0001193125-17-232397.txt : 20170721 0001193125-17-232397.hdr.sgml : 20170721 20170721074132 ACCESSION NUMBER: 0001193125-17-232397 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170721 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170721 DATE AS OF CHANGE: 20170721 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Prime Meridian Holding Co CENTRAL INDEX KEY: 0001586454 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 272980805 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-191801 FILM NUMBER: 17975473 BUSINESS ADDRESS: STREET 1: 1897 CAPITAL CIRCLE, NE CITY: TALLAHASSEE STATE: FL ZIP: 32308 BUSINESS PHONE: 850-907-2301 MAIL ADDRESS: STREET 1: 1897 CAPITAL CIRCLE, NE CITY: TALLAHASSEE STATE: FL ZIP: 32308 8-K 1 d428623d8k.htm FORM 8-K Form 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 21, 2017

 

 

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 21, 2017, Prime Meridian Holding Company issued a press release announcing financial results for the three-month and six-month periods ended June 30, 2017. 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 21, 2017

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 21, 2017

EX-99.1 2 d428623dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

LOGO

 

 

 

FOR IMMEDIATE RELEASE

PRIME MERIDIAN HOLDING COMPANY REPORTS

SECOND QUARTER 2017 RESULTS

TALLAHASSEE, FL., July 21, 2017 (GLOBE NEWSWIRE) – Prime Meridian Holding Company (OTCQX: PMHG), the parent bank holding company for Prime Meridian Bank today announced unaudited financial results for the three-month and six-month periods ended June 30, 2017. The Company reported net earnings of $765,000, or $0.30 per basic and diluted share, for the quarter ended June 30, 2017, compared to net earnings of $582,000 or $0.29 per basic and diluted share, for the quarter ended June 30, 2016. For the first six months of 2017, the Company reported net earnings of $1.3 million or $0.57 per basic and diluted share, compared to $964,000, or $0.49 per basic and diluted share, for the same period in 2016.

The quarter was highlighted by the Company’s successful conclusion of its public offering netting approximately $17 million in additional capital. According to Sammie D. Dixon, President and Chief Executive Officer, “the offering was increased from its originally announced amount of $15 million and was over-subscribed reflecting investors’ confidence in the Company.”

Dixon said the Company intends to use the net proceeds of the offering for general corporate purposes, including maintaining liquidity and continuing to support the growth of the Bank. The net proceeds may also be used for branching or acquisition opportunities in the North Florida, South Georgia, and South Alabama markets.

The successful capital raise was bolstered by the Bank’s continued strong loan growth, with loans growing 7.3% since the first quarter of 2017 and 8.7% since December 31, 2016. Mortgage banking revenue grew 66.1% – also since March – and 84.5% over the same quarter last year.

“We reached new records in loans, deposits, revenues and net earnings,” said Dixon who attributes the performance to, “staying true to our mission of building a high-performing community bank focused on serving clients and communities in the Tallahassee MSA and surrounding markets.”

Key Performance Highlights

 

  •   Net income for the second quarter of 2017 increased 31.4% year over year to $765,000, primarily attributable to 19.1% growth in net interest income and 32.9% growth in non-interest income.

 

  •   In addition to the Company’s aforementioned strong loan growth, deposits have increased nearly $17.0 million since December 31, 2016, with nearly all of that growth coming from lower cost transaction accounts.

 

  •   Tangible book value per share increased to $14.67, or 6.8%, from March 31, 2017, as a result of retained earnings and the additional capital raised during the quarter.

 

  •   For the quarter ended June 30, 2017, the annualized Return on Average Assets was 0.94%, the annualized Return on Average Equity was 8.21%, and the net interest margin improved 13 basis points since last quarter to 3.73%.

