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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 September 30, 2025


☐			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

(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 November 5, 2025 there were 11,517,456 outstanding shares of the issuer’s common stock, par value $1.00 per share.

Table of Contents

TABLE OF CONTENTS


PART I FINANCIAL INFORMATION

Item 1 Financial Statements (Unaudited)			3

Consolidated Balance Sheets – September 30, 2025 and December 31, 2024			3

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2025 and 2024			4

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2025 and 2024			5

Consolidated Statements of Stockholders’ Equity – Three and Nine Months Ended September 30, 2025 and 2024			6

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2025 and 2024			7

Notes to Consolidated Financial Statements (Unaudited)			8

Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations			35

Item 3 Quantitative and Qualitative Disclosures about Market Risk			49

Item 4 Controls and Procedures			50

PART II OTHER INFORMATION

Item 1 Legal Proceedings			50

Item 1A Risk Factors			50

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds			50

Item 3 Defaults Upon Senior Securities			50

Item 4 Mine Safety Disclosures			50

Item 5 Other Information			50

Item 6 Exhibits			51

Signatures			52

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
ALCO			Asset/Liability Committee
ALLL			Allowance for loan and lease losses
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

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

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
ICBA			Independent Community Bankers of America
JOBS Act			Jumpstart Our Business Startups Act of 2012

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LBP			Look-back period
LEP			Loss emergence period
LGD			Loss given default
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
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

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MERIDIAN CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)


(dollars in thousands, except share data)	September 30, 2025		December 31, 2024
Assets:
Cash and due from banks	$	12,605	$	5,598
Interest-bearing deposits at other banks	27,384		21,864

Cash and cash equivalents	39,989		27,462
Securities available-for-sale, at fair value (amortized cost of $200,682 and $183,764, respectively)	194,268		174,304
Securities held-to-maturity, at amortized cost (fair value of $29,853 and $30,492, respectively)	32,593		33,771
Equity investments	2,150		2,086
Mortgage loans held for sale	28,016		32,413
Loans and other finance receivables, net of fees and costs	2,162,845		2,030,437
Allowance for credit losses	(21,794)		(18,438)
Loans and other finance receivables, net of the allowance for credit losses	2,141,051		2,011,999
Restricted investment in bank stock	8,350		7,753
Bank premises and equipment, net	12,413		12,151
Bank owned life insurance	30,421		29,712
Accrued interest receivable	10,944		9,958
OREO and other repossessed assets	3,714		276
Deferred income taxes	4,989		4,669
Servicing assets	3,845		4,382

Goodwill	899		899
Intangible assets	2,614		2,767
Other assets	24,874		31,265
Total assets	$	2,541,130	$	2,385,867

Liabilities:
Deposits:
Non-interest bearing	$	239,614	$	240,858
Interest bearing	1,891,502		1,764,510
Total deposits	2,131,116		2,005,368
Borrowings	137,265		124,471

Subordinated debentures	49,822		49,743
Accrued interest payable	7,095		6,860
Other liabilities	27,803		27,903
Total liabilities	2,353,101		2,214,345

Stockholders’ equity:
Common stock, $1 par value per share. 25,000,000 shares authorized; 13,520,639 and 13,243,258 shares issued and 11,517,456 and 11,240,075 shares outstanding, respectively	13,521		13,243
Surplus	85,122		81,545
Treasury stock, 2,003,183 shares, at cost	(26,079)		(26,079)
Unearned common stock held by ESOP	(1,006)		(1,006)
Retained earnings	122,376		111,961
Accumulated other comprehensive loss	(5,905)		(8,142)
Total stockholders’ equity	188,029		171,522
Total liabilities and stockholders’ equity	$	2,541,130	$	2,385,867

See accompanying notes to the unaudited consolidated financial statements.

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MERIDIAN CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three months ended September 30,				Nine months ended September 30,
(dollars in thousands, except per share data)	2025		2024		2025		2024
Interest income:
Loans and other finance receivables, including fees	$	40,477	$	38,103	$	115,723	$	109,928
Securities - taxable	1,895		1,480		5,380		4,055
Securities - tax-exempt	325		320		933		969
Cash and cash equivalents	412		416		1,452		1,047
Total interest income	43,109		40,319		123,488		115,999
Interest expense:
Deposits	17,418		19,313		51,587		55,696
Borrowings and subordinated debentures	2,575		2,764		7,850		8,606
Total interest expense	19,993		22,077		59,437		64,302
Net interest income	23,116		18,242		64,051		51,697
Provision for credit losses	2,850		2,282		11,865		7,828
Net interest income after provision for credit losses	20,266		15,960		52,186		43,869
Non-interest income:
Mortgage banking income	5,914		6,474		15,069		15,528
Wealth management income	1,610		1,447		4,637		4,208
SBA loan income	1,431		544		4,167		2,315
Earnings on investment in life insurance	246		222		708		644
Net gain on sale of MSRs	—		—		415		—
Net change in the fair value of derivative instruments	129		(102)		176		176
Net change in the fair value of loans held-for-sale	(75)		169		198		138
Net change in the fair value of loans held-for-investment	213		965		573		766
Net (loss) gain on hedging activity	(166)		(197)		(129)		(279)


