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Section 1: 8-K (8-K)

8-K

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) July 19, 2018

 

 

PRIME MERIDIAN HOLDING COMPANY

(Exact name of registrant as specified in its charter)

 

 

 

Florida   333-191801   27-2980805

(State or other jurisdiction

of incorporation)

 

(Commission

file number)

 

(IRS employer

identification no.)

 

1897 Capital Circle NE, Second Floor, Tallahassee, FL   32308
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (850) 907-2301

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1933 (§240.12b-2 of this chapter)

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☒

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On July 19, 2018, Prime Meridian Holding Company issued a press release announcing financial results for the three- and six-month periods ended June 30, 2018. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K.

 

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

 

  99.1 Press release dated July 19, 2018

The information in this report (including the exhibits) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

PRIME MERIDIAN HOLDING COMPANY

By:

 

/s/ R. Randy Guemple

 

R. Randy Guemple

Chief Financial Officer and

Executive Vice President

Date: July 19, 2018

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

EX-99.1

Exhibit 99.1

 

LOGO

 

 

 

FOR IMMEDIATE RELEASE

PRIME MERIDIAN HOLDING COMPANY REPORTS

SECOND QUARTER 2018 RESULTS

TALLAHASSEE, FL., July 19, 2018 (GLOBE NEWSWIRE) – Prime Meridian Holding Company (OTCQX: PMHG) the parent bank holding company for Prime Meridian Bank today announced unaudited financial results for the quarter ended June 30, 2018. The Company reported net earnings of $1 million, or $0.32 per basic and diluted share, for the quarter ended June 30, 2018, compared to net earnings of $765,000, or $0.30 per basic and diluted share, for the quarter ended June 30, 2017. For the six-month period ended June 30, 2018, the Company reported net earnings of $1.8 million, or $0.56 per basic and diluted share, compared to $1.3 million, or $0.57 per basic and diluted share, for the same period a year ago.

Sammie D. Dixon, Jr., Vice Chairman, President, and CEO of the Company, reflected on the Bank’s solid second quarter performance. “As the banking landscape evolves, our team works hard every day on behalf of clients and shareholders to keep the momentum moving forward,” said Dixon.

Referring to changes in both the interest rate and competitive environment in the Tallahassee market area, Dixon continued, “We have seen a lot of movement in our first ten years here; and as that evolution continues, we stay focused on providing great service and building value.”

According to Dixon, loan demand remains solid. Loans increased 4.7% since March 31, 2018 and 17.9% since June 30, 2017. Bank deposits increased as well, up 7.3% from March 31, 2018.

This organic growth, bolstered by Prime Meridian’s strong core earnings, creates even more opportunities for the Bank. “We are in a great position to provide support for the area’s future economic development,” says Dixon.

A second quarter refresh of the Bank’s Try My Bank® advertising message reinforced the “local” message to clients, shareholders, and prospects. The message features Bank team members who are well-established in the community. “We’ve always believed this type of approach works well,” continued Dixon. “People want to bank with someone they know.”


Second Quarter 2018 Highlights

 

     Three Months Ended  
     June 30, 2018     March 31, 2018     June 30, 2017  

Net Earnings

   $ 1,002     $ 754     $ 765  

Book value per share

   $ 15.33     $ 15.03     $ 14.67  

Earnings per share - Basic

   $ 0.32     $ 0.24     $ 0.30  

Earnings per share - Diluted

   $ 0.32     $ 0.24     $ 0.30  

Weighted-average basic shares outstanding

     3,123,594       3,120,613       2,589,921  

Weighted-average diluted shares outstanding

     3,126,022       3,123,505       2,592,898  

Return on average assets(1)

     1.10     0.86     0.94

Return on average equity(1)

     8.49     6.45     8.21

Average yield on earning assets

     4.46     4.30     4.05

Net interest margin

     3.89     3.83     3.73

Efficiency ratio(2)

     60.14     64.72     60.20

 

1 ROAA and ROAE are annualized
2 Efficiency Ratio represents noninterest expense divided by the sum of net interest income plus noninterest income.

 

    Net income grew $248,000, or 32.9%, over last quarter and $237,000, or 31.0% over the second quarter of 2017, while earnings per share grew 33.3% on a linked quarter basis and 6.7% over the second quarter of 2017.

