EX-99.1 2 q12025-earningsreleasexex9.htm EX-99.1 Document
Exhibit 99.1

image_0.jpg
Meridian Corporation Reports First Quarter 2025 Results and Announces a Quarterly Dividend of $0.125 per Common Share.
MALVERN, PA., April 25, 2025 — Meridian Corporation (Nasdaq: MRBK) today reported:
Three Months Ended
(Dollars in thousands, except per share data)((Unaudited)March 31,
2025		December 31,
2024		March 31,
2024
Income:
Net income
$2,399 $5,600 $2,676 
Diluted earnings per common share$0.21 $0.49 $0.24 
Pre-provision net revenue (PPNR) (1)
$8,357 $11,167 $6,419 
(1) See Non-GAAP reconciliation in the Appendix

•Net income for the quarter ended March 31, 2025 was $2.4 million, or $0.21 per diluted share.

•Pre-provision net revenue1 for the quarter was $8.4 million, up $1.9 million or 30.2% from 1Q 2024.

•Net interest margin was 3.46% for the first quarter of 2025, with a loan yield of 7.19%.

•Return on average assets and return on average equity for the first quarter of 2025 were 0.40% and 5.57%, respectively.

•Total assets at March 31, 2025 were $2.5 billion, compared to $2.4 billion at December 31, 2024 and $2.3 billion at March 31, 2024.

•Commercial loans, excluding leases, increased $49.5 million, or 3% for the quarter.

•First quarter deposit growth was $123.4 million, or 6%.

•Non-interest-bearing deposits were up $82.6 million or 34%, quarter over quarter.

•On April 24, 2025, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable May 19, 2025 to shareholders of record as of May 12, 2025.

Christopher J. Annas, Chairman and CEO commented:

Meridian’s first quarter 2025 earnings of $2.4 million were slightly below the first quarter 2024 net income of $2.7 million however PPNR was up 30%, reflecting overall healthy growth in our business units and good expense control. Our earnings were negatively affected by higher provisioning resulting mainly from distressed SBA loans, which have been impacted by the dramatic rate rise. The remediation process for SBA loans is lengthy due to procedural requirements, which we follow diligently to assure the government guaranty, but we are making progress. On a positive note, our net interest margin was 3.46% and has shown consistent improvement over the last four quarters.

Loan growth in the first quarter was 12% annualized (minus expected lease paydowns) and all commercial groups contributed. The Delaware Valley region is plagued by a lack of homes for sale, so construction and other residential building is in demand. Our commercial/industrial lending has benefited from disruption in a recent local bank combination, from where we hired a senior lender with a deep list of contacts throughout the region. We expect many opportunities from this individual and his future hires.

Meridian Wealth Partners continued its strong performance with pre-tax income of $726 thousand for the quarter. A slight increase in assets under management combined with overall better fee percentages contributed to the gain. We are poised for better growth in this segment as our expanded loan customer base provides referral business, and with the recent hiring of a senior wealth professional to help focus on other opportunities.

The mortgage group had a larger pre-tax loss in 1Q25 vs 1Q24, mainly due to lower volume and a lesser loan officer count. The first quarter is seasonally weaker, but we are encouraged by the forecast for greater home inventory in both our Delaware Valley and Maryland markets. That has been a much bigger factor for loan originations than mortgage rates.

Our solid growth in PPNR has enabled us to manage the spike in non-performing loans, as we work intensely to remediate these credits. The growth in first quarter loan volume and expansion in net interest margin should continue to help drive further improvement in profitability.