Earnings Summary

Interest Income

For the quarter ended June 30, 2017, total interest income grew to $3.2 million, compared to $2.7 million for the same period a year ago. The $522,000, or 19.7%, increase is primarily attributed to an increase in average loans. Average loan balances increased 14.2% to $235.7 million for the three months ended June 30, 2017, compared to the same period a year ago. The average yield on loans also increased from 4.67% during the second quarter of 2016 to 4.75% during the second quarter of 2017, mainly due to an increase in market interest rates. Increased interest income on both securities and other interest earning assets also contributed to the growth in total interest income as both average balances and yields increased. Average securities increased 19.1% year over year, while the average yield increased 29 basis points to 2.28%. The average balance of other interest earning assets also increased year over year. Monies raised during the Company’s most recent public stock offering were promptly invested in federal funds sold and accounted for the majority of the $17.4 million increase in other interest earning assets. Additionally, the Company benefitted from an increase in the federal funds rate in mid-June.

For the six months ended June 30, 2017, total interest income grew $936,000, or 18.2%, to $6.1 million, compared to the same period a year ago. The increase again was mostly driven by the interest earned on higher average loan balances, which increased 15.7% to $231.4 million for the six months ended June 30, 2017. Higher interest income on both securities and other interest earnings assets also contributed to the overall gain.

On a linked quarter1 basis, total interest income increased $261,000, or 9.0%. Similar to the other periods discussed, the increase was driven by the interest earned on higher average loan balances, with higher interest income from both securities and other interest earning assets also contributing to the overall increase.

Interest Expense

Compared to the same periods a year ago, interest expense increased 27.4%, or $55,000, for the quarter, and 28.0%, or $110,000 for the six-month period ended June 30, 2017. The increase in both periods can be attributed to higher average balances of interest bearing deposits as well as higher average rates paid on deposits. For the three months ended June 30, 2017, the average balance of interest bearing deposits increased 16.1% to $214.8 million, while the average rate paid on deposits increased five basis points to 0.48%. For the six months ended June 30, 2017, the average balance of interest bearing deposits increased 18.0% to $214.3 million, while the average rate paid on deposits increased four basis points to 0.47%.

Provision for Loan Losses

The provision for loan losses was $120,000 and $155,000 for the three months and the six months ended June 30, 2017, a decrease of $50,000 and $149,000, as compared to the same periods in 2016. The decrease primarily reflects changes in the qualitative factors used by the Company in determining its provision, as both the Company and its peers have experienced improved asset quality trends in recent periods.

On a linked quarter basis, the provision for loan losses increased by $85,000, as loans grew $16.4 million from the first quarter to the second quarter of 2017.

Net Interest Margin

The net interest margin was 3.73% for the three months ended June 30, 2017, compared to 3.78% for the same period in 2016. For the six months ended June 30, 2017, the net interest margin was 3.67%, compared to 3.76% for the same period a year ago. Despite increased yields across all categories of interest earning assets, a change in the interest earning assets mix led to the lower overall yield as money raised in the second quarter capital offering was temporarily invested in lower yielding federal funds sold until future opportunities arise.

Non-interest Income

Compared to the same periods a year ago, non-interest income increased $148,000, or 32.9%, for the quarter, and $280,000, or 37.8%, for the six-month period ended June 30, 2017. Higher mortgage banking revenues continues to drive this growth, increasing $191,000, or 84.5%, for the quarter and $291,000, or 77.2%, for the six-month period ended June 30, 2017. Increases in service charges and fees on deposit accounts, credit card and debit card income, and ATM fees also contributed to the overall gain in non-interest income. These increases are primarily a function of more accounts and increased usage. These gains were partially offset by an absence of gain on sale of securities for the three-month and six-month periods ended June 30, 2017, when compared to the same periods in 2016.

On a linked quarter basis, non-interest income increased $175,000, or 41.4%, attributed almost entirely to gains in mortgage banking revenue.

Non-interest Expense

Non-interest expense increased $393,000, or 21.5%, for the quarter and $723,000, or 19.5%, for the six months ended June 30, 2017, compared to the same periods a year ago. With the exception of professional fees, non-interest expenses were up across all categories. Salaries, mortgage banking commissions, and employee benefits were the primary expense drivers in both periods as the Bank continues to increase its employee base. Full-time equivalent employees increased from 56 at June 30, 2016 to 68 at June 30, 2017.

