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Section 1: 8-K (FORM 8-K)

pmhg20181024_8k.htm

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) October 25, 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: (850907-2301

 

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 October 25, 2018, Prime Meridian Holding Company issued a press release announcing financial results for the three- and nine-month periods ended September 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 October 25, 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: October 25, 2018

 

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Section 2: EX-99.1 (EXHIBIT 99.1)

ex_126186.htm

Exhibit 99.1

 

 

 

 

FOR IMMEDIATE RELEASE

 

Prime Meridian Holding Company Reports

 

THIRD Quarter 2018 Results

 

TALLAHASSEE, FL., October 25, 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 September 30, 2018. The Company reported net earnings of $1 million, or $0.33 per basic and diluted share, for the quarter ended September 30, 2018, compared to net earnings of $822,000, or $0.26 per basic and diluted share, for the quarter ended September 30, 2017. For the nine-month period ended September 30, 2018, the Company reported net earnings of $2.8 million, or $0.89 per basic and diluted share, compared to $2.1 million, or $0.83 per basic and diluted share, for the same period a year ago.

 

The first nine months of 2018 have seen the Bank’s loan portfolio grow by $38.8 million. In order to fund this and future loan demand, the Bank instituted a program to deepen existing client relationships and develop new relationships to secure additional deposits.

 

A summer-long marketing push across all media helped keep the Bank top-of-mind in the community. The campaign included a refresh of Prime Meridian Bank’s trademarked TryMyBank® tagline and reinforced the Bank as Tallahassee’s Hometown Bank®. 

 

From front-line employees to back operations team members, everyone was engaged in growing the Bank as part of this campaign.  “When we tell our story -- to friends, family, neighbors, and folks around town -- it creates a bank people want to be part of,” said Sammie D. Dixon, Jr., Vice Chairman, President and CEO of the Bank.

 

“As a result, our asset size has grown to $406 million and with continued banking consolidation in our area, the opportunity to add client relationships is tremendous,” Dixon maintained.

 

In September, the Prime Meridian Bank ranked as one of the Best Banks to Work For as surveyed by American Banker magazine.  The magazine’s Best Banks program identifies, recognizes and honors U.S. banks for outstanding employee satisfaction. Full results of this year’s program are available at American Banker. It is the fourth year in a row the Bank has made the list. Prime Meridian Bank was one of only five in the state of Florida to receive the recognition.

 

 

 

 

The annual ranking recognizes the financial institutions committed to investing in employees’ job satisfaction, career development and personal growth – a ‘return on investment’ that can be hard to measure by traditional means.

 

“Our team works hard every day on behalf of clients, shareholders and each other,” said Dixon.  “When a team experiences the kind of transparent culture we promote, they appreciate it. That results in a better balance of work and home life.”

 

For the quarter, the Bank’s mortgage lending team maintained its standing in the Leon County housing market, averaging third-place for both dollar volume of mortgages and number of mortgages, according to Metro Market Trends reporting.

 

The Bank’s Crawfordville office continued to see strong deposit growth year-over-year as total deposits increased to $46.1 million as of September 30, 2018, a 13.3% increase from $40.7 million as of September 30, 2017.

 

In August, the Bank further solidified its foothold in its hometown of Tallahassee as it entered into a long-term lease for its Timberlane Road office.

 

 

Third quarter 2018 Highlights

 

   

Three Months Ended

 
   

September 30, 2018

   

June 30, 2018

   

September 30, 2017

 
                         

Net Earnings

  $ 1,018     $ 1,002     $ 822  

Book value per share

  $ 15.61     $ 15.33     $ 14.94  

Earnings per share - Basic

  $ 0.33     $ 0.32     $ 0.26  

Earnings per share - Diluted

  $ 0.33     $ 0.32     $ 0.26  

Weighted-average basic shares outstanding

    3,127,038       3,123,594       3,100,309  

Weighted-average diluted shares outstanding

    3,130,171       3,126,022       3,103,544  

Return on average assets(1)

    1.03

%

    1.10

%

    0.95

%

Return on average equity(1)

    8.42

%

    8.49

%

    7.17

%

Average yield on earning assets

    4.47

%

    4.46

%

    4.08

%

Net interest margin

    3.78

%

    3.89

%

    3.68

%

Efficiency ratio(2)

    62.26

%

    60.14

%

    60.36

%

 

1 ROAA and ROAE are annualized

2 Efficiency Ratio represents noninterest expense divided by the sum of net interest income plus noninterest income.

 

 

In the third quarter of 2018, net income increased $196,000, or 23.8%, and earnings per share grew 26.9% over the third quarter of 2017.