Other	651		1,309		2,751		4,563
Total non-interest income	9,953		10,831		28,565		28,059
Non-interest expense:
Salaries and employee benefits	13,613		12,829		38,177		34,839
Occupancy and equipment	991		1,243		3,366		3,706
Professional fees	1,092		1,106		3,019		3,633
Data processing and software	1,865		1,553		5,050		4,591
Advertising and promotion	877		717		2,933		2,454
Pennsylvania bank shares tax	254		181		792		729
Other	2,854		2,917		8,309		7,786
Total non-interest expense	21,546		20,546		61,646		57,738
Income before income taxes	8,673		6,245		19,105		14,190
Income tax expense	2,014		1,502		4,455		3,445
Net income	$	6,659	$	4,743	$	14,650	$	10,745
Basic earnings per common share	$	0.59	$	0.43	$	1.30	$	0.97
Diluted earnings per common share	$	0.58	$	0.42	$	1.28	$	0.96
Basic weighted average shares outstanding	11,325		11,110		11,252		11,098
Diluted weighted average shares outstanding	11,540		11,234		11,458		11,198

See accompanying notes to the unaudited consolidated financial statements.

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MERIDIAN CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three months ended September 30,				Nine months ended September 30,
(dollars in thousands)	2025		2024		2025		2024
Net income:	$	6,659	$	4,743	$	14,650	$	10,745

Net change in unrealized gains (losses) on investment securities available for sale:
Change in fair value of investment securities, net of tax of $487, $695, $718, and $1,063, respectively	1,602		2,420		2,373		2,311
Reclassification adjustment for net losses realized in net income, net of tax effect of $(10), $14, $(11), and $14, respectively,	(35)		43		(35)		43
Reclassification adjustment for investment securities transferred to held-to-maturity, net of tax effect of $7, $7, $21, and $21, respectively	22		22		66		66
Unrealized investment gains, net of tax effect of $484, $716, $728, and $1,098, respectively	$	1,589	$	2,485	$	2,404	$	2,420
Net change in unrealized (losses) gains on interest rate swaps used in cash flow hedges, net of tax effect of $17, $368, $(167), and $85, respectively	17		(1,163)		(167)		(264)



Total other comprehensive income	$	1,606	$	1,322	$	2,237	$	2,156
Total comprehensive income	$	8,265	$	6,065	$	16,887	$	12,901

See accompanying notes to the unaudited consolidated financial statements.

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MERIDIAN CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)


(dollars in thousands, except per share data)	Common Stock		Surplus		Treasury Stock		Unearned ESOP		Retained Earnings		AOCI		Total
Three Months Ended September 30, 2025
Balance at July 1, 2025	$	13,300	$	82,184	$	(26,079)	$	(1,006)	$	117,132	$	(7,511)	$	178,020
Net income	—		—		—		—		6,659		—		6,659
Other comprehensive income	—		—		—		—		—		1,606		1,606
Dividends declared ($0.125 per share)	—		—		—		—		(1,415)		—		(1,415)
Net issuance of common stock	189		2,601		—		—		—		—		2,790

Common stock issued through share-based awards and exercises	32		235		—		—		—		—		267

Stock based compensation expense	—		102		—		—		—		—		102
Balance at September 30, 2025	$	13,521	$	85,122	$	(26,079)	$	(1,006)	$	122,376	$	(5,905)	$	188,029


(dollars in thousands, except per share data)	Common Stock		Surplus		Treasury Stock		Unearned ESOP		Retained Earnings		AOCI		Total
Nine Months Ended September 30, 2025
Balance at January 1, 2025	$	13,243	$	81,545	$	(26,079)	$	(1,006)	$	111,961	$	(8,142)	$	171,522
Net income	—		—		—		—		14,650		—		14,650
Other comprehensive income	—		—		—		—		—		2,237		2,237
Dividends declared ($0.375 per share)	—		—		—		—		(4,235)		—		(4,235)
Net issuance of common stock	189		2,601		—		—		—		—		2,790
Common stock issued through share-based awards and exercises	89		700		—		—		—		—		789

Stock based compensation expense	—		276		—		—		—		—		276
Balance at September 30, 2025	$	13,521	$	85,122	$	(26,079)	$	(1,006)	$	122,376	$	(5,905)	$	188,029


(dollars in thousands, except per share data)	Common Stock		Surplus		Treasury Stock		Unearned ESOP		Retained Earnings		AOCI		Total
Three Months Ended September 30, 2024
Balance at July 1, 2024	$	13,194	$	80,639	$	(26,079)	$	(1,204)	$	104,420	$	(8,588)	$	162,382

Net income	—		—		—		—		4,743		—		4,743
Other comprehensive income	—		—		—		—		—		1,322		1,322
Dividends declared ($0.125 per share)	—		—		—		—		(1,398)		—		(1,398)

Common stock issued through share-based awards and exercises	38		297		—		—		—		—		335
Stock based compensation expense	—		66		—		—		—		—		66
Balance at September 30, 2024	$	13,232	$	81,002	$	(26,079)	$	(1,204)	$	107,765	$	(7,266)	$	167,450


(dollars in thousands, except per share data)	Common Stock		Surplus		Treasury Stock		Unearned ESOP		Retained Earnings		AOCI		Total
Nine Months Ended September 30, 2024
Balance at January 1, 2024	$	13,186	$	80,325	$	(26,079)	$	(1,204)	$	101,216	$	(9,422)	$	158,022
Net income	—		—		—		—		10,745		—		10,745
Other comprehensive income	—		—		—		—		—		2,156		2,156
Dividends declared ($0.375 per share)	—		—		—		—		(4,196)		—		(4,196)

Common stock issued through share-based awards and exercises	46		358		—		—		—		—		404
Stock based compensation expense	—		319		—		—		—		—		319
Balance at September 30, 2024	$	13,232	$	81,002	$	(26,079)	$	(1,204)	$	107,765	$	(7,266)	$	167,450

See accompanying notes to the unaudited consolidated financial statements.

