Exhibit 99.1

image_0.jpg
Meridian Corporation Reports Second Quarter 2025 Results and Announces a Quarterly Dividend of $0.125 per Common Share.
MALVERN, PA., July 24, 2025 — Meridian Corporation (Nasdaq: MRBK) today reported:
Three Months Ended
(Dollars in thousands, except per share data)((Unaudited)June 30,
2025		March 31,
2025		June 30,
2024
Income:
Net income
$5,592 $2,399 $3,326 
Diluted earnings per common share0.49 0.21 0.30 
Pre-provision net revenue (PPNR) (1)
11,090 8,357 7,072 
(1) See Non-GAAP reconciliation in the Appendix

•Net income for the quarter ended June 30, 2025 was $5.6 million, or $0.49 per diluted share, up $3.2 million, or 133%, from prior quarter.

•Pre-provision net revenue1 for the quarter was $11.1 million, an improvement of $4.0 million, or 57%. from Q2'2024.

•Net interest margin was 3.54% for the second quarter of 2025, while loan yield improved to 7.24%, from prior quarter.

•Return on average assets and return on average equity for the second quarter of 2025 were 0.90% and 12.68%, respectively.

•Total assets at June 30, 2025 were $2.5 billion, compared to $2.5 billion at March 31, 2025 and $2.4 billion at June 30, 2024.

•Commercial loans, excluding leases, increased $33.2 million, or 2% from prior quarter.

•On July 24, 2025, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable August 18, 2025 to shareholders of record as of August 11, 2025.

Christopher J. Annas, Chairman and CEO commented:

"Meridian’s second quarter 2025 earnings of $5.6 million were substantially above first quarter 2025, benefiting from improving margin, SBA loan sales and mortgage seasonality. PPNR was up 33% over the same period, reflecting overall healthy growth in our business units and good expense control. Loan growth was 2.5% for the quarter but was negatively impacted by a large SBA loan sale and the planned paydowns in our lease group. We continue to forecast loan growth in the 8-10% range for the year. Management is intensely focused on reducing the nonperforming loans, historically high for us, but negotiations and lengthy court schedules will slow the process.

Meridian Wealth Partners continued its solid performance with pre-tax income of $604 thousand for the quarter. We have hired senior managers in this unit to further our growth, and capture a greater percentage of opportunities from our loan groups. The mortgage team is performing nicely but still facing a lack of homes for sale in our Philadelphia metro and Baltimore markets. It had a big turnaround from the first quarter, but volume might have been significantly higher if the inventory was sufficient.

Our principal Philadelphia metro market is healthy and vibrant, and we have not yet seen the impact of economic uncertainties. We are excited about our market penetration in all segments, and believe this will propel us to greater performance."

















1
Exhibit 99.1




Select Condensed Financial Information
As of or for the three months ended (Unaudited)
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
(Dollars in thousands, except per share data)
Income:
Net income
$5,592 $2,399 $5,600 $4,743 $3,326 
Basic earnings per common share0.50 0.21 0.50 0.43 0.30 
Diluted earnings per common share0.49 0.21 0.49 0.42 0.30 
Net interest income
21,159 19,776 19,299 18,242 16,846 
Balance Sheet:
Total assets$2,510,938 $2,528,888 $2,385,867 $2,387,721 $2,351,584 
Loans, net of fees and costs
2,108,250 2,071,675 2,030,437 2,008,396 1,988,535 
Total deposits2,110,374 2,128,742 2,005,368 1,978,927 1,915,436 
Non-interest bearing deposits237,042 323,485 240,858 237,207 224,040 
Stockholders' equity
178,020 173,568 171,522 167,450 162,382 
Balance Sheet Average Balances:
Total assets$2,491,627 $2,420,571 $2,434,270 $2,373,261 $2,319,295 
Total interest earning assets2,404,952 2,330,224 2,342,651 2,277,523 2,222,177 
Loans, net of fees and costs
2,113,411 2,039,676 2,029,739 1,997,574 1,972,740 
Total deposits2,095,028 2,036,208 2,043,505 1,960,145 1,919,954 
Non-interest bearing deposits249,745 244,161 259,118 246,310 229,040 
Stockholders' equity
176,946 174,734 171,214 165,309 162,119 
Performance Ratios (Annualized):
Return on average assets
0.90 %0.40 %0.92 %0.80 %0.58 %
Return on average equity
12.68 %5.57 %13.01 %11.41 %8.25 %


