Exhibit 99.1

Meridian Corporation Reports Second Quarter 2023 Results and Announces a Quarterly Dividend of $0.125 per Common Share.

MALVERN, PA., July 28, 2023 — Meridian Corporation (Nasdaq: MRBK) today reported:

•Net income of $4.6 million and diluted earnings per share of $0.41 for the second quarter ended June 30, 2023.

•Return on average assets and return on average equity for the second quarter of 2023 were 0.86% and 12.08%, respectively.

•Net interest margin was 3.33% for the second quarter of 2023, with loan yield of 6.89%.

•Total assets at June 30, 2023 were $2.2 billion, compared to $2.2 billion at March 31, 2023 and $1.9 billion at June 30, 2022.

•Second quarter commercial loan growth was $27.4 million, or 7.2% annualized; residential and home equity loans increased by $14.2 million on a combined basis, or 18.9% annualized.

•Second quarter deposit growth was $12.2 million, or 2.8% annualized.

•Non-interest bearing deposits were up $6.5 million, or 10% annualized.

•The Company repurchased 127,849 shares of its common stock at an average price of $12.21 per share during the second quarter. The repurchase plan expired mid April.

•On July 27, 2023, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable August 21, 2023 to shareholders of record as of August 14, 2023.

Christopher J. Annas, Chairman and CEO commented “Meridian’s second quarter revenue of $43.0 million generated earnings of $4.6 million, or $0.41 per diluted share. Annual loan growth in the core CRE, C&I and SBA portfolios are expected to again approach 15%. These groups also bring deposits and other referrals, which enhances overall yields. Construction lending for residential and multi-family is still robust because of high demand, as for-sale homes are at historical lows. Credit has not deteriorated meaningfully in any segment and we remain diligent with our credit process and diversification."

Mr. Annas added, "Total business deposits increased to 58% of total deposits, with non-interest bearing accounts up in the quarter by 10% on annualized basis. The margin was down from the prior quarter mostly due to higher deposit expense, as customers have increasing awareness of rate moves. The historical lag effect is gone. We have adjusted well to the tumultuous environment created by the historic Federal Reserve interest rate moves, but the impact on margins continues. We are well positioned for a rise or fall and will not bet on either event.

The mortgage segment is following the historical seasonal pattern, as operations improved throughout the quarter. Despite increased hiring of mortgage loan officers, the lack of homes for sale limits production. Another factor is the thousands of homes purchased by investors and private equity over the past 10 years, being rented and not available for sale. We will continue to monitor the impact of market conditions on our mortgage operations and are prepared to make further adjustments if warranted."

Mr. Annas concluded, "Our exceptional growth results from being highly visible in our regions, and being the preferred bank in the Delaware Valley. We are focusing less on opportunities that do not bring other business, such as portfolio mortgages or equipment leases."

1

Exhibit 99.1

Select Condensed Financial Information

	As of or for the quarter ended (Unaudited)
	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
	(Dollars in thousands, except per share data)
Income:
Net income	$	4,645		$	4,021		$	4,557		$	5,798		$	5,938
Basic earnings per common share	0.42			0.36			0.40			0.49			0.49
Diluted earnings per common share	0.41			0.34			0.39			0.48			0.48
Net interest income	17,098			17,677			18,518			18,026			17,551
Balance Sheet:
Total assets	$	2,206,877		$	2,229,783		$	2,062,228		$	1,921,924		$	1,853,019
Loans, net of fees and costs	1,859,839			1,818,189			1,743,682			1,610,349			1,518,893
Total deposits	1,782,605			1,770,413			1,712,479			1,673,553			1,568,014
Non-interest bearing deposits	269,174			262,636			301,727			290,169			291,925
Stockholders' equity	153,962			153,049			153,280			151,161			156,087
Balance Sheet (Average Balances):
Total assets	$	2,166,575		$	2,088,599		$	1,962,915		$	1,868,194		$	1,811,335
Total interest earning assets	2,070,640			1,995,460			1,877,967			1,791,255			1,736,547
Loans, net of fees and costs	1,847,736			1,783,322			1,674,215			1,565,861			1,484,696
Total deposits	1,775,444			1,759,571			1,698,597			1,597,648			1,567,325
Non-interest bearing deposits	266,675			296,037			312,297			295,975			296,521
Stockholders' equity	154,183			153,179			151,791			157,614			158,420
Performance Ratios (Annualized):
Return on average assets	0.86		%	0.78		%	0.92		%	1.23		%	1.31		%
Return on average equity	12.08		%	10.65		%	11.91		%	14.59		%	15.03		%

Income Statement - Second Quarter 2023 Compared to First Quarter 2023

Net income of $4.6 million, increased $624 thousand from $4.0 million for the first quarter driven by higher levels of non-interest income. Net interest income decreased $580 thousand, or 3.3%, on a tax equivalent basis due to a lower interest margin. Non-interest income increased $2.5 million or 37.5%, while non-interest expense increased $1.8 million, or 10.3%. Detailed explanations of the major categories of income and expense follow below.

