,071,675 | 2,030,437 | |||||||||||||||||||||||||||
| Less: Loans at fair value | (14,396) | (14,454) | (14,541) | (14,182) | (14,501) | |||||||||||||||||||||||||||
| Loans and other finance receivables, excluding loans at fair value (non-GAAP) | $ | 2,156,204 | $ | 2,148,391 | $ | 2,093,709 | $ | 2,057,493 | $ | 2,015,936 | ||||||||||||||||||||||
| ACL to loans and other finance receivables (GAAP) | 0.99 | % | 1.01 | % | 0.99 | % | 1.01 | % | 0.91 | % | ||||||||||||||||||||||
| ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP) | 1.00 | % | 1.01 | % | 1.00 | % | 1.01 | % | 0.91 | % | ||||||||||||||||||||||
| Tangible Common Equity Ratio Reconciliation - Corporation | ||||||||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||||||
| December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | ||||||||||||||||||||||||||||
| Total stockholders' equity (GAAP) | $ | 198,141 | $ | 188,029 | $ | 178,020 | $ | 173,568 | $ | 171,522 | ||||||||||||||||||||||
| Less: Goodwill and intangible assets | (3,462) | (3,513) | (3,564) | (3,615) | (3,666) | |||||||||||||||||||||||||||
| Tangible common equity (non-GAAP) | 194,679 | 184,516 | 174,456 | 169,953 | 167,856 | |||||||||||||||||||||||||||
| Total assets (GAAP) | 2,560,420 | 2,541,130 | 2,510,938 | 2,528,888 | 2,385,867 | |||||||||||||||||||||||||||
| Less: Goodwill and intangible assets | (3,462) | (3,513) | (3,564) | (3,615) | (3,666) | |||||||||||||||||||||||||||
| Tangible assets (non-GAAP) | $ | 2,556,958 | $ | 2,537,617 | $ | 2,507,374 | $ | 2,525,273 | $ | 2,382,201 | ||||||||||||||||||||||
| Tangible common equity to tangible assets ratio - Corporation (non-GAAP) | 7.61 | % | 7.27 | % | 6.96 | % | 6.73 | % | 7.05 | % | Tangible Common Equity Ratio Reconciliation - Bank | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||||||
| December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | ||||||||||||||||||||||||||||
| Total stockholders' equity (GAAP) | $ | 244,064 | $ | 236,038 | $ | 228,127 | $ | 220,768 | $ | 219,119 | ||||||||||||||||||||||
| Less: Goodwill and intangible assets | (3,462) | (3,513) | (3,564) | (3,615) | (3,666) | |||||||||||||||||||||||||||
| Tangible common equity (non-GAAP) | 240,602 | 232,525 | 224,563 | 217,153 | 215,453 | |||||||||||||||||||||||||||
| Total assets (GAAP) | 2,560,485 | 2,541,395 | 2,510,684 | 2,525,029 | 2,382,014 | |||||||||||||||||||||||||||
| Less: Goodwill and intangible assets | (3,462) | (3,513) | (3,564) | (3,615) | (3,666) | |||||||||||||||||||||||||||
| Tangible assets (non-GAAP) | $ | 2,557,023 | $ | 2,537,882 | $ | 2,507,120 | $ | 2,521,414 | $ | 2,378,348 | ||||||||||||||||||||||
| Tangible common equity to tangible assets ratio - Bank (non-GAAP) | 9.41 | % | 9.16 | % | 8.96 | % | 8.61 | % | 9.06 | % | ||||||||||||||||||||||
| Tangible Book Value Reconciliation | ||||||||||||||||||||||||||||||||
| December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | ||||||||||||||||||||||||||||
| Book value per common share | $ | 16.75 | $ | 16.33 | $ | 15.76 | $ | 15.38 | $ | 15.26 | ||||||||||||||||||||||
| Less: Impact of goodwill /intangible assets | 0.29 | 0.31 | 0.32 | 0.32 | 0.33 | |||||||||||||||||||||||||||
| Tangible book value per common share | $ | 16.46 | $ | 16.02 | $ | 15.44 | $ | 15.06 | $ | 14.93 |
12
earningssupplement-ex992
Fourth Quarter 2025 NASDAQ: MRBK Earnings Supplement
