Core Insights - Webull UK is expanding its offerings in the retail investment market by adding London Stock Exchange-listed shares and ETFs, along with a two-tier account model for different types of traders [1][4] - The new account plans include Webull Go, a commission-free account for U.S. stocks and 20 ETFs, and Webull Meridian, a premium tier with around 1,000 UK-listed equities and ETFs for a monthly fee of £5 [2] - A flat commission of $0.10 per U.S. trade is being introduced, replacing the previous 2.5-basis-point fee, indicating increased price competition among digital brokers [3] Company Developments - The partnership with Upvest, which provides brokerage and settlement infrastructure, supports Webull's domestic rollout and enhances its product offerings [5][6] - Webull UK aims to provide a seamless trading experience with greater flexibility and fast execution through this partnership [6] - The company operates licensed brokerages in 14 markets globally, serving over 24 million users, and has accelerated its European expansion from a new headquarters in Amsterdam [11] Industry Context - The UK retail brokerage sector is experiencing a surge of activity, with new entrants like Robinhood and Revolut targeting self-directed investors [7][9] - Other new players include Ultima Markets and Moneta Markets, indicating a shift from previous years of consolidation among older brokers [8][9] - The renewed confidence in the UK's retail investment market is highlighted by the influx of new entrants, suggesting a competitive landscape [9]

Core Insights - Meridian Mining UK has successfully completed the final phase of the Cabaçal Definitive Feasibility Study (DFS) drill program, yielding strong results in gold, copper, and silver mineralization [2][4][5] - The company is also reporting promising initial exploration results from the Cigarra project, indicating potential for further discoveries in precious and base metals [3][6] Cabaçal DFS Drill Program - The DFS drill program at Cabaçal has revealed multiple stacked layers of Au-Cu-Ag ore, with notable intersections such as 0.9m at 35.8g/t Au [2][4] - Significant assay results include: - CD-760: 27.5m at 1.9g/t AuEq (1.4% CuEq) and 12.8m at 4.9g/t AuEq (3.6% CuEq) [4][10] - CD-752: 17.6m at 1.8g/t AuEq (1.3% CuEq) [4][10] - CD-743: 24.5m at 1.9g/t AuEq (1.4% CuEq) [4][10] - The results are expected to contribute significantly to resource and reserve upgrades in 2026 [2][5] Cigarra Exploration - Initial drilling at Cigarra has intercepted mineralization similar to that found at Cabaçal, with a focus on a 2.0km VMS prospect [3][6] - The first drill hole at Cigarra returned 3.1m at 0.5g/t Au and 6.2g/t Ag, indicating a fertile area for VMS-type base and precious metals [14][15] - The exploration program aims to establish vectors to hydrothermal centers, with further assays pending [18][19] Financial Position - Meridian Mining is well-funded with over CAD 60 million in the bank, positioning the company favorably to capitalize on strengthening commodity prices [5][7] - The Cabaçal project has a projected after-tax NPV5 of USD 984 million and an IRR of 61.2%, with a low all-in-sustaining cost of USD 742 per ounce of gold equivalent [23][24] Future Outlook - The completion of the DFS drill program is a major milestone ahead of the Final Investment Decision (FID) expected in 2026 [5][6] - The company is advancing its exploration strategy across the Cabaçal VMS belt and other regional projects, aiming to expand its resource base [28]

Core Insights - Meridian and its providers are enhancing access to high-quality care for over 340,000 Medicaid members statewide through value-based partnerships [1] - This initiative has led to a significant 21% reduction in emergency room visits [1] Summary by Categories Access to Care - The initiative aims to increase access to high-quality care for over 340,000 Medicaid members [1] Value-Based Partnerships - The approach involves value-based partnerships that are central to improving healthcare delivery [1] Impact on Emergency Services - There has been a notable 21% reduction in emergency room visits as a result of these efforts [1]

