Market Signal Briefing

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A crypto market analyst who correctly predicted gold’s price surge to new all-time highs and explosive rallies in the S&P 500 is now turning his focus toward Bitcoin (BTC). The analyst has officially declared Bitcoin the next bull run opportunity. His bold call and history of accuracy have left the crypto community eager to see where the cryptocurrency’s price heads next.

Bitcoin Now In Focus After Analyst Nails Gold And S&P Predictions 
In a post on X earlier this week, financial services veteran Mel Mattison announced that investors should start buying Bitcoin. The analyst believes BTC is entering a potentially bullish phase, suggesting that the pioneering cryptocurrency could be on the verge of a “massive run.”

Interestingly, this is not the first time Mattison has made such a bold call. Earlier this year, his predictions on gold and equities proved surprisingly accurate. In April, he had made a striking prediction about the S&P 500, urging investors to “buy now” and forecasting that the index would hit 7,000 within a year and 15,000 before the end of US President Donald Trump’s term. Since then, the S&P 500 has surged, validating Mattison’s aggressive bullish outlook. 

Source: Chart from Mel Mattison on X
Months later, in August, the financial service veteran encouraged investors to accumulate gold while its price was down and still consolidating, labeling it a rare long-term opportunity. He also detailed his moves by adding to January 2026 GLD call options at the 330 and 350 strike levels, explaining that the setup was ideal for a 6-12 month rally. Remarkably, his timing aligned perfectly with gold’s subsequent rally, which saw the precious metal break to new all-time highs. 

With his focus now on Bitcoin, Martian appears to be positioning the digital asset alongside gold and equities as the next major play in a global risk-on environment. His bullish calls align with other analysts who believe BTC could advance toward a new ATH this Q4. 

BTC Price Chart Mirrors Gold’s Legendary 1980s Surge
Sharing similar bullish sentiments, crypto market expert Merlijn the Trader has presented a striking technical comparison between Bitcoin’s current weekly chart and gold’s historical price action in the late 1970s. The analysis highlights a near-identical ascending channel formation, with BTC’s price action from 2023 to 2025 closely mirroring gold’s structure from 1976 to 1979. 

In the accompanying chart, Merlijn indicated that Bitcoin’s trajectory shows a clear consolidation within the same upward channel that preceded gold’s dramatic breakout to new all-time highs above $760 in 1980. The analyst explained that the cryptocurrency has accurately traced the rhythm, structure, and squeeze of this distinct bullish setup.  

Currently, Bitcoin’s price is situated at the upper end of the ascending channel, suggesting that a breakout could lead to a significant upward move that could mirror gold’s historic surge. While the analyst has not shared a specific price target for his bullish outlook, he remains confident that BTC is primed for a “legendary move” to new highs.

BTC trading at $109,754 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts.
Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

Jessie A Ellis
Oct 23, 2025 23:05

Bitcoin's recent fall through a crucial trendline raises concerns about the bull market's future, yet indicators suggest potential for a rally by year's end.

Bitcoin (BTC) has recently experienced a significant downturn, having breached a crucial trendline, casting doubt on the continuation of the current bull market. This development has raised concerns among investors and market analysts alike, as the cryptocurrency market grapples with uncertainty, according to CoinMarketCap.

Critical Trendline Breach
The breakdown of Bitcoin's critical trendline occurred a week ago, signaling potential bearish momentum. This trendline breach was confirmed shortly thereafter, leading many to speculate about the possible end of the bull market that has characterized much of 2025. Despite these developments, market watchers are keeping a close eye on indicators that may suggest a reversal and a rally towards the end of the year.

Potential for a Breakout
Recent analysis of Bitcoin's 4-hour chart indicates that the cryptocurrency's price action remains below two significant trendlines. Despite several retests, these trendlines have held firm against bullish attempts, barring a brief fakeout on Tuesday. However, on Thursday morning, BTC's price rebounded from the $108,000 horizontal support level, moving towards the intersection of these trendlines. The Stochastic RSI indicators have recently turned upwards, hinting at the possibility of a breakout later in the day.

Market Sentiment and Outlook
The current market sentiment remains cautious, with traders and investors closely monitoring technical indicators for signs of a potential rally. The broader cryptocurrency market has also been affected by macroeconomic factors, including regulatory developments and global economic conditions, which continue to influence Bitcoin's price movements.

As the year progresses, the cryptocurrency community remains hopeful that positive indicators could lead to a resurgence in Bitcoin's value. While the immediate future remains uncertain, the potential for a rally by the end of 2025 keeps investors engaged and optimistic about Bitcoin's long-term prospects.

For further insights and detailed analysis, the original report can be accessed on CoinMarketCap.

Image source: Shutterstock

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Dogecoin has spent the past several days trading around $0.19, holding relatively stable amid quiet volatility in the entire market. Dogecoin has spent the past few days trading within a tight range between $0.18 and $0.20, showing a slight increase in trading activity compared to last week. 

Although the price action has been mostly subdued, a new technical analysis suggests that a significant reversal could soon be underway, one that may send the Dogecoin price surging to at least $0.5 once momentum returns to the market.

Dogecoin In The Lower Band Of Its Long-Term Channel
Technical analysis of Dogecoin’s macro price chart shows the king of meme coins is now trading at a historical bullish momentum low. This analysis, which was posted on the social media platform X by crypto analyst EtherNasyonaL, looks at Dogecoin’s price action on the 3-month candlestick timeframe chart.

The analysis shows that Dogecoin is currently trading within a well-defined ascending channel that goes as far back as when it was created. As it stands, Dogecoin is now trading around the lower boundary of this channel. The flash crash earlier in the month created a downward wick that bounced off a confluence of supports right on this trendline.

Source: Chart from EtherNasyonaL on X
This long-term structure reveals a consistent pattern of Dogecoin bouncing back each time it reaches this lower band, with previous reversals leading to exponential rallies. The current setup mirrors the same early stages of recovery seen before the 2021 breakout that sent the Dogecoin price from below $0.1 to above $0.70.

EtherNasyonaL explained that Dogecoin’s momentum has now reached “historical lows,” with the Stochastic RSI confirming a bottoming phase similar to those seen before previous bull runs. Furthermore, the analyst described this period as a phase of “quiet, calm, yet determined recovery,” meaning that the market is gradually regaining strength beneath the surface.

Historical Bottom Means Price Bounce
The momentum oscillator displayed in EtherNasyonaL’s chart supports this outlook. The Stochastic RSI, which tracks the rate of change in momentum, is at its lowest level, even lower than before Dogecoin’s rally in 2021. If history repeats itself, Dogecoin could be entering the same type of accumulation phase that set the stage for its 2020/2021 rally.

This view is further supported by the positioning of the price within the ascending channel. With Dogecoin currently trading around the lower range, it effectively sets a technical foundation for another upward leg.

Should Dogecoin follow its established pattern, a rebound toward the midline of the channel would place its price at least at $0.5. A continued move upward would see Dogecoin break into new all-time highs above $0.9 and $1 in conservative projections.

At the time of writing, Dogecoin is trading at $0.1945, having increased by 1.9% in the past 24 hours.

DOGE trading at $0.19 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com

A $1.77 trillion asset manager, T. Rowe Price, filed with the SEC for an active crypto ETF, igniting a transformative wave in global investing by harnessing bitcoin, ether, solana, XRP, and more within a regulated digital framework. T.

Key Takeaways
Is SNX exhibiting strength against the wider market?
Its recovery after the crash on the 10th of October, rallying to $2.58, was impressive, but the past 24 hours showed SNX weakness relative to Bitcoin.

What are the key price levels to watch?
SNX bulls showed signs of exhaustion, but they must defend the $1-$1.2 demand zone and drive a price bounce beyond $1.83 to flip the 1-day timeframe’s structure bullishly.

Synthetix [SNX] saw a 9.3% price drop in the past 24 hours. Its daily trading volume has receded almost 30%, according to CoinMarketCap data.

It underperformed the wider crypto market, which has gained 0.94% in 24 hours.

Bitcoin [BTC] managed to defend the $108k support level in the short term, and BTC bulls were wrestling with the supply around $110k in an attempt to drive a rally.

The short-term weakness of Synthetix was a concern to holders and bullish traders.

On Monday, the 20th of October, the Amazon Web Services outage affected important crypto platforms, including Coinbase and its Layer 2 network Base.

This impacted SNX’s trading activity and liquidity, dragging prices lower.

It also highlighted the risks of centralized dependencies in crypto, feeding sell-offs. Technical analysis showed that SNX was approaching a demand zone at $1.2. Can the bulls regain control of the market?

Profit-taking activity forces SNX to retrace its rally
The $1 million trading competition announced in September led to increased demand for SNX tokens as participants tried to earn a place in the competition.

Even after the liquidation event on the 10th of October, Synthetix managed to rebound strongly.

Source: SNX/USDT on TradingView

The 1-day chart showed a bearish internal structure as SNX broke down beneath the previous week’s swing low at $1.32. It was trading just above the 78.6% Fibonacci retracement level at $1.26.

