Companies: 11,329     total market cap: $153.895 T
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Meridian Corporation
MRBK
#8880
Rank
$0.23 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$19.61
Share price
-0.15%
Change (1 day)
33.31%
Change (1 year)
  1. Meridian Corporation
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

Meridian Corporation - 10-Q quarterly report FY2025 Q3


Text size:
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 000-55983
MeridianCorporation.jpg
(Exact name of registrant as specified in its charter)
Pennsylvania83-1561918
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer Identification No.)
9 Old Lincoln Highway, Malvern, Pennsylvania 19355
(Address of principal executive offices) (Zip Code)
(484) 568-5000
(Registrant’s telephone number, including area code)
Title of classTrading SymbolName of exchange on which registered
Common Stock, $1 par valueMRBKThe NASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes ☐No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☐Accelerated Filer☒
Non-accelerated Filer☐Smaller Reporting Company☒
Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of November 5, 2025 there were 11,517,456 outstanding shares of the issuer’s common stock, par value $1.00 per share.

Table of Contents
TABLE OF CONTENTS
Item 1 Financial Statements (Unaudited)
3
Consolidated Balance Sheets – September 30, 2025 and December 31, 2024
3
Consolidated Statements of Income – Three and Nine Months Ended September 30, 2025 and 2024
4
Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2025 and 2024
5
Consolidated Statements of Stockholders’ Equity – Three and Nine Months Ended September 30, 2025 and 2024
6
Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2025 and 2024
7
8
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50
50
50
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
50
50
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Glossary of Acronyms, Abbreviations, and Terms
The acronyms, abbreviations, and terms listed below are used in various sections of this report. As used throughout this report, the terms "Meridian", “we”, “our”, or “us” refer to Meridian Corporation and its consolidated subsidiaries, unless the context otherwise requires.
AcronymDescription
ACBBAtlantic Central Bankers Bank
ACHAutomated clearing house
ACLAllowance for credit losses
AFSAvailable-for-sale
ALCOAsset/Liability Committee
ALLLAllowance for loan and lease losses
ALMAsset / liability management
AOCIAccumulated other comprehensive income
ASCAccounting Standards Codification
ASUAccounting Standards Update
ATM
At the Market common stock offering
BHC ActBank Holding Company Act of 1956
BOLIBank owned life insurance
BSA-AMLBank Secrecy Act - Anti-Money Laundering
BTFPFederal Reserve Bank Term Funding Program
CBCAChange in Bank Control Act
CBLRCommunity Bank Leverage Ratio
CDARSCertificate of Deposit Account Registry Service
CECLCurrent expected credit losses
CET1Common equity tier 1
CFPBConsumer Financial Protection Bureau
CMOCollateralized mortgage obligation
CRECommercial real estate
DIFFDIC’s deposit insurance fund
ECOAEqual Credit Opportunity Act
ESOPEmployee Stock Ownership Plan
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FedFederal Reserve System
FFIECFederal Financial Institutions Examination Council
FHAFederal Housing Authority
FHFAFederal Housing Finance Agency
FHLBFederal Home Loan Bank of Pittsburgh
FHLMCFederal Home Loan Mortgage Corporation or Freddie Mac
FICOFinancing Corporation
FNMAFederal National Mortgage Association or Fannie Mae
FRB Federal Reserve Bank of Philadelphia
FTEFully taxable equivalent
GAAPU.S. generally accepted accounting principles
GLB ActGramm-Leach-Bliley Act
GNMAGovernment National Mortgage Association or Ginnie Mae
GSEGovernment-sponsored entities
HTMHeld-to-maturity
ICBAIndependent Community Bankers of America
JOBS ActJumpstart Our Business Startups Act of 2012

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LBPLook-back period
LEPLoss emergence period
LGDLoss given default
LIBORLondon Inter-bank Offering Rate
LIHTCLow-income-housing tax credit
MBSMortgage-backed securities
MSLPMain Street Lending Programs
MSRMortgage servicing rights
OFACOffice of Foreign Assets Control
OREOOther real estate owned
PCAOBPublic Company Accounting Oversight Board
PCDPurchased credit deteriorated
PDProbability of default
PDBSPennsylvania Department of Banking and Securities
ROURight-of-use
SBASmall Business Administration
SECSecurities and Exchange Commission
SERPSupplemental Executive Retirement Plan
SNCShared national credit
SOFRSecure Overnight Financing Rate
TILATruth in Lending Act
TDRTroubled debt restructuring
USDAU.S. Department of Agriculture
VAU.S. Department of Veteran’s Affairs

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MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(dollars in thousands, except share data)September 30,
2025		December 31,
2024
Assets:
Cash and due from banks$12,605 $5,598 
Interest-bearing deposits at other banks27,384 21,864 
Cash and cash equivalents39,989 27,462 
Securities available-for-sale, at fair value (amortized cost of $200,682 and $183,764, respectively)
194,268 174,304 
Securities held-to-maturity, at amortized cost (fair value of $29,853 and $30,492, respectively)
32,593 33,771 
Equity investments2,150 2,086 
Mortgage loans held for sale28,016 32,413 
Loans and other finance receivables, net of fees and costs2,162,845 2,030,437 
Allowance for credit losses(21,794)(18,438)
Loans and other finance receivables, net of the allowance for credit losses2,141,051 2,011,999 
Restricted investment in bank stock8,350 7,753 
Bank premises and equipment, net12,413 12,151 
Bank owned life insurance30,421 29,712 
Accrued interest receivable10,944 9,958 
OREO and other repossessed assets3,714 276 
Deferred income taxes4,989 4,669 
Servicing assets3,845 4,382 
Goodwill899 899 
Intangible assets2,614 2,767 
Other assets24,874 31,265 
Total assets$2,541,130 $2,385,867 
Liabilities:
Deposits:
Non-interest bearing$239,614 $240,858 
Interest bearing1,891,502 1,764,510 
Total deposits2,131,116 2,005,368 
Borrowings137,265 124,471 
Subordinated debentures49,822 49,743 
Accrued interest payable7,095 6,860 
Other liabilities27,803 27,903 
Total liabilities2,353,101 2,214,345 
Stockholders’ equity:
Common stock, $1 par value per share. 25,000,000 shares authorized; 13,520,639 and 13,243,258 shares issued and 11,517,456 and 11,240,075 shares outstanding, respectively
13,521 13,243 
Surplus85,122 81,545 
Treasury stock, 2,003,183 shares, at cost
(26,079)(26,079)
Unearned common stock held by ESOP(1,006)(1,006)
Retained earnings122,376 111,961 
Accumulated other comprehensive loss(5,905)(8,142)
Total stockholders’ equity188,029 171,522 
Total liabilities and stockholders’ equity$2,541,130 $2,385,867 
See accompanying notes to the unaudited consolidated financial statements.
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MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended
September 30,
Nine months ended
September 30,
(dollars in thousands, except per share data)2025202420252024
Interest income:
Loans and other finance receivables, including fees$40,477 $38,103 $115,723 $109,928 
Securities - taxable1,895 1,480 5,380 4,055 
Securities - tax-exempt325 320 933 969 
Cash and cash equivalents412 416 1,452 1,047 
Total interest income43,109 40,319 123,488 115,999 
Interest expense:
Deposits17,418 19,313 51,587 55,696 
Borrowings and subordinated debentures2,575 2,764 7,850 8,606 
       Total interest expense19,993 22,077 59,437 64,302 
Net interest income23,116 18,242 64,051 51,697 
Provision for credit losses2,850 2,282 11,865 7,828 
Net interest income after provision for credit losses20,266 15,960 52,186 43,869 
Non-interest income:
Mortgage banking income5,914 6,474 15,069 15,528 
Wealth management income1,610 1,447 4,637 4,208 
SBA loan income1,431 544 4,167 2,315 
Earnings on investment in life insurance246 222 708 644 
Net gain on sale of MSRs— — 415 — 
Net change in the fair value of derivative instruments129 (102)176 176 
Net change in the fair value of loans held-for-sale(75)169 198 138 
Net change in the fair value of loans held-for-investment213 965 573 766 
Net (loss) gain on hedging activity(166)(197)(129)(279)
Other651 1,309 2,751 4,563 
Total non-interest income9,953 10,831 28,565 28,059 
Non-interest expense:
Salaries and employee benefits13,613 12,829 38,177 34,839 
Occupancy and equipment991 1,243 3,366 3,706 
Professional fees1,092 1,106 3,019 3,633 
Data processing and software
1,865 1,553 5,050 4,591 
Advertising and promotion877 717 2,933 2,454 
Pennsylvania bank shares tax254 181 792 729 
Other2,854 2,917 8,309 7,786 
Total non-interest expense21,546 20,546 61,646 57,738 
        Income before income taxes8,673 6,245 19,105 14,190 
Income tax expense2,014 1,502 4,455 3,445 
        Net income $6,659 $4,743 $14,650 $10,745 
Basic earnings per common share
$0.59 $0.43 $1.30 $0.97 
Diluted earnings per common share
$0.58 $0.42 $1.28 $0.96 
Basic weighted average shares outstanding
11,325 11,110 11,252 11,098 
Diluted weighted average shares outstanding
11,540 11,234 11,458 11,198 
See accompanying notes to the unaudited consolidated financial statements.
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MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended
September 30,		Nine months ended
September 30,
(dollars in thousands)2025202420252024
Net income:$6,659 $4,743 $14,650 $10,745 
Net change in unrealized gains (losses) on investment securities available for sale:
Change in fair value of investment securities, net of tax of $487, $695, $718, and $1,063, respectively
1,602 2,420 2,373 2,311 
Reclassification adjustment for net losses realized in net income, net of tax effect of $(10), $14, $(11), and $14, respectively,
(35)43 (35)43 
Reclassification adjustment for investment securities transferred to held-to-maturity, net of tax effect of $7, $7, $21, and $21, respectively
22 22 66 66 
Unrealized investment gains, net of tax effect of $484, $716, $728, and $1,098, respectively
$1,589 $2,485 $2,404 $2,420 
Net change in unrealized (losses) gains on interest rate swaps used in cash flow hedges, net of tax effect of $17, $368, $(167), and $85, respectively
17 (1,163)(167)(264)
Total other comprehensive income $1,606 $1,322 $2,237 $2,156 
Total comprehensive income $8,265 $6,065 $16,887 $12,901 
See accompanying notes to the unaudited consolidated financial statements.
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MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(dollars in thousands, except per share data)
Common
Stock
SurplusTreasury
Stock		Unearned
ESOP		Retained
Earnings		AOCITotal
Three Months Ended September 30, 2025
Balance at July 1, 2025
$13,300 $82,184 $(26,079)$(1,006)$117,132 $(7,511)$178,020 
Net income— — — — 6,659 — 6,659 
Other comprehensive income— — — — — 1,606 1,606 
Dividends declared ($0.125 per share)
— — — — (1,415)— (1,415)
Net issuance of common stock189 2,601 — — — — 2,790 
Common stock issued through share-based awards and exercises32 235 — — — — 267 
Stock based compensation expense— 102 — — — — 102 
Balance at September 30, 2025$13,521 $85,122 $(26,079)$(1,006)$122,376 $(5,905)$188,029 
(dollars in thousands, except per share data)
Common
Stock
SurplusTreasury
Stock		Unearned
ESOP		Retained
Earnings		AOCITotal
Nine Months Ended September 30, 2025
Balance at January 1, 2025$13,243 $81,545 $(26,079)$(1,006)$111,961 $(8,142)$171,522 
Net income— — — — 14,650 — 14,650 
Other comprehensive income— — — — — 2,237 2,237 
Dividends declared ($0.375 per share)
— — — — (4,235)— (4,235)
Net issuance of common stock189 2,601 — — — — 2,790 
Common stock issued through share-based awards and exercises89 700 — — — — 789 
Stock based compensation expense— 276 — — — — 276 
Balance at September 30, 2025$13,521 $85,122 $(26,079)$(1,006)$122,376 $(5,905)$188,029 
(dollars in thousands, except per share data)
Common
Stock
SurplusTreasury
Stock		Unearned
ESOP		Retained
Earnings		AOCITotal
Three Months Ended September 30, 2024
Balance at July 1, 2024
$13,194 $80,639 $(26,079)$(1,204)$104,420 $(8,588)$162,382 
Net income— — — — 4,743 — 4,743 
Other comprehensive income— — — — — 1,322 1,322 
Dividends declared ($0.125 per share)
— — — — (1,398)— (1,398)
Common stock issued through share-based awards and exercises38 297 — — — — 335 
Stock based compensation expense— 66 — — — — 66 
Balance at September 30, 2024$13,232 $81,002 $(26,079)$(1,204)$107,765 $(7,266)$167,450 
(dollars in thousands, except per share data)
Common
Stock
SurplusTreasury
Stock		Unearned
ESOP		Retained
Earnings		AOCITotal
Nine Months Ended September 30, 2024
Balance at January 1, 2024$13,186 $80,325 $(26,079)$(1,204)$101,216 $(9,422)$158,022 
Net income— — — — 10,745 — 10,745 
Other comprehensive income— — — — — 2,156 2,156 
Dividends declared ($0.375 per share)
— — — — (4,196)— (4,196)
Common stock issued through share-based awards and exercises46 358 — — — — 404 
Stock based compensation expense— 319 — — — — 319 
Balance at September 30, 2024$13,232 $81,002 $(26,079)$(1,204)$107,765 $(7,266)$167,450 
See accompanying notes to the unaudited consolidated financial statements.
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MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30,
(dollars in thousands)20252024
Net income$14,650 $10,745 
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on sale of investment securities available-for-sale
(48)57 
Net amortization of investment premiums and discounts and change in fair value of equity securities1,630 2,873 
Depreciation and amortization (accretion), net(87)276 
Provision for credit losses11,865 7,828 
Amortization of issuance costs on subordinated debt93 92 
Stock based compensation276 319 
Net change in fair value of derivative instruments(176)(176)
Net change in fair value of loans held for sale(198)(138)
Net change in fair value of loans held for investment(573)(766)
Amortization and net impairment of servicing rights450 994 
Net gain on sale of MSRs(415)— 
Gain on sale of OREO(15)— 
SBA loan income(4,167)(2,315)
Proceeds from sale of loans584,846 594,669 
Loans originated for sale(565,183)(594,399)
Mortgage banking income(15,069)(15,528)
Increase in accrued interest receivable(986)(687)
Decrease (increase) in other assets4,700 (438)
Earnings from investment in bank owned life insurance(708)(644)
(Increase) decrease in deferred income tax(977)66 
Increase (decrease) in accrued interest payable235 (3,307)
Increase in other liabilities
333 10,780 
          Net cash provided by operating activities
30,476 10,301 
Cash flows from investing activities:
Activity in available-for-sale securities:
Maturities, repayments and calls12,223 12,436 
Sales2,462 16,004 
Purchases(33,224)(61,024)
Activity in held-to-maturity securities:
Maturities, repayments and calls1,000 1,720 
Proceeds from sale of OREO 15 — 
Proceeds from sale of MSRs502 — 
Net purchases of restricted investments in bank stocks
(597)(470)
Net increase in loans(136,888)(124,753)
Purchases of premises and equipment(1,338)(222)
Disposal of premise and equipment
23 — 
          Net cash used in investing activities(155,822)(156,309)
Cash flows from financing activities:
Net increase in deposits125,748 155,465 
Increase (decrease) in short-term borrowings
28,039 (40,609)
(Decrease) increase in long-term debt
(15,245)10,594 
Repayment of subordinated debt(13)— 
Dividends paid(4,235)(4,196)
Share based awards and exercises789 404 
Proceeds from issuance of common stock2,790 — 
          Net cash provided by financing activities137,873 121,658 
Net change in cash and cash equivalents12,527 (24,350)
Cash and cash equivalents at beginning of period27,462 56,697 
Cash and cash equivalents at end of period$39,989 $32,347 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest$59,202 $67,609 
Income taxes6,299 1,222 
Net loans sold, not settled1,264 8,162 
Investment security purchases, not settled— (7,380)
Non-cash transfers from loans receivable to OREO1,297 — 
Non-cash transfers from loans receivable to repossessed assets2,417 — 
See accompanying notes to the unaudited consolidated financial statements.
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MERIDIAN CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1)    Summary of Significant Accounting Policies
Basis of Presentation
The Corporation’s unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations for the interim periods presented have been included.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Amounts subject to significant estimates are items such as the allowance for credit losses, lending related commitments and the related unfunded commitment reserve, the fair value of financial instruments, other-than-temporary impairments of investment securities, and the valuations of goodwill, intangible assets, and servicing assets.
These unaudited consolidated financial statements should be read in conjunction with the Corporation’s filings with the SEC (including our Annual Report on Form 10-K for the year ended December 31, 2024), 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 Form 10-K and Form 10-Q filings, if any.
Certain prior period amounts have been reclassified to conform with current period presentation. Reclassifications had no effect on net income or stockholders’ equity. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025 or for any other period.