1
Exhibit 99.1

Select Condensed Financial Information
As of or for the three months ended (Unaudited)
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
(Dollars in thousands, except per share data)
Income:
Net income
$2,399 $5,600 $4,743 $3,326 $2,676 
Basic earnings per common share0.21 0.50 0.43 0.30 0.24 
Diluted earnings per common share0.21 0.49 0.42 0.30 0.24 
Net interest income
19,776 19,299 18,242 16,846 16,609 
Balance Sheet:
Total assets$2,528,586 $2,385,867 $2,387,721 $2,351,584 $2,292,923 
Loans, net of fees and costs
2,071,675 2,030,437 2,008,396 1,988,535 1,956,315 
Total deposits2,128,742 2,005,368 1,978,927 1,915,436 1,900,696 
Non-interest bearing deposits323,485 240,858 237,207 224,040 220,581 
Stockholders' equity
173,266 171,522 167,450 162,382 159,936 
Balance Sheet Average Balances:
Total assets$2,420,571 $2,434,270 $2,373,261 $2,319,295 $2,269,047 
Total interest earning assets2,330,224 2,342,651 2,277,523 2,222,177 2,173,212 
Loans, net of fees and costs
2,039,676 2,029,739 1,997,574 1,972,740 1,944,187 
Total deposits2,036,208 2,043,505 1,960,145 1,919,954 1,823,523 
Non-interest bearing deposits244,161 259,118 246,310 229,040 233,255 
Stockholders' equity
174,734 171,214 165,309 162,119 159,822 
Performance Ratios (Annualized):
Return on average assets
0.40 %0.92 %0.80 %0.58 %0.47 %
Return on average equity
5.57 %13.01 %11.41 %8.25 %6.73 %

Income Statement - First Quarter 2025 Compared to Fourth Quarter 2024
First quarter net income decreased $3.2 million, or 57.2%, to $2.4 million due to decreased non-interest income as the prior quarter included a $4.0 million gain on sale of MSR's and a $317 thousand gain on sale of OREO, partially offset by a $1.0 million charge for early lease termination. The first quarter provision for credit losses increased over the prior quarter by $1.6 million. Net interest income increased $477 thousand and non-interest expenses decreased $2.7 million. Detailed explanations of the major categories of income and expense follow below.
Net Interest income
Interest income decreased $869 thousand quarter-over-quarter on a tax equivalent basis, driven by both two less days in the period as well as a lower level of average earning assets, which decreased by $12.4 million. On a rate basis, the yield on earnings assets increased 2 basis points.
Average total loans, excluding residential loans for sale, increased $10.0 million. The largest drivers of this increase were commercial, commercial real estate, and small business loans which on a combined basis increased $21.2 million on average, partially offset by a decrease in average leases of $10.6 million. Home equity, residential real estate, consumer and other loans held in portfolio decreased on a combined basis $602 thousand on average.
Total interest expense decreased $1.3 million, quarter-over-quarter, also driven by two fewer days in the period and a lower volume of time deposits and borrowings. On a rate basis, all deposit types experienced a decrease in the cost, with the overall cost of deposits dropping 21 basis points. Interest expense on total deposits decreased $1.5 million and interest expense on borrowings decreased $139 thousand. During the period, interest-bearing checking accounts and money market accounts increased $9.9 million and $37.9 million on average, respectively, while time deposits decreased $40.2 million on average. Borrowings decreased $6.7 million on average.
Overall the net interest margin increased 17 basis points to 3.46% as the cost of funds declined and the yield on earning assets increased slightly.

