Meridian Corp

Listed Company

MRBKCIK 0001750735NasdaqAcceleratedSmaller ReportingNational Commercial BanksPennsylvaniaFY ends Dec 31

Period

FY 2025

Revenue

$6.32M

Net Income

$21.84M

Total Assets

$2.56B

Equity

$199.72M

Shares Out

11.88M

Op. Cash Flow

$24.30M

Business

Meridian Corp is a bank holding company that conducts banking activities through its wholly owned subsidiary Meridian Bank. It offers deposit and treasury management services, commercial and consumer lending and leasing, commercial real estate financing, SBA lending, mortgage origination and servicing, title and settlement services, equipment finance, and wealth management and advisory services. The company operates through three principal segments: commercial banking, wealth management and advisory, and mortgage banking. Meridian serves the Delaware Valley tri-state market, central Maryland and Florida via branches, loan production offices and digital channels.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans and other finance receivables, including fees	156	147	130	85	69
Securities - taxable	7	6	4	2	1
Securities - tax-exempt	1	1	1	1	1
Cash and cash equivalents	2	2	1	286,000	48,000
Total interest income	166	156	137	89	72
Deposits	68	74	58	15	5
Borrowings and subordinated debentures	10	11	10	3	3
Total interest expense	79	85	68	—	—
Net interest income	88	71	69	70	63
Provision for credit losses	15	11	7	2	—
Net interest income after provision for credit losses	73	60	62	68	62
Mortgage banking income	21	21	17	25	76
Wealth management income	6	6	5	5	—
SBA loan income	5	3	4	4	7
Earnings on investment in life insurance	956,000	868,000	789,000	553,000	365,000
Net gain on sale of MSRs	403,000	4	0	—	—
Net (loss) gain on sale of loans	−434,000	15,000	—	—	—
Net change in the fair value of derivative instruments	373,000	30,000	91,000	−703,000	−4
Net change in the fair value of loans held-for-sale	310,000	−25,000	32,000	−844,000	—
Net change in the fair value of loans held-for-investment	659,000	214,000	132,000	−2	−189,000
Net (loss) on hedging activity	−151,000	−87,000	28,000	5	3
Net gain (loss) on sale of investments AFS	501,000	−57,000	−58,000	0	435,000
Other	4	6	5	5	4
Total non-interest income	39	41	32	42	88
Salaries and employee benefits	51	47	47	54	79
Occupancy and equipment	5	6	5	5	5
Professional fees	4	5	4	4	4
Data processing and software	7	6	6	5	4
Advertising and promotion	4	3	4	4	4
Pennsylvania bank shares tax	1	972,000	968,000	793,000	609,000
Other	11	11	9	8	8
Total non-interest expense	83	79	77	81	104
Income before income taxes	28	22	17	28	46
Income tax expense	7	5	4	6	11
Net income	22	16	13	22	36
Basic earnings per common share (in USD per share)	1.93	1.47	1.19	1.85	2.96
Diluted earnings per common share (in USD per share)	1.89	1.45	1.16	1.79	2.87
Basic weighted average shares outstanding (in shares)	11	11	11	12	12
Diluted weighted average shares outstanding (in shares)	12	11	11	12	12

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	10	6	10	11	4
Interest-bearing deposits at other banks	25	22	47	27	20
Cash and cash equivalents	36	27	57	38	23
Securities available-for-sale, at fair value (amortized cost of $199,127 and $183,764, respectively)	193	174	146	135	159
Securities held-to-maturity, at amortized cost (fair value of $30,152 and $30,492, respectively)	33	34	36	37	6
Equity investments	2	2	2	2	2
Mortgage loans held for sale	34	32	25	22	81
Loans and other finance receivables, net of fees and costs	2,171	2,030	1,896	1,744	1,386
Allowance for credit losses	−22	−18	−22	−19	−19
Loans and other finance receivables, net of the allowance for credit losses	2,149	2,012	1,874	1,725	1,368
Restricted investment in bank stock	8	8	8	7	5
Bank premises and equipment, net	12	12	14	13	12
Bank owned life insurance	31	30	29	28	23
Accrued interest receivable	11	10	9	7	5
OREO and other repossessed assets	6	276,000	—	—	—
Deferred income taxes	4	5	4	4	1
Servicing assets	4	4	12	12	13
Goodwill	899,000	899,000	899,000	899,000	899,000
Intangible assets	3	3	3	3	3
Other assets	36	31	26	24	10
Total assets	2,562	2,386	2,246	2,062	1,713
Non-interest bearing	245	241	239	302	275
Interest bearing	1,913	1,765	1,584	1,411	1,172
Total deposits	2,158	2,005	1,823	1,712	1,446
Borrowings	117	124	175	122	41
Subordinated debentures	50	50	50	40	41
Accrued interest payable	7	7	10	2	31,000
Other liabilities	30	28	30	32	20
Total liabilities	2,362	2,214	2,088	1,909	1,548
Common stock, $1 par value: 25,000,000 shares authorized; 13,829,645 and 13,243,258 shares issued, respectively; and 11,826,462 and 11,240,075 shares outstanding, respectively.	14	13	13	—	—
Surplus	90	82	80	79	84
Treasury stock - 2,003,183 and 2,003,183 shares, respectively, at cost	−26	−26	−26	−22	−9
Unearned common stock held by ESOP	−1	−1	−1	−1	−2
Retained earnings	128	112	101	96	85
Accumulated other comprehensive loss	−5	−8	−9	−12	708,000
Total stockholders equity	200	172	158	153	165
Total liabilities and stockholders equity	2,562	2,386	2,246	2,062	1,713