Balance Sheet

At June 30, 2017, the Company reported $339.3 million in total assets, $292.2 million in deposits, and $242.1 million in portfolio net loans. This compares to $303.9 million in total assets, $275.3 million in deposits, and $222.8 million in portfolio net loans at December 31, 2016. 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, 2017
(unaudited)		     December 31, 2016  
      
     Amount      % of Total     Amount      % of Total  

Commercial real estate

    $ 70,708        28.9 %    $ 65,805        29.2 % 

Residential real estate and home equity

      94,100        38.5 %      88,883        39.4 % 

Construction

      27,275        11.1 %      19,991        8.9 % 

Commercial

      47,698        19.5 %      46,340        20.6 % 

Consumer

      4,936        2.0 %      4,275        1.9 % 
  

 

 

       

 

 

     

Total Loans

      244,717        100.0 %      225,294        100.0 % 

Net deferred loan costs

      460          350     

Allowance for loan losses

      (3,028 )         (2,876 )    
  

 

 

       

 

 

     

Loans, net

    $ 242,149        $ 222,768     
  

 

 

       

 

 

     

Total stockholders’ equity was $45.5 million, or 13.4% of total assets at June 30, 2017, compared to $27.1 million, or 8.9% of total assets, at December 31, 2016. Book value per share increased from $13.51 at December 31, 2016 to $14.67 at June 30, 2017, with 3,098,280 common shares outstanding.

The Company completed a public stock offering during the second quarter which netted the Company approximately $17 million in additional capital to be used for general corporate purposes, maintaining liquidity, and expansionary activities.

As of June 30, 2017, the Bank was considered to be “well capitalized” with a Tier 1 Leverage Capital Ratio of 9.67%, a 12.61% Common Equity Tier 1 Risk-Based Capital Ratio, a 12.61% Tier 1 Risk-Based Capital Ratio, and a 13.82% Total Risk-Based Capital Ratio.

Asset Quality

Loans totaling $137,000 were deemed to be impaired under the Bank’s policy at June 30, 2017, while loans totaling $811,000 were deemed to be impaired under the Bank’s policy at December 31, 2016. At June 30, 2017, the Bank had two nonaccrual loans in the aggregate amount of $137,000 compared to four nonaccrual loans totaling $811,000 at December 31, 2016. Since December 31, 2016, one nonaccrual loan was paid off in full and another nonaccrual loan returned to accrual status. For the quarter ended June 30, 2017, a charge-off of $2,000 was offset by a $2,000 recovery. Management believes that the allowance for loan losses which was $3.0 million, or 1.24% of gross loans, at June 30, 2017 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 branch in Crawfordville, Florida. As of June 30, 2017, the consolidated Company had 68 full-time equivalent employees. For more information about Prime Meridian Holding Company, please visit our website at www.primemeridianbank.com.

Tables Follow

 

(1) Linked quarter - a financial measurement comparing two consecutive quarters

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Statement of Earnings (Unaudited)

 

     Three Months Ended      Six Months Ended  
     June 30,      June 30,  
(in thousands, except per share amounts)    2017      2016      2017     2016  

Interest Income:

           

Loans

    $ 2,838      $ 2,447      $ 5,473     $ 4,721  

Securities

      248        182        457       382  

Other

      88        23        157       48  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total interest income

      3,174        2,652        6,087       5,151  

Interest expense -

           

Deposits

      256        201        503       393  
  

 

 

     

 

 

     

 

 

    

 

 

  

Net interest income

      2,918        2,451        5,584       4,758  

Provision for loan losses

      120        170        155       304  
  

 

 

     

 

 

     

 

 

    

 

 

  

Net interest income after provision for loan losses

      2,798        2,281        5,429       4,454  
  

 

 

     

 

 

     

 