2
Exhibit 99.1
Provision for Credit Losses
The overall provision for credit losses for the first quarter increased $1.6 million to $5.2 million, from $3.6 million in the fourth quarter. The first quarter provision increased due to an increase of $7.1 million in non-performing loans which led to an increase of $2.3 million in specific reserves on such loans. SBA loans make up $6.9 million of these additional non-performing loans, of which $3.8 million are guaranteed by the SBA. The increase in provision was also partially impacted by unfavorable changes in certain macro-economic factors used in the model due to current economic and market uncertainty.
Non-interest income
The following table presents the components of non-interest income for the periods indicated:
Three Months Ended
(Dollars in thousands)March 31,
2025		December 31,
2024		$ Change% Change
Mortgage banking income$3,393 $5,516 $(2,123)(38.5)%
Wealth management income1,535 1,527 8 0.5 %
SBA loan income748 1,143 (395)(34.6)%
Earnings on investment in life insurance222 224 (2)(0.9)%
Net (loss) gain on sale of MSRs(52)3,992 (4,044)(101.3)%
Gain on sale of OREO— 317 (317)(100.0)%
Net change in the fair value of derivative instruments149 (146)295 (202.1)%
Net change in the fair value of loans held-for-sale102 (163)265 (162.6)%
Net change in the fair value of loans held-for-investment170 (552)722 (130.8)%
Net (loss) gain on hedging activity21 192 (171)(89.1)%
Other1,036 1,229 (193)(15.7)%
Total non-interest income$7,324 $13,279 $(5,955)(44.8)%
Total non-interest income decreased $6.0 million, or 44.8%, quarter-over-quarter largely due to recognizing a gain on sale of MSRs of $4.0 million in the prior quarter, combined with a $2.1 million decline in mortgage banking income, and a change in gains of $171 thousand in hedging activity. These declines in income were partially offset by favorable derivative and loan related fair value changes. Mortgage loan sales decreased $68.1 million or 31.5% quarter over quarter driving lower gain on sale income in addition to a lower overall margin, leading to the lower level of mortgage banking income.
SBA loan income decreased $395 thousand due to a lower level of SBA loan sales. SBA loans sold for the quarter-ended March 31, 2025 totaled $12.1 million, down $7.8 million, or 39.1%, compared to the quarter-ended December 31, 2024. The gross margin on SBA sales was 8.7% for the quarter, up from 7.5% for the previous quarter.
Non-interest expense
The following table presents the components of non-interest expense for the periods indicated:
Three Months Ended
(Dollars in thousands)March 31,
2025		December 31,
2024		$ Change% Change
Salaries and employee benefits$11,385 $12,429 $(1,044)(8.4)%
Occupancy and equipment1,338 2,270 (932)(41.1)%
Professional fees763 1,134 (371)(32.7)%
Data processing and software1,479 1,553 (74)(4.8)%
Advertising and promotion779 839 (60)(7.2)%
Pennsylvania bank shares tax269 243 26 10.7 %
Other2,730 2,943 (213)(7.2)%
Total non-interest expense$18,743 $21,411 $(2,668)(12.5)%
Overall salaries and benefits decreased $1.0 million. Bank and wealth segments combined decreased $245 thousand, while the mortgage segment decreased $799 thousand. Mortgage segment salaries, commissions, and employee benefits expense are impacted by volume and decreased commensurate with the lower levels of originations, which were down $63.5 million from the prior quarter. Occupancy and equipment expense decreased $932 thousand, net, due to fees, credits and other disposal costs for the early termination of the Blue Bell lease that occurred in the prior quarter. Professional fees decreased $371 thousand over the prior period mainly due to the results of cost control efforts on certain internal audit fees, legal fees and consulting fees, while other non-interest expense decreased $213 thousand due to a decline in certain business development costs, other loan related fees, and OREO related expenses.


3
Exhibit 99.1

Balance Sheet - March 31, 2025 Compared to December 31, 2024
Total assets increased $142.7 million, or 6.0%, to $2.5 billion as of March 31, 2025 from $2.4 billion at December 31, 2024. Interest-earning cash increased $91.8 million, or 419.7%, to $113.6 million as of March 31, 2025 from December 31, 2024, as a temporary deposit of $103 million from a long standing customer was on hand for several weeks. In addition, loan growth contributed to the overall increase in total assets over this period.
Portfolio loan growth was $42.0 million, or 2.1% quarter-over-quarter. The portfolio growth was generated from commercial mortgage loans which increased $21.2 million, or 2.6%, construction loans which increased $18.3 million, or 7.1%, small business loans which increased $5.3 million, or 3.4%, and commercial & industrial loans which increased $4.6 million, or 1.3%. Lease financings decreased $9.2 million, or 12.1% from December 31, 2024, partially offsetting the above noted loan growth, but this decline was expected as we continue to refocus away from lease originations.
Total deposits increased $123.4 million, or 6.2% quarter-over-quarter, led by non-interest bearing deposit growth of $82.6 million. Non-interest bearing deposits benefited from a late quarter deposit of $103 million from a long standing customer that sold a business. This deposit was on hand for several weeks. Money market accounts and savings accounts also increased a combined $34.3 million, while interest bearing demand deposits increased $19.6 million, and time deposits decreased $13.1 million from largely wholesale efforts. Overall borrowings increased $15.1 million, or 12.1% quarter-over-quarter.
Total stockholders’ equity increased by $1.7 million from December 31, 2024, to $173.3 million as of March 31, 2025. Changes to equity for the current quarter included net income of $2.4 million, less dividends paid of $1.4 million, offset by a decrease of $529 thousand in other comprehensive income. The Community Bank Leverage Ratio for the Bank was 9.30% at March 31, 2025.