Just below it, the $1-$1.2 area marked a demand zone that sparked the most recent impulse move higher to $2.58.

The technical indicators gave mixed signals. The CMF was at -0.13 to show heavy capital flow out of the market. Seller dominance was likely to drive prices lower.

However, the DMI showed that the Synthetix token continued to trend bullishly. The CMF and the bearish internal structure overrule the DMI here. The $1.2 demand zone must be defended.

Santiment data revealed a large amount of dormant token movement over the past ten days. The daily active address count has also tanked compared to this wave of selling following the 10th of October.

The mean coin age was unable to climb higher. Together, the metrics showed a lack of accumulation from SNX holders.

The high percentage of supply in profit, combined with the dormant circulation uptick, was proof of profit-taking activity, throwing doubt on SNX’s potential to recover.

Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories.
His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity.
Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution.
As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.

President Trump’s pardon of CZ sent WLFI soaring over 14%, underscoring deep ties between Binance and the Trump crypto empire.A $2 billion MGX investment funneled through USD1 linked Binance and World Liberty Financial, boosting liquidity and annual yield.The pardon benefits all parties—Binance gains stability, WLFI profits from liquidity, and Trump’s influence in crypto expands.After President Trump pardoned CZ this morning, World Liberty Financial’s WLFI token jumped over 14%. Although the former Binance CEO seems unrelated to this Trump family venture, the rally highlights key dynamics.

In essence, all these parties have become intertwined and formed a symbiotic relationship. On paper, Binance and the US President’s crypto empire can benefit from each other’s success.

Sponsored

Binance and Trump ExplainedThis morning, the crypto space was rocked by President Trump’s decision to pardon CZ, the former CEO of Binance.

Since his former organization and the Trump family’s business interests are thoroughly entangled, this has raised community fears that other firms will try to bribe the President to receive favorable treatment.

However, calling this a case of outright bribery might be a little oversimplified. Trump and Binance both benefit symbiotically from continued commerce, and WLFI’s price spike today clearly illustrates that.

Although World Liberty is theoretically uninvolved in the pardon, it spiked over 14% today:

WLFI Price Performance. Source: CoinGeckoCoffeezilla, a prominent crypto sleuth, pointed to a specific example highlighting this symbiotic relationship.

Sponsored

MGX, a UAE-based sovereign wealth fund, invested $2 billion into Binance this March.

But, this deal took a brief detour through the Trump family’s DeFi venture, converting the money into USD1, which it then gave to Binance.

Backstory to CZ's pardon
Nov 2023 Binance and CZ plead guilty, $4B+ fine
Mar 2025 Trump WLFI launches stablecoin USD1
Mar 2025 $2B investment into Binance by MGX
May 2025 $2B investment was paid for in USD1
May 2025 CZ admits he applied for a pardon
Oct 2025 CZ gets a pardon… https://t.co/dolBuX9b89

— Coffeezilla (@coffeebreak_YT) October 23, 2025
Sponsored

A Puzzle That Seamlessly Fits TogetherThe deal between Abu Dhabi’s MGX fund and Binance is not unconventional, but it’s how the deal was completed. MGX could have given the fund to Binance in any currency. It could have been USDC or USDT, the two most prominent and well-established stablecoins.

But this detour provided extra benefits while tying the two entities together. For World Liberty Financial, its new stablecoin got $2 billion in fresh liquidity shortly after its launch.

It will also gain between $60 million and $80 million in annual yield, provided that Binance doesn’t try to redeem the funds.

Binance, meanwhile, has thus gained a direct financial interest in ensuring that the Trump family stablecoin maintains its peg. This could explain why the crypto community considers this pardon a bullish case for the WLFI token.

If we can assume that CZ’s pardon is the main benefit for Binance, his personal stature still makes this a sound investment. Once he returns to legal business ventures in the US, CZ could recover those $2 billion quickly.

Sponsored

Moreover, an ongoing relationship with the Trumps will doubtlessly involve future beneficial opportunities.

Although MGX could’ve simply given the money to Binance directly, involving USD1 and the Trump family cemented valuable ties.

The fund, for its part, cited World Liberty’s “compliance history” in choosing the asset. But given that World Liberty Financial is only a year old, other stablecoin providers likely hold a much more effective regulatory history.

CZ conducted business with this fledgling crypto empire on several key occasions, but the MGX deal highlights all the relevant dynamics. All these factors still apply in October. In other words, who benefited from the pardon? Everyone.

If proven, this level of corruption could be beyond unprecedented in the entire history of the United States. Ignoring potential market instability, relationships like this fundamentally undermine the fabric of society and political life.

Disclaimer

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TLDR:Bitwise Solana ETF Gains SEC and NYSE MomentumWhat NYSE Approval Means for Solana’s Market OutlookGet 3 Free Stock Ebooks

Bitwise’s Form 8-A 12B/A amendment confirms SEC acknowledgment and NYSE approval for Solana ETF listing.
The Staking Solana ETF allows regulated exposure to Solana’s price performance and staking rewards.
21Shares also received Cboe approval for its Solana ETF, signaling wider institutional acceptance.
Pending operational clearance, the ETF could launch once government processes resume, following Bitcoin ETF precedent.

The wait for Solana-based exchange-traded funds may soon be over. 

Bitwise has received approval to list its Staking Solana ETF on the New York Stock Exchange (NYSE), following its latest filing with the U.S. SEC. The approval marks another stride toward making Solana accessible to institutional investors through regulated markets. 

With ETF listings from multiple issuers lining up, market participants are now watching closely for the final go-live date.

According to the Form 8-A 12B/A Amendment 1, filed with the SEC, Bitwise’s application to list the shares of its Solana Trust on the NYSE has been accepted. 

The filing states that approval from NYSE Arca, Inc. has been granted, clearing a major step before trading can commence. Once live, this product will allow traditional investors to gain direct price exposure to Solana (SOL) through a fully regulated ETF.

Bitwise Solana ETF Gains SEC and NYSE Momentum
The move by Bitwise follows a wave of Solana ETF developments this quarter. 

MartyParty, a well-known crypto commentator, shared that both Bitwise and 21Shares received approval to list their Solana ETFs on major U.S. exchanges. Bitwise will list on NYSE, while 21Shares will trade on Cboe Global Markets, pending any government delays.

The timing suggests that Solana’s growing adoption and market performance have drawn institutional attention. 

The SEC’s acceptance of the updated filing indicates progress toward bringing Solana ETFs to market, though trading is contingent on final operational clearance. This aligns with how previous spot Bitcoin ETFs transitioned from approval to live status earlier this year.

For investors, the approval adds another gateway into the Solana ecosystem without direct token custody. It also reflects rising confidence in Solana’s blockchain after strong network performance and expanding developer activity in 2025.

Market watchers expect increased liquidity once the ETF launches, potentially impacting Solana’s spot price if inflows mirror earlier Bitcoin ETF patterns.

What NYSE Approval Means for Solana’s Market Outlook
Analysts believe the NYSE approval could bring a shift in market structure. Traditional investors may soon gain regulated access to one of the most active blockchains in the crypto space. Bitwise’s filing confirms that its trust shares are ready for listing, a requirement that precedes trading initiation.

While final approval for trading is pending, this milestone positions Solana alongside Bitcoin and Ethereum as assets with institutional-grade ETFs in the pipeline. The news comes at a time when Solana’s price has held steady near multi-month highs, with renewed trading volumes across exchanges.

The Bitwise Staking Solana ETF represents a product tailored for yield exposure, reflecting the token’s staking capabilities. This differentiates it from spot-only products, offering a hybrid structure that tracks both price and staking returns. If approved for active trading, it could mark a new phase for Solana’s adoption in traditional finance

In brief
President Trump pardoned Binance founder Changpeng Zhao on Thursday.
Digital coins linked with both the president and Zhao rose as a result.
Zhao backed the crypto project linked to President Trump, World Liberty Financial, ahead of the pardon.
Digital assets related to Binance and President Donald Trump surged on Thursday following news that the U.S. leader had pardoned the crypto exchange's ex-CEO and founder, Changpeng "CZ" Zhao. 

Binance's BNB token was among the top-performing cryptocurrencies recently climbing about 4.7% to trade at about $1,115, according to crypto data provider CoinGecko. BNB rose as high as  $1,149 earlier in the day. 

World Liberty Financial—WLFI—soared even higher. The Trump- and Binance-backed asset, which runs on Ethereum, was recently priced at over $0.14 after jumping by 15.2% from Wednesday, same time. 

And 4, a meme coin linked to Zhao's X posts of the number as a way to list reasons crypto won't fail, rose 32% on the day to change hands over $0.11. 

The token runs on Binance's BNB chain, which allows developers to introduce new assets and build apps. 

The White House on Thursday confirmed to Decrypt that President Trump had pardoned Binance founder Zhao. 