 

 

The Bank reported strong loan growth for the first nine months of 2018, with net loans increasing $38.8 million, or 15.5%, since December 31, 2017.

 

 

Asset growth has been funded by a $56.9 million, or 19.1%, increase in deposit growth since December 31, 2017.

 

 

For the quarter ended September 30, 2018, the annualized Return on Average Assets was 1.03% and the annualized Return on Average Equity was 8.42%.

 

 

 

 

Earnings Summary

 

The Company reported net earnings of $1,018,000 for the third quarter of 2018, compared to $1,002,000 million for the second quarter of 2018. A $198,000, or 5.8%, increase in net interest income, a $20,000, or 12.9%, decrease in the provision for loan losses, and a $24,000, or 7.6%, increase in noninterest income were mostly offset by a $217,000, or 9.7%, increase in noninterest expense and a $9,000, or 2.7%, increase in income tax expense.

 

Compared to the third quarter of 2017, net earnings increased $196,000, or 23.8%, which is attributed to a $545,000, or 17.8%, increase in net interest income and a $78,000, or 30.0%, increase in total noninterest income, partially offset by a $103,000 increase in the provision for loan losses and a $451,000, or 22.5%, increase in noninterest expense. Income tax expense decreased $127,000, or 27.4%, year-over-year, as the Bank’s corporate income tax rate fell from 36.1% a year ago to 24.9% for the third quarter of 2018, due to the enactment of the Tax Cuts and Job Act in December, 2017.

 

For the first nine months of 2018, net earnings increased $651,000, or 30.7%, over the comparable period in 2017, due to a $1.6 million, or 18.6%, increase in net interest income and a $113,000, or 13.3%, increase in noninterest income. These increases were partially offset by a $357,000, or 190.9%, increase in the provision for loan losses, and a $993,000, or 16.5%, increase in noninterest expense. Income tax expense decreased $276,000 in the first nine months of 2018 compared to 2017 due to the lower corporate income tax rate, further boosting net income for the nine-month period.

 

Continued rising interest rates have benefitted the Company overall as the overnight funds rate increased again in September, 2018. The Bank’s strong loan production in the first nine months of this year at higher yields than prior quarters has outpaced the 34-basis-point increase in its cost of funds in the first nine months of 2018, compared to the first nine months of 2017.

 

Interest Income

 

The Company reported interest income of $4.3 million, $360,000 more than the previous quarter. This growth was primarily led by an increase in average loans of $10.4 million and average other interest-earning assets of $21.1 million, coupled with higher yields on all interest-earning assets, except securities.

 

Interest income for the third quarter and the first nine months of 2018 increased $881,000, or 26.0%, and $2.3 million, or 24.7%, 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 interest income.

 

 

 

 

Interest Expense

 

Interest expense increased $162,000, or 32.4%, over the prior quarter due to a $24.7 million increase in the average balance of interest-bearing deposits and a 16-basis point increase in the average rates paid on those deposits.

 

Compared to the third quarter of 2017, interest expense increased $336,000, or 103.1%, over the third quarter of 2017. Over this time period, the average balance of interest-bearing deposits increased $40.9 million, or 18.3%, while the average rates paid on those deposits increased 42 basis points. For the nine-month period ended September 30, 2018, interest expense increased $730,000, or 88.1%, over the comparable period in 2017. The $27.4 million, or 12.6%, increase in the average balance of interest-bearing deposits and a 34-basis point increase in the average rate paid on those deposits led to the increase in interest expense.

 

From the third quarter of 2017 to the third quarter of 2018, the Company’s net interest margin expanded 10 basis points to 3.78%, and the net interest margin increased 16 basis points to 3.83%, when comparing the first nine months of 2017 to 2018.

 

Provision for Loan Losses

 

The provision for loan losses was $135,000 for the quarter ended September 30, 2018, representing a $20,000, or 12.9%, decrease over the quarter ended June 30, 2018. The Company’s net loan portfolio increased $3.5 million from the second quarter of 2018 to the third quarter of 2018, compared to an increase of $12.9 million from the first quarter of 2018 to the second quarter of 2018.