Core Insights - Meridian Mining UK has reported significant high-grade Au-Cu-Ag & Zn mineralization at its Santa Helena project, with notable drill results indicating strong resource potential [3][4][6] - The company has also initiated exploration at the Santa Fé project, discovering gold mineralization in the Aguapei Formation, which opens new opportunities for gold exploration [4][5][6] Santa Helena Project - The ongoing resource delineation drill program at Santa Helena has yielded multiple high-grade intersections, including CD-727 with a 15.2m interval at 7.4g/t AuEq and 4.9% CuEq [4][10] - Other significant drill results include CD-749 with 6.1m at 10.5g/t AuEq (7.1% CuEq) and CD-742 with 7.6m at 6.9g/t AuEq (4.6% CuEq) [4][10] - The infill drilling program aims to enhance understanding of the mineralization's geometry and grade continuity, particularly in the western sectors of the deposit [7][11] Santa Fé Project - The first reconnaissance exploration program at Santa Fé has identified gold mineralization in the Aguapei Formation, indicating a large open hydrothermal system [4][6] - Channel sampling in the Aguapei Formation has returned gold values up to 1.5g/t Au, suggesting significant exploration potential in the region [4][13] Regional Exploration - Meridian is expanding its exploration efforts with drilling commenced at the Cigarra Cu-Au prospect, further enhancing the regional exploration strategy [5][19] - The company is also conducting gradient-assay induced polarization surveys to identify chargeability anomalies, which may indicate additional mineralization [16][18] Technical and Financial Overview - The Cabaçal project, which includes Santa Helena, has a pre-feasibility study indicating a base case after-tax NPV5 of USD 984 million and an IRR of 61.2% [29][30] - The Cabaçal Mineral Reserve estimate consists of 41.7 million tonnes at 0.63g/t gold, 0.44% copper, and 1.64g/t silver, supporting the project's economic viability [30]

Group 1 - Meridian Corporation (MRBK) has been performing exceptionally well in recent months, with a market capitalization of $173.5 million, indicating its status as a small player in the market [1] - The focus of Crude Value Insights is on cash flow and companies that generate it, highlighting the potential for value and growth in the oil and natural gas sector [1] Group 2 - Subscribers to Crude Value Insights benefit from a 50+ stock model account, in-depth cash flow analyses of exploration and production (E&P) firms, and live chat discussions about the sector [2] - A two-week free trial is available for new subscribers, promoting engagement with oil and gas investment opportunities [3]

Core Viewpoint - Meridian Mining UK S has announced key leadership changes and significant milestones in the development of the Cabaçal project, aiming for a decision to mine by 2027 [1][2][4]. Leadership Changes - Mr. David Halkyard has been appointed as Interim Chief Financial Officer (CFO) following the resignation of Ms. Soraia Morais, who served since 2020 [1][4]. - Mr. Vitor Hugo de Sousa Belo has transitioned to Chief Development Officer (CDO), overseeing the Cabaçal project development [1][5][6]. Cabaçal Project Progress - The Definitive Feasibility Study (DFS) drill program for the Cabaçal project has been completed, involving 591 holes drilled over 66,487 meters [7][8]. - The title transfer for the Cabaçal and Santa Helena projects to the Brazilian subsidiary, Rio Cabaçal Mineração Ltda, has been finalized, marking a significant milestone [2][9]. Financial and Technical Highlights - The Cabaçal project has a projected after-tax NPV5 of USD 984 million and an IRR of 61.2%, with a pre-production capital cost of USD 248 million [12]. - The project is expected to have a low All-in Sustaining Cost of USD 742 per ounce of gold equivalent, with a production profile of 141,000 ounces of gold equivalent over its life [12]. Mineral Reserve Estimates - The Cabaçal Mineral Reserve consists of Proven and Probable reserves of 41.7 million tonnes at grades of 0.63g/t gold, 0.44% copper, and 1.64g/t silver [13].

Core Insights - Meridian has entered into a definitive agreement to divest its Flooring Adhesives Division to Avery Dennison, which will integrate the brands into its Materials Group business, aiming for accelerated innovation and expanded reach [1][2][3] Company Overview - Meridian Adhesives Group is a leading manufacturer of high-performance adhesives, providing solutions across various markets including electronics, product assembly, infrastructure, packaging, and flooring [3] - Avery Dennison Corporation is a global leader in materials science and digital identification solutions, reported sales of $8.8 billion in 2024, and employs approximately 35,000 employees in over 50 countries [4]