Zhao pleaded guilty to violating U.S. laws against money laundering charges in 2023. He served four months in prison in 2024. 

Feds had gone after Zhao for years after alleging that the ex-Binance boss allowed individuals linked to virtual theft and terrorism to use the world's biggest crypto exchange. 

Writing on X on Thursday, Zhao said he was "deeply grateful for today's pardon and to President Trump for upholding America's commitment to fairness, innovation, and justice."

Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.
🙏🙏🙏🙏

Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.

(Still in flight, more posts to come.)…

— CZ 🔶 BNB (@cz_binance) October 23, 2025

Binance has links to the President Trump-backed World Liberty Financial project: The project's USD1 stablecoin is available on BNB, and a $2 billion investment into Binance from Abu Dhabi-based sovereign wealth fund MGX was paid using the token.

The gains were part of a wider market jump that regained some ground lost in recent weeks. Bitcoin, the largest cryptocurrency by market capitalization was recently up nearly 2%, while Ethereum, the second largest digital asset by market value, recently rose 1.3%. 

Cryptocurrencies have been battered along with other risk-on assets as investors have fretted about the U.S. global trade war and other macroeconomic uncertainties. 

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Whales controlling 100K–1M LINK wallets are ramping up holdings.

Chainlink (LINK) maintained stability above $21 and occasionally tested the $22 level during early October. Midway through the month, LINK’s price dropped sharply amidst the devastating market downturn last week, and broke below $18, briefly dipping to about $16.

Although there were a few recovery attempts, the asset could not regain its earlier momentum. However, as it currently hovers near $17.5, top investors keep adding the token to their stacks.

LINK Whale Wallets Are Swelling
Chainlink whales and sharks holding between 100,000 and 1 million LINK tokens have continued their accumulation trend, indicating steady confidence in the asset. Over the past 12 months, Santiment found that these wallets have collectively added 40 million LINK, which is a 28% increase and 103 new addresses.

In the last six months, holdings grew by 12.9 million LINK, a 7.6% rise with 30 additional addresses. The trend continued over the past three months, as 8.7 million LINK were accumulated by this cohort, and in the past month alone, 2.8 million LINK were added to whale and shark wallets.

Crypto analyst Ali Martinez also observed that the crypto asset is showing strength and could be gearing up for a rally even as most altcoins continue to struggle. He said that the $16 level is a crucial demand zone, where over 54.5 million LINK tokens have been accumulated, thereby creating a strong support base.

During the recent market sell-off over the past two weeks, whales purchased an additional 13 million LINK. From a technical standpoint, it appears to be forming a symmetrical triangle pattern, which could mean a possible breakout setup. As such, a break and close above $25 could signal the start of a major rally, potentially pushing LINK toward $53 or even $100 in the longer term.

Developer Activity Rankings
Alongside its strong whale activity and technical setup, Chainlink also secured the number two spot for development activity over the past month. The project kept its position from the month before.

You may also like:

Chainlink (LINK) Faces Supply Crunch: Bullish Breakout Ahead?

Chainlink Partners With SBI Group for Cross-Chain Tokenized RWAs

Data Reveals Why Chainlink’s Rally Might Only Be Getting Started

The latest ranking places Chainlink just behind Metamask’s mUSD, which secured the top spot, and ahead of Dfinity’s Internet Computer (ICP), which ranked third. Other projects in the top ten included Radworks (RAD), Hedera (HBAR), Sui Network (SUI), DeepBook on Sui (DEEP), Aptos (APT), Avalanche (AVAX), and Optimism (OP).

Oct 23, 2025 at 21:31 // News

WazirX, one of India's largest crypto exchanges, announced its plan to restart operations on October 24, following a crippling security breach in July 2024 that resulted in over $230 million in losses.

The exchange's return to the market signals the successful conclusion of a complex, 16-month restructuring and recovery process.

The path to relaunch

The hack, which involved a security breach of a digital wallet, had forced WazirX to suspend trading and withdrawals, leaving hundreds of thousands of Indian investors with locked funds. The exchange pursued its post-hack restructuring through the High Court of Singapore—a decision that initially drew criticism from users but ultimately provided a clear legal path for resolution. The restructuring scheme, which was voted on and approved by a majority of creditors in two separate rounds, paved the way for the exchange to rebalance tokens and prepare for a phased relaunch.

On October 23, WazirX founder Nischal Shetty confirmed that the 'funds' page with rebalanced tokens was live, and both crypto and Indian Rupee (INR) deposits were open. Crucially, crypto trading and withdrawals were slated to resume on October 24.

Focus on security and customer re-engagement

To regain customer trust and enhance security, WazirX announced a partnership with BitGo, a world-class institutional custodian, to add an "additional layer of trust and protection" with world-class custody standards. The relaunch will begin in a phased manner, starting with some crypto pairs and the USDT/INR pair, before expanding to additional markets. As a re-engagement offer, the exchange is launching with 0% trading fees across all trading pairs.

While the restart brings relief, the immediate focus for many long-waiting users is to withdraw their locked funds and ascertain the final value of their holdings after the extensive restructuring. The event serves as a high-profile reminder of the importance of secure, transparent, and compliant custody in the digital asset space, especially for exchanges serving massive, rapidly adopting markets like India.

Zach Anderson
Oct 23, 2025 22:50

Aave DAO suggests a $50 million annual buyback to support AAVE's value amid the upcoming V4 upgrade, despite the token's current downtrend.

Aave DAO has introduced a strategic proposal for a $50 million annual buyback of its native token, AAVE, in a bid to enhance its market value. This initiative comes as the decentralized finance (DeFi) protocol gears up for the launch of its fourth version, Aave V4, according to CoinMarketCap.

Buyback Strategy and Funding
The buyback plan is structured to execute weekly purchases ranging from $250,000 to $1.75 million, fully funded by the protocol's revenue. This initiative is designed to support the AAVE token's value during a period marked by a price downtrend. Currently, AAVE trades near the $220 mark, navigating a descending channel. Despite this, momentum indicators hint at reduced selling pressure, although support levels between $135 and $150 might be tested if the downtrend continues.

V4 Upgrade and Multi-Chain Features
The buyback proposal aligns with the anticipated rollout of Aave V4, which introduces the Cross-Chain Liquidity Layer (CCLL). This feature is expected to enhance the protocol's functionality by enabling multi-chain collateralization and borrowing, thereby expanding its reach and utility within the DeFi space.

Market Context and Community Impact
Aave's decision to initiate a buyback program reflects a broader trend among DeFi platforms to leverage tokenomics as a tool for value enhancement and community engagement. By redistributing a portion of the revenue to buybacks, Aave aims to bolster investor confidence and stabilize its token amid volatile market conditions.

This move by Aave DAO comes at a crucial time as the DeFi sector continues to evolve, with platforms increasingly focusing on innovative ways to sustain growth and maintain competitiveness. The upcoming V4 upgrade, coupled with the proposed buyback, positions Aave to potentially strengthen its market position and enhance the utility of its protocol.

Image source: Shutterstock

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Bitcoin steadies near $109K after Trump pardons Binance's CZ, boosting sentiment even as EU sanctions target Russian crypto exchanges and stablecoins.

Gold has pushed to records and Bitcoin has exceeded prior peaks, and CZ with Schiff have weighed a live debate on whether tokenized gold or decentralized crypto better meets money's exchange, account, and value roles—Gold Bitcoin CZ Schiff.

In brief
Meteora debuted its token on Thursday, airdropping MET to users. The project says it worked to blacklist "malicious bad actors" from receiving tokens.
Two wallets tied to the controversial Melania Trump meme coin were airdropped $1.2 million worth of MET, raising concerns among crypto market observers.
Three wallets linked to the President Trump's meme coin were also airdropped MET tokens totaling $4.2 million.
Two wallets linked to the debut of the Melania Trump meme coin pocketed $1.2 million from the Meteora airdrop on Thursday, raising fresh concerns among a number of crypto market observers as Meteora’s former project lead faces a class action lawsuit related to the token. 

Wallets named as melania-liquidity1.sol and melania-liquidity2.sol, according to SolScan, received $784,200 and $454,724 of the MET token on Thursday—totaling $1.23 million. Both wallets are labeled as part of the Official Melania Meme entity on the data platform Arkham Intelligence. The wallets immediately sent the funds to different addresses.

“Why is Hayden Davis getting a MET airdrop? You have to be kidding me,” a user posted on X, referring to the CEO of Kelsier Ventures, which helped launch MELANIA. 

Meteora co-lead Soju pushed back by highlighting that the LIBRA launch wallets would not receive any tokens, just an hour before the MELANIA-linked wallets received MET.

The episode comes just a day after Meteora co-founder Benjamin Chow was named by investors, in a new court filing, as the mastermind of a “scam coin” operation of at least 15 tokens, with the help of Kelsier Ventures. These tokens included the high-profile MELANIA, LIBRA, and ENRON tokens that all crashed soon after launch. 