Income Statement - Second Quarter 2025 Compared to First Quarter 2025
Second quarter net income increased $3.2 million, or 133.1%, to $5.6 million as net interest income increased $1.4 million, the provision for credit losses decreased $1.4 million, and non-interest income increased $4.0 million. These improvements to net income were partially offset by a $2.6 million increase to non-interest expense over the prior quarter. 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)June 30,
2025		March 31,
2025		$ Change% ChangeChange due to rateChange due to volume
Interest income:
Cash and cash equivalents$427 $613 $(186)(30.3)%$15 $(201)
Investment securities - taxable1,792 1,693 99 5.8 %(10)109 
Investment securities - tax exempt (1)364 387 (23)(5.9)%(21)(2)
Loans held for sale495 333 162 48.6 %(15)177 
Loans held for investment (1)38,204 36,218 1,986 5.5 %320 1,666 
Total loans38,699 36,551 2,148 5.9 %305 1,843 
Total interest income$41,282 $39,244 $2,038 5.2 %$289 $1,749 
Interest expense:
Interest-bearing demand deposits$1,354 $1,229 $125 10.2 %$(51)$176 
Money market and savings deposits8,097 7,808 289 3.7 %65 224 
Time deposits7,850 7,831 19 0.2 %(170)189 
Total interest - bearing deposits17,301 16,868 433 2.6 %(156)589 
Borrowings1,672 1,469 203 13.8 %10 193 
Subordinated debentures1,079 1,055 24 2.3 %22 2 
Total interest expense20,052 19,392 660 3.4 %(124)784 
Net interest income differential$21,230 $19,852 $1,378 6.94 %$413 $965 
(1) Reflected on a tax-equivalent basis.
Interest income increased $2.0 million quarter-over-quarter on a tax equivalent basis, driven by increased average balances of interest earning assets and to a lesser degree by higher yields on those assets. Average interest earning assets increased by $74.7 million, and contributed $1.7 million to interest income, while the yield on earnings assets increased 6 basis points and contributed $289 thousand to interest income.
Average total loans, excluding residential loans for sale, increased $73.6 million. The largest drivers of this increase were commercial, commercial real estate, construction, and small business loans which on a combined basis increased $72.4 million on average, partially offset by a decrease in average leases of $9.4 million. Home equity, residential real estate, consumer and other loans held in portfolio increased on a combined basis $10.7 million on average.
Interest expense increased $660 thousand, quarter-over-quarter, due to higher volume of interest-bearing deposits and borrowings. Interest expense on total deposits increased $433 thousand and interest expense on borrowings increased $227 thousand. During the period, interest-bearing checking accounts and money market accounts increased $20.7 million and $18.3 million on average, respectively, while time deposits increased $14.2 million on average. Borrowings increased $14.5 million on average. On a rate basis, interest-bearing checking accounts and time deposits experienced a decrease in the cost, with the overall cost of deposits dropping 5 basis points.
Overall the net interest margin increased 8 basis points to 3.54% as the cost of funds declined and the yield on earning assets increased.