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MERIDIAN CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine Months Ended September 30,
(dollars in thousands)	2025		2024
Net income	$	14,650	$	10,745
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on sale of investment securities available-for-sale	(48)		57
Net amortization of investment premiums and discounts and change in fair value of equity securities	1,630		2,873
Depreciation and amortization (accretion), net	(87)		276
Provision for credit losses	11,865		7,828
Amortization of issuance costs on subordinated debt	93		92
Stock based compensation	276		319
Net change in fair value of derivative instruments	(176)		(176)
Net change in fair value of loans held for sale	(198)		(138)
Net change in fair value of loans held for investment	(573)		(766)
Amortization and net impairment of servicing rights	450		994
Net gain on sale of MSRs	(415)		—
Gain on sale of OREO	(15)		—
SBA loan income	(4,167)		(2,315)
Proceeds from sale of loans	584,846		594,669
Loans originated for sale	(565,183)		(594,399)
Mortgage banking income	(15,069)		(15,528)
Increase in accrued interest receivable	(986)		(687)

Decrease (increase) in other assets	4,700		(438)
Earnings from investment in bank owned life insurance	(708)		(644)
(Increase) decrease in deferred income tax	(977)		66
Increase (decrease) in accrued interest payable	235		(3,307)
Increase in other liabilities	333		10,780
Net cash provided by operating activities	30,476		10,301

Cash flows from investing activities:
Activity in available-for-sale securities:
Maturities, repayments and calls	12,223		12,436
Sales	2,462		16,004
Purchases	(33,224)		(61,024)
Activity in held-to-maturity securities:
Maturities, repayments and calls	1,000		1,720


Proceeds from sale of OREO	15		—
Proceeds from sale of MSRs	502		—
Net purchases of restricted investments in bank stocks	(597)		(470)
Net increase in loans	(136,888)		(124,753)

Purchases of premises and equipment	(1,338)		(222)
Disposal of premise and equipment	23		—
Net cash used in investing activities	(155,822)		(156,309)





Cash flows from financing activities:
Net increase in deposits	125,748		155,465

Increase (decrease) in short-term borrowings	28,039		(40,609)
(Decrease) increase in long-term debt	(15,245)		10,594

Repayment of subordinated debt	(13)		—



Dividends paid	(4,235)		(4,196)
Share based awards and exercises	789		404
Proceeds from issuance of common stock	2,790		—

Net cash provided by financing activities	137,873		121,658

Net change in cash and cash equivalents	12,527		(24,350)
Cash and cash equivalents at beginning of period	27,462		56,697
Cash and cash equivalents at end of period	$	39,989	$	32,347

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	59,202	$	67,609
Income taxes	6,299		1,222


Net loans sold, not settled	1,264		8,162
Investment security purchases, not settled	—		(7,380)
Non-cash transfers from loans receivable to OREO	1,297		—
Non-cash transfers from loans receivable to repossessed assets	2,417		—

See accompanying notes to the unaudited consolidated financial statements.

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MERIDIAN CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1) Summary of Significant Accounting Policies

Basis of Presentation

The Corporation’s unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations for the interim periods presented have been included.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Amounts subject to significant estimates are items such as the allowance for credit losses, lending related commitments and the related unfunded commitment reserve, the fair value of financial instruments, other-than-temporary impairments of investment securities, and the valuations of goodwill, intangible assets, and servicing assets.

These unaudited consolidated financial statements should be read in conjunction with the Corporation’s filings with the SEC (including our Annual Report on Form 10-K for the year ended December 31, 2024), subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in Form 10-K and Form 10-Q filings, if any.

Certain prior period amounts have been reclassified to conform with current period presentation. Reclassifications had no effect on net income or stockholders’ equity. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025 or for any other period.

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

FASB ASU 2024-01 Stock Compensation - Scope Application of Profits Interest and Similar Awards

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

Pronouncements Not Yet Effective as of September 30, 2025:

FASB ASU No. 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative"

This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB ASC. The amendments in this ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC's regulations. For entities subject to the SEC's existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity.

FASB ASU 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures”

The amendments in this update address investor requests for more transparency about income tax information through improvements to annual income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update will be effective for our annual reporting period ended December 31, 2025 and applied on a prospective basis.

FASB ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures"

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

FASB ASU 2025-01, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date"

This amendment addresses questions that were raised regarding the effective date of ASU 2024-03 for public business entities with non-calendar year ends. The amendment clarifies that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.

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FASB ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)"

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

(2) Earnings per Common Share

Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period reduced by unearned ESOP Plan shares and treasury shares. Diluted earnings per common share takes into account the potential dilution computed pursuant to the treasury stock method that could occur if stock options were exercised and converted into common stock, and if restricted stock awards were vested. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be anti-dilutive.