Pronouncements Adopted/Effective during the nine months ended September 30, 2025:

FASB ASU 2024-01 Stock Compensation - Scope Application of Profits Interest and Similar Awards
The amendments in this update improve the understandability of paragraph 718-10-15-3 apply to all entities that enter into share-based payments transactions and are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. The adoption of this amendment did not have a material impact on the Corporation's consolidated financial statements.

Pronouncements Not Yet Effective as of September 30, 2025:

FASB ASU No. 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative"
This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB ASC. The amendments in this ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC's regulations. For entities subject to the SEC's existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity.

FASB ASU 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures”
The amendments in this update address investor requests for more transparency about income tax information through improvements to annual income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update will be effective for our annual reporting period ended December 31, 2025 and applied on a prospective basis.

FASB ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures"
This amendment requires enhanced disaggregation of certain expense categories within the income statement to provide more detailed information about the nature and function of expenses. The objective is to improve the transparency and usefulness of financial statements for users by offering greater insight into the components of operating expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2026. These changes may be applied prospectively or retroactively. Early adoption is permitted. The Corporation is currently evaluating the impact on its disclosures.

FASB ASU 2025-01, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date"
This amendment addresses questions that were raised regarding the effective date of ASU 2024-03 for public business entities with non-calendar year ends. The amendment clarifies that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.

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FASB ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)"
This ASU is intended to modernize old internal-use software guidance written in 1998 to adapt to the agile basis predominantly used to develop software today. This update is effective for annual and interim periods beginning after December 15, 2027. These changes may be applied prospectively, retroactively, or on a modified prospective basis. Early adoption is permitted. The Corporation will evaluate the impact on its disclosures as the applicability date gets closer.

(2)    Earnings per Common Share
Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period reduced by unearned ESOP Plan shares and treasury shares. Diluted earnings per common share takes into account the potential dilution computed pursuant to the treasury stock method that could occur if stock options were exercised and converted into common stock, and if restricted stock awards were vested. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be anti-dilutive.
Three months ended
September 30,		Nine months ended
September 30,
(dollars in thousands, except per share data)2025202420252024
Numerator for earnings per share:
Net income available to common stockholders$6,659 $4,743 $14,650 $10,745 
Denominators for earnings per share:
Weighted average shares outstanding11,443 11,254 11,376 11,249 
Average unearned ESOP shares(118)(144)(124)(151)
Basic weighted averages shares outstanding11,325 11,110 11,252 11,098 
Dilutive effects of assumed exercises of stock options215 124 206 100 
Diluted weighted averages shares outstanding11,540 11,234 11,458 11,198 
Basic earnings per share$0.59 $0.43 $1.30 $0.97 
Diluted earnings per share$0.58 $0.42 $1.28 $0.96 
Antidilutive shares excluded from computation of average dilutive earnings per share357 489 359 586 

(3)    Securities
The following tables presents the amortized cost, allowance for credit losses, and fair value of securities at the dates indicated:
September 30, 2025
(dollars in thousands)Amortized costGross unrealized gainsGross unrealized lossesAllowance for credit lossesFair value# of Securities in unrealized loss position
Securities available-for-sale:
U.S. asset backed securities$27,144 $53 $(290)$— $26,907 13 
U.S. government agency MBS27,336 241 (262)— 27,315 9 
U.S. government agency CMO58,518 305 (1,627)— 57,196 37 
State and municipal securities43,471 136 (3,993)— 39,614 32 
U.S. Treasuries17,040 — (972)— 16,068 16 
Non-U.S. government agency CMO9,531 34 (233)— 9,332 9 
Corporate bonds17,642 598 (404)— 17,836 11 
Total securities available-for-sale$200,682 $1,367 $(7,781)$— $194,268 127 
Amortized costGross unrecognized gainsGross unrecognized lossesAllowance for credit lossesFair value# of Securities in unrecognized loss position
Securities held to maturity:
State and municipal securities$32,593 $6 $(2,746)$— $29,853 19 
Total securities held-to-maturity$32,593 $6 $(2,746)$— $29,853 19 


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December 31, 2024
(dollars in thousands)Amortized costGross unrealized gainsGross unrealized lossesAllowance for credit lossesFair value# of Securities in unrealized loss position
Securities available-for-sale:
U.S. asset backed securities$29,931 $73 $(160)$— $29,844 12 
U.S. government agency MBS21,392 96 (617)— 20,871 14 
U.S. government agency CMO48,051 23 (2,461)— 45,613 42 
State and municipal securities40,854 1 (4,159)— 36,696 31 
U.S. Treasuries17,039 — (1,589)— 15,450 16 
Non-U.S. government agency CMO12,082 59 (412)— 11,729 9 
Corporate bonds14,415 448 (762)— 14,101 15 
Total securities available-for-sale$183,764 $700 $(10,160)$— $174,304 139 
(dollars in thousands)Amortized costGross unrecognized gainsGross unrecognized lossesAllowance for credit lossesFair value# of Securities in unrecognized loss position
Securities held to maturity:
State and municipal securities$33,771 $7 $(3,286)$— $30,492 19 
Total securities held-to-maturity$33,771 $7 $(3,286)$— $30,492 19 
Although the Corporation’s investment portfolio overall is in a net unrealized loss position at September 30, 2025, the temporary impairment in the above noted securities is primarily the result of changes in market interest rates subsequent to purchase and it is more likely than not that the Corporation will not be required to sell these securities prior to recovery to satisfy liquidity needs, and therefore, no securities warranted an ACL.
The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at the dates indicated:
September 30, 2025
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value		Unrealized lossesFair
value		Unrealized lossesFair
value		Unrealized losses
Securities available-for-sale:
U.S. asset backed securities$7,579 $(82)$8,382 $(208)$15,961 $(290)
U.S. government agency MBS986 (1)8,350 (261)9,336 (262)
U.S. government agency CMO9,454 (67)24,992 (1,560)34,446 (1,627)
State and municipal securities1,196 (4)34,811 (3,989)36,007 (3,993)
U.S. Treasuries— — 16,068 (972)16,068 (972)
Non-U.S. government agency CMO513 — 5,421 (233)5,934 (233)
Corporate bonds— — 6,295 (404)6,295 (404)
Total securities available-for-sale$19,728 $(154)$104,319 $(7,627)$124,047 $(7,781)
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value		Unrecognized
losses		Fair
value		Unrecognized
losses		Fair
value		Unrecognized
losses
Securities held-to-maturity:
State and municipal securities$3,094 $(126)$24,567 $(2,620)$27,661 $(2,746)
Total securities held-to-maturity$3,094 $(126)$24,567 $(2,620)$27,661 $(2,746)
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December 31, 2024
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Securities available-for-sale:
U.S. asset backed securities$12,708 $(56)$3,568 $(104)$16,276 $(160)
U.S. government agency MBS5,773 (183)9,050 (434)14,823 (617)
U.S. government agency CMO22,351 (506)18,876 (1,955)41,227 (2,461)
State and municipal securities— — 35,199 (4,159)35,199 (4,159)
U.S. Treasuries— — 15,450 (1,589)15,450 (1,589)
Non-U.S. government agency CMO1,403 (12)5,204 (400)6,607 (412)
Corporate bonds1,688 (41)7,479 (721)9,167 (762)
Total securities available-for-sale$43,923 $(798)$94,826 $(9,362)$138,749 $(10,160)
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value		Unrecognized
losses		Fair
value		Unrecognized
losses		Fair
value		Unrecognized
losses
Securities held-to-maturity:
State and municipal securities$1,048 $(15)$27,271 $(3,271)$28,319 $(3,286)
Total securities held-to-maturity$1,048 $(15)$27,271 $(3,271)$28,319 $(3,286)
As of September 30, 2025, substantially all of the Corporation’s available-for-sale investment securities were mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S. government-sponsored entities and agencies. As of September 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity.
The amortized cost and carrying value of securities are shown below by contractual maturities at the dates indicated. Actual maturities may differ from contractual maturities as issuers may have the right to call or repay obligations with or without call or prepayment penalties.
September 30, 2025
Available-for-saleHeld-to-maturity
(dollars in thousands)Amortized costFair valueAmortized costFair value
Due in one year or less$— $— $— $— 
Due after one year through five years22,748 21,613 2,965 2,832 
Due after five years through ten years22,107 22,175 5,769 5,032 
Due after ten years60,442 56,637 23,859 21,989 
Subtotal105,297 100,425 32,593 29,853 
Mortgage-related securities95,385 93,843 — — 
Total$200,682 $194,268 $32,593 $29,853 
There were sales of investment securities available for sale for the three and nine months ended September 30, 2025 totalling $2.5 million with $65 thousand in gross gains and $17 thousand in gross losses recognized. There were sales of investment securities available for sale for the three and nine month ended September 30, 2024 totaling $16.0 million with $57 thousand in gross losses recognized.
ACL on Securities AFS and HTM
We use credit ratings quarterly and the most recent financial information of securities' issuers annually to help evaluate the credit quality of our securities AFS and HTM portfolios on a quarterly basis. The securities portfolio consists primarily of U.S. government treasuries and U.S. government agency asset backed securities which have no probability of default. The remaining portfolio consists of highly rated municipal bonds, non-agency CMO, and corporate bonds that have a low probability of default.
For the three and nine months ended September 30, 2025 and 2024, we had no significant ACL or provision expense and no charge-offs or recoveries on AFS or HTM securities.
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Pledged Securities
As of September 30, 2025 and December 31, 2024, securities having a carrying value of $69.2 million and $43.3 million, respectively, were specifically pledged as collateral for public funds, the FRB discount window program, FHLB borrowings and other purposes. The FHLB has a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB.
(4)    Loans and Other Finance Receivables
The following table presents loans and other finance receivables detailed by category at the dates indicated:
(dollars in thousands)September 30,
2025		December 31,
2024
Real estate loans:
Commercial mortgage$872,497 $823,976 
Home equity lines and loans105,109 90,721 
Residential mortgage 260,495 252,565 
Construction315,095 259,553 
Total real estate loans1,553,196 1,426,815 
Commercial and industrial418,069 367,366 
Small business loans137,894 155,775 
Consumer336 349 
Leases, net49,766 75,987 
Total loans and other finance receivables$2,159,261 $2,026,292 
Balances included in loans and other finance receivables, net of fees and costs:
Residential mortgage real estate loans accounted under fair value option, at fair value$14,454 $14,501 
Residential mortgage real estate loans accounted under fair value option, at amortized cost16,312 16,543 
Unearned lease income included in leases, net(5,096)(9,057)
Unamortized deferred loan origination costs, net of deferred fees3,584 4,145 
Fair Value Option for Residential Mortgage Real Estate Loans
Residential mortgage real estate loans that were originated by the Corporation and intended for sale in the secondary market to permanent investors, but were either repurchased or unsalable due to defect, and that the Corporation has the ability and intent to hold for the foreseeable future or until maturity or payoff are carried at fair value pursuant to the Corporation's election of the fair value option for these loans. The remaining loans, net of fees and costs are stated at their outstanding unpaid principal balances, net of deferred fees or costs, since the original intent for these loans was to hold them until payoff or maturity.
Nonaccrual and Past Due Loans and Other Finance Receivables
The following tables present an aging of the Corporation’s loans and other finance receivables at the dates indicated:
September 30, 2025
(dollars in thousands)30-59 days past due60-89 days past due90+ days past due and still accruingTotal past dueCurrentTotal accruing Nonaccrual Total loans and other finance receivables% Delinquent
Commercial mortgage$114 $426 $— $540 $870,716 $871,256 $1,241 $872,497 0.20 %
Home equity lines and loans69 — 480 549 102,977 103,526 1,583 105,109 2.03 
Residential mortgage (1)
— 339 — 339 249,806 250,145 10,350 260,495 4.10 
Construction— — — — 304,787 304,787 10,308 315,095 3.27 
Commercial and industrial— — — — 410,231 410,231 7,838 418,069 1.87 
Small business loans (2)
119 — — 119 116,519 116,638 21,256 137,894 15.50 
Consumer— — — — 336 336 — 336 — 
Leases, net354 568 — 922 46,543 47,465 2,301 49,766 6.48 %
Total$656 $1,333 $480 $2,469 $2,101,915 $2,104,384 $54,877 $2,159,261 2.66 %
(1) Includes $14.5 million of loans at fair value of which $14.5 million are current, $0 are 30-89 days past due and $510 thousand are nonaccrual.
(2) Includes $11.8 million of loans within nonaccrual category that are guaranteed by the SBA.

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December 31, 2024
(dollars in thousands)30-59 days past due60-89 days past dueTotal past dueCurrentTotal accruing Nonaccrual Total loans and other finance receivables% Delinquent
Commercial mortgage$1,290 $— $1,290 $821,877 $823,167 $809 $823,976 0.25 %
Home equity lines and loans176 154 330 88,675 89,005 1,716 90,721 2.26 
Residential mortgage (1)
3,259 — 3,259 241,406 244,665 7,900 252,565 4.42 
Construction1,000 — 1,000 249,940 250,940 8,613 259,553 3.70 
Commercial and industrial— — — 355,400 355,400 11,966 367,366 3.26 
Small business loans (2)
1,351 — 1,351 142,154 143,505 12,270 155,775 8.74 
Consumer— — — 349 349 — 349 — 
Leases, net1,046 457 1,503 72,633 74,136 1,851 75,987 4.41 
Total$8,122 $611 $8,733 $1,972,434 $1,981,167 $45,125 $2,026,292 2.66 %
(1) Includes $14.5 million of loans at fair value of which $13.7 million are current, $473 thousand are 30-89 days past due and $340 thousand are nonaccrual.
(2) Includes $6.2 million of loans within nonaccrual category that are guaranteed by the SBA.

There was one loan of $480 thousand in the table above as of September 30, 2025, and no loans or other finance receivables as of December 31, 2024, that were 90+days past due and still accruing interest.

Foreclosed and Repossessed Assets
At September 30, 2025 and December 31, 2024, there were 9 and 4 consumer mortgage loans, respectively, secured by residential real estate properties (included in loans, net of fees and costs on the Consolidated Balance Sheets) totaling $2.5 million and $1.3 million, respectively, for which formal foreclosure proceedings were in process.
During the nine months ended September 30, 2025 the Corporation foreclosed on a commercial real estate property in partial satisfaction of a non-performing commercial loan relationship and repossessed a billboard asset from a separate commercial loan relationship. These assets were reclassified into OREO and other repossessed assets, respectively, on the balance sheet at September 30, 2025. The repossessed billboard was transferred into other repossessed assets with a value of $2.4 million, after consideration of estimated costs to sell, while the foreclosed real estate was transferred into OREO with a value of $1.3 million, after consideration of estimated costs to sell. The balance of repossessed assets as of December 31, 2024 largely consisted of a residential property, that was subsequently sold in the second quarter of 2025.

Risks and Uncertainties
Our commercial loans have been proactively managed in an effort to achieve a balanced portfolio with no unusual exposure to one industry. Additionally, most of our lending activity occurs within our primary market areas which are concentrated in southeastern Pennsylvania, Delaware, and Maryland as well as other contiguous markets and represents a geographic concentration. Commercial loans are generally viewed as having more inherent risk of default than residential real estate loans or other consumer loans. Also, the commercial loan balance per borrower is typically larger than that for residential real estate loans and consumer loans, implying higher potential losses on an individual loan basis.