While working under the name Meteora, the operation acted separately from the legitimate automated market maker business of Meteora, the filing said. Chow is also no longer in a leadership role at Meteora.

Just two days after President Trump debuted his meme coin in January, the First Lady, Melania Trump, promoted a Solana meme coin using her name for the ticker. The MELANIA token quickly surged to a near $7 billion market cap before collapsing 99% to $80 million in the coming months.

When Argentinian President Javier Milei promoted a similarly failed meme coin in February, on-chain analytics firm Bubblemaps linked it back to MELANIA, resulting in a fraud and racketeering class action lawsuit.

Chow resigned from his leadership role at Meteora soon after, with company co-founder Meow citing a “lack of judgment and care.” In court filings, investors have alleged that Chow played a central role in orchestrating the MELANIA and LIBRA launches, among others.

Soju said that Meteora had worked with on-chain sleuth Dethective and anti-scam tool Rugcheck to “make sure no tokens go towards malicious bad actors.” It appears that the Melania-linked wallets slipped through the cracks.

Soju, Meteora, Dethective, and Rugcheck did not immediately respond to Decrypt’s request for comment.

Meteora’s token launch has been praised by airdrop recipients who noted the smooth claims process—as well as the size of their bags. MET now sits as the 269th largest cryptocurrency by market capitalization at $263.2 million, according to CoinGecko.

But others are annoyed that Meteora also sent a large airdrop to three wallets tied to the President Trump meme coin team. According to Arkham Intelligence, these wallets were among the top five recipients of the airdrop with $4.2 million of MET. The addresses all deposited the tokens to OKX, which makes it impossible for bystanders to track their on-chain movements.

While the President Trump meme coin hasn’t been the subject of fraud class action lawsuits, it has been embroiled in political dramas—with allegations of conflicts of interest and potential foreign influence. 

Kyle Trimble, the head of business development at crypto research firm Delphi Digital, wrote on X, “that lawsuit is gonna disappear [real quick] innit.”

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

ChatGPT Predicts that Sui, World Liberty Financial, and AAVE have displayed prospects for a faster rebound following a sharp crypto pullback linked to tariff news. With the FOMC meeting approaching, traders have assessed liquidity, leverage resets, and technical setups shaping near-term paths.

TL;DR

Farcaster integrated Clanker, an AI-driven meme coin platform, and will allocate all protocol fees to buybacks of its native token.
Around 7% of the total CLANKER supply is permanently locked.
The application reached 15% of pump.fun’s transaction volume on Base within two weeks.

Farcaster, the decentralized social protocol, integrated the AI-powered meme coin platform Clanker, introducing a new economic architecture based on direct buybacks of its native token. The goal is to strengthen CLANKER’s value, enhance transparency, and deepen the connection between artificial intelligence and decentralized finance.

Farcaster Restructures Its Fee Flow
This change fundamentally alters the flow of fees within the ecosystem. Instead of accumulating other tokens from the Farcaster environment, all protocol fees are now directed to purchasing CLANKER on the market, creating a constant demand pressure. At the same time, around 7% of the token’s total supply has been permanently locked, a measure aimed at fostering scarcity and ensuring long-term stability.

According to Farcaster co-founder Dan Romero, the Clanker integration has already seen rapid adoption. In just two weeks, the application reached roughly 15% of pump.fun’s transaction volume on the Base chain, one of the sector’s leading platforms. Romero highlighted that the organic growth demonstrates the potential of the model, which combines decentralized distribution, AI-based validation, and automatic rewards for token creators.

A Boost for Ethereum
Ryan Sean Adams, co-founder of Bankless, stated that the integration could trigger a new wave of activity on Ethereum through the proliferation of meme coin experiments in more regulated and transparent environments. Analysts agree that Farcaster’s initiative introduces a hybrid model capable of connecting users with DeFi’s economic logic, something that had remained largely separate until now.

CoinMarketCap data shows the CLANKER token trading around $35.4 with a market capitalization of $35.4 million. Over the last 24 hours, it rose 42%, accumulating a 59% increase over the past week.

With this integration, Farcaster aims to position itself as the first decentralized social network to natively incorporate artificial intelligence tools in token issuance and management.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum is once again under pressure, struggling to find the strength to reclaim the $4,000 level amid growing uncertainty across the crypto market. Investor sentiment has turned increasingly cautious, with mixed opinions emerging among analysts — some warning that a bear market may be taking shape, while others believe this correction could precede a massive rally in the coming weeks.

According to CryptoQuant insights, the latest on-chain data reveals a notable shift in Ethereum’s exchange activity that could shape short-term price dynamics. Despite the recent decline in ETH’s price, the 7-day moving average of Exchange Netflow (Total) has transitioned from heavy outflows to inflows — climbing from approximately -57,000 ETH on October 16th to +7,000 ETH recently.

This shift suggests that more ETH is now moving onto exchanges, potentially signaling rising selling pressure as traders prepare to offload assets amid volatility. Historically, such inflow spikes have often preceded short-term pullbacks, especially when accompanied by negative market sentiment. However, some analysts caution that this could also reflect whale repositioning or liquidity management, not outright distribution.

Ethereum Exchange Inflows Spike as Binance Activity Signals Caution
According to CryptoOnchain’s latest analysis on CryptoQuant, Binance appears to be playing a major role in Ethereum’s recent exchange flow dynamics. Data shows that Binance’s 7-day netflow has shifted dramatically — moving from approximately -31,000 ETH on October 15th to +3,000 ETH in recent days. This single exchange accounts for nearly 50% of the total shift observed across all major trading platforms, underscoring its significant influence on Ethereum’s short-term liquidity landscape.

Ethereum Exchange Netflow on Binance | Source: CryptoQuant
This sudden and pronounced rise in ETH deposits onto exchanges — particularly during a period of price weakness — is typically seen as a bearish short-term signal. When traders or institutional holders transfer coins from private wallets to exchanges, it often suggests a readiness to sell or reposition in anticipation of further downside. As a result, the increased on-exchange supply could add selling liquidity, making it easier for large sell orders to impact price action more sharply.

However, analysts also caution against interpreting this move too narrowly. While exchange inflows often precede selling pressure, they can also reflect strategic hedging, collateral deposits for derivatives trading, or liquidity management during periods of market stress.

Still, when combined with the broader macro uncertainty and Ethereum’s struggle to stay above key technical levels, this data reinforces the cautious tone prevailing across the market. If inflows persist and Ethereum fails to defend support near $3,800–$3,700, downside risk could intensify. Conversely, a quick reversal back to outflows would signal renewed investor confidence and potentially set the stage for a stronger recovery.

ETH Holding Key Support Amid Uncertainty
Ethereum is currently trading around $3,880, holding slightly above a key short-term support zone near $3,700–$3,750, as shown in the 3-day chart. The recent retracement has brought ETH back toward the 50-day moving average, which now acts as an important line of defense for bulls.

ETH consolidates around a critical level | Source: ETHUSDT chart on TradingView
After failing to break and hold above the $4,400 level earlier this month, Ethereum entered a corrective phase that mirrors the broader weakness in the altcoin market. Price structure shows lower highs forming since the local top, indicating fading momentum. However, as long as ETH stays above the 100-day moving average near $3,400, the broader uptrend remains technically intact.

If the current support holds, Ethereum could attempt another recovery toward $4,000–$4,200, where heavy resistance and previous liquidity clusters are located. A confirmed close above this zone would signal renewed strength and potentially mark the end of this correction phase.

On the downside, a decisive breakdown below $3,700 could expose ETH to deeper losses, targeting $3,400 and possibly $3,000, where stronger historical demand lies. For now, Ethereum’s price action remains at a pivotal point — balancing between short-term weakness and the potential for a mid-term recovery.

Featured image from ChatGPT, chart from TradingView.com

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Renault SA (OTCPK:RNLSY) Q3 2025 Sales Call October 23, 2025 2:00 AM EDT

Company Participants

Duncan Minto - CFO
Fabrice Cambolive - Chief Executive Officer of New Renault Brand & Chief Growth Officer
Francois Provost - Grp CPO,MD of APO,SVP of Intl.Dev.,Partn.,China Ops.,Chair of APAC,CEO & Chair of Renault s.a.s

Conference Call Participants

Jose Asumendi - JPMorgan Chase & Co, Research Division
Michael Foundoukidis - ODDO BHF Corporate & Markets, Research Division
Thomas Besson - Kepler Cheuvreux, Research Division
Henning Cosman - Barclays Bank PLC, Research Division
Stuart Pearson - BNP Paribas Exane, Research Division
Stephen Reitman - Sanford C. Bernstein & Co., LLC., Research Division
Pushkar Tendolkar - HSBC Global Investment Research
Harald Hendrikse - Citigroup Inc., Research Division
Philippe Houchois - Jefferies LLC, Research Division

Presentation

Operator

Ladies and gentlemen, good morning and good afternoon. Welcome to Renault Group's Q3 2025 revenue presentation. This conference call is broadcast live and recorded. It will be made available in replay on our website. I will now hand over to Duncan Minto, Renault Group's CFO, to begin the presentation, which will be followed by a Q&A session. Duncan, the floor is yours.