	Three months ended September 30,				Nine months ended September 30,
(dollars in thousands, except per share data)	2025		2024		2025		2024
Numerator for earnings per share:
Net income available to common stockholders	$	6,659	$	4,743	$	14,650	$	10,745

Denominators for earnings per share:
Weighted average shares outstanding	11,443		11,254		11,376		11,249
Average unearned ESOP shares	(118)		(144)		(124)		(151)
Basic weighted averages shares outstanding	11,325		11,110		11,252		11,098
Dilutive effects of assumed exercises of stock options	215		124		206		100

Diluted weighted averages shares outstanding	11,540		11,234		11,458		11,198

Basic earnings per share	$	0.59	$	0.43	$	1.30	$	0.97
Diluted earnings per share	$	0.58	$	0.42	$	1.28	$	0.96
Antidilutive shares excluded from computation of average dilutive earnings per share	357		489		359		586

(3) Securities

The following tables presents the amortized cost, allowance for credit losses, and fair value of securities at the dates indicated:


	September 30, 2025
(dollars in thousands)	Amortized 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	$	27,144	$	53	$	(290)	$	—	$	26,907	13
U.S. government agency MBS	27,336		241		(262)		—		27,315		9
U.S. government agency CMO	58,518		305		(1,627)		—		57,196		37
State and municipal securities	43,471		136		(3,993)		—		39,614		32
U.S. Treasuries	17,040		—		(972)		—		16,068		16
Non-U.S. government agency CMO	9,531		34		(233)		—		9,332		9
Corporate bonds	17,642		598		(404)		—		17,836		11
Total securities available-for-sale	$	200,682	$	1,367	$	(7,781)	$	—	$	194,268	127

	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	$	32,593	$	6	$	(2,746)	$	—	$	29,853	19
Total securities held-to-maturity	$	32,593	$	6	$	(2,746)	$	—	$	29,853	19

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	December 31, 2024
(dollars in thousands)	Amortized 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	$	29,931	$	73	$	(160)	$	—	$	29,844	12
U.S. government agency MBS	21,392		96		(617)		—		20,871		14
U.S. government agency CMO	48,051		23		(2,461)		—		45,613		42
State and municipal securities	40,854		1		(4,159)		—		36,696		31
U.S. Treasuries	17,039		—		(1,589)		—		15,450		16
Non-U.S. government agency CMO	12,082		59		(412)		—		11,729		9
Corporate bonds	14,415		448		(762)		—		14,101		15
Total securities available-for-sale	$	183,764	$	700	$	(10,160)	$	—	$	174,304	139

(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	$	33,771	$	7	$	(3,286)	$	—	$	30,492	19
Total securities held-to-maturity	$	33,771	$	7	$	(3,286)	$	—	$	30,492	19

Although the Corporation’s investment portfolio overall is in a net unrealized loss position at September 30, 2025, the temporary impairment in the above noted securities is primarily the result of changes in market interest rates subsequent to purchase and it is more likely than not that the Corporation will not be required to sell these securities prior to recovery to satisfy liquidity needs, and therefore, no securities warranted an ACL.

The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at the dates indicated:


	September 30, 2025
	Less than 12 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	$	7,579	$	(82)	$	8,382	$	(208)	$	15,961	$	(290)
U.S. government agency MBS	986		(1)		8,350		(261)		9,336		(262)
U.S. government agency CMO	9,454		(67)		24,992		(1,560)		34,446		(1,627)
State and municipal securities	1,196		(4)		34,811		(3,989)		36,007		(3,993)
U.S. Treasuries	—		—		16,068		(972)		16,068		(972)
Non-U.S. government agency CMO	513		—		5,421		(233)		5,934		(233)
Corporate bonds	—		—		6,295		(404)		6,295		(404)
Total securities available-for-sale	$	19,728	$	(154)	$	104,319	$	(7,627)	$	124,047	$	(7,781)

	Less than 12 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	$	3,094	$	(126)	$	24,567	$	(2,620)	$	27,661	$	(2,746)
Total securities held-to-maturity	$	3,094	$	(126)	$	24,567	$	(2,620)	$	27,661	$	(2,746)

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	December 31, 2024
	Less than 12 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	$	12,708	$	(56)	$	3,568	$	(104)	$	16,276	$	(160)
U.S. government agency MBS	5,773		(183)		9,050		(434)		14,823		(617)
U.S. government agency CMO	22,351		(506)		18,876		(1,955)		41,227		(2,461)
State and municipal securities	—		—		35,199		(4,159)		35,199		(4,159)
U.S. Treasuries	—		—		15,450		(1,589)		15,450		(1,589)
Non-U.S. government agency CMO	1,403		(12)		5,204		(400)		6,607		(412)
Corporate bonds	1,688		(41)		7,479		(721)		9,167		(762)
Total securities available-for-sale	$	43,923	$	(798)	$	94,826	$	(9,362)	$	138,749	$	(10,160)

	Less than 12 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	$	1,048	$	(15)	$	27,271	$	(3,271)	$	28,319	$	(3,286)
Total securities held-to-maturity	$	1,048	$	(15)	$	27,271	$	(3,271)	$	28,319	$	(3,286)

As of September 30, 2025, substantially all of the Corporation’s available-for-sale investment securities were mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S. government-sponsored entities and agencies. As of September 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity.

The amortized cost and carrying value of securities are shown below by contractual maturities at the dates indicated. Actual maturities may differ from contractual maturities as issuers may have the right to call or repay obligations with or without call or prepayment penalties.