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Past Due and Nonaccrual Status
The following tables presents the amortized costs basis of loans and other finance receivables on nonaccrual status and 90 days or more past due and still accruing, net of fees and costs as of September 30, 2025 and December 31, 2024. As of September 30, 2025 there was one loan of $480 thousand that was 90+ days past due and still accruing interest, and no loans or other finance receivables 90 days or more past due and still accruing as of December 31, 2024.
September 30, 2025
December 31, 2024
(dollars in thousands)Nonaccrual without ACLNonaccrual with ACLTotal nonaccrualNonaccrual without ACLNonaccrual with ACLTotal nonaccrual
Commercial mortgage$1,241 $— $1,241 $809 $— $809 
Home equity lines and loans1,583 — 1,583 1,716 — 1,716 
Residential mortgage8,770 1,580 10,350 7,518 382 7,900 
Construction4,296 6,012 10,308 8,613 — 8,613 
Commercial and industrial6,391 1,447 7,838 9,166 2,800 11,966 
Small business loans16,127 5,129 21,256 8,179 4,091 12,270 
Leases, net— 2,301 2,301 — 1,851 1,851 
Total$38,408 $16,469 $54,877 $36,001 $9,124 $45,125 
The decrease in commercial and industrial nonaccrual loans with ACL relates to the repossession of property on a protracted commercial advertising loan relationship, combined with the foreclosure of a piece of real estate on another commercial loan. While the increase in nonaccrual SBA loans without ACL relates to additional risk rating downgrades leading to non-performing classification in the SBA loan portfolio.

Collateral-dependent Loans
The following tables presents the amortized cost basis of non-accruing collateral-dependent loans and other finance receivables by class as of September 30, 2025 and December 31, 2024 under the current expected credit loss model:
September 30, 2025December 31, 2024
(dollars in thousands)Real estateEquipment and otherTotalReal estateEquipment and otherTotal
Commercial mortgage$1,241 $— $1,241 $809 $— $809 
Home equity lines and loans1,583 — 1,583 1,716 — 1,716 
Residential mortgage10,350 — 10,350 7,900 — 7,900 
Construction10,308 — 10,308 8,613 — 8,613 
Commercial and industrial2,376 5,462 7,838 1,344 10,622 11,966 
Small business loans15,737 5,519 21,256 10,164 2,106 12,270 
Total$41,595 $10,981 $52,576 $30,546 $12,728 $43,274 

(5)    Allowance for Credit Losses
The ACL is maintained at a level considered adequate to provide for estimated expected credit losses within the loan and other finance receivables portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. Management’s periodic evaluation of the adequacy of the ACL is based on known and inherent risks in the portfolio, adverse situations that may affect the customer’s ability to repay, the estimated value of any underlying collateral, composition of the portfolio, current economic conditions and other relevant factors. This evaluation is subjective as it requires material estimates that may be susceptible to significant revisions as more information becomes available.









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Roll-Forward of ACL by Portfolio Segment
The following tables provide the activity of our allowance for credit losses for the three and nine months ended September 30, 2025 and September 30, 2024 under the CECL model in accordance with ASC 326:
Three Months Ended September 30, 2025
(dollars in thousands)Beginning BalanceCharge-offsRecoveriesProvision (recovery of provision) for credit lossesEnding balance
Commercial mortgage$3,411 $— $— $385 $3,796 
Home equity lines and loans1,264 — 1 76 1,341 
Residential mortgage1,097 — — 208 1,305 
Construction1,581 — — 224 1,805 
Commercial and industrial3,653 (847)55 975 3,836 
Small business loans7,837 (997)4 1,462 8,306 
Consumer— (4)1 3 — 
Leases2,008 (273)153 (483)1,405 
Total$20,851 $(2,121)$214 $2,850 $21,794 
Nine Months Ended September 30, 2025
(dollars in thousands)Beginning BalanceCharge-offsRecoveriesProvision (recovery of provision) for credit lossesEnding balance
Commercial mortgage$3,469 $— $— $327 $3,796 
Home equity lines and loans1,147 — 4 190 1,341 
Residential mortgage1,021 — 2 282 1,305 
Construction923 (738)— 1,620 1,805 
Commercial and industrial3,098 (3,135)83 3,790 3,836 
Small business loans6,304 (3,426)36 5,392 8,306 
Consumer— (11)3 8 — 
Leases2,476 (1,798)641 86 1,405 
Total$18,438 $(9,108)$769 $11,695 $21,794 

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Three Months Ended September 30, 2024
(dollars in thousands)Beginning Balance
Initial PCD on purchased loan
Charge-offsRecoveriesProvision (recovery of provision) for credit lossesEnding balance
Commercial mortgage$3,676 $— $— $— $(33)$3,643 
Home equity lines and loans1,114 — — 1 (10)1,105 
Residential mortgage1,059 — — — (78)981 
Construction591 — — — (12)579 
Commercial and industrial4,811 574 (107)— 601 5,879 
Small business loans7,498 — (1,104)41 732 7,167 
Consumer— — (2)1 1 — 
Leases2,954 — (1,227)109 775 2,611 
Total$21,703 $574 $(2,440)$152 $1,976 $21,965 
Nine Months Ended September 30, 2024
(dollars in thousands)Beginning Balance
Initial PCD on purchased loan
Charge-offsRecoveriesProvision (recovery of provision) for credit lossesEnding balance
Commercial mortgage$4,375 $— $— $— $(732)$3,643 
Home equity lines and loans998 — (86)29 164 1,105 
Residential mortgage1,020 — — — (39)981 
Construction485 — — — 94 579 
Commercial and industrial4,518 574 (1,935)2 2,720 5,879 
Small business loans7,005 — (2,583)108 2,637 7,167 
Consumer— — (3)3 — — 
Leases3,706 — (4,629)382 3,152 2,611 
Total$22,107 $574 $(9,236)$524 $7,996 $21,965 

Reconciliation of Provision for Credit Losses
The following table provides a reconciliation of the provision for credit losses on the consolidated statements of income between the funded and unfunded components at the dates indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(dollars in thousands)2025202420252024
Provision for credit losses - funded loans$2,850 $1,976 $11,695 $7,996 
Provision (recovery) for credit losses - unfunded loans
— 306 170 (168)
Total provision for credit losses$2,850 $2,282 $11,865 $7,828 


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Allowance Allocated by Portfolio Segment
The following tables detail the allocation of the ACL and the carrying value for loans and other finance receivables by portfolio segment based on the methodology used to evaluate the loans and other finance receivables at the dates indicated:
September 30, 2025
Allowance for credit lossesCarrying value
(dollars in thousands)Individually evaluated Collectively evaluated TotalIndividually evaluated Collectively evaluated Total
Commercial mortgage$292 $3,504 $3,796 $1,241 $871,256 $872,497 
Home equity lines and loans— 1,341 1,341 1,583 103,526 105,109 
Residential mortgage125 1,180 1,305 9,840 236,201 246,041 
Construction— 1,805 1,805 10,308 304,787 315,095 
Commercial and industrial818 3,018 3,836 7,838 410,231 418,069 
Small business loans2,111 6,195 8,306 21,256 116,638 137,894 
Consumer— — — — 336 336 
Leases, net— 1,405 1,405 — 49,766 49,766 
Total$3,346 $18,448 $21,794 $52,066 $2,092,741 $2,144,807 
(1) Excludes deferred fees and loans carried at fair value.


December 31, 2024
Allowance for credit lossesCarrying value
(dollars in thousands)Individually evaluated Collectively evaluated TotalIndividually evaluated Collectively evaluated Total
Commercial mortgage$— $3,469 $3,469 $809 $823,167 $823,976 
Home equity lines and loans— 1,147 1,147 1,716 89,005 90,721 
Residential mortgage29 992 1,021 7,560 230,504 238,064 
Construction— 923 923 8,613 250,940 259,553 
Commercial and industrial855 2,243 3,098 11,966 355,400 367,366 
Small business loans1,808 4,496 6,304 12,270 143,505 155,775 
Consumer— — — — 349 349 
Leases, net— 2,476 2,476 — 75,987 75,987 
Total$2,692 $15,746 $18,438 $42,934 $1,968,857 $2,011,791 
(1) Excludes deferred fees and loans carried at fair value.

Credit Quality Indicators
As part of the process of determining the ACL to the different segments of the loan and other finance receivables portfolio, Management considers certain credit quality indicators. For the commercial mortgage, construction and commercial and industrial loan segments, periodic reviews of the individual loans are performed by Management. The results of these reviews are reflected in the risk grade assigned. These internally assigned grades are as follows:
•Pass – Considered to be satisfactory with no indications of deterioration.
•Special mention – Classified as special mention have a potential weakness that deserves Management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or of the institution’s credit position at some future date.
•Substandard – Classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
•Doubtful – Classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loan balances classified as doubtful have been reduced by partial charge-offs and are carried at their net realizable values.

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The following tables detail the carrying value of loans and other finance receivables by portfolio segment based on year of origination and the credit quality indicators used to determine the allowance for credit losses at the dates indicated:

September 30, 2025Revolving Loans Converted to Term LoansRevolving LoansTotal
Term Loans and Other Finance Receivables
(dollars in thousands)20252024202320222021Prior
Commercial mortgage
Pass/Watch$82,437 $122,828 $107,235 $160,338 $137,557 $240,683 $184 $— $851,262 
Special Mention— — 3,423 1,308 — 1,167 — — 5,898 
Substandard— — 200 8,127 — 7,010 — — 15,337 
Total$82,437 $122,828 $110,858 $169,773 $137,557 $248,860 $184 $— $872,497 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction
Pass/Watch$63,309 $132,743 $37,291 $16,831 $3,503 $8,339 $— $32,141 $294,157 
Special Mention— 211 — — — — — — 211 
Substandard576 — 1,185 10,365 2,724 2,590 — 3,287 20,727 
Total$63,885 $132,954 $38,476 $27,196 $6,227 $10,929 $— $35,428 $315,095 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $(738)$(738)
Commercial and industrial
Pass/Watch$66,558 $66,204 $16,788 $18,013 $9,783 $22,696 $— $191,195 $391,237 
Special Mention— — — 161 3,939 — — 4,274 8,374 
Substandard— — 850 — 1,348 7,596 — 8,664 18,458 
Total$66,558 $66,204 $17,638 $18,174 $15,070 $30,292 $— $204,133 $418,069 
Year-to-date gross charge-offs$(90)$(1,330)$(160)$(23)$(264)$— $— $(1,268)$(3,135)
Small business loans
Pass/Watch$25,867 $18,083 $19,050 $17,354 $10,291 $9,565 $— $10,103 $110,313 
Special Mention— 199 77 — 34 — — 50 360 
Substandard2,938 1,935 3,328 834 9,879 4,137 — 4,170 27,221 
Total$28,805 $20,217 $22,455 $18,188 $20,204 $13,702 $— $14,323 $137,894 
Year-to-date gross charge-offs$— $(432)$(550)$(233)$(692)$(944)$— $(575)$(3,426)
Total by risk rating
Pass/Watch$238,171 $339,858 $180,364 $212,536 $161,134 $281,283 $184 $233,439 $1,646,969 
Special Mention— 410 3,500 1,469 3,973 1,167 — 4,324 14,843 
Substandard3,514 1,935 5,563 19,326 13,951 21,333 — 16,121 81,743 
Total$241,685 $342,203 $189,427 $233,331 $179,058 $303,783 $184 $253,884 $1,743,555 
Total year-to-date gross charge-offs$(90)$(1,762)$(710)$(256)$(956)$(944)$— $(2,581)$(7,299)



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December 31, 2024Revolving Loans Converted to Term LoansRevolving LoansTotal
Term Loans and Other Finance Receivables
(dollars in thousands)20242023202220212020Prior
Commercial mortgage
Pass/Watch$118,289 $99,971 $162,831 $140,046 $92,705 $184,157 $511 $189 $798,699 
Special Mention— 3,471 11,258 972 47 767 667 — 17,182 
Substandard— 200 30 — 4,681 3,184 — — 8,095 
Total$118,289 $103,642 $174,119 $141,018 $97,433 $188,108 $1,178 $189 $823,976 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction
Pass/Watch$89,417 $61,040 $38,315 $10,935 $7,015 $4,229 $123 $34,613 $245,687 
Special Mention160 1,185 2,948 — — — — — 4,293 
Substandard— — 1,277 1,605 516 2,608 — 3,567 9,573 
Total$89,577 $62,225 $42,540 $12,540 $7,531 $6,837 $123 $38,180 $259,553 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial and industrial
Pass/Watch$81,352 $23,658 $16,844 $15,634 $8,499 $23,220 $— $162,980 $332,187 
Special Mention— 850 2,599 438 — — — 2,455 6,342 
Substandard— 115 3,813 2,365 — 9,978 — 12,566 28,837 
Total$81,352 $24,623 $23,256 $18,437 $8,499 $33,198 $— $178,001 $367,366 
Year-to-date gross charge-offs$(351)$(1,136)$(41)$— $— $(1,324)$— $(3,515)$(6,367)
Small business loans
Pass/Watch$35,720 $23,714 $24,446 $22,800 $6,699 $6,226 $— $13,818 $133,423 
Special Mention— 425 507 2,335 1,332 — — — 4,599 
Substandard— 1,804 1,294 8,481 4,085 — — 2,089 17,753 
Total$35,720 $25,943 $26,247 $33,616 $12,116 $6,226 $— $15,907 $155,775 
Year-to-date gross charge-offs$— $(118)$(1,986)$(1,064)$(352)$— $— $(780)$(4,300)
Total by risk rating
Pass/Watch$324,778 $208,383 $242,436 $189,415 $114,918 $217,832 $634 $211,600 $1,509,996 
Special Mention160 5,931 17,312 3,745 1,379 767 667 2,455 32,416 
Substandard— 2,119 6,414 12,451 9,282 15,770 — 18,222 64,258 
Total$324,938 $216,433 $266,162 $205,611 $125,579 $234,369 $1,301 $232,277 $1,606,670 
Total year-to-date gross charge-offs$(351)$(1,254)$(2,027)$(1,064)$(352)$(1,324)$— $(4,295)$(10,667)

The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at September 30, 2025 and December 31, 2024.


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In addition to credit quality indicators as shown in the above tables, allowance allocations for home equity lines and loans, residential mortgages, consumer loans and leases are also applied based on their year of origination and performance status at the dates indicated:

September 30, 2025Revolving LoansTotal
Term Loans and Other Finance Receivables
(dollars in thousands)20252024202320222021Prior
Home equity lines and loans
Performing$825 $661 $249 $605 $208 $3,247 $97,251 $103,046 
Nonperforming— — — — 91 342 1,630 2,063 
Total$825 $661 $249 $605 $299 $3,589 $98,881 $105,109 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— 
Residential mortgage (1)
Performing$22,076 $11,832 $38,129 $134,792 $15,885 $13,487 $— $236,201 
Nonperforming— 437 674 3,266 739 4,724 — 9,840 
Total$22,076 $12,269 $38,803 $138,058 $16,624 $18,211 $— $246,041 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— 
Consumer
Performing$10 $5 $25 $14 $— $227 $55 $336 
Nonperforming— — — — — — — — 
Total$10 $5 $25 $14 $— $227 $55 $336 
Year-to-date gross charge-offs$— $— $— $— $— $— $(11)$(11)
Leases, net
Performing$2,184 $548 $11,440 $23,274 $8,842 $1,177 $— $47,465 
Nonperforming— — 483 1,275 506 37 — 2,301 
Total$2,184 $548 $11,923 $24,549 $9,348 $1,214 $— $49,766 
Year-to-date gross charge-offs$— $— $(90)$(1,010)$(667)$(31)$— $(1,798)
Total by Payment Performance
Performing$25,095 $13,046 $49,843 $158,685 $24,935 $18,138 $97,306 $387,048 
Nonperforming— 437 1,157 4,541 1,336 5,103 1,630 14,204 
Total$25,095 $13,483 $51,000 $163,226 $26,271 $23,241 $98,936 $401,252 
Total year-to-date gross charge-offs$— $— $(90)$(1,010)$(667)$(31)$(11)$(1,809)
(1) Excludes $14.5 million of loans at fair value.