FORWARD-LOOKING STATEMENTS Meridian Corporation (the “Corporation”) may from time to time make written or oral “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; increased competitive pressures; changes in spreads on interest-earning assets and interest-bearing liabilities; changes in general economic conditions and conditions within the securities markets; escalating tariff and other trade policies and the resulting impacts on market volatility and global trade; the impact of uncertain or changing political conditions or any current or future federal government shutdown and uncertainty regarding the federal government's debt limit; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review the Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. The Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by the Corporation or by or on behalf of Meridian Bank, except as may be required under applicable laws. Meridian Corporation 2
MRBK INVESTMENT HIGHLIGHTS Regional presence with a community touch. "Go to" bank in the Delaware Valley Demonstrated organic growth engine in diversified loan segments. Focus on Commercial, CRE and Small Business Lending Valuable customer base trained to solely use electronic channel. Strong sales culture that capitalizes on market disruption. Skilled management team with extensive in-market experience. Comfortably handle all but the largest companies. Meridian Corporation 3
Geographic Footprint Regional Market Meridian Corporation 4
Q4'2025 vs Q4'2024 Financial Recap Summary Income Statement ($000s) Q4'2025 Q4'2024 Net Interest Income $ 23,627 $ 19,299 Provision for Credit Losses 3,287 3,572 Non-Interest Income 10,615 13,280 Non-Interest Expense 21,658 21,411 Income Before Income Taxes 9,297 7,596 Income Taxes 2,111 1,995 Net income $ 7,186 $ 5,601 Earnings Per Share Diluted Earnings Per Share $ 0.61 $ 0.49 Pre-Provision Net Revenue by Segment 1 Bank $ 11,771 $ 8,206 Wealth 493 571 Mortgage 320 2,391 Pre-Provision Net Revenue $ 12,584 $ 11,168 Assets ($M) Loans ($M) Deposits ($M) Q4'2021 Q4'2022 Q4'2023 Q4'2024 Q4'2025 $1,000 $2,000 $3,000 Summary Balance Sheet Q4'2025 Q4'2024 Assets ($M) $ 2,560 $ 2,386 Loans ($M) 2 2,171 2,030 Deposits ($M) 2,158 2,005 Equity ($M) 198 172 1) A Non-GAAP measure. See Non-GAAP reconciliation in the Appendix. 2) Includes loans held for investment. Meridian Corporation 5
For the Calendar Quarter Ended Balance Sheet ($M) Q4'2025 Q3'2025 Q2'2025 Q1'2025 Q4'2024 Total Assets $ 2,560 $ 2,541 $ 2,511 $ 2,529 $ 2,386 Total Loans & Leases² 2,204 2,191 2,152 2,100 2,063 Deposits 2,158 2,131 2,110 2,129 2,005 Equity 198 188 178 174 172 Tangible Equity / Tangible Assets3 7.61 % 7.27 % 6.96 % 6.73 % 7.05 % Net Income & Share Data ($000s) Net Income $ 7,186 $ 6,659 $ 5,592 $ 2,399 $ 5,601 Diluted EPS 0.61 0.58 0.49 0.21 0.49 Price per Common Share 17.58 15.79 12.89 14.40 13.71 TBV per Share 16.46 16.02 15.44 15.06 14.93 Pre-Provision Net Revenue3 12,584 11,523 11,090 8,357 11,168 Common Dividends per Share 0.125 0.125 0.125 0.125 0.125 Dividend Yield (annualized) 2.8 % 3.2 % 3.9 % 3.5 % 3.6 % Profitability (%) ROAE 14.79 % 14.42 % 12.68 % 5.57 % 13.01 % ROAA 1.10 % 1.04 % 0.90 % 0.40 % 0.92 % NIM 3.77 % 3.77 % 3.54 % 3.46 % 3.29 % Q4'2025 HIGHLIGHTS 1) As of and for the quarter ended and year ended December 31, 2025, per January 29, 2026 press release. 2) Includes loans held for sale and loans held for investment. 3) A Non-GAAP measure. See Non-GAAP reconciliation in the Appendix. Meridian Corporation 6