Duncan Minto
CFO

Thanks, Ron. Good morning, good afternoon, everyone, and thanks for joining us today. I'm pleased to be with you here to present our Q3 revenue and the sales performance. So in Q3 2025, Renault Group revenue amounted to EUR 11.4 billion, up 6.8%. At constant exchange rates, it was up at 8.5%. Automotive revenue stood at EUR 9.8 billion, up 5% or 6.8% at constant exchange rates. Mobility Services amounted to EUR 23 million, up EUR 9 million compared to the same period last year. Mobilize Financial Services continued strong growth with revenue up 18.4% to EUR 1.6 billion.

So as usual, let's drill down into the automotive revenue evolution. Automotive revenue stood at EUR 9.8

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TORONTO, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Guardian Capital Group Limited (“Guardian”) (TSX: GCG) (TSX: GCG.A) announced the approval by holders (the “Shareholders”) of Common shares and Class A shares of Guardian (together, the “Shares”) at a special meeting held today (the “Meeting”) of a resolution (the “Arrangement Resolution”) approving the previously-announced plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”), pursuant to which Desjardins Global Asset Management Inc. (the “Purchaser”), an affiliate of Desjardins Group, will acquire all of the issued and outstanding Shares, other than certain Shares owned by specified Shareholders who entered into equity rollover agreements, for C$68.00 per Share in cash.

The Arrangement requires approval by: (i) at least two-thirds of the votes cast by the holders of Common shares and Class A shares of Guardian who voted in respect of the Arrangement Resolution at the Meeting in person or by proxy, voting together as a single class; and (ii) at least a simple majority of the votes cast by the holders of Common shares and Class A shares of Guardian who voted in respect of the Arrangement Resolution at the Meeting in person or by proxy (each class voting separately), excluding for this purpose votes attached to the Shares held by the persons required to be excluded in determining minority approval pursuant to the rules of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (the “Excluded Persons”). At the Meeting, the Arrangement Resolution was approved by 99.19% of the votes cast by Shareholders, and 86.83% of the votes in respect of Common shares and 99.84% of the votes in respect of Class A shares of Guardian, in each case excluding votes cast by Excluded Persons. Guardian’s full report of voting results can be found on SEDAR+ at www.sedarplus.ca.

Remaining Conditions to Completion of the Arrangement

Completion of the Arrangement remains subject to the satisfaction or waiver of certain closing conditions that are set out in the arrangement agreement entered into between Guardian and the Purchaser on August 28, 2025 (as amended, the “Arrangement Agreement”), including receipt of final court approval and regulatory approvals (including under the Competition Act (Canada)). Guardian intends to seek a final order (the “Final Order”) of the Ontario Superior Court of Justice (Commercial List) to approve the Arrangement at a hearing expected to be held on October 28, 2025. Subject to obtaining the Final Order and regulatory approvals, and the satisfaction or waiver of the other closing conditions in the Arrangement Agreement, the Arrangement is anticipated to close in the first half of 2026.

About Guardian Capital Group Limited

Guardian Capital Group Limited (Guardian) is a global investment management company servicing institutional, retail and private clients through its subsidiaries. As at June 30, 2025, Guardian had C$164.1 billion of total client assets while managing a proprietary investment portfolio with a fair market value of C$1.25 billion. Founded in 1962, Guardian’s reputation for steady growth, long-term relationships and its core values of authenticity, integrity, stability and trustworthiness have been key to its success over six decades. Its Common and Class A shares are listed on the Toronto Stock Exchange as GCG and GCG.A, respectively. To learn more about Guardian, visit www.guardiancapital.com.

Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information may relate to our future outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. These statements include, without limitation, statements regarding expected participation in equity rollover arrangements, the timing of the hearing seeking, and the receipt of, the Final Order, receipt of regulatory approvals (including under the Competition Act (Canada)), and the completion of the Arrangement.

Undue reliance should not be placed on forward-looking information. The forward-looking information in this press release is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Further, forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, those described in this press release. The belief that the investment fund industry and wealth management industry will remain stable and that interest rates will remain relatively stable are material factors made in preparing the forward-looking information and management’s expectations contained in this press release and that may cause actual results to differ materially from the forward-looking information disclosed in this press release. In addition, factors that could cause actual results to differ materially from expectations include, among other things, the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, and court approvals and other conditions to the closing of the Arrangement or for other reasons, the risk that competing offers or acquisition proposals will be made, the negative impact that the failure to complete the Arrangement for any reason could have on the price of the Shares or on the business of Guardian, general economic and market conditions, including interest and foreign exchange rates, global financial markets, the impact of pandemics or epidemics, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in Guardian’s disclosure materials filed with applicable securities regulatory authorities from time to time. Additional information about the risks and uncertainties of Guardian’s business and material risk factors or assumptions on which information contained in forward‐looking information is based is provided in Guardian’s disclosure materials, including Guardian’s most recently filed annual information form and any subsequently-filed interim management’s discussion and analysis, which are available under Guardian’s profile on SEDAR+ at www.sedarplus.ca.

There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents our expectations as of the date of this news release and is subject to change after such date. Guardian disclaims any intention or obligation or undertaking to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

For general inquiries, please contact:

Guardian Capital Investor Relations
[email protected]
416·364·8341 or toll free at 1·800·253·9181

For media inquiries, please contact:

Mark Noble
[email protected]
416-350-8109

All trademarks, registered and unregistered, are owned by Guardian Capital Group Limited and are used under licence.

Northeast Community Bancorp (NECB - Free Report) came out with quarterly earnings of $0.87 per share, beating the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $0.95 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.57%. A quarter ago, it was expected that this bank holding company would post earnings of $0.79 per share when it actually produced earnings of $0.82, delivering a surprise of +3.8%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Northeast Community Bancorp, which belongs to the Zacks Banks - Northeast industry, posted revenues of $26.95 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.57%. This compares to year-ago revenues of $27.64 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Northeast Community Bancorp shares have lost about 16.3% since the beginning of the year versus the S&P 500's gain of 13.9%.

What's Next for Northeast Community Bancorp?While Northeast Community Bancorp has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Northeast Community Bancorp was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.85 on $27.34 million in revenues for the coming quarter and $3.29 on $105.22 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Northeast is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Merchants Bancorp (MBIN - Free Report) , is yet to report results for the quarter ended September 2025.

This bank holding company is expected to post quarterly earnings of $0.79 per share in its upcoming report, which represents a year-over-year change of -32.5%. The consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level.

Merchants Bancorp's revenues are expected to be $166.02 million, up 11% from the year-ago quarter.

The administration will ask for industry input on the ‘Phase One' agreement, reopening an old trade dispute ahead of Trump's meeting with China's Xi Jinping.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of WCPRF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Disclaimer: I am not an investment advisor, and this article is not meant to be a recommendation of the purchase or sale of stock. Investors are advised to do their own research, which includes the review of all company documents, and press releases to see if the company fits their own investment qualifications.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of NNN, O, IIPR, IIPR.PR.A either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

MALVERN, Pa., Oct. 23, 2025 (GLOBE NEWSWIRE) -- Meridian Corporation (Nasdaq: MRBK) today reported:

 Three Months Ended(Dollars in thousands, except per share data)(Unaudited)September 30,
2025 June 30,
2025 September 30,
2024Income:     Net income$6,659 $5,592 $4,743Diluted earnings per common share 0.58  0.49  0.42Pre-provision net revenue (PPNR)(1) 11,523  11,090  8,527(1) See Non-GAAP reconciliation in the Appendix
  Net income for the quarter ended September 30, 2025 was $6.7 million, or $0.58 per diluted share, up $1.1 million, or 19%, from prior quarter. Pre-provision net revenue1 for the quarter was $11.5 million, an improvement of $3.0 million, or 35%. from Q3'2024.Net interest margin was 3.77% for the third quarter of 2025, while loan yield improved to 7.37%, from prior quarter. Return on average assets and return on average equity for the third quarter of 2025 were 1.04% and 14.42%, respectively.Total assets at September 30, 2025 were $2.5 billion, compared to $2.5 billion at June 30, 2025 and $2.4 billion at September 30, 2024.Commercial loans, excluding leases, increased $54.2 million, or 3% from prior quarter.On October 23, 2025, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable November 17, 2025 to shareholders of record as of November 10, 2025. Christopher J. Annas, Chairman and CEO commented:

"We are pleased to report that Meridian's third quarter 2025 earnings rose 19% over the prior quarter to $6.7 million, benefiting from an improved margin and continued strong loan growth. The net interest margin rose to 3.77% for the quarter, and has steadily risen from 3.20% in the third quarter 2024. Loan growth in our principal commercial/industrial and real estate segments remains strong, and offsets loan sales in SBA and lease paydowns. We are challenged with elevated nonperforming loans and leases, but working these hard through consistent monitoring.

