STOCK TITAN

Meridian (NASDAQ: MRBK) revises Q1 2026 earnings on $3.9M loan charge-off

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
8-K/A

Rhea-AI Filing Summary

Meridian Corporation filed an amended report and revised its first quarter 2026 results after a loan participation was placed on nonaccrual and written down by the lead bank. Meridian recorded a $3.9 million charge-off and an additional $3.5 million provision for credit losses on its portion of the loan.

These actions reduced net income for the quarter ended March 31, 2026 to $2.0 million, down from a previously reported $4.7 million, and cut diluted EPS to $0.17. Despite the credit hit, pre-provision net revenue was $10.1 million and total assets were $2.6 billion, with a net interest margin of 3.82% and a Community Bank Leverage Ratio of 9.58%.

Positive

  • None.

Negative

  • Q1 2026 net income was revised down to $2.0 million from a previously reported $4.7 million, driven by a $3.9 million charge-off and an additional $3.5 million provision for credit losses tied to a single commercial mortgage participation.

Insights

Meridian’s Q1 profit was revised sharply lower by a single large credit event, while core earnings and capital stayed intact.

Meridian Corporation revised Q1 2026 results after a participated commercial mortgage was moved to nonaccrual by the lead bank. Meridian booked a $3.9 million charge-off and raised its provision for credit losses by $3.5 million, directly tied to a new, lower appraisal and borrower cash flow issues.

This credit hit reduced Q1 net income to $2.0 million and diluted EPS to $0.17, versus $7.2 million and $0.61 in Q4 2025. Return on average assets fell to 0.32% and return on average equity to 4.02%, while non-performing loans and net charge-offs both increased.

At the same time, pre-provision net revenue was $10.1 million, up from $8.4 million in Q1 2025, and net interest margin improved to 3.82%. Capital metrics, including a Community Bank Leverage Ratio of 9.58% and a tangible common equity ratio of 7.65% at the holding company, indicate the loss was absorbed without breaching regulatory comfort levels. Subsequent filings may provide more detail on how this credit trend develops.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revised Q1 2026 net income $2.0 million Quarter ended March 31, 2026
Previously reported Q1 2026 net income $4.7 million Original press release before amendment
Charge-off on participated loan $3.9 million Commercial mortgage participation moved to nonaccrual
Additional provision for credit losses $3.5 million Recorded in Q1 2026 due to updated appraisal and status change
Pre-provision net revenue $10.1 million Q1 2026 non-GAAP measure
Net interest margin 3.82% Tax-equivalent, Q1 2026
Total assets $2.58 billion As of March 31, 2026
Community Bank Leverage Ratio 9.58% Bank-level capital ratio at March 31, 2026
nonaccrual status financial
"had placed the loan that the Corporation participated in on nonaccrual status and recorded a significant charge-off"
Nonaccrual status is when a lender stops recording interest income on a loan because payments are late or the borrower’s ability to pay is in serious doubt. For investors this is a red flag: it signals deteriorating loan quality, can reduce reported earnings and may require the lender to set aside more reserves, much like marking a damaged product off the books until its value is clear.
provision for credit losses financial
"a charge-off of $3.9 million was recorded ... along with an additional provision for credit losses of $3.5 million"
Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.
pre-provision net revenue financial
"Pre-provision net revenue (PPNR) (1) for the quarter was $10.1 million"
Pre-provision net revenue is a bank’s income from core operations — interest earned minus interest paid plus fees and other operating income, after operating costs — measured before setting aside funds for potential loan losses. Investors use it to gauge how well a bank’s everyday business generates money independent of one-time loss reserves, like judging a store’s sales and operating profit before accounting for an expected number of returned items.
net interest margin financial
"Net interest margin improved to 3.82% for the first quarter of 2026"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
allowance for credit losses financial
"The ratio of allowance for credit losses to total loans held for investment was 0.98% as of March 31, 2026"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Community Bank Leverage Ratio financial
"The Community Bank Leverage Ratio for the Bank was 9.58% at March 31, 2026"
Community bank leverage ratio is a regulatory measure that compares a bank’s core capital (its safety cushion) to the size of its balance sheet, showing what share of assets is backed by tangible equity rather than borrowed money. Investors use it like a health check: a higher ratio means the bank has more buffer to absorb losses, support lending and dividends, and face fewer regulatory limits, while a lower ratio signals greater risk.
Meridian Corp0001750735true00017507352026-04-232026-04-23




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
April 23, 2026
Date of Report (Date of earliest event reported)
Image_0.jpg
(Exact name of registrant as specified in its charter)
Pennsylvania 000-55983 83-1561918
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Ident. 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
 
Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
    Trading Symbol(s)    Name of each exchange on which registered:
Common Stock, $1 par value
MRBKThe NASDAQ Stock Market








EXPLANATORY NOTE
This Amendment to Current Report on Form 8‑K (the "Amendment") amends the original report filed by Meridian Corporation (the "Corporation") with the Securities and Exchange Commission on April 23, 2026 (the “Original Form 8‑K”). The Original Form 8‑K furnished results for first quarter 2026 in a press release dated April 23, 2026 under Items 2.02 and 9.01 as Exhibit 99.1, and supplemental information in an earnings supplement slide deck dated April 23, 2026 under Items 7.01 and 9.01 as Exhibit 99.2. Subsequent to releasing these results and supplemental information, the Corporation became aware of a loan status change from the lead participant bank (the "financial institution") in connection with the financial institution's release of its first quarter earnings. The financial institution that participated the loan to us had placed the loan that the Corporation participated in on nonaccrual status and recorded a significant charge-off as of March 31, 2026.

The financial institution informed the Corporation that they had recently obtained an updated appraisal in April 2026 which showed a significantly lower value than the original appraisal at the time of the Corporation's participation. The loan is secured by a first lien on the leasehold interests of an approximately 190,000 square foot Class A office property with multiple buildings and tenants, located in Bucks County, PA. The loss of a large tenant as well as cash flow requirements of the borrower’s other properties (which the Corporation has not financed) caused this financial institution to place their loan on nonaccrual status.

Due to the loan status change to nonaccrual status and charge-off that the lead participant bank recorded as of March 31, 2026, the Corporation's portion of this loan was also placed on nonaccrual status and a charge-off of $3.9 million was recorded in the Corporation's condensed consolidated financial statements, along with an additional provision for credit losses of $3.5 million. As a result of this charge-off and additional provision for credit losses, net income for the quarter ended March 31, 2026 was $2.0 million, reduced by $2.7 million from a previously reported $4.7 million, after tax effecting.

Item 2.02.            Results of Operations and Financial Condition.
A copy of the Corporation's revised first quarter 2026 earnings press release, to reflect the changes to its first quarter 2026 revised provision for credit losses, allowance for credit losses, net income, and related metrics described in the Explanatory Note above, is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

This Amendment is not intended to, nor does it, reflect any other events occurring after the filing of the Original Form 8-K and the Corporation's first quarter 2026 earnings press release and earnings supplement slides that were included with the Original Form 8-K, other than to reflect the changes impacted by the foregoing.

The Corporation is not yet due to file its Form 10-Q for the three-month period ended March 31, 2026 but expects to file by the due date. When this Form 10-Q is filed, the results for the three-month period ended March 31, 2026 reflected in this Amendment including Exhibits 99.1 and 99.2 attached hereto will be presented in the Corporation's unaudited consolidated financial statements and related footnotes.

Item 7.01.     Regulation FD Disclosures.
A copy of the Corporation's revised first quarter 2026 earnings supplement slides, to reflect the changes to its first quarter 2026 revised provision for credit losses, allowance for credit losses, net income, and related metrics described in the Explanatory Note above, is attached hereto as Exhibit 99.2 and hereby incorporated by reference.