	September 30, 2025
	Available-for-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	22,748		21,613		2,965		2,832
Due after five years through ten years	22,107		22,175		5,769		5,032
Due after ten years	60,442		56,637		23,859		21,989
Subtotal	105,297		100,425		32,593		29,853
Mortgage-related securities	95,385		93,843		—		—
Total	$	200,682	$	194,268	$	32,593	$	29,853

There were sales of investment securities available for sale for the three and nine months ended September 30, 2025 totalling $2.5 million with $65 thousand in gross gains and $17 thousand in gross losses recognized. There were sales of investment securities available for sale for the three and nine month ended September 30, 2024 totaling $16.0 million with $57 thousand in gross losses recognized.

ACL on Securities AFS and HTM

We use credit ratings quarterly and the most recent financial information of securities' issuers annually to help evaluate the credit quality of our securities AFS and HTM portfolios on a quarterly basis. The securities portfolio consists primarily of U.S. government treasuries and U.S. government agency asset backed securities which have no probability of default. The remaining portfolio consists of highly rated municipal bonds, non-agency CMO, and corporate bonds that have a low probability of default.

For the three and nine months ended September 30, 2025 and 2024, we had no significant ACL or provision expense and no charge-offs or recoveries on AFS or HTM securities.

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Pledged Securities

As of September 30, 2025 and December 31, 2024, securities having a carrying value of $69.2 million and $43.3 million, respectively, were specifically pledged as collateral for public funds, the FRB discount window program, FHLB borrowings and other purposes. The FHLB has a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB.

(4) Loans and Other Finance Receivables

The following table presents loans and other finance receivables detailed by category at the dates indicated:


(dollars in thousands)	September 30, 2025		December 31, 2024
Real estate loans:
Commercial mortgage	$	872,497	$	823,976
Home equity lines and loans	105,109		90,721
Residential mortgage	260,495		252,565
Construction	315,095		259,553
Total real estate loans	1,553,196		1,426,815
Commercial and industrial	418,069		367,366
Small business loans	137,894		155,775
Consumer	336		349
Leases, net	49,766		75,987
Total loans and other finance receivables	$	2,159,261	$	2,026,292





Balances included in loans and other finance receivables, net of fees and costs:
Residential mortgage real estate loans accounted under fair value option, at fair value	$	14,454	$	14,501
Residential mortgage real estate loans accounted under fair value option, at amortized cost	16,312		16,543
Unearned lease income included in leases, net	(5,096)		(9,057)
Unamortized deferred loan origination costs, net of deferred fees	3,584		4,145

Fair Value Option for Residential Mortgage Real Estate Loans

Residential mortgage real estate loans that were originated by the Corporation and intended for sale in the secondary market to permanent investors, but were either repurchased or unsalable due to defect, and that the Corporation has the ability and intent to hold for the foreseeable future or until maturity or payoff are carried at fair value pursuant to the Corporation's election of the fair value option for these loans. The remaining loans, net of fees and costs are stated at their outstanding unpaid principal balances, net of deferred fees or costs, since the original intent for these loans was to hold them until payoff or maturity.

Nonaccrual and Past Due Loans and Other Finance Receivables

The following tables present an aging of the Corporation’s loans and other finance receivables at the dates indicated:


	September 30, 2025
(dollars in thousands)	30-59 days past due		60-89 days past due		90+ days past due and still accruing		Total past due		Current		Total accruing		Nonaccrual		Total loans and other finance receivables		% Delinquent
Commercial mortgage	$	114	$	426	$	—	$	540	$	870,716	$	871,256	$	1,241	$	872,497	0.20	%
Home equity lines and loans	69		—		480		549		102,977		103,526		1,583		105,109		2.03
Residential mortgage (1)	—		339		—		339		249,806		250,145		10,350		260,495		4.10
Construction	—		—		—		—		304,787		304,787		10,308		315,095		3.27
Commercial and industrial	—		—		—		—		410,231		410,231		7,838		418,069		1.87
Small business loans (2)	119		—		—		119		116,519		116,638		21,256		137,894		15.50
Consumer	—		—		—		—		336		336		—		336		—
Leases, net	354		568		—		922		46,543		47,465		2,301		49,766		6.48	%
Total	$	656	$	1,333	$	480	$	2,469	$	2,101,915	$	2,104,384	$	54,877	$	2,159,261	2.66	%

(1) Includes $14.5 million of loans at fair value of which $14.5 million are current, $0 are 30-89 days past due and $510 thousand are nonaccrual.

(2) Includes $11.8 million of loans within nonaccrual category that are guaranteed by the SBA.

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	December 31, 2024
(dollars in thousands)	30-59 days past due		60-89 days past due		Total past due		Current		Total accruing		Nonaccrual		Total loans and other finance receivables		% Delinquent
Commercial mortgage	$	1,290	$	—	$	1,290	$	821,877	$	823,167	$	809	$	823,976	0.25	%
Home equity lines and loans	176		154		330		88,675		89,005		1,716		90,721		2.26
Residential mortgage (1)	3,259		—		3,259		241,406		244,665		7,900		252,565		4.42
Construction	1,000		—		1,000		249,940		250,940		8,613		259,553		3.70
Commercial and industrial	—		—		—		355,400		355,400		11,966		367,366		3.26
Small business loans (2)	1,351		—		1,351		142,154		143,505		12,270		155,775		8.74
Consumer	—		—		—		349		349		—		349		—
Leases, net	1,046		457		1,503		72,633		74,136		1,851		75,987		4.41
Total	$	8,122	$	611	$	8,733	$	1,972,434	$	1,981,167	$	45,125	$	2,026,292	2.66	%

(1) Includes $14.5 million of loans at fair value of which $13.7 million are current, $473 thousand are 30-89 days past due and $340 thousand are nonaccrual.