Our wealth and mortgage units had profitable quarters in line with expectations, as we benefit from outreach and consistent referral opportunities from our existing customers. Expenses were generally flat from prior quarter, despite seasonal commissions/bonuses in the mortgage group.

There have been numerous acquisitions in our market over the past year, and we will capitalize on the turmoil for both customers and new lenders. Our branding and outreach in this metro market is unparalleled and we hope to benefit from this and the reduced competition."

Select Condensed Financial Information

 As of or for the three months ended (Unaudited) September 30,
2025 June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024 (Dollars in thousands, except per share data)Income:         Net income$6,659  $5,592  $2,399  $5,600  $4,743 Basic earnings per common share 0.59   0.50   0.21   0.50   0.43 Diluted earnings per common share 0.58   0.49   0.21   0.49   0.42 Net interest income 23,116   21,159   19,776   19,299   18,242           Balance Sheet:         Total assets$2,541,130  $2,510,938  $2,528,888  $2,385,867  $2,387,721 Loans, net of fees and costs 2,162,845   2,108,250   2,071,675   2,030,437   2,008,396 Total deposits 2,131,116   2,110,374   2,128,742   2,005,368   1,978,927 Non-interest bearing deposits 239,614   237,042   323,485   240,858   237,207 Stockholders' equity 188,029   178,020   173,568   171,522   167,450           Balance Sheet Average Balances:         Total assets$2,534,565  $2,491,625  $2,420,571  $2,434,270  $2,373,261 Total interest earning assets 2,443,261   2,404,952   2,330,224   2,342,651   2,277,523 Loans, net of fees and costs 2,146,651   2,113,411   2,039,676   2,029,739   1,997,574 Total deposits 2,143,821   2,095,028   2,036,208   2,043,505   1,960,145 Non-interest bearing deposits 253,374   249,745   244,161   259,118   246,310 Stockholders' equity 183,242   176,945   174,734   171,214   165,309           Performance Ratios (Annualized):         Return on average assets 1.04%  0.90%  0.40%  0.92%  0.80%Return on average equity 14.42%  12.68%  5.57%  13.01%  11.41%                     Income Statement - Third Quarter 2025 Compared to Second Quarter 2025

Third quarter net income increased $1.1 million, or 19.1%, to $6.7 million as net interest income increased $2.0 million and the provision for credit losses decreased $1.0 million. These improvements to net income were partially offset by a $1.3 million decrease in non-interest income, and a $189 thousand increase to non-interest expense over the prior quarter. Detailed explanations of the major categories of income and expense follow below.

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.

 Three Months Ended        (dollars in thousands)September 30,
2025 June 30,
2025 $ Change % Change Change due to rate Change due to volumeInterest income:           Cash and cash equivalents$412 $427 $(15) (3.5)% $(10) $(5)Investment securities - taxable 1,895  1,792  103  5.7%  38   65 Investment securities - tax exempt (1) 400  364  36  9.9%  39   (3)Loans held for sale 536  495  41  8.3%  11   30 Loans held for investment (1) 39,942  38,204  1,738  4.5%  926   812 Total loans 40,478  38,699  1,779  4.6%  937   842 Total interest income$43,185 $41,282 $1,903  4.6% $1,004  $899 Interest expense:           Interest-bearing demand deposits$1,314 $1,354 $(40) (3.0)% $(53) $13 Money market and savings deposits 8,322  8,097  225  2.8%  (139)  364 Time deposits 7,782  7,850  (68) (0.9)%  (177)  109 Total interest - bearing deposits 17,418  17,301  117  0.7%  (369)  486 Borrowings 1,495  1,672  (177) (10.6)%  (16)  (161)Subordinated debentures 1,080  1,079  1  0.1%  (1)  2 Total interest expense 19,993  20,052  (59) (0.3)%  (386)  327 Net interest income differential$23,192 $21,230 $1,962  9.24% $1,390  $572 (1) Reflected on a tax-equivalent basis.                      Interest income increased $1.9 million quarter-over-quarter on a tax equivalent basis, driven by higher yields and increased average balances of interest earning assets. The yield on interest-earnings assets increased 12 basis points and contributed $1.0 million to interest income, aided in part by an increase in loan fees of $181 thousand, while the average balance of interest earning assets increased by $38.3 million, and contributed $899 thousand to the increase in interest income.

Average total loans, excluding residential loans for sale, increased $33.3 million. The largest drivers of this increase were commercial, commercial real estate, construction, and small business loans which on a combined basis increased $29.1 million on average, partially offset by a decrease in average leases of $9.0 million. Home equity, residential real estate, consumer and other loans held in portfolio increased on a combined basis $13.1 million on average.

Interest expense decreased $59 thousand, quarter-over-quarter, due to a decline in the cost of deposits and borrowings, partially offset by a higher volume of interest-bearing deposits and borrowings. Interest expense on total deposits increased $117 thousand and interest expense on borrowings decreased $177 thousand. During the period, interest-bearing checking accounts and money market accounts increased $1.3 million and $35.9 million on average, respectively, while time deposits increased $7.9 million on average. Borrowings decreased $14.5 million on average. On a rate basis, interest-bearing checking accounts, money market accounts, and time deposits experienced a decrease in the cost, with the overall cost of deposits dropping 9 basis points.

Overall the net interest margin increased 23 basis points to 3.77% as the cost of funds declined and the yield on earning assets increased. Absent the increase in loan fees, the net interest margin would have been 3.68%.

Provision for Credit Losses

The overall provision for credit losses for the third quarter decreased $953 thousand to $2.9 million, from $3.8 million in the second quarter. The lower provisioning was positively impacted by a $1.7 million decrease in net charge-offs.

Non-interest income

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

 Three Months Ended    (Dollars in thousands)September 30,
2025 June 30,
2025 $ Change % ChangeMortgage banking income$5,914  $5,762  $152  2.6%Wealth management income 1,610   1,492   118  7.9%SBA loan income 1,431   1,988   (557) (28.0)%Earnings on investment in life insurance 246   240   6  2.5%Net gain on sale of MSRs —   467   (467) (100.0)%Net change in the fair value of derivative instruments 129   (102)  231  (226.5)%Net change in the fair value of loans held-for-sale (75)  171   (246) (143.9)%Net change in the fair value of loans held-for-investment 213   190   23  12.1%Net (loss) gain on hedging activity (166)  16   (182) (1137.5)%Other 651   1,064   (413) (38.8)%Total non-interest income$9,953  $11,288  $(1,335) (11.8)%               Total non-interest income decreased $1.3 million, or 11.8%, quarter-over-quarter largely due to a $557 thousand decline in SBA loan income, and a $467 thousand decline in net gain on sale of MSRs. Partially offsetting these decreases were a $152 thousand positive improvement in mortgage banking income, and an increase of $118 thousand in wealth management income. Mortgage loan sales experienced a minor decline quarter-over-quarter, with a drop of $5.5 million or 2.6%. Despite this decrease in overall sales, margin increased 13 basis points resulting in a higher level of mortgage banking income.

SBA loan income decreased $557 thousand as the volume of SBA loans sold were down $14.2 million to $25.3 million, for the quarter-ended September 30, 2025 compared to the quarter-ended June 30, 2025. The gross margin on SBA sales was 7.4% for the quarter, an improvement from 6.2% for the previous quarter.

Non-interest expense

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

 Three Months Ended    (Dollars in thousands)September 30,
2025 June 30,
2025 $ Change % ChangeSalaries and employee benefits$13,613 $13,179 $434  3.3%Occupancy and equipment 991  1,037  (46) (4.4)%Professional fees 1,092  1,164  (72) (6.2)%Data processing and software 1,865  1,706  159  9.3%Advertising and promotion 877  1,277  (400) (31.3)%Pennsylvania bank shares tax 254  269  (15) (5.6)%Other 2,854  2,725  129  4.7%Total non-interest expense$21,546 $21,357 $189  0.9%              Overall salaries and benefits increased $434 thousand, largely attributable to the variable nature of the mortgage segment. Data processing and software expense increased $159 thousand due to an increase in customer transaction volume, while advertising and promotion expenses decreased $400 thousand as the level of business development activities and special events declined from the prior quarter.

Balance Sheet - September 30, 2025 Compared to June 30, 2025

Total assets increased $30.2 million, or 1.2%, to $2.5 billion as of September 30, 2025 from $2.5 billion at June 30, 2025.

Portfolio loans grew $54.8 million, or 2.6% quarter-over-quarter. This growth was generated from commercial & industrial loans which increased $14.1 million, or 3.5%, commercial mortgage loans which increased $17.0 million, or 2.0%, and construction loans which increased $29.9 million, or 10.5%. SBA loan balances decreased $6.8 million, or 4.7%, from June 30, 2025, due to the level of SBA loan sales outpacing new loan growth in the third quarter as discussed above in the non-interest income section. Lease financings also decreased $8.1 million, or 13.9% from June 30, 2025, partially offsetting the above noted loan growth, but this decline was expected.