Q4'2025 INCOME STATEMENT TRENDS ($000s) Pre-Provision Net Revenue by Segment Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 Bank $ 8,206 $ 8,860 $ 9,005 $ 10,504 $ 11,771 Wealth 571 726 604 512 493 Mortgage 2,391 (1,229) 1,481 507 320 Total Pre-Provision Net Revenue $ 11,168 $ 8,357 $ 11,090 $ 11,523 $ 12,584 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 Net Interest Income Non-Interest Income Non-Interest Expense Pre-Provision Net Revenue Net Income $0 $5,000 $10,000 $15,000 $20,000 $25,000 Meridian Corporation 7
NET INTEREST MARGIN 3.09% 3.06% 3.20% 3.29% 3.46% 3.54% 3.77% 3.77% 6.90% 6.98% 7.06% 6.81% 6.83% 6.89% 7.01% 6.82% 4.00% 4.10% 4.05% 3.71% 3.56% 3.52% 3.42% 3.23% Net Interest Margin Yield on Earning Assets Cost of Funds Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Meridian Corporation 8
DEPOSIT REPRICING DRIVING DOWN COST OF FUNDS Data as of December 31, 2025 • During Q4, time deposit costs declined 14 bps, aiding net interest margin • $473 million in term deposits to reprice next six months • Currently repricing at approx. 3.70%, down from 4.03% and 3.77% through months 1 to 3 and 3 to 6, respectively Meridian Corporation 9 Time Deposit Maturity Schedule ($000s) - as of December 31, 2025 4.03% 3.77% 3.85% 3.78% 3.80% 3.66% 3.56% Amount Maturing (000s) Blended Cost by Period 1-3 MONTHS 3-6 MONTHS 6-9 MONTHS 9-12 MONTHS 12-18 MONTHS 18-24 MONTHS > 2 YRS $— $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 $220,000 $240,000 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00%
NON-INTEREST INCOME (Dollars in thousands) Q4'2025 Q3'2025 $ Change Mortgage banking income 1 6,001 5,802 199 SBA income 1,285 1,431 (146) Wealth management income 1,679 1,610 69 Net (loss) on sale of loans (184) (250) 66 Net gain on sale of investments 453 48 405 Other income 1,381 1,312 69 Total $ 10,615 $ 9,953 $ 662 Note 1 - includes FV change on mortgages HFS and related hedging derivatives. 55.5% 15.5% 11.9% 4.2% 12.9% Mortgage banking income Wealth management income SBA income Net gain on sale of MSR's Net gain on sale of loans Net gain on sale of investments Other income (% of total non-interest income during Q4'2025) Meridian Corporation 10
NON-INTEREST EXPENSE (% of total non-interest expense during Q4'2025) (Dollars in thousands) Q4'2025 Q3'2025 $ Change Salaries & benefits 13,103 13,613 (510) Occupancy & equipment 1,210 991 219 Professional fees 1,076 1,092 (16) Data processing and IT 1,981 1,865 116 Other 4,288 3,985 303 Total $ 21,658 $ 21,546 $ 112 60.5% 5.6% 5.0% 9.1% 19.8% Salaries & employee benefits Occupancy & equipment Professional Data processing / IT Other Meridian Corporation 11
LOANS AND OTHER FINANCE RECEIVABLES Balance ($000s) December 31, 2025 YTD Growth % Commercial Mortgage 879,440 6.7 % Commercial & Industrial 428,981 16.8 % Construction 330,543 27.4 % SBA loans 139,765 (10.3) % Leases, net 45,489 (40.1) % Residential mortgage 236,135 (6.5) % Home equity 107,002 17.9 % Consumer 329 (5.7) % Total $ 2,167,684 7.0 % Commercial Mortgage, 41% Consumer, 16% Commercial & Industrial, 20% SBA, 6% Construction, 15% Leases, 2% Commercial - 83% Consumer - 17% (residential, home equity, personal) Meridian Corporation 12 As of December 31, 2025
C&I LOAN PORTFOLIO OVERVIEW C&I Portfolio By Industry as of December 31, 2025 10 Largest C&I Relationships as a % of C&I Portfolio 11.2 % 10 Largest C&I Relationships as a % of Total Loan Portfolio 4.6 % Average Loan Size O/S of C&I Portfolio, excluding leases ($000s) $403 Weighted Average Risk Rating of C&I Portfolio Pass 15.8% 13.4% 8.7% 8.4% 5.8% 7.3% 5.8% 19.0% 5.8% 4.9% 3.6% 1.4% Manufacturing Construction Related RE Investment Professional Services Health & Social Services Wholesale Trade Retail Trade Other Financial, Insurance & RE Services Leisure Admin & Support Waste Mgmt & Remediation *Includes commercial owner occupied real estate of $286 million Portfolio Characteristics Meridian Corporation 13 $892M Total C&I*
32.4% 2.2% 17.4% 1.7% 26.3% 10.1% 1.4% 3.7% 4.9% Resi & Coml Constr RE & Rental Lease Com RE Inv Construction Related RE Inv Leisure Health Care and Social Assistance Other Fin, Ins, RE Services CRE LOAN PORTFOLIO OVERVIEW - as of December 31, 2025 $923 M* Total CRE (as a % of CRE loans) *Commercial owner occupied real estate loans of $286 million not included (see C&I chart) Included in CRE: • $68 M of office buildings; & • $113 M of multi-family loans Meridian Corporation Multi-family Loans by Region: Region Amount ($000s) % of Total Philadelphia 82,195 71.6 % Chester County, PA 10,800 9.5 % Montgomery County, PA 7,507 6.6 % New Castle, DE 7,415 6.5 % Delaware County, PA 1,443 1.3 % Bucks County, PA 1,354 1.2 % Southern NJ 1,900 1.7 % Other 600 0.5 % Total $ 113,214 14
CRE RATIOS - 100 & 300* 75% 75% 88% 96% 99% 73% 73% 127% 113% 114% 120% 120% 127% 131% 150% 149% 156% 184% 177% 172% 169% 234% 256% 277% 287% 282% 288% 284% CRE 100 Ratio CRE 300 Ratio Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25 Jun-25 Sept-25 Dec-25 50% 100% 150% 200% 250% 300% Increase in Construction - largely Multi-family Meridian Corporation 15 * The CRE 100 Ratio and CRE 300 Ratio consist of construction loans (100) and non-owner occupied CRE loans (300) compared to total risk-based capital at December 31, 2025.
6.79% 6.82% 7.89% 11.10% 11.50% 11.47% 10.53% 11.04% 10.50% 1.01% 0.54% 1.12% 3.43% 3.96% 3.56% 3.52% 3.42% 3.23% Yield on SBA Loans Cost of Funds FYE 20 FYE 21 FYE 22 FYE 23 FYE 24 Q1'25 Q2'25 Q3'25 Q4'25 —% 5.00% 10.00% 15.00% SBA Loan Portfolio Overview SBA Loan Portfolio Profitability ($000s) Yield vs. Cost $4,639 $11,773 $13,280 $15,976 $15,245 $16,929 $2,478 $1,172 $2,469 $3,463 $8,111 Total Net Revenue Provision for Credit Losses FYE 20 FYE 21 FYE 22 FYE 23 FYE 24 FYE 25 $5,000 $10,000 $15,000 • $139.8 million loans outstanding at December 31, 2025. • Very profitable portfolio. • Spread on SBA portfolio - 7.27% for Q4 2025. • 54% of non-performing loans as of December 31, 2025 were originated during 2020-2021 prior to 500+ bps rise in rates. Meridian Corporation 16
ASSET QUALITY TRENDS 0.08% 0.05% 0.05% 0.11% 0.12% 0.20% 0.11% 0.34% 0.14% 0.17% 0.09% 0.16% 1.25% 1.44% 1.53% 1.76% 1.93% 1.84% 2.20% 2.19% 2.50% 2.35% 2.53% 2.50% 1.11% 1.32% 1.38% 1.58% 1.74% 1.68% 1.97% 1.90% 2.07% 2.14% 2.32% 2.38% NCOs / Avg Loans NPLs / Loans NPAs / Assets Q1'2023 Q2'2023 Q3'2023 Q4'2023 Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% Meridian Corporation 17
ASSET QUALITY - as of December 31, 2025 Comm Mortgage, $2,472 Construction & Land Dev, $6,649 C & I - Billboard (1), $5,397 C & I - Other, $1,373 SBA, $24,781 Residential, $10,385 Leases, $1,979 Home Equity, $2,023 Non-performing Loans by Type ($000s) $13.2 million (53%) guaranteed by SBA (1) C&I Billboard is comprised of 1 loan relationship. Meridian Corporation 18