Asset Quality Summary
Non-performing loans increased $7.1 million to $52.2 million at March 31, 2025 compared to $45.1 million at December 31, 2024. Included in non-performing loans are $19.1 million of SBA loans of which $9.9 million, or 53%, are guaranteed by the SBA. The SBA portfolio was subject to the Fed's rapid rate increase and $15.0 million, or 80% of these non-performing loans originated in 2020-2021 where their rates rose over 500 basis points.
The ratio of non-performing loans to total loans increased 30 bps to 2.49% as of March 31, 2025, from 2.19% as of December 31, 2024. The increase in non-performing loans was led by a $6.9 million increase in non-performing SBA loans, and $881 thousand in leases.
Net charge-offs as a % of total average loans of 0.14% for the quarter ended March 31, 2025, decreased from 0.34% for the quarter ended December 31, 2024. Net charge-offs decreased to $2.8 million for the quarter ended March 31, 2025, compared to net charge-offs of $7.1 million for the quarter ended December 31, 2024. First quarter charge-offs consisted of $851 thousand on a protracted commercial advertising loan relationship, $738 thousand related to construction loans, $553 thousand of small ticket equipment leases which are charged-off after becoming more than 120 days past due, and $277 thousand in SBA loans. Overall there were recoveries of $175 thousand, largely related to leases and SBA loans.
The ratio of allowance for credit losses to total loans held for investment was 1.01% as of March 31, 2025, an increase from the coverage ratio of 0.91% as of December 31, 2024 due largely to the increase in specific reserves on non-performing loans in the quarter discussed above. As of March 31, 2025 there were specific reserves of $5.0 million against individually evaluated loans, an increase of $2.3 million from $2.7 million in specific reserves as of December 31, 2024. The specific reserve increase over the prior quarter was led by a $1.6 million increase in specific reserves on SBA loans, as well as increases of $535 thousand in commercial real estate loan specifics reserves and a $174 thousand increase in commercial loan specific reserves.

About Meridian Corporation
Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware and Maryland. 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.







