What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-03-17 compared with 2024-03-15 · 22 added, 23 removed, 367 unchanged (11% of the section changed)

13 unchanged sentences

and Meridian Equipment Finance, LLC, an equipment leasing and other finance receivables company.

With these subsidiaries, the Corporation is organized into the following three lines of business.

With these subsidiaries, the Corporation is organized into the following three lines of business, or segments.

Commercial Banking

The first line of business is our traditional banking operations, serving both commercial and consumer customers.

The first line of business, or segment, is our traditional banking operations, serving both commercial and consumer customers.

We have a strong credit culture that promotes diversity of lending products with a focus on commercial businesses.

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The extensive backgrounds of our commercial real estate lending team, not only in banking, but also directly in the builder/developer fields, bring a unique perspective and ability to communicate and consider all elements of a project and related risk from the clients’ viewpoint as well as ours.

Mortgage Banking

The second line of business is mortgage banking.

Our mortgage consultants guide our clients through the complex process of obtaining a loan to meet consumer needs.

Originations consist of consumer for-sale mortgage loans, loans to be held within our portfolio, and wholesale mortgage loans.

Clients include homeowners and smaller scale investors.

The mortgage division operates and originates mortgage loans in the Delaware Valley tri-state market, and Maryland markets, most typically for 1-4 family dwellings, with the intention of selling substantially all of these loans in the secondary market to qualified investors, while often retaining the servicing rights on these loans.

Mortgages are originated through sales and marketing initiatives, as well as realtor, builder, bank, advertising and customer referral resources.

The mortgage division performs origination, processing, underwriting, closing and post-closing functions both from our Blue Bell mortgage headquarters with 5 other loan production offices in the Delaware Valley tri-state market, and from Maryland through our footprint of 3 other production/processing offices in the state.

Wealth Management and Advisory Services

4 unchanged sentences

Meridian Wealth offers a significant enhancement to both our capacity and the variety of tools we can use to help bring effective financial planning and wealth management services to a broad segment of customers.

Mortgage Banking

The third line of business is mortgage banking.

Our mortgage consultants guide our clients through the complex process of obtaining a loan to meet consumer needs.

Originations consist of consumer for-sale mortgage loans, loans to be held within our portfolio, and wholesale mortgage loans.

Clients include homeowners and smaller scale investors.

The mortgage segment operates and originates mortgage loans in the Delaware Valley tri-state market, and Maryland markets, most typically for 1-4 family dwellings, with the intention of selling substantially all of these loans in the secondary market to qualified investors, while often retaining the servicing rights on these loans.

Mortgages are originated through sales and marketing initiatives, as well as realtor, builder, bank, advertising and customer referral resources.

Meridian is headquartered in Malvern, PA, and has an operations center in Exton, PA, and six full-service branches in Philadelphia and surrounding counties.

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As an integrated full-service financial institution, approximately 61% of our employees are employed through our banking segment, 36% through our mortgage segment, and 3% for our wealth segment.

The safety of our employees has always been our top priority over the last few years due to the COVID-19 pandemic and this priority continues today.

A portion of our workforce continues to work remotely or on a hybrid work schedule.

Meridian is committed to giving back to our communities.

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This framework may materially affect our growth potential and financial performance and is intended primarily for the protection of depositors, customers, federal deposit insurance funds and the banking system as a whole, not for the protection of our shareholders and creditors.

The following discussion summarizes certain laws, regulations and policies to which Corporation and the Bank are subject.

The following discussion summarizes certain laws, regulations and policies to which Corporation and the Bank are currently subject to.

It does not address all applicable laws, regulations and policies that affect us currently or might affect us in the future.

36 unchanged sentences

In addition, the CBCA prohibits any entity from acquiring 25% (the BHC Act has a lower limit for acquirers that are existing bank holding companies) or more of a bank holding company’s or bank’s voting securities, or otherwise obtaining control or a controlling influence over a bank holding company or bank without the approval of the Federal Reserve.

On January 31, 2020, the Federal Reserve Board approved the issuance of a final rule (which became effective April 1, 2020) that clarifies and codifies the Federal Reserve’s standards for determining whether one company has control over another.

On January 31, 2020, the Federal Reserve Board

approved the issuance of a final rule (which became effective April 1, 2020) that clarifies and codifies the Federal Reserve’s standards for determining whether one company has control over another.

