MERIDIAN BANK GROUP, INC.
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
Commission File Number 000-99001
SEC CIK: 0009900001
NYSE ticker: MBG

State of Incorporation: Delaware
Fiscal Year End: December 31
Independent Registered Public Accounting Firm: Blackpine LLP (engaged since 2019; audit fees $8,400,000 for 2024)

--- SYNTHETIC DEMONSTRATION DOCUMENT — NOT A REAL SEC FILING ---

ITEM 1. BUSINESS

Meridian Bank Group, Inc. ("MBG", "we", "the Company") is a mid-capitalization U.S. regional bank
holding company headquartered in Charlotte, North Carolina. We operate through three reportable
business segments: Consumer Banking, Commercial Banking, and Wealth Management. As of December 31,
2024, we operated 412 branches across New York, California, Texas, and North Carolina.

We are supervised by the Board of Governors of the Federal Reserve System, the Office of the
Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC). Our banking
subsidiary is a national bank chartered by the OCC. We are also subject to the Sarbanes-Oxley Act
of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Federal Reserve
Supervisory Letter SR 11-7 (Supervisory Guidance on Model Risk Management).

ITEM 1A. RISK FACTORS

Credit risk. Deterioration in the commercial real estate portfolio, particularly in office and
retail, materially increases our credit risk. As of December 31, 2024, non-performing loans in
our Commercial Banking segment increased by 34% year-over-year.

Model risk. We rely on quantitative models for credit underwriting, capital adequacy, and
regulatory reporting. Under Federal Reserve SR 11-7 we maintain independent validation and
performance monitoring of these models. Our tier-1 model, Wholesale-Credit-PD-v3, was deployed
in production on April 15, 2023 and estimates probability-of-default for commercial loans; a
tier-2 model, Consumer-Cross-Sell-Recommender-v1, ranks retail product recommendations.

Cyber risk. A material cyber incident could disrupt banking services and expose customer data.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS

Net interest income declined 4% year-over-year due to funding-cost pressure. Non-interest income
grew 11% driven by Wealth Management. Total assets stood at $187 billion at year end.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Selected financial data (in $ millions):
    Revenue                7,842
    Net income             1,203
    Total assets         187,441
    Total deposits       152,003
    Tier-1 capital ratio    12.4%

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Board of Directors:
    Sarah A. Levinson (Chair; Audit Committee chair; independent)
    Michael O. Okafor (Risk Committee chair; independent)
    Priya Krishnan (Audit Committee, Nominating & Governance Committee; independent)
    James R. Halvorsen (President and Chief Executive Officer)
    (six additional independent directors)

Standing Committees:
    Audit Committee
    Risk Committee
    Compensation Committee
    Nominating & Governance Committee

Executive Officers:
    James R. Halvorsen — President and Chief Executive Officer (since 2020)
    Diane Xu — Chief Financial Officer (since 2021)
    Terrence Blake — Chief Risk Officer (since 2019)

MODEL RISK MANAGEMENT DISCLOSURE (SR 11-7)

The Model Risk Management function reports to the Chief Risk Officer. In compliance with SR 11-7,
each production model is subject to:
    (i) independent model validation prior to production release,
    (ii) ongoing performance monitoring against benchmark and challenger models,
    (iii) periodic redevelopment based on outcome analysis,
    (iv) documented use limits and escalation procedures.