 

The provision for loan losses for the three months ended September 30, 2018 was $135,000, compared to $32,000 for the three months ended September 30, 2017. The lower provision in the third quarter of 2017 resulted from a change in the Company’s loan portfolio mix and changes in the Company’s qualitative factors used by the Company in determining its provision. The provision recorded in the third quarter of 2018 reflects a more normalized number. The provision for loan losses increased $357,000 for the first nine months of 2018 compared to the comparable period in 2017. The higher provision in 2018 mostly reflects the Company’s strong loan production in 2018, with net loans up $43.9 million, or 17.9% year over year.

 

Noninterest Income

 

Noninterest income increased $24,000, or 7.6%, in the third quarter of 2018, compared to the second quarter of 2018. Increases in mortgage banking revenue and other income were the key contributors, partially offset by a slight decline in service charges and fees on deposit accounts. Compared to the third quarter of 2017, noninterest income increased $78,000, or 30.0%, primarily driven by a $44,000, or 55.0%, increase in mortgage banking revenue and a $32,000, or 36.4%, increase in other income, namely ATM and debit card fee income. For the first nine months of 2018, noninterest income grew $113,000 or 13.3%, primarily due to a $74,000, or 28.7%, increase in other income, again largely due to increases in ATM and debit card fee income. An $18,000, or 7.5%, increase in service charges and fees on deposit accounts and a $23,000, or 7.3%, increase in mortgage banking revenue also contributed to higher noninterest income for the period.

 

 

 

 

Noninterest Expense

 

Comparing the third quarter of 2018 to the second quarter of 2018, noninterest expense increased 9.7% to $2.5 million. More than half of this increase is attributable to higher salaries and employee benefits. In the third quarter of 2018, the Company incurred higher commission expense due to the timing of those payments and accrued higher incentive pay expense as a result of the Bank’s strong year-to-date performance. Additionally, the Company’s FASB 91 expense decreased in the third quarter due to fewer loan originations. Marketing expense increased $60,000, or 45.1%, from the second quarter to the third quarter of 2018 due, in part, to the timing of certain expenses and our summer marketing campaign

 

During the third quarter and first nine months of 2018, noninterest expense increased $451,000, or 22.5%, and $993,000, or 16.5%, 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 67 at September 30, 2017 to 76 at September 30, 2018. Increases in marketing expense, software maintenance, amortization and other expense and other noninterest expense also contributed to the growth in noninterest expense for both periods, and are mostly reflective of a growing bank.

 

Balance Sheet

 

At September 30, 2018, the Company reported $406.0 million in total assets, $355.2 million in deposits, and $289.0 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 at December 31, 2017. Loan growth occurred across all categories, except consumer loans, from December 31, 2017 to September 30, 2018, with the majority of the increase attributed to growth in the residential and home equity category. 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 )

 

   

September 30, 2018

   

December 31, 2017

 
   

(unaudited)

   

(audited)

 
   

Amount

   

% of Total

   

Amount

   

% of Total

 

Commercial real estate

  $ 84,161       28.8

%

  $ 79,565       31.5

%

Residential real estate and home equity

    120,545       41.2       94,824       37.4  

Construction

    31,001       10.6       26,813       10.6  

Commercial

    49,563       17.0       44,027       17.4  

Consumer

    6,980       2.4       7,742       3.1  
                                 

Total Loans

    292,250       100.0

%

    252,971       100.0

%

                                 

Net deferred loan costs

    446               424          

Allowance for loan losses

    (3,674 )             (3,136 )        

Loans, net

  $ 289,022             $ 250,259          

 

Total stockholders’ equity was $48.9 million, or 12.0% of total assets, at September 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 $15.61 at September 30, 2018, with 3,128,671 common shares outstanding.

 

As of September 30, 2018, the Bank was considered to be “well capitalized” with a Tier 1 Leverage Capital Ratio of 9.21%, a 12.40% Common Equity Tier 1 Risk-Based Capital Ratio, a 12.40% Tier 1 Risk-Based Capital Ratio, and a 13.65% Total Risk-Based Capital Ratio.