Total deposits increased $20.7 million, or 1.0% quarter-over-quarter, led by an increase of $18.2 million in interest-bearing deposits. Money market accounts and savings accounts increased a combined $39.7 million, non-interest bearing accounts increased $2.6 million or 1.1%, while interest bearing demand deposits decreased $21.9 million. Overall borrowings decreased $1.7 million, or 1.2% quarter-over-quarter.

Total stockholders’ equity increased by $10.0 million from June 30, 2025, to $188.0 million as of September 30, 2025. Changes to equity for the quarter included net income of $6.7 million, a net increase of $2.8 million due to stock issuance under an ATM offering, dividends paid of $1.4 million, and an increase of $1.6 million in other comprehensive income. The Community Bank Leverage Ratio for the Bank was 9.41% at September 30, 2025.

Asset Quality Summary

Non-performing loans increased $4.8 million, to $55.4 million at September 30, 2025 compared to $50.5 million at June 30, 2025, with increases coming from SBA loans, construction loans, commercial loans, and residential loans. Included in non-performing loans are $21.3 million of SBA loans of which $11.8 million, or 56%, are guaranteed by the SBA. The SBA portfolio was subject to the Fed's rapid rate increase and $12.8 million, or 60% of these non-performing loans originated in 2020-2021 when rates were lower by over 500 basis points. As a result of these changes in non-performing loans, the ratio of non-performing loans to total loans increased 18 bps to 2.53% as of September 30, 2025, from 2.35% as of June 30, 2025. The ratio of non-performing loans to total loans, excluding the guaranteed portion of the SBA portfolio was 1.99%.

Net charge-offs decreased to $1.9 million, or 0.09% of total average loans for the quarter ended September 30, 2025, compared to net charge-offs of $3.6 million, or 0.17%, for the quarter ended June 30, 2025. Third quarter charge-offs mainly consisted of $997 thousand in SBA loans, $273 thousand of small ticket equipment leases, and $185 thousand in commercial loans. Overall there were recoveries of $214 thousand, mainly related to leases.

The ratio of allowance for credit losses to total loans held for investment was 1.01% as of September 30, 2025, slightly up from 1.00% reported as of June 30, 2025, as qualitative reserve factors increased in the third quarter ACL calculation. As of September 30, 2025 there were specific reserves of $3.3 million against individually evaluated loans, a slight increase of $85 thousand from the level of specific reserves as of June 30, 2025.

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 its 17 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, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; increased competitive pressures; changes in spreads on interest-earning assets and interest-bearing liabilities; changes in general economic conditions and conditions within the securities markets; escalating tariff and other trade policies and the resulting impacts on market volatility and global trade; the impact of uncertain or changing political conditions or any current or future federal government shutdown and uncertainty regarding the federal government's debt limit; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024 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.

 MERIDIAN CORPORATION AND SUBSIDIARIES
FINANCIAL RATIOS (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
  Three Months Ended September 30,
2025 June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024Earnings and Per Share Data:         Net income$6,659  $5,592  $2,399  $5,600  $4,743 Basic earnings per common share$0.59  $0.50  $0.21  $0.50  $0.43 Diluted earnings per common share$0.58  $0.49  $0.21  $0.49  $0.42 Common shares outstanding 11,517   11,297   11,285   11,240   11,229           Performance Ratios:         Return on average assets(2) 1.04%  0.90%  0.40%  0.92%  0.80%Return on average equity(2) 14.42   12.68   5.57   13.01   11.41 Net interest margin (tax-equivalent)(2) 3.77   3.54   3.46   3.29   3.20 Yield on earning assets (tax-equivalent)(2) 7.01   6.89   6.83   6.81   7.06 Cost of funds(2) 3.42   3.52   3.56   3.71   4.05 Efficiency ratio 65.15%  65.82%  69.16%  65.72%  70.67%          Asset Quality Ratios:         Net charge-offs (recoveries) to average loans 0.09%  0.17%  0.14%  0.34%  0.11%Non-performing loans to total loans 2.53   2.35   2.49   2.19   2.20 Non-performing assets to total assets 2.32   2.14   2.07   1.90   1.97 Allowance for credit losses to:         Total loans and other finance receivables 1.01   0.99   1.01   0.91   1.09 Total loans and other finance receivables (excluding loans at fair value)(1) 1.01   1.00   1.01   0.91   1.10 Non-performing loans 39.37%  41.26%  39.90%  40.86%  48.66%          Capital Ratios:         Book value per common share$16.33  $15.76  $15.38  $15.26  $14.91 Tangible book value per common share$16.02  $15.44  $15.06  $14.93  $14.58 Total equity/Total assets 7.40%  7.09%  6.86%  7.19%  7.01%Tangible common equity/Tangible assets - Corporation(1) 7.27   6.96   6.73   7.05   6.87 Tangible common equity/Tangible assets - Bank(1) 9.16   8.96   8.61   9.06   8.95 Tier 1 leverage ratio - Bank 9.41   9.32   9.30   9.21   9.32 Common tier 1 risk-based capital ratio - Bank 10.52   10.53   10.15   10.33   10.17 Tier 1 risk-based capital ratio - Bank 10.52   10.53   10.15   10.33   10.17 Total risk-based capital ratio - Bank 11.54%  11.54%  11.14%  11.20%  11.22%(1) See Non-GAAP reconciliation in the Appendix        (2) Annualized           MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)  Three Months Ended NineMonths Ended September 30,
2025 June 30,
2025 September 30,
2024 September 30,
2025 September 30,
2024Interest income:         Loans and other finance receivables, including fees$40,477  $38,697  $38,103  $115,723  $109,928 Securities - taxable 1,895   1,792   1,480   5,380   4,055 Securities - tax-exempt 325   295   320   933   969 Cash and cash equivalents 412   427   416   1,452   1,047 Total interest income 43,109   41,211   40,319   123,488   115,999 Interest expense:         Deposits 17,418   17,301   19,313   51,587   55,696 Borrowings and subordinated debentures 2,575   2,751   2,764   7,850   8,606 Total interest expense 19,993   20,052   22,077   59,437   64,302 Net interest income 23,116   21,159   18,242   64,051   51,697 Provision for credit losses 2,850   3,803   2,282   11,865   7,828 Net interest income after provision for credit losses 20,266   17,356   15,960   52,186   43,869 Non-interest income:         Mortgage banking income 5,914   5,762   6,474   15,069   15,528 Wealth management income 1,610   1,492   1,447   4,637   4,208 SBA loan income 1,431   1,988   544   4,167   2,315 Earnings on investment in life insurance 246   240   222   708   644 Net gain on sale of MSRs —   467   —   415   — Net change in the fair value of derivative instruments 129   (102)  (102)  176   176 Net change in the fair value of loans held-for-sale (75)  171   169   198   138 Net change in the fair value of loans held-for-investment 213   190   965   573   766 Net (loss) gain on hedging activity (166)  16   (197)  (129)  (279)Other 651   1,064   1,309   2,751   4,563 Total non-interest income 9,953   11,288   10,831   28,565   28,059 Non-interest expense:         Salaries and employee benefits 13,613   13,179   12,829   38,177   34,839 Occupancy and equipment 991   1,037   1,243   3,366   3,706 Professional fees 1,092   1,164   1,106   3,019   3,633 Data processing and software 1,865   1,706   1,553   5,050   4,591 Advertising and promotion 877   1,277   717   2,933   2,454 Pennsylvania bank shares tax 254   269   181   792   729 Other 2,854   2,725   2,917   8,309   7,786 Total non-interest expense 21,546   21,357   20,546   61,646   57,738 Income before income taxes 8,673   7,287   6,245   19,105   14,190 Income tax expense 2,014   1,695   1,502   4,455   3,445 Net income$6,659  $5,592  $4,743  $14,650  $10,745           Basic earnings per common share$0.59  $0.50  $0.43  $1.30  $0.97 Diluted earnings per common share$0.58  $0.49  $0.42  $1.28  $0.96           Basic weighted average shares outstanding 11,325   11,228   11,110   11,252   11,098 Diluted weighted average shares outstanding 11,540   11,392   11,234   11,458   11,198   MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)  September 30,
2025 June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024Assets:         Cash and due from banks$12,605  $20,604  $16,976  $5,598  $12,542 Interest-bearing deposits at other banks 27,384   29,570   113,620   21,864   19,805 Federal funds sold —   —   629   —   — Cash and cash equivalents 39,989   50,174   131,225   27,462   32,347 Securities available-for-sale, at fair value 194,268   187,902   185,221   174,304   171,568 Securities held-to-maturity, at amortized cost 32,593   32,642   32,720   33,771   33,833 Equity investments 2,150   2,130   2,126   2,086   2,166 Mortgage loans held for sale, at fair value 28,016   44,078   28,047   32,413   46,602 Loans and other finance receivables, net of fees and costs 2,162,845   2,108,250   2,071,675   2,030,437   2,008,396 Allowance for credit losses (21,794)  (20,851)  (20,827)  (18,438)  (21,965)Loans and other finance receivables, net of the allowance for credit losses 2,141,051   2,087,399   2,050,848   2,011,999   1,986,431 Restricted investment in bank stock 8,350   9,162   8,369   7,753   8,542 Bank premises and equipment, net 12,413   12,320   12,028   12,151   12,807 Bank owned life insurance 30,421   30,175   29,935   29,712   29,489 Accrued interest receivable 10,944   10,334   10,345   9,958   10,012 OREO and other repossessed assets 3,714   3,148   249   276   1,967 Deferred income taxes 4,989   5,314   5,136   4,669   3,537 Servicing assets 3,845   3,658   4,284   4,382   4,364 Servicing assets held for sale —   —   —   —   6,609 Goodwill 899   899   899   899   899 Intangible assets 2,614   2,665   2,716   2,767   2,818 Other assets 24,874   28,938   24,740   31,265   33,730 Total assets$2,541,130  $2,510,938  $2,528,888  $2,385,867  $2,387,721           Liabilities:         Deposits:         Non-interest bearing$239,614  $237,042  $323,485  $240,858  $237,207 Interest bearing:         Interest checking 151,973   173,865   161,055   141,439   133,429 Money market and savings deposits 996,126   956,448   947,795   913,536   822,837 Time deposits 743,403   743,019   696,407   709,535   785,454 Total interest-bearing deposits 1,891,502   1,873,332   1,805,257   1,764,510   1,741,720 Total deposits 2,131,116   2,110,374   2,128,742   2,005,368   1,978,927 Borrowings 137,265   138,965   139,590   124,471   144,880 Subordinated debentures 49,822   49,792   49,761   49,743   49,928 Accrued interest payable 7,095   7,059   7,404   6,860   7,017 Other liabilities 27,803   26,728   29,823   27,903   39,519 Total liabilities 2,353,101   2,332,918   2,355,320   2,214,345   2,220,271           Stockholders’ equity:         Common stock 13,521   13,300   13,288   13,243   13,232 Surplus 85,122   82,184   82,026   81,545   81,002 Treasury stock (26,079)  (26,079)  (26,079)  (26,079)  (26,079)Unearned common stock held by ESOP (1,006)  (1,006)  (1,006)  (1,006)  (1,204)Retained earnings 122,376   117,132   112,952   111,961   107,765 Accumulated other comprehensive loss (5,905)  (7,511)  (7,613)  (8,142)  (7,266)Total stockholders’ equity 188,029   178,020   173,568   171,522   167,450 Total liabilities and stockholders’ equity$2,541,130  $2,510,938  $2,528,888  $2,385,867  $2,387,721   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 September 30,
2025 June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024Interest income$43,109 $41,211 $39,168 $40,028 $40,319Interest expense 19,993  20,052  19,392  20,729  22,077Net interest income 23,116  21,159  19,776  19,299  18,242Provision for credit losses 2,850  3,803  5,212  3,572  2,282Non-interest income 9,953  11,288  7,324  13,279  10,831Non-interest expense 21,546  21,357  18,743  21,411  20,546Income before income tax expense 8,673  7,287  3,145  7,595  6,245Income tax expense 2,014  1,695  746  1,995  1,502Net Income$6,659 $5,592 $2,399 $5,600 $4,743          Basic weighted average shares outstanding 11,325  11,228  11,205  11,158  11,110Basic earnings per common share$0.59 $0.50 $0.21 $0.50 $0.43          Diluted weighted average shares outstanding 11,540  11,392  11,446  11,375  11,234Diluted earnings per common share$0.58 $0.49 $0.21 $0.49 $0.42  Segment Information Three Months Ended September 30, 2025 Three Months Ended September 30, 2024(dollars in thousands)Bank Wealth Mortgage Total Bank Wealth Mortgage TotalNet interest income$22,972  $43  $101  $23,116  $18,151  $46  $45  $18,242 Provision for credit losses 2,850   —   —   2,850   2,282   —   —   2,282 Net interest income after provision 20,122   43   101   20,266   15,869   46   45   15,960 Non-interest income 2,363   1,610   5,980   9,953   1,358   1,447   8,026   10,831 Non-interest expense 14,831   1,141   5,574   21,546   13,287   840   6,419   20,546 Income before income taxes$7,654  $512  $507  $8,673  $3,940  $653  $1,652  $6,245 Efficiency ratio 59%  69%  92%  65%  68%  56%  80%  71%                 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024(dollars in thousands)Bank Wealth Mortgage Total Bank Wealth Mortgage TotalNet interest income$63,701  $116  $234  $64,051  $51,528  $76  $93  $51,697 Provision for credit losses 11,865   —   —   11,865   7,828   —   —   7,828 Net interest income after provision 51,836   116   234   52,186   43,700   76   93   43,869 Non-interest income 7,304   4,638   16,623   28,565   4,908   4,207   18,944   28,059 Non-interest expense 42,639   2,908   16,099   61,646   37,962   2,479   17,297   57,738 Income before income taxes$16,501  $1,846  $758  $19,105  $10,646  $1,804  $1,740  $14,190 Efficiency ratio 60%  61%  96%  67%  67%  58%  91%  72%                 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.