Provision for Credit Losses
The overall provision for credit losses for the second quarter decreased $1.4 million to $3.8 million, from $5.2 million in the first quarter. The lower provisioning reflects the drop in non-performing loans, a decrease in specific reserves required, as well as a lower level of loan growth quarter over quarter. Loan growth was impacted by the sale of SBA loans for the quarter, which exceeded the amount sold in the first quarter by $27.4 million.
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)June 30,
2025		March 31,
2025		$ Change% Change
Mortgage banking income$5,762 $3,393 $2,369 69.8 %
Wealth management income1,492 1,535 (43)(2.8)%
SBA loan income1,988 748 1,240 165.8 %
Earnings on investment in life insurance240 222 18 8.1 %
Net gain (loss) on sale of MSRs467 (52)519 (998.1)%
Net change in the fair value of derivative instruments(102)149 (251)(168.5)%
Net change in the fair value of loans held-for-sale171 102 69 67.6 %
Net change in the fair value of loans held-for-investment190 170 20 11.8 %
Net gain (loss) on hedging activity16 21 (5)(23.8)%
Other1,064 1,036 28 2.7 %
Total non-interest income$11,288 $7,324 $3,964 54.1 %
Total non-interest income increased $4.0 million, or 54.1%, quarter-over-quarter largely due to a $2.4 million positive improvement in mortgage banking income, combined with a $1.2 million increase in SBA loan income from the sale of SBA loans, and a $467 thousand gain recognized on the sale of MSRs. Mortgage loan sales increased $63.5 million or 42.9% quarter-over-quarter driving higher gain on sale income in addition to an improvement in the overall margin, leading to the higher level of mortgage banking income.
SBA loan income increased $1.2 million as the volume of SBA loans sold was up $27.4 million to $39.5 million, for the quarter-ended June 30, 2025 compared to the quarter-ended March 31, 2025. The gross margin on SBA sales was 6.2% for the quarter, down from 8.7% for the previous quarter. The sale included seasoned loans from 2021 & 2022 for which the market premium was much lower.

Non-interest expense
The following table presents the components of non-interest expense for the periods indicated:
Three Months Ended
(Dollars in thousands)June 30,
2025		March 31,
2025		$ Change% Change
Salaries and employee benefits$13,179 $11,385 $1,794 15.8 %
Occupancy and equipment1,037 1,338 (301)(22.5)%
Professional fees1,164 763 401 52.6 %
Data processing and software1,706 1,479 227 15.3 %
Advertising and promotion1,277 779 498 63.9 %
Pennsylvania bank shares tax269 269 — — %
Other2,725 2,730 (5)(0.2)%
Total non-interest expense$21,357 $18,743 $2,614 13.9 %
Overall salaries and benefits increased $1.8 million. Bank and wealth segments combined increased $1.4 million, while the mortgage segment increased $407 thousand. Bank and wealth segment salaries and employee benefits increased due to an increase of 12 full-time equivalent employees, as well as an increase in incentives and other benefits. Mortgage segment salaries, commissions, and employee benefits expense are impacted by volume and increased commensurate with the higher level of originations. Occupancy and equipment expense decreased $301 thousand due to a full quarter of savings realized from office lease terminations that occurred in the last few quarters. Professional fees increased $401 thousand over the prior period due to increases in legal, accounting, and other professional fees, while advertising and promotion expenses increased $498 thousand due to the timing of business development activities that typically increase this time of year, including special events.



4
Exhibit 99.1

Balance Sheet - June 30, 2025 Compared to March 31, 2025
Total assets decreased $18.0 million, or 0.7%, to $2.5 billion as of June 30, 2025 from $2.5 billion at March 31, 2025. Interest-earning cash and fed funds decreased $84.7 million, or 74.1%, to $29.6 million as of June 30, 2025 from March 31, 2025, as a temporary deposit at the end of the prior quarter of $103 million from a long standing customer, was eventually withdrawn after being on hand for several weeks.
Portfolio loans grew $36.2 million, or 1.7% quarter-over-quarter. This growth was generated from commercial & industrial loans which increased $32.0 million, or 8.6%, commercial mortgage loans which increased $10.3 million, or 1.2%, and construction loans which increased $7.3 million, or 2.6%. SBA loan balances decreased $16.4 million, or 10.2%, from March 31, 2025, due to the increase in sales of such loans in the second quarter as discussed above in the non-interest income section. Lease financings also decreased $9.0 million, or 13.5% from March 31, 2025, partially offsetting the above noted loan growth, but this decline was expected.
Total deposits decreased $18.4 million, or 0.9% quarter-over-quarter, led by a decline in non-interest bearing deposit of $86.4 million due to the impact of the $103 million temporary deposit discussed above, but this decline was largely offset by an increase of $68.1 million in interest-bearing deposits. Money market accounts and savings accounts increased a combined $8.7 million, while interest bearing demand deposits increased $12.8 million, and time deposits increased $46.6 million from largely wholesale efforts. Overall borrowings decreased $625 thousand, or 0.4% quarter-over-quarter.
Total stockholders’ equity increased by $4.5 million from March 31, 2025, to $178.0 million as of June 30, 2025. Changes to equity for the current quarter included net income of $5.6 million, less dividends paid of $1.4 million, offset by a decrease of $102 thousand in other comprehensive income. The Community Bank Leverage Ratio for the Bank was 9.32% at June 30, 2025.

