株探米国株
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Meridian 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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 March 31, 2026
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)
Pennsylvania 83-1561918
(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 class Trading Symbol Name of exchange on which registered
Common Stock, $1 par value MRBK The 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 May 7, 2026 there were 11,890,278 outstanding shares of the issuer’s common stock, par value $1.00 per share.

Table of Contents
TABLE OF CONTENTS
Consolidated Balance Sheets – March 31, 2026 and December 31, 2025
Consolidated Statements of Cash Flows – Three Months Ended March 31, 2026 and 2025


Table of Contents
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.
Acronym Description
ACBB Atlantic Central Bankers Bank
ACH Automated clearing house
ACL Allowance for credit losses
AFS Available-for-sale
AI Artificial intelligence
ALCO Asset/Liability Committee
ALM Asset / liability management
AOCI Accumulated other comprehensive income
ASC Accounting Standards Codification
ASU Accounting Standards Update
ATM
At the Market common stock offering
BHC Act Bank Holding Company Act of 1956
BOLI Bank owned life insurance
BSA-AML Bank Secrecy Act - Anti-Money Laundering
BTFP Federal Reserve Bank Term Funding Program
CBCA Change in Bank Control Act
CBLR Community Bank Leverage Ratio
CDARS Certificate of Deposit Account Registry Service
CECL Current expected credit losses
CET1 Common equity tier 1
CFPB Consumer Financial Protection Bureau
CMO Collateralized mortgage obligation
CODM Chief Operating Decision Maker
CRE Commercial real estate
DIF FDIC’s deposit insurance fund
ECOA Equal Credit Opportunity Act
ESOP Employee Stock Ownership Plan
FASB Financial Accounting Standards Board
FDIA Federal Deposit Insurance Act
FDIC Federal Deposit Insurance Corporation
FED Federal Reserve System
FFIEC Federal Financial Institutions Examination Council
FHA Federal Housing Authority
FHFA Federal Housing Finance Agency
FHLB Federal Home Loan Bank of Pittsburgh
FHLMC Federal Home Loan Mortgage Corporation or Freddie Mac
FICO Financing Corporation
FNMA Federal National Mortgage Association or Fannie Mae
FRB Federal Reserve Bank of Philadelphia
FTE Fully taxable equivalent
GAAP U.S. generally accepted accounting principles
GLB Act Gramm-Leach-Bliley Act
GNMA Government National Mortgage Association or Ginnie Mae
GSE Government-sponsored entities
HTM Held-to-maturity

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ICBA Independent Community Bankers of America
JOBS Act Jumpstart Our Business Startups Act of 2012
LBP Look-back period
LEP Loss emergence period
LIBOR London Inter-bank Offering Rate
LIHTC Low-income-housing tax credit
MBS Mortgage-backed securities
MSLP Main Street Lending Programs
MSR Mortgage servicing rights
NSFR Net stable funding ratio
OFAC Office of Foreign Assets Control
OREO Other real estate owned
PCAOB Public Company Accounting Oversight Board
PCD Purchased credit deteriorated
PD Probability of default
PDBS Pennsylvania Department of Banking and Securities
ROU Right-of-use
SBA Small Business Administration
SEC Securities and Exchange Commission
SERP Supplemental Executive Retirement Plan
SNC Shared national credit
SOFR Secure Overnight Financing Rate
TILA Truth in Lending Act
TDR Troubled debt restructuring
USDA U.S. Department of Agriculture
VA U.S. Department of Veteran’s Affairs

Table of Contents
MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(dollars in thousands, except share data) March 31,
2026		 December 31,
2025
Assets:
Cash and due from banks $ 12,458  $ 10,358 
Interest-bearing deposits at other banks 15,811  25,420 
Cash and cash equivalents 28,269  35,778 
Securities available-for-sale, at fair value (amortized cost of $202,419 and $199,127, respectively)
 196,012  193,457 
Securities held-to-maturity, at amortized cost (fair value of $29,914 and $30,152, respectively)
 32,494  32,544 
Equity investments 2,137  2,166 
Mortgage loans held for sale 38,960  33,762 
Loans and other finance receivables, net of fees and costs 2,181,575  2,170,600 
Allowance for credit losses (21,252) (21,573)
Loans and other finance receivables, net of the allowance for credit losses 2,160,323  2,149,027 
Restricted investment in bank stock 7,699  7,811 
Bank premises and equipment, net 12,298  12,402 
Bank owned life insurance 30,959  30,687 
Accrued interest receivable 11,015  10,724 
OREO and other repossessed assets 6,009  5,997 
Deferred income taxes 4,548  4,215 
Servicing assets 3,694  3,932 
Goodwill 899  899 
Intangible assets 2,512  2,563 
Other assets 38,753  36,031 
Total assets $ 2,576,581  $ 2,561,995 
Liabilities:
Deposits:
Non-interest bearing $ 243,458  $ 245,377 
Interest bearing 1,926,502  1,912,751 
Total deposits 2,169,960  2,158,128 
Borrowings 120,838  117,338 
Subordinated debentures 49,675  49,853 
Accrued interest payable 6,620  6,531 
Other liabilities 29,263  30,429 
Total liabilities 2,376,356  2,362,279 
Stockholders’ equity:
Common stock, $1 par value: 25,000,000 shares authorized; 13,882,361 and 13,829,645 shares issued, respectively, and 11,879,178 and 11,826,462 shares outstanding, respectively
 13,882  13,830 
Surplus 90,885  90,352 
Treasury stock, 2,003,183 shares, at cost
 (26,079) (26,079)
Unearned common stock held by ESOP (1,232) (1,232)
Retained earnings 128,472  128,124 
Accumulated other comprehensive loss (5,703) (5,279)
Total stockholders’ equity 200,225  199,716 
Total liabilities and stockholders’ equity $ 2,576,581  $ 2,561,995 
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
March 31,
(dollars in thousands, except per share data) 2026 2025
Interest income:
Loans and other finance receivables, including fees $ 38,144  $ 36,549 
Securities - taxable 1,847  1,693 
Securities - tax-exempt 323  313 
Cash and cash equivalents 398  613 
Total interest income 40,712  39,168 
Interest expense:
Deposits 15,223  16,868 
Borrowings and subordinated debentures 2,287  2,524 
       Total interest expense 17,510  19,392 
Net interest income 23,202  19,776 
Provision for credit losses 7,493  5,212 
Net interest income after provision for credit losses 15,709  14,564 
Non-interest income:
Mortgage banking income 4,528  3,393 
Wealth management income 1,729  1,535 
SBA loan income 150  748 
Earnings on investment in life insurance 272  222 
Net loss on sale of MSRs (159) (52)
Net change in the fair value of derivative instruments (51) 149 
Net change in the fair value of loans held-for-sale (380) 102 
Net change in the fair value of loans held-for-investment (39) 170 
Net gain on hedging activity 18  21 
Other 969  1,036 
Total non-interest income 7,037  7,324 
Non-interest expense:
Salaries and employee benefits 12,386  11,385 
Occupancy and equipment 1,183  1,338 
Professional fees 974  763 
Data processing and software
 1,973  1,479 
Advertising and promotion 692  779 
Pennsylvania bank shares tax 258  269 
Other 2,692  2,730 
Total non-interest expense 20,158  18,743 
        Income before income taxes 2,588  3,145 
Income tax expense 582  746 
        Net income $ 2,006  $ 2,399 
Basic earnings per common share
 $ 0.17  $ 0.21 
Diluted earnings per common share
 $ 0.17  $ 0.21 
Basic weighted average shares outstanding
 11,811  11,205 
Diluted weighted average shares outstanding
 12,153  11,446 
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
March 31,
(dollars in thousands) 2026 2025
Net income: $ 2,006  $ 2,399 
Net change in unrealized (losses) gains on investment securities available for sale:
Change in fair value of investment securities, net of tax of $(166) and $202, respectively
 (570) 699 
Reclassification adjustment for investment securities transferred to held-to-maturity, net of tax effect of $7 and $7, respectively
 24  22 
Unrealized investment (losses) gains, net of tax effect of $(159) and $210, respectively
 $ (546) $ 721 
Net change in unrealized gains (losses) on interest rate swaps used in cash flow hedges, net of tax effect of $(36) and $(192), respectively
 122  (192)
Total other comprehensive (loss) income $ (424) $ 529 
Total comprehensive income $ 1,582  $ 2,928 
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
 Surplus Treasury
Stock		 Unearned
ESOP		 Retained
Earnings		 AOCI Total
Three Months Ended March 31, 2026
Balance at January 1, 2026 $ 13,830  $ 90,352  $ (26,079) $ (1,232) $ 128,124  $ (5,279) $ 199,716 
Net income —  —  —  —  2,006  —  2,006 
Other comprehensive loss —  —  —  —  —  (424) (424)
Dividends declared ($0.140 per share)
 —  —  —  —  (1,658) —  (1,658)
Common stock issued through share-based awards and exercises 52  565  —  —  —  —  617 
Stock based compensation (benefit) —  (32) —  —  —  —  (32)
Balance at March 31, 2026 $ 13,882  $ 90,885  $ (26,079) $ (1,232) $ 128,472  $ (5,703) $ 200,225 
(dollars in thousands, except per share data)
Common
Stock
 Surplus Treasury
Stock		 Unearned
ESOP		 Retained
Earnings		 AOCI Total
Three Months Ended March 31, 2025
Balance at January 1, 2025 $ 13,243  $ 81,545  $ (26,079) $ (1,006) $ 111,961  $ (8,142) $ 171,522 
Net income —  —  —  —  2,399  —  2,399 
Other comprehensive income —  —  —  —  —  529  529 
Dividends declared ($0.125 per share)
 —  —  —  —  (1,408) —  (1,408)
Common stock issued through share-based awards and exercises 45  363  —  —  —  —  408 
Stock based compensation expense —  118  —  —  —  —  118 
Balance at March 31, 2025 $ 13,288  $ 82,026  $ (26,079) $ (1,006) $ 112,952  $ (7,613) $ 173,568 
See accompanying notes to the unaudited consolidated financial statements.
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MERIDIAN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
(dollars in thousands) 2026 2025
Net income $ 2,006  $ 2,399 
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of investment premiums and discounts and change in fair value of equity securities 91  1,069 
Depreciation and amortization (accretion), net 25  6 
Provision for credit losses 7,493  5,212 
Amortization of issuance costs on subordinated debt 32  31 
Stock based compensation (32) 118 
Net change in fair value of derivative instruments 51  (149)
Net change in fair value of loans held for sale 380  (102)
Net change in fair value of loans held for investment 39  (170)
Amortization and net impairment of servicing rights 79  274 
Net loss on sale of MSRs 159  52 
SBA loan income (150) (748)
Proceeds from sale of loans 167,141  148,087 
Loans originated for sale (168,191) (140,455)
Mortgage banking income (4,528) (3,393)
Increase in accrued interest receivable (291) (387)
Increase (decrease) in other assets (47) 4,317 
Earnings from investment in bank owned life insurance (272) (222)
Increase in deferred income tax
 (207) (646)
Increase in accrued interest payable 89  544 
(Decrease) increase in other liabilities (1,004) 2,280 
          Net cash provided by operating activities
 2,863  18,117 
Cash flows from investing activities:
Activity in available-for-sale securities:
Maturities, repayments and calls 5,153  3,198 
Purchases (8,270) (14,274)
Activity in held-to-maturity securities:
Maturities, repayments and calls —  999 
Proceeds from sale of loans held for investment 6,698  12,138 
Net redemptions (purchases) of restricted investments in bank stocks 112  (616)
Net increase in loans (27,919) (53,020)
Purchases of premises and equipment (227) (259)
          Net cash used in investing activities (24,453) (51,834)
Cash flows from financing activities:
Net increase in deposits 11,832  123,374 
Increase in short-term borrowings 3,500  6,184 
Increase in long-term debt —  8,935 
Repayment of subordinated debt (210) (13)
Dividends paid (1,658) (1,408)
Stock based awards and exercises
 617  408 
          Net cash provided by financing activities 14,081  137,480 
Net change in cash and cash equivalents (7,509) 103,763 
Cash and cash equivalents at beginning of period 35,778  27,462 
Cash and cash equivalents at end of period $ 28,269  $ 131,225 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 17,421  $ 18,848 
Income taxes:
    State
 299  — 
Total Income taxes
 299  — 
Net loans sold, not settled 2,955  (1,834)
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, 2025), 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 months ended March 31, 2026 are not necessarily indicative of the results for the year ending December 31, 2026 or for any other period.

