0001437749-19-008230.txt : 20190430 0001437749-19-008230.hdr.sgml : 20190430 20190430083938 ACCESSION NUMBER: 0001437749-19-008230 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190430 DATE AS OF CHANGE: 20190430 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: 19778666 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 pmhg20190429_8k.htm FORM 8-K pmhg20190429_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) April 30, 2019

 

 

 
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 April 30, 2019, Prime Meridian Holding Company issued a press release announcing financial results for the three-month period ended March 31, 2019. 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 April 30, 2019

 

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/ Clint F. Weber

 

 

 

Clint F. Weber

 

 

 

Chief Financial Officer and

 
    Executive Vice President  

 

 

Date: April 30, 2019

 

 

 EX-99.1 2 ex_142283.htm EXHIBIT 99.1 ex_142283.htm

 

Exhibit 99.1

 

 

 

 

FOR IMMEDIATE RELEASE

 

Prime Meridian Holding Company Reports

fIRST Quarter 2019 Results

 

TALLAHASSEE, FL -- April 30, 2019 (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 March 31, 2019. The Company reported net earnings of $867,000, or $0.28 per basic and diluted share, for the quarter ended March 31, 2019, compared to net earnings of $754,000, or $0.24 per basic and diluted share, for the quarter ended March 31, 2018.

 

First Quarter 2019 Highlights

 

Financial Highlights - Prime Meridian Holding Company and Subsidiary

(dollars in thousands except per share amounts)

                   
   

1Q'19

    

4Q'18

    

1Q'18

  

Net Earnings

   $ 867     $ 1,268     $ 754  

Book value per share

   $ 16.44     $ 16.19     $ 15.03  

Earnings per share - Basic

   $ 0.28     $ 0.40     $ 0.24  

Earnings per share - Diluted

   $ 0.28     $ 0.40     $ 0.24  

Weighted-average basic shares outstanding

     3,140,401       3,131,379       3,120,613  

Weighted-average diluted shares outstanding

     3,144,071       3,136,048       3,123,505  

Return on average assets(1)

     0.82

%

     1.07

%

     0.86

%

Return on average equity(1)

     6.79       8.43       6.45  

Average yield on earning assets(1)

     4.48       4.52       4.30  

Net interest margin(1)

     3.67       3.75       3.83  

Efficiency ratio(2)

     67.75       59.45       64.72  

Nonpeforming assets/total assets

     0.14       0.09       0.10  

 

1 Ratio has been annualized

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

 

 
 

 

During the first quarter of 2019, the Bank completed the next step of a planned expansion as it put in place a new team and location in Lakeland, Florida.

 

Lakeland is a growth market situated in Polk County between Orlando and Tampa along the Interstate 4 (I-4) corridor. According to recently released U.S. Census Bureau data from July, 2017 to July, 2018, Polk County ranks fourth nationally as one of the fastest growing metropolitan areas.

 

“We have been preparing the move into Central Florida since the end of 2018,” said Sammie D. Dixon, Jr., Vice Chairman, President and CEO of the Company.  “We’re excited about adding this market and the way our team has embraced Lakeland. This gives us great confidence with the next steps to be taken,” continued Dixon. The Lakeland office opened its doors April 16, 2019.

 

“We have assembled a very experienced team in Lakeland,” says Dixon. “Michael A. Micallef, Jr. Market President for Polk County – is the right person to lead our growth there,” he said.  “Our Lakeland business development officer, personal bankers and tellers are all excellent ambassadors of the Prime Meridian Bank brand,” continued Dixon.

 

Mr. Micallef was elected to the Boards of the Bank and the Company, effective March 1, 2019.

 

“We will continue to look for opportunities and grow our franchise while maintaining the high quality of service now in Lakeland, Crawfordville and, especially, in our hometown of Tallahassee,” Dixon said.

 

The purchase of the Lakeland location was completed February 20, 2019.  The exterior of the 7,500 sq. ft. facility at 3340 South Florida Avenue, Lakeland, Florida, was rebranded to reflect Prime Meridian Bank standards of white brick and a green roof. 

 

Coincidentally, the Bank’s interior already resembled the look and feel of Prime Meridian Bank’s color, finishes, and fixtures.  “From the way we greet people in our lobbies to the taste of our cookies, step inside any of our offices and you will experience the same warmth and inviting hospitality,” said Dixon.