Asset Quality Summary
There was a positive improvement in the level of non-performing loans in the second quarter as they decreased $1.7 million to $50.5 million at June 30, 2025 compared to $52.2 million at March 31, 2025. This decline in non-performing loans was largely the result of the repossession of a billboard asset from a commercial loan relationship and a commercial real estate property from a separate commercial loan relationship. These assets were reclassified into OREO and other repossessed assets on the balance sheet at June 30, 2025. The decline in non-performing loans was partially offset by additional SBA loans that became non-performing during the quarter. Included in non-performing loans are $19.4 million of SBA loans of which $10.0 million, or 52%, are guaranteed by the SBA. The SBA portfolio was subject to the Fed's rapid rate increase and $13.8 million, or 71% 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 14 bps to 2.35% as of June 30, 2025, from 2.49% as of March 31, 2025.
Net charge-offs increased to $3.6 million, or 0.17% of total average loans for the quarter ended June 30, 2025, compared to net charge-offs of $2.8 million, or 0.14%, for the quarter ended March 31, 2025. Second quarter charge-offs consisted of $2.2 million in SBA loans, $972 thousand of small ticket equipment leases, and $583 thousand in commercial loans partly related to the repossession of loan collateral discussed above. Overall there were recoveries of $380 thousand, mainly related to leases.
The ratio of allowance for credit losses to total loans held for investment was 1.00% as of June 30, 2025, relatively flat from 1.01% as of March 31, 2025. The baseline quantitative and qualitative reserve factors increased in the second quarter ACL calculation, offset by the impact of a lower reserve need as specific reserves declined. As of June 30, 2025 there were specific reserves of $3.3 million against individually evaluated loans, a decrease of $1.7 million from $5.0 million in specific reserves as of March 31, 2025.

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.