The information contained in Items 2.02 and 7.01 of this Amendment, including Exhibits 99.1 and 99.2 being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.










Item 9.01.            Financial Statements and Exhibits.
(d)    Exhibits.
99.1        Revised Earnings Release, issued May 4, 2026
99.2        Revised Earnings Supplement, issued May 4, 2026





EXHIBIT INDEX
Exhibit No. Description of Exhibit
99.1
Revised Earnings Release, issued May 4, 2026
   
99.2
 
Revised Earnings Supplement, issued May 4, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
MERIDIAN CORPORATION
(Registrant)
   
Dated:  May 4, 2026  
   
 By:/s/  Denise Lindsay 
   Denise Lindsay
   Executive Vice President and Chief Financial Officer
   


Exhibit 99.1

image_0.jpg

Meridian Corporation Reports Revised First Quarter 2026 Results.

MALVERN, PA., May 4, 2026 — Meridian Corporation ("Meridian", "we", or the "Corporation") (Nasdaq: MRBK) today is reporting revised results for the first quarter of 2026, which revises the original results of operations reported in the Corporation’s press release dated April 23, 2026 due to the Corporation becoming aware of a loan status change from the lead participant bank subsequent to the release of the Corporation’s results on April 23, 2026. The revised results of operations reported in this release will be consistent with the financial information presented in the Corporation’s Quarterly Report on Form 10-Q when filed with the Securities and Exchange Commission.


Three Months Ended
(Dollars in thousands, except per share data)(Unaudited)March 31,
2026
December 31,
2025
March 31,
2025
Income:
Net income
$2,006 $7,186 $2,399 
Diluted earnings per common share0.17 0.61 0.21 
Pre-provision net revenue (PPNR) (1)
10,081 12,584 8,357 
(1) See Non-GAAP reconciliation in the Appendix

Net income for the quarter ended March 31, 2026 was $2.0 million, or $0.17 per diluted share, down $5.2 million, or 72%, from prior quarter.

Pre-provision net revenue1 for the quarter was $10.1 million, an improvement of $1.7 million, or 21%, from Q1'2025.

Net interest margin improved to 3.82% for the first quarter of 2026 compared to the prior quarter, while the loan yield declined to 7.03%, and cost of funds declined to 3.04% over the same period.

Return on average assets and return on average equity for the first quarter of 2026 were 0.32% and 4.02%, respectively.

Total assets at March 31, 2026 were $2.6 billion, compared to $2.6 billion at December 31, 2025 and $2.5 billion at March 31, 2025.

Commercial loans, excluding leases, increased $14.1 million, or 1% from prior quarter.

On April 23, 2026, the Board of Directors declared a quarterly cash dividend of $0.14 per common share, payable May 11, 2026 to shareholders of record as of May 4, 2026.



















1

Exhibit 99.1
Select Condensed Financial Information
As of or for the three months ended (Unaudited)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
(Dollars in thousands, except per share data)
Income:
Net income
$2,006 $7,186 $6,659 $5,592 $2,399 
Basic earnings per common share0.17 0.62 0.59 0.50 0.21 
Diluted earnings per common share0.17 0.61 0.58 0.49 0.21 
Net interest income
23,202 23,627 23,116 21,159 19,776 
Balance Sheet:
Total assets$2,576,581 $2,561,995 $2,541,130 $2,510,938 $2,528,888 
Loans, net of fees and costs
2,181,575 2,170,600 2,162,845 2,108,250 2,071,675 
Total deposits2,169,960 2,158,128 2,131,116 2,110,374 2,128,742 
Non-interest bearing deposits243,458 245,377 239,614 237,042 323,485 
Stockholders' equity
200,225 199,716 188,029 178,020 173,568 
Balance Sheet Average Balances:
Total assets$2,574,268 $2,588,357 $2,534,565 $2,491,625 $2,420,571 
Total interest earning assets2,472,659 2,495,922 2,443,261 2,404,952 2,330,224 
Loans, net of fees and costs
2,175,938 2,200,626 2,146,651 2,113,411 2,039,676 
Total deposits2,171,837 2,173,242 2,143,821 2,095,028 2,036,208 
Non-interest bearing deposits250,203 256,554 253,374 249,745 244,161 
Stockholders' equity
202,577 192,799 183,242 176,945 174,734 
Performance Ratios (Annualized):
Return on average assets
0.32 %1.10 %1.04 %0.90 %0.40 %
Return on average equity
4.02 %14.79 %14.42 %12.68 %5.57 %



Income Statement - First Quarter 2026 Compared to Fourth Quarter 2025
First quarter net income decreased $5.2 million, or 72.1%, to $2.0 million due largely to a decrease in non-interest income of $3.6 million, a decrease in net interest income of $425 thousand, and an increase of $4.2 million in the provision for credit losses, while non-interest expense decreased $1.5 million over the prior quarter. Income tax expense decreased $1.5 million over the prior quarter. Detailed explanations of the major categories of income and expense follow below.



2

Exhibit 99.1

Net Interest income
The rate/volume analysis table below analyzes dollar changes in the components of interest income and interest expense as they relate to the change in balances (volume) and the change in interest rates (rate) of tax-equivalent net interest income for the periods indicated and allocated by rate and volume. Changes in interest income and/or expense related to changes attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of the change in each category.
Three Months Ended
(dollars in thousands)March 31,
2026
December 31,
2025
$ Change% ChangeChange due to rateChange due to volume
Interest income:
Cash and cash equivalents$398 $348 $50 14.4 %$(28)$78 
Investment securities - taxable1,847 1,891 (44)(2.3)%(47)
Investment securities - tax exempt (1)396 396 — — %— — 
Loans held for sale338 500 (162)(32.4)%(16)(146)
Loans held for investment 37,806 39,764 (1,958)(4.9)%(1,172)(786)
Total loans38,144 40,264 (2,120)(5.3)%(1,188)(932)
Total interest income$40,785 $42,899 $(2,114)(4.9)%$(1,263)$(851)
Interest expense:
Interest-bearing demand deposits$1,040 $1,186 $(146)(12.3)%$(114)$(32)
Money market and savings deposits7,070 7,942 (872)(11.0)%(844)(28)
Time deposits7,113 7,454 (341)(4.6)%(408)67 
Total interest - bearing deposits15,223 16,582 (1,359)(8.2)%(1,366)
Borrowings1,293 1,568 (275)(17.5)%(281)
Subordinated debentures994 1,049 (55)(5.2)%(52)(3)
Total interest expense17,510 19,199 (1,689)(8.8)%(1,412)(277)
Net interest income differential$23,275 $23,700 $(425)(1.79)%$149 $(574)
(1) Reflected on a tax-equivalent basis.
Interest income decreased $2.1 million quarter-over-quarter on a tax equivalent basis, driven by lower yields and average balances of interest earning assets. The yield on interest-earnings assets decreased 13 basis points and negatively impacted interest income by $1.3 million, while the average balance of interest earning assets decreased by $23.3 million, impacting interest income by $851 thousand.
Average total loans, excluding residential loans for sale, decreased $24.7 million. The largest driver was a $26.7 million decrease in the average balance of residential loans held for investment due to the sale of mortgages in the prior quarter, along with a decrease in average leases of $4.5 million, and a decrease in SBA loan average balances of $4.0 million. These decreases were partially offset by increases in construction, commercial loans, commercial real estate loans and home equity loans, which on a combined basis increased $11.3 million on average.
Interest expense decreased $1.7 million, quarter-over-quarter, due to a decline in the cost of deposits and borrowings. Interest expense on total deposits decreased $1.4 million, interest expense on borrowings decreased $275 thousand, and interest expense on subordinated debentures decreased by $55 thousand as well. During the period, interest-bearing checking accounts decreased $3.4 million, time deposits increased $11.3 million, while money market and savings deposit balances decreased $3.0 million on average. Borrowings decreased $21.5 million on average. On a rate basis, money market accounts and time deposits experienced a decrease in the cost, with the overall cost of deposits having declined 19 basis points.
Overall the net interest margin improved to 3.82%, compared to the prior quarter, as the decline in cost of funds offset the decline in yield on earning assets.