Recent Accounting Pronouncements
Pronouncements Adopted as of March 31, 2026:

The following pronouncements were adopted in 2026, but did not have a material impact on our consolidated financial statements.

FASB ASU 2024-04, "Debt with Conversion and Other Options (Subtopic 470-20)"
The amendments in the ASU clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in the ASU are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The adoption of this guidance did not have a material impact on the Corporation's consolidated financial statements.

Pronouncements Not Yet Effective as of March 31, 2026:

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 ASC. The amendments 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 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 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)"
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 of such amendments to the consolidated financial statements and related 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. The Corporation is currently evaluating the impact of such amendments to the consolidated financial statements and related disclosures.
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FASB ASU 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40).”
This update modernizes internal-use software guidance to apply regardless of the method used to develop software. The amendment will be effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Corporation is currently evaluating the impact of such amendments to the consolidated financial statements and related disclosures.
FASB ASU 2025-07, “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) – Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract”
This update refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting and clarifies guidance under Topic 606 for share-based noncash consideration from a customer in revenue contracts. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026. The Corporation is currently evaluating the impact of such amendments to the consolidated financial statements and related disclosures.
FASB ASU 2025-08, “Financial Instruments - Credit Losses (Topic 326): Purchased Loans”.
This ASU changes the accounting for certain acquired loans by requiring entities to apply a “gross-up” approach at acquisition for purchased seasoned loans, recognizing an allowance for credit losses as part of the acquisition accounting rather than through a post-acquisition provision. The amendments are to be applied prospectively to loans acquired on or after the initial application date. The ASU will be effective for the annual reporting period beginning after December 15, 2026. Early adoption is permitted. The Corporation is currently evaluating the impact of such amendments to the consolidated financial statements and related disclosures.
FASB ASU 2025-11, “Interim Reporting (Topic 270) Narrow-Scope Improvements.”
This ASU clarifies when Topic 270 applies and enhances usability by (among other changes) specifying the form/content of interim financial statements, providing a comprehensive list of required interim disclosures, and introducing a disclosure principle for material events since the last annual period-without intending to significantly expand or reduce interim disclosure requirements. The amendments in this update are effective for the annual reporting period beginning after December 15, 2027. The Corporation is currently evaluating the impact of such amendments to the consolidated financial statements and related disclosures.
FASB ASU 2025-12, “Codification Improvements.”
This ASU is part of the FASB's standing "evergreen" project and makes a broad set of technical corrections, clarifications, and other minor improvements across many Topics to make the Codification easier to understand and apply. The amendments in this update are effective for the annual reporting period beginning after December 15, 2026, and interim periods within that fiscal year. The Corporation is currently evaluating the impact of such amendments to the consolidated financial statements and related disclosures.

(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
March 31,
(dollars in thousands, except per share data) 2026 2025
Numerator for earnings per share:
Net income available to common stockholders $ 2,006  $ 2,399 
Denominators for earnings per share:
Weighted average shares outstanding 11,915  11,336 
Average unearned ESOP shares (104) (131)
Basic weighted averages shares outstanding 11,811  11,205 
Dilutive effects of assumed exercises of stock options 342  241 
Diluted weighted averages shares outstanding 12,153  11,446 
Basic earnings per share $ 0.17  $ 0.21 
Diluted earnings per share $ 0.17  $ 0.21 
Antidilutive shares excluded from computation of average dilutive earnings per share 78  364 

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(3)    Securities
The following tables present the amortized cost, allowance for credit losses, and fair value of securities at the dates indicated:
March 31, 2026
(dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Allowance for credit losses Fair value # of Securities in unrealized loss position
Securities available-for-sale:
U.S. asset backed securities $ 25,486  $ 34  $ (159) $ —  $ 25,361  14 
U.S. government agency MBS 22,045  100  (329) —  21,816  9 
U.S. government agency CMO 70,862  232  (1,852) —  69,242  46 
State and municipal securities 43,092  98  (3,554) —  39,636  32 
U.S. Treasuries 17,039  —  (846) —  16,193  16 
Non-U.S. government agency CMO 7,894  18  (225) —  7,687  8 
Corporate bonds 16,001  325  (249) —  16,077  10 
Total securities available-for-sale $ 202,419  $ 807  $ (7,214) $ —  $ 196,012  135 
Amortized cost Gross unrecognized gains Gross unrecognized losses Allowance for credit losses Fair value # of Securities in unrecognized loss position
Securities held to maturity:
State and municipal securities $ 32,494  $ 6  $ (2,586) $ —  $ 29,914  19 
Total securities held-to-maturity $ 32,494  $ 6  $ (2,586) $ —  $ 29,914  19 


December 31, 2025
(dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Allowance for credit losses Fair value # of Securities in unrealized loss position
Securities available-for-sale:
U.S. asset backed securities $ 26,385  $ 51  $ (219) $ —  $ 26,217  13 
U.S. government agency MBS 22,396  223  (268) —  22,351  6 
U.S. government agency CMO 67,216  441  (1,526) —  66,131  38 
State and municipal securities 43,282  151  (3,401) —  40,032  31 
U.S. Treasuries 17,039  —  (833) —  16,206  16 
Non-U.S. government agency CMO 8,786  27  (207) —  8,606  9 
Corporate bonds 14,023  266  (375) —  13,914  11 
Total securities available-for-sale $ 199,127  $ 1,159  $ (6,829) $ —  $ 193,457  124 
(dollars in thousands) Amortized cost Gross unrecognized gains Gross unrecognized losses Allowance for credit losses Fair value # of Securities in unrecognized loss position
Securities held to maturity:
State and municipal securities $ 32,544  $ 22  $ (2,414) $ —  $ 30,152  19 
Total securities held-to-maturity $ 32,544  $ 22  $ (2,414) $ —  $ 30,152  19 
Although the Corporation’s investment portfolio overall is in a net unrealized loss position at March 31, 2026, 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.
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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:
March 31, 2026
Less than 12 Months 12 Months or more Total
(dollars in thousands) Fair
value		 Unrealized losses Fair
value		 Unrealized losses Fair
value		 Unrealized losses
Securities available-for-sale:
U.S. asset backed securities $ 8,816  $ (36) $ 9,496  $ (123) $ 18,312  $ (159)
U.S. government agency MBS 9,739  (111) 2,518  (218) 12,257  (329)
U.S. government agency CMO 34,459  (501) 15,914  (1,351) 50,373  (1,852)
State and municipal securities 1,193  (3) 34,874  (3,551) 36,067  (3,554)
U.S. Treasuries —  —  16,193  (846) 16,193  (846)
Non-U.S. government agency CMO 589  (3) 4,411  (222) 5,000  (225)
Corporate bonds 2,989  (11) 3,962  (238) 6,951  (249)
Total securities available-for-sale $ 57,785  $ (665) $ 87,368  $ (6,549) $ 145,153  $ (7,214)
Less than 12 Months 12 Months or more Total
(dollars in thousands) Fair
value		 Unrecognized
losses		 Fair
value		 Unrecognized
losses		 Fair
value		 Unrecognized
losses
Securities held-to-maturity:
State and municipal securities $ 2,084  $ (42) $ 25,607  $ (2,544) $ 27,691  $ (2,586)
Total securities held-to-maturity $ 2,084  $ (42) $ 25,607  $ (2,544) $ 27,691  $ (2,586)
December 31, 2025
Less than 12 Months 12 Months or more Total
(dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses
Securities available-for-sale:
U.S. asset backed securities $ 6,504  $ (39) $ 11,285  $ (180) $ 17,789  $ (219)
U.S. government agency MBS 3,881  (38) 3,945  (230) 7,826  (268)
U.S. government agency CMO 20,511  (178) 17,074  (1,348) 37,585  (1,526)
State and municipal securities —  —  35,212  (3,401) 35,212  (3,401)
U.S. Treasuries —  —  16,206  (833) 16,206  (833)
Non-U.S. government agency CMO 456  —  5,235  (207) 5,691  (207)
Corporate bonds 1,476  (26) 4,879  (349) 6,355  (375)
Total securities available-for-sale $ 32,828  $ (281) $ 93,836  $ (6,548) $ 126,664  $ (6,829)
Less than 12 Months 12 Months or more Total
(dollars in thousands) Fair
value		 Unrecognized
losses		 Fair
value		 Unrecognized
losses		 Fair
value		 Unrecognized
losses
Securities held-to-maturity:
State and municipal securities $ 2,087  $ (69) $ 25,842  $ (2,345) $ 27,929  $ (2,414)
Total securities held-to-maturity $ 2,087  $ (69) $ 25,842  $ (2,345) $ 27,929  $ (2,414)
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As of March 31, 2026, 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 March 31, 2026 and December 31, 2025, 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.
March 31, 2026
Available-for-sale Held-to-maturity
(dollars in thousands) Amortized cost Fair value Amortized cost Fair value
Due in one year or less $ —  $ —  $ —  $ — 
Due after one year through five years 101,618  97,267  32,305  29,725 
Due after five years through ten years —  —  —  — 
Due after ten years —  —  189  189 
Subtotal 101,618  97,267  32,494  29,914 
Mortgage-related securities 100,801  98,745  —  — 
Total $ 202,419  $ 196,012  $ 32,494  $ 29,914 
There were no sales of investment securities available for sale for the three months ended March 31, 2026, or March 31, 2025.
​
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 months ended March 31, 2026 and 2025, we had no significant ACL or provision expense and no charge-offs or recoveries on AFS or HTM securities.
Pledged Securities
As of March 31, 2026 and December 31, 2025, securities having a carrying value of $72.9 million and $69.5 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
.
(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) March 31,
2026		 December 31,
2025
Real estate loans:
Commercial mortgage $ 870,544  $ 879,440 
Home equity lines and loans 109,795  107,002 
Residential mortgage 235,067  236,135 
Construction 343,376  330,543 
Total real estate loans 1,558,782  1,553,120 
Commercial, industrial & other finance receivables 444,395  428,981 
Small business loans 134,468  139,765 
Consumer 303  329 
Leases, net 40,837  45,489 
Loans and other finance receivables $ 2,178,785  $ 2,167,684 
Balances included in loans and other finance receivables
Residential mortgage real estate loans accounted under fair value option, at fair value $ 14,090  $ 14,396 
Residential mortgage real estate loans accounted under fair value option, at amortized cost 15,925  16,169 
Unearned lease income included in leases, net (4,702) (4,980)
Unamortized net deferred loan origination costs, not included in loans above 2,790  2,916 
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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.
Past Due and Nonaccrual Loans
The following tables present an aging of the Corporation’s loans at the dates indicated:
March 31, 2026
(dollars in thousands) 30-59 days past due 60-89 days past due Total past due Current Total accruing Nonaccrual Total loans and other finance receivables % Delinquent
Commercial mortgage $ 7,270  $ 13  $ 7,283  $ 856,513  $ 863,796  $ 6,748  $ 870,544  1.61  %
Home equity lines and loans 332  —  332  107,240  107,572  2,223  109,795  2.33 
Residential mortgage (1)
 1,890  189  2,079  223,638  225,717  9,350  235,067  4.86 
Construction —  —  —  335,688  335,688  7,688  343,376  2.24 
Commercial, industrial & other finance receivables 1,100  —  1,100  436,116  437,216  7,179  444,395  1.86 
Small business loans (2)
 2,269  —  2,269  108,288  110,557  23,911  134,468  19.47 
Consumer —  —  —  303  303  —  303  — 
Leases, net 409  353  762  38,515  39,277  1,560  40,837  5.69  %
Total $ 13,270  $ 555  $ 13,825  $ 2,106,301  $ 2,120,126  $ 58,659  $ 2,178,785  3.33  %
(1) Includes $14.1 million of loans at fair value of which $13.2 million are current, $352 thousand are 30-89 days past due and $497 thousand are nonaccrual.
(2) Includes $12.9 million of loans within nonaccrual category that are guaranteed by the SBA.

