DDM Analysis: MRBK

Valuation Snapshot

Stable Growth	$298.70 - $351.92	$329.80
Multi-Stage	$63.08 - $69.10	$66.03
Blended Fair Value	$197.92
Current Price	$15.79
Upside	1,153.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.49	0.49	0.96	0.85	0.13	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-0.23%	-48.64%	12.92%	534.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.40%	4.96%	7.58%	5.27%	1.03%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20.25
(-) Cash Dividends Paid (M)	5.64
(=) Cash Retained (M)	14.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.05	2.53	1.52
Cash Retained (M)	14.61	14.61	14.61
(-) Cash Required (M)	-4.05	-2.53	-1.52
(=) Excess Retained (M)	10.56	12.08	13.09
(/) Shares Outstanding (M)	11.44	11.44	11.44
(=) Excess Retained per Share	0.92	1.06	1.14
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	0.92	1.06	1.14
(=) Adjusted Dividend	1.42	1.55	1.64
WACC / Discount Rate	5.88%	5.88%	5.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$298.70	$329.80	$351.92
Upside / Downside	1,791.73%	1,988.69%	2,128.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20.25	21.57	22.97	24.46	26.05	27.75	28.58
Payout Ratio	27.85%	40.28%	52.71%	65.14%	77.57%	90.00%	92.50%
Projected Dividends (M)	5.64	8.69	12.11	15.93	20.21	24.97	26.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.88%	5.88%	5.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8.13	8.20	8.28
Year 2 PV (M)	10.60	10.80	11.00
Year 3 PV (M)	13.05	13.42	13.80
Year 4 PV (M)	15.48	16.08	16.69
Year 5 PV (M)	17.90	18.76	19.66
PV of Terminal Value (M)	656.71	688.43	721.36
Equity Value (M)	721.86	755.69	790.79
Shares Outstanding (M)	11.44	11.44	11.44
Fair Value	$63.08	$66.03	$69.10
Upside / Downside	299.48%	318.20%	337.63%

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Meridian Corporation (MRBK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener