EX-99.1 2 q42025-earningsreleasexex9.htm EX-99.1 Document
Exhibit 99.1

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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,
2025		September 30,
2025		December 31,
2024
Income:
Net income
$7,186 $6,659 $5,601 
Diluted earnings per common share0.61 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."




1
Exhibit 99.1


Select Condensed Financial Information
As of or for the three months ended (Unaudited)
December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025		December 31,
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 share0.62 0.59 0.50 0.21 0.50 
Diluted earnings per common share0.61 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 deposits2,158,128 2,131,116 2,110,374 2,128,742 2,005,368 
Non-interest bearing deposits245,377 239,614 237,042 323,485 240,858 
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 assets2,495,922 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 deposits2,173,242 2,143,821 2,095,028 2,036,208 2,043,505 
Non-interest bearing deposits256,554 253,374 249,745 244,161 259,118 
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.



2
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,
2025		September 30,
2025		$ Change% ChangeChange due to rateChange due to volume
Interest income:
Cash and cash equivalents$348 $412 $(64)(15.5)%$(28)$(36)
Investment securities - taxable1,891 1,895 (4)(0.2)%(14)10 
Investment securities - tax exempt (1)396 400 (4)(1.0)%(12)8 
Loans held for sale500 536 (36)(6.7)%(37)1 
Loans held for investment (1)39,764 39,942 (178)(0.4)%(1,161)983 
Total loans40,264 40,478 (214)(0.5)%(1,198)984 
Total interest income$42,899 $43,185 $(286)(0.7)%$(1,252)$966 
Interest expense:
Interest-bearing demand deposits$1,186 $1,314 $(128)(9.7)%$30 $(158)
Money market and savings deposits7,942 8,322 (380)(4.6)%(821)441 
Time deposits7,454 7,782 (328)(4.2)%(249)(79)
Total interest - bearing deposits16,582 17,418 (836)(4.8)%(1,040)204 
Borrowings1,568 1,495 73 4.9 %(44)117 
Subordinated debentures1,049 1,080 (31)(2.9)%(33)2 
Total interest expense19,199 19,993 (794)(4.0)%(1,117)323 
Net interest income differential$23,700 $23,192 $508 2.19 %$(135)$643 
(1) Reflected on a tax-equivalent basis.
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.
3
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,
2025		September 30,
2025		$ Change% Change
Mortgage banking income$5,714 $5,914 $(200)(3.4)%
Wealth management income1,679 1,610 69 4.3 %
SBA loan income1,285 1,431 (146)(10.2)%
Earnings on investment in life insurance248 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 instruments197 129 68 52.7 %
Net change in the fair value of loans held-for-sale112 (75)187 (249.3)%
Net change in the fair value of loans held-for-investment86 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 %
Other1,059 853 206 24.2 %
Total non-interest income$10,615 $9,953 $662 6.7 %
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,
2025		September 30,
2025		$ Change% Change
Salaries and employee benefits$13,103 $13,613 $(510)(3.7)%
Occupancy and equipment1,210 991 219 22.1 %
Professional fees1,076 1,092 (16)(1.5)%
Data processing and software1,981 1,865 116 6.2 %
Advertising and promotion944 877 67 7.6 %
Pennsylvania bank shares tax224 254 (30)(11.8)%
Other3,120 2,854 266 9.3 %
Total non-interest expense$21,658 $21,546 $112 0.5 %
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.





4
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.










5
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.
6
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,
2025		September 30,
2025		June 30,
2025		March 31,
2025		December 31,
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 outstanding11,826 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 loans0.16 %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 assets7.74 %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 - Bank9.51 9.41 9.32 9.30 9.21 
Common tier 1 risk-based capital ratio - Bank10.66 10.52 10.53 10.15 10.33 
Tier 1 risk-based capital ratio - Bank10.66 10.52 10.53 10.15 10.33 
Total risk-based capital ratio - Bank11.66 %11.54 %11.54 %11.14 %11.20 %
(1) See Non-GAAP reconciliation in the Appendix
(2) Annualized
7
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,
2025		September 30,
2025		December 31,
2024		December 31,
2025		December 31,
2024
Interest income:
Loans and other finance receivables, including fees$40,264 $40,477 $37,229 $155,987 $147,157 
Securities - taxable1,891 1,895 1,684 7,271 5,739 
Securities - tax-exempt323 325 314 1,256 1,283 
Cash and cash equivalents348 412 801 1,800 1,848 
Total interest income42,826 43,109 40,028 166,314 156,027 
Interest expense:
Deposits16,582 17,418 18,341 68,169 74,037 
Borrowings and subordinated debentures2,617 2,575 2,388 10,467 10,994 
       Total interest expense19,199 19,993 20,729 78,636 85,031 
Net interest income23,627 23,116 19,299 87,678 70,996 
Provision for credit losses3,287 2,850 3,572 15,152 11,400 
Net interest income after provision for credit losses20,340 20,266 15,727 72,526 59,596 
Non-interest income:
Mortgage banking income5,714 5,914 5,516 20,783 21,044 
Wealth management income1,679 1,610 1,527 6,316 5,735 
SBA loan income1,285 1,431 1,143 5,452 3,458 
Earnings on investment in life insurance248 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 instruments197 129 (146)373 30 
Net change in the fair value of loans held-for-sale112 (75)(163)310 (25)
Net change in the fair value of loans held-for-investment86 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)
Other1,059 853 1,532 4,012 6,152 
Total non-interest income10,615 9,953 13,280 39,180 41,339 
Non-interest expense:
Salaries and employee benefits13,103 13,613 12,429 51,280 47,268 
Occupancy and equipment1,210 991 2,270 4,576 5,976 
Professional fees1,076 1,092 1,134 4,095 4,767 
Data processing and software1,981 1,865 1,553 7,031 6,144 
Advertising and promotion944 877 839 3,877 3,293 
Pennsylvania bank shares tax224 254 243 1,016 972 
Other3,120 2,854 2,943 11,429 10,729 
Total non-interest expense21,658 21,546 21,411 83,304 79,149 
        Income before income taxes9,297 8,673 7,596 28,402 21,786 
Income tax expense2,111 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 outstanding11,771 11,540 11,375 11,538 11,243 
8
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,
2025		September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024
Assets:
Cash and due from banks$10,358 $12,605 $20,604 $16,976 $5,598 
Interest-bearing deposits at other banks25,420 27,384 29,570 113,620 21,864 
Federal funds sold— — — 629 — 
Cash and cash equivalents35,778 39,989 50,174 131,225 27,462 
Securities available-for-sale, at fair value193,457 194,268 187,902 185,221 174,304 
Securities held-to-maturity, at amortized cost32,544 32,593 32,642 32,720 33,771 
Equity investments2,166 2,150 2,130 2,126 2,086 
Mortgage loans held for sale, at fair value33,762 28,016 44,078 28,047 32,413 
Loans and other finance receivables, net of fees and costs2,170,600 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 losses2,149,027 2,141,051 2,087,399 2,050,848 2,011,999 
Restricted investment in bank stock7,811 8,350 9,162 8,369 7,753 
Bank premises and equipment, net12,402 12,413 12,320 12,028 12,151 
Bank owned life insurance30,687 30,421 30,175 29,935 29,712 
Accrued interest receivable10,724 10,944 10,334 10,345 9,958 
OREO and other repossessed assets5,997 3,714 3,148 249 276 
Deferred income taxes4,215 4,989 5,314 5,136 4,669 
Servicing assets3,932 3,845 3,658 4,284 (2,227)
Servicing assets held for sale— — — — 6,609 
Goodwill899 899 899 899 899 
Intangible assets2,563 2,614 2,665 2,716 2,767 
Other assets34,456 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 checking157,360 151,973 173,865 161,055 141,439 
Money market and savings deposits1,023,290 996,126 956,448 947,795 913,536 
Time deposits732,101 743,403 743,019 696,407 709,535 
Total interest-bearing deposits1,912,751 1,891,502 1,873,332 1,805,257 1,764,510 
Total deposits2,158,128 2,131,116 2,110,374 2,128,742 2,005,368 
Borrowings117,338 137,265 138,965 139,590 124,471 
Subordinated debentures49,853 49,822 49,792 49,761 49,743 
Accrued interest payable6,531 7,095 7,059 7,404 6,860 
Other liabilities30,429 27,803 26,728 29,823 27,903 
Total liabilities2,362,279 2,353,101 2,332,918 2,355,320 2,214,345 
Stockholders’ equity:
Common stock13,830 13,521 13,300 13,288 13,243 
Surplus90,352 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 earnings128,124 122,376 117,132 112,952 111,961 
Accumulated other comprehensive loss(5,279)(5,905)(7,511)(7,613)(8,142)
Total stockholders’ equity198,141 188,029 178,020 173,568 171,522 
Total liabilities and stockholders’ equity$2,560,420 $2,541,130 $2,510,938 $2,528,888 $2,385,867 
9
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,
2025		September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024
Interest income$42,826 $43,109 $41,211 $39,168 $40,028 
Interest expense19,199 19,993 20,052 19,392 20,729 
Net interest income23,627 23,116 21,159 19,776 19,299 
Provision for credit losses
3,287 2,850 3,803 5,212 3,572 
Non-interest income10,615 9,953 11,288 7,324 13,280 
Non-interest expense21,658 21,546 21,357 18,743 21,411 
Income before income tax expense9,297 8,673 7,287 3,145 7,596 
Income tax expense2,111 2,014 1,695 746 1,995 
Net Income$7,186 $6,659 $5,592 $2,399 $5,601 
Basic weighted average shares outstanding11,543 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 outstanding11,771 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)BankWealthMortgageTotalBankWealthMortgageTotal
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 income2,943 1,679 5,993 10,615 2,669 1,527 9,084 13,280 
Non-interest expense14,650 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 ratio55 %72 %95 %63 %62 %64 %74 %66 %
Year Ended December 31, 2025
Year Ended December 31, 2024
(dollars in thousands)BankWealthMortgageTotalBankWealthMortgageTotal
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 income10,248 6,316 22,616 39,180 7,576 5,735 28,028 41,339 
Non-interest expense57,287 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 ratio59 %64 %95 %66 %66 %60 %85 %70 %

10

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,
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 losses3,287 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,
2025		September 30,
2025		December 31,
2024		December 31,
2025		December 31,
2024
Bank$11,771 $10,504 $8,206 $40,140 $26,698 
Wealth493 512 571 2,337 2,375 
Mortgage320 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,
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 %


11

Tangible Common Equity Ratio Reconciliation - Corporation
December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025		December 31,
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,
2025		September 30,
2025		June 30,
2025		March 31,
2025		December 31,
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,
2025		September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024
Book value per common share$16.75 $16.33 $15.76 $15.38 $15.26 
Less: Impact of goodwill /intangible assets0.29 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