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; 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
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Earnings and Per Share Data:
Net income$5,592 $2,399 $5,600 $4,743 $3,326 
Basic earnings per common share$0.50 $0.21 $0.50 $0.43 $0.30 
Diluted earnings per common share$0.49 $0.21 $0.49 $0.42 $0.30 
Common shares outstanding11,297 11,285 11,240 11,229 11,191 
Performance Ratios:
Return on average assets (2)
0.90 %0.40 %0.92 %0.80 %0.58 %
Return on average equity (2)
12.68 5.57 13.01 11.41 8.25 
Net interest margin (tax-equivalent) (2)
3.54 3.46 3.29 3.20 3.06 
Yield on earning assets (tax-equivalent) (2)
6.89 6.83 6.81 7.06 6.98 
Cost of funds (2)
3.52 3.56 3.71 4.05 4.10 
Efficiency ratio
65.82 %69.16 %65.72 %70.67 %72.89 %
Asset Quality Ratios:
Net charge-offs (recoveries) to average loans0.17 %0.14 %0.34 %0.11 %0.20 %
Non-performing loans to total loans
2.35 2.49 2.19 2.20 1.84 
Non-performing assets to total assets
2.14 2.07 1.90 1.97 1.68 
Allowance for credit losses to:
Total loans and other finance receivables
0.99 1.01 0.91 1.09 1.09 
Total loans and other finance receivables (excluding loans at fair value) (1)
1.00 1.01 0.91 1.10 1.10 
Non-performing loans
41.26 %39.90 %40.86 %48.66 %57.66 %
Capital Ratios:
Book value per common share$15.76 $15.38 $15.26 $14.91 $14.51 
Tangible book value per common share$15.44 $15.06 $14.93 $14.58 $14.17 
Total equity/Total assets7.09 %6.86 %7.19 %7.01 %6.91 %
Tangible common equity/Tangible assets - Corporation (1)
6.96 6.73 7.05 6.87 6.76 
Tangible common equity/Tangible assets - Bank (1)
8.96 8.61 9.06 8.95 8.85 
Tier 1 leverage ratio - Bank9.32 9.30 9.21 9.32 9.33 
Common tier 1 risk-based capital ratio - Bank10.53 10.15 10.33 10.17 9.84 
Tier 1 risk-based capital ratio - Bank10.53 10.15 10.33 10.17 9.84 
Total risk-based capital ratio - Bank11.54 %11.14 %11.20 %11.22 %10.84 %
(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
Six Months Ended
June 30,
2025		March 31,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Interest income:
Loans and other finance receivables, including fees$38,697 $36,549 $36,486 $75,246 $71,825 
Securities - taxable1,792 1,693 1,324 3,485 2,575 
Securities - tax-exempt295 313 324 608 649 
Cash and cash equivalents427 613 331 1,040 631 
Total interest income41,211 39,168 38,465 80,379 75,680 
Interest expense:
Deposits17,301 16,868 18,991 34,169 36,383 
Borrowings and subordinated debentures2,751 2,524 2,628 5,275 5,842 
       Total interest expense20,052 19,392 21,619 39,444 42,225 
Net interest income21,159 19,776 16,846 40,935 33,455 
Provision for credit losses3,803 5,212 2,680 9,015 5,546 
Net interest income after provision for credit losses17,356 14,564 14,166 31,920 27,909 
Non-interest income:
Mortgage banking income5,762 3,393 5,420 9,155 9,054 
Wealth management income1,492 1,535 1,444 3,027 2,761 
SBA loan income1,988 748 785 2,736 1,771 
Earnings on investment in life insurance240 222 215 462 422 
Net gain (loss) on sale of MSRs467 (52)— 415 — 
Net change in the fair value of derivative instruments(102)149 203 47 278 
Net change in the fair value of loans held-for-sale171 102 (29)273 (31)
Net change in the fair value of loans held-for-investment190 170 (24)360 (199)
Net gain (loss) on hedging activity16 21 (63)37 (82)
Other1,064 1,036 1,293 2,100 3,254 
Total non-interest income11,288 7,324 9,244 18,612 17,228 
Non-interest expense:
Salaries and employee benefits13,179 11,385 11,437 24,564 22,010 
Occupancy and equipment1,037 1,338 1,230 2,375 2,463 
Professional fees1,164 763 1,029 1,927 2,527 
Data processing and software1,706 1,479 1,506 3,185 3,038 
Advertising and promotion1,277 779 989 2,056 1,737 
Pennsylvania bank shares tax269 269 274 538 548 
Other2,725 2,730 2,553 5,455 4,869 
Total non-interest expense21,357 18,743 19,018 40,100 37,192 
        Income before income taxes7,287 3,145 4,392 10,432 7,945 
Income tax expense1,695 746 1,066 2,441 1,943 
        Net income $5,592 $2,399 $3,326 $7,991 $6,002 
Basic earnings per common share$0.50 $0.21 $0.30 $0.71 $0.54 
Diluted earnings per common share$0.49 $0.21 $0.30 $0.70 $0.54 
Basic weighted average shares outstanding11,228 11,205 11,096 11,215 11,092 
Diluted weighted average shares outstanding11,392 11,446 11,150 11,415 11,178 
8
Exhibit 99.1
MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Assets:
Cash and due from banks$20,604 $16,976 $5,598 $12,542 $8,457 
Interest-bearing deposits at other banks29,570 113,620 21,864 19,805 15,601 
Federal funds sold— 629 — — — 
Cash and cash equivalents50,174 131,225 27,462 32,347 24,058 