Provision for Credit Losses
The overall provision for credit losses for the first quarter increased $4.2 million to $7.5 million, from $3.3 million in the fourth quarter. The higher level of provision was largely due to a $4.2 million increase in net charge-offs resulting predominantly from collateral value depreciation in one non-performing commercial mortgage which led to a $3.9 million charge-off, combined with an increase in the baseline ACL and qualitative reserve factors on certain loan portfolios.
3

Exhibit 99.1

Non-interest income
The following table presents the components of non-interest income for the periods indicated:
Three Months Ended
(Dollars in thousands)March 31,
2026
December 31,
2025
$ Change% Change
Mortgage banking income$4,528 $5,714 $(1,186)(20.8)%
Wealth management income1,729 1,679 50 3.0 %
SBA loan income150 1,285 (1,135)(88.3)%
Earnings on investment in life insurance272 248 24 9.7 %
Net loss on sale of MSRs(159)(12)(147)1225.0 %
Net loss on sale of loans— (184)184 (100.0)%
Net change in the fair value of derivative instruments(51)197 (248)(125.9)%
Net change in the fair value of loans held-for-sale(380)112 (492)(439.3)%
Net change in the fair value of loans held-for-investment(39)86 (125)(145.3)%
Net gain (loss) on hedging activity18 (22)40 (181.8)%
Net gain on sale of investments AFS — 453 (453)(100.0)%
Other969 1,059 (90)(8.5)%
Total non-interest income$7,037 $10,615 $(3,578)(33.7)%
Total non-interest income decreased $3.6 million, or 33.7%, quarter-over-quarter largely due to a $1.2 million decrease in mortgage banking income, and a $1.1 million decline in SBA loan income. Despite a quarter-over-quarter increase of 9 basis points in the margin on mortgage banking, mortgage loan sales decreased by $40.6 million, or 20% from the prior quarter, resulting in a lower level of mortgage banking income for the quarter-ended March 31, 2026. In addition, mortgage segment related fair value and derivative & hedging items declined in total by $701 thousand quarter-over-quarter.
SBA loan income decreased $1.1 million as the volume of SBA loans sold was down $14.1 million to $6.7 million, for the quarter-ended March 31, 2026 compared to the quarter-ended December 31, 2025, while the gross margin on SBA loan sales was 8.5% for the quarter-ended March 31, 2026 compared to 7.4% for the quarter-ended December 31, 2025.
In the prior quarter we recorded a gain on sale of investment securities of $453 thousand, which was not repeated in the quarter ended March 31, 2026. Other non-interest income was down $90 thousand from the prior quarter due to smaller declines in several accounts including ATM, wire transfer and other customer account fees.

Non-interest expense
The following table presents the components of non-interest expense for the periods indicated:
Three Months Ended
(Dollars in thousands)March 31,
2026
December 31,
2025
$ Change% Change
Salaries and employee benefits$12,386 $13,103 $(717)(5.5)%
Occupancy and equipment1,183 1,210 (27)(2.2)%
Professional fees974 1,076 (102)(9.5)%
Data processing and software1,973 1,981 (8)(0.4)%
Advertising and promotion692 944 (252)(26.7)%
Pennsylvania bank shares tax258 224 34 15.2 %
Other2,692 3,120 (428)(13.7)%
Total non-interest expense$20,158 $21,658 $(1,500)(6.9)%
Salaries and benefits overall decreased $717 thousand, primarily due to the variable nature of the mortgage segment along with timing of certain incentive expense, in addition to lower incentive compensation within the banking and wealth management segments compared to the previous quarter-end. Advertising and promotion costs decreased $252 thousand, reflecting a decrease in business development efforts and special events since year-end. Furthermore, other expense decreased $428 thousand mainly because OREO related activities in the prior quarter did not recur in the quarter-ended March 31, 2026.




4

Exhibit 99.1
Balance Sheet - March 31, 2026 Compared to December 31, 2025
Total assets increased $14.6 million, or 0.6%, to $2.6 billion as of March 31, 2026 from $2.6 billion as of December 31, 2025.
Portfolio loans grew $11.1 million, or 0.5% quarter-over-quarter. This growth was generated from commercial & industrial loans which increased $15.4 million, or 3.6%, construction loans increased $12.8 million, or 3.9%, while commercial mortgage loans decreased $8.9 million, or 1.0%, and SBA loan balances decreased $5.3 million, or 3.8%. Lease financings also decreased $4.7 million, or 10.2% from December 31, 2025, partially offsetting the above noted loan growth.
Total deposits increased $11.8 million, or 0.5% quarter-over-quarter, led by an increase of $13.8 million in interest-bearing deposits. Money market accounts and savings accounts decreased a combined $9.8 million, non-interest bearing accounts decreased $1.9 million or 0.8%, while interest bearing demand deposits decreased $209 thousand. While borrowings increased $3.5 million, or 3.0% quarter-over-quarter.
Total stockholders’ equity increased by $509 thousand from December 31, 2025, to $200.2 million as of March 31, 2026. Changes to equity for the quarter included net income of $2.0 million, an increase of $424 thousand in other comprehensive income, partially offset by dividends paid of $1.7 million. The Community Bank Leverage Ratio for the Bank was 9.58% at March 31, 2026.

Asset Quality Summary
Non-performing loans increased $3.6 million, to $58.7 million at March 31, 2026 compared to $55.1 million at December 31, 2025, with increases coming from commercial mortgage, land development, and commercial non-performing loans, partially offset by a decrease in non-performing SBA loans, residential mortgage loans, and construction loans. Of the total non-performing loans, $23.9 million were SBA loans, with $12.9 million, or 54.0%, guaranteed by the SBA. The SBA portfolio was subject to the Fed's rapid rate increase with slightly more than half, 53.7%, of total non-performing SBA loans having been originated in 2020-2021 when rates were lower by over 500 basis points. Due to the increase in non-performing loans, the ratio of non-performing loans to total loans as of March 31, 2026 increased to 2.64%, compared to 2.50% at December 31, 2025. The ratio of non-performing loans to total loans, excluding the guaranteed portion of the SBA portfolio was 2.06%. As of March 31, 2026 there were specific reserves of $2.8 million against individually evaluated loans, a decrease of $613 thousand from the level of specific reserves as of December 31, 2025.
Net charge-offs increased to $7.8 million, or 0.35% of total average loans for the quarter ended March 31, 2026, compared to net charge-offs of $3.5 million, or 0.16%, for the quarter ended December 31, 2025. First quarter charge-offs consisted of $3.9 million from a commercial mortgage loan, $2.5 million in SBA loans, $149 thousand in commercial loans, $856 thousand in finance receivables, and $745 thousand of small ticket equipment leases. Partially offsetting first quarter charge-offs were recoveries of $407 thousand, mainly related to leases.
The ratio of allowance for credit losses to total loans held for investment was 0.98% as of March 31, 2026, compared to 1.00% reported as of December 31, 2025, due to the increase in provision for credit losses discussed above, combined with portfolio loan growth being below 1% for the current quarter.

About Meridian Corporation
Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware, Maryland, and Florida. Through its 17 offices, including banking branches and mortgage locations, Meridian offers a full suite of financial products and services. Meridian specializes in business and industrial lending, retail and commercial real estate lending, electronic payments, and wealth management solutions through Meridian Wealth Partners. Meridian also offers a broad menu of high-yield depository products supported by robust online and mobile access. For additional information, visit our website at www.meridianbanker.com. Member FDIC.