 

    Net interest income grew 5.3% over the prior quarter and 16.9% over the second quarter of 2017.

 

    Loans increased 4.7% since March 31, 2018 and 17.9% since June 30, 2017.

 

    Deposits increased 7.3% since March 31, 2018 and 13.6% since June 30, 2017.

 

    For the quarter ended June 30, 2018, the annualized Return on Average Assets was 1.10% and the annualized Return on Average Equity was 8.49%.

Earnings Summary

The Company reported net earnings of $1.0 million for the second quarter of 2018, compared to $754,000 for the first quarter of 2018. A $173,000, or 5.3%, increase in net interest income, a $99,000, or 39.0%, decrease in the provision for loan losses and a $56,000, or 2.4%, decrease in noninterest expense were the primary drivers of the $237,000, or 31.0%, increase in net earnings.

Compared to the second quarter of 2017, net earnings increased $237,000, or 31.0%, which is attributed to a $494,000, or 16.9%, increase in net interest income, partially offset by a $35,000, or 29.2% increase in the provision for loan losses, a $27,000, or 7.9%, decrease in noninterest income, and a $279,000, or 14.2%, increase in noninterest expense. Furthermore, income taxes decreased $84,000, or 20.4%, year-over-year, as our corporate income tax rate fell from 35.0% a year ago to 24.7% for the second quarter of 2018, due to the enactment of the Tax Cuts and Job Act in December, 2017.


For the first six months of 2018, net earnings increased $455,000, or 35%, over the comparable period in 2017, due to a $1.1 million, or 19.1%, increase in net interest income and a $35,000, or 5.9%, increase in noninterest income. These increases were partially offset by a $254,000, or 163.9%, increase in the provision for loan losses, and a $542,000, or 13.6%, increase in noninterest expense. Additionally, income taxes decreased $149,000 in the first half of 2018 compared to 2017 due to the lower corporate income tax rate, further adding to net income.

Continued rising interest rates have benefitted the Company overall as the overnight funds rate increased in June, 2018 for the seventh time since December, 2015. The Bank’s strong loan production in the first half of this year at higher yields than prior quarters has outpaced the 22-basis-points increase in its cost of funds in the first six months of 2018, compared to the first six months of 2017.

Net Interest Income

Net interest income increased $173,000, or 5.3%, in the second quarter of 2018 from $3.2 million in the first quarter of 2018, primarily as a result of higher loan yields and higher loan balances. From March 31, 2018, average loans grew $15.4 million, or 5.8%, while average yields increased 12 basis points to 4.95%. The Company’s net interest margin expanded 6 basis points to 3.89%.

Net interest income for the second quarter and the first six months of 2018 increased $494,000, or 16.9%, and $1.1 million, or 19.1%, respectively from the 2017 comparable periods. In both periods, organic growth in the Company’s loan portfolio and higher average yields were the primary drivers of the increase in net interest income. From the second quarter of 2017 to the second quarter of 2018, the Company’s net interest margin expanded 16 basis points to 3.89%, and the net interest margin increased 19 basis points to 3.86%, when comparing the first six months of 2017 to 2018.

Provision for Loan Losses

The provision for loan losses was $155,000 for the quarter ended June 30, 2018, representing a $99,000, or 39.0%, decrease over the quarter ended March 31, 2018. The Company’s net loan portfolio increased $22.3 million during the first quarter of 2018, compared to $12.9 million during the second quarter, thereby explaining the higher provision in the first quarter.

The provision for loan losses increased $35,000, or 29.2%, in the second quarter of 2018 compared to the second quarter of 2017, due primarily to higher specific reserves in 2018. For the six months ended June 30, 2018, the provision for loan losses increased $254,000 from the comparable period in 2017 and is also attributed to strong loan production. Net loans increased $35.2 million in the first half of 2018 compared to a $19.4 million increase in the first half of 2017.


Noninterest Income

Noninterest income for the second quarter totaled $314,000 and stayed relatively flat from the first quarter of 2018. The Bank experienced slight increases in service charges and fees on deposit accounts and other income (namely debit card and credit card fee income) offset by small declines in mortgage banking revenue and income from bank-owned life insurance. Compared to the second quarter of 2017, noninterest income declined $27,000, or 7.9%, as increases in service charges and fees on deposit accounts and other income were offset by a $55,000, or 34.4%, decline in mortgage banking revenue. For the first six months of 2018, noninterest income grew $35,000, or 5.9%, as increases in service charges and fees on deposit accounts and other income were partially offset by a $21,000, or 8.9%, decline in mortgage banking revenue. Our mortgage group posted markedly strong results in the second quarter of 2017 which impacts these comparisons. Looking at mortgage revenue over the last four quarters, it has remained relatively flat.