Securities available-for-sale, at fair value187,902 185,221 174,304 171,568 159,141 
Securities held-to-maturity, at amortized cost32,642 32,720 33,771 33,833 35,089 
Equity investments2,130 2,126 2,086 2,166 2,088 
Mortgage loans held for sale, at fair value44,078 28,047 32,413 46,602 54,278 
Loans and other finance receivables, net of fees and costs2,108,250 2,071,675 2,030,437 2,008,396 1,988,535 
Allowance for credit losses(20,851)(20,827)(18,438)(21,965)(21,703)
Loans and other finance receivables, net of the allowance for credit losses2,087,399 2,050,848 2,011,999 1,986,431 1,966,832 
Restricted investment in bank stock9,162 8,369 7,753 8,542 10,044 
Bank premises and equipment, net12,320 12,028 12,151 12,807 13,114 
Bank owned life insurance30,175 29,935 29,712 29,489 29,267 
Accrued interest receivable10,334 10,345 9,958 10,012 9,973 
OREO and other repossessed assets3,148 249 276 1,967 1,967 
Deferred income taxes5,314 5,136 4,669 3,537 3,950 
Servicing assets3,658 4,284 4,382 4,364 11,341 
Servicing assets held for sale— — — 6,609 — 
Goodwill899 899 899 899 899 
Intangible assets2,665 2,716 2,767 2,818 2,869 
Other assets28,938 24,740 31,265 33,730 26,674 
Total assets$2,510,938 $2,528,888 $2,385,867 $2,387,721 $2,351,584 
Liabilities:
Deposits:
Non-interest bearing$237,042 $323,485 $240,858 $237,207 $224,040 
Interest bearing:
Interest checking173,865 161,055 141,439 133,429 130,062 
Money market and savings deposits956,448 947,795 913,536 822,837 787,479 
Time deposits743,019 696,407 709,535 785,454 773,855 
Total interest-bearing deposits1,873,332 1,805,257 1,764,510 1,741,720 1,691,396 
Total deposits2,110,374 2,128,742 2,005,368 1,978,927 1,915,436 
Borrowings138,965 139,590 124,471 144,880 187,260 
Subordinated debentures49,792 49,761 49,743 49,928 49,897 
Accrued interest payable7,059 7,404 6,860 7,017 7,709 
Other liabilities26,728 29,823 27,903 39,519 28,900 
Total liabilities2,332,918 2,355,320 2,214,345 2,220,271 2,189,202 
Stockholders’ equity:
Common stock13,300 13,288 13,243 13,232 13,194 
Surplus82,184 82,026 81,545 81,002 80,639 
Treasury stock(26,079)(26,079)(26,079)(26,079)(26,079)
Unearned common stock held by ESOP(1,006)(1,006)(1,006)(1,204)(1,204)
Retained earnings117,132 112,952 111,961 107,765 104,420 
Accumulated other comprehensive loss(7,511)(7,613)(8,142)(7,266)(8,588)
Total stockholders’ equity178,020 173,568 171,522 167,450 162,382 
Total liabilities and stockholders’ equity$2,510,938 $2,528,888 $2,385,867 $2,387,721 $2,351,584 
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
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Interest income$41,211 $39,168 $40,028 $40,319 $38,465 
Interest expense20,052 19,392 20,729 22,077 21,619 
Net interest income21,159 19,776 19,299 18,242 16,846 
Provision for credit losses
3,803 5,212 3,572 2,282 2,680 
Non-interest income11,288 7,324 13,279 10,831 9,244 
Non-interest expense21,357 18,743 21,411 20,546 19,018 
Income before income tax expense7,287 3,145 7,595 6,245 4,392 
Income tax expense1,695 746 1,995 1,502 1,066 
Net Income$5,592 $2,399 $5,600 $4,743 $3,326 
Basic weighted average shares outstanding11,228 11,205 11,158 11,110 11,096 
Basic earnings per common share$0.50 $0.21 $0.50 $0.43 $0.30 
Diluted weighted average shares outstanding11,392 11,446 11,375 11,234 11,150 
Diluted earnings per common share$0.49 $0.21 $0.49 $0.42 $0.30 
Segment Information
Three Months Ended June 30, 2025
Three Months Ended June 30, 2024
(dollars in thousands)BankWealthMortgageTotalBankWealthMortgageTotal
Net interest income$21,025 $63 $71 $21,159 $16,784 $36 $26 $16,846 
Provision for credit losses
3,803 — — 3,803 2,680 — — 2,680 
Net interest income after provision
17,222 63 71 17,356 14,104 36 26 14,166 
Non-interest income3,029 1,492 6,767 11,288 1,673 1,444 6,127 9,244 
Non-interest expense15,049 951 5,357 21,357 12,606 804 5,608 19,018 
Income before income taxes
$5,202 $604 $1,481 $7,287 $3,171 $676 $545 $4,392 
Efficiency ratio63 %61 %78 %66 %68 %54 %91 %73 %
Six Months Ended June 30, 2025
Six Months Ended June 30, 2024
(dollars in thousands)BankWealthMortgageTotalBankWealthMortgageTotal
Net interest income$40,730 $73 $132 $40,935 $33,376 $30 $49 $33,455 
Provision for credit losses
9,015 — — 9,015 5,546 — — 5,546 
Net interest income after provision
31,715 73 132 31,920 27,830 30 49 27,909 
Non-interest income4,942 3,027 10,643 18,612 3,550 2,760 10,918 17,228 
Non-interest expense27,809 1,768 10,523 40,100 24,669 1,636 10,887 37,192 
Income before income taxes$8,848 $1,332 $252 $10,432 $6,711 $1,154 $80 $7,945 
Efficiency ratio61 %57 %98 %67 %67 %59 %99 %73 %