2

Exhibit 99.1

Net Interest income

The rate/volume analysis table below analyzes dollar changes in the components of interest income and interest expense as they relate to the change in balances (volume) and the change in interest rates (rate) of tax-equivalent net interest income for the periods indicated and allocated by rate and volume. Changes in interest income and/or expense related to changes attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of the change in each category.

	Quarter Ended
(dollars in thousands)	June 30, 2023		March 31, 2023		$ Change		% Change		Change due to rate		Change due to volume
Interest income:
Due from banks	$	275	$	215	$	60	27.9	%	$	35	$	25
Federal funds sold	3		2		1		50.0	%	1		—
Investment securities - taxable (1)	992		959		33		3.4	%	28		5
Investment securities - tax exempt (1)	426		430		(4)		(0.9)	%	22		(26)
Loans held for sale	407		217		190		87.6	%	15		175
Loans held for investment (1)	31,810		29,202		2,608		8.9	%	1,531		1,077
Total loans	32,217		29,419		2,798		9.5	%	1,546		1,252
Total interest income	33,913		31,025		2,888		9.3	%	1,632		1,256
Interest expense:
Interest-bearing demand deposits	$	1,840	$	1,855	$	(15)	(0.8)	%	$	227	$	(242)
Money market and savings deposits	5,371		4,477		894		20.0	%	874		20
Time deposits	6,812		5,115		1,697		33.2	%	1,029		668
Total deposits	14,023		11,447		2,576		22.5	%	2,130		446
Borrowings	2,129		1,237		892		72.1	%	72		820
Subordinated debentures	586		586		—		—	%	—		—
Total interest expense	16,738		13,270		3,468		26.1	%	2,202		1,266
Net interest income differential	$	17,175	$	17,755	$	(580)	(3.27)	%	$	(570)	$	(10)
(1) Reflected on a tax-equivalent basis.

Interest income increased $2.9 million on a tax equivalent basis, quarter-over-quarter, due to an extra day of interest earned in the period, as well as a higher yield on earning assets and higher levels of average earning assets. The yield on earnings assets rose 26 basis points during the period, while average earning assets increased by $75.2 million.

The yield on total loans increased 26 basis points and the yield on cash and investments increased 5 basis points combined, reflecting the impact on rates caused by the Federal Reserve’s monetary policy. Nearly $682 million in loans repriced during the quarter with an average increase of 41 basis points. Average total loans, excluding residential loans for sale, increased $64.4 million. Construction, commercial real estate, and small business loans, which increased $47.9 million on average, combined, made up the majority of the increase. Home equity loans and residential real estate loans held in portfolio increased $44.8 million on average, combined. Residential loans for sale increased $11.7 million.

Total interest expense increased $3.5 million, quarter-over-quarter, due primarily to market interest rate rises, and increases in both deposit and borrowing balances, as well as an extra day of interest. Interest expense on deposits increased $2.6 million as total average deposits increased $45.2 million and the cost of interest-bearing deposits increased 56 basis points to 3.73%. Interest expense on borrowings increased $892 thousand as total average short-term borrowings increased $63.1 million and the cost increased 22 basis points.

Net interest margin decreased 28 basis points to 3.33% for the second quarter from 3.61% for the first quarter, as the cost of funds outpaced the increase in yield on earnings assets. The margin was also affected by a reduction in average non-interest bearing deposits, which although have increased from March 31, 2023, were down on average by $29.4 million for the quarter.

The provision for credit losses decreased to $705 thousand for the second quarter from $1.4 million for the first quarter. The favorable decline of $694 thousand was largely due to a $467 thousand decline in charge-offs period over period, as well as the improvement in certain qualitative factors considered in our allowance for credit losses. As we are focusing on loan portfolios that provide other business opportunities and higher yields, we have put less emphasize on growing other portfolios and therefore certain qualitative factors were adjusted as growth in and concentration of our lease portfolio has diminished.