Noninterest Expense

Comparing the second quarter to the first quarter of 2018, noninterest expense decreased 2.4%, or $56,000. Slight decreases in salaries and employee benefits and occupancy and equipment costs coupled with a $74,000, or 35.7%, decrease in marketing expense, were the primary contributors to the drop in noninterest expense. Traditionally, the Company spends a large percentage of its marketing budget in the first quarter of the year.

During the second quarter and first six months of 2018, noninterest expense increased $279,000, or 14.2%, and $542,000, or 13.6%, compared to the comparable periods in 2017. The majority of the increase in both periods is attributed to higher salaries and employee benefits as the Bank continues to add additional personnel as it positions itself for organic growth and possible expansionary activities. Full-time equivalent employees increased from 68 at June 30, 2017 to 71 at June 30, 2018.


Balance Sheet

As of June 30, 2018, the Company had grown to $381.0 million in total assets, $331.8 million in deposits, and $285.5 million in portfolio net loans. This compares to $347.2 million in total assets, $298.3 million in deposits, and $250.3 million in portfolio net loans as of December 31, 2017. Loan growth occurred across all categories except consumer from December 31, 2017 to June 30, 2018. The composition of the Bank’s loan portfolio was as follows on the indicated dates:

Prime Meridian Holding Company and Subsidiary

Loans by Class

(Dollars in thousands )

 

     June 30, 2018     December 31, 2017  
     (unaudited)     (audited)  
     Amount      % of Total     Amount      % of Total  

Commercial real estate

   $ 89,482        31.0   $ 79,565        31.5

Residential real estate and home equity

     113,715        39.4       94,824        37.4  

Construction

     32,266        11.2       26,813        10.6  

Commercial

     46,006        15.9       44,027        17.4  

Consumer

     7,136        2.5       7,742        3.1  
  

 

 

      

 

 

    

Total Loans

     288,605        100.0     252,971        100.0

Net deferred loan costs

     409          424     

Allowance for loan losses

     (3,541        (3,136   
  

 

 

      

 

 

    

Loans, net

   $ 285,473        $ 250,259     
  

 

 

      

 

 

    

Total stockholders’ equity was $47.9 million, or 12.6% of total assets, at June 30, 2018, compared to $47.0 million, or 13.5% of total assets, at December 31, 2017. Book value per share increased from $15.06 at December 31, 2017 to $15.33 at June 30, 2018, with 3,125,233 common shares outstanding.

As of June 30, 2018, the Bank was considered to be “well capitalized” with a Tier 1 Leverage Capital Ratio of 9.68%, a 12.28% Common Equity Tier 1 Risk-Based Capital Ratio, a 12.28% Tier 1 Risk-Based Capital Ratio, and a 13.51% Total Risk-Based Capital Ratio.

Asset Quality

Loans totaling $984,000 were deemed to be impaired under the Bank’s policy at June 30, 2018, while loans totaling $134,000 were deemed to be impaired under the Bank’s policy at December 31, 2017. At June 30, 2018, the Bank had two nonaccrual loans in the aggregate amount of $90,000 compared to two nonaccrual loans totaling $134,000 at December 31, 2017. Net charge-offs totaled $4,000 for the six months ended June 30, 2018 and nonperforming assets as a percentage of total assets fell to 0.02%. Management believes that the allowance for loan losses which was $3.5 million, or 1.23% of gross loans, at June 30, 2018 is adequate.