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December 31, 2024Revolving LoansTotal
Term Loans and Other Finance Receivables
(dollars in thousands)20242023202220212020Prior
Home equity lines and loans
Performing$705 $332 $620 $211 $328 $3,313 $83,016 $88,525 
Nonperforming— — — 91 — 342 1,763 2,196 
Total$705 $332 $620 $302 $328 $3,655 $84,779 $90,721 
Year-to-date gross charge-offs$— $— $— $— $— $— $(86)$(86)
Residential mortgage (1)
Performing$13,878 $43,860 $140,953 $16,761 $6,808 $8,245 $— $230,505 
Nonperforming129 253 2,323 752 357 3,745 — 7,559 
Total$14,007 $44,113 $143,276 $17,513 $7,165 $11,990 $— $238,064 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— 
Consumer
Performing$14 $32 $22 $— $— $241 $40 $349 
Nonperforming— — — — — — — — 
Total$14 $32 $22 $— $— $241 $40 $349 
Year-to-date gross charge-offs$— $— $— $— $— $— $(5)$(5)
Leases, net
Performing$741 $15,594 $36,229 $17,253 $4,326 $— $— $74,143 
Nonperforming— 298 945 493 108 — — 1,844 
Total$741 $15,892 $37,174 $17,746 $4,434 $— $— $75,987 
Year-to-date gross charge-offs$— $(968)$(3,606)$(1,077)$(265)$— $— $(5,916)
Total by Payment Performance
Performing$15,338 $59,818 $177,824 $34,225 $11,462 $11,799 $83,056 $393,522 
Nonperforming129 551 3,268 1,336 465 4,087 1,763 11,599 
Total$15,467 $60,369 $181,092 $35,561 $11,927 $15,886 $84,819 $405,121 
Total year-to-date gross charge-offs$— $(968)$(3,606)$(1,077)$(265)$— $(91)$(6,007)
(1) Excludes $14.5 million of fair value loans.


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Modifications to Borrowers Experiencing Financial Difficulty
An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the ACL on loans and other finance receivables, a change to the allowance for credit losses is generally not recorded upon modification. However, when principal forgiveness is provided, the amortized cost basis of the asset is written off against the ACL. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the ACL.
The following presents, by class, information regarding accruing and nonaccrual modifications to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025 and 2024.
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
NumberAmortized Cost Basis% of Total Class of Financing ReceivableRelated ReserveNumberAmortized Cost Basis% of Total Class of Financing ReceivableRelated Reserve
(dollars in thousands)
Accruing Modifications to Borrowers Experiencing Financial Difficulty:
Small business loans5$2,780 2.0 %$— 2$557 0.4 %$— 
Construction—— — %— 1319 0.1 %— 
Commercial mortgage31,388 0.2 %— —— — %— 
    Total8$4,168 $— 3$876 $— 
Nonaccrual Modifications to Borrowers Experiencing Financial Difficulty:
Leases
2109 0.2 %— —— — %— 
    Total2$109 $— —$— $— 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
NumberAmortized Cost Basis% of Total Class of Financing ReceivableRelated ReserveNumberAmortized Cost Basis% of Total Class of Financing ReceivableRelated Reserve
(dollars in thousands)
Accruing Modifications to Borrowers Experiencing Financial Difficulty:
Small business loans9$5,186 3.8 %$— 3$722 0.5 %$— 
Construction411,068 3.5 %868 1319 0.1 %— 
Commercial mortgage42,347 0.3 %— —— — %— 
Commercial & industrial31,949 0.5 %— 52,737 0.8 %— 
    Total20$20,550 $868 9$3,778 $— 
Nonaccrual Modifications to Borrowers Experiencing Financial Difficulty:
Small business loans1$440 0.3 %$— 1$1,271 0.8 %$942 
Construction13,287 1.0 %474 —— — %— 
Commercial & industrial—— — %— 42,276 0.6 %— 
Leases20953 1.9 %— —— — %— 
Residential mortgage2909 0.3 %— —— — %— 
    Total24$5,589 $474 5$3,547 $942 


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The following presents, by class, information regarding accruing and nonaccrual modifications to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025 and 2024.
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
NumberFinancial EffectNumberFinancial Effect
Accruing Modifications to Borrowers Experiencing Financial Difficulty:
Small business loans5Extend maturity date2Extend maturity date
Construction—Extend maturity date1Extend maturity date
Commercial mortgage3Extend maturity date—
    Total83
Nonaccrual Modifications to Borrowers Experiencing Financial Difficulty:
Leases2Extend maturity date—
    Total2—
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
NumberFinancial EffectNumberFinancial Effect
Accruing Modifications to Borrowers Experiencing Financial Difficulty:
Small business loans9Extend maturity date3Extend maturity date
Construction4Extend maturity date and allow additional funding1Extend maturity date
Commercial mortgage4Extend maturity date and allow additional funding—
Commercial & industrial3Extend maturity date5Extend maturity date and allow additional funding
    Total209
Nonaccrual Modifications to Borrowers Experiencing Financial Difficulty:
Small business loans1Extend maturity date1Extend maturity date
Construction1Extend maturity date—
Commercial & industrial—4Extend maturity date and allow additional funding
Leases20Extend maturity date—
Residential mortgage2Extend maturity date—
    Total245

There were 10 and 3 modifications granted to borrowers experiencing financial difficulty during the three months ended September 30, 2025 and September 30, 2024, respectively. There were 44 and 14 modifications granted to borrowers experiencing financial difficulty for the nine months ended September 30, 2025 and September 30, 2024, respectively.

The increase period over period in assistance provided to borrowers experiencing financial difficulty was seen in small business loans, leases, and construction and commercial mortgage loans. The primary factor for the financial difficulty generally comes from higher interest rates (small business loans) or higher rates for longer periods (which for construction, caused the borrower to go through their interest reserve quicker).

There were zero loans that had payment defaults during the nine months ended September 30, 2025, respectively, and zero during the nine months ended September 30, 2024, that were modified in the 12 months before default to borrowers experiencing financial difficulty. There were $1.3 million in commitments to lend additional funds to the borrowers experiencing financial difficulty that had modifications during the nine months ended September 30, 2025 and no commitments to lend additional funds to such borrowers during the nine months ended September 30, 2024.











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The following presents, by class of loans, the amortized cost and performance status of accruing and nonaccrual modified loans to borrowers experiencing financial difficulty that have been modified in the last 12 months as of September 30, 2025 and 2024.

September 30, 2025
Current30-59 days past due60-89 days past due90+ days past due and still accruingNonaccrual loans and leasesTotal
(dollars in thousands)
Small business loans$5,186 $— $— $— $2,711 $7,897 
Construction11,068 — — — 6,011 17,079 
Commercial mortgage2,347 — — — — 2,347 
Commercial & industrial1,949 — — — 492 2,441 
Leases— — — — 953 953 
Residential mortgage— — — — 1,310 1,310 
    Total$20,550 $— $— $— $11,477 $32,027 

September 30, 2024
Current30-59 days past due60-89 days past due90+ days past due and still accruingNonaccrual loans and leasesTotal
(dollars in thousands)
Small business loans$722 $— $— $— $1,303 $2,025 
Construction319 — — — — 319 
Commercial & industrial2,737 — — — 2,276 5,013 
    Total$3,778 $— $— $— $3,579 $7,357 


(6)    Short-Term Borrowings and Long-Term Debt
The Corporation’s short-term borrowings generally consist of federal funds purchased and short-term borrowings extended under agreements with the FHLB or other correspondent banks. The Corporation has 4 unsecured borrowing facilities with correspondent banks for up to $56 million in total. Federal funds purchased generally represent one-day borrowings. The Corporation had $0 and $0 in Federal funds purchased at September 30, 2025 and December 31, 2024. The Corporation also has a facility with the Federal Reserve Bank discount window of $5 million. This facility is fully secured by investment securities and pledged loans. There were no borrowings under this at September 30, 2025 and December 31, 2024. The Holding Company has a revolving line of credit with ACBB of $5 million that is used to fund operating activities of the Corporation.

The following table presents short-term borrowings at the dates indicated:
(dollars in thousands)Maturity
date		Interest
rate		September 30,
2025		December 31,
2024
FHLB Mid-term Repo Fixed10/14/20255.16%$9,492 $9,492 
FHLB Mid-term Repo Fixed12/22/20254.23%8,935 8,935 
FHLB Open Repo Plus Weekly6/15/20264.47%89,999 75,205 
FHLB Mid-term Repo Fixed7/14/20264.57%15,245 — 
ACBB Holding Company Revolving LOC7/24/20267.50%3,000 5,000 
Total Short-Term Borrowings$126,671 $98,632 

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The following table presents long-term borrowings at the dates indicated:
(dollars in thousands)Maturity
date		Interest
rate		September 30,
2025		December 31,
2024
FHLB Mid-term Repo Fixed5/20/20274.70%$10,594 $10,594 
FHLB Mid-term Repo Fixed7/14/20264.57%— 15,245 
Total Long-Term Borrowings$10,594 $25,839 


The FHLB has also issued $183.2 million of letters of credit to the Corporation for the benefit of the Corporation’s public deposit funds and loan customers. These letters of credit expire throughout the remainder of 2025.
The Corporation has a maximum borrowing capacity with the FHLB of $746.0 million as of September 30, 2025 and $699.3 million as of December 31, 2024. All advances and letters of credit from the FHLB are secured by a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB.

(7)    Servicing Assets
The Corporation sells certain residential mortgage loans and the guaranteed portion of certain SBA loans to third parties and retains servicing rights and receives servicing fees. All such transfers are accounted for as sales. When the Corporation sells a residential mortgage loan, it does not retain any portion of that loan and its continuing involvement in such transfers is limited to certain servicing responsibilities. While the Corporation may retain a portion of certain sold SBA loans, its continuing involvement in the portion of the loan that was sold is limited to certain servicing responsibilities. When the contractual servicing fees on loans sold with servicing retained are expected to be more than adequate compensation to a servicer for performing the servicing, a capitalized servicing asset is recognized.
Residential Mortgage Loans
The related MSR asset is amortized over the period of the estimated future net servicing life of the underlying assets. MSRs are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the MSR. The Corporation serviced $10 million and $122 million of residential mortgage loans as of September 30, 2025 and December 31, 2024, respectively. During the three and nine months ended September 30, 2025, the Corporation recognized servicing fee income of $5 thousand and $129 thousand, compared to $572 thousand and $1.7 million, during the three and nine months ended September 30, 2024.
Changes in the MSR balance are summarized as follows:
Three months ended
September 30,		Nine months ended
September 30,
(dollars in thousands)2025202420252024
Balance at beginning of the period$71 $8,026 $1,124 $8,621 
Servicing rights capitalized14 48 22 80 
Amortization of servicing rights(3)(292)(85)(919)
Sale of servicing assets— — (979)— 
Balance at end of the period$82 $7,782 $82 $7,782 

The decrease in MSR balance in the table above from September 30, 2024 to September 30, 2025 was the result of the Corporation's sale of residential mortgage loan servicing rights during the fourth quarter of 2024, as well as during the second quarter of 2025. During the fourth quarter of 2024 the Corporation sold approximately $6.6 million of residential mortgage loan servicing rights associated with $777.2 million of serviced loans. During the second quarter of 2025 the Corporation sold approximately $979 thousand of residential mortgage loan servicing rights associated with $110.2 million of serviced loans.
The Corporation uses assumptions and estimates in determining the fair value of MSRs. These assumptions include prepayment speeds and discount rates. The assumptions used in the valuation were based on input from buyers, brokers and other qualified personnel, as well as market knowledge. At September 30, 2025, the key assumptions used to determine the fair value of the Corporation’s MSRs included a lifetime constant prepayment rate equal to 9.07% and a discount rate equal to 9.50%. At December 31, 2024, the key assumptions used to determine the fair value of the Corporation’s MSRs included a lifetime constant prepayment rate equal to 10.97% and a discount rate equal to 9.50%.
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The sensitivity of the current fair value of the residential mortgage servicing rights to immediate 10% and 20% adverse changes in key economic assumptions are included in the following table.
(dollars in thousands)September 30,
2025		December 31,
2024
Fair value of residential mortgage servicing rights$109 $1,494 
Weighted average life (months)4743
Prepayment speed9.07 %10.97 %
Impact on fair value:
10% adverse change$(5)$(63)
20% adverse change(9)(121)
Discount rate9.50 %9.50 %
Impact on fair value:
10% adverse change$(4)$(53)
20% adverse change(8)(102)
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or counteract the effect of the change.
SBA Loans
SBA loan servicing assets are amortized over the period of the estimated future net servicing life of the underlying assets. SBA loan servicing assets are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the SBA loan servicing asset. The Corporation serviced $294.1 million and $246.3 million of SBA loans, as of September 30, 2025 and December 31, 2024, respectively.
Changes in the SBA loan servicing asset balance are summarized as follows:
Three months ended
September 30,		Nine months ended
September 30,
(dollars in thousands)2025202420252024
Balance at beginning of the period$3,587 $3,315 $3,258 $3,127 
Servicing rights capitalized454 208 1,339 661 
Amortization of servicing rights(275)(325)(865)(785)
Change in valuation allowance(3)(7)31 188 
Balance at end of the period$3,763 $3,191 $3,763 $3,191 
Activity in the valuation allowance for SBA loan servicing assets was as follows:
Three months ended
September 30,		Nine months ended
September 30,
(dollars in thousands)2025202420252024
Valuation allowance, beginning of period$(40)$(73)$(74)$(268)
Impairment(3)(7)(3)(7)
Recovery— — 34 195 
Valuation allowance, end of period$(43)$(80)$(43)$(80)
The Corporation uses assumptions and estimates in determining the fair value of SBA loan servicing rights. These assumptions include prepayment speeds, discount rates, and other assumptions. The assumptions used in the valuation were based on input from buyers, brokers and other qualified personnel, as well as market knowledge. At September 30, 2025, the key assumptions used to determine the fair value of the Corporation’s SBA loan servicing rights included a lifetime constant prepayment rate equal to 17.30% and a discount rate equal to 12.68%. At December 31, 2024, the key assumptions used to determine the fair value of the Corporation’s SBA loan servicing rights included a lifetime constant prepayment rate equal to 17.18% and a discount rate equal to 13.40%.
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The sensitivity of the current fair value of the SBA loan servicing rights to immediate 10% and 20% adverse changes in key economic assumptions are included in the following table.
(dollars in thousands)September 30,
2025		December 31,
2024
Fair value of SBA loan servicing rights$4,346 $3,670 
Weighted average life (years)3.13.2
Prepayment speed17.30 %17.18 %
Impact on fair value:
10% adverse change$(197)$(166)
20% adverse change(377)(317)
Discount rate12.68 %13.40 %
Impact on fair value:
10% adverse change$(97)$(81)
20% adverse change(189)(159)
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of an adverse variation in a particular assumption on the fair value of the SBA servicing rights is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or counteract the effect of the change.

(8)    Fair Value Measurements and Disclosures
The Corporation uses fair value measurements to record fair value adjustments to certain assets and liabilities. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Corporation’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.
The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation techniques or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions.
In accordance with this guidance, the Corporation groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.
Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
Level 2 – Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation.
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Table of Contents

Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis.
Securities
The fair value of securities available-for-sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices.
Mortgage Loans Held for Sale
The fair value of loans held for sale is based on secondary market prices.
Mortgage Loans Held for Investment
The fair value of mortgage loans held for investment is based on the price secondary markets are currently offering for similar loans using observable market data.
Derivative Financial Instruments
The fair values of forward commitments and interest rate swaps are based on market pricing and therefore are considered Level 2. Derivatives classified as Level 3 consist of interest rate lock commitments related to mortgage loan commitments. The determination of fair value includes assumptions related to the likelihood that a commitment will ultimately result in a closed loan, which is a significant unobservable assumption. A significant increase or decrease in the external market price would result in a significantly higher or lower fair value measurement.