4
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; 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.
5
Exhibit 99.1
MERIDIAN CORPORATION AND SUBSIDIARIES
FINANCIAL RATIOS (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
Three Months Ended
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Earnings and Per Share Data:
Net income$2,399 $5,600 $4,743 $3,326 $2,676 
Basic earnings per common share$0.21 $0.50 $0.43 $0.30 $0.24 
Diluted earnings per common share$0.21 $0.49 $0.42 $0.30 $0.24 
Common shares outstanding11,285 11,240 11,229 11,191 11,186 
Performance Ratios:
Return on average assets (2)
0.40 %0.92 %0.80 %0.58 %0.47 %
Return on average equity (2)
5.57 13.01 11.41 8.25 6.73 
Net interest margin (tax-equivalent) (2)
3.46 3.29 3.20 3.06 3.09 
Yield on earning assets (tax-equivalent) (2)
6.83 6.81 7.06 6.98 6.90 
Cost of funds (2)
3.56 3.71 4.05 4.10 4.00 
Efficiency ratio
69.16 %65.72 %70.67 %72.89 %73.90 %
Asset Quality Ratios:
Net charge-offs (recoveries) to average loans0.14 %0.34 %0.11 %0.20 %0.12 %
Non-performing loans to total loans
2.49 2.19 2.20 1.84 1.93 
Non-performing assets to total assets
2.07 1.90 1.97 1.68 1.74 
Allowance for credit losses to:
Total loans and other finance receivables
1.01 0.91 1.09 1.09 1.18 
Total loans and other finance receivables (excluding loans at fair value) (1)
1.01 0.91 1.10 1.10 1.19 
Non-performing loans
39.90 %40.86 %48.66 %57.66 %60.59 %
Capital Ratios:
Book value per common share$15.35 $15.26 $14.91 $14.51 $14.30 
Tangible book value per common share$15.03 $14.93 $14.58 $14.17 $13.96 
Total equity/Total assets6.85 %7.19 %7.01 %6.91 %6.98 %
Tangible common equity/Tangible assets - Corporation (1)
6.72 7.05 6.87 6.76 6.82 
Tangible common equity/Tangible assets - Bank (1)
8.61 9.06 8.95 8.85 8.93 
Tier 1 leverage ratio - Bank9.30 9.21 9.32 9.33 9.42 
Common tier 1 risk-based capital ratio - Bank10.15 10.33 10.17 9.84 9.87 
Tier 1 risk-based capital ratio - Bank10.15 10.33 10.17 9.84 9.87 
Total risk-based capital ratio - Bank11.14 %11.20 %11.22 %10.84 %10.95 %
(1) See Non-GAAP reconciliation in the Appendix
(2) Annualized
6
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
March 31,
2025		December 31,
2024		March 31,
2024
Interest income:
Loans and other finance receivables, including fees$36,549 $37,229 $35,339 
Securities - taxable1,693 1,684 1,251 
Securities - tax-exempt313 314 325 
Cash and cash equivalents613 801 300 
Total interest income39,168 40,028 37,215 
Interest expense:
Deposits16,868 18,341 17,392 
Borrowings and subordinated debentures2,524 2,388 3,214 
       Total interest expense19,392 20,729 20,606 
Net interest income19,776 19,299 16,609 
Provision for credit losses5,212 3,572 2,866 
Net interest income after provision for credit losses14,564 15,727 13,743 
Non-interest income:
Mortgage banking income3,393 5,516 3,634 
Wealth management income1,535 1,527 1,317 
SBA loan income748 1,143 986 
Earnings on investment in life insurance222 224 207 
Net (loss) gain on sale of MSRs(52)3,992 — 
Gain on sale of OREO— 317 — 
Net change in the fair value of derivative instruments149 (146)75 
Net change in the fair value of loans held-for-sale102 (163)(2)
Net change in the fair value of loans held-for-investment170 (552)(175)
Net (loss) gain on hedging activity21 192 (19)
Other1,036 1,229 1,961 
Total non-interest income7,324 13,279 7,984 
Non-interest expense:
Salaries and employee benefits11,385 12,429 10,573 
Occupancy and equipment1,338 2,270 1,233 
Professional fees763 1,134 1,498 
Data processing and software1,479 1,553 1,532 
Advertising and promotion779 839 748 
Pennsylvania bank shares tax269 243 274 
Other2,730 2,943 2,316 
Total non-interest expense18,743 21,411 18,174 
        Income before income taxes3,145 7,595 3,553 
Income tax expense746 1,995 877 
        Net income $2,399 $5,600 $2,676 
Basic earnings per common share$0.21 $0.50 $0.24 
Diluted earnings per common share$0.21 $0.49 $0.24 
Basic weighted average shares outstanding11,205 11,158 11,088 
Diluted weighted average shares outstanding11,446 11,375 11,201 
7
Exhibit 99.1
MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Assets:
Cash and due from banks$16,976 $5,598 $12,542 $8,457 $8,935 