5

Exhibit 99.1
“Safe Harbor” Statement
In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL, including the timing of third-party appraisals and loan valuations from lead financial institutions in which we are a loan participant; cyber-security concerns; rapid technological developments and changes, including the development and use of artificial intelligence in business processes, services, and products; 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; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and military conflicts, including the ongoing conflict in the Middle East, which could impact economic conditions in the United States; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Meridian Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Meridian Corporation or by or on behalf of Meridian Bank.
6

Exhibit 99.1
MERIDIAN CORPORATION AND SUBSIDIARIES
FINANCIAL RATIOS (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
Three Months Ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Earnings and Per Share Data:
Net income$2,006 $7,186 $6,659 $5,592 $2,399 
Basic earnings per common share$0.17 $0.62 $0.59 $0.50 $0.21 
Diluted earnings per common share$0.17 $0.61 $0.58 $0.49 $0.21 
Common shares outstanding11,874 11,826 11,517 11,297 11,285 
Performance Ratios:
Return on average assets (2)
0.32 %1.10 %1.04 %0.90 %0.40 %
Return on average equity (2)
4.02 14.79 14.42 12.68 5.57 
Net interest margin (tax-equivalent) (2)
3.82 3.77 3.77 3.54 3.46 
Yield on earning assets (tax-equivalent) (2)
6.69 6.82 7.01 6.89 6.83 
Cost of funds (2)
3.04 3.23 3.42 3.52 3.56 
Efficiency ratio
66.66 %63.25 %65.15 %65.82 %69.16 %
Asset Quality Ratios:
Net charge-offs (recoveries) to average loans0.35 %0.16 %0.09 %0.17 %0.14 %
Non-performing loans to total loans
2.64 2.50 2.53 2.35 2.49 
Non-performing assets to total assets
2.51 2.38 2.32 2.14 2.07 
Allowance for credit losses to:
Total loans and other finance receivables
0.97 0.99 1.01 0.99 1.01 
Total loans and other finance receivables (excluding loans at fair value) (1)
0.98 1.00 1.01 1.00 1.01 
Non-performing loans
36.23 %39.18 %39.37 %41.26 %39.63 %
Capital Ratios:
Book value per common share$16.86 $16.89 $16.33 $15.76 $15.38 
Tangible book value per common share$16.58 $16.59 $16.02 $15.44 $15.06 
Total equity/Total assets7.77 %7.80 %7.40 %7.09 %6.86 %
Tangible common equity/Tangible assets - Corporation (1)
7.65 7.67 7.27 6.96 6.73 
Tangible common equity/Tangible assets - Bank (1)
9.38 9.41 9.16 8.96 8.61 
Tier 1 leverage ratio - Bank9.58 9.50 9.41 9.32 9.30 
Common tier 1 risk-based capital ratio - Bank10.52 10.66 10.52 10.53 10.15 
Tier 1 risk-based capital ratio - Bank10.52 10.66 10.52 10.53 10.15 
Total risk-based capital ratio - Bank11.51 %11.65 %11.54 %11.54 %11.14 %
(1) See Non-GAAP reconciliation in the Appendix
(2) Annualized
7

Exhibit 99.1
MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
Three Months Ended
March 31,
2026
December 31,
2025
March 31,
2025
Interest income:
Loans and other finance receivables, including fees$38,144 $40,264 $36,549 
Securities - taxable1,847 1,891 1,693 
Securities - tax-exempt323 323 313 
Cash and cash equivalents398 348 613 
Total interest income40,712 42,826 39,168 
Interest expense:
Deposits15,223 16,582 16,868 
Borrowings and subordinated debentures2,287 2,617 2,524 
       Total interest expense17,510 19,199 19,392 
Net interest income23,202 23,627 19,776 
Provision for credit losses7,493 3,287 5,212 
Net interest income after provision for credit losses15,709 20,340 14,564 
Non-interest income:
Mortgage banking income4,528 5,714 3,393 
Wealth management income1,729 1,679 1,535 
SBA loan income150 1,285 748 
Earnings on investment in life insurance272 248 222 
Net loss on sale of MSRs(159)(12)(52)
Net loss on sale of loans— (184)— 
Net change in the fair value of derivative instruments(51)197 149 
Net change in the fair value of loans held-for-sale(380)112 102 
Net change in the fair value of loans held-for-investment(39)86 170 
Net gain (loss) on hedging activity18 (22)21 
Net gain on sale of investments AFS — 453 — 
Other969 1,059 1,036 
Total non-interest income7,037 10,615 7,324 
Non-interest expense:
Salaries and employee benefits12,386 13,103 11,385 
Occupancy and equipment1,183 1,210 1,338 
Professional fees974 1,076 763 
Data processing and software1,973 1,981 1,479 
Advertising and promotion692 944 779 
Pennsylvania bank shares tax258 224 269 
Other2,692 3,120 2,730 
Total non-interest expense20,158 21,658 18,743 
        Income before income taxes2,588 9,297 3,145 
Income tax expense582 2,111 746 
        Net income $2,006 $7,186 $2,399 
Basic earnings per common share$0.17 $0.62 $0.21 
Diluted earnings per common share$0.17 $0.61 $0.21 
Basic weighted average shares outstanding
11,811 11,543 11,205 
Diluted weighted average shares outstanding12,153 11,771 11,446 
8

Exhibit 99.1
MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Assets:
Cash and due from banks$12,458 $10,358 $12,605 $20,604 $16,976 
Interest-bearing deposits at other banks15,811 25,420 27,384 29,570 113,620 
Federal funds sold— — — — 629 
Cash and cash equivalents28,269 35,778 39,989 50,174 131,225 
Securities available-for-sale, at fair value196,012 193,457 194,268 187,902 185,221 
Securities held-to-maturity, at amortized cost32,494 32,544 32,593 32,642 32,720 
Equity investments2,137 2,166 2,150 2,130 2,126 
Mortgage loans held for sale, at fair value38,960 33,762 28,016 44,078 28,047 
Loans and other finance receivables, net of fees and costs2,181,575 2,170,600 2,162,845 2,108,250 2,071,675 
Allowance for credit losses(21,252)(21,573)(21,794)(20,851)(20,827)
Loans and other finance receivables, net of the allowance for credit losses2,160,323 2,149,027 2,141,051 2,087,399 2,050,848 
Restricted investment in bank stock7,699 7,811 8,350 9,162 8,369 
Bank premises and equipment, net12,298 12,402 12,413 12,320 12,028 
Bank owned life insurance30,959 30,687 30,421 30,175 29,935 
Accrued interest receivable11,015 10,724 10,944 10,334 10,345 
OREO and other repossessed assets6,009 5,997 3,714 3,148 249 
Deferred income taxes4,548 4,215 4,989 5,314 5,136 
Servicing assets3,694 3,932 3,845 3,658 4,284 
Goodwill899 899 899 899 899 
Intangible assets2,512 2,563 2,614 2,665 2,716 
Other assets38,753 36,031 24,874 28,938 24,740 
Total assets$2,576,581 $2,561,995 $2,541,130 $2,510,938 $2,528,888 
Liabilities:
Deposits:
Non-interest bearing$243,458 $245,377 $239,614 $237,042 $323,485 
Interest bearing:
Interest checking157,151 157,360 151,973 173,865 161,055 
Money market and savings deposits1,013,533 1,023,290 996,126 956,448 947,795 
Time deposits755,818 732,101 743,403 743,019 696,407 
Total interest-bearing deposits1,926,502 1,912,751 1,891,502 1,873,332 1,805,257 
Total deposits2,169,960 2,158,128 2,131,116 2,110,374 2,128,742 
Borrowings120,838 117,338 137,265 138,965 139,590 
Subordinated debentures49,675 49,853 49,822 49,792 49,761 
Accrued interest payable6,620 6,531 7,095 7,059 7,404 
Other liabilities29,263 30,429 27,803 26,728 29,823 
Total liabilities2,376,356 2,362,279 2,353,101 2,332,918 2,355,320 
Stockholders’ equity:
Common stock13,882 13,830 13,521 13,300 13,288 
Surplus90,885 90,352 85,122 82,184 82,026 
Treasury stock(26,079)(26,079)(26,079)(26,079)(26,079)
Unearned common stock held by ESOP(1,232)(1,232)(1,006)(1,006)(1,006)
Retained earnings128,472 128,124 122,376 117,132 112,952 
Accumulated other comprehensive loss(5,703)(5,279)(5,905)(7,511)(7,613)
Total stockholders’ equity200,225 199,716 188,029 178,020 173,568 
Total liabilities and stockholders’ equity$2,576,581 $2,561,995 $2,541,130 $2,510,938 $2,528,888 
9