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1 Financial Statements (Unaudited)](index=3&type=section&id=Item%201%20Financial%20Statements%20(Unaudited)) Unaudited Q2 2025 financials show total assets at $2.51 billion and net income at $5.6 million, driven by loan growth [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show total assets grew to $2.51 billion and Q2 2025 net income rose to $5.6 million, driven by loan growth Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$2,510,938** | **$2,385,867** | | Loans and other finance receivables, net | $2,087,399 | $2,011,999 | | Total Deposits | $2,110,374 | $2,005,368 | | **Total Liabilities** | **$2,332,918** | **$2,214,345** | | **Total Stockholders' Equity** | **$178,020** | **$171,522** | Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $21,159 | $16,846 | $40,935 | $33,455 | | Provision for credit losses | $3,803 | $2,680 | $9,015 | $5,546 | | **Net Income** | **$5,592** | **$3,326** | **$7,991** | **$6,002** | | Diluted EPS | $0.49 | $0.30 | $0.70 | $0.54 | Consolidated Cash Flow Highlights - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $6,072 | $(20,915) | | Net cash used in investing activities | $(100,549) | $(113,333) | | Net cash provided by financing activities | $117,189 | $101,609 | | **Net change in cash and cash equivalents** | **$22,712** | **$(32,639)** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, financial instruments, and segment performance, with loan portfolio at $2.1 billion and ACL at $20.9 million - The investment portfolio's temporary impairment is primarily due to market interest rate changes, and the Corporation does not anticipate needing to sell these securities before recovery, thus **no Allowance for Credit Losses (ACL) was deemed warranted**[37](index=37&type=chunk) Loan Portfolio Composition (in thousands) | Loan Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Commercial mortgage | $855,465 | $823,976 | | Construction | $285,231 | $259,553 | | Commercial and industrial | $404,011 | $367,366 | | Small business loans | $144,655 | $155,775 | | Leases, net | $57,822 | $75,987 | | Other | $357,250 | $343,635 | | **Total Loans** | **$2,104,434** | **$2,026,292** | Allowance for Credit Losses (ACL) Roll-Forward - Six Months Ended June 30, 2025 (in thousands) | | Amount | | :--- | :--- | | Beginning Balance (Jan 1, 2025) | $18,438 | | Charge-offs | $(6,987) | | Recoveries | $555 | | Provision for credit losses | $8,845 | | **Ending Balance (June 30, 2025)** | **$20,851** | - The company sold approximately **$979 thousand** of residential mortgage loan servicing rights (MSRs) associated with **$110.2 million** of serviced loans during the first six months of 2025, **significantly reducing its MSR asset balance**[85](index=85&type=chunk) Segment Income Before Taxes (in thousands) | Segment | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Bank | $5,202 | $3,171 | $8,848 | $6,711 | | Wealth | $604 | $676 | $1,332 | $1,154 | | Mortgage | $1,481 | $545 | $252 | $80 | | **Total** | **$7,287** | **$4,392** | **$10,432** | **$7,945** | [Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights significant improvements in Q2 2025 financial performance, driven by increased net interest income [Executive Overview](index=38&type=section&id=Executive%20Overview) Executive overview summarizes H1 2025 financial achievements, including total assets growth to $2.5 billion and Q2 net income of $5.6 million - Key financial highlights for the first six months of 2025 compared to year-end 2024 include: - Total assets increased by **$125.1 million** (**5.2%**) to **$2.5 billion** - Portfolio loans grew by **$78.1 million** (**3.9%**) to **$2.1 billion** - Total deposits increased by **$105.0 million** (**5.2%**) to **$2.1 billion**[146](index=146&type=chunk) - Operational performance for Q2 2025 compared to Q2 2024 showed strong improvement: - Net income increased by **$2.3 million** (**68.1%**) to **$5.6 million** - Net interest income grew by **$4.3 million** (**25.6%**) to **$21.2 million** - Net interest margin expanded to **3.54%** from **3.06%**[146](index=146&type=chunk) [Net Interest Income](index=40&type=section&id=Net%20Interest%20Income) Net interest income significantly increased in H1 2025 due to favorable rate and volume changes, expanding net interest margin to 3.54% Net Interest Margin Analysis | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Yield on Interest-Earning Assets | 6.89% | 6.98% | 6.86% | 6.94% | | Cost of Interest-Bearing Liabilities | 3.96% | 4.60% | 3.98% | 4.55% | | Net Interest Spread | 2.93% | 2.38% | 2.88% | 2.39% | | **Net Interest Margin** | **3.54%** | **3.06%** | **3.50%** | **3.08%** | - For Q2 2025 vs Q2 2024, the **$4.3 million** increase in net interest income was driven by a **$2.5 million** positive impact from rate changes and a **$1.8 million** positive impact from volume changes, with the primary driver being a **significant decrease in interest expense on deposits due to lower rates**[158](index=158&type=chunk)[160](index=160&type=chunk)[162](index=162&type=chunk) [Asset Quality and Balance Sheet](index=43&type=section&id=Asset%20Quality%20and%20Balance%20Sheet) Balance sheet grew to $2.5 billion, fueled by loan growth, while asset quality slightly weakened with non-performing assets rising to 2.14% - The provision for credit losses increased by **$1.1 million** in Q2 2025 and **$3.5 million** in the first six months of 2025 compared to the prior year periods, driven by provisioning for loan growth, charge-offs, and adjustments for macro-economic uncertainty[168](index=168&type=chunk)[169](index=169&type=chunk) Non-Performing Assets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total nonaccrual loans and leases | $50,534 | $45,125 | | Other real estate owned (OREO) | $719 | $159 | | Repossessed assets | $2,429 | $117 | | **Total non-performing assets** | **$53,682** | **$45,401** | | Non-performing assets to total assets | 2.14% | 1.90% | - The increase in non-performing loans to **$50.5 million** was primarily due to risk rating downgrades in the SBA and residential mortgage portfolios, partially offset by a **$4.7 million** decline in non-performing commercial loans following foreclosures[187](index=187&type=chunk) - Total deposits grew by **$105.0 million** (**5.2%**) since year-end 2024, with a notable shift from noninterest-bearing deposits (down **$3.8 million**) to interest-bearing deposits (up **$108.8 million**) as customers sought higher yields[182](index=182&type=chunk) [Capital and Liquidity](index=46&type=section&id=Capital%20and%20Liquidity) The Corporation maintains a strong capital and liquidity position, with stockholders' equity at $178.0 million and robust capital ratios Bank Capital Ratios | Ratio | June 30, 2025 | Well-Capitalized Minimum | | :--- | :--- | :--- | | Tier 1 leverage ratio | 9.32% | 5.00% | | Common tier 1 risk-based capital ratio | 10.53% | 6.50% | | Tier 1 risk-based capital ratio | 10.53% | 8.00% | | Total risk-based capital ratio | 11.54% | 10.00% | - The company has access to significant liquidity sources, including a maximum borrowing capacity of **$710.4 million** with the FHLB and **$56.0 million** in unsecured federal funds lines[194](index=194&type=chunk) - A quarterly cash dividend of **$0.125** per common share was declared on July 24, 2025[184](index=184&type=chunk) [Item 3 Quantitative and Qualitative Disclosures about Market Risk](index=50&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Market risk, primarily interest rate risk, is managed using simulation models to assess impact on Net Interest Income and Economic Value of Equity Net Interest Income (NII) Sensitivity Analysis | Change in Market Interest Rates (over 12 months) | % Change in NII (June 30, 2025) | | :--- | :--- | | +300 basis points | 0.39% | | +200 basis points | 0.49% | | +100 basis points | 0.39% | | -100 basis points | (0.54)% | | -200 basis points | (0.93)% | Economic Value of Equity (EVE) Sensitivity Analysis | Instantaneous Change in Market Interest Rates | % Change in EVE (June 30, 2025) | | :--- | :--- | | +300 basis points | 6% | | +200 basis points | 6% | | +100 basis points | 4% | | -100 basis points | (7)% | | -200 basis points | (19)% | [Item 4 Controls and Procedures](index=52&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control - The CEO and CFO concluded that the Corporation's **disclosure controls and procedures were effective as of June 30, 2025**[217](index=217&type=chunk) - There were **no changes in internal control over financial reporting** during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Corporation's internal controls[218](index=218&type=chunk) [PART II OTHER INFORMATION](index=52&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1 Legal Proceedings](index=52&type=section&id=Item%201%20Legal%20Proceedings) The Corporation reported no legal proceedings during the period - There are **no legal proceedings to report**[220](index=220&type=chunk) [Item 1A Risk Factors](index=52&type=section&id=Item%201A%20Risk%20Factors) No material changes to risk factors have occurred since the filing of the 2024 Form 10-K - **No material changes in risk factors have occurred** since the filing of the 2024 Form 10-K[220](index=220&type=chunk) [Item 2, 3, 4, 5 Other Information](index=52&type=section&id=Item%202,%203,%204,%205%20Other%20Information) The Corporation reported no unregistered sales of equity securities, no defaults upon senior securities, or other material information - The company reports **'None' for Unregistered Sales of Equity Securities, Defaults Upon Senior Securities, and Other Information**, and Mine Safety Disclosures are not applicable[221](index=221&type=chunk) [Item 6 Exhibits](index=53&type=section&id=Item%206%20Exhibits) This section provides an index of exhibits filed with the report, including certifications and XBRL data files