3

Exhibit 99.1

Non-interest income

The following table presents the components of non-interest income for the periods indicated:

	Quarter Ended
(Dollars in thousands)	June 30, 2023		March 31, 2023		$ Change		% Change
Mortgage banking income	$	5,050	$	3,272	$	1,778	54.3	%
Wealth management income	1,235		1,196		39		3.3	%
SBA loan income	1,767		713		1,054		147.8	%
Earnings on investment in life insurance	193		192		1		0.5	%
Net change in the fair value of derivative instruments	183		(69)		252		(365.2)	%
Net change in the fair value of loans held-for-sale	(199)		(1)		(198)		19800.0	%
Net change in the fair value of loans held-for-investment	(219)		117		(336)		(287.2)	%
Net gain on hedging activity	(1)		—		(1)		(100.0)	%
Net loss on sale of investment securities available-for-sale	(54)		—		(54)		(100.0)	%
Service charges	37		35		2		5.7	%
Other	1,132		1,183		(51)		(4.3)	%
Total non-interest income	$	9,124	$	6,638	$	2,486	37.5	%

Total non-interest income increased $2.5 million, or 37.5%, quarter-over-quarter. Mortgage banking income increased $1.8 million or 54.3% quarter-over-quarter, due to higher levels of loan originations. Although interest rates remain high, seasonality is a key factor in the increase in loan originations, which were $59 million over the prior quarter. Partially offsetting the increase in loan volume, the gain on sale margins decreased 25 basis points over the prior quarter. The fair value of loans held for sale, derivatives instruments and net gain on hedging activity increased $53 thousand in total.

SBA loan income increased $1.1 million, or 147.8%, over the prior quarter as more than double the amount of SBA loans were sold into the secondary market in the second quarter. $27.8 million of loans were sold in the quarter-ending June 30, 2023 at a gross margin of 7.0%, compared to $10.9 million in loans sold in the quarter-ending March 31, 2023 at a gross margin of 7.7%.

Wealth management income increased $39 thousand, or 3.3%, for the quarter-ended June 30, 2023 over the prior quarter due to an increase in the number of individual account customers, combined with the effect of market conditions on assets under management. Other non-interest income decreased $51 thousand, or 4.3%, over the prior quarter due largely to swap fee income recorded in the prior quarter that was not repeated in the current quarter.

Non-interest expense

The following table presents the components of non-interest expense for the periods indicated:

	Quarter Ended
(Dollars in thousands)	June 30, 2023		March 31, 2023		$ Change		% Change
Salaries and employee benefits	$	12,152	$	11,061	$	1,091	9.9	%
Occupancy and equipment	1,140		1,244		(104)		(8.4)	%
Professional fees	1,004		823		181		22.0	%
Advertising and promotion	1,091		861		230		26.7	%
Data processing and software	1,681		1,432		249		17.4	%
Pennsylvania bank shares tax	245		245		—		—	%
Other	2,302		2,123		179		8.4	%
Total non-interest expense	$	19,615	$	17,789	$	1,826	10.3	%

Salaries and employee benefits increased $1.1 million overall, with bank and wealth segments combined having increased $665 thousand, and the mortgage segment increased $426 thousand. Bank and wealth segment salaries and employee benefits were up due to incentive and stock based compensation. Mortgage related salaries and benefits were up quarter-over-quarter due to the variable nature of such expenses at this segment related to origination volume.

Professional fees increased $181 thousand during the current quarter as we incurred OREO expense relating to the expected disposition and sale of the property and non-performing loan workout expenses. Advertising and promotion expense increased $230 thousand from the prior quarter as community outreach efforts, business development activities and related promotional costs were higher in the second quarter. Data processing and software costs were up quarter-over-quarter driven by an increase in customer account volume. Other non-interest expense increased $179 thousand over the prior quarter due largely to an increase in FDIC insurance expense, which reflected the new 2 basis point increase in assessment.

4

Exhibit 99.1

Balance Sheet - June 30, 2023 Compared to March 31, 2023

As of June 30, 2023, total assets decreased $22.9 million, or 1.0%, to $2.2 billion from March 31, 2023. This decline in assets was due to a reduction in cash and investments in support if higher yielding loans. Interest-bearing cash decreased $63.7 million, or 63.7%, to $36.3 million as of June 30, 2023 from March 31, 2023. Investments available for sale decreased $16.3 million, or 11.4%, as we sold $15.4 million in investments available for sale in the second quarter.