 

The Bank’s executive team saw moves in the first quarter as well.  Effective April 1, 2019, Clint F. Weber was named Executive Vice President and Chief Financial Officer, replacing R. Randy Guemple who retired March 31, 2019. Mr. Weber was promoted internally and had been the Bank’s Credit Officer. 
Mr. Guemple will remain on the Boards of the Bank and the Company.

 

Also effective April, 1, 2019, Monté L. Ward was appointed Executive Vice President and Chief Information Officer. Mr. Ward had been Senior Vice President, Bank Operations, and Information Security Officer.

 

The Company showed stronger-than-expected deposit growth for the first quarter with deposits increasing $64.2 million year over year to $373.5 million, up 20.8% from a year ago at March 31, 2018. 

 

According to Dixon, net growth in commercial loans was flat for the quarter due to several circumstances. “Loan portfolio runoff, including payoffs on large participations, outpaced new production and resulted in a net reduction in the loan portfolio from year end,” he explained.

 

 
 

 

However, says Dixon, “We continue to see strong appetite for loans and for our relationship-style of banking. Our balance sheet is very well postured to accommodate growth. We remain very liquid in terms of funds to lend and capital to leverage.”

 

The Company maintained its market share in the home mortgage sector in Leon and Wakulla Counties.  Though mortgage production experienced a seasonal slowdown early in the first quarter, demand returned by quarter’s end.  Prime Meridian Bank continued its third-place ranking in mortgage production as it has for the past two years, according to Metro Market Trends data.

 

Earnings Summary

(dollars in thousands)

                           

Change 1Q'19 vs.

  
   

1Q'19

    

4Q'18

    

1Q'18

    

4Q'18

    

1Q'18

  

Net Interest Income

   $ 3,687     $ 3,666     $ 3,239       0.6

%

     13.8

%

Provision for Loan Losses

     (165 )     (47 )     (254 )     251.1       (35.0 )

Noninterest income

     362       344       310       5.2       16.8  

Noninterest expense

     (2,743 )     (2,384 )     (2,297 )     15.1       19.4  

Income Taxes

     (274 )     (311 )     (244 )     (11.9 )     12.3  

Net Income

   $ 867     $ 1,268     $ 754       (31.6

)%

     15.0

%

 

 

Compared to the fourth quarter of 2018, the Company’s performance reflects flat loan growth, relatively flat growth in noninterest income due to an overall slowdown in mortgage lending in our market area and lower service fees on deposit accounts, a higher loan provision due to reserves taken on specific impaired loans and higher noninterest expense. Higher noninterest expense is partially due to preparations for the opening of the Company’s new office in Lakeland, Florida, which occurred on April 16, 2019.

 

Compared to the first quarter of 2018, the Company’s performance reflects a 6.3%, or $17.3 million, increase in the Company’s loan portfolio, a lower loan loss provision, and additional investment in bank-owned life insurance. These gains were partially offset by higher noninterest expense, namely salaries and benefits, and higher income taxes.

 

Interest income

(dollars in thousands)

                          

Change 1Q'19 vs.

  
   

1Q'19

    

4Q'18

    

1Q'18

    

4Q'18

    

1Q'18

  

Interest income:

                                        

Loans

   $ 3,856     $ 3,854     $ 3,274       0.1

%

     17.8

%

Securities

     296       280       288       5.7       2.8  

Other

     348       280       74       24.3       370.3  

Total interest income

   $ 4,500     $ 4,414     $ 3,636       1.9

%

     23.8

%

 

 

Net loans grew $17.3 million, or 6.3%, since the first quarter of 2018 and stayed relatively flat from December 31, 2018 as loan portfolio runoff has outpaced new production. Since June 30, 2018, all but one of the Company’s loan participations have been repurchased by the originating bank, translating into a $13.5 million reduction in net loans. Excess cash has been temporarily deployed in federal funds sold and interest-bearing accounts at other financial institutions whose higher yields have helped boost interest income.

 

 
 

 

Interest expense:

(dollars in thousands)

                          

Change 1Q'19 vs.