December 31, 2025
(dollars in thousands) 30-59 days past due 60-89 days past due Total past due Current Total accruing Nonaccrual Total loans and other finance receivables % Delinquent
Commercial mortgage $ 1,059  $ 328  $ 1,387  $ 875,581  $ 876,968  $ 2,472  $ 879,440  0.44  %
Home equity lines and loans 513  —  513  104,466  104,979  2,023  107,002  2.37 
Residential mortgage (1)
 1,843  621  2,464  223,286  225,750  10,385  236,135  5.44 
Construction —  —  —  323,893  323,893  6,650  330,543  2.01 
Commercial, industrial & other finance receivables 1,099  —  1,099  421,112  422,211  6,770  428,981  1.83 
Small business loans (2)
 739  —  739  114,245  114,984  24,781  139,765  18.26 
Consumer —  —  —  329  329  —  329  — 
Leases, net 699  249  948  42,562  43,510  1,979  45,489  6.43 
Total $ 5,952  $ 1,198  $ 7,150  $ 2,105,474  $ 2,112,624  $ 55,060  $ 2,167,684  2.87  %
(1) Includes $14.4 million of loans at fair value of which $13.3 million are current, $604 thousand are 30-89 days past due and $510 thousand are nonaccrual.
(2) Includes $13.2 million of loans within nonaccrual category that are guaranteed by the SBA.

There were no loans or other finance receivables in the tables above as of March 31, 2026 or December 31, 2025, that were 90+days past due and still accruing interest.





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Foreclosed and Repossessed Assets
At March 31, 2026 and December 31, 2025, there were six and 11 consumer mortgage loans, respectively, secured by residential real estate properties (included in loans, net of fees and costs on the Consolidated Balance Sheets) totaling $1.6 million and $3.1 million, respectively, for which formal foreclosure proceedings were in process.
Risks and Uncertainties
We have no particular credit concentration. 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. Additionally, our loan portfolio is concentrated in commercial loans. 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.

Past Due and Nonaccrual Status
The following table presents the amortized costs basis of loans on nonaccrual status, net of fees and costs as of March 31, 2026 and December 31, 2025. As of these dates there were no loans 90 days or more past due and still accruing.
March 31, 2026
 December 31, 2025
(dollars in thousands) Nonaccrual without ACL Nonaccrual with ACL Total nonaccrual Nonaccrual without ACL Nonaccrual with ACL Total nonaccrual
Commercial mortgage $ 6,748  $ —  $ 6,748  $ 2,472  $ —  $ 2,472 
Home equity lines and loans 2,025  198  2,223  2,023  —  2,023 
Residential mortgage 7,490  1,860  9,350  9,020  1,365  10,385 
Construction 3,669  4,019  7,688  1,889  4,761  6,650 
Commercial, industrial & other finance receivables 6,080  1,099  7,179  6,770  —  6,770 
Small business loans (1)
 19,678  4,233  23,911  18,050  6,731  24,781 
Leases, net —  1,560  1,560  —  1,979  1,979 
Total $ 45,690  $ 12,969  $ 58,659  $ 40,224  $ 14,836  $ 55,060 
(1) Included in non-performing small business loans as of March 31, 2026 and December 31, 2025, are $12.9 million and $13.2 million in SBA guarantees.

Collateral-dependent Loans
The following table presents the amortized cost basis of non-accruing collateral-dependent loans and other finance receivables by class as of March 31, 2026 and December 31, 2025 under the current expected credit loss model:
March 31, 2026 December 31, 2025
(dollars in thousands) Real estate Equipment and other Total Real estate Equipment and other Total
Commercial mortgage $ 6,748  $ —  $ 6,748  $ 2,472  $ —  $ 2,472 
Home equity lines and loans 2,223  —  2,223  2,023  —  2,023 
Residential mortgage 9,350  —  9,350  10,385  —  10,385 
Construction 7,688  —  7,688  6,650  —  6,650 
Commercial, industrial & other finance receivables 849  6,330  7,179  1,372  5,398  6,770 
Small business loans 19,874  4,037  23,911  19,287  5,494  24,781 
Total $ 46,732  $ 10,367  $ 57,099  $ 42,189  $ 10,892  $ 53,081 



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(5)    Allowance for Credit Losses
The ACL is maintained at a level considered adequate to provide for estimated expected credit losses within the loan 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 borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan 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.

Roll-Forward of ACL by Portfolio Segment
The following tables provide the activity of our allowance for credit losses for the three months ended March 31, 2026 and March 31, 2025 under the CECL model in accordance with ASC 326:
Three Months Ended March 31, 2026
(dollars in thousands) Beginning Balance Charge-offs Recoveries Provision (recovery of provision) for credit losses Ending balance
Commercial mortgage $ 3,676  $ (3,867) $ —  $ 3,740  $ 3,549 
Home equity lines and loans 1,162  —  1  109  1,272 
Residential mortgage 926  —  —  137  1,063 
Construction 2,067  —  —  163  2,230 
Commercial, industrial & other finance receivables 2,982  (1,005) 60  2,032  4,069 
Small business loans 9,321  (2,549) 62  894  7,728 
Consumer —  —  1  (1) — 
Leases 1,439  (745) 283  364  1,341 
Total $ 21,573  $ (8,166) $ 407  $ 7,438  $ 21,252 
​
Three Months Ended March 31, 2025
(dollars in thousands) Beginning Balance Charge-offs Recoveries Provision (recovery of provision) for credit losses Ending balance
Commercial mortgage $ 3,469  $ —  $ —  $ (87) $ 3,382 
Home equity lines and loans 1,147  —  2  16  1,165 
Residential mortgage 1,021  —  —  6  1,027 
Construction 923  (738) —  1,456  1,641 
Commercial, industrial & other finance receivables 3,098  (1,430) 17  1,080  2,765 
Small business loans 6,304  (277) 29  2,555  8,611 
Consumer —  —  1  (1) — 
Leases 2,476  (553) 126  187  2,236 
Total $ 18,438  $ (2,998) $ 175  $ 5,212  $ 20,827 
​
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
March 31,
(dollars in thousands) 2026 2025
Provision for credit losses - funded loans $ 7,438  $ 5,212 
Provision for credit losses - unfunded loans 55  — 
Total provision for credit losses $ 7,493  $ 5,212 


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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:
March 31, 2026
Allowance for credit losses Carrying value of loans and leases
(dollars in thousands) Individually evaluated Collectively evaluated Total Individually evaluated Collectively evaluated Total
Commercial mortgage $ —  $ 3,549  $ 3,549  $ 6,748  $ 863,796  $ 870,544 
Home equity lines and loans 57  1,215  1,272  2,223  107,572  109,795 
Residential mortgage (1)
 177  886  1,063  8,853  212,124  220,977 
Construction 307  1,923  2,230  7,688  335,688  343,376 
Commercial, industrial & other finance receivables 977  3,092  4,069  7,179  437,216  444,395 
Small business loans 1,308  6,420  7,728  23,911  110,557  134,468 
Consumer —  —  —  —  303  303 
Leases, net —  1,341  1,341  —  40,837  40,837 
Total (2)
 $ 2,826  $ 18,426  $ 21,252  $ 56,602  $ 2,108,093  $ 2,164,695 
(1) Excludes $14.1 million of loans at fair value.
(2) Excludes deferred fees.


December 31, 2025
Allowance for credit losses Carrying value of loans and leases
(dollars in thousands) Individually evaluated Collectively evaluated Total Individually evaluated Collectively evaluated Total
Commercial mortgage $ —  $ 3,676  $ 3,676  $ 2,472  $ 876,968  $ 879,440 
Home equity lines and loans —  1,162  1,162  2,023  104,979  107,002 
Residential mortgage (1)
 122  804  926  9,875  211,864  221,739 
Construction 331  1,736  2,067  6,650  323,893  330,543 
Commercial, industrial & other finance receivables —  2,982  2,982  6,770  422,211  428,981 
Small business loans 2,986  6,335  9,321  24,781  114,984  139,765 
Consumer —  —  —  —  329  329 
Leases, net —  1,439  1,439  —  45,489  45,489 
Total (2)
 $ 3,439  $ 18,134  $ 21,573  $ 52,571  $ 2,100,717  $ 2,153,288 
(1) Excludes $14.4 million of loans at fair value.
(2) Excludes deferred fees.

Credit Quality Indicators
As part of the process of determining the ACL to the different segments of the loan and lease 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 to each loan. These internally assigned grades are as follows:

•Pass – Considered to be satisfactory with no indications of deterioration.
•Special mention – Loans 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 for the loan or of the institution’s credit position at some future date.
•Substandard – Loans 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.
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•Doubtful – Loans 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.