 Pre-Provision Net Revenue Reconciliation Three Months Ended NineMonths Ended(Dollars in thousands, except per share data, Unaudited)September 30,
2025 June 30,
2025 September 30,
2024 September 30,
2025 September 30,
2024Income before income tax expense$8,673 $7,287 $6,245 $19,105 $14,190Provision for credit losses 2,850  3,803  2,282  11,865  7,828Pre-provision net revenue$11,523 $11,090 $8,527 $30,970 $22,018  Pre-Provision Net Revenue Reconciliation Three Months Ended NineMonths Ended(Dollars in thousands, except per share data, Unaudited)September 30,
2025 June 30,
2025 September 30,
2024 September 30,
2025 September 30,
2024Bank$10,504 $9,005 $6,222 $28,366 $18,474Wealth 512  604  653  1,846  1,804Mortgage 507  1,481  1,652  758  1,740Pre-provision net revenue$11,523 $11,090 $8,527 $30,970 $22,018  Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding Loans at Fair Value September 30,
2025 June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024Allowance for credit losses (GAAP)$21,794  $20,851  $20,827  $18,438  $21,965           Loans and other finance receivables (GAAP) 2,162,845   2,108,250   2,071,675   2,030,437   2,008,396 Less: Loans at fair value (14,454)  (14,541)  (14,182)  (14,501)  (13,965)Loans and other finance receivables, excluding loans at fair value (non-GAAP)$2,148,391  $2,093,709  $2,057,493  $2,015,936  $1,994,431           ACL to loans and other finance receivables (GAAP) 1.01%  0.99%  1.01%  0.91%  1.09%ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP) 1.01%  1.00%  1.01%  0.91%  1.10%  Tangible Common Equity Ratio Reconciliation - Corporation September 30,
2025 June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024Total stockholders' equity (GAAP)$188,029  $178,020  $173,568  $171,522  $167,450 Less: Goodwill and intangible assets (3,513)  (3,564)  (3,615)  (3,666)  (3,717)Tangible common equity (non-GAAP) 184,516   174,456   169,953   167,856   163,733           Total assets (GAAP) 2,541,130   2,510,938   2,528,888   2,385,867   2,387,721 Less: Goodwill and intangible assets (3,513)  (3,564)  (3,615)  (3,666)  (3,717)Tangible assets (non-GAAP)$2,537,617  $2,507,374  $2,525,273  $2,382,201  $2,384,004 Tangible common equity to tangible assets ratio - Corporation (non-GAAP) 7.27%  6.96%  6.73%  7.05%  6.87%  Tangible Common Equity Ratio Reconciliation - Bank September 30,
2025 June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024Total stockholders' equity (GAAP)$236,038  $228,127  $220,768  $219,119  $217,028 Less: Goodwill and intangible assets (3,513)  (3,564)  (3,615)  (3,666)  (3,717)Tangible common equity (non-GAAP) 232,525   224,563   217,153   215,453   213,311           Total assets (GAAP) 2,541,395   2,510,684   2,525,029   2,382,014   2,385,994 Less: Goodwill and intangible assets (3,513)  (3,564)  (3,615)  (3,666)  (3,717)Tangible assets (non-GAAP)$2,537,882  $2,507,120  $2,521,414  $2,378,348  $2,382,277 Tangible common equity to tangible assets ratio - Bank (non-GAAP) 9.16%  8.96%  8.61%  9.06%  8.95%           Tangible Book Value Reconciliation September 30,
2025 June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024Book value per common share$16.33  $15.76  $15.38  $15.26  $14.91 Less: Impact of goodwill /intangible assets 0.31   0.32   0.32   0.33   0.33 Tangible book value per common share$16.02  $15.44  $15.06  $14.93  $14.58  Contact:
Christopher J. Annas
484.568.5001
[email protected]

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