The following table presents the fair value of financial assets measured at fair value on a recurring basis by level within the fair value hierarchy at the dates indicated:
September 30, 2025
(dollars in thousands)TotalLevel 1Level 2Level 3
Assets
Securities available for sale:
U.S. asset backed securities$26,907 $— $26,907 $— 
U.S. government agency MBS27,315 — 27,315 — 
U.S. government agency CMO57,196 — 57,196 — 
State and municipal securities39,614 — 39,614 — 
U.S. Treasuries16,068 16,068 — — 
Non-U.S. government agency CMO9,332 — 9,332 
Corporate bonds17,836 — 17,836 — 
Equity investments2,150 — 2,150 — 
Mortgage loans held for sale28,016 — 28,016 — 
Mortgage loans held for investment14,454 — 14,454 — 
Interest rate lock commitments351 — — 351 
Forward commitments17 — — 17 
Customer derivatives - interest rate swaps2,053 — 2,053 — 
Fair Value Hedge16 — 16 — 
Total$241,325 $16,068 $224,889 $368 
Liabilities
Interest rate lock commitments$61 $— $— $61 
Forward commitments20 — — 20 
Customer derivatives - interest rate swaps2,082 — 2,082 — 
Risk Participation Agreements12 — 12 — 
Interest rate swaps304 — 304 — 
Total$2,479 $— $2,398 $81 

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December 31, 2024
(dollars in thousands)TotalLevel 1Level 2Level 3
Assets
Securities available for sale:
U.S. asset backed securities$29,844 $— $29,844 $— 
U.S. government agency MBS20,871 — 20,871 — 
U.S. government agency CMO45,613 — 45,613 — 
State and municipal securities36,696 — 36,696 — 
U.S. Treasuries15,450 15,450 — — 
Non-U.S. government agency CMO11,729 — 11,729 — 
Corporate bonds14,101 — 14,101 — 
Equity investments2,086 — 2,086 — 
Mortgage loans held for sale32,413 — 32,413 — 
Mortgage loans held for investment14,501 — 14,501 — 
Interest rate lock commitments216 — — 216 
Forward commitments30 — 30 — 
Customer derivatives - interest rate swaps2,755 — 2,755 — 
Fair Value Hedge3 — 3 — 
Interest rate swaps9 — 9 — 
Total$226,317 $15,450 $210,651 $216 
Liabilities
Interest rate lock commitments$35 $— $— $35 
Forward commitments2,745 — 2,745 — 
Customer derivatives - interest rate swaps91 — 91 — 
Risk Participation Agreements61 — 61 — 
Total$2,932 $— $2,897 $35 
The following table presents assets measured at fair value on a nonrecurring basis at the dates indicated:
(dollars in thousands)September 30,
2025		December 31,
2024
Mortgage servicing rights$82 $1,124 
SBA loan servicing rights3,763 3,258 
Individually evaluated loans (1)
Commercial and industrial6291,944
     Construction5,720—
Small business loans3,0182,284
Total$13,212 $8,610 
(1) Individually evaluated loans are those in which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. The increase in individually evaluated commercial and industrial loans noted above was due to reassessing how we evaluate the impairment on a loan relationship to now be based on the fair value of collateral.
The following table details the valuation techniques for Level 3 individually evaluated loans.
(dollars in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRange of Inputs
September 30, 2025$9,367 Appraisal of collateralManagement adjustments on appraisals for property type and recent activity
2%-33% discount
December 31, 20244,228 Appraisal of collateralManagement adjustments on appraisals for property type and recent activity
2%-33% discount
Below is management’s estimate of the fair value of all financial instruments, whether carried at cost or fair value on the Corporation’s balance sheet. The following information should not be interpreted as an estimate of the fair value of the entire Corporation since a fair value calculation is only provided for a limited portion of the Corporation’s assets and liabilities. Due to a wide range of valuation
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techniques and the degree of subjectivity used in making the estimates, comparisons between the Corporation’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair value of the Corporation’s financial instruments:
Cash and Cash Equivalents
The carrying amounts reported in the balance sheet for cash and short-term instruments approximate those assets’ fair values.
Loans Receivable
The fair value of loans receivable is estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair value below is reflective of an exit price.
Servicing Assets
The Corporation estimates the fair value of mortgage servicing rights and SBA loan servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the interest rates of the portfolios serviced. These servicing rights are classified within Level 3 in the fair value hierarchy based upon management’s assessment of the inputs. The Corporation reviews the servicing rights portfolios on a quarterly basis for impairment.
Individually Evaluated Loans
Individually evaluated loans are those in which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third party appraisals of the properties, or discounted cash flows based upon the expected proceeds. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Individually evaluated loans are evaluated on a quarterly basis for additional impairment and adjusted in accordance with the ACL policy.
Accrued Interest Receivable and Payable
The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value.
Deposit Liabilities
The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits.
Short-Term Borrowings
The carrying amounts of short-term borrowings approximate their fair values.
Long-Term Debt
Fair values of FHLB advances and the acquisition purchase note payable are estimated using discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party.

Subordinated Debt
Fair values of junior subordinated debt are estimated using discounted cash flow analysis, based on market rates currently offered on such debt with similar credit risk characteristics, terms and remaining maturity.
Off-Balance Sheet Financial Instruments
Off-balance sheet instruments are primarily comprised of loan commitments, which are generally priced at market at the time of funding. Fees on commitments to extend credit and stand-by letters of credit are deemed to be immaterial and these instruments are expected to be settled at face value or expire unused. It is impractical to assign any fair value to these instruments and as a result they are not included in the table below. Fair values assigned to the notional value of interest rate lock commitments and forward sale contracts are based on market quotes.
Derivative Financial Instruments
The fair value of forward commitments and interest rate swaps is based on market pricing and therefore are considered Level 2. Derivatives classified as Level 3 consist of interest rate lock commitments related to mortgage loan commitments. The determination of fair value includes assumptions related to the likelihood that a commitment will ultimately result in a closed loan, which is a significant unobservable assumption. A significant increase or decrease in the external market price would result in a significantly higher or lower fair value measurement.

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The following table presents the estimated fair values of the Corporation’s financial instruments at the dates indicated:
Fair Value
Hierarchy Level		September 30, 2025December 31, 2024
(dollars in thousands)Carrying
amount		Fair valueCarrying
amount		Fair value
Financial assets:
Cash and cash equivalentsLevel 1$39,989 $39,989 $27,462 $27,462 
Mortgage loans held for saleLevel 228,016 28,016 32,413 32,413 
Loans and other finance receivables, net of ACLLevel 32,148,391 2,091,630 2,015,936 1,967,986 
Mortgage loans held for investmentLevel 214,454 14,454 14,501 14,501 
Financial liabilities:
DepositsLevel 2$2,131,116 $2,169,100 $2,005,368 $2,014,200 
BorrowingsLevel 2137,265 137,800 124,471 133,200 
Subordinated debenturesLevel 249,822 49,522 49,743 48,572 
The following table includes a rollforward of interest rate lock commitments for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the periods indicated.
Three months ended
September 30,		Nine months ended
September 30,
(dollars in thousands)2025202420252024
Balance at beginning of the period$346 $451 $216 $214 
Increase in value5 (32)135 205 
Balance at end of the period$351 $419 $351 $419 
The following table details the valuation techniques for Level 3 interest rate lock commitments.
(dollars in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRange of InputsWeighted Average
September 30, 2025$351 Market comparable pricingPull through
1 - 99%
89.56%
December 31, 2024216 Market comparable pricingPull through
1 - 99%
83.27%

(9)    Derivative Financial Instruments
Risk Management Objective of Using Derivatives
The Corporation is exposed to certain risk arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash receipts and its known or expected cash payments principally related to the Corporation’s loan portfolio.
Interest Rate Swaps
The Corporation uses interest rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. The Corporation’s credit exposure on interest rate swaps includes changes in fair value and any collateral that is held by a third party.
In June 2023 the Corporation entered into three interest rate swaps classified as cash flow hedges with notional amounts of $25 million each, to hedge the interest payments paid on short term borrowings. Under the terms of the three swap agreements, the Corporation pays average fixed rates of 4.070%, 4.027% and 4.117%, and receives variable rates in return indexed to SOFR. The swaps mature between May, June, and December 2026. The Corporation performed an assessment of the hedge for effectiveness at the inception of the hedge and performs an assessment on a recurring basis and determined that the derivative currently is and is expected to be highly effective in offsetting changes in cash flows of the hedged item. For the three and nine months ended September 30, 2025, approximately $17 thousand and $167 thousand, net of tax, is recorded in total comprehensive income as an unrealized gain and an unrealized loss, respectively, while for the three and nine months ended September 30, 2024, approximately $1.2 million and $264 thousand, net of tax, is recorded in total comprehensive income as unrealized losses. These amounts could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to September
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30, 2025. At September 30, 2025 and December 31, 2024, the combined notional amount of the interest rate swaps was $75 million and $75 million, respectively, and the fair value was a liability of $304 thousand and $52 thousand, respectively.
In August 2024 the Corporation entered into an interest rate swap classified as a fair value hedge with a notional amount of $40 million, to hedge the interest payments received on a pool of residential mortgage loans held in portfolio. Under the terms of the swap agreement, the Corporation pays an average fixed rate of 3.60% and receives a variable rate in return indexed to SOFR. The swap matures August 2027. The Corporation performed an assessment of the hedge for effectiveness at the inception of the hedge and performs an assessment on a recurring basis and determined that the derivative currently is and is expected to be highly effective in offsetting changes in fair value of the hedged item. For the three and nine months ended September 30, 2025, approximately $9 thousand and $13 thousand, respectively, net of tax, is recorded as a fair values adjustment. These amounts could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to September 30, 2025.

Mortgage Banking Derivatives
In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation may enter into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans or interest rate locks at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Interest rate lock commitments and forward commitments are recorded within other assets/liabilities on the consolidated balance sheets, with changes in fair values during the period recorded within net change in the fair value of derivative instruments on the consolidated statements of income.
Customer Derivatives
Derivatives not designated as hedges are not speculative and result from a service the Corporation provides to certain customers to swap a fixed rate product for a variable rate product, or vice versa. The Corporation executes interest rate derivatives with commercial banking customers to facilitate their respective risk management strategies. Those interest rate derivatives are simultaneously hedged by offsetting derivatives that the Corporation executes with a third party, such that the Corporation minimizes its net interest rate risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings.
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The following table presents a summary of notional amounts and fair values of derivative financial instruments at the dates indicated:
September 30, 2025December 31, 2024
(dollars in thousands)Balance Sheet Line ItemNotional AmountAsset (Liability) Fair ValueNotional AmountAsset (Liability) Fair Value
Interest Rate Lock Commitments
Positive fair valuesOther assets$56,137 $351 $35,820 $216 
Negative fair valuesOther liabilities14,146 (61)9,049 (35)
Total$70,283 $290 $44,869 $181 
Forward Commitments
Positive fair valuesOther assets$7,750 $17 $4,250 $30 
Negative fair valuesOther liabilities5,250 (20)500 — 
Total$13,000 $(3)$4,750 $30 
Customer Derivatives - Interest Rate Swaps
Positive fair valuesOther assets$54,489 $2,053 $47,676 $2,755 
Negative fair valuesOther liabilities54,489 (2,082)47,676 (2,745)
Total$108,978 $(29)$95,352 $10 
Customer Derivatives - Risk Participation Agreements
Positive fair valuesOther assets$— $— $— $— 
Negative fair valuesOther liabilities13,435 (12)7,382 (91)
Total$13,435 $(12)$7,382 $(91)
Fair Value Hedge
Positive fair valuesOther assets$40,000 $16 $40,000 $3 
Negative fair valuesOther liabilities— — — — 
Total$40,000 $16 $40,000 $3 
Interest Rate Swaps
Positive fair valuesOther assets$— $— $25,000 $9 
Negative fair valuesOther liabilities75,000 (304)50,000 (61)
Total$75,000 $(304)$75,000 $(52)
Total derivative financial instruments$320,696 $(42)$267,353 $81 
Interest rate lock commitments are considered Level 3 in the fair value hierarchy, while the forward commitments and interest rate swaps are considered Level 2 in the fair value hierarchy.
The following table presents a summary of the net change in the fair value of derivative instruments:
Three months ended
September 30,		Nine months ended
September 30,
(dollars in thousands)2025202420252024
Interest Rate Lock Commitments$(17)$(30)$109 $172 
Forward Commitments108 4 (33)47 
Customer Derivatives - Interest Rate Swaps7 (30)(39)(5)
Customer Derivatives - Risk Participation Agreements31 (46)139 (38)
Net change in the fair value of derivative instruments$129 $(102)$176 $176 
Net realized losses on derivative hedging activities were $166 thousand and $129 thousand, for the three and nine months ended September 30, 2025, and net realized losses of $197 thousand and $279 thousand, for the three and nine months ended September 30, 2024, and are included in non-interest income in the consolidated statements of income.
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(10)    Segments
ASC Topic 280 – Segment Reporting identifies operating segments as components of an enterprise which are evaluated regularly by the Corporation’s Chief Operating Decision Maker, our Chief Executive Officer, in deciding how to allocate resources and assess performance. The Corporation has applied the aggregation criterion set forth in this codification to the results of its operations.
Our Banking segment (“Bank”) consists of commercial and retail banking. The Banking segment generates interest income from its lending and investing activities and is dependent on the gathering of lower cost deposits from its branch network or borrowed funds from other sources for funding its loans, resulting in the generation of net interest income. The Banking segment also derives revenues from other sources including gains on the sale of available for sale investment securities, service charges on deposit accounts, cash sweep fees, overdraft fees, BOLI income, title insurance fees, and other less significant non-interest income.
Meridian Wealth (“Wealth”), a registered investment advisor and wholly-owned subsidiary of the Bank, provides a comprehensive array of wealth management services and products and the trusted guidance to help its clients and our banking customers prepare for the future. The unit generates non-interest income through advisory fees.
Meridian’s mortgage banking segment (“Mortgage”) consists of 8 loan production offices throughout suburban Philadelphia and Maryland. The Mortgage segment originates 1 – 4 family residential mortgages and sells nearly all of its production to third party investors. The unit generates net interest income on the loans it originates and holds temporarily, then earns fee income (primarily gain on sales) at the time of the sale. The unit also recognizes income from document preparation fees, changes in portfolio pipeline fair values and net hedging gains (losses), if any.
The table below summarizes income and expenses, directly attributable to each business line, which have been included in the statement of operations. Total assets for each segment is also provided.
Segment Information
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
(dollars in thousands)BankWealthMortgageTotalBankWealthMortgageTotal
Interest income$42,584 $— $525 $43,109 $39,555 $— $764 $40,319 
Interest expense19,612 (43)424 19,993 21,404 (46)719 22,077 
Net interest income22,972 43 101 23,116 18,151 46 45 18,242 
Provision for credit losses2,850 — — 2,850 2,282 — — 2,282 
Net interest income after provision20,122 43 101 20,266 15,869 46 45 15,960 
Non-interest Income:
Mortgage banking income76 — 5,838 5,914 (7)— 6,481 6,474 
Wealth management income— 1,610 — 1,610 — 1,447 — 1,447 
SBA loan income1,431 — — 1,431 544 — — 544 
Net change in fair values38 — 229 267 (76)— 1,108 1,032 
Net gain (loss) on hedging activity— — (166)(166)— — (197)(197)
Other818 — 79 897 897 — 634 1,531 
Non-interest income2,363 1,610 5,980 9,953 1,358 1,447 8,026 10,831 
Non-interest expense:
Salaries and employee benefits8,270 817 4,526 13,613 7,292 557 4,980 12,829 
Occupancy and equipment748 2 241 991 783 18 442 1,243 
Professional fees947 62 83 1,092 961 14 131 1,106 
Data processing and software
1,441 44 380 1,865 1,129 44 380 1,553 
Advertising and promotion657 105 115 877 518 96 103 717 
Pennsylvania bank shares tax250 4 — 254 178 3 — 181 
Other
2,518 107 229 2,854 2,426 108 383 2,917 
Non-interest expense14,831 1,141 5,574 21,546 13,287 840 6,419 20,546 
Income before income taxes$7,654 $512 $507 $8,673 $3,940 $653 $1,652 $6,245 
Total Assets$2,478,694 $12,559 $49,877 $2,541,130 $2,319,072 $10,543 $58,106 $2,387,721 

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Segment Information
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
(Dollars in thousands)BankWealthMortgageTotalBankWealthMortgageTotal
Interest income$122,141 $— $1,347 $123,488 $114,349 $— $1,650 $115,999 
Interest expense58,440 (116)1,113 59,437 62,821 (76)1,557 64,302 
Net interest income63,701 116 234 64,051 51,528 76 93 51,697 
Provision for credit losses11,865 — — 11,865 7,828 — — 7,828 
Net interest income after provision51,836 116 234 52,186 43,700 76 93 43,869 
Non-interest Income:
Mortgage banking income126 — 14,943 15,069 147 — 15,381 15,528 
Wealth management income(1)4,638 — 4,637 1 4,207 — 4,208 
SBA loan income4,167 — — 4,167 2,315 — — 2,315 
Gain on sale of MSRs32 — 383 415 — — — — 
Net change in fair values101 — 846 947 (42)— 1,122 1,080 
Net loss on hedging activity— — (129)(129)— — (279)(279)
Other2,879 — 580 3,459 2,487 — 2,720 5,207 
Non-interest income7,304 4,638 16,623 28,565 4,908 4,207 18,944 28,059 
Non-interest expense:
Salaries and employee benefits23,663 2,030 12,484 38,177 20,624 1,666 12,549 34,839 
Occupancy and equipment2,269 12 1,085 3,366 2,256 81 1,369 3,706 
Professional fees2,643 124 252 3,019 2,617 31 985 3,633 
Data processing and software
3,799 129 1,122 5,050 3,440 125 1,026 4,591 
Advertising and promotion2,301 297 335 2,933 1,879 261 314 2,454 
Pennsylvania bank shares tax779 13 — 792 715 14 — 729 
Other7,185 303 821 8,309 6,431 301 1,054 7,786 
Non-interest expense42,639 2,908 16,099 61,646 37,962 2,479 17,297 57,738 
Income before income taxes$16,501 $1,846 $758 $19,105 $10,646 $1,804 $1,740 $14,190 
Total Assets$2,478,694 $12,559 $49,877 $2,541,130 $2,319,072 $10,543 $58,106 $2,387,721 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
You should read the following discussion and analysis in conjunction with the unaudited consolidated interim financial statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q and the audited consolidated financial statements and the related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the year ended December 31, 2024 included in Meridian Corporation’s Annual Report on Form 10-K filed with the SEC.
Forward-Looking Statements
Meridian Corporation may from time to time make written or oral “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; increased competitive pressures; changes in spreads on interest-earning assets and interest-bearing liabilities; changes in general economic conditions and conditions within the securities markets; escalating tariff and other trade policies and the resulting impacts on market volatility and global trade; the impact of uncertain or changing political conditions or any current or future federal government shutdown and uncertainty regarding the federal government's debt limit; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further
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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 SEC, 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.