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:

March 31, 2026 Revolving Loans Converted to Term Loans Revolving Loans Total
Term Loans and Other Finance Receivables
(dollars in thousands) 2026 2025 2024 2023 2022 Prior
Commercial mortgage
Pass/Watch $ 15,213  $ 110,152  $ 127,157  $ 99,056  $ 160,664  $ 324,893  $ —  $ —  $ 837,135 
Special Mention —  —  —  10,782  1,458  2,990  —  —  15,230 
Substandard —  5,022  1,339  1,008  4,163  6,647  —  —  18,179 
Total $ 15,213  $ 115,174  $ 128,496  $ 110,846  $ 166,285  $ 334,530  $ —  $ —  $ 870,544 
Year-to-date gross charge-offs $ —  $ —  $ —  $ —  $ (3,867) $ —  $ —  $ —  $ (3,867)
Construction
Pass/Watch $ 17,502  $ 135,491  $ 104,605  $ 19,908  $ 3,246  $ 11,538  $ —  $ 32,634  $ 324,924 
Special Mention —  —  —  —  —  —  —  —  — 
Substandard 239  1,430  211  1,185  10,887  1,864  —  2,636  18,452 
Total $ 17,741  $ 136,921  $ 104,816  $ 21,093  $ 14,133  $ 13,402  $ —  $ 35,270  $ 343,376 
Year-to-date gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Commercial, industrial & other finance receivables
Pass/Watch $ 34,672  $ 68,269  $ 62,471  $ 13,928  $ 16,796  $ 30,030  $ —  $ 189,752  $ 415,918 
Special Mention —  —  —  —  128  3,775  —  8,444  12,347 
Substandard —  350  —  850  —  6,286  —  8,644  16,130 
Total $ 34,672  $ 68,619  $ 62,471  $ 14,778  $ 16,924  $ 40,091  $ —  $ 206,840  $ 444,395 
Year-to-date gross charge-offs $ —  $ (766) $ (90) $ —  $ —  $ (125) $ —  $ (24) $ (1,005)
Small business loans
Pass/Watch $ 10,286  $ 22,537  $ 15,396  $ 13,879  $ 15,730  $ 17,698  $ —  $ 8,840  $ 104,366 
Special Mention —  513  109  1,861  —  170  —  449  3,102 
Substandard —  3,238  1,537  4,814  1,015  12,974  —  3,422  27,000 
Total $ 10,286  $ 26,288  $ 17,042  $ 20,554  $ 16,745  $ 30,842  $ —  $ 12,711  $ 134,468 
Year-to-date gross charge-offs $ —  $ (605) $ (994) $ (168) $ (171) $ (181) $ —  $ (430) $ (2,549)
Total by risk rating
Pass/Watch $ 77,673  $ 336,449  $ 309,629  $ 146,771  $ 196,436  $ 384,159  $ —  $ 231,226  $ 1,682,343 
Special Mention —  513  109  12,643  1,586  6,935  —  8,893  30,679 
Substandard 239  10,040  3,087  7,857  16,065  27,771  —  14,702  79,761 
Total $ 77,912  $ 347,002  $ 312,825  $ 167,271  $ 214,087  $ 418,865  $ —  $ 254,821  $ 1,792,783 
Total year-to-date gross charge-offs $ —  $ (1,371) $ (1,084) $ (168) $ (4,038) $ (306) $ —  $ (454) $ (7,421)



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December 31, 2025 Revolving Loans Converted to Term Loans Revolving Loans Total
Term Loans and Other Finance Receivables
(dollars in thousands) 2025 2024 2023 2022 2021 Prior
Commercial mortgage
Pass/Watch $ 116,630  $ 116,852  $ 102,516  $ 162,329  $ 127,627  $ 227,348  $ —  $ —  $ 853,302 
Special Mention —  —  4,487  1,474  —  4,159  —  —  10,120 
Substandard —  —  1,029  8,074  —  6,915  —  —  16,018 
Total $ 116,630  $ 116,852  $ 108,032  $ 171,877  $ 127,627  $ 238,422  $ —  $ —  $ 879,440 
Year-to-date gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Construction
Pass/Watch $ 117,778  $ 118,733  $ 19,858  $ 9,212  $ 3,373  $ 8,263  $ —  $ 29,906  $ 307,123 
Special Mention —  —  6,245  —  —  —  —  —  6,245 
Substandard 1,430  211  1,185  9,096  1,826  492  —  2,935  17,175 
Total $ 119,208  $ 118,944  $ 27,288  $ 18,308  $ 5,199  $ 8,755  $ —  $ 32,841  $ 330,543 
Year-to-date gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ (738) $ (738)
Commercial, industrial & other finance receivables
Pass/Watch $ 84,183  $ 62,904  $ 16,119  $ 17,270  $ 9,224  $ 21,836  $ —  $ 193,356  $ 404,892 
Special Mention —  —  —  145  3,857  —  —  4,608  8,610 
Substandard —  —  850  —  523  5,360  —  8,746  15,479 
Total $ 84,183  $ 62,904  $ 16,969  $ 17,415  $ 13,604  $ 27,196  $ —  $ 206,710  $ 428,981 
Year-to-date gross charge-offs $ (739) $ (1,487) $ (160) $ (23) $ (1,089) $ —  $ —  $ (1,290) $ (4,788)
Small business loans
Pass/Watch $ 29,760  $ 17,403  $ 17,955  $ 16,903  $ 9,448  $ 8,935  $ —  $ 10,713  $ 111,117 
Special Mention —  477  134  —  —  —  —  140  751 
Substandard 2,567  2,127  3,893  874  10,523  4,002  —  3,911  27,897 
Total $ 32,327  $ 20,007  $ 21,982  $ 17,777  $ 19,971  $ 12,937  $ —  $ 14,764  $ 139,765 
Year-to-date gross charge-offs $ (1,211) $ (433) $ (550) $ (233) $ (692) $ (1,057) $ —  $ (813) $ (4,989)
Total by risk rating
Pass/Watch $ 348,351  $ 315,892  $ 156,448  $ 205,714  $ 149,672  $ 266,382  $ —  $ 233,975  $ 1,676,434 
Special Mention —  477  10,866  1,619  3,857  4,159  —  4,748  25,726 
Substandard 3,997  2,338  6,957  18,044  12,872  16,769  —  15,592  76,569 
Total $ 352,348  $ 318,707  $ 174,271  $ 225,377  $ 166,401  $ 287,310  $ —  $ 254,315  $ 1,778,729 
Total year-to-date gross charge-offs $ (1,950) $ (1,920) $ (710) $ (256) $ (1,781) $ (1,057) $ —  $ (2,841) $ (10,515)

The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at March 31, 2026 and December 31, 2025.


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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:

March 31, 2026 Revolving Loans Total
Term Loans and Other Finance Receivables
(dollars in thousands) 2026 2025 2024 2023 2022 Prior
Home equity lines and loans
Performing $ —  $ 1,094  $ 654  $ 194  $ 473  $ 3,119  $ 102,038  $ 107,572 
Nonperforming —  —  —  —  —  433  1,790  2,223 
Total $ —  $ 1,094  $ 654  $ 194  $ 473  $ 3,552  $ 103,828  $ 109,795 
Year-to-date gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Residential mortgage (1)
Performing $ 3,725  $ 25,616  $ 7,663  $ 24,072  $ 122,514  $ 28,144  $ 390  $ 212,124 
Nonperforming —  —  722  669  2,272  5,190  —  8,853 
Total $ 3,725  $ 25,616  $ 8,385  $ 24,741  $ 124,786  $ 33,334  $ 390  $ 220,977 
Year-to-date gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Consumer
Performing $ —  $ —  $ —  $ 20  $ 9  $ 186  $ 88  $ 303 
Nonperforming —  —  —  —  —  —  —  — 
Total $ —  $ —  $ —  $ 20  $ 9  $ 186  $ 88  $ 303 
Year-to-date gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Leases, net
Performing $ 3,400  $ 5,792  $ 379  $ 8,595  $ 16,253  $ 4,910  $ —  $ 39,329 
Nonperforming —  —  —  561  819  128  —  1,508 
Total $ 3,400  $ 5,792  $ 379  $ 9,156  $ 17,072  $ 5,038  $ —  $ 40,837 
Year-to-date gross charge-offs $ —  $ (94) $ —  $ (154) $ (238) $ (259) $ —  $ (745)
Total by Payment Performance
Performing $ 7,125  $ 32,502  $ 8,696  $ 32,881  $ 139,249  $ 36,359  $ 102,516  $ 359,328 
Nonperforming —  —  722  1,230  3,091  5,751  1,790  12,584 
Total $ 7,125  $ 32,502  $ 9,418  $ 34,111  $ 142,340  $ 42,110  $ 104,306  $ 371,912 
Total year-to-date gross charge-offs $ —  $ (94) $ —  $ (154) $ (238) $ (259) $ —  $ (745)
(1) Excludes $14.1 million of loans at fair value.




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December 31, 2025 Revolving Loans Total
Term Loans and Other Finance Receivables
(dollars in thousands) 2025 2024 2023 2022 2021 Prior
Home equity lines and loans
Performing $ 1,103  $ 658  $ 196  $ 534  $ 207  $ 3,102  $ 99,179  $ 104,979 
Nonperforming —  —  —  —  91  342  1,590  2,023 
Total $ 1,103  $ 658  $ 196  $ 534  $ 298  $ 3,444  $ 100,769  $ 107,002 
Year-to-date gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Residential mortgage (1)
Performing $ 25,957  $ 8,080  $ 26,278  $ 122,566  $ 15,775  $ 13,208  $ —  $ 211,864 
Nonperforming —  437  672  3,398  737  4,631  —  9,875 
Total $ 25,957  $ 8,517  $ 26,950  $ 125,964  $ 16,512  $ 17,839  $ —  $ 221,739 
Year-to-date gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Consumer
Performing $ —  $ 5  $ 22  $ 12  $ —  $ 220  $ 70  $ 329 
Nonperforming —  —  —  —  —  —  —  — 
Total $ —  $ 5  $ 22  $ 12  $ —  $ 220  $ 70  $ 329 
Year-to-date gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ (11) $ (11)
Leases, net
Performing $ 6,232  $ 482  $ 10,149  $ 19,369  $ 6,561  $ 717  $ —  $ 43,510 
Nonperforming —  —  518  1,099  342  20  —  1,979 
Total $ 6,232  $ 482  $ 10,667  $ 20,468  $ 6,903  $ 737  $ —  $ 45,489 
Year-to-date gross charge-offs $ —  $ —  $ (90) $ (1,472) $ (756) $ (40) $ —  $ (2,358)
Total by Payment Performance
Performing $ 33,292  $ 9,225  $ 36,645  $ 142,481  $ 22,543  $ 17,247  $ 99,249  $ 360,682 
Nonperforming —  437  1,190  4,497  1,170  4,993  1,590  13,877 
Total $ 33,292  $ 9,662  $ 37,835  $ 146,978  $ 23,713  $ 22,240  $ 100,839  $ 374,559 
Total year-to-date gross charge-offs $ —  $ —  $ (90) $ (1,472) $ (756) $ (40) $ (11) $ (2,369)
(1) Excludes $14.4 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 leases, 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 on loans and leases. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.
The following presents, by class, information regarding accruing and nonaccrual modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025.
Three Months Ended March 31, 2026 Three Months Ended March 31, 2025
(dollars in thousands) Number Amortized Cost Basis % of Total Class of Financing Receivable Related Reserve Number Amortized Cost Basis % of Total Class of Financing Receivable Related Reserve
Accruing Modifications to Borrowers Experiencing Financial Difficulty:
Commercial mortgage 3 $ 4,245  0.5  % $ —  1 $ 959  0.1  % $ — 
Construction 4 14,265  4.2  % 83  3 2,869  1.0  % — 
Commercial, industrial & other finance receivables — —  —  % —  1 1,095  0.3  % — 
Small business loans 2 1,094  0.8  % 234  3 1,948  1.2  % — 
    Total 9 $ 19,604  $ 317  8 $ 6,871  $ — 
Nonaccrual Modifications to Borrowers Experiencing Financial Difficulty:
Commercial mortgage 1 $ 2,943  0.3  % $ —  — $ —  —  % $ — 
Residential mortgage 1 225  0.1  % —  — —  —  % — 
Construction 1 1,383  0.4  % 115  1 2,907  1.0  % — 
Small business loans — —  —  % —  1 565  0.4  % 434 
Leases
 9 242  0.6  % 6  — —  —  % — 
    Total 12 $ 4,793  $ 121  2 $ 3,472  $ 434 
​


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The following presents, by class, information regarding accruing and nonaccrual modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025.
Three Months Ended
March 31, 2026		 Three Months Ended
March 31, 2025
Number Financial Effect Number Financial Effect
Accruing Modifications to Borrowers Experiencing Financial Difficulty:
Commercial mortgage 3 Extend maturity date 1 Extend maturity/payment
Construction 4 Extend maturity date 3 Extend maturity date
Commercial, industrial & other finance receivables — 1 Extend maturity date
Small business loans 2 Extend maturity date 3 Extend maturity date
    Total 9 8
Nonaccrual Modifications to Borrowers Experiencing Financial Difficulty:
Commercial mortgage 1 Interest only payments —
Residential mortgage 1 Extend maturity date —
Construction 1 Extend maturity date 1 Extend maturity date
Small business loans — 1 Extend maturity date
Leases 9 Extend maturity date —
    Total 12 2
There were 21 and 10 modifications granted to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and March 31, 2025, respectively. There were no loans that had payment defaults during the three months ended March 31, 2026, and 2025, respectively. There were $634 thousand in commitments to lend additional funds to the borrowers experiencing financial difficulty that had modifications during the three months ended March 31, 2026 and $882 thousand in commitments to lend additional funds to such borrowers during the three months ended March 31, 2025.