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
Six Months Ended
(Dollars in thousands, except per share data, Unaudited)
June 30,
2025		March 31,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Income before income tax expense$7,287 $3,145 $4,392 $10,432 $7,945 
Provision for credit losses3,803 5,212 2,680 9,015 5,546 
Pre-provision net revenue$11,090 $8,357 $7,072 $19,447 $13,491 

Pre-Provision Net Revenue Reconciliation
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data, Unaudited)
June 30,
2025		March 31,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Bank$9,005 $8,860 $5,851 $17,863 $12,257 
Wealth604 726 676 1,332 1,154 
Mortgage1,481 (1,229)545 252 80 
Pre-provision net revenue$11,090 $8,357 $7,072 $19,447 $13,491 

Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding and Loans at Fair Value
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Allowance for credit losses (GAAP)
$20,851 $20,827 $18,438 $21,965 $21,703 
Loans and other finance receivables (GAAP)
2,108,250 2,071,675 2,030,437 2,008,396 1,988,535 
Less: Loans at fair value
(14,541)(14,182)(14,501)(13,965)(12,900)
Loans and other finance receivables, excluding loans at fair value (non-GAAP)
$2,093,709 $2,057,493 $2,015,936 $1,994,431 $1,975,635 
ACL to loans and other finance receivables (GAAP)
0.99 %1.01 %0.91 %1.09 %1.09 %
ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP)
1.00 %1.01 %0.91 %1.10 %1.10 %


11

Tangible Common Equity Ratio Reconciliation - Corporation
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Total stockholders' equity (GAAP)
$178,020 $173,568 $171,522 $167,450 $162,382 
Less: Goodwill and intangible assets
(3,564)(3,615)(3,666)(3,717)(3,768)
Tangible common equity (non-GAAP)
174,456 169,953 167,856 163,733 158,614 
Total assets (GAAP)
2,510,938 2,528,888 2,385,867 2,387,721 2,351,584 
Less: Goodwill and intangible assets(3,564)(3,615)(3,666)(3,717)(3,768)
Tangible assets (non-GAAP)
$2,507,374 $2,525,273 $2,382,201 $2,384,004 $2,347,816 
Tangible common equity to tangible assets ratio - Corporation (non-GAAP)
6.96 %6.73 %7.05 %6.87 %6.76 %
Tangible Common Equity Ratio Reconciliation - Bank
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Total stockholders' equity (GAAP)$228,127 $220,768 $219,119 $217,028 $211,308 
Less: Goodwill and intangible assets(3,564)(3,615)(3,666)(3,717)(3,768)
Tangible common equity (non-GAAP)224,563 217,153 215,453 213,311 207,540 
Total assets (GAAP)2,510,684 2,525,029 2,382,014 2,385,994 2,349,600 
Less: Goodwill and intangible assets(3,564)(3,615)(3,666)(3,717)(3,768)
Tangible assets (non-GAAP)$2,507,120 $2,521,414 $2,378,348 $2,382,277 $2,345,832 
Tangible common equity to tangible assets ratio - Bank (non-GAAP)8.96 %8.61 %9.06 %8.95 %8.85 %
Tangible Book Value Reconciliation
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Book value per common share$15.76 $15.38 $15.26 $14.91 $14.51 
Less: Impact of goodwill /intangible assets0.32 0.32 0.33 0.33 0.34 
Tangible book value per common share$15.44 $15.06 $14.93 $14.58 $14.17 
12