 

    

 

 

  

Non-interest income:

           
     81        52        161       100  

Mortgage banking revenue

      417        226        668       377  

Income from bank-owned life insurance

      11        13        23       25  

Gain (loss) on sale of securities available for sale

      —          87        (1 )      102  

Other income

      89        72        170       137  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total non-interest income

      598        450        1,021       741  
  

 

 

     

 

 

     

 

 

    

 

 

  

Non-interest expense:

           

Salaries and employee benefits

      1,239        959        2,486       1,944  

Occupancy and equipment

      233        212        480       415  

Professional fees

      82        99        145       204  

Advertising

      157        108        311       267  

FDIC/State assessment

      42        34        88       66  

Software maintenance, amortization and other

      133        124        262       250  

Other

      333        290        656       559  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total non-interest expense

      2,219        1,826        4,428       3,705  
  

 

 

     

 

 

     

 

 

    

 

 

  

Earnings before income taxes

      1,177        905        2,022       1,490  

Income taxes

      412        323        721       526  
  

 

 

     

 

 

     

 

 

    

 

 

  

Net earnings

    $ 765      $ 582        1,301     $ 964  
  

 

 

     

 

 

     

 

 

    

 

 

  

Earnings per common share:

           

Basic

    $ 0.30      $ 0.29      $ 0.57     $ 0.49  

Diluted

      0.30        0.29        0.57       0.49  

Cash dividends per common share(1)

      —          —          0.07       0.05  

 

(1) Annual cash dividends were paid during the first quarters of 2016 and 2017

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Statements of Earnings (Unaudited)

(Dollars in thousands except per share data)

 

     Q2’17      Q1’17     Q4’16      Q3’16      Q2’16      Q1’16      Q4’15  

Interest income:

                    

Loans

    $ 2,838      $ 2,635     $ 2,662      $ 2,573      $ 2,447      $ 2,274      $ 2,233  

Securities

      248        209       162        156        182        200        216  

Other

      88        69       43        26        23        25        16  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total interest income

      3,174        2,913       2,867        2,755        2,652        2,499        2,465  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Interest Expense:

                    

Deposits

      256        247       231        205        201        192        190  

Other borrowings

      —          —         —          1        —          —          2  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total interest expense

      256        247       231        206        201        192        192  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net interest income

      2,918        2,666       2,636        2,549        2,451        2,307        2,273  

Provision for loan losses

      120        35       12        108        170        134        100  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net interest income after provision for loan losses

      2,798        2,631       2,624        2,441        2,281        2,173        2,173  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Non-interest income:

                    

Service charges and fees on deposit accounts

      81        80       76        74        52        48        42  

Mortgage banking revenue

      417        251       298        260        226        151        139  

Income from bank-owned life insurance

      11        12       12        12        13        13        12  

Gain (loss) on sale of securities available for sale

      —          (1 )      —          —          87        15        53  

Other income

      89        81       88        69        72        64        98  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total non-interest income

      598        423       474        415        450        291        344  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Non-interest expense:

                    

Salaries and employee benefits

      1,239        1,247       1,125        1,062        959        985        952  

Occupancy and equipment

      233        247       283        209        212        203        220  

Professional fees

      82        63       61        81        99        105        69  

Advertising

      157        154       126        94        108        159        122  

FDIC / State Assessment

      42        46       50        36        34        32        31  

Software Maintenance, amortization and other

      133        129       126        125        124        126        99  

Other

      333        323       325        304        290        269        342  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total non-interest expense

      2,219        2,209       2,096        1,911        1,826        1,879        1,835  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings before income taxes

      1,177        845       1,002        945        905        585        682  

Income taxes

      412        309       356        335        323        203        181  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net earnings

    $ 765      $ 536     $ 646      $ 610      $ 582      $ 382      $ 501  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share

    $ 0.30      $ 0.27     $ 0.33      $ 0.31      $ 0.29      $ 0.19      $ 0.26  

Diluted earnings per share

    $ 0.30      $ 0.27     $ 0.32      $ 0.31      $ 0.29      $ 0.19      $ 0.26  

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

 