Interest-bearing deposits at other banks113,620 21,864 19,805 15,601 14,092 
Federal funds sold629 — — — — 
Cash and cash equivalents131,225 27,462 32,347 24,058 23,027 
Securities available-for-sale, at fair value185,221 174,304 171,568 159,141 150,996 
Securities held-to-maturity, at amortized cost32,720 33,771 33,833 35,089 35,157 
Equity investments2,126 2,086 2,166 2,088 2,092 
Mortgage loans held for sale, at fair value28,047 32,413 46,602 54,278 29,124 
Loans and other finance receivables, net of fees and costs2,071,675 2,030,437 2,008,396 1,988,535 1,956,315 
Allowance for credit losses(20,827)(18,438)(21,965)(21,703)(23,171)
Loans and other finance receivables, net of the allowance for credit losses2,050,848 2,011,999 1,986,431 1,966,832 1,933,144 
Restricted investment in bank stock8,369 7,753 8,542 10,044 8,560 
Bank premises and equipment, net12,028 12,151 12,807 13,114 13,451 
Bank owned life insurance29,935 29,712 29,489 29,267 29,051 
Accrued interest receivable10,345 9,958 10,012 9,973 9,864 
Other real estate owned159 159 1,862 1,862 1,703 
Deferred income taxes5,136 4,669 3,537 3,950 4,339 
Servicing assets4,284 4,382 4,364 11,341 11,573 
Servicing assets held for sale— — 6,609 — — 
Goodwill899 899 899 899 899 
Intangible assets2,716 2,767 2,818 2,869 2,920 
Other assets24,528 31,382 33,835 26,779 37,023 
Total assets$2,528,586 $2,385,867 $2,387,721 $2,351,584 $2,292,923 
Liabilities:
Deposits:
Non-interest bearing$323,485 $240,858 $237,207 $224,040 $220,581 
Interest bearing
Interest checking161,055 141,439 133,429 130,062 121,204 
Money market and savings deposits947,795 913,536 822,837 787,479 797,525 
Time deposits696,407 709,535 785,454 773,855 761,386 
Total interest-bearing deposits1,805,257 1,764,510 1,741,720 1,691,396 1,680,115 
Total deposits2,128,742 2,005,368 1,978,927 1,915,436 1,900,696 
Borrowings139,590 124,471 144,880 187,260 145,803 
Subordinated debentures49,761 49,743 49,928 49,897 49,867 
Accrued interest payable7,404 6,860 7,017 7,709 8,350 
Other liabilities29,823 27,903 39,519 28,900 28,271 
Total liabilities2,355,320 2,214,345 2,220,271 2,189,202 2,132,987 
Stockholders’ equity:
Common stock13,288 13,243 13,232 13,194 13,189 
Surplus81,724 81,545 81,002 80,639 80,487 
Treasury stock(26,079)(26,079)(26,079)(26,079)(26,079)
Unearned common stock held by employee stock ownership plan(1,006)(1,006)(1,204)(1,204)(1,204)
Retained earnings112,952 111,961 107,765 104,420 102,492 
Accumulated other comprehensive loss(7,613)(8,142)(7,266)(8,588)(8,949)
Total stockholders’ equity173,266 171,522 167,450 162,382 159,936 
Total liabilities and stockholders’ equity$2,528,586 $2,385,867 $2,387,721 $2,351,584 $2,292,923 
8
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
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Interest income$39,168 $40,028 $40,319 $38,465 $37,215 
Interest expense19,392 20,729 22,077 21,619 20,606 
Net interest income19,776 19,299 18,242 16,846 16,609 
Provision for credit losses
5,212 3,572 2,282 2,680 2,866 
Non-interest income7,324 13,279 10,831 9,244 7,984 
Non-interest expense18,743 21,411 20,546 19,018 18,174 
Income before income tax expense3,145 7,595 6,245 4,392 3,553 
Income tax expense746 1,995 1,502 1,066 877 
Net Income$2,399 $5,600 $4,743 $3,326 $2,676 
Basic weighted average shares outstanding11,205 11,158 11,110 11,096 11,088 
Basic earnings per common share$0.21 $0.50 $0.43 $0.30 $0.24 
Diluted weighted average shares outstanding11,446 11,375 11,234 11,150 11,201 
Diluted earnings per common share$0.21 $0.49 $0.42 $0.30 $0.24 
Segment Information
Three Months Ended March 31, 2025
Three Months Ended March 31, 2024
(dollars in thousands)BankWealthMortgageTotalBankWealthMortgageTotal
Net interest income$19,706 $9 $61 $19,776 $16,592 $(6)$23 $16,609 
Provision for credit losses
5,212 — — 5,212 2,866 — — 2,866 
Net interest income after provision
14,494 9 61 14,564 13,726 (6)23 13,743 
Non-interest income1,912 1,535 3,877 7,324 1,874 1,317 4,793 7,984 
Non-interest expense12,758 818 5,167 18,743 12,060 833 5,281 18,174 
Income (loss) before income taxes
$3,648 $726 $(1,229)$3,145 $3,540 $478 $(465)$3,553 
Efficiency ratio59 %53 %131 %69 %65 %64 %110 %74 %