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	22	16	13	22	36
Net amortization of investment premiums and discounts and change in fair value of equity securities	2	4	2	1	1
Depreciation and amortization (accretion), net	−292,000	818,000	432,000	−1	−6
Amortization of issuance costs on subordinated debt	123,000	122,000	87,000	117,000	118,000
Stock based compensation	1	976,000	1	1	2
Net change in fair value of derivative instruments	−373,000	−30,000	−91,000	703,000	4
Net change in fair value of loans held for sale	−310,000	25,000	−32,000	844,000	—
Net change in fair value of loans held for investment	−659,000	−214,000	−132,000	2	189,000
Amortization and net impairment of servicing rights	−529,000	1	2	2	1
Gain on sale of OREO	−15,000	−317,000	—	—	—
SBA loan income	−5	−3	−4	−4	−7
Proceeds from sale of loans	801	808	658	1,100	2,483
Loans originated for sale	−781	−794	−645	−1,016	−2,271
Mortgage banking income	−21	−21	−17	−25	−76
Increase in accrued interest receivable	−766,000	−633,000	−2	−2	473,000
Lease early termination	0	1	0	—	—
Increase in other assets	−7	−5	−2	−823,000	−4
Earnings from investment in bank owned life insurance	−956,000	−868,000	−789,000	−553,000	−365,000
Increase in deferred income tax	−373,000	−799,000	−234,000	1	−768,000
Decrease in accrued interest payable	−329,000	−3	8	2	−1
Increase (decrease) in other liabilities	3	−760,000	−1	−2	−2
Net cash provided by operating activities	24	10	19	85	165
Maturities, repayments and calls	19	20	10	12	10
Sales	14	16	14	0	24
Purchases	−50	−67	−33	−31	−74
Maturities, repayments and calls	3	2	1	905,000	0
Purchases	−2	0	0	−6	0
Proceeds from sale of OREO	15,000	2	0	—	—
Proceeds from sale of MSRs	1	10	0	—	—
Proceeds from sale of loans held for investment	123	59	—	—	—
Net purchases of restricted investments in bank stocks	−58,000	319,000	−1	−2	3
Net increase in loans	−271	−207	−153	−359	−88
Purchases of premises and equipment	−2	−568,000	−2	−3	−5
Net purchase of bank owned life insurance	−19,000	0	0	−5	−10
Disposal of premise and equipment	40,000	0	—	—	—
Net cash used in investing activities	−164	−165	−164	−393	−141
Net increase in deposits	153	182	111	266	205
Increase (decrease) in short-term borrowings	8	−43	28	72	−21
Decrease in long-term debt	−15	−8	—	0	−166
Repayment of subordinated debt	−13,000	−215,000	−328,000	−279,000	−281,000
Dividends paid	−6	−6	−6	−11	−10
Stock based awards and exercises	885,000	499,000	309,000	754,000	1
Shares purchased for ESOP plan	−425,000	0	—	—	—
Proceeds from issuance of common stock	8	0	—	—	—
Net cash provided by financing activities	148	126	164	323	−38
Net change in cash and cash equivalents	8	−29	18	15	−13
Interest	79	88	60	16	10
Federal	10	3	—	—	—
State	989,000	583,000	—	—	—
Total Income taxes	11	3	3	5	14
Carrying value of residential portfolio loans sold	24	0	—	—	—
Net loans sold, not settled	2	10	0	—	—
Non-cash transfers from loans receivable to OREO	4	0	0	2	0
Non-cash transfers from loans receivable to repossessed assets	2	0	—	—	—

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