(2) Includes $6.2 million of loans within nonaccrual category that are guaranteed by the SBA.

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

Foreclosed and Repossessed Assets

At September 30, 2025 and December 31, 2024, there were 9 and 4 consumer mortgage loans, respectively, secured by residential real estate properties (included in loans, net of fees and costs on the Consolidated Balance Sheets) totaling $2.5 million and $1.3 million, respectively, for which formal foreclosure proceedings were in process.

During the nine months ended September 30, 2025 the Corporation foreclosed on a commercial real estate property in partial satisfaction of a non-performing commercial loan relationship and repossessed a billboard asset from a separate commercial loan relationship. These assets were reclassified into OREO and other repossessed assets, respectively, on the balance sheet at September 30, 2025. The repossessed billboard was transferred into other repossessed assets with a value of $2.4 million, after consideration of estimated costs to sell, while the foreclosed real estate was transferred into OREO with a value of $1.3 million, after consideration of estimated costs to sell. The balance of repossessed assets as of December 31, 2024 largely consisted of a residential property, that was subsequently sold in the second quarter of 2025.

Risks and Uncertainties

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

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Past Due and Nonaccrual Status

The following tables presents the amortized costs basis of loans and other finance receivables on nonaccrual status and 90 days or more past due and still accruing, net of fees and costs as of September 30, 2025 and December 31, 2024. As of September 30, 2025 there was one loan of $480 thousand that was 90+ days past due and still accruing interest, and no loans or other finance receivables 90 days or more past due and still accruing as of December 31, 2024.


	September 30, 2025						December 31, 2024
(dollars in thousands)	Nonaccrual without ACL		Nonaccrual with ACL		Total nonaccrual		Nonaccrual without ACL		Nonaccrual with ACL		Total nonaccrual
Commercial mortgage	$	1,241	$	—	$	1,241	$	809	$	—	$	809
Home equity lines and loans	1,583		—		1,583		1,716		—		1,716
Residential mortgage	8,770		1,580		10,350		7,518		382		7,900
Construction	4,296		6,012		10,308		8,613		—		8,613

Commercial and industrial	6,391		1,447		7,838		9,166		2,800		11,966
Small business loans	16,127		5,129		21,256		8,179		4,091		12,270
Leases, net	—		2,301		2,301		—		1,851		1,851
Total	$	38,408	$	16,469	$	54,877	$	36,001	$	9,124	$	45,125

The decrease in commercial and industrial nonaccrual loans with ACL relates to the repossession of property on a protracted commercial advertising loan relationship, combined with the foreclosure of a piece of real estate on another commercial loan. While the increase in nonaccrual SBA loans without ACL relates to additional risk rating downgrades leading to non-performing classification in the SBA loan portfolio.

Collateral-dependent Loans

The following tables presents the amortized cost basis of non-accruing collateral-dependent loans and other finance receivables by class as of September 30, 2025 and December 31, 2024 under the current expected credit loss model:


	September 30, 2025						December 31, 2024
(dollars in thousands)	Real estate		Equipment and other		Total		Real estate		Equipment and other		Total
Commercial mortgage	$	1,241	$	—	$	1,241	$	809	$	—	$	809
Home equity lines and loans	1,583		—		1,583		1,716		—		1,716
Residential mortgage	10,350		—		10,350		7,900		—		7,900
Construction	10,308		—		10,308		8,613		—		8,613
Commercial and industrial	2,376		5,462		7,838		1,344		10,622		11,966
Small business loans	15,737		5,519		21,256		10,164		2,106		12,270

Total	$	41,595	$	10,981	$	52,576	$	30,546	$	12,728	$	43,274

(5) Allowance for Credit Losses

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

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Roll-Forward of ACL by Portfolio Segment

The following tables provide the activity of our allowance for credit losses for the three and nine months ended September 30, 2025 and September 30, 2024 under the CECL model in accordance with ASC 326:


	Three Months Ended September 30, 2025
(dollars in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (recovery of provision) for credit losses		Ending balance
Commercial mortgage	$	3,411	$	—	$	—	$	385	$	3,796
Home equity lines and loans	1,264		—		1		76		1,341
Residential mortgage	1,097		—		—		208		1,305
Construction	1,581		—		—		224		1,805
Commercial and industrial	3,653		(847)		55		975		3,836
Small business loans	7,837		(997)		4		1,462		8,306
Consumer	—		(4)		1		3		—
Leases	2,008		(273)		153		(483)		1,405
Total	$	20,851	$	(2,121)	$	214	$	2,850	$	21,794


	Nine Months Ended September 30, 2025
(dollars in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (recovery of provision) for credit losses		Ending balance
Commercial mortgage	$	3,469	$	—	$	—	$	327	$	3,796
Home equity lines and loans	1,147		—		4		190		1,341
Residential mortgage	1,021		—		2		282		1,305
Construction	923		(738)		—		1,620		1,805
Commercial and industrial	3,098		(3,135)		83		3,790		3,836
Small business loans	6,304		(3,426)		36		5,392		8,306
Consumer	—		(11)		3		8		—
Leases	2,476		(1,798)		641		86		1,405
Total	$	18,438	$	(9,108)	$	769	$	11,695	$	21,794