Exhibit 99.1
MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SEGMENT INFORMATION (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
Three Months Ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Interest income$40,712 $42,826 $43,109 $41,211 $39,168 
Interest expense17,510 19,199 19,993 20,052 19,392 
Net interest income23,202 23,627 23,116 21,159 19,776 
Provision for credit losses
7,493 3,287 2,850 3,803 5,212 
Non-interest income7,037 10,615 9,953 11,288 7,324 
Non-interest expense20,158 21,658 21,546 21,357 18,743 
Income before income tax expense2,588 9,297 8,673 7,287 3,145 
Income tax expense582 2,111 2,014 1,695 746 
Net Income$2,006 $7,186 $6,659 $5,592 $2,399 
Basic weighted average shares outstanding11,811 11,543 11,325 11,228 11,205 
Basic earnings per common share$0.17 $0.62 $0.59 $0.50 $0.21 
Diluted weighted average shares outstanding12,153 11,771 11,540 11,392 11,446 
Diluted earnings per common share$0.17 $0.61 $0.58 $0.49 $0.21 
Segment Information
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
(dollars in thousands)BankWealthMortgageTotalBankWealthMortgageTotal
Net interest income$23,072 $60 $70 $23,202 $19,706 $$61 $19,776 
Provision for credit losses
7,493 — — 7,493 5,212 — — 5,212 
Net interest income after provision
15,579 60 70 15,709 14,494 61 14,564 
Non-interest income1,398 1,729 3,910 7,037 1,912 1,535 3,877 7,324 
Non-interest expense13,957 978 5,223 20,158 12,758 818 5,167 18,743 
Income before income taxes
$3,020 $811 $(1,243)$2,588 $3,648 $726 $(1,229)$3,145 
Efficiency ratio57 %55 %131 %67 %59 %53 %131 %69 %

10


MERIDIAN CORPORATION AND SUBSIDIARIES
APPENDIX: NON-GAAP MEASURES (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.
Pre-Provision Net Revenue Reconciliation
Three Months Ended
(Dollars in thousands, except per share data, Unaudited)
March 31,
2026
December 31,
2025
March 31,
2025
Income before income tax expense$2,588 $9,297 $3,145 
Provision for credit losses7,493 3,287 5,212 
Pre-provision net revenue$10,081 $12,584 $8,357 

Pre-Provision Net Revenue Reconciliation
Three Months Ended
(Dollars in thousands, except per share data, Unaudited)
March 31,
2026
December 31,
2025
March 31,
2025
Bank$10,513 $11,771 $8,860 
Wealth811 493 726 
Mortgage(1,243)320 (1,229)
Pre-provision net revenue$10,081 $12,584 $8,357 

Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding Loans at Fair Value
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Allowance for credit losses (GAAP)
$21,252 $21,573 $21,794 $20,851 $20,827 
Loans and other finance receivables (GAAP)
2,181,575 2,170,600 2,162,845 2,108,250 2,071,675 
Less: Loans at fair value
(14,090)(14,396)(14,454)(14,541)(14,182)
Loans and other finance receivables, excluding loans at fair value (non-GAAP)
$2,167,485 $2,156,204 $2,148,391 $2,093,709 $2,057,493 
ACL to loans and other finance receivables (GAAP)
0.97 %0.99 %1.01 %0.99 %1.01 %
ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP)
0.98 %1.00 %1.01 %1.00 %1.01 %


11


Tangible Common Equity Ratio Reconciliation - Corporation
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Total stockholders' equity (GAAP)
$200,225 $199,716 $188,029 $178,020 $173,568 
Less: Goodwill and intangible assets
(3,411)(3,462)(3,513)(3,564)(3,615)
Tangible common equity (non-GAAP)
196,814 196,254 184,516 174,456 169,953 
Total assets (GAAP)
2,576,581 2,561,995 2,541,130 2,510,938 2,528,888 
Less: Goodwill and intangible assets(3,411)(3,462)(3,513)(3,564)(3,615)
Tangible assets (non-GAAP)
$2,573,170 $2,558,533 $2,537,617 $2,507,374 $2,525,273 
Tangible common equity to tangible assets ratio - Corporation (non-GAAP)
7.65 %7.67 %7.27 %6.96 %6.73 %
Tangible Common Equity Ratio Reconciliation - Bank
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Total stockholders' equity (GAAP)$244,621 $244,064 $236,038 $228,127 $220,768 
Less: Goodwill and intangible assets(3,411)(3,462)(3,513)(3,564)(3,615)
Tangible common equity (non-GAAP)241,210 240,602 232,525 224,563 217,153 
Total assets (GAAP)2,575,135 2,560,485 2,541,395 2,510,684 2,525,029 
Less: Goodwill and intangible assets(3,411)(3,462)(3,513)(3,564)(3,615)
Tangible assets (non-GAAP)$2,571,724 $2,557,023 $2,537,882 $2,507,120 $2,521,414 
Tangible common equity to tangible assets ratio - Bank (non-GAAP)9.38 %9.41 %9.16 %8.96 %8.61 %
Tangible Book Value Reconciliation
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Book value per common share$16.86 $16.89 $16.33 $15.76 $15.38 
Less: Impact of goodwill /intangible assets0.28 0.30 0.31 0.32 0.32 
Tangible book value per common share$16.58 $16.59 $16.02 $15.44 $15.06 
12
First Quarter 2026 NASDAQ: MRBK Revised Earnings Supplement May 4, 2026


 

FORWARD-LOOKING STATEMENTS Meridian Corporation (the “Corporation”) may from time to time make written or oral “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL, including the timing of third-party appraisals and loan valuations from lead financial institutions in which we are a loan participant; cyber-security concerns; rapid technological developments and changes, including the development and use of artificial intelligence in business processes, services, and products; 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, geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and military conflicts, including the ongoing conflict in the Middle East, which could impact economic conditions in the United States; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review the Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. The Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by the Corporation or by or on behalf of Meridian Bank, except as may be required under applicable laws. Meridian Corporation 2


 

MRBK INVESTMENT HIGHLIGHTS Regional presence with a community touch. "Go to" bank in the Delaware Valley Demonstrated organic growth engine in diversified loan segments. Focus on Commercial, CRE and Small Business Lending Valuable customer base trained to solely use electronic channel. Strong sales culture that capitalizes on market disruption. Skilled management team with extensive in-market experience. Comfortably handle all but the largest companies. Meridian Corporation 3


 

Geographic Footprint Regional Market Meridian Corporation 4


 