Portfolio loan growth was $41.7 million, or 2.3% quarter-over-quarter. Commercial mortgage loans increased $31.2 million, or 5.1%, construction loans increased $18.7 million, or 7.0%, residential real estate loans held in portfolio increased $9.0 million, or 3.8%, while home equity lines and loans increased $5.2 million, or 8.3% as well. Partially offsetting portfolio loan growth were commercial loans which decreased $20.8 million, or 6.3%, due to the sale of $21.8 million in shared national credits, and lease financings that decreased $1.0 million, or 0.7% from March 31, 2023. Both decreases were the result of reallocation of funds to higher yielding and relationship- based portfolios.

Total deposits increased $12.2 million, or 0.7%, quarter-over-quarter. Noninterest-bearing deposits and money market accounts increased $6.5 million, and $62.6 million, respectively, during the period, while interest-bearing demand deposits decreased $76.7 million during the period. Most of the changes in the interest-bearing checking and the money market accounts came from municipal deposits. Time deposits increased $19.7 million, or 3.1%, from retail and wholesale efforts as customers opt for higher term interest rates.

Consolidated stockholders’ equity of the Corporation increased by $913 thousand from March 31, 2023, to $154.0 million as of June 30, 2023. Changes to equity for the current quarter included net income of $4.6 million, partially offset by a $952 thousand decline in other comprehensive income, dividends paid of $1.4 million, and share repurchases of $1.6 million. The Community Bank Leverage Ratio for the Bank was 9.22% at June 30, 2023.

The following table presents capital ratios of the Bank, unless otherwise noted, at the dates indicated:

	June 30, 2023		March 31, 2023
Stockholders' equity to total assets - Corporation	6.98	%	6.86	%
Tangible common equity to tangible assets - Corporation (1)	6.81	%	6.70	%
Tier 1 leverage ratio - Bank	9.22	%	7.65	%
Common tier 1 risk-based capital ratio - Bank	10.35	%	8.44	%
Tier 1 risk-based capital ratio - Bank	10.35	%	8.44	%
Total risk-based capital ratio - Bank	11.43	%	11.63	%
(1) See Non-GAAP reconciliation in the Appendix

Asset Quality Summary

The ratio of non-performing loans to total loans increased to 1.44% as of June 30, 2023, from 1.25% at March 31, 2023, while non-performing assets to total assets was 1.32% as of June 30, 2023, compared to 1.11% at March 31, 2023. There was $1.7 million in other real estate owned included in non-performing assets, the result of taking possession of a well collateralized residential real estate property at the prior year end. Total non-performing loans of $27.4 million as of June 30, 2023, increased $4.3 million from $23.1 million as March 31, 2023 due to downgrades of 4 SBA loans, 1 commercial loan and several small balance equipment leases as of June 30, 2023.

Meridian realized net charge-offs of 0.05% of total average loans for the quarter ended June 30, 2023, down from the quarter ended March 31, 2023 level of 0.08%. Net charge-offs for the quarter ended June 30, 2023 were $986 thousand, comprised of $1.2 million in charge-offs, with $169 thousand in recoveries for the quarter. While nearly all of the charge-offs for the quarter ended June 30, 2023 continue to be from small ticket equipment leases, the level of charge-offs in this portfolio declined by $689 thousand, while we also realized $149 thousand of recoveries related to the small ticket equipment lease portfolio.

The ratio of allowance for credit losses to total loans held for investment, excluding loans at fair value and PPP loans (a non-GAAP measure, see reconciliation in the Appendix), was 1.10% as of June 30, 2023 compared to 1.13% as of March 31, 2023. As of June 30, 2023 there were specific reserves of $2.6 million against non-performing loans, an increase from $2.5 million as of March 31, 2023 due to the establishment of a specific reserve on a commercial loan that was classified as a non-performing loan during the current quarter.

5

Exhibit 99.1

Bank Sector Concerns

Meridian is a regional community bank with loans and deposits that are well diversified in size, type, location and industry. We manage this diversification carefully, while avoiding concentrations in business lines. Meridian’s model continues to build on our strong and stable financial position, which serves our regional customers and communities with the banking products and services needed to help build their prosperity.

As a commercial bank, the majority of Meridian's deposit base is comprised of business deposits (58%), with consumer deposits amounting to 11% at June 30, 2023. Municipal deposits (8%) and brokered deposits (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 June 30, 2023, 63% of business accounts and 87% 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 23% at June 30, 2023.