The increase period over period in assistance provided to borrowers experiencing financial difficulty was seen in leases, construction and commercial mortgage loans. The primary factor for the financial difficulty generally comes from higher interest rates or higher rates for longer periods.

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 March 31, 2026 and 2025.

March 31, 2026
Current 30-59 days past due 60-89 days past due 90+ days past due and still accruing Nonaccrual loans and leases Total
(dollars in thousands)
Commercial mortgage $ 4,245  $ —  $ —  $ —  $ 4,330  $ 8,574 
Residential mortgage 529  —  —  —  597  1,126 
Construction 14,265  —  —  —  1,383  15,648 
Small business loans 1,402  —  —  —  3,601  5,003 
Leases —  —  —  —  242  242 
    Total $ 20,441  $ —  $ —  $ —  $ 11,003  $ 31,444 

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March 31, 2025
Current 30-59 days past due 60-89 days past due 90+ days past due and still accruing Nonaccrual loans and leases Total
(dollars in thousands)
Commercial mortgage $ 1,388  $ —  $ 959  $ —  $ —  $ 2,347 
Residential mortgage —  —  —  —  545  545 
Construction 2,869  —  —  —  4,763  7,632 
Commercial, industrial & other finance receivables 1,897  —  —  —  2,772  4,669 
Small business loans 2,505  —  —  —  2,328  4,833 
    Total $ 8,659  $ —  $ 959  $ —  $ 10,408  $ 20,026 


(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 four 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 March 31, 2026 and December 31, 2025, respectively. The Corporation also has a facility with the Federal Reserve Bank discount window of $4.3 million. This facility is fully secured by investment securities and pledged loans. There were no borrowings under this at March 31, 2026 and December 31, 2025. The Corporation has a revolving line of credit with ACBB of $5 million that is used to fund operating activities of the Corporation and had an outstanding balance of $0 at March 31, 2026.

The following table presents short-term borrowings at the dates indicated:
(dollars in thousands) Maturity
date		 Interest
rate		 March 31,
2026		 December 31,
2025
FHLB Open Repo Plus Weekly 6/15/2026 3.97% $ 94,999  $ 89,999 
FHLB Mid-term Repo Fixed 7/14/2026 4.57% 15,245  15,245 
ACBB Holding Company Revolving LOC 7/24/2026 7.00% —  1,500 
Total Short-Term Borrowings $ 110,244  $ 106,744 

The following table presents long-term borrowings at the dates indicated:
(dollars in thousands) Maturity
date		 Interest
rate		 March 31,
2026		 December 31,
2025
FHLB Mid-term Repo Fixed 5/20/2027 4.70% $ 10,594  $ 10,594 
Total Long-Term Borrowings $ 10,594  $ 10,594 

The FHLB has also issued $170.1 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 2026.
The Corporation has a maximum borrowing capacity with the FHLB of $732.0 million as of March 31, 2026 and $751.5 million as of December 31, 2025. 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.
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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 $10.2 million and $10.3 million of residential mortgage loans as of March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026, the Corporation recognized servicing fee income of $2 thousand compared to $48 thousand during the three months ended March 31, 2025.
Changes in the MSR balance are summarized as follows:
Three months ended
March 31,
(dollars in thousands) 2026 2025
Balance at beginning of the period $ 86  $ 1,124 
Servicing rights capitalized 3  — 
Amortization of servicing rights (5) (45)
Balance at end of the period $ 84  $ 1,079 

The decrease in MSR balance in the table above from March 31, 2025 to March 31, 2026 was the result of the Corporation's sale of residential mortgage loan servicing rights during the second quarter of 2025. 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 March 31, 2026, the key assumptions used to determine the fair value of the Corporation’s MSRs included a lifetime constant prepayment rate equal to 8.53% and a discount rate equal to 9.50%. At December 31, 2025, the key assumptions used to determine the fair value of the Corporation’s MSRs included a lifetime constant prepayment rate equal to 9.60% and a discount rate equal to 9.50%. As interest rates increased and the number of mortgage refinancings have declined, model inputs have been adjusted to align the MSRs fair value with market conditions.
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) March 31,
2026		 December 31,
2025
Fair value of residential mortgage servicing rights $ 119  $ 114 
Weighted average life (months) 46 43
Prepayment speed 8.53  % 9.60  %
Impact on fair value:
10% adverse change $ (5) $ (5)
20% adverse change (10) (10)
Discount rate 9.50  % 9.50  %
Impact on fair value:
10% adverse change $ (5) $ (4)
20% adverse change (9) (9)
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.
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The Corporation serviced $296.0 million and $305.3 million of SBA loans, as of March 31, 2026 and December 31, 2025, respectively.
Changes in the SBA loan servicing asset balance are summarized as follows:
Three months ended
March 31,
(dollars in thousands) 2026 2025
Balance at beginning of the period $ 3,846  $ 3,258 
Servicing rights capitalized 126  228 
Amortization of servicing rights (346) (310)
Change in valuation allowance (16) 29 
Balance at end of the period $ 3,610  $ 3,205 
Activity in the valuation allowance for SBA loan servicing assets was as follows:
Three months ended
March 31,
(dollars in thousands) 2026 2025
Valuation allowance, beginning of period $ (39) $ (74)
Impairment (15) — 
Recovery —  29 
Valuation allowance, end of period $ (54) $ (45)
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 March 31, 2026, 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 17.78% and a discount rate equal to 12.00%. At December 31, 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 17.10% and a discount rate equal to 12.91%.
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) March 31,
2026		 December 31,
2025
Fair value of SBA loan servicing rights $ 4,398  $ 4,522 
Weighted average life (years) 3.3 3.3
Prepayment speed 17.78  % 17.10  %
Impact on fair value:
10% adverse change $ (206) $ (207)
20% adverse change (394) (397)
Discount rate 12.00  % 12.91  %
Impact on fair value:
10% adverse change $ (97) $ (101)
20% adverse change (190) (197)
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.


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(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.
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. The fair value of certain other securities available-for-sale (carried at fair value) are based on quoted prices obtained from dealers or brokers in active over-the-counter markets (Level 1).
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:
March 31, 2026
(dollars in thousands) Total Level 1 Level 2 Level 3
Assets
Securities available for sale:
U.S. asset backed securities $ 25,361  $ —  $ 25,361  $ — 
U.S. government agency MBS 21,816  —  21,816  — 
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March 31, 2026
(dollars in thousands) Total Level 1 Level 2 Level 3
U.S. government agency CMO 69,242  —  69,242  — 
State and municipal securities 39,636  —  39,636  — 
U.S. Treasuries 16,193  16,193  —  — 
Non-U.S. government agency CMO 7,687  —  7,687 
Corporate bonds 16,077  —  16,077  — 
Equity investments 2,137  —  2,137  — 
Mortgage loans held for sale 38,960  —  38,960  — 
Mortgage loans held for investment 14,090  —  14,090  — 
Interest rate lock commitments 355  —  —  355 
Forward commitments 130  —  130  — 
Customer derivatives - interest rate swaps 1,728  —  1,728  — 
Fair Value Hedge 13  —  13  — 
Total $ 253,425  $ 16,193  $ 236,877  $ 355 
Liabilities
Interest rate lock commitments $ 169  $ —  $ —  $ 169 
Forward commitments 13  —  13  — 
Customer derivatives - interest rate swaps 1,745  —  1,745  — 
Customer derivatives - Risk Participation Agreements 22  —  22  — 
Interest rate swaps 123  —  123  — 
Total $ 2,072  $ —  $ 1,903  $ 169 

December 31, 2025
(dollars in thousands) Total Level 1 Level 2 Level 3
Assets
Securities available for sale:
U.S. asset backed securities $ 26,217  $ —  $ 26,217  $ — 
U.S. government agency MBS 22,351  —  22,351  — 
U.S. government agency CMO 66,131  —  66,131  — 
State and municipal securities 40,032  —  40,032  — 
U.S. Treasuries 16,206  16,206  —  — 
Non-U.S. government agency CMO 8,606  —  8,606  — 
Corporate bonds 13,914  —  13,914  — 
Equity investments 2,166  —  2,166  — 
Mortgage loans held for sale 33,762  —  33,762  — 
Mortgage loans held for investment 14,396  —  14,396  — 
Interest rate lock commitments 402  —  —  402 
Customer derivatives - interest rate swaps 1,909  —  1,909  — 
Fair Value Hedge 21  —  21  — 
Total $ 246,112  $ 16,206  $ 229,504  $ 402 
Liabilities
Interest rate lock commitments $ 13  $ —  $ —  $ 13 
Forward commitments 32  —  32  — 
Customer derivatives - interest rate swaps 1,929  —  1,929  — 
Customer derivatives - Risk Participation Agreements 23  —  23  — 
Interest rate swaps 281  —  281  — 
Total $ 2,278  $ —  $ 2,265  $ 13 
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The following table presents assets measured at fair value on a nonrecurring basis at the dates indicated:
(dollars in thousands) March 31,
2026		 December 31,
2025
Mortgage servicing rights $ 84  $ 86 
SBA loan servicing rights 3,610  3,846 
OREO and other repossessed assets 6,009  5,997 
Individually evaluated loans (1)
Commercial and industrial 122 —
       Construction 3,713 4,430
Small business loans 2,925 3,745
Total $ 16,463  $ 18,103 
(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 following table details the valuation techniques for Level 3 assets.

(dollars in thousands) March 31, 2026
Financial Instrument Fair Value Valuation Technique Unobservable Input Range of Inputs Weighted Average
OREO and other repossessed assets $ 6,009  Appraisal of collateral Costs to sell
6% - 13% discount
 10%
Individually evaluated loans 6,759  Appraisal of collateral Costs to sell
10%-85% discount
 28%

(dollars in thousands) December 31, 2025
Financial Instrument Fair Value Valuation Technique Unobservable Input Range of Inputs Weighted Average
OREO and other repossessed assets $ 5,997  Appraisal of collateral Costs to sell
6% - 13% discount
 10%
Individually evaluated loans 8,175  Appraisal of collateral Costs to sell
2%-48% discount
 24%

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 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.
Other Real Estate Owned
Other real estate owned (“OREO”) consists of loan collateral which has been repossessed through foreclosure or other measures. Initially, foreclosed assets are recorded at the fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically and the assets may be marked down further, reflecting a new cost basis. The fair value of OREO was estimated using Level 3 inputs based on appraisals, letters of intent or agreement of sale received from third parties.