Q1'2026 vs Q1'2025 Financial Recap Summary Income Statement ($000s) Q1'2026 Q1'2025 Net Interest Income $ 23,202 $ 19,776 Provision for Credit Losses 7,493 5,212 Non-Interest Income 7,037 7,324 Non-Interest Expense 20,158 18,743 Income Before Income Taxes 2,588 3,145 Income Taxes 582 746 Net income $ 2,006 $ 2,399 Earnings Per Share Diluted Earnings Per Share $ 0.17 $ 0.21 Pre-Provision Net Revenue by Segment 1 Bank $ 10,513 $ 8,860 Wealth 811 726 Mortgage (1,243) (1,229) Pre-Provision Net Revenue $ 10,081 $ 8,357 Assets ($M) Loans ($M) Deposits ($M) Q1'2022 Q1'2023 Q1'2024 Q1'2025 Q1'2026 $1,000 $2,000 $3,000 Summary Balance Sheet Q1'2026 Q1'2025 Assets ($M) $ 2,577 $ 2,529 Loans ($M) 2 2,182 2,072 Deposits ($M) 2,170 2,129 Equity ($M) 200 174 1) A Non-GAAP measure. See Non-GAAP reconciliation in the Appendix. 2) Includes loans held for investment. Meridian Corporation 5


 

For the Calendar Quarter Ended Balance Sheet ($M) Q1'2026 Q4'2025 Q3'2025 Q2'2025 Q1'2025 Total Assets $ 2,577 $ 2,562 $ 2,541 $ 2,511 $ 2,529 Total Loans & Leases² 2,221 2,204 2,191 2,152 2,100 Deposits 2,170 2,158 2,131 2,110 2,129 Equity 200 200 188 178 174 Tangible Equity / Tangible Assets3 7.65 % 7.67 % 7.27 % 6.96 % 6.73 % Net Income & Share Data ($000s) Net Income $ 2,006 $ 7,186 $ 6,659 $ 5,592 $ 2,399 Diluted EPS 0.17 0.61 0.58 0.49 0.21 Price per Common Share 18.96 17.58 15.79 12.89 14.40 TBV per Share 16.58 16.59 16.02 15.44 15.06 Pre-Provision Net Revenue3 10,081 12,584 11,523 11,090 8,357 Common Dividends per Share 0.14 0.125 0.125 0.125 0.125 Dividend Yield (annualized) 3.0 % 3.2 % 3.2 % 3.9 % 3.5 % Profitability (%) ROAE 4.02 % 14.79 % 14.42 % 12.68 % 5.57 % ROAA 0.32 % 1.10 % 1.04 % 0.90 % 0.40 % NIM 3.82 % 3.77 % 3.77 % 3.54 % 3.46 % Q1'2026 HIGHLIGHTS 1) As of and for the quarter ended March 31, 2026, per May 4, 2026 revised press release. 2) Includes loans held for sale and loans held for investment. 3) A Non-GAAP measure. See Non-GAAP reconciliation in the Appendix. Meridian Corporation 6


 

Q1'2026 INCOME STATEMENT TRENDS ($000s) Pre-Provision Net Revenue by Segment Q1'2025 Q2'2025 Q3'2025 Q4'2025 Q1'2026 Bank $ 8,860 $ 9,005 $ 10,504 $ 11,771 $ 10,513 Wealth 726 604 512 493 811 Mortgage (1,229) 1,481 507 320 (1,243) Total Pre-Provision Net Revenue $ 8,357 $ 11,090 $ 11,523 $ 12,584 $ 10,081 Q1'2025 Q2'2025 Q3'2025 Q4'2025 Q1'2026 Net Interest Income Non-Interest Income Non-Interest Expense Pre-Provision Net Revenue Net Income $0 $5,000 $10,000 $15,000 $20,000 $25,000 Meridian Corporation 7


 

NET INTEREST MARGIN 3.09% 3.06% 3.20% 3.29% 3.46% 3.54% 3.77% 3.77% 3.82% 6.90% 6.98% 7.06% 6.81% 6.83% 6.89% 7.01% 6.82% 6.69% 4.00% 4.10% 4.05% 3.71% 3.56% 3.52% 3.42% 3.23% 3.04% Net Interest Margin Yield on Earning Assets Cost of Funds Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 Q1'2026 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Meridian Corporation 8


 

DEPOSIT REPRICING DRIVING DOWN COST OF FUNDS Data as of March 31, 2026 • During Q1, time deposit costs declined 16 bps, aiding net interest margin • $459 million in term deposits to reprice next six months • Currently repricing at approx. 3.90%, up from 3.78% and 3.82% through months 1 to 3 and 3 to 6, respectively Meridian Corporation 9 Time Deposit Maturity Schedule ($000s) - as of March 31, 2026 3.78% 3.82% 3.78% 3.74% 3.62% 3.61% 3.46% Amount Maturing (000s) Blended Cost by Period 1-3 MONTHS 3-6 MONTHS 6-9 MONTHS 9-12 MONTHS 12-18 MONTHS 18-24 MONTHS > 2 YRS $— $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 $220,000 $240,000 $260,000 $280,000 $300,000 3.00% 3.50% 4.00% 4.50% 5.00%


 

NON-INTEREST INCOME (Dollars in thousands) Q1'2026 Q4'2025 $ Change Mortgage banking income 1 4,115 6,001 (1,886) SBA income 150 1,285 (1,135) Wealth management income 1,729 1,679 50 Net (loss) on sale of loans — (184) 184 Net gain on sale of investments — 453 (453) Other income 1,043 1,381 (338) Total $ 7,037 $ 10,615 $ (3,578) Note 1 - includes FV change on mortgages HFS and related hedging derivatives. 57.2% 24.0% 2.1% 16.7% Mortgage banking income Wealth management income SBA income Net gain on sale of MSR's Other income (% of total non-interest income during Q1'2026) Meridian Corporation 10


 

NON-INTEREST EXPENSE (% of total non-interest expense during Q1'2026) (Dollars in thousands) Q1'2026 Q4'2025 $ Change Salaries & benefits 12,386 13,103 (717) Occupancy & equipment 1,183 1,210 (27) Professional fees 974 1,076 (102) Data processing and IT 1,973 1,981 (8) Other 3,642 4,288 (646) Total $ 20,158 $ 21,658 $ (1,500) 61.4% 5.9% 4.8% 9.8% 18.1% Salaries & employee benefits Occupancy & equipment Professional Data processing / IT Other Meridian Corporation 11


 

LOANS AND OTHER FINANCE RECEIVABLES Balance ($000s) March 31, 2026 YTD Growth % Commercial Mortgage 870,544 (1.0) % Commercial & Industrial 444,395 3.6 % Construction 343,376 3.9 % SBA loans 134,468 (3.8) % Leases, net 40,837 (10.2) % Residential mortgage 235,067 (0.5) % Home equity 109,795 2.6 % Consumer (other) 303 (7.9) % Total $ 2,178,785 0.5 % Commercial Mortgage, 40% Consumer, 16% Commercial & Industrial, 20% SBA, 6% Construction, 16% Leases, 2% Commercial - 84% Consumer - 16% (residential, home equity, personal) Meridian Corporation 12 As of March 31, 2026


 

C&I LOAN PORTFOLIO OVERVIEW C&I Portfolio By Industry as of March 31, 2026 10 Largest C&I Relationships as a % of C&I Portfolio 11.5% 10 Largest C&I Relationships as a % of Total Loan Portfolio 4.7% Average Loan Size O/S of C&I Portfolio, excluding leases ($000s) $406 Weighted Average Risk Rating of C&I Portfolio Pass 15.9% 13.3% 8.2% 8.8% 5.4% 3.4% 5.8%4.8% 2.2% 8.0% 6.0%1.6% 1.4% 15.0% Manufacturing Construction Related RE Investment Professional Services Health & Social Services Admin & Support Retail Trade Leisure Commercial & Consumer Rental Wholesale Trade Financial, Insurance & RE Services Communication Infrastructure Providers & Services Waste Mgmt & Remediation Other *Includes commercial owner occupied real estate of $279 million Meridian Corporation Portfolio Characteristics 13 $887 M Total C&I* Includes $23 M of private equity loans