 

Asset Quality

 

Loans totaling $1.1 million were deemed to be impaired under the Bank’s policy at September 30, 2018, while loans totaling $134,000 were deemed to be impaired under the Bank’s policy at December 31, 2017. At September 30, 2018, the Bank had four nonaccrual loans in the aggregate amount of $179,000 compared to two nonaccrual loans totaling $134,000 at December 31, 2017. Net charge-offs totaled $6,000 for the nine months ended September 30, 2018 and nonperforming assets as a percentage of total assets was 0.04%. Management believes that the allowance for loan losses which was $3.7 million, or 1.26% of gross loans, at September 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 September 30, 2018, the consolidated Company had 76 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)

 

 

   

Q3'18

   

Q2'18

   

Q1'18

   

Q4'17

   

Q3'17

 
                                         

Interest income:

                                       

Loans

  $ 3,798     $ 3,543     $ 3,274     $ 3,091     $ 3,025  

Securities

    276       287       288       274       252  

Other

    198       82       74       108       114  

Total interest income

    4,272       3,912       3,636       3,473       3,391  
Interest Expense-                                        

Deposits

    662       500       397       352       326  

Total interest expense

    662       500       397       352       326  

Net interest income

    3,610       3,412       3,239       3,121       3,065  

Provision for loan losses

    135       155       254       69       32  

Net interest income after provision for loan losses

    3,475       3,257       2,985       3,052       3,033  
                                         

Noninterest income:

                                       

Service charges and fees on deposit accounts

    83       89       87       81       80  

Mortgage banking revenue

    124       105       110       119       80  

Income from bank-owned life insurance

    11       10       11       11       12  

Other income

    120       110       102       93       88  

Total noninterest income

    338       314       310       304       260  
                                         

Noninterest expense:

                                       

Salaries and employee benefits

    1,341       1,218       1,228       1,129       1,053  

Occupancy and equipment

    237       226       235       220       247  

Professional fees

    86       97       84       85       90  

Marketing

    193       133       207       134       129  

FDIC/State Assessment

    38       38       36       35       35  

Software maintenance, amortization and other

    167       159       148       141       132  

Other

    396       370       359       368       321  

Total noninterest expense

    2,458       2,241       2,297       2,112       2,007  
                                         

Earnings before income taxes

    1,355       1,330       998       1,244       1,286  

Income taxes

    337       328       244       550       464  

Net earnings

  $ 1,018     $ 1,002     $ 754     $ 694     $ 822  
                                         

Basic earnings per share

  $ 0.33     $ 0.32     $ 0.24     $ 0.21     $ 0.26  
                                         

Diluted earnings per share

  $ 0.33     $ 0.32     $ 0.24     $ 0.21     $ 0.26  

 

 

 

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

unaudited

   

unaudited

 

(in thousands, except per share amounts)

 

2018

   

2017

   

2018

   

2017

 

Interest income:

                               

Loans

  $ 3,798     $ 3,025     $ 10,615     $ 8,498  

Securities

    276       252       851       709  

Other

    198       114       354       271  

Total interest income

    4,272       3,391       11,820       9,478  

Interest expense-

                               

Deposits

    662       326       1,559       829  

Total interest expense

                               

Net interest income

    3,610       3,065       10,261       8,649  

Provision for loan losses

    135       32       544       187  

Net interest income after provision for loan losses

    3,475       3,033       9,717       8,462  

Noninterest income:

                               

Service charges and fees on deposit accounts

    83       80       259       241  

Mortgage banking revenue

    124       80       339       316  

Income from bank-owned life insurance

    11       12       32       35  

Loss on sale of securities available for sale

    -       -       -       (1 )

Other income

    120       88       332       258  

Total noninterest income

    338       260       962       849  

Noninterest expense:

                               

Salaries and employee benefits

    1,341       1,053       3,787       3,107  

Occupancy and equipment

    237       247       698       727  

Professional fees

    86       90       267       235  

Marketing

    193       129       533       440  

FDIC/State assessment

    38       35       112       123  

Software maintenance, amortization and other

    167       132       474       394  

Other

    396       321       1,125       977  

Total noninterest expense

    2,458       2,007       6,996       6,003  

Earnings before income taxes

    1,355       1,286       3,683       3,308  

Income taxes

    337       464       909       1,185  

Net earnings

  $ 1,018     $ 822     $ 2,774     $ 2,123  
                                 

Earnings per common share:

                               

Basic

  $ 0.33     $ 0.26     $ 0.89     $ 0.83  

Diluted

  $ 0.33     $ 0.26     $ 0.89     $ 0.83  

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)

 

   