Critical Accounting Policies and Estimates
Our critical accounting policies are described in detail in the "Critical Accounting Policies" section within Item 7 of our 2024 Annual Form 10-K. The SEC defines "critical accounting policies" as those that require application of management's most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in future periods. See Note 1, "Summary of Significant Accounting Policies" for additional information on the adoption of ASC 326, which changes the methodology under which management calculates its reserve for loans and leases, now referred to as the allowance for credit losses. Management considers the measurement of the allowance for credit losses to be a critical accounting policy.

Executive Overview
The following items highlight the Corporation’s changes in its financial condition as of September 30, 2025 compared to December 31, 2024 and the results of operations for the three and nine months ended September 30, 2025 compared to the same periods in 2024. More detailed information related to these highlights can be found in the sections that follow.

Changes in Financial Condition - September 30, 2025 Compared to December 31, 2024
•Total assets increased $155.3 million, or 6.5%, to $2.5 billion as of September 30, 2025.
•Portfolio loans increased $133.0 million, or 6.6%, to $2.2 billion as of September 30, 2025.
•Mortgage loans held for sale decreased $4.4 million, or 13.6%, to $28.0 million as of September 30, 2025.
•Total deposits increased $125.7 million or 6.3% to $2.1 billion as of September 30, 2025.
•The Corporation raised $2.8 million in common equity through an ATM offering during the nine months ended September 30, 2025.
•The Corporation earned net income of $14.7 million during the nine months ended September 30, 2025 and returned $4.2 million of capital to Meridian shareholders during the nine months ended September 30, 2025 through a $0.125 dividend per share in each of the first three quarters of the year.

Three Month Results of Operations - September 30, 2025 Compared to the Same Period in 2024
•Net income was $6.7 million, or $0.58 per diluted share, up $1.9 million, or 40.4%, driven by higher net interest income, offset somewhat by a higher provision for credit losses and higher non-interest expense.
•The return on average assets and return on average equity were 1.04% and 14.42%, respectively, for the third quarter 2025, compared to 0.80% and 11.41%, respectively, for the third quarter 2024.
•Net interest income increased $4.9 million, or 26.7%, to $23.1 million and the net interest margin increased to 3.77% from 3.20%, due to the impact of deposit and borrowing cost declines as well as the in increase in average noninterest-bearing deposits over the period.
•The overall provision for credit losses increased $568 thousand when comparing the third quarter 2025 to the third quarter 2024. While net-charge offs were down over this period, the increase in provision was driven by providing for loan growth, an increase in non-performing loans, and adjusting for macro-economic impacts due to the current economic and market uncertainty.
•Non-interest income decreased $878 thousand, or 8.1%, to $10.0 million driven by a $560 thousand decline in mortgage banking income, a $731 thousand decline the fair value of mortgage related items, partially offset by a $887 thousand increase in SBA loan income.
•Non-interest expense increased $1.0 million, or 4.9%, to $21.5 million due to a $784 thousand increase in salaries and employee benefits, and an increase of $312 thousand in data processing and software expense.

Nine Month Results of Operations - September 30, 2025 Compared to the Same Period in 2024
•Net income was $14.7 million, or $1.28 per diluted share, an increase of $3.9 million, or 36.3%, driven by a higher level of net interest income and non-interest income, offset somewhat by a higher provision for credit losses and higher non-interest expense.
•The return on average assets and return on average equity were 0.79% and 10.98%, respectively, for the nine months ended September 30, 2025, compared to 0.62% and 8.84%, respectively, for the nine months ended September 30, 2024.
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•Net interest income increased $12.4 million, or 23.9%, to $64.1 million and the net interest margin increased to 3.59% from 3.12%, largely due to the impact of deposit and borrowing cost declines as well as the in increase in average noninterest-bearing deposits over the period.
•The overall provision for credit losses increased $4.0 million when comparing the nine months ended September 30, 2025 to nine months ended September 30, 2024 as we provided for loan growth, experienced an increase in non-performing loans, and while adjusting for macro-economic impacts due to the current economic and market uncertainty.
•Non-interest income increased $506 thousand, or 1.8%, to $28.6 million driven by a $1.9 million increase in SBA loan income, a $415 thousand net gain on sale of MSRs, and a $429 thousand increase in wealth management income, partially offset by a $459 thousand decline in mortgage banking income, and an overall $1.8 million decline in other non-interest income.
•Non-interest expense increased $3.9 million, or 6.8%, to $61.6 million due to a $3.3 million increase in salaries and employee benefits, and an increase of $523 thousand in other non-interest expense, partially offset by a decrease of $614 thousand in professional fees.


Key Performance Ratios
The following table presents key financial performance ratios for the periods indicated:
Three months ended
September 30,		Nine months ended
September 30,
2025202420252024
Return on average assets, annualized1.04 %0.80 %0.79 %0.62 %
Return on average equity, annualized14.42 %11.41 %10.98 %8.84 %
Net interest margin (tax effected yield)3.77 %3.20 %3.59 %3.12 %
Basic earnings per share$0.59 $0.43 $1.30 $0.97 
Diluted earnings per share$0.58 $0.42 $1.28 $0.96 
The following table presents certain key period-end balances and ratios at the dates indicated:
(dollars in thousands, except per share amounts)September 30,
2025		December 31,
2024
Book value per common share $16.33 $15.26 
Tangible book value per common share (1)
$16.02 $14.93 
Allowance as a percentage of loans and other finance receivables (excluding loans at fair value)1.01 %0.91 %
Tier I capital to risk weighted assets8.41 %8.13 %
Tangible common equity to tangible assets ratio (1)
7.27 %7.05 %
Loans and other finance receivables, net of fees and costs$2,162,845 $2,030,437 
Total assets$2,541,130 $2,385,867 
Total stockholders’ equity$188,029 $171,522 
(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for Non-GAAP to GAAP reconciliation.
Components of Net Income
Net income is comprised of five major elements:
•Net Interest Income, or the difference between the interest income earned on loans, leases and investments and the interest expense paid on deposits and borrowed funds;
•Provision For Credit Losses, or the amount added to the Allowance to provide for current expected credit losses on portfolio loans and other finance receivables;
•Non-interest Income, which is made up primarily of mortgage banking income, wealth management income, SBA loan sale income, fair value adjustments, gains and losses from the sale of loans, gains and losses from the sale of investment securities available for sale and other fees from loan and deposit services;
•Non-interest Expense, which consists primarily of salaries and employee benefits, occupancy, professional fees, advertising & promotion, data processing, information technology, loan expenses, and other operating expenses; and
•Income Taxes, which include state and federal jurisdictions.
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NET INTEREST INCOME
Net interest income is an integral source of the Corporation’s revenue. The tables below present a summary for the three and nine months ended September 30, 2025 and 2024, of the Corporation’s average balances and yields earned on its interest-earning assets and the rates paid on its interest-bearing liabilities. The net interest margin is the net interest income as a percentage of average interest-earning assets. The net interest spread is the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. The difference between the net interest margin and the net interest spread is the result of net free funding sources such as non-interest bearing deposits and stockholders’ equity.
Analyses of Interest Rates and Interest Differential
The table below present the major asset and liability categories on an average daily balance basis for the periods presented, along with interest income, interest expense and key rates and yields on a tax equivalent basis.
For the Three Months Ended September 30,
(dollars in thousands)20252024
Average BalanceInterest Income/ ExpenseYields/ RatesAverage BalanceInterest Income/ ExpenseYields/ Rates
Assets:
Cash and cash equivalents$37,001 $412 4.42 %$30,519 $416 5.43 %
Investment securities - taxable172,404 1,895 4.36 145,845 1,480 4.04 
Investment securities - tax exempt (1)
53,909 400 2.94 56,408 397 2.80 
Loans held for sale33,296 536 6.39 47,177 766 6.46 
Loans held for investment (1)
2,146,651 39,942 7.38 1,997,574 37,339 7.44 
Total loans2,179,947 40,478 7.37 2,044,751 38,105 7.41 
Total interest-earning assets2,443,261 43,185 7.01 %2,277,523 40,398 7.06 %
Noninterest earning assets91,304 95,738 
Total assets$2,534,565 $2,373,261 
Liabilities and stockholders' equity:
Interest-bearing demand deposits$173,023 $1,314 3.01 %$132,257 $1,390 4.18 %
Money market and savings deposits973,952 8,322 3.39 800,406 8,391 4.17 
Time deposits743,472 7,782 4.15 781,172 9,532 4.85 
Total interest - bearing deposits1,890,447 17,418 3.66 1,713,835 19,313 4.48 
Borrowings123,695 1,495 4.80 160,063 1,985 4.93 
Subordinated debentures49,802 1,080 8.60 49,908 779 6.21 
Total interest-bearing liabilities2,063,944 19,993 3.84 1,923,806 22,077 4.57 
Noninterest-bearing deposits253,374 246,310 
Other noninterest-bearing liabilities34,005 37,836 
Total liabilities2,351,323 2,207,952 
Total stockholders' equity183,242 165,309 
Total stockholders' equity and liabilities$2,534,565 $2,373,261 
Net interest income and spread (1)
$23,192 3.17 $18,321 2.49 
Net interest margin (1)
3.77 %3.20 %
(1)Yields and net interest income are reflected on a tax-equivalent basis.
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For the Nine Months Ended September 30,
(dollars in thousands)20252024
Average BalanceInterest Income/ ExpenseYields/ RatesAverage BalanceInterest Income/ ExpenseYields/ Rates
Assets:
Cash and cash equivalents$43,574 $1,452 4.46 %$25,712 $1,047 5.44 %
Investment securities - taxable166,431 5,380 4.32 136,275 4,055 3.97 
Investment securities - tax exempt (1)
54,350 1,150 2.83 57,007 1,204 2.82 
Loans held for sale28,567 1,364 6.38 33,914 1,661 6.54 
Loans held for investment (1)
2,100,305 114,364 7.28 1,971,595 108,274 7.34 
Total loans2,128,872 115,728 7.27 2,005,509 109,935 7.32 
Total interest-earning assets2,393,227 123,710 6.91 %2,224,503 116,241 6.98 %
Noninterest earning assets89,446 96,228 
Total assets$2,482,673 $2,320,731 
Liabilities and stockholders' equity:
Interest-bearing demand deposits$165,309 $3,897 3.15 %$134,814 $4,036 4.00 %
Money market and savings deposits944,118 24,227 3.43 786,345 24,512 4.16 
Time deposits733,526 23,463 4.28 744,025 27,148 4.87 
Total interest - bearing deposits1,842,953 51,587 3.74 1,665,184 55,696 4.47 
Borrowings128,526 4,636 4.82 169,265 6,271 4.95 
Subordinated debentures49,775 3,214 8.63 49,877 2,335 6.25 
Total interest-bearing liabilities2,021,254 59,437 3.93 1,884,326 64,302 4.56 
Noninterest-bearing deposits249,127 236,239 
Other noninterest-bearing liabilities33,954 37,739 
Total liabilities2,304,335 2,158,304 
Total stockholders' equity178,338 162,427 
Total stockholders' equity and liabilities$2,482,673 $2,320,731 
Net interest income and spread (1)
$64,273 2.98 $51,939 2.42 
Net interest margin (1)
3.59 %3.12 %
(1)Yields and net interest income are reflected on a tax-equivalent basis.

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Rate / Volume Analysis
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 three and nine months ended September 30, 2025 as compared to the same periods in 2024, allocated by rate and volume. Changes in interest income and/or expense attributable to both rate and volume have been allocated proportionately based on the relationship of the absolute dollar amount of the change in each category.
Three Months Ended September 30,
Nine Months Ended September 30,
2025 Compared to 2024
(dollars in thousands)RateVolumeTotalRateVolumeTotal
Interest income:
Cash and cash equivalents$(83)$79 $(4)$(217)$622 $405 
Investment securities - taxable130 285 415 372 953 1,325 
Investment securities - tax exempt (1)
21 (18)3 2 (56)(54)
Loans held for sale(6)(224)(230)(41)(256)(297)
Loans held for investment (1)
(172)2,775 2,603 (925)7,015 6,090 
Total loans(178)2,551 2,373 (966)6,759 5,793 
Total interest income$(110)$2,897 $2,787 $(809)$8,278 $7,469 
Interest expense:
Interest-bearing demand deposits$(442)$366 $(76)$(952)$813 $(139)
Money market and savings deposits(1,707)1,638 (69)(4,741)4,456 (285)
Time deposits(1,307)(443)(1,750)(3,307)(378)(3,685)
Total interest - bearing deposits(3,456)1,561 (1,895)(9,000)4,891 (4,109)
Borrowings(49)(441)(490)(162)(1,473)(1,635)
Subordinated debentures303 (2)301 884 (5)879 
Total interest expense$(3,202)$1,118 $(2,084)$(8,278)$3,413 $(4,865)
Interest differential$3,092 $1,779 $4,871 $7,469 $4,865 $12,334 
(1)Yields and net interest income are reflected on a tax-equivalent basis.

Three Months Ended September 30, 2025 Compared to the Same Period in 2024
For the three months ended September 30, 2025 as compared to the same period in 2024, tax-equivalent interest income increased $2.8 million as favorable volume changes contributed $2.9 million to interest income, partially offset by rate changes that had a $110 thousand unfavorable impact on interest income. The loans held for investment average balances increased $149.1 million, leading to a favorable volume impact on interest income of $2.8 million, while the decrease in loans held for sale average balances of $13.9 million had a small unfavorable impact on interest income of $224 thousand. Growth in the loans held for investment portfolio was led by average balance increases in commercial mortgage loans ($69.2 million), home equity lines and loans ($18.1 million), commercial and industrial loans ($26.1 million), and construction loans ($51.8 million). The change in rates led to decreased yields on loans held for sale (down 7 basis points) and loans held for investment (down 6 basis points) that unfavorably impact interest income by $178 thousand, overall.

On the funding side, overall interest expense decreased $2.1 million, largely driven by the a continuation in the decline of the cost of deposits and borrowings driven by the Fed's rates cuts over the last year. The cost of deposits were down across the board, leading to a $1.9 million decrease to interest expense. The cost of interest-bearing demand deposits, money market and savings accounts and time deposits decreased 117 basis points, 78 basis points and 70 basis points, respectively. These deposit cost declines were partially offset by overall volume increases as the average balances on money market and savings accounts increased $173.5 million, and the average balances on interest-bearing demand deposits increased $40.8 million, while time deposit average balances decreased $37.7 million.

The cost of borrowings decreased by 13 basis points, while the cost of subordinated debentures increased 239 basis points as the $40 million in 2019 Debentures converted to a floating rate instrument as of December 31, 2024, contributing a $303 thousand increase to interest expense. Borrowing balances decreased $36.4 million on average.

Overall, the $4.9 million increase in net interest income over this period was primarily driven by rate changes and secondarily through volume changes.