 

32.1% 2.2% 17.9% 1.7% 25.1% 11.1% 1.6% 3.7% 4.8% Resi & Coml Constr RE & Rental Lease Com RE Inv Construction Related RE Inv Leisure Health Care and Social Assistance Other Fin, Ins, RE Services CRE LOAN PORTFOLIO OVERVIEW - as of March 31, 2026 $933 M* Total CRE (as a % of CRE loans) *Commercial owner occupied real estate loans of $279 million not included (see C&I chart) Included in CRE: • $64.6 M of office buildings; & • $104 M of multi-family loans Meridian Corporation Multi-family Loans by Region: Region Amount ($000s) % of Total Philadelphia $ 84,984 80.6 % Chester County, PA 1,975 1.9 % Montgomery County, PA 6,524 6.3 % New Castle, DE 6,022 5.8 % Delaware County, PA 1,423 1.4 % Bucks County, PA 1,342 1.3 % Southern NJ 1,795 1.7 % Other 91 0.1 % Total $ 104,156 14


 

CRE RATIOS - 100 & 300* 75% 75% 88% 96% 99% 73% 73% 127% 113% 114% 120% 120% 127% 131% 135% 150% 149% 156% 184% 177% 172% 169% 234% 256% 277% 287% 282% 288% 284% 289% CRE 100 Ratio CRE 300 Ratio Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25 Jun-25 Sept- 25 Dec-25 Mar-26 50% 100% 150% 200% 250% 300% Increase in Construction - largely Multi-family Meridian Corporation 15 * The CRE 100 Ratio and CRE 300 Ratio consist of construction loans (100) and non-owner occupied CRE loans (300) compared to total risk-based capital at March 31, 2026.


 

6.79% 6.82% 7.89% 11.10% 11.50% 11.47% 10.53% 11.04% 10.50% 10.64% 1.01% 0.54% 1.12% 3.43% 3.96% 3.56% 3.52% 3.42% 3.23% 3.04% Yield on SBA Loans Cost of Funds FYE 20 FYE 21 FYE 22 FYE 23 FYE 24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 —% 5.00% 10.00% 15.00% SBA Loan Portfolio Overview SBA Loan Portfolio Profitability ($000s) Yield vs. Cost $4,639 $11,773 $13,280 $15,976 $15,245 $16,929 $2,810 $431 $2,478 $1,172 $2,469 $3,463 $8,111 $894 Total Net Revenue Provision for Credit Losses FYE 20 FYE 21 FYE 22 FYE 23 FYE 24 FYE 25 Q1'26 $5,000 $10,000 $15,000 $20,000 • $134.5 million loans outstanding at March 31, 2026. • Very profitable portfolio. • Spread on SBA portfolio - 7.60% for Q1 2026. • 54% of non-performing loans as of March 31, 2026 were originated during 2020-2021 prior to 500+ bps rise in rates. Meridian Corporation 16


 

ASSET QUALITY TRENDS 0.08% 0.05% 0.05% 0.11% 0.12% 0.20% 0.11% 0.34% 0.14% 0.17% 0.09% 0.16% 0.35% 1.25% 1.44% 1.53% 1.76% 1.93% 1.84% 2.20% 2.19% 2.50% 2.35% 2.53% 2.50% 2.64% 1.11% 1.32% 1.38% 1.58% 1.74% 1.68% 1.97% 1.90% 2.07% 2.14% 2.32% 2.38% 2.51% NCOs / Avg Loans NPLs / Loans NPAs / Assets Q1'2023 Q2'2023 Q3'2023 Q4'2023 Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 Q1'2026 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% Meridian Corporation 17


 

ASSET QUALITY - as of March 31, 2026 Comm Mortgage, $6,748 Construction & Land Dev, $7,688 C & I - Billboard (1), $5,221 C & I - Other, $1,958 SBA, $23,911 Residential, $9,350 Leases, $1,560 Home Equity, $2,223 Non-performing Loans by Type ($000s) $12.9 million (54%) guaranteed by SBA (1) C&I Billboard is comprised of 1 loan relationship. Meridian Corporation 18


 

MORTGAGE VOLUME & MARGIN TRENDS ($000s) 2.95% 2.81% 2.82% 2.73% 2.63% 2.86% 2.93% 2.82% 2.91% Closed and Funded - Purchase Closed and Funded - Refi Sold Volume Margin Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 Q1'2026 0 50 100 150 200 250 300 2.00% 2.20% 2.40% 2.60% 2.80% 3.00% Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 Q4'2025 Q1'2026 Refinance (%) 16% 10% 12% 16% 18% 14% 14% 21% 30% Purchase (%) 84% 90% 88% 84% 82% 86% 86% 79% 70% Meridian Corporation 19 Period Sold Volume ($000s) Margin Q1'2026 $ 166,546 2.91 % FY 2025 773,228 2.82 % FY 2024 790,393 2.82 % FY 2023 606,042 2.85 % Period Originations ($000s) % Refi Q1'2026 $ 182,511 30 % FY 2025 830,751 17 % FY 2024 841,705 14 % FY 2023 678,617 11 % Year over Year Summary


 

DEPOSIT COMPOSITION - as of March 31, 2026 Business Accounts, 51% Consumer Accounts, 15% Municipal Deposits, 11% Time Deposits (Brokered), 23% Business Accounts Consumer Accounts Municipal Deposits Time Deposits (Brokered) Total Deposits $2.2 billion • At March 31, 2026, 64% of business accounts and 89% of consumer accounts were fully insured by the FDIC. • The average business money market account balance was $510 thousand at March 31, 2026. • The municipal deposits are 100% insured or collateralized and brokered time deposits are 100% FDIC insured. • The level of uninsured deposits for the entire deposit base was 20% at March 31, 2026. (as a % of total deposits) Meridian Corporation 20


 

INVESTMENT PORTFOLIO COMPOSITION - as of March 31, 2026 • Total investment securities 9.0% of total assets: – 86% Available for sale (AFS). – 14% Held-to-maturity (HTM). • Portfolio duration - 3.74 years • Average life - 4.90 years • Tax-equivalent yield - 3.83% • 12-month projected cash flow $31.4 million, or 10.20% of portfolio • Post Tax AFS URL $4.9 million or 1.97% of Tier 1 capital (1) (1) Capital ratios reflect Meridian Bank ratios. US government agency 46.5% State & municipal - tax free 23.7% Other 10.3% US asset backed 11.0% State & municipal - taxable 7.6% Equity securities 0.9% Total Securities $231 million Meridian Corporation 21


 

APPENDIX - HISTORICAL FINANCIAL HIGHLIGHTS AND RECONCILIATIONS OF NON-GAAP MEASURES Meridian Corporation 22


 