About Prime Meridian Holding Company

Headquartered in Tallahassee, Florida, Prime Meridian Holding Company offers a broad range of banking services through its wholly owned subsidiary, Prime Meridian Bank, a Florida state-chartered non-member bank. Founded in 2008, the Bank serves its primary market of the Tallahassee Metropolitan Statistical Area, but also serves clients in the North Florida and South Georgia markets. The Bank currently has three office locations, two in Tallahassee, and a third location in Crawfordville, Florida. As of June 30, 2018, the consolidated Company had 71 full-time equivalent employees. For more information about Prime Meridian Holding Company, please visit our website at www.primemeridianbank.com

Tables Follow


Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Statements of Earnings (Unaudited)

(dollars in thousands except per share data)

 

     Q2’18      Q1’18      Q4’17      Q3’17      Q2’17  

Interest income:

              

Loans

   $ 3,543      $ 3,274      $ 3,091      $ 3,025      $ 2,838  

Securities

     287        288        274        252        248  

Other

     82        74        108        114        88  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total interest income

     3,912        3,636        3,473        3,391        3,174  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Interest Expense-

              

Deposits

     500        397        352        326        256  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total interest expense

     500        397        352        326        256  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net interest income

     3,412        3,239        3,121        3,065        2,918  

Provision for loan losses

     155        254        69        32        120  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net interest income after provision for loan losses

     3,257        2,985        3,052        3,033        2,798  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Noninterest income:

              

Service charges and fees on deposit accounts

     89        87        81        80        81  

Mortgage banking revenue

     105        110        119        80        160  

Income from bank-owned life insurance

     10        11        11        12        11  

Loss on sale of securities available for sale

     —          —          —          —          —    

Other income

     110        102        93        88        89  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest income

     314        310        304        260        341  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Noninterest expense:

              

Salaries and employee benefits

     1,218        1,228        1,129        1,053        982  

Occupancy and equipment

     226        235        220        247        233  

Professional fees

     97        84        85        90        82  

Marketing

     133        207        134        129        157  

FDIC/State Assessment

     38        36        35        35        42  

Software maintenance, amortization and other

     159        148        141        132        133  

Other

     370        359        368        321        333  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest expense

     2,241        2,297        2,112        2,007        1,962  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings before income taxes

     1,330        998        1,244        1,286        1,177  

Income taxes

     328        244        550        464        412  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net earnings

   $ 1,002      $ 754      $ 694      $ 822      $ 765  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per share

   $ 0.32      $ 0.24      $ 0.21      $ 0.26      $ 0.30  

Diluted earnings per share

   $ 0.32      $ 0.24      $ 0.21      $ 0.26      $ 0.30  


Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Statements of Earnings

 

     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
     unaudited      unaudited  
(in thousands, except per share amounts)    2018      2017      2018      2017  

Interest income:

           

Loans

   $ 3,543      $ 2,838      $ 6,817      $ 5,473  

Securities

     287        248        575        457  

Other

     82        88        156        157  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total interest income

     3,912        3,174        7,548        6,087  

Interest expense-

           

Deposits

     500        256        897        503  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total interest expense

     500        256        897        503  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net interest income

     3,412        2,918        6,651        5,584  

Provision for loan losses

     155        120        409        155  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net interest income after provision for loan losses

     3,257        2,798        6,242        5,429  
  

 

 

    

 

 

    

 

 

    

 

 

 

Noninterest income:

           

Service charges and fees on deposit accounts

     89        81        176        161  

Mortgage banking revenue

     105        160        215        236  

Income from bank-owned life insurance

     10        11        21        23  

Other income

     110        89        212        169  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest income

     314        341        624        589  
  

 

 

    

 

 

    

 

 

    

 

 

 

Noninterest expense:

           

Salaries and employee benefits

     1,218        982        2,446        2,054  

Occupancy and equipment

     226        233        461        480  

Professional fees

     97        82        181        145  

Marketing

     133        157        340        311  

FDIC/State assessment

     38        42        74        88  

Software maintenance, amortization and other

     159        133        307        262  

Other

     370        333        729        656  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest expense

     2,241        1,962        4,538        3,996  
  

 

 

    

 

 

    

 

 

    

 

 

 

Earnings before income taxes

     1,330        1,177        2,328        2,022  

Income taxes

     328        412        572        721  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net earnings

   $ 1,002      $ 765      $ 1,756      $ 1,301  
  

 

 

    

 

 

    

 

 

    

 

 

 

Earnings per common share:

           

Basic

   $ 0.32      $ 0.30      $ 0.56      $ 0.57  

Diluted

     0.32        0.30        0.56        0.57  

Cash dividends per common share(1)

     —          —          0.10        0.07  

 