MORTGAGE VOLUME & MARGIN TRENDS ($000s) 2.95% 2.81% 2.82% 2.73% 2.63% 2.86% 2.93% 2.82% Closed and Funded - Purchase Closed and Funded - Refi Sold Volume Margin Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 0 50 100 150 200 250 300 2.00% 2.20% 2.40% 2.60% 2.80% 3.00% Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 Refinance (%) 16% 10% 12% 16% 18% 14% 14% 21% Purchase (%) 84% 90% 88% 84% 82% 86% 86% 79% Meridian Corporation 19 Year Sold Volume (000s) Margin 2025 $ 773,228 2.82 % 2024 $ 790,393 2.82 % 2023 $ 606,042 2.85 % Year Originations (000s) % Refi 2025 $ 830,751 17 % 2024 $ 841,705 14 % 2023 $ 678,617 11 % Year over Year Summary
DEPOSIT COMPOSITION - as of December 31, 2025 Business Accounts, 52% Consumer Accounts, 14% Municipal Deposits, 12% Brokered Time Deposits, 22% Business Accounts Consumer Accounts Municipal Deposits Brokered Time Deposits Total Deposits $2.2 billion • At December 31, 2025, 61% of business accounts and 89% of consumer accounts were fully insured by the FDIC. • The average business money market account balance was $552 thousand at December 31, 2025. • The municipal deposits are 100% insured or collateralized and brokered deposits are 100% FDIC insured. • The level of uninsured deposits for the entire deposit base was 22% at December 31, 2025. (as a % of total deposits) Meridian Corporation 20
INVESTMENT PORTFOLIO COMPOSITION As of December 31, 2025 • Total investment securities 8.9% of total assets: – 86% Available for sale (AFS). – 14% Held-to-maturity (HTM). • Portfolio duration - 3.74 years • Average life - 4.91 years • Tax-equivalent yield - 3.82% • 12-month projected cash flow $27.4 million, or 12.01% of portfolio • Post Tax AFS URL $4.9 million or 1.83% of Tier 1 capital (1) (1) Capital ratios reflect Meridian Bank ratios. US government agency 45.9% State & municipal - tax free 24.1% Other 9.9% US asset backed 11.5% State & municipal - taxable 7.7% Equity securities 0.9% Total Securities $228 million Meridian Corporation 21
APPENDIX - HISTORICAL FINANCIAL HIGHLIGHTS AND RECONCILIATIONS OF NON-GAAP MEASURES Meridian Corporation 22
HISTORICAL FINANCIAL DATA 1) Includes loans held for sale and held for investment. 2) Includes loans held for investment (excluding loans at fair value). 3) A Non-GAAP measure. See Appendix for Non-GAAP to GAAP reconciliation. As of or for the Quarter Ended As of or for the Year Ended (dollars in thousands) Q4'2025 Q3'2025 Q4'2024 2025Y 2024Y 2023Y Balance Sheet Total Assets $ 2,560,420 $ 2,541,130 $ 2,385,867 $ 2,560,420 $ 2,385,867 $ 2,246,193 Loans (1) 2,204,362 2,190,861 2,062,850 2,204,362 2,062,850 1,920,622 Deposits 2,158,128 2,131,116 2,005,368 2,158,128 2,005,368 1,823,462 Gross Loans / Deposits 102.14 % 102.80 % 102.87 % 102.14 % 102.87 % 105.33 % Capital Total Equity $ 198,141 $ 188,029 $ 171,522 $ 198,141 $ 171,522 $ 158,022 Tangible Common Equity / Tangible Assets - HC (3) 7.61 % 7.27 % 7.05 % 7.61 % 7.05 % 6.87 % Tangible Common Equity / Tangible Assets - Bank (3) 9.41 9.16 9.06 9.41 9.06 8.94 Tier 1 Leverage Ratio - Bank 9.51 9.41 9.21 9.51 9.21 9.46 Total Capital Ratio - Bank 11.66 11.54 11.20 11.66 11.20 11.17 Commercial Real Estate Loans / Total RBC 284.1 % 287.8 % 277.2 % 284.1 % 277.2 % 255.9 % Earnings & Profitability Net Income $ 7,186 $ 6,659 $ 5,601 $ 21,836 $ 16,346 $ 13,243 ROA 1.10 % 1.04 % 0.92 % 0.87 % 0.70 % 