9

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
(Dollars in thousands, except per share data, Unaudited)
March 31,
2025		December 31,
2024		March 31,
2024
Income before income tax expense$3,145 $7,595 $3,553 
Provision for credit losses5,212 3,572 2,866 
Pre-provision net revenue$8,357 $11,167 $6,419 

Pre-Provision Net Revenue Reconciliation
Three Months Ended
(Dollars in thousands, except per share data, Unaudited)
March 31,
2025		December 31,
2024		March 31,
2024
Bank$8,860 $8,205 $6,406 
Wealth726 571 478 
Mortgage(1,229)2,391 (465)
Pre-provision net revenue$8,357 $11,167 $6,419 

Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding and Loans at Fair Value
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Allowance for credit losses (GAAP)
$20,827 $18,438 $21,965 $21,703 $23,171 
Loans and other finance receivables (GAAP)
2,071,675 2,030,437 2,008,396 1,988,535 1,956,315 
Less: Loans at fair value
(14,182)(14,501)(13,965)(12,900)(13,139)
Loans and other finance receivables, excluding loans at fair value (non-GAAP)
$2,057,493 $2,015,936 $1,994,431 $1,975,635 $1,943,176 
ACL to loans and other finance receivables (GAAP)
1.01 %0.91 %1.09 %1.09 %1.18 %
ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP)
1.01 %0.91 %1.10 %1.10 %1.19 %
Tangible Common Equity Ratio Reconciliation - Corporation
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Total stockholders' equity (GAAP)
$173,266 $171,522 $167,450 $162,382 $159,936 
Less: Goodwill and intangible assets
(3,615)(3,666)(3,717)(3,768)(3,819)
Tangible common equity (non-GAAP)
169,651 167,856 163,733 158,614 156,117 
Total assets (GAAP)
2,528,586 2,385,867 2,387,721 2,351,584 2,292,923 
Less: Goodwill and intangible assets(3,615)(3,666)(3,717)(3,768)(3,819)
Tangible assets (non-GAAP)
$2,524,971 $2,382,201 $2,384,004 $2,347,816 $2,289,104 
Tangible common equity to tangible assets ratio - Corporation (non-GAAP)
6.72 %7.05 %6.87 %6.76 %6.82 %
10

Tangible Common Equity Ratio Reconciliation - Bank
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Total stockholders' equity (GAAP)$220,768 $219,119 $217,028 $211,308 $208,319 
Less: Goodwill and intangible assets(3,615)(3,666)(3,717)(3,768)(3,819)
Tangible common equity (non-GAAP)217,153 215,453 213,311 207,540 204,500 
Total assets (GAAP)2,525,029 2,382,014 2,385,994 2,349,600 2,292,894 
Less: Goodwill and intangible assets(3,615)(3,666)(3,717)(3,768)(3,819)
Tangible assets (non-GAAP)$2,521,414 $2,378,348 $2,382,277 $2,345,832 $2,289,075 
Tangible common equity to tangible assets ratio - Bank (non-GAAP)8.61 %9.06 %8.95 %8.85 %8.93 %
Tangible Book Value Reconciliation
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Book value per common share$15.35 $15.26 $14.91 $14.51 $14.30 
Less: Impact of goodwill /intangible assets0.32 0.33 0.33 0.34 0.34 
Tangible book value per common share$15.03 $14.93 $14.58 $14.17 $13.96 
11