(1) Annual cash dividends were paid during the first quarters of 2018 and 2017


Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Balance Sheets

(in thousands)

 

     June 30, 2018      March 31, 2018      December 31, 2017      September 30, 2017      June 30, 2017  
     (Unaudited)      (Unaudited)      (Audited)      (Unaudited)      (Unaudited)  

Assets

              

Cash & cash equivalents

     32,429        22,175      $ 32,397      $ 34,323      $ 40,789  

Securities available for sale

     46,657        48,014        49,809        48,744        43,670  

Loans, held for sale

     7,321        6,394        5,880        7,459        3,803  

Loans, net

     285,473        272,611        250,259        245,160        242,149  

Federal Home Loan Bank stock

     355        355        316        316        274  

Premises & equipment, net

     4,828        4,936        4,872        4,935        5,012  

Accrued interest receivable

     1,027        985        978        875        818  

Bank-owned life insurance

     1,778        1,768        1,757        1,746        1,734  

Other assets

     1,137        1,060        912        983        1,016  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Assets

   $ 381,005      $ 358,298      $ 347,180      $ 344,541      $ 339,265  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities and Stockholders’ Equity

              

Noninterest-bearing demand deposits

     76,564        73,736      $ 76,216      $ 70,704      $ 74,185  

Savings, NOW and money-market deposits

     220,363        212,153        200,027        203,131        196,786  

Time deposits

     34,896        23,393        22,054        22,879        21,242  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Deposits

     331,823        309,282        298,297        296,714        292,213  

Official checks

     602        1,368        1,146        566        898  

Other liabilities

     644        708        764        934        689  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Liabilities

     333,069        311,358        300,207        298,214        293,800  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Stockholders’ Equity

     47,936        46,940        46,973        46,327        45,465  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Liabilities and Stockholders’ Equity

   $ 381,005      $ 358,298      $ 347,180      $ 344,541      $ 339,265  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 


Prime Meridian Holding Company and Subsidiary

Financial Highlights (Unaudited)

 

     Q2’18     Q1’18     Q4’17     Q3’17     Q2’17  

Per Share Data:

          

Earnings per share - Basic

   $ 0.32     $ 0.24     $ 0.21     $ 0.26     $ 0.30  

Earnings per share - Diluted

   $ 0.32     $ 0.24     $ 0.21     $ 0.26     $ 0.30  

Book value per share

   $ 15.33     $ 15.03     $ 15.06     $ 14.94     $ 14.67  

Weighted-average basic shares outstanding

     3,123,594       3,120,613       3,105,003       3,100,309       2,589,921  

Weighted-average diluted shares outstanding

     3,126,022       3,123,505       3,107,301       3,103,544       2,592,898  

Selected Performance Ratios and Other Data:

          

Return on average assets(1)

     1.10     0.86     0.80     0.95     0.94

Return on average equity(1)

     8.49       6.45       5.97       7.17       8.21  

Average yield on earning assets

     4.46       4.30       4.12       4.08       4.05  

Net interest margin

     3.89       3.83       3.70       3.68       3.73  

Efficiency ratio(2)

     60.14       64.72       61.66       60.36       60.20  

Asset Quality Data:

          

Nonaccrual loans

   $ 90,000     $ 369,000     $ 134,000     $ 60,000     $ 137,000  

Total nonperforming assets

     90,000       369,000       134,000       60,000       137,000  

Nonpeforming assets/total assets

     0.02     0.10     0.04     0.02     0.04

Capital Ratios:

          

Total Tangible Common Equity / Total Assets (Company)

     12.58     13.10     13.53     13.45     13.40

Tier 1 Leverage Capital Ratio (Bank)

     9.68       9.69       9.48       9.38       9.67  

Common Equity Tier I Capital Ratio (Bank)

     12.28       12.38       12.80       12.76       12.61  

Tier I Risk Based Capital Ratio (Bank)

     12.28       12.38       12.80       12.76       12.61  

Total Capital Ratio (Bank)

     13.51       13.61       14.01       13.97       13.82  

 

1  ROAA and ROAE are annualized
2 Efficiency Ratio represents noninterest expense divided by the sum of net interest income plus noninterest income.

 

CONTACT:   Randy Guemple, Chief Financial Officer
  (850) 907-2301
  Prime Meridian Holding Company
  Website: www.primemeridianbank.com
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