0.61 % ROE 14.79 14.42 13.01 12.00 9.93 8.53 Net Interest Margin (NIM)(TEY) 3.77 3.77 3.29 3.64 3.16 3.35 Non-Int Inc. / Avg. Assets 1.63 1.56 2.17 1.56 1.76 1.48 Efficiency Ratio 63.25 % 65.15 % 65.72 % 65.67 % 70.46 % 76.43 % Asset Quality Nonaccrual Loans / Loans (1) 2.50 % 2.53 % 2.19 % 2.50 % 2.19 % 1.76 % NPAs / Assets 2.38 2.32 1.90 2.38 1.90 1.58 Reserves / Loans (2) (3) 1.00 1.01 0.91 1.00 0.91 1.17 NCOs / Average Loans 0.16 % 0.09 % 0.34 % 0.55 % 0.78 % 0.30 % Yield and Cost Yield on Earning Assets (TEY) 6.82 % 7.01 % 6.81 % 6.89 % 6.94 % 6.62 % Cost of Deposits 3.03 3.22 3.57 3.23 3.82 3.24 Cost of Interest-Bearing Liabilities 3.63 % 3.84 % 4.20 % 3.85 % 4.46 % 3.97 % Meridian Corporation 23
Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding Loans at Fair Value (dollars in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Allowance for credit losses (GAAP) $ 21,573 $ 21,794 $ 20,851 $ 20,827 $ 18,438 Loans and other finance receivables (GAAP) 2,170,600 2,162,845 2,108,250 2,071,675 2,030,437 Less: Loans at fair value (14,396) (14,454) (14,541) (14,182) (14,501) Loans and other finance receivables, excluding loans at fair value (non-GAAP) $ 2,156,204 $ 2,148,391 $ 2,093,709 $ 2,057,493 $ 2,015,936 ACL to loans and other finance receivables (GAAP) 0.99 % 1.01 % 0.99 % 1.01 % 0.91 % ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP) 1.00 % 1.01 % 1.00 % 1.01 % 0.91 % RECONCILIATION OF NON-GAAP MEASURES Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Pre-Provision Net Revenue Reconciliation Three Months Ended Year Ended (Dollars in thousands, except per share data) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Income before income tax expense $ 9,297 $ 8,673 $ 7,596 $ 28,402 $ 21,786 Provision for credit losses 3,287 2,850 3,572 15,152 11,400 Pre-provision net revenue $ 12,584 $ 11,523 $ 11,168 $ 43,554 $ 33,186 Bank $ 11,771 $ 10,504 $ 8,206 $ 40,140 $ 26,698 Wealth 493 512 571 2,337 2,375 Mortgage 320 507 2,391 1,077 4,113 Pre-provision net revenue $ 12,584 $ 11,523 $ 11,168 $ 43,554 $ 33,186 Meridian Corporation 24
(dollars in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Tangible common equity ratio - Corporation: Total stockholders' equity (GAAP) $ 198,141 $ 188,029 $ 178,020 $ 173,568 $ 171,522 Less: Goodwill and intangible assets (3,462) (3,513) (3,564) (3,615) (3,666) Tangible common equity (non-GAAP) $ 194,679 $ 184,516 $ 174,456 $ 169,953 $ 167,856 Total assets (GAAP) $ 2,560,420 $ 2,541,130 $ 2,510,938 $ 2,528,888 $ 2,385,867 Less: Goodwill and intangible assets (3,462) (3,513) (3,564) (3,615) (3,666) Tangible assets (non-GAAP) $ 2,556,958 $ 2,537,617 $ 2,507,374 $ 2,525,273 $ 2,382,201 Tangible common equity ratio (non-GAAP) 7.61 % 7.27 % 6.96 % 6.73 % 7.05 % Tangible common equity ratio - Bank: Total stockholders' equity (GAAP) $ 244,064 $ 236,038 $ 228,127 $ 220,768 $ 219,119 Less: Goodwill and intangible assets (3,462) (3,513) (3,564) (3,615) (3,666) Tangible common equity (non-GAAP) $ 240,602 $ 232,525 $ 224,563 $ 217,153 $ 215,453 Total assets (GAAP) $ 2,560,485 $ 2,541,395 $ 2,510,684 $ 2,525,029 $ 2,382,014 Less: Goodwill and intangible assets (3,462) (3,513) (3,564) (3,615) (3,666) Tangible assets (non-GAAP) $ 2,557,023 $ 2,537,882 $ 2,507,120 $ 2,521,414 $ 2,378,348 Tangible common equity ratio (non-GAAP) 9.41 % 9.16 % 8.96 % 8.61 % 9.06 % RECONCILIATION OF NON-GAAP MEASURES Meridian Corporation 25