Total balance sheet liquidity, which is derived from cash and investments, as well as salable commercial loans and residential mortgage loans held for sale, was $276.8 million at June 30, 2023, down from $317.8 million at March 31, 2023. Meridian maintains a high-quality investment bond portfolio comprised of U.S Treasuries, government agencies, government agency mortgage-backed securities, and general obligation municipal securities with an average duration of 4 years. Meridian’s investment portfolio represented 7.5% of total assets at June 30, 2023, compared to 8.1% at March 31, 2023. Total cash at June 30, 2023 was $47 million compared to $109 million at March 31, 2023 and $37.1 million at June 30, 2022.

Meridian also maintains borrowing arrangements with various correspondent banks to meet short-term liquidity needs and has access to approximately $853.3 million in liquidity from numerous sources, including its borrowing capacity with the FHLB and other financial institutions, as well as funding through the CDARS program or through brokered CD arrangements. In addition, the Bank is eligible to receive funds under the new Bank Term Funding Program ("BTFP") announced by the Federal Reserve. At June 30, 2023 Meridian elected to secure $33 million in borrowings from the Federal Reserve under the BTFP due to the favorable rate. Management believes that the above sources of liquidity provide Meridian with the necessary resources to meet its short-term and long-term funding requirements.

About Meridian Corporation

Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware and Maryland. Through more than 20 offices, including banking branches and mortgage locations, Meridian offers a full suite of financial products and services. Meridian specializes in business and industrial lending, retail and commercial real estate lending, electronic payments, and wealth management solutions through Meridian Wealth Partners. Meridian also offers a broad menu of high-yield depository products supported by robust online and mobile access. For additional information, visit our website at www.meridianbanker.com. Member FDIC.

“Safe Harbor” Statement

In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, the impact of the COVID-19 pandemic and government responses thereto; on the U.S. economy, including the markets in which we operate; actions that we and our customers take in response to these factors and the effects such actions have on our operations, products, services and customer relationships; and the risk that the Small Business Administration may not fund some or all Paycheck Protection Program (PPP) loan guaranties; increased competitive pressures; changes in the interest rate environment; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and the effects of inflation, a potential recession, among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2022 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Meridian Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Meridian Corporation or by or on behalf of Meridian Bank.

6

Exhibit 99.1

MERIDIAN CORPORATION AND SUBSIDIARIES

FINANCIAL RATIOS (Unaudited)

(Dollar amounts and shares in thousands, except per share amounts)

	Quarter Ended
	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Earnings and Per Share Data:
Net income	$	4,645		$	4,021		$	4,557		$	5,798		$	5,938
Basic earnings per common share	$	0.42		$	0.36		$	0.40		$	0.49		$	0.49
Diluted earnings per common share	$	0.41		$	0.34		$	0.39		$	0.48		$	0.48
Common shares outstanding	11,178			11,305			11,466			11,689			12,074
Performance Ratios:
Return on average assets	0.86		%	0.78		%	0.92		%	1.23		%	1.31		%
Return on average equity	12.08			10.65			11.91			14.59			15.03
Net interest margin (tax-equivalent)	3.33			3.61			3.93			4.01			4.07
Yield on earning assets (tax-equivalent)	6.57			6.31			5.88			5.10			4.65
Cost of funds	3.39			2.83			2.07			1.17			0.61
Efficiency ratio	74.80		%	73.16		%	75.61		%	71.72		%	70.49		%
Asset Quality Ratios:
Net charge-offs (recoveries) to average loans	0.05		%	0.08		%	0.05		%	0.02		%	0.04		%
Non-performing loans to total loans	1.44			1.25			1.20			1.40			1.46
Non-performing assets to total assets	1.32			1.11			1.11			1.20			1.24
Allowance for credit losses to:
Total loans held for investment	1.09			1.12			1.08			1.18			1.24
Total loans held for investment (excluding loans at fair value and PPP loans) (1)	1.10			1.13			1.09			1.20			1.27
Non-performing loans	73.97		%	88.41		%	88.66		%	82.20		%	81.82		%
Capital Ratios:
Book value per common share	$	13.77		$	13.54		$	13.37		$	12.93		$	12.93
Tangible book value per common share	$	13.42		$	13.18		$	13.01		$	12.58		$	12.58
Total equity/Total assets	6.98		%	6.86		%	7.43		%	7.87		%	8.42		%
Tangible common equity/Tangible assets - Corporation (1)	6.81			6.70			7.25			7.67			8.22
Tangible common equity/Tangible assets - Bank (1)	8.54			8.26			8.80			9.61			10.17
Tier 1 leverage ratio - Corporation	7.46			7.65			8.13			8.54			8.87
Tier 1 leverage ratio - Bank	9.22			9.32			9.95			10.52			10.86
Common tier 1 risk-based capital ratio - Corporation	8.38			8.44			8.77			9.28			9.79
Common tier 1 risk-based capital ratio - Bank	10.35			10.27			10.73			11.44			11.98
Tier 1 risk-based capital ratio - Corporation	8.38			8.44			8.77			9.28			9.79
Tier 1 risk-based capital ratio - Bank	10.35			10.27			10.73			11.44			11.98
Total risk-based capital ratio - Corporation	11.49			11.63			12.05			12.80			13.50
Total risk-based capital ratio - Bank	11.43		%	11.41		%	11.87		%	12.70		%	13.33		%
(1) See Non-GAAP reconciliation in the Appendix