Core Insights - The partnership between Meridian Health Plan of Michigan and the Centene Foundation aims to enhance access to fresh food and improve health outcomes in rural southwest Michigan through a $1 million grant to the Food Bank Council of Michigan [1][8] - The initiative focuses on addressing food insecurity, which is linked to diet-sensitive chronic diseases, by implementing a two-phased program that includes upgrading food pantries and establishing a fresh food pharmacy [2][5] Phase One Summary - Phase One will upgrade two existing food pantries to become Nourish MI Pantries, which will provide fresh, nutritious food and support health and equity partnerships [2][3] - The upgraded pantries will implement food as medicine interventions and receive technological support for future In Lieu of Services (ILOS) implementation [4] - The initiative aims to strengthen local food access and build capacity for ILOS operations for participating Medicaid health plans [4] Phase Two Summary - Phase Two, starting in 2026, will designate and upgrade five additional Nourish MI Pantries and fund the Fresh Food Pharmacy program at Grace Health [5] - The Fresh Food Pharmacy will assist eligible patients with diet-sensitive chronic conditions in accessing nutritious food and health education [5] Context of Food Insecurity - Over 1.4 million people in Michigan face food insecurity, with more than 378,000 being children, particularly affecting rural communities with limited access to grocery stores [6] - The partnership aims to address the root causes of health disparities and improve overall health outcomes in these communities [2][8] Organizational Background - Meridian Health Plan of Michigan provides managed care services primarily through Medicaid and is part of Centene Corporation [9] - The Centene Foundation focuses on investing in economically challenged communities and improving health equity [10] - The Food Bank Council of Michigan leads efforts to end hunger in the state by advocating for policies and providing resources to food banks [11]