     June 30, 2017      March 31, 2017      December 31, 2016      September 30, 2016      June 30, 2016  

Assets

               

Cash & cash equivalents

    $ 40,789      $ 35,200      $ 36,165      $ 23,077      $ 10,799  

Securities available for sale

      43,670        42,950        33,103        32,714        35,939  

Loans, held for sale

      3,803        2,695        3,291        3,525        4,125  

Loans, net

      242,149        225,742        222,768        222,768        213,455  

Federal Home Loan Bank stock

      274        274        220        220        390  

Premises & equipment, net

      5,012        5,091        4,929        4,653        4,221  

Accrued interest receivable

      818        782        798        705        721  

Bank-owned life insurance

      1,734        1,723        1,711        1,699        1,687  

Other assets

      1,016        1,072        956        603        601  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Assets

    $ 339,265      $ 315,529      $ 303,941      $ 289,964      $ 271,938  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities and Stockholders’ Equity

               

Noninterest-bearing demand deposits

      74,185        69,244        61,856        70,102        55,951  

Savings, NOW and money-market deposits

      196,786        196,897        192,768        167,818        162,908  

Time deposits

      21,242        20,108        20,723        23,236        21,524  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Deposits

      292,213        286,249        275,347        261,156        240,383  

Federal Home Loan Bank advance

      —          —          —          —          4,000  

Official checks

      898        838        632        1,093        767  

Other liabilities

      689        880        880        874        574  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Liabilities

      293,800        287,967        276,859        263,123        245,724  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Stockholders’ Equity

      45,465        27,562        27,082        26,841        26,214  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Liabilities and Stockholders’ Equity

    $ 339,265      $ 315,529      $ 303,941      $ 289,964      $ 271,938  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

Prime Meridian Holding Company and Subsidiary

Financial Highlights (Unaudited)

(in thousands, except per share data)

 

     Q2’17     Q1’17     Q4’16     Q3’16     Q2’16     Q1’16  

Per Share Data:

             

Earnings per share - Basic

    $ 0.30     $ 0.27     $ 0.33     $ 0.31     $ 0.29     $ 0.19  

Earnings per share - Diluted

      0.30       0.27       0.32       0.31       0.29       0.19  

Book value per share

      14.67       13.74       13.51       13.52       13.24       12.92  

Selected Performance Ratios and Other Data:

             

Return on average assets(1)

      0.94 %      0.70 %      0.87 %      0.87 %      0.87 %      0.60 % 

Return on average equity(1)

      8.21       7.88       9.62       9.14       9.04       6.05  

Average yield on earning assets

      4.05       3.94       4.00       4.06       4.09       4.05  

Net interest margin

      3.73       3.60       3.68       3.76       3.78       3.74  

Efficiency ratio(2)

      63.11       71.51       67.40       64.47       62.94       72.32  

Asset Quality Data:

             

Nonaccrual loans

    $ 137     $ 805     $ 811     $ 1,161     $ 439     $ 133  

Total non-performing assets

      137       805       811       1,161       439       133  

Non-peforming assets/total assets

      0.04 %      0.26 %      0.27 %      0.40 %      0.16 %      0.05 % 

Regulatory Capital Ratios:

             

Tier 1 Leverage Capital Ratio

      9.67 %      8.65 %      8.73 %      9.01 %      9.16 %      9.36 % 

Common Equity Tier I Capital Ratio

      12.61       11.54       11.70       11.55       11.70       12.25  

Tier I Risk Based Capital Ratio

      12.61       11.54       11.70       11.55       11.70       12.25  

Total Capital Ratio

      13.82       12.79       12.95       12.80       12.95       13.50  

 

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

 

CONTACT: Randy Guemple, Chief Financial Officer

(850) 907-2301

Prime Meridian Holding Company

Website: www.primemeridianbank.com

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