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	Three Months Ended September 30, 2024
(dollars in thousands)	Beginning Balance		Initial PCD on purchased loan		Charge-offs		Recoveries		Provision (recovery of provision) for credit losses		Ending balance
Commercial mortgage	$	3,676	$	—	$	—	$	—	$	(33)	$	3,643
Home equity lines and loans	1,114		—		—		1		(10)		1,105
Residential mortgage	1,059		—		—		—		(78)		981
Construction	591		—		—		—		(12)		579
Commercial and industrial	4,811		574		(107)		—		601		5,879
Small business loans	7,498		—		(1,104)		41		732		7,167
Consumer	—		—		(2)		1		1		—
Leases	2,954		—		(1,227)		109		775		2,611
Total	$	21,703	$	574	$	(2,440)	$	152	$	1,976	$	21,965


	Nine Months Ended September 30, 2024
(dollars in thousands)	Beginning Balance		Initial PCD on purchased loan		Charge-offs		Recoveries		Provision (recovery of provision) for credit losses		Ending balance
Commercial mortgage	$	4,375	$	—	$	—	$	—	$	(732)	$	3,643
Home equity lines and loans	998		—		(86)		29		164		1,105
Residential mortgage	1,020		—		—		—		(39)		981
Construction	485		—		—		—		94		579
Commercial and industrial	4,518		574		(1,935)		2		2,720		5,879
Small business loans	7,005		—		(2,583)		108		2,637		7,167
Consumer	—		—		(3)		3		—		—
Leases	3,706		—		(4,629)		382		3,152		2,611
Total	$	22,107	$	574	$	(9,236)	$	524	$	7,996	$	21,965

Reconciliation of Provision for Credit Losses

The following table provides a reconciliation of the provision for credit losses on the consolidated statements of income between the funded and unfunded components at the dates indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2025		2024		2025		2024
Provision for credit losses - funded loans	$	2,850	$	1,976	$	11,695	$	7,996
Provision (recovery) for credit losses - unfunded loans	—		306		170		(168)
Total provision for credit losses	$	2,850	$	2,282	$	11,865	$	7,828

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Allowance Allocated by Portfolio Segment

The following tables detail the allocation of the ACL and the carrying value for loans and other finance receivables by portfolio segment based on the methodology used to evaluate the loans and other finance receivables at the dates indicated:


	September 30, 2025
	Allowance for credit losses						Carrying value
(dollars in thousands)	Individually evaluated		Collectively evaluated		Total		Individually evaluated		Collectively evaluated		Total
Commercial mortgage	$	292	$	3,504	$	3,796	$	1,241	$	871,256	$	872,497
Home equity lines and loans	—		1,341		1,341		1,583		103,526		105,109
Residential mortgage	125		1,180		1,305		9,840		236,201		246,041
Construction	—		1,805		1,805		10,308		304,787		315,095
Commercial and industrial	818		3,018		3,836		7,838		410,231		418,069
Small business loans	2,111		6,195		8,306		21,256		116,638		137,894
Consumer	—		—		—		—		336		336
Leases, net	—		1,405		1,405		—		49,766		49,766
Total	$	3,346	$	18,448	$	21,794	$	52,066	$	2,092,741	$	2,144,807

(1) Excludes deferred fees and loans carried at fair value.


	December 31, 2024
	Allowance for credit losses						Carrying value
(dollars in thousands)	Individually evaluated		Collectively evaluated		Total		Individually evaluated		Collectively evaluated		Total
Commercial mortgage	$	—	$	3,469	$	3,469	$	809	$	823,167	$	823,976
Home equity lines and loans	—		1,147		1,147		1,716		89,005		90,721
Residential mortgage	29		992		1,021		7,560		230,504		238,064
Construction	—		923		923		8,613		250,940		259,553
Commercial and industrial	855		2,243		3,098		11,966		355,400		367,366
Small business loans	1,808		4,496		6,304		12,270		143,505		155,775
Consumer	—		—		—		—		349		349
Leases, net	—		2,476		2,476		—		75,987		75,987
Total	$	2,692	$	15,746	$	18,438	$	42,934	$	1,968,857	$	2,011,791

(1) Excludes deferred fees and loans carried at fair value.

Credit Quality Indicators

As part of the process of determining the ACL to the different segments of the loan and other finance receivables portfolio, Management considers certain credit quality indicators. For the commercial mortgage, construction and commercial and industrial loan segments, periodic reviews of the individual loans are performed by Management. The results of these reviews are reflected in the risk grade assigned. These internally assigned grades are as follows:

•Pass – Considered to be satisfactory with no indications of deterioration.

•Special mention – Classified as special mention have a potential weakness that deserves Management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or of the institution’s credit position at some future date.

•Substandard – Classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

•Doubtful – Classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loan balances classified as doubtful have been reduced by partial charge-offs and are carried at their net realizable values.

Table of Contents

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


	September 30, 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	$	82,437	$	122,828	$	107,235	$	160,338	$	137,557	$	240,683	$	184	$	—	$	851,262
Special Mention	—		—		3,423		1,308		—		1,167		—		—		5,898
Substandard	—		—		200		8,127		—		7,010		—		—		15,337

Total	$	82,437	$	122,828	$	110,858	$	169,773	$	137,557	$	248,860	$	184	$	—	$	872,497
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction
Pass/Watch	$	63,309	$	132,743	$	37,291	$	16,831	$	3,503	$	8,339	$	—	$	32,141	$	294,157
Special Mention	—		211		—		—		—		—		—		—		211
Substandard	576		—		1,185		10,365		2,724		2,590		—		3,287		20,727

Total	$	63,885	$	132,954	$	38,476	$	27,196	$	6,227	$	10,929	$	—	$	35,428	$	315,095
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(738)	$	(738)