Nine Months Ended September 30, 2025 Compared to the Same Period in 2024
For the nine months ended September 30, 2025 as compared to the same period in 2024, tax-equivalent interest income increased $7.5 million as favorable volume changes contributed $8.3 million to interest income, partially offset by rate changes that had a $809 thousand unfavorable impact on interest income. The loans held for investment average balances increased $128.7 million, leading to a favorable volume impact on interest income of $7.0 million. Growth in the loans held for investment portfolio was led by average balance increases in commercial mortgage loans ($76.2 million), commercial and industrial loans ($32.7 million), construction loans
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($27.3 million), and home equity lines and loans ($17.1 million). The change in rates led to decreased yields on loans held for sale (down 16 basis points) and loans held for investment (down 6 basis points) that unfavorably impacted interest income by $966 thousand, overall.

On the funding side, overall interest expense decreased $4.9 million, largely driven by the impact that the Fed's rate cuts over the last year have had on the cost of deposits and borrowings. The cost of deposits were down across the board, leading to a $4.1 million decrease to interest expense. The cost of interest-bearing demand deposits, money market and savings accounts and time deposits decreased 85 basis points, 73 basis points and 59 basis points, respectively. These deposit cost declines were partially offset by volume increases as the average balances on money market and savings accounts increased $157.8 million, the average balances on interest-bearing demand deposits increased $30.5 million, while time deposit average balances decreased $10.5 million.

Additionally, the cost of borrowings decreased by 13 basis points, while the cost of subordinated debentures increased 238 basis points as the $40 million in 2019 Debentures converted to a floating rate instrument as of December 31, 2024, contributing a $884 thousand increase to interest expense. Borrowings decreased $40.7 million on average.

Overall, the $12.3 million increase in net interest income over this period was driven by both rate and volume changes.


PROVISION FOR CREDIT LOSSES
Three and Nine Months Ended September 30, 2025 Compared to the Same Period in 2024
The total provision for credit losses increased $568 thousand on a net basis for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The provision on funded loans increased $874 thousand over the three month comparable period in 2024 driven by provisioning for loan growth and charge-offs, as well as an increase in baseline loss rates on certain portfolios. There was no provision on unfunded loan commitments for the three months ended September 30, 2025, while for the three months September 30, 2024 there was a $306 thousand provision on unfunded loan commitments.
The total provision for credit losses increased $4.0 million on a net basis for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The provision on funded loans increased $3.7 million over the nine month comparable period in 2024 for similar reasons noted above for the three month comparable period. There was a $170 thousand provision on unfunded loan commitments for the nine months ended September 30, 2025, while for the nine months September 30, 2024 there was an unfunded provision reversal of $168 thousand.

NON-INTEREST INCOME
Three Months Ended September 30, 2025 Compared to the Same Period in 2024
The following table presents the components of non-interest income for the periods indicated:
Three Months Ended
(dollars in thousands)September 30,
2025		September 30,
2024		$ Change% Change
Mortgage banking income$5,914 $6,474 $(560)(8.6)%
Wealth management income1,610 1,447 163 11.3 %
SBA loan income1,431 544 887 163.1 %
Earnings on investment in life insurance246 222 24 10.8 %
Net change in the fair value of derivative instruments129 (102)231 (226.5)%
Net change in the fair value of loans held-for-sale(75)169 (244)(144.4)%
Net change in the fair value of loans held-for-investment213 965 (752)(77.9)%
Net (loss) gain on hedging activity(166)(197)31 (15.7)%
Other651 1,309 (658)(50.3)%
Total non-interest income$9,953 $10,831 $(878)(8.1)%
Total non-interest income decreased $878 thousand largely due to a decrease in mortgage banking income, fair value adjustments, and other income, compared to the prior year quarterly period. Mortgage banking income decreased $560 thousand over the comparable quarterly period due to a decrease in volume of loans sold of $39.9 million. On a positive note, the overall margin improved by 11 basis points, attributed to changes in the program mix and investor pricing. Other income decreased $658 thousand due to a lower level of other mortgage segment related income.
Partially offsetting the overall decrease in non-interest income was an increase in SBA loan income. SBA loan income increased $887 thousand over this period as the value of SBA loans sold for the quarter-ended September 30, 2025 was $13.4 million, or 112.8%, higher than the quarter-ended September 30, 2024, while the gross margin on sale was 7.4% for the quarter-ended September 30, 2025 compared to 7.9% for the quarter-ended September 30, 2024.
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Nine Months Ended September 30, 2025 Compared to the Same Period in 2024
The following table presents the components of non-interest income for the periods indicated:
Nine Months Ended
(dollars in thousands)September 30,
2025		September 30,
2024		$ Change% Change
Mortgage banking income$15,069 $15,528 $(459)(3.0)%
Wealth management income4,637 4,208 429 10.2 %
SBA loan income4,167 2,315 1,852 80.0 %
Earnings on investment in life insurance708 644 64 9.9 %
Net gain on sale of MSRs415 — 415 100.0 %
Net change in the fair value of derivative instruments176 176 — — %
Net change in the fair value of loans held-for-sale198 138 60 43.5 %
Net change in the fair value of loans held-for-investment573 766 (193)(25.2)%
Net (loss) gain on hedging activity(129)(279)150 (53.8)%
Other2,751 4,563 (1,812)(39.7)%
Total non-interest income$28,565 $28,059 $506 1.8 %
Total non-interest income increased $506 thousand as the result of several drivers, including an increase in SBA loan income, increased wealth management income from our Meridian Wealth Partners segment, and a net gain on sale of MSRs. These increases were partially offset by a decline in other non-interest income and mortgage banking income.
SBA loan income increased $1.9 million over this period as the value of SBA loans sold for the nine months ended September 30, 2025 was $37.4 million, or 94.7%, higher than the nine months ended September 30, 2024, while the gross margin on sale was 7.0% for the nine months ended September 30, 2025 compared to 8.2% for the nine months ended September 30, 2024. Wealth management income increased $429 thousand as the value of the markets improved over this period. From the MSR sale discussed above, there was a net gain on sale of $415 thousand over the nine month comparable period.
Other non-interest income decreased $1.8 million due to lower levels of FHLB stock dividend income, broker fees and other mortgage segment related income, partially offset by an increase in business credit card fee income and swap fee income.

NON-INTEREST EXPENSE
Three Months Ended September 30, 2025 Compared to the Same Period in 2024
The following table presents the components of non-interest expense for the periods indicated:
Three Months Ended
(dollars in thousands)September 30,
2025		September 30,
2024		$ Change% Change
Salaries and employee benefits$13,613 $12,829 $784 6.1 %
Occupancy and equipment991 1,243 (252)(20.3)%
Professional fees1,092 1,106 (14)(1.3)%
Data processing and software1,865 1,553 312 20.1 %
Advertising and promotion877 717 160 22.3 %
Pennsylvania bank shares tax254 181 73 40.3 %
Other2,854 2,917 (63)(2.2)%
Total non-interest expense$21,546 $20,546 $1,000 4.9 %
Total non-interest expense increased $1.0 million, or 4.9%, largely attributable to an increase in salaries and employee benefits and data processing and software expense, partially offset by a decline in occupancy and equipment expense. Salaries and employee benefits increased $784 thousand due largely to overall employee merit, benefit, and tax related increases for existing employees, as well as an increase of 4 full-time equivalent employees, combined with an increase in mortgage segment related commissions and other benefits. There was a decline of $252 thousand in occupancy and equipment expense due to the early termination of office lease space, as discussed in prior earnings filings. Data processing and software expense increased $312 thousand due to an increase in customer transaction volume and the impact of Meridian's continued investment in technology.


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Nine Months Ended September 30, 2025 Compared to the Same Period in 2024
The following table presents the components of non-interest expense for the periods indicated:
Nine Months Ended
(dollars in thousands)September 30,
2025		September 30,
2024		$ Change% Change
Salaries and employee benefits$38,177 $34,839 $3,338 9.6 %
Occupancy and equipment3,366 3,706 (340)(9.2)%
Professional fees3,019 3,633 (614)(16.9)%
Data processing and software5,050 4,591 459 10.0 %
Advertising and promotion2,933 2,454 479 19.5 %
Pennsylvania bank shares tax792 729 63 8.6 %
Other8,309 7,786 523 6.7 %
Total non-interest expense$61,646 $57,738 $3,908 6.8 %
Total non-interest expense increased $3.9 million, or 6.8%, largely attributable to an increase in salaries and employee benefits and other non-interest expense. Data processing and software expenses, along with advertising expenses increased over this period as well. Salaries and employee benefits increased $3.3 million due largely to overall employee merit, benefit, and tax related increases for existing employees, as well as an increase of 4 full-time equivalent employees, combined with an increase in mortgage segment related commissions and other benefits.
Professional fees decreased $614 thousand over the prior period due to the results of cost control efforts on certain internal audit fees, combined with a lower level of OREO expense over the comparable period. Data processing and software expense increased $459 thousand due to an increase in customer transaction volume and the impact of Meridian's continued investment in technology. Advertising and promotion expense increased $479 thousand over the comparable period due to a multimedia marketing campaign run during the current year, combined with the impact from an increase in customer engagement activities. Other non-interest expense increased $523 thousand due to an increase in certain loan related expenses, combined with an increase in employee travel and training activities.

INCOME TAX EXPENSE
Income tax expense for the three and nine months ended September 30, 2025 was $2.0 million and $4.5 million, respectively, as compared to $1.5 million and $3.4 million for the same periods in 2024. Our effective tax rates were 23.2% and 23.3% for the three and nine months ended September 30, 2025, compared to 24.1% and 24.3% for the same periods in 2024. While income tax expense increased primarily due to the increase in income before income taxes, the effective tax rate decreased slightly due to the impact of lower nondeductible expense and an increase in tax-free bank owned life insurance income.

On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was enacted into law in the U.S. The Act includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.

BALANCE SHEET ANALYSIS
As of September 30, 2025, total assets were $2.5 billion which increased $155.3 million, or 6.5%, from December 31, 2024. This increase in assets over the prior period was due primarily to loan portfolio growth, as detailed in the following table:
(dollars in thousands)September 30,
2025		December 31,
2024		$ Change% Change
Mortgage loans held for sale$28,016 $32,413 $(4,397)(13.6)%
Real estate loans:
     Commercial mortgage872,497 823,976 48,521 5.9 
     Home equity lines and loans105,109 90,721 14,388 15.9 
     Residential mortgage260,495 252,565 7,930 3.1 
Construction315,095 259,553 55,542 21.4 
Total real estate loans1,553,196 1,426,815 126,381 8.9 
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(dollars in thousands)September 30,
2025		December 31,
2024		$ Change% Change
Commercial and industrial418,069 367,366 50,703 13.8 
Small business loans137,894 155,775 (17,881)(11.5)
Consumer336 349 (13)(3.7)
Leases, net49,766 75,987 (26,221)(34.5)
Total loans and other finance receivables$2,159,261 $2,026,292 $132,969 6.6 
Total loans and leases$2,187,277 $2,058,705 $128,572 6.2 %
Total loans and other finance receivables increased $133.0 million, to $2.2 billion as of September 30, 2025, from $2.0 billion as of December 31, 2024. Overall portfolio loan growth was 6.6% since December 31, 2024, or 8.7% on an annualized basis for 2025. Commercial real estate loans increased $48.5 million, or 5.9%, construction loans increased $55.5 million, or 21.4%, SBA loans decreased $17.9 million, or 11.5% due to loan sales described above, and commercial and industrial loans increased $50.7 million, or 13.8%.
As of September 30, 2025, included within the commercial real estate loans total of $872.5 million was $282.4 million of owner-occupied commercial loans, as well as $125.0 million of multi-family loans. Nearly all of the multi-family real estate loans are on properties located in Philadelphia and surrounding counties we service.

The following table presents the major categories of deposits at the dates indicated:
(Dollars in thousands)September 30,
2025		December 31,
2024		$ Change% Change
Noninterest-bearing deposits$239,614 $240,858 $(1,244)(0.5)%
Interest-bearing deposits:
Interest-bearing demand deposits151,973 141,439 10,534 7.4 %
Money market and savings deposits996,126 913,536 82,590 9.0 %
Time deposits743,403 709,535 33,868 4.8 %
Total interest-bearing deposits$1,891,502 $1,764,510 $126,992 7.2 %
Total deposits$2,131,116 $2,005,368 $125,748 6.3 %
Total deposits increased $125.7 million, or 6.3%, since December 31, 2024. Total interest-bearing deposits increased $127.0 million during the period, while noninterest-bearing deposits decreased $1.2 million. The overall increase in interest-bearing accounts was largely due to customer preference for money market deposits which carry higher interest rates than demand deposits. Time deposits increased $33.9 million, or 4.8%, largely due customer preference for the higher term interest rates offered by these products.
The majority of Meridian's deposit base is comprised of business deposits, 50%, with consumer deposits amounting to 14% at September 30, 2025. Municipal deposits at 13% and brokered deposits at 23% provide growth funding. Historically, business deposits lag loan fundings. A typical business relationship maintains operating accounts, investment accounts or sweep accounts and business owners may also have personal savings or wealth accounts. Deposit balances in business accounts have a tendency to be higher on average than consumer accounts. At September 30, 2025, 61% of business accounts and 90% of consumer accounts were fully insured by the FDIC. The municipal deposits are 100% collateralized and brokered deposits are 100% FDIC insured. The level of uninsured deposits for the entire deposit base was 21% at September 30, 2025.

Capital
Consolidated stockholders’ equity of the Corporation was $188.0 million, or 7.4% of total assets as of September 30, 2025, as compared to $171.5 million, or 7.2% of total assets as of December 31, 2024. On October 23, 2025, the Board of Directors declared a quarterly cash dividend of $0.125 per common share payable November 17, 2025 to shareholders of record as of November 10, 2025.
In February 2025, the Corporation entered into an Equity Distribution Agreement with D.A. Davidson & Co., as distribution agent, relating to the sale of up to 1,000,000 shares of its common stock, from time to time, pursuant to an at-the-market (ATM) program. During the three months ended September 30, 2025, the Corporation sold, and subsequently settled the issuance of 188,478 shares of common stock directly through the distribution agent under its ATM at an average price per share of $15.75. Total net proceeds from these sales of common stock amounted to $2.8 million during the three months ended September 30, 2025. As of September 30, 2025, 811,522 shares of common stock remain available for issuance under the ATM program.

Under the Community Bank Leverage Ratio framework, a community banking organization that is less than $10 billion in total consolidated assets, and has limited amounts of certain assets and off-balance sheet exposures, and a CBLR greater than 9% can elect to report a single regulatory capital ratio. The Corporation has elected to be measured under this framework for Bank capital
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adequacy and had ratios of 9.41% and 9.21% at September 30, 2025 and December 31, 2024, respectively. The Corporation is exempt from CBLR.

The following table presents the Bank’s capital ratios and the minimum capital requirements to be considered “well capitalized” by regulators at the periods indicated:
BankWell-capitalized minimum
September 30,
2025		December 31,
2024
Tier 1 leverage ratio9.41 %9.21 %5.00 %
Common tier 1 risk-based capital ratio10.52 %10.33 %6.50 %
Tier 1 risk-based capital ratio10.52 %10.33 %8.00 %
Total risk-based capital ratio11.54 %11.20 %10.00 %
In December 2018, the Federal Reserve announced that a banking organization that experiences a reduction in retained earnings due to the CECL adoption as of the beginning of the fiscal year in which CECL is adopted may elect to phase in the regulatory capital impact of adopting CECL. Transitional amounts are calculated for the following items: retained earnings, temporary difference deferred tax assets and credit loss allowances eligible for inclusion in regulatory capital. When calculating regulatory capital ratios, 25% of the transitional amounts are phased in during the first year. An additional 25% of the transitional amounts are phased in over each of the next two years and at the beginning of the fourth year, the day-one effects of CECL are completely reflected in regulatory capital. As of September 30, 2025, Meridian has phased in 75% of the day-one effects of CECL.