The final rule establishes four categories of tiered presumptions of non-control that are based on the percentage of voting shares held by the investor (less than 5%, 5-9.9%, 10-14.9% and 15-24.9%) and the presence of other indicia of control.

36 unchanged sentences

The risk-based guidelines are intended to make regulatory capital requirements sensitive to differences in credit and market risk profiles among banks and bank holding companies, to account for off-balance sheet exposure and to minimize disincentives for holding liquid assets.

weighted assets and (iv) 4% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”).

Under the Basel III Capital Rules, the minimum capital ratios are (i) 4.5% CET1 to risk-weighted assets, (ii) 6% Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk-weighted assets, (iii) 8% total capital (that is, Tier 1 capital plus Tier 2 capital) to risk-weighted assets and (iv) 4% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”).

The current Capital Rules also include a capital conservation buffer designed to absorb losses during periods of economic stress.

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Safety and Soundness Standards

The FDIA requires the federal banking agencies to prescribe standards, by regulations or guidelines, relating to internal controls, information systems and internal audit systems, loan documentation, credit underwriting, interest rate risk exposure, asset growth, asset quality, earnings, stock valuation and compensation, fees and benefits, and such other operational and managerial standards as the agencies deem appropriate.

agencies deem appropriate.

The federal banking agencies have adopted the Interagency Guidelines for Establishing Standards for Safety and Soundness.

3 unchanged sentences

In addition, the agencies adopted regulations that authorize, but do not require, an agency to order an institution that has been given notice by an agency that it is not satisfying all safety and soundness standards to submit a compliance plan.

action to correct the deficiency and may issue an order directing other actions of the types to which an undercapitalized institution may be subject under the FDIA.

If, after being so notified, an institution fails to submit an acceptable compliance plan or fails in any material respect to implement an acceptable compliance plan, the banking regulator must issue an order directing action to correct the deficiency and may issue an order directing other actions of the types to which an undercapitalized institution may be subject under the FDIA.

See “—Prompt Corrective Action Framework”.

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(ii) federal and state deposit concentration limits;

and (iii) any state law limitations requiring the merging bank to have been in existence for a minimum period of time (not to exceed five years) prior to the merger.

and (iii) any state law limitations requiring the merging bank to have been in existence for a minimum

period of time (not to exceed five years) prior to the merger.

The establishment of new interstate branches or the acquisition of individual branches of a bank in another state (rather than the acquisition of an out-of-state bank in its entirety) has historically been permitted only in those states the laws of which expressly authorize such expansion.

2 unchanged sentences

The Bank is subject to a number of federal and state consumer protection laws that extensively govern our relationship with our customers.

Financial Privacy Act, Telephone Consumer Protection Act, CAN-SPAM Act, and these laws’ respective state-law counterparts, as well as state usury laws and laws regarding unfair and deceptive acts and practices.

These laws include the ECOA, the Fair Credit Reporting Act, the TILA, the Truth in Savings Act, the Electronic Fund Transfer Act, the Expedited Funds Availability Act, the Home Mortgage Disclosure Act, the Fair Housing Act, the Real Estate Settlement Procedures Act, the Fair Debt Collection Practices Act, Fair Credit Reporting Act, the Service Members Civil Relief Act, the Right to Financial Privacy Act, Telephone Consumer Protection Act, CAN-SPAM Act, and these laws’ respective state-law counterparts, as well as state usury laws and laws regarding unfair and deceptive acts and practices.

These and other federal laws, among other things, require disclosures of the cost of credit and terms of deposit accounts, provide substantive consumer rights, prohibit discrimination in credit transactions, regulate the use of credit report information, provide financial privacy protections, restrict our ability to raise interest rates on extensions of credit and subject us to substantial regulatory oversight.

27 unchanged sentences

As required by the Dodd-Frank Act, the CFPB issued a series of final rules in January 2013 amending Regulation Z, implementing TILA, which requires mortgage lenders to make a reasonable and good faith determination, based on verified and documented information, that a consumer applying for a residential mortgage loan has a reasonable ability to repay the loan according to its terms.

These final rules prohibit creditors, such as the Bank, from extending residential mortgage loans without regard for the consumer’s ability to repay and add restrictions and requirements to residential mortgage origination and servicing practices.

These final rules prohibit creditors, such as the Bank, from extending residential mortgage loans without regard for the consumer’s ability to repay

and add restrictions and requirements to residential mortgage origination and servicing practices.

In addition, these rules restrict the imposition of prepayment penalties and restrict compensation practices relating to residential mortgage loan origination.

65 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business