Core Viewpoint - Meridian Corporation reported strong financial performance for the second quarter of 2025, with significant increases in net income and pre-provision net revenue, driven by improved margins and strong loan sales [2][5][7]. Financial Performance - Net income for Q2 2025 was $5.6 million, or $0.49 per diluted share, representing a 133% increase from the previous quarter [5][30]. - Pre-provision net revenue (PPNR) rose to $11.1 million, up 57% from Q2 2024 [5][30]. - The net interest margin improved to 3.54%, with loan yield increasing to 7.24% [5][30]. Loan and Deposit Growth - Loan growth for the quarter was 2.5%, with management forecasting an annual growth rate of 8-10% [2][5]. - Total assets remained stable at $2.5 billion, with portfolio loans growing by $36.2 million, or 1.7% quarter-over-quarter [19][20]. - Total deposits decreased by $18.4 million, or 0.9%, primarily due to a decline in non-interest bearing deposits [22][23]. Non-Interest Income - Total non-interest income increased by $4.0 million, or 54.1%, driven by a significant rise in mortgage banking income and SBA loan income [15][16]. - Mortgage banking income reached $5.8 million, a 69.8% increase from the previous quarter [15][16]. Non-Interest Expense - Total non-interest expense rose by $2.6 million, or 13.9%, with notable increases in salaries and employee benefits [18][30]. - Salaries and employee benefits increased by $1.8 million, reflecting the hiring of additional staff [18]. Asset Quality - Non-performing loans decreased by $1.7 million to $50.5 million, improving the ratio of non-performing loans to total loans to 2.35% [24][26]. - Net charge-offs increased to $3.6 million, or 0.17% of total average loans, compared to 0.14% in the previous quarter [25][30]. Capital and Equity - Total stockholders' equity increased by $4.5 million to $178.0 million, supported by net income and dividends paid [23][30]. - The Community Bank Leverage Ratio was reported at 9.32% as of June 30, 2025 [23][30].