7

Exhibit 99.1

MERIDIAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollar amounts and shares in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30, 2023		March 31, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Interest income:
Loans and other finance receivables, including fees	$	32,215	$	29,417	$	19,120	$	61,632	$	36,339
Securities - taxable	992		959		525		1,951		951
Securities - tax-exempt	351		354		340		705		646
Cash and cash equivalents	278		217		52		495		65
Total interest income	33,836		30,947		20,037		64,783		38,001
Interest expense:
Deposits	14,023		11,447		1,818		25,470		3,107
Borrowings	2,715		1,823		668		4,538		1,308
Total interest expense	16,738		13,270		2,486		30,008		4,415
Net interest income	17,098		17,677		17,551		34,775		33,586
Provision for credit losses	705		1,399		602		2,104		1,217
Net interest income after provision for credit losses	16,393		16,278		16,949		32,671		32,369
Non-interest income:
Mortgage banking income	5,050		3,272		6,942		8,322		14,038
Wealth management income	1,235		1,196		1,254		2,431		2,558
SBA loan income	1,767		713		437		2,480		2,957
Earnings on investment in life insurance	193		192		137		385		275
Net change in the fair value of derivative instruments	183		(69)		(674)		114		(840)
Net change in the fair value of loans held-for-sale	(199)		(1)		268		(200)		(856)
Net change in the fair value of loans held-for-investment	(219)		117		(835)		(102)		(1,613)
Net gain on hedging activity	(1)		—		1,715		(1)		4,542
Net gain (loss) on sale of investment securities available-for-sale	(54)		—		—		(54)		—
Service charges	37		35		31		72		58
Other	1,132		1,183		1,128		2,315		2,386
Total non-interest income	9,124		6,638		10,403		15,762		23,505
Non-interest expense:
Salaries and employee benefits	12,152		11,061		12,926		23,213		28,224
Occupancy and equipment	1,140		1,244		1,176		2,384		2,428
Professional fees	1,004		823		913		1,827		1,761
Advertising and promotion	1,091		861		1,189		1,952		2,175
Data processing and software	1,681		1,432		1,308		3,113		2,497
Pennsylvania bank shares tax	245		245		212		490		411
Other	2,302		2,123		1,982		4,425		3,643
Total non-interest expense	19,615		17,789		19,706		37,404		41,139
Income before income taxes	5,902		5,127		7,646		11,029		14,735
Income tax expense	1,257		1,106		1,708		2,363		3,262
Net income	$	4,645	$	4,021	$	5,938	$	8,666	$	11,473
Basic earnings per common share	$	0.42	$	0.36	$	0.49	$	0.78	$	0.95
Diluted earnings per common share	$	0.41	$	0.34	$	0.48	$	0.75	$	0.92
Basic weighted average shares outstanding	11,062		11,272		11,998		11,167		12,022
Diluted weighted average shares outstanding	11,304		11,656		12,398		11,494		12,458

8

Exhibit 99.1

MERIDIAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)

(Dollar amounts and shares in thousands, except per share amounts)