Commercial and industrial
Pass/Watch	$	66,558	$	66,204	$	16,788	$	18,013	$	9,783	$	22,696	$	—	$	191,195	$	391,237
Special Mention	—		—		—		161		3,939		—		—		4,274		8,374
Substandard	—		—		850		—		1,348		7,596		—		8,664		18,458

Total	$	66,558	$	66,204	$	17,638	$	18,174	$	15,070	$	30,292	$	—	$	204,133	$	418,069
Year-to-date gross charge-offs	$	(90)	$	(1,330)	$	(160)	$	(23)	$	(264)	$	—	$	—	$	(1,268)	$	(3,135)

Small business loans
Pass/Watch	$	25,867	$	18,083	$	19,050	$	17,354	$	10,291	$	9,565	$	—	$	10,103	$	110,313
Special Mention	—		199		77		—		34		—		—		50		360
Substandard	2,938		1,935		3,328		834		9,879		4,137		—		4,170		27,221

Total	$	28,805	$	20,217	$	22,455	$	18,188	$	20,204	$	13,702	$	—	$	14,323	$	137,894
Year-to-date gross charge-offs	$	—	$	(432)	$	(550)	$	(233)	$	(692)	$	(944)	$	—	$	(575)	$	(3,426)

Total by risk rating
Pass/Watch	$	238,171	$	339,858	$	180,364	$	212,536	$	161,134	$	281,283	$	184	$	233,439	$	1,646,969
Special Mention	—		410		3,500		1,469		3,973		1,167		—		4,324		14,843
Substandard	3,514		1,935		5,563		19,326		13,951		21,333		—		16,121		81,743

Total	$	241,685	$	342,203	$	189,427	$	233,331	$	179,058	$	303,783	$	184	$	253,884	$	1,743,555
Total year-to-date gross charge-offs	$	(90)	$	(1,762)	$	(710)	$	(256)	$	(956)	$	(944)	$	—	$	(2,581)	$	(7,299)

Table of Contents


	December 31, 2024												Revolving Loans Converted to Term Loans		Revolving Loans		Total
	Term Loans and Other Finance Receivables
(dollars in thousands)	2024		2023		2022		2021		2020		Prior
Commercial mortgage
Pass/Watch	$	118,289	$	99,971	$	162,831	$	140,046	$	92,705	$	184,157	$	511	$	189	$	798,699
Special Mention	—		3,471		11,258		972		47		767		667		—		17,182
Substandard	—		200		30		—		4,681		3,184		—		—		8,095

Total	$	118,289	$	103,642	$	174,119	$	141,018	$	97,433	$	188,108	$	1,178	$	189	$	823,976
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction
Pass/Watch	$	89,417	$	61,040	$	38,315	$	10,935	$	7,015	$	4,229	$	123	$	34,613	$	245,687
Special Mention	160		1,185		2,948		—		—		—		—		—		4,293
Substandard	—		—		1,277		1,605		516		2,608		—		3,567		9,573

Total	$	89,577	$	62,225	$	42,540	$	12,540	$	7,531	$	6,837	$	123	$	38,180	$	259,553
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial and industrial
Pass/Watch	$	81,352	$	23,658	$	16,844	$	15,634	$	8,499	$	23,220	$	—	$	162,980	$	332,187
Special Mention	—		850		2,599		438		—		—		—		2,455		6,342
Substandard	—		115		3,813		2,365		—		9,978		—		12,566		28,837

Total	$	81,352	$	24,623	$	23,256	$	18,437	$	8,499	$	33,198	$	—	$	178,001	$	367,366
Year-to-date gross charge-offs	$	(351)	$	(1,136)	$	(41)	$	—	$	—	$	(1,324)	$	—	$	(3,515)	$	(6,367)

Small business loans
Pass/Watch	$	35,720	$	23,714	$	24,446	$	22,800	$	6,699	$	6,226	$	—	$	13,818	$	133,423
Special Mention	—		425		507		2,335		1,332		—		—		—		4,599
Substandard	—		1,804		1,294		8,481		4,085		—		—		2,089		17,753

Total	$	35,720	$	25,943	$	26,247	$	33,616	$	12,116	$	6,226	$	—	$	15,907	$	155,775
Year-to-date gross charge-offs	$	—	$	(118)	$	(1,986)	$	(1,064)	$	(352)	$	—	$	—	$	(780)	$	(4,300)

Total by risk rating
Pass/Watch	$	324,778	$	208,383	$	242,436	$	189,415	$	114,918	$	217,832	$	634	$	211,600	$	1,509,996
Special Mention	160		5,931		17,312		3,745		1,379		767		667		2,455		32,416
Substandard	—		2,119		6,414		12,451		9,282		15,770		—		18,222		64,258

Total	$	324,938	$	216,433	$	266,162	$	205,611	$	125,579	$	234,369	$	1,301	$	232,277	$	1,606,670
Total year-to-date gross charge-offs	$	(351)	$	(1,254)	$	(2,027)	$	(1,064)	$	(352)	$	(1,324)	$	—	$	(4,295)	$	(10,667)

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

Table of Contents

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


	September 30, 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	$	825	$	661	$	249	$	605	$	208	$	3,247	$	97,251	$	103,046
Nonperforming	—		—		—		—		91		342		1,630		2,063
Total	$	825	$	661	$	249	$	605	$	299	$	3,589	$

Meridian Corp 10-Q