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Repossessed Assets
Repossessed assets represents non-real estate assets that the Corporation has acquired by taking possession of the asset that collateralized a loan or lease. The Corporation reports repossessed assets at the fair value less cost to sell, adjusted periodically based on a current appraisal provided by a third party based on their assumptions and quoted market prices for similar assets, when available. Write-downs and any gain or loss upon the sale of repossessed assets is recorded in other noninterest income. The fair value of repossessed assets was estimated using Level 3 inputs based on appraisals, letters of intent or agreement of sale received from third parties.

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.

The following table presents the estimated fair values of the Corporation’s financial instruments at the dates indicated:
Fair Value
Hierarchy Level		 March 31, 2026 December 31, 2025
(dollars in thousands) Carrying
amount		 Fair value Carrying
amount		 Fair value
Financial assets:
Cash and cash equivalents Level 1 $ 28,269  $ 28,269  $ 35,778  $ 35,778 
Mortgage loans held for sale Level 2 38,960  38,960  33,762  33,762 
Loans and other finance receivables, net of ACL Level 3 2,146,233  2,116,050  2,134,630  2,108,242 
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Mortgage loans held for investment Level 2 14,090  14,090  14,396  14,396 
Financial liabilities:
Deposits Level 2 $ 2,169,960  $ 2,182,600  $ 2,158,128  $ 2,179,800 
Borrowings Level 2 120,838  121,000  117,338  117,700 
Subordinated debentures Level 2 49,675  49,569  49,853  49,597 
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
March 31,
(dollars in thousands) 2026 2025
Balance at beginning of the period $ 402  $ 216 
Change in value (47) 148 
Balance at end of the period $ 355  $ 364 
The following table details the valuation techniques for Level 3 interest rate lock commitments.
(dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average
March 31, 2026 $ 355  Market comparable pricing Pull through
1 - 99%
 85.52%
December 31, 2025 402  Market comparable pricing Pull through
1 - 99%
 85.31%

(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 months ended March 31, 2026, and 2025, approximately $122 thousand and $192 thousand, net of tax, is recorded in total comprehensive income as an unrealized gain and an unrealized loss, respectively. 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 March 31, 2026. At March 31, 2026 and December 31, 2025, the combined notional amount of the interest rate swaps was $75 million and $75 million, respectively, and the fair value was a liability of $123 thousand and $281 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 months ended March 31, 2026, approximately $8 thousand, 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 March 31, 2026.

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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.
The following table presents a summary of notional amounts and fair values of derivative financial instruments at the dates indicated:
March 31, 2026 December 31, 2025
(dollars in thousands) Balance Sheet Line Item Notional Amount Asset (Liability) Fair Value Notional Amount Asset (Liability) Fair Value
Interest Rate Lock Commitments
Positive fair values Other assets $ 60,047  $ 355  $ 40,370  $ 402 
Negative fair values Other liabilities 27,761  (169) 2,735  (13)
Total $ 87,808  $ 186  $ 43,105  $ 389 
Forward Commitments
Positive fair values Other assets $ 13,000  $ 130  $ —  $ — 
Negative fair values Other liabilities 4,500  (13) 8,000  (32)
Total $ 17,500  $ 117  $ 8,000  $ (32)
Customer Derivatives - Interest Rate Swaps
Positive fair values Other assets $ 53,413  $ 1,728  $ 53,954  $ 1,909 
Negative fair values Other liabilities 53,413  (1,745) 53,954  (1,929)
Total $ 106,826  $ (17) $ 107,908  $ (20)
Customer Derivatives - Risk Participation Agreements
Positive fair values Other assets $ —  $ —  $ —  $ — 
Negative fair values Other liabilities 29,434  (22) 24,166  (23)
Total $ 29,434  $ (22) $ 24,166  $ (23)
Fair Value Hedge
Positive fair values Other assets $ 40,000  $ 13  $ 40,000  $ 21 
Negative fair values Other liabilities —  —  —  — 
Total $ 40,000  $ 13  $ 40,000  $ 21 
Interest Rate Swaps
Positive fair values Other assets $ —  $ —  $ —  $ — 
Negative fair values Other liabilities 75,000  (123) 75,000  (281)
Total $ 75,000  $ (123) $ 75,000  $ (281)
Total derivative financial instruments $ 356,568  $ 154  $ 298,179  $ 54 
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.
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The following table presents a summary of the net change in the fair value of derivative instruments:
Three months ended
March 31,
(dollars in thousands) 2026 2025
Interest Rate Lock Commitments $ (203) $ 102 
Forward Commitments 149  (30)
Customer Derivatives - Interest Rate Swaps 3  (33)
Customer Derivatives - Risk Participation Agreements 1  80 
Net change in the fair value of derivative instruments $ (50) $ 119 
Net realized gains on derivative hedging activities were $18 thousand for the three months ended March 31, 2026, and net realized gains of $21 thousand for the three months ended March 31, 2025, and are included in non-interest income in the consolidated statements of income.
(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 SBA loans, sales 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. Interest expense, provisions for credit losses, and payroll provide the significant expenses in the banking operation.
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. Segment income before income taxes is used to assess the performance of the wealth segment by monitoring the generation of wealth management income as the wealth segment generates non-interest income through advisory fees. The cost of marketing, business development, and payroll provide the significant expenses in wealth.
Meridian’s mortgage banking segment (“Mortgage”) consists of 7 loan production offices throughout suburban Philadelphia and Maryland. Segment income before income taxes is used to assess the performance of the mortgage banking segment by monitoring the gains received on loan sales. 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 related net hedging gains (losses). The cost of loans sales and payroll provide the significant expenses in mortgage banking.

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 March 31, 2026
Three Months Ended March 31, 2025
(dollars in thousands) Bank Wealth Mortgage Total Bank Wealth Mortgage Total
Interest income $ 40,374  $ —  $ 338  $ 40,712  $ 38,835  $ —  $ 333  $ 39,168 
Interest expense 17,302  (60) 268  17,510  19,129  (9) 272  19,392 
Net interest income 23,072  60  70  23,202  19,706  9  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  9  61  14,564 
Non-interest Income:
Mortgage banking income 45  —  4,483  4,528  18  —  3,375  3,393 
Wealth management income —  1,729  —  1,729  —  1,535  —  1,535 
SBA loan income 150  —  —  150  748  —  —  748 
Loss on sale of MSRs —  —  (159) (159) (52) —  —  (52)
Net change in fair values 26  —  (496) (470) 77  —  344  421 
Net gain on hedging activity —  —  18  18  —  —  21  21 
Other 1,177  —  64  1,241  1,121  —  137  1,258 
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Non-interest income 1,398  1,729  3,910  7,037  1,912  1,535  3,877  7,324 
Non-interest expense:
Salaries and employee benefits 7,534  682  4,170  12,386  7,049  560  3,776  11,385 
Occupancy and equipment 919  18  246  1,183  795  7  536  1,338 
Professional fees 814  50  110  974  677  11  75  763 
Data processing and software
 1,553  46  374  1,973  1,065  43  371  1,479 
Advertising and promotion 495  78  119  692  591  93  95  779 
Pennsylvania bank shares tax 254  4  —  258  264  5  —  269 
Other
 2,388  100  204  2,692  2,317  99  314  2,730 
Non-interest expense 13,957  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 
Total Assets $ 2,496,596  $ 13,243  $ 66,742  $ 2,576,581  $ 2,483,477  $ 11,243  $ 34,168  $ 2,528,888 


​
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 and related notes 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, 2025 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, 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 SEC, 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.
Critical Accounting Policies and Estimates
Our critical accounting policies are described in detail in the "Critical Accounting Policies" section within Item 7 of our 2025 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.
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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 March 31, 2026 compared to December 31, 2025 and the results of operations for the three months ended March 31, 2026 compared to the same period in 2025. More detailed information related to these highlights can be found in the sections that follow.
Changes in Financial Condition - 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.
•Portfolio loans increased $11.1 million, or 0.5%, to $2.2 billion as of March 31, 2026.
•Mortgage loans held for sale increased $5.2 million, or 15.4%, to $39.0 million as of March 31, 2026.
•Total deposits increased $11.8 million or 0.5% to $2.2 billion as of March 31, 2026.
•The Corporation earned net income of $2.0 million during the three months ended March 31, 2026 and returned $1.7 million of capital to Meridian shareholders during the three months ended March 31, 2026 through a $0.14 dividend per share in the first quarter of the year.

Three Month Results of Operations - March 31, 2026 Compared to March 31, 2025
•Net income was $2.0 million, or $0.17 per diluted share, down $393 thousand, or 16.4%, driven by a higher provision for credit losses, lower non-interest income, and higher non-interest expense, offset somewhat by improved net interest income.
•The return on average assets and return on average equity were 0.32% and 4.02%, respectively, for the first quarter 2026, compared to 0.40% and 5.57%, respectively, for the first quarter 2025.
•Net interest income increased $3.4 million, or 17.3%, to $23.2 million and the net interest margin increased to 3.82% from 3.46%, due to the impact of deposit and borrowing cost declines as well as the increase in average noninterest-bearing deposits over the period.
•The overall provision for credit losses increased $2.3 million when comparing the first quarter 2026 to the first quarter 2025. The increase of $4.9 million in net charge-offs over this period was the driver for the increase in provision for credit losses, and was led by a $3.9 million charge-off taken during the first quarter 2026 on a loan purchase participation from another financial institution.
•Non-interest income decreased $287 thousand, or 3.9%, to $7.0 million driven by a $598 thousand decline in SBA loan income, a decrease of $685 thousand in fair value adjustments related to the mortgage banking segment. These declines in non-interest income were partially offset by a $1.1 million increase in mortgage banking income.
•Non-interest expense increased $1.4 million, or 7.5%, to $20.2 million due to a $1.0 million increase in salaries and employee benefits, and an increase of $494 thousand in data processing and software expense.