	June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
Assets:
Cash and due from banks	$	10,576	$	8,473	$	11,299	$	12,114	$	8,280
Interest-bearing deposits at other banks	36,290		100,030		27,092		20,774		28,813
Cash and cash equivalents	46,866		108,503		38,391		32,888		37,093
Securities available-for-sale, at fair value	126,668		142,933		135,346		127,999		129,288
Securities held-to-maturity, at amortized cost	36,463		36,525		37,479		37,922		37,111
Equity investments	2,097		2,110		2,086		2,092		2,153
Mortgage loans held for sale, at fair value	40,422		35,701		22,243		33,800		58,938
Loans and other finance receivables, net of fees and costs	1,859,839		1,818,189		1,743,682		1,610,349		1,518,893
Allowance for credit losses	(20,242)		(20,442)		(18,828)		(18,974)		(18,805)
Loans and other finance receivables, net of the allowance for credit losses	1,839,597		1,797,747		1,724,854		1,591,375		1,500,088
Restricted investment in bank stock	9,157		10,173		6,931		5,217		4,719
Bank premises and equipment, net	13,234		13,281		13,349		12,835		12,185
Bank owned life insurance	28,440		28,247		28,055		22,916		22,778
Accrued interest receivable	7,651		7,651		7,363		6,008		5,108
Other real estate owned	1,703		1,703		1,703		—		—
Deferred income taxes	4,258		4,017		3,936		5,722		4,467
Servicing assets	12,193		12,125		12,346		12,807		12,860
Goodwill	899		899		899		899		899
Intangible assets	3,073		3,124		3,175		3,226		3,277
Other assets	34,156		25,044		24,072		26,218		22,055
Total assets	$	2,206,877	$	2,229,783	$	2,062,228	$	1,921,924	$	1,853,019
Liabilities:
Deposits:
Non-interest bearing	$	269,174	$	262,636	$	301,727	$	290,169	$	291,925
Interest bearing
Interest checking	155,907		232,616		219,838		236,562		205,298
Money market and savings deposits	710,546		647,904		697,564		709,127		728,886
Time deposits	646,978		627,257		493,350		437,695		341,905
Total interest-bearing deposits	1,513,431		1,507,777		1,410,752		1,383,384		1,276,089
Total deposits	1,782,605		1,770,413		1,712,479		1,673,553		1,568,014
Borrowings	194,636		233,883		122,082		23,458		59,136
Subordinated debentures	40,348		40,319		40,346		40,597		40,567
Accrued interest payable	5,612		3,836		2,389		1,154		146
Other liabilities	29,714		28,283		31,652		32,001		29,069
Total liabilities	2,052,915		2,076,734		1,908,948		1,770,763		1,696,932
Stockholders’ equity:
Common stock	13,181		13,180		13,156		13,144		13,139
Surplus	79,650		79,473		79,072		78,270		77,781
Treasury stock	(26,079)		(24,512)		(21,821)		(18,033)		(11,896)
Unearned common stock held by employee stock ownership plan	(1,403)		(1,403)		(1,403)		(1,602)		(1,602)
Retained earnings	99,434		96,180		95,815		92,405		87,815
Accumulated other comprehensive loss	(10,821)		(9,869)		(11,539)		(13,023)		(9,150)
Total stockholders’ equity	153,962		153,049		153,280		151,161		156,087
Total liabilities and stockholders’ equity	$	2,206,877	$	2,229,783	$	2,062,228	$	1,921,924	$	1,853,019

9

Exhibit 99.1

MERIDIAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SEGMENT INFORMATION (Unaudited)

(Dollar amounts and shares in thousands, except per share amounts)

	Three Months Ended
	June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
Interest income	$	33,836	$	30,947	$	27,763	$	22,958	$	20,037
Interest expense	16,738		13,270		9,245		4,932		2,486
Net interest income	17,098		17,677		18,518		18,026		17,551
Provision for credit losses	705		1,399		746		526		602
Non-interest income	9,124		6,638		7,996		10,224		10,403
Non-interest expense	19,615		17,789		20,047		20,261		19,706
Income before income tax expense	5,902		5,127		5,721		7,463		7,646
Income tax expense	1,257		1,106		1,164		1,665		1,708
Net Income	$	4,645	$	4,021	$	4,557	$	5,798	$	5,938
Basic weighted average shares outstanding	11,062		11,272		11,389		11,736		11,998
Basic earnings per common share	$	0.42	$	0.36	$	0.40	$	0.49	$	0.49
Diluted weighted average shares outstanding	11,304		11,656		11,795		12,118		12,398
Diluted earnings per common share	$	0.41	$	0.34	$	0.39	$	0.48	$	0.48