HISTORICAL FINANCIAL DATA 1) Includes loans held for sale and held for investment. 2) Includes loans held for investment (excluding loans at fair value). 3) A Non-GAAP measure. See Appendix for Non-GAAP to GAAP reconciliation. As of or for the Quarter Ended As of or for the Year Ended (dollars in thousands) Q1'2026 Q4'2025 Q1'2025 2025Y 2024Y 2023Y Balance Sheet Total Assets $ 2,576,581 $ 2,561,995 $ 2,528,888 $ 2,561,995 $ 2,385,867 $ 2,246,193 Loans (1) 2,220,535 2,204,362 2,099,722 2,204,362 2,062,850 1,920,622 Deposits 2,169,960 2,158,128 2,128,742 2,158,128 2,005,368 1,823,462 Gross Loans / Deposits 102.33 % 102.14 % 98.64 % 102.14 % 102.87 % 105.33 % Capital Total Equity $ 200,225 $ 199,716 $ 173,568 $ 199,716 $ 171,522 $ 158,022 Tangible Common Equity / Tangible Assets - HC (3) 7.65 % 7.67 % 6.73 % 7.67 % 7.05 % 6.87 % Tangible Common Equity / Tangible Assets - Bank (3) 9.38 9.41 8.61 9.41 9.06 8.94 Tier 1 Leverage Ratio - Bank 9.58 9.50 9.30 9.50 9.21 9.46 Total Capital Ratio - Bank 11.51 11.65 11.14 11.65 11.20 11.17 Commercial Real Estate Loans / Total RBC 289.0 % 284.1 % 286.5 % 284.1 % 277.2 % 255.9 % Earnings & Profitability Net Income $ 2,006 $ 7,186 $ 2,399 $ 21,836 $ 16,346 $ 13,243 ROA 0.32 % 1.10 % 0.40 % 0.87 % 0.70 % 0.61 % ROE 4.02 14.79 5.57 12.00 9.93 8.53 Net Interest Margin (NIM)(TEY) 3.82 3.77 3.46 3.64 3.16 3.35 Non-Int Inc. / Avg. Assets 1.11 1.63 1.23 1.56 1.76 1.48 Efficiency Ratio 66.66 % 63.25 % 69.16 % 65.67 % 70.46 % 76.43 % Asset Quality Nonaccrual Loans / Loans (1) 2.64 % 2.50 % 2.49 % 2.50 % 2.19 % 1.76 % NPAs / Assets 2.51 2.38 2.07 2.38 1.90 1.58 Reserves / Loans (2) (3) 0.98 1.00 1.01 1.00 0.91 1.17 NCOs / Average Loans 0.35 % 0.16 % 0.14 % 0.55 % 0.78 % 0.30 % Yield and Cost Yield on Earning Assets (TEY) 6.69 % 6.82 % 6.83 % 6.89 % 6.94 % 6.62 % Cost of Deposits 2.84 3.03 3.36 3.23 3.82 3.24 Cost of Interest-Bearing Liabilities 3.41 % 3.63 % 4.00 % 3.85 % 4.46 % 3.97 % Meridian Corporation 23


 

Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding Loans at Fair Value (dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Allowance for credit losses (GAAP) $ 21,252 $ 21,573 $ 21,794 $ 20,851 $ 20,827 Loans and other finance receivables (GAAP) 2,181,575 2,170,600 2,162,845 2,108,250 2,071,675 Less: Loans at fair value (14,090) (14,396) (14,454) (14,541) (14,182) Loans and other finance receivables, excluding loans at fair value (non-GAAP) $ 2,167,485 $ 2,156,204 $ 2,148,391 $ 2,093,709 $ 2,057,493 ACL to loans and other finance receivables (GAAP) 0.97 % 0.99 % 1.01 % 0.99 % 1.01 % ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP) 0.98 % 1.00 % 1.01 % 1.00 % 1.01 % RECONCILIATION OF NON-GAAP MEASURES Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Pre-Provision Net Revenue Reconciliation Three Months Ended (Dollars in thousands, except per share data) March 31, 2026 December 31, 2025 March 31, 2025 Income before income tax expense $ 2,588 $ 9,297 $ 3,145 Provision for credit losses 7,493 3,287 5,212 Pre-provision net revenue $ 10,081 $ 12,584 $ 8,357 Bank $ 10,513 $ 11,771 $ 8,860 Wealth 811 493 726 Mortgage (1,243) 320 (1,229) Pre-provision net revenue $ 10,081 $ 12,584 $ 8,357 Meridian Corporation 24


 

(dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Tangible common equity ratio - Corporation: Total stockholders' equity (GAAP) $ 200,225 $ 199,716 $ 188,029 $ 178,020 $ 173,568 Less: Goodwill and intangible assets (3,411) (3,462) (3,513) (3,564) (3,615) Tangible common equity (non-GAAP) $ 196,814 $ 196,254 $ 184,516 $ 174,456 $ 169,953 Total assets (GAAP) $ 2,576,581 $ 2,561,995 $ 2,541,130 $ 2,510,938 $ 2,528,888 Less: Goodwill and intangible assets (3,411) (3,462) (3,513) (3,564) (3,615) Tangible assets (non-GAAP) $ 2,573,170 $ 2,558,533 $ 2,537,617 $ 2,507,374 $ 2,525,273 Tangible common equity ratio (non-GAAP) 7.65 % 7.67 % 7.27 % 6.96 % 6.73 % Tangible common equity ratio - Bank: Total stockholders' equity (GAAP) $ 244,621 $ 244,064 $ 236,038 $ 228,127 $ 220,768 Less: Goodwill and intangible assets (3,411) (3,462) (3,513) (3,564) (3,615) Tangible common equity (non-GAAP) $ 241,210 $ 240,602 $ 232,525 $ 224,563 $ 217,153 Total assets (GAAP) $ 2,575,135 $ 2,560,485 $ 2,541,395 $ 2,510,684 $ 2,525,029 Less: Goodwill and intangible assets (3,411) (3,462) (3,513) (3,564) (3,615) Tangible assets (non-GAAP) $ 2,571,724 $ 2,557,023 $ 2,537,882 $ 2,507,120 $ 2,521,414 Tangible common equity ratio (non-GAAP) 9.38 % 9.41 % 9.16 % 8.96 % 8.61 % RECONCILIATION OF NON-GAAP MEASURES Meridian Corporation 25


 

FAQ

Why did Meridian Corporation (MRBK) amend its Q1 2026 results?

Meridian amended Q1 2026 results after a participated commercial mortgage was placed on nonaccrual and written down by the lead bank. Meridian recorded a $3.9 million charge-off and a $3.5 million additional provision, requiring a downward revision of previously reported net income.

How were Meridian Corporation’s Q1 2026 earnings affected by the loan charge-off?

The charge-off and added provision reduced Q1 2026 net income to $2.0 million, down from a previously reported $4.7 million. Diluted EPS fell to $0.17, and returns weakened, with return on average assets at 0.32% and return on average equity at 4.02%.

What were Meridian Corporation’s key profitability metrics for Q1 2026?

For Q1 2026, Meridian reported net income of $2.0 million and diluted EPS of $0.17. Pre-provision net revenue was $10.1 million, net interest margin improved to 3.82%, and the efficiency ratio was 66.66%, reflecting higher credit costs but still-solid core operating performance.

How did asset quality at Meridian Corporation change in Q1 2026?

Asset quality weakened modestly in Q1 2026. Non-performing loans rose to $58.7 million, or 2.64% of total loans, and net charge-offs increased to $7.8 million, or 0.35% of average loans. The allowance for credit losses stood at 0.98% of total loans held for investment.

What is Meridian Corporation’s capital position after the Q1 2026 revision?

Despite the credit loss, capital remained solid. At March 31, 2026, total stockholders’ equity was $200.2 million, tangible common equity to tangible assets at the holding company was 7.65%, and the bank’s Community Bank Leverage Ratio was 9.58%, supporting ongoing operations.

How did Meridian Corporation’s loan portfolio and deposits trend in Q1 2026?

Total assets were $2.6 billion at March 31, 2026, with loans held for investment of about $2.18 billion and deposits of $2.17 billion. Commercial loans grew modestly, while overall loans and deposits each increased around 0.5% quarter-over-quarter, indicating steady franchise activity.

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