Key Performance Ratios
The following table presents key financial performance ratios for the periods indicated:
Three months ended
March 31,
2026 2025
Return on average assets, annualized 0.32  % 0.40  %
Return on average equity, annualized 4.02  % 5.57  %
Net interest margin (tax effected yield) 3.82  % 3.46  %
Basic earnings per share $ 0.17  $ 0.21 
Diluted earnings per share $ 0.17  $ 0.21 
The following table presents certain key period-end balances and ratios at the dates indicated:
(dollars in thousands, except per share amounts) March 31,
2026		 December 31,
2025
Book value per common share $ 16.86  $ 16.89 
Tangible book value per common share (1)
 $ 16.57  $ 16.59 
Allowance as a percentage of loans and other finance receivables (excluding loans at fair value) 0.98  % 1.00  %
Tier I capital to risk weighted assets 8.63  % 8.68  %
Tangible common equity to tangible assets ratio (1)
7.65  % 7.67  %
Loans and other finance receivables, net of fees and costs $ 2,181,575  $ 2,170,600 
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Total assets $ 2,576,581  $ 2,561,995 
Total stockholders’ equity $ 200,225  $ 199,716 
(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, other finance receivables, 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 and software expense, 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 months ended March 31, 2026 and 2025, 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 March 31,
(dollars in thousands) 2026 2025
Average Balance Interest Income/ Expense Yields/ Rates Average Balance Interest Income/ Expense Yields/ Rates
Assets:
Cash and cash equivalents $ 42,349  $ 398  3.81  % $ 56,170  $ 613  4.43  %
Investment securities - taxable 175,297  1,847  4.27  159,051  1,693  4.32 
Investment securities - tax exempt (1)
 55,292  396  2.90  54,723  387  2.87 
Loans held for sale 23,783  338  5.76  20,604  333  6.55 
Loans held for investment 2,175,938  37,806  7.05  2,039,676  36,218  7.20 
Total loans 2,199,721  38,144  7.03  2,060,280  36,551  7.19 
Total interest-earning assets 2,472,659  40,785  6.69  % 2,330,224  39,244  6.83  %
Noninterest earning assets 101,609  90,347 
Total assets $ 2,574,268  $ 2,420,571 
Liabilities and stockholders' equity:
Interest-bearing demand deposits $ 149,192  $ 1,040  2.83  % $ 150,980  $ 1,229  3.30  %
Money market and savings deposits 1,025,036  7,070  2.80  919,731  7,808  3.44 
Time deposits 747,406  7,113  3.86  721,336  7,831  4.40 
Total interest - bearing deposits 1,921,634  15,223  3.21  1,792,047  16,868  3.82 
Borrowings 112,028  1,293  4.68  123,677  1,469  4.82 
Subordinated debentures 49,722  994  8.11  49,749  1,055  8.60 
Total interest-bearing liabilities 2,083,384  17,510  3.41  1,965,473  19,392  4.00 
Noninterest-bearing deposits 250,203  244,161 
Other noninterest-bearing liabilities 38,104  36,203 
Total liabilities 2,371,691  2,245,837 
Total stockholders' equity 202,577  174,734 
Total stockholders' equity and liabilities $ 2,574,268  $ 2,420,571 
Net interest income and spread (1)
 $ 23,275  3.28  $ 19,852  2.83 
Net interest margin (1)
 3.82  % 3.46  %
(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 months ended March 31, 2026 as compared to the same period in 2025, 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 March 31,
2026 Compared to 2025
(dollars in thousands) Rate Volume Total
Interest income:
Cash and cash equivalents $ (78) $ (137) $ (215)
Investment securities - taxable (17) 171  154 
Investment securities - tax exempt (1)
 5  4  9 
Loans held for sale (43) 48  5 
Loans held for investment (792) 2,380  1,588 
Total loans (835) 2,428  1,593 
Total interest income $ (925) $ 2,466  $ 1,541 
Interest expense:
Interest-bearing demand deposits $ (175) $ (14) $ (189)
Money market and savings deposits (1,568) 830  (738)
Time deposits (993) 275  (718)
Total interest - bearing deposits (2,736) 1,091  (1,645)
Borrowings (41) (135) (176)
Subordinated debentures (60) (1) (61)
Total interest expense $ (2,837) $ 955  $ (1,882)
Interest differential $ 1,912  $ 1,511  $ 3,423 
(1)Yields and net interest income are reflected on a tax-equivalent basis.

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
For the three months ended March 31, 2026 as compared to the same period in 2025, tax-equivalent interest income increased $1.5 million as favorable volume changes contributed $2.5 million to interest income, partially offset by rate changes that had a $925 thousand unfavorable impact on interest income. The loans held for investment average balances increased $136.3 million, leading to a favorable volume impact on interest income of $2.4 million, while the increase in loans held for sale average balances of $3.2 million had a favorable impact on interest income of $48 thousand. Growth in the loans held for investment portfolio was led by average balance increases in construction loans ($82.9 million), commercial mortgage loans ($40.3 million), commercial and industrial loans ($27.6 million), and home equity lines and loans ($15.6 million). The change in rates led to decreased yields on loans held for sale (down 79 basis points) and loans held for investment (down 15 basis points) that unfavorably impact interest income by $835 thousand, overall.

On the funding side, overall interest expense decreased $1.9 million, largely driven by 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 $1.6 million decrease to interest expense. The cost of interest-bearing demand deposits, money market and savings accounts and time deposits decreased 47 basis points, 64 basis points and 54 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 $105.3 million, and the average balances on time increased $26.1 million.

The cost of borrowings decreased by 14 basis points, while the cost of subordinated debentures decreased 49 basis points as the interest rate on the $40 million in floating rate 2019 Debentures was lower in the current quarter, contributing a $60 thousand decrease to interest expense. Borrowing balances decreased $11.6 million on average.

Overall, the $3.4 million increase in net interest income over this period was primarily driven by rate changes and secondarily through volume changes.





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PROVISION FOR CREDIT LOSSES
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
The total provision for credit losses increased $2.3 million on a net basis for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The provision on funded loans increased $2.2 million over the three month comparable period in 2025 driven largely by an increase of $3.9 million in commercial mortgage charge-offs from a loan participated to us by another financial institution that became non-performing as of March 31, 2026. There was a $55 thousand provision on unfunded loan commitments for the three months ended March 31, 2026, while for the three months March 31, 2025 there was no provision on unfunded loan commitments.

NON-INTEREST INCOME
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
The following table presents the components of non-interest income for the periods indicated:
Three Months Ended
(dollars in thousands) March 31,
2026		 March 31,
2025		 $ Change % Change
Mortgage banking income $ 4,528  $ 3,393  $ 1,135  33.5  %
Wealth management income 1,729  1,535  194  12.6  %
SBA loan income 150  748  (598) (79.9) %
Earnings on investment in life insurance 272  222  50  22.5  %
Net loss on sale of MSRs (159) (52) (107) 205.8  %
Net change in the fair value of derivative instruments (51) 149  (200) (134.2) %
Net change in the fair value of loans held-for-sale (380) 102  (482) (472.5) %
Net change in the fair value of loans held-for-investment (39) 170  (209) (122.9) %
Net gain on hedging activity 18  21  (3) (14.3) %
Other 969  1,036  (67) (6.5) %
Total non-interest income $ 7,037  $ 7,324  $ (287) (3.9) %
Mortgage banking income increased $1.1 million over the comparable quarterly period as the volume of loans sold increased by $18.4 million, with a 28 basis point increase in the sales margin. Despite this 33.5% increase in mortgage banking income, total non-interest income decreased $287 thousand largely due to negative fair value adjustments, a decrease in SBA loan income, and an increase in net loss recorded on the sale of MSRs.
SBA loan income also decreased $598 thousand over this period due to a decline in the volume of SBA loans sold. The value of SBA loans sold for the quarter-ended March 31, 2026 was $5.4 million, or 44.8%, lower than the quarter-ended March 31, 2025, while the gross margin on sale was 8.5% for the quarter-ended March 31, 2026 compared to 8.7% for the quarter-ended March 31, 2025, down slightly.

NON-INTEREST EXPENSE
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
The following table presents the components of non-interest expense for the periods indicated:
Three Months Ended
(dollars in thousands) March 31,
2026		 March 31,
2025		 $ Change % Change
Salaries and employee benefits $ 12,386  $ 11,385  $ 1,001  8.8  %
Occupancy and equipment 1,183  1,338  (155) (11.6) %
Professional fees 974  763  211  27.7  %
Data processing and software 1,973  1,479  494  33.4  %
Advertising and promotion 692  779  (87) (11.2) %
Pennsylvania bank shares tax 258  269  (11) (4.1) %
Other 2,692  2,730  (38) (1.4) %
Total non-interest expense $ 20,158  $ 18,743  $ 1,415  7.5  %
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Total non-interest expense increased $1.4 million, or 7.5%, primarily as the result of 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 $1.0 million due largely to overall employee merit, benefit, and tax related increases for existing employees, as well as an increase of six full-time equivalent employees, combined with an increase in mortgage segment related commissions and other benefits. Data processing and software expenses increased $494 thousand, reflecting greater customer transaction activity and Meridian's ongoing commitment to technology investments. Professional fees increased $211 thousand, largely related to loan work out expenses. Meanwhile, there was a decline of $155 thousand in occupancy and equipment expense largely due to a prior year early termination of office lease space.

INCOME TAX EXPENSE
Income tax expense for the three months ended March 31, 2026 was $582 thousand, as compared to $746 thousand for the same period in 2025. Our effective tax rate was 22.5% for the three months ended March 31, 2026, compared to 23.7% for the same period in 2025. While income tax expense decreased primarily due to the decrease in income before income taxes, the effective tax rate decreased slightly due to the impact of tax expense recognized in the prior-quarter related to the surrender of certain bank owned life insurance policies.


BALANCE SHEET ANALYSIS
As of March 31, 2026, total assets were $2.6 billion which increased $14.6 million, or 0.6%, from December 31, 2025. This increase in assets over the prior period was due primarily to loan portfolio growth, as detailed in the following table:
(dollars in thousands) March 31,
2026		 December 31,
2025		 $ Change % Change
Mortgage loans held for sale $ 38,960  $ 33,762  $ 5,198  15.4  %
Real estate loans:
     Commercial mortgage 870,544  879,440  (8,896) (1.0)
     Home equity lines and loans 109,795  107,002  2,793  2.6 
     Residential mortgage 235,067  236,135  (1,068) (0.5)
Construction 343,376  330,543  12,833  3.9 
     Total real estate loans 1,558,782  1,553,120  5,662  0.4 
Commercial, industrial & other finance receivables
 444,395  428,981  15,414  3.6 
Small business loans 134,468  139,765  (5,297) (3.8)
Consumer 303  329  (26) (7.9)
Leases, net 40,837  45,489  (4,652) (10.2)
      Loans and other finance receivables $ 2,178,785  $ 2,167,684  $ 11,101  0.5 
      Total loans and other finance receivables $ 2,217,745  $ 2,201,446  $ 16,299  0.7  %
Total loans and other finance receivables increased $11.1 million, to $2.2 billion as of March 31, 2026, from $2.2 billion as of December 31, 2025. Overall portfolio loan growth was 0.5% since December 31, 2025, or 2.0% on an annualized basis for 2026. Construction loans increased $12.8 million, or 3.9%, and commercial and industrial loans increased $15.4 million, or 3.6%. While commercial real estate loans decreased $8.9 million, or 1.0%, and SBA loans decreased $5.3 million, or 3.8% due to loan sales described above.
As of March 31, 2026, included within the commercial real estate loans total of $870.5 million was $290.3 million of owner-occupied commercial loans, as well as $104.2 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) March 31,
2026		 December 31,
2025		 $ Change % Change
Noninterest-bearing deposits $ 243,458  $ 245,377  $ (1,919) (0.8) %
Interest-bearing deposits:
Interest-bearing demand deposits 157,151  157,360  (209) (0.1) %
Money market and savings deposits 1,013,533  1,023,290  (9,757) (1.0) %
Time deposits 755,818  732,101  23,717  3.2  %
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(Dollars in thousands) March 31,
2026		 December 31,
2025		 $ Change % Change
Noninterest-bearing deposits $ 243,458  $ 245,377  $ (1,919) (0.8) %
Total interest-bearing deposits $ 1,926,502  $ 1,912,751  $ 13,751  0.7  %
Total deposits $ 2,169,960  $ 2,158,128  $ 11,832  0.5  %
Total deposits increased $11.8 million, or 0.5%, since December 31, 2025. Total interest-bearing deposits increased $13.8 million during the period, whereas noninterest-bearing deposits decreased $1.9 million. Time deposits increased $23.7 million, or 3.2%, largely due to customer preference for the higher interest rates offered by these products.
The majority of Meridian's deposit base is comprised of business deposits, 51%, with consumer deposits amounting to 15% at March 31, 2026. Municipal deposits at 11% 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 March 31, 2026, 64% of business accounts and 89% 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 20% at March 31, 2026.