	Segment Information
	Three Months Ended June 30, 2023												Three Months Ended June 30, 2022
(dollars in thousands)	Bank			Wealth			Mortgage			Total			Bank			Wealth			Mortgage			Total
Net interest income	$	17,102		$	(29)		$	25		$	17,098		$	16,923		$	317		$	311		$	17,551
Provision for credit losses	705			—			—			705			602			—			—			602
Net interest income after provision	16,397			(29)			25			16,393			16,321			317			311			16,949
Non-interest income	2,508			1,235			5,381			9,124			1,159			1,254			7,990			10,403
Non-interest expense	12,325			889			6,401			19,615			10,624			822			8,260			19,706
Income (loss) before income taxes	$	6,580		$	317		$	(995)		$	5,902		$	6,856		$	749		$	41		$	7,646
Efficiency ratio	63		%	74		%	118		%	75		%	59		%	52		%	100		%	70		%
	Six Months Ended June 30, 2023												Six Months Ended June 30, 2022
(dollars in thousands)	Bank			Wealth			Mortgage			Total			Bank			Wealth			Mortgage			Total
Net interest income	$	34,721		$	3		$	51		$	34,775		$	32,533		$	411		$	642		$	33,586
Provision for credit losses	2,104			—			—			2,104			1,217			—			—			1,217
Net interest income after provision	32,617			3			51			32,671			31,316			411			642			32,369
Non-interest income	3,938			2,431			9,393			15,762			4,535			2,558			16,412			23,505
Non-interest expense	23,024			1,877			12,503			37,404			20,833			1,700			18,606			41,139
Income (loss) before income taxes	$	13,531		$	557		$	(3,059)		$	11,029		$	15,018		$	1,269		$	(1,552)		$	14,735
Efficiency ratio	60		%	77		%	132		%	74		%	56		%	57		%	109		%	72		%

10

MERIDIAN CORPORATION AND SUBSIDIARIES

APPENDIX: NON-GAAP MEASURES (Unaudited)

(Dollar amounts and shares in thousands, except per share amounts)

Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

	Allowance For Loan Losses to Loans, Net of Fees and Costs, Excluding PPP Loans and Loans at Fair Value
	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Allowance for credit losses (GAAP)	$	20,242		$	20,442		$	18,828		$	18,974		$	18,805
Loans, net of fees and costs (GAAP)	1,859,839			1,818,189			1,743,682			1,610,349			1,518,893
Less: PPP loans	(187)			(238)			(4,579)			(8,610)			(21,460)
Less: Loans fair valued	(14,403)			(14,434)			(14,502)			(14,702)			(16,212)
Loans, net of fees and costs, excluding loans at fair value and PPP loans (non-GAAP)	$	1,845,249		$	1,803,517		$	1,724,601		$	1,587,037		$	1,481,221
Allowance for credit losses to loans, net of fees and costs (GAAP)	1.09		%	1.12		%	1.08		%	1.18		%	1.24		%
Allowance for credit losses to loans, net of fees and costs, excluding PPP loans and loans at fair value (non-GAAP)	1.10		%	1.13		%	1.09		%	1.20		%	1.27		%

	Tangible Common Equity Ratio Reconciliation - Corporation
	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Total stockholders' equity (GAAP)	$	153,962		$	153,049		$	153,280		$	151,161		$	156,087
Less: Goodwill and intangible assets	(3,972)			(4,023)			(4,074)			(4,125)			(4,176)
Tangible common equity (non-GAAP)	149,990			149,026			149,206			147,036			151,911
Total assets (GAAP)	2,206,877			2,229,783			2,062,228			1,921,924			1,853,019
Less: Goodwill and intangible assets	(3,972)			(4,023)			(4,074)			(4,125)			(4,176)
Tangible assets (non-GAAP)	$	2,202,905		$	2,225,760		$	2,058,154		$	1,917,799		$	1,848,843
Tangible common equity to tangible assets ratio - Corporation (non-GAAP)	6.81		%	6.70		%	7.25		%	7.67		%	8.22		%

11

	Tangible Common Equity Ratio Reconciliation - Bank
	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Total stockholders' equity (GAAP)	$	192,209		$	187,954		$	185,039		$	188,386		$	192,212
Less: Goodwill and intangible assets	(3,972)			(4,023)			(4,074)			(4,125)			(4,176)
Tangible common equity (non-GAAP)	188,237			183,931			180,965			184,261			188,036
Total assets (GAAP)	2,208,252			2,229,721			2,059,557			1,921,714			1,852,998
Less: Goodwill and intangible assets	(3,972)			(4,023)			(4,074)			(4,125)			(4,176)
Tangible assets (non-GAAP)	$	2,204,280		$	2,225,698		$	2,055,483		$	1,917,589		$	1,848,822
Tangible common equity to tangible assets ratio - Bank (non-GAAP)	8.54		%	8.26		%	8.80		%	9.61		%	10.17		%
	Tangible Book Value Reconciliation
	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Book value per common share	$	13.77		$	13.54		$	13.37		$	12.93		$	12.93
Less: Impact of goodwill /intangible assets	0.35			0.36			0.36			0.35			0.35
Tangible book value per common share	$	13.42		$	13.18		$	13.01		$	12.58		$	12.58

12