Asset Quality Summary
The ratio of non-performing assets to total assets was 2.32% as of September 30, 2025, up from 1.90% reported as of December 31, 2024. Total non-performing loans of $55.4 million as of September 30, 2025, increased $10.3 million from $45.1 million as December 31, 2024. Included in non-performing loans at September 30, 2025 is $11.8 million of SBA guaranteed loans. The overall increase was the result of risk rating downgrades leading to non-performing loan classification mainly in the SBA loan portfolio and to a lesser degree in construction loans and residential mortgages, partially offset by a $4.1 million decline in non-performing commercial loans due to the repossession of a billboard on a advertising based commercial loan relationship and the foreclosure of real estate collateral from another commercial loan. The repossessed billboard was transferred into other repossessed assets with a value of $2.4 million, after adjustment for estimated costs to sell, while the foreclosed real estate from another commercial loan was transferred into OREO with a value of $1.3 million, after adjustment for estimated costs to sell.
Meridian realized net charge-offs of 0.09% of total average loans for the three months ending September 30, 2025, which was down slightly from 0.11% reported for the same period in 2024. Net charge-offs for the quarter ended September 30, 2025 were $1.9 million, compared to net charge-offs of $2.3 million for the quarter ended September 30, 2024. Net charge-offs for the current quarter comprised of $2.1 million in charge-offs, with $214 thousand in recoveries, and were split between commercial loans, leases, and SBA loans.
The ratio of allowance for credit losses to total loans and other finance receivables, excluding loans at fair value (a non-GAAP measure, see reconciliation in the Appendix), was 1.01% as of September 30, 2025 compared to 0.91% as of December 31, 2024. As of September 30, 2025 there were specific reserves of $3.3 million against non-performing loans, a increase from $2.7 million as of December 31, 2024. The increase in ACL coverage over this period was driven by an increase in baseline quantitative and qualitative reserving for loan growth and economic factors, as well as an increase in baseline loss rates for certain portfolios.
The Corporation is proactive with its loan review process that utilizes the engagement of an independent outside loan review firm, which helps identify developing credit issues. Proactive steps that are taken include the procurement of additional collateral (preferably outside the current loan structure) whenever possible and frequent contact with the borrower. The Corporation believes that timely identification of credit issues and appropriate actions early in the process serve to mitigate overall risk of loss.
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Nonperforming Assets and Related Ratios
The following table presents nonperforming assets and related ratios for the periods indicated:
(dollars in thousands)September 30,
2025		December 31,
2024
Non-performing assets:
Nonaccrual loans and leases:
Real estate loans:
Commercial mortgage$1,241 $809 
Home equity lines and loans1,583 1,716 
Residential mortgage10,350 7,900 
Construction10,308 8,613 
Total real estate loans23,482 19,038 
Commercial and industrial7,838 11,966 
Small business loans21,256 12,270 
Leases2,301 1,851 
Total nonaccrual loans and leases54,877 45,125 
Loans 90+ days past due and still accruing480 — 
Other real estate owned1,297 159 
Repossessed assets2,417 117 
Total non-performing assets$59,071 $45,401 
Asset quality ratios:
Non-performing assets to total assets2.32 %1.90 %
Non-performing loans to:
Total loans and other finance receivables2.56 %2.22 %
Total loans and other finance receivables (excluding loans at fair value) (1)
2.58 %2.24 %
Non-performing loans (excluding guaranteed portion of SBA loans) to total loans and leases (1)
1.99 %1.87 %
Allowance for credit losses to:
Total loans and other finance receivables1.01 %0.91 %
Total loans and other finance receivables (excluding loans at fair value) (1)
1.01 %0.91 %
Non-performing loans 39.37 %40.86 %
Total loans and leases$2,190,861 $2,062,850 
Total loans and other finance receivables2,162,845 2,030,437 
Total loans and other finance receivables (excluding loans at fair value)2,148,391 2,015,936 
Allowance for credit losses21,794 18,438 
(1) The allowance for credit losses to total loans and other finance receivables (excluding loans at fair value) ratio is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.

Liquidity
Management maintains liquidity to meet depositors’ needs for funds, to satisfy or fund loan commitments, and for other operating purposes. Meridian’s foundation for liquidity is a stable and loyal customer deposit base, cash and cash equivalents, and a marketable investment portfolio that provides periodic cash flow through regular maturities and amortization or that can be used as collateral to secure funding.

In addition, Meridian maintains borrowing arrangements with various correspondent banks, the FHLB and the Federal Reserve Bank of Philadelphia to meet short-term liquidity needs and has access to approximately $680.4 million in liquidity from these sources. Through its relationship at the Federal Reserve, Meridian had available credit of approximately $5.0 million at September 30, 2025. As a member of the FHLB, we are eligible to borrow up to a specific credit limit, which is determined by the amount of our residential mortgages, commercial mortgages and other loans that have been pledged as collateral. As of September 30, 2025, Meridian’s
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maximum borrowing capacity with the FHLB was $746.0 million. At September 30, 2025, Meridian had borrowed $134.3 million and the FHLB had issued letters of credit, on Meridian’s behalf, totaling $183.2 million against its available credit lines. At September 30, 2025, Meridian also had available $56.0 million of unsecured federal funds lines of credit with other financial institutions as well as $292.1 million of available short or long term wholesale funding arrangements through the CDARS/ICS one-way buy program and conventional brokered CDs. Management believes that Meridian has adequate resources to meet its short-term and long-term funding requirements.

Discussion of Segments
As of September 30, 2025, the Corporation has three principal segments as defined by FASB ASC 280, “Segment Reporting.” The segments are Banking, Mortgage Banking and Wealth Management (see Note 10 in the accompanying Notes to Unaudited Consolidated Financial Statements).
The Banking Segment recorded income before tax of $7.7 million and $16.5 million for the three and nine months ended September 30, 2025, as compared to income before tax of $3.9 million and $10.6 million for the same periods in 2024. The Banking Segment provided 88.3% and 86.4% of the Corporation’s pre-tax profit for the three and nine months ended September 30, 2025, as compared to 63.1% and 75.0% for the same periods in 2024.
The Wealth Management Segment recorded income before tax of $512 thousand and $1.8 million for the three and nine months ended September 30, 2025, as compared to income before tax of $653 thousand and $1.8 million for the same periods in 2024.
The Mortgage Banking Segment recorded income before tax of $507 thousand and $758 thousand for the three and nine months ended September 30, 2025, as compared to income before tax of $1.7 million and $1.7 million for the same periods in 2024. Mortgage Banking income and expenses related to loan originations and sales increased over the comparable periods due to higher loan origination and sales volume.

Off Balance Sheet Risk
The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and loan repurchase commitments.
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the loan agreement. Total commitments to extend credit at September 30, 2025 were $617.3 million as compared to $603.1 million at December 31, 2024.
Standby letters of credit are conditional commitments issued by the Corporation to a customer for a third party. Such standby letters of credit are issued to support private borrowing arrangements. The credit risk involved in issuing standby letters of credit is similar to that involved in granting loan facilities to customers. The Corporation’s obligation under standby letters of credit at September 30, 2025 amounted to $15.4 million as compared to $15.5 million at December 31, 2024.
Estimated fair values of the Corporation’s off-balance sheet instruments are based on fees and rates currently charged to enter into similar loan agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. Since fees and rates charged for off-balance sheet items are at market levels when set, there is no material difference between the stated amount and the estimated fair value of off-balance sheet instruments.
In certain circumstances the Corporation may be required to repurchase residential mortgage loans from investors under the terms of loan sale agreements. Generally, these circumstances include the breach of representations and warranties made to investors regarding borrower default or early payment, as well as a violation of the applicable federal, state, or local lending laws. The Corporation agrees to repurchase loans if the representations and warranties made with respect to such loans are breached. Based on the obligations described above, the Corporation repurchased no loans for the three months ended September 30, 2025, and one loan of $425 thousand for the nine months ended September 30, 2025, while the Corporation repurchased one loan and 5 loans of $257 thousand and $1.1 million in total for the three and nine months ended September 30, 2024, respectively.

Non-GAAP Financial Measures
Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate performance trends and the adequacy of common equity. This non-GAAP disclosure has 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.
Our management used the measure of the tangible common equity ratio to assess our capital strength. We believe that this non-GAAP financial measure is useful to investors because, by removing the impact of our goodwill and other intangible assets, it allows investors to more easily assess our capital adequacy. This non-GAAP financial measure should not be considered a substitute for any regulatory capital ratios and may not be comparable to other similarly titled measures used by other companies.

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The table below provides the non-GAAP reconciliation for our tangible common equity ratio and tangible book value per common share:
(dollars in thousands, except share data)September 30,
2025		December 31,
2024
Total stockholders' equity (GAAP)$188,029 $171,522 
Less: Goodwill and intangible assets(3,513)(3,666)
Tangible common equity (non-GAAP)184,516 167,856 
Total assets (GAAP)2,541,130 2,385,867 
Less: Goodwill and intangible assets(3,513)(3,666)
Tangible assets (non-GAAP)$2,537,617 $2,382,201 
Stockholders' equity to total assets (GAAP)7.40 %7.19 %
Tangible common equity to tangible assets (non-GAAP)7.27 %7.05 %
Shares outstanding11,517 11,240 
Book value per share (GAAP)$16.33 $15.26 
Tangible book value per share (non-GAAP)$16.02 $14.93 
The following is a reconciliation of the allowance for credit losses to total loans held for investment ratio at September 30, 2025. This is considered a non-GAAP measure as the calculation excludes the impact of loans held for investment that are fair valued as these loan types are not included in the allowance for credit losses calculation.
(dollars in thousands)September 30,
2025		December 31,
2024
Allowance for credit losses (GAAP)$21,794 $18,438 
Loans and other finance receivables (GAAP)2,162,845 2,030,437 
Less: Loans at fair value(14,454)(14,501)
Loans and other finance receivables, excluding loans at fair value (non-GAAP)$2,148,391 $2,015,936 
Allowance for credit losses to loans and other finance receivables (GAAP)1.01 %0.91 %
Allowance for credit losses to loans and other finance receivables, excluding loans at fair value (non-GAAP)1.01 %0.91 %

The following is a reconciliation of non-performing loans, excluding the guaranteed portion of SBA loans that are classified as non-performing loans, to total loans and leases at September 30, 2025. This is considered a non-GAAP measure as the calculation excludes the impact of SBA guarantees from non-performing loans.
(dollars in thousands)September 30,
2025		December 31,
2024
Non-performing loans (GAAP)
$55,357 $45,125 
Less: Guaranteed portion of SBA loans classified as non-performing
$(11,811)$(6,520)
Non-performing loans, excluding guaranteed portion of SBA loans (non-GAAP)
$43,546 $38,605 
Total loans and leases
$2,190,861 $2,062,850 
Non-performing loans (excluding guaranteed portion of SBA loans) to total loans and leases
1.99 %1.87 %


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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Simulations of Net Interest Income
We use a simulation model on a quarterly basis to measure and evaluate potential changes in our net interest income resulting from various hypothetical interest rate scenarios. Our model incorporates various assumptions that management believes to be reasonable, but which may have a significant impact on results such as:
•The timing of changes in interest rates;
•Shifts or rotations in the yield curve;
•Repricing characteristics for market rate sensitive instruments on the balance sheet;
•Differing sensitivities of financial instruments due to differing underlying rate indices;
•Varying timing of loan prepayments for different interest rate scenarios;
•The effect of interest rate floors, periodic loan caps and lifetime loan caps;
•Overall growth rates and product mix of interest-earning assets and interest-bearing liabilities.
Because of the limitations inherent in any approach used to measure interest rate risk, simulated results are not intended to be used as a forecast of the actual effect of a change in market interest rates on our results, but rather as a means to better plan and execute appropriate ALM strategies.
Potential increase (decrease) to our net interest income between a flat interest rate scenario and hypothetical rising and declining interest rate scenarios, measured over a one-year period as of the dates indicated, are presented in the following table which assuming rate shifts occur upward and downward on the yield curve in even increments over the first twelve months (ramp) followed by rates held constant thereafter.
September 30,
Changes in Market Interest Rates20252024
+300 basis points over next 12 months1.64 %2.04 %
+200 basis points over next 12 months1.34 %1.62 %
+100 basis points over next 12 months0.78 %0.96 %
No Change
-100 basis points over next 12 months(0.61)%(1.31)%
-200 basis points over next 12 months(0.85)%(2.54)%
-300 basis points over next 12 months(0.26)%(3.10)%
The above interest rate simulation suggests as of September 30, 2025 that the Corporation’s balance sheet is neutrally positioned over the next 12 months. The simulated exposure to a change in interest rates is manageable and well within policy guidelines. The results continue to drive our funding strategy of increasing relationship-based accounts (core deposits) and utilizing term deposits to fund short to medium duration assets.
Simulation of economic value of equity
To quantify the amount of capital required to absorb potential losses in value of our interest-earning assets and interest-bearing liabilities resulting from adverse market movements, we calculate economic value of equity on a quarterly basis. We define economic value of equity as the net present value of our balance sheet’s cash flow, and we calculate economic value of equity by discounting anticipated principal and interest cash flows under the prevailing and hypothetical interest rate environments. Potential changes to our economic value of equity between a flat rate scenario and hypothetical rising and declining rate scenarios are presented in the following table. The projections assume shifts upward and downward in the yield curve of 100, 200 and 300 basis points occurring immediately.
September 30,
Changes in Market Interest Rates20252024
+300 basis points 9 %9 %
+200 basis points8 %9 %
+100 basis points5 %6 %
No Change
-100 basis points(8)%(9)%
-200 basis points(21)%(25)%
-300 basis points(40)%(47)%
This economic value of equity profile at September 30, 2025 suggests that an instantaneous decrease in rates would have a negative impact on value of the Banks' balance sheet. While an instantaneous shift in interest rates is used in this analysis to provide an estimate
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of exposure, we believe that a gradual shift in interest rates would have a much more modest impact. Since economic value of equity measures the discounted present value of cash flows over the estimated lives of instruments, the change in economic value of equity does not directly correlate to the degree that earnings would be impacted over a shorter time horizon.
The results of our net interest income and economic value of equity simulation analysis are purely hypothetical, and a variety of factors might cause actual results to differ substantially from what is depicted. For example, if the timing and magnitude of interest rate changes differ from that projected, our net interest income might vary significantly. Non-parallel yield curve shifts or changes in interest rate spreads would also cause net interest income to be different from that projected. An increasing interest rate environment could reduce projected net interest income if deposits and other short-term interest-bearing liabilities reprice faster than expected or faster than our interest-earning assets. Actual results could differ from those projected if interest-earning assets and interest-bearing liabilities grow faster or slower than estimated, or otherwise change its mix of products. Actual results could also differ from those projected if actual repayment speeds in the loan portfolio are substantially different than those assumed in the simulation model. Furthermore, the results do not take into account the impact of changes in loan prepayment rates on loan discount accretion. If loan prepayment rates were to increase, any remaining loan discounts would be recognized into interest income. This would result in a current period offset to declining net interest income caused by higher rate loans prepaying. Finally, these simulation results do not contemplate all the actions that management may undertake in response to changes in interest rates, such as changes to loan, investment, deposit, funding or other strategies.
Management has and continues to employ strategies to mitigate risk in the Net Interest Income and Economic Value simulations.

Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our CEO and CFO, has evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a- 15(e) and 15d- 15(e) under the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, the Corporation’s CEO and CFO have concluded that the Corporation’s disclosure controls and procedures were effective as of September 30, 2025 to ensure that the information required to be disclosed by the Corporation in the reports that the Corporation files or submits under the Exchange Act is recorded, processed, summarized, and reported completely and accurately within the time periods specified in SEC rules and forms.
Changes in Internal Control Over Financial Reporting
There was no change in the Corporation’s internal control over financial reporting identified during the quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Corporation’s internal control over financial reporting.


PART II–OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 1A. Risk Factors.

There have been no material changes in the risk factors faced by the Corporation from those disclosed in the Corporation’s Annual
Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None

Item 3. Defaults upon Senior Securities.
None
Item 4. Mine Safety Disclosures.
Not applicable
Item 5. Other Information.
None
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Item 6. Exhibits.
EXHIBIT INDEX
Exhibit
Number		Description
3.1
Amended Articles of Incorporation of Registrant, filed as Exhibit 3.1 to Form 10-Q on August 16, 2021 and incorporated herein by reference.
3.2
Bylaws of Registrant, filed as Exhibit 3.2 to Form 8-K on August 24, 2018 and incorporated herein by reference.


31.1
Rule 13a-14(a)/ 15d-14(a) Certification of the Principal Executive Officer, filed herewith.
31.2
Rule 13a-14(a)/ 15d-14(a) Certification of the Principal Financial Officer, filed herewith.
32
Section 1350 Certifications, filed herewith.
101.INSXBRL Instance Document – The instance document does not appear in the interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
Exhibit 104Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date:November 7, 2025Meridian Corporation
By:/s/ Christopher J. Annas
Christopher J. Annas
President and Chief Executive Officer
(Principal Executive Officer)
By:/s/ Denise Lindsay
Denise Lindsay
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
52

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