Capital
Consolidated stockholders’ equity of the Corporation was $200.2 million, or 7.8% of total assets as of March 31, 2026, as compared to $199.7 million, or 7.8% of total assets as of December 31, 2025. 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.
On February 20, 2025 the Corporation entered into an Equity Distribution Agreement (or Sales Agreement) relating to shares of our common stock. During 2025 the Corporation sold a total of 488,478 shares of common stock and raised approximately $7.5 million in net proceeds. We expect to use the net proceeds for general corporate purposes, which includes working capital and the funding of organic growth at Meridian Bank, as described in our prospectus filed with the SEC on February 20, 2025 pursuant to Rule 424(b)(5) under the Securities Act. There were no shares of the Corporation's common stock sold during the three months ended March 31, 2026, or 2025, respectively.
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 adequacy and had ratios of 9.58% and 9.50% at March 31, 2026 and December 31, 2025, 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:
Bank Well-capitalized minimum
March 31,
2026		 December 31,
2025
Tier 1 leverage ratio 9.58  % 9.50  % 5.00  %
Common tier 1 risk-based capital ratio 10.52  % 10.66  % 6.50  %
Tier 1 risk-based capital ratio 10.52  % 10.66  % 8.00  %
Total risk-based capital ratio 11.51  % 11.65  % 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 March 31, 2026, Meridian has phased in 100% of the day-one effects of CECL.

Asset Quality Summary
The ratio of non-performing assets to total assets was 2.51% as of March 31, 2026, compared to 2.38% reported as of December 31, 2025. Total non-performing loans of $58.7 million as of March 31, 2026, increased $3.6 million from $55.1 million as of December 31, 2025. Included in non-performing loans at March 31, 2026 is $12.9 million of SBA loan guarantees, while non-performing loans at December 31, 2025 included $13.2 million of SBA loan guarantees. The overall increase was primarily the result of risk rating downgrades leading to non-performing loan classification mainly in the commercial mortgage and construction portfolios, partially offset by a $870 thousand decline in non-performing SBA loans due to charge-offs.
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The increase in commercial mortgage non-performing came largely from a purchased participation loan that is secured by a first lien on the leasehold interests of Class A office property with multiple buildings and tenants where an April 2026 appraisal, representative of conditions existing as of March 31, 2026, showed a significantly lower value than the original appraisal at the time of our participation. As of March 31, 2026 there were specific reserves of $2.8 million against non-performing loans, a decrease from $3.4 million as of December 31, 2025.
Meridian realized net charge-offs of 0.35% of total average loans for the three months ending March 31, 2026, which had increased from 0.14% reported for the same period in 2025. Net charge-offs for the quarter ended March 31, 2026 were $7.8 million, compared to net charge-offs of $2.8 million for the quarter ended March 31, 2025. Net charge-offs for the current quarter comprised of $8.2 million in total charge-offs, of which $3.9 million related to a commercial mortgage purchased participation and $2.5 million related to SBA. There were $407 thousand in recoveries during the period, largely related to leases.
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 0.98% as of March 31, 2026 compared to 1.00% as of December 31, 2025. Despite net charge-offs having increased as noted above, the level of provision for credit losses in the first quarter helped to maintain the allowance coverage level.
The Corporation believes it is proactive with its loan review process that utilizes the engagement of an independent outside loan review firm, which helps identify developing credit issues. For example, the Corporation procures 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) March 31,
2026		 December 31,
2025
Non-performing assets:
Nonaccrual loans:
Real estate loans:
Commercial mortgage $ 6,748  $ 2,472 
Home equity lines and loans 2,223  2,023 
Residential mortgage 9,350  10,385 
Construction 7,688  6,650 
Total real estate loans 26,009  21,530 
Commercial and industrial & other finance receivables 7,179  6,770 
Small business loans (1)
 23,911  24,781 
Leases 1,560  1,979 
Total nonaccrual loans 58,659  55,060 
Other real estate owned 3,592  3,592 
Repossessed assets 2,417  2,405 
Total non-performing assets $ 64,668  $ 61,057 
Asset quality ratios:
Non-performing assets to total assets 2.51  % 2.38  %
Non-performing loans to:
Total loans and other finance receivables 2.69  % 2.54  %
Total loans and other finance receivables (excluding loans at fair value) (2)
 2.71  % 2.55  %
Allowance for credit losses to:
Total loans and other finance receivables 0.97  % 0.99  %
Total loans and other finance receivables (excluding loans at fair value) (2)
 0.98  % 1.00  %
Non-performing loans 36.23  % 39.18  %
Total loans and leases $ 2,220,535  $ 2,204,362 
Total loans and other finance receivables 2,181,575  2,170,600 
Total loans and other finance receivables (excluding loans at fair value) 2,167,485  2,156,204 
Allowance for credit losses 21,252  21,573 
(1) Included in non-performing small business loans as of March 31, 2026 and December 31, 2025, respectively, are $12.9 million and $13.2 million in SBA guarantees.
(2) 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, as part of its liquidity management, Meridian maintains a portion of commercial loan assets that are comprised of SNCs, which have a national market and can be sold in a timely manner. Meridian’s available liquidity, which totaled $348.0 million at March 31, 2026, compared to $346.3 million at December 31, 2025, includes investments, SNCs, Federal funds sold, mortgages held-for-sale and cash and cash equivalents, less the amount of securities required to be pledged for certain liabilities. Meridian also anticipates scheduled payments and prepayments on its loan and mortgage-backed securities portfolios.


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In addition, Meridian maintains borrowing arrangements with various correspondent banks, the FHLB and the FRB to meet short-term liquidity needs and has access to approximately $744.9 million in liquidity from these sources. Through its relationship at the Federal Reserve, Meridian had available credit of approximately $4.3 million at March 31, 2026. At March 31, 2026, Meridian had $0 in borrowings from the Federal Reserve. As a member of the FHLB, Meridian is 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 March 31, 2026, Meridian’s maximum borrowing capacity with the FHLB was $732.0 million. At March 31, 2026, Meridian had borrowed $120.8 million and the FHLB had issued letters of credit, on Meridian’s behalf, totaling $170.1 million against its available credit lines. At March 31, 2026, Meridian also had available $56.0 million of unsecured federal funds lines of credit with other financial institutions as well as $304.1 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 March 31, 2026, 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 $3.0 million for the three months ended March 31, 2026, as compared to income before tax of $3.6 million for the same period in 2025. The Banking Segment provided 116.7% of the Corporation’s pre-tax profit for the three months ended March 31, 2026, as compared to 116.0% for the same period in 2025.
The Wealth Management Segment recorded income before tax of $811 thousand for the three months ended March 31, 2026, as compared to income before tax of $726 thousand for the same period in 2025.
The Mortgage Banking Segment recorded a loss before tax of $1.2 million for the three months ended March 31, 2026, as compared to a loss before tax of $1.2 million for the same period in 2025. 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 March 31, 2026 were $656.1 million as compared to $641.9 million at December 31, 2025.
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 March 31, 2026 amounted to $10.3 million as compared to $9.4 million at December 31, 2025.
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 March 31, 2026, and March 31, 2025, 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) March 31,
2026		 December 31,
2025
Total stockholders' equity (GAAP) $ 200,225  $ 199,716 
Less: Goodwill and intangible assets (3,411) (3,462)
Tangible common equity (non-GAAP) 196,814  196,254 
Total assets (GAAP) 2,576,581  2,561,995 
Less: Goodwill and intangible assets (3,411) (3,462)
Tangible assets (non-GAAP) $ 2,573,170  $ 2,558,533 
Stockholders' equity to total assets (GAAP) 7.77  % 7.80  %
Tangible common equity to tangible assets (non-GAAP) 7.65  % 7.67  %
Shares outstanding 11,879  11,826 
Book value per share (GAAP) $ 16.86  $ 16.89 
Tangible book value per share (non-GAAP) $ 16.57  $ 16.59 
The following is a reconciliation of the allowance for credit losses to total loans held for investment ratio at March 31, 2026 and December 31, 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) March 31,
2026		 December 31,
2025
Allowance for credit losses (GAAP) $ 21,252  $ 21,573 
Loans and other finance receivables (GAAP) 2,181,575  2,170,600 
Less: Loans at fair value (14,090) (14,396)
Loans and other finance receivables, excluding loans at fair value (non-GAAP) $ 2,167,485  $ 2,156,204 
Allowance for credit losses to loans and other finance receivables (GAAP) 0.97  % 0.99  %
Allowance for credit losses to loans and other finance receivables, excluding loans at fair value (non-GAAP) 0.98  % 1.00  %

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 March 31, 2026 and December 31, 2025. This is considered a non-GAAP measure as the calculation excludes the impact of SBA guarantees from non-performing loans.
(dollars in thousands) March 31,
2026		 December 31,
2025
Non-performing loans (GAAP)
 $ 58,659  $ 55,060 
Less: Guaranteed portion of SBA loans classified as non-performing
 (12,906) (13,177)
Non-performing loans, excluding guaranteed portion of SBA loans (non-GAAP)
 $ 45,753  $ 41,883 
Total loans and leases
 $ 2,220,535  $ 2,204,362 
Non-performing loans (excluding guaranteed portion of SBA loans) to total loans and leases
 2.06  % 1.90  %


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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; and
•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.
March 31,
Changes in Market Interest Rates 2026 2025
+300 basis points over next 12 months 1.39  % 2.10  %
+200 basis points over next 12 months 1.00  % 1.61  %
+100 basis points over next 12 months 0.53  % 0.94  %
No Change
-100 basis points over next 12 months (1.18) % (1.12) %
-200 basis points over next 12 months (1.89) % (2.05) %
-300 basis points over next 12 months (2.50) % (1.89) %
The above interest rate simulation suggests as of March 31, 2026 that the Corporation’s balance sheet is fairly 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.
March 31,
Changes in Market Interest Rates 2026 2025
+300 basis points 7  % 10  %
+200 basis points 6  % 9  %
+100 basis points 4  % 5  %
No Change
-100 basis points (7) % (9) %
-200 basis points (18) % (22) %
-300 basis points (35) % (43) %
This economic value of equity profile at March 31, 2026 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 of exposure, we believe that a gradual shift in interest rates would have a much more modest impact.
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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 March 31, 2026 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 March 31, 2026 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.

None
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
3.2


31.1
31.2
32
101.INS XBRL 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.SCH Inline XBRL Taxonomy Extension Schema Document
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
Exhibit 104 Cover 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: May 11, 2026 Meridian 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)
48
EX-31.1 2 mrbk_ex31x1x3312026.htm EX-31.1 Document

Exhibit 31.1
RULE 13a -14(a) CERTIFICATION
OF THE PRINCIPAL EXECUTIVE OFFICER
I, Christopher J. Annas, certify that:
1.           I have reviewed this Quarterly Report on Form 10-Q of Meridian Corporation;
2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.           The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)          Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)          Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)          Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)          Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
5.           The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)         All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)        Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date:   May 11, 2026
/s/ Christopher J. Annas
Christopher J. Annas
President and Chief Executive Officer
(Principal Executive Officer)


EX-31.2 3 mrbk_ex31x2x3312026.htm EX-31.2 Document

Exhibit 31.2
RULE 13a-14(a) CERTIFICATION
OF THE PRINCIPAL FINANCIAL OFFICER
I, Denise Lindsay, certify that:
1.           I have reviewed this Quarterly Report on Form 10-Q of Meridian Corporation;
2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.           The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)          Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)          Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)          Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)          Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
5.           The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)          All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)          Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date:   May 11, 2026
/s/ Denise Lindsay
Denise Lindsay
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)


EX-32 4 mrbk_ex32x3312026.htm EX-32 Document

Exhibit 32
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Meridian Corporation on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.  The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and
2.  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Meridian Corporation.
/s/ Christopher J. Annas
Christopher J. Annas
President and Chief Executive Officer
(Principal Executive Officer)
/s/ Denise Lindsay
Denise Lindsay
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
Date:    May 11, 2026