September 30, 2018

   

June 30, 2018

   

March 31, 2018

   

December 31, 2017

   

September 30, 2017

 
   

(Unaudited)

   

(Unaudited)

   

(Unaudited)

   

(Audited)

   

(Unaudited)

 

Assets

                                       

Cash & cash equivalents

  $ 56,775     $ 32,429     $ 22,175     $ 32,397     $ 34,323  

Securities available for sale

    44,359       46,657       48,014       49,809       48,744  

Loans, held for sale

    6,782       7,321       6,394       5,880       7,459  

Loans, net

    289,022       285,473       272,611       250,259       245,160  

Federal Home Loan Bank stock

    355       355       355       316       316  

Premises & equipment, net

    4,699       4,828       4,936       4,872       4,935  

Accrued interest receivable

    1,028       1,027       985       978       875  

Bank-owned life insurance

    1,789       1,778       1,768       1,757       1,746  

Other assets

    1,149       1,137       1,060       912       983  

Total Assets

  $ 405,958     $ 381,005     $ 358,298     $ 347,180     $ 344,541  
                                         
                                         

Liabilities and Stockholders' Equity

                                       

Noninterest-bearing demand deposits

  $ 83,296     $ 76,564     $ 73,736     $ 76,216     $ 70,704  

Savings, NOW and money-market deposits

    230,817       220,363       212,153       200,027       203,131  

Time deposits

    41,133       34,896       23,393       22,054       22,879  

Total Deposits

    355,246       331,823       309,282       298,297       296,714  

Official checks

    865       602       1,368       1,146       566  

Other liabilities

    984       644       708       764       934  

Total Liabilities

    357,095       333,069       311,358       300,207       298,214  

Total Stockholders' Equity

    48,863       47,936       46,940       46,973       46,327  

Total Liabilities and Stockholders' Equity

  $ 405,958     $ 381,005     $ 358,298     $ 347,180     $ 344,541  

 

 

 

 

Prime Meridian Holding Company and Subsidiary

Financial Highlights (Unaudited)

 

   

Q318

   

Q2'18

   

Q1'18

   

Q4'17

   

Q3'17

 
                                         

Per Share Data:

                                       

Earnings per share - Basic

  $ 0.33     $ 0.32     $ 0.24     $ 0.21     $ 0.26  

Earnings per share - Diluted

  $ 0.33     $ 0.32     $ 0.24     $ 0.21     $ 0.26  

Book value per share

  $ 15.61     $ 15.33     $ 15.03     $ 15.06     $ 14.94  

Shares outstanding

    3,128,671       3,125,233       3,122,769       3,118,977       3,101,319  

Weighted-average basic shares outstanding

    3,127,038       3,123,594       3,120,613       3,105,003       3,100,309  

Weighted-average diluted shares outstanding

    3,130,171       3,126,022       3,123,505       3,107,301       3,103,544  
                                         

Selected Performance Ratios and Other Data:

                                       

Return on average assets(1)

    1.03

%

    1.10

%

    0.86

%

    0.80

%

    0.95

%

Return on average equity(1)

    8.42       8.49       6.45       5.97       7.17  

Average yield on earning assets

    4.47       4.46       4.30       4.12       4.08  

Net interest margin

    3.78       3.89       3.83       3.70       3.68  

Efficiency ratio(2)

    62.26       60.14       64.72       61.66       60.36  
                                         

Asset Quality Data:

                                       

Nonaccrual loans

  $ 179,000     $ 90,000     $ 369,000     $ 134,000     $ 60,000  

Total nonperforming assets

    179,000       90,000       369,000       134,000       60,000  

Nonpeforming assets/total assets

    0.04

%

    0.02

%

    0.10

%

    0.04

%

    0.02

%

                                         

Capital Ratios:

                                       

Total Tangible Common Equity / Total Assets (Company)

    12.04

%

    12.58

%

    13.10

%

    13.53

%

    13.45

%

Tier 1 Leverage Capital Ratio (Bank)

    9.21       9.68       9.69       9.48       9.38  

Common Equity Tier I Capital Ratio (Bank)

    12.40       12.28       12.38       12.80       12.76  

Tier I Risk Based Capital Ratio (Bank)

    12.40       12.28       12.38       12.80       12.76  

Total Capital Ratio (Bank)

    13.65       13.51       13.61       14.01       13.97  

 

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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