  
   

1Q'19

    

4Q'18

    

1Q'18

    

4Q'18

    

1Q'18

  

Total interest expense

   $ 813     $ 748     $ 397       8.7

%

     104.8

%

 

 

The increase in the Company’s cost of funds on a linked quarter basis and year-over-year was driven by growing balances of time deposits and money market accounts and higher rates paid on those deposits. For the quarter ended March 31, 2019, the average balance of interest-bearing deposits increased $55.6 million, or 24.1%, while the average rates paid on deposits increased 45 basis points, when compared to the same period a year ago.

 

 

Margin Analysis

   

1Q'19

    

4Q'18

    

1Q'18

  
   

Average

   

Yield/

    

Average

    

Yield/

    

Average

   

Yield/

  

(dollars in thousands)

  

Balance

    

Rate

    

Balance

    

Rate

    

Balance

    

Rate

  

Interest-earning assets:

                                                

Loans(1)

   $ 296,137       5.13

%

   $ 295,516       5.13

%

   $ 266,280       4.83

%

Mortgage loans held for sale

     4,742       4.89       4,850       5.03       5,250       4.42  

Securities

     46,010       2.57       44,872       2.50       49,483       2.33  

Other(2)

     55,327       2.52       45,629       2.45       17,417       1.70  

Total interest-earning assets

     402,216       4.48       390,867       4.52       338,430       4.30  

Noninterest-earning assets

     20,134               16,126               12,516          

Total assets

   $ 422,350             $ 406,993             $ 350,946          
                                                 

Interest-bearing liabilities:

                                                

Savings, NOW and money-market deposits

   $ 243,509       0.99

%

   $ 231,299       0.97

%

   $ 208,107       0.67

%

Time deposits

     42,699       1.97       40,944       1.81       22,458       0.89  

Total interest-bearing deposits

     286,208       1.14       272,243       1.10       230,565       0.69  

Total interest-bearing liabilities

     286,208       1.14       272,243       1.10       230,565       0.69  

Noninterest-bearing deposits

     83,184               83,029               72,030          

Noninterest-bearing liabilities

     1,900               2,351               1,591          

Stockholders' equity

     51,058               49,370               46,760          

Total liabilities and stockholders' equity

   $ 422,350             $ 406,993             $ 350,946          
                                                 

Net earning assets

   $ 116,008             $ 118,624             $ 107,865          

Interest rate spread

             3.34

%

             3.42

%

             3.61

%

Net interest margin(3)

             3.67

%

             3.75

%

             3.83

%

 

(1)   Includes nonaccrual loans

(2)    Other interest-earning assets include federal funds sold, interest-bearing deposits and FHLB stock.

(3)    Net interest margin is net interest income divided by total average interest-earning assets, annualized 

 

Compared to the prior quarter, the margin compression in the first quarter of 2019 is mostly driven by a shift in the earning-assets mix, coupled with an increase in the cost of funds for interest-bearing deposits. Other interest-earning assets, predominantly federal funds sold and interest-bearing deposits, was the only category to show any material growth in its average balances. Management expects margin improvement when these funds are strategically deployed into loans.

 

Compared to the first quarter of 2018, the decline in the net interest margin is attributed to several factors. The increase in rates paid on interest-bearing liabilities outpaced the increase in yields earned on interest-earning assets. Moreover, the average balance of interest-bearing liabilities increased $55.6 million quarter over quarter, nearly matching the $63.8 million increase in the average balance of interest-earning assets.

 

 
 

 

Provision for Loan Losses

 

From the fourth quarter of 2018 to the first quarter of 2019, the provision for loan losses increased $118,000 due to an increase in additional reserves on specific impaired loans. Compared to the first quarter of 2018, the provision for loan losses decreased $89,000, or 35.0%. This decline in the provision is attributed to higher loan growth during the first quarter of 2018 compared to the first quarter of 2019.

 

Noninterest income

(dollars in thousands)

                          

Change 1Q'19 vs.

  
   

1Q'19

    

4Q'18

    

1Q'18

    

4Q'18

    

1Q'18

  

Service charges and fees on deposit accounts

   $ 71     $ 74     $ 87       (4.1

)%

     (18.4

)%

Mortgage banking revenue

     106       108       110       (1.9 )     (3.6 )

Income from bank-owned life insurance

     45       34       11       32.4       309.1  

Other income

     140       128       102       9.4       37.3  

Total noninterest income

   $ 362     $ 344     $ 310       5.2

%

     16.8

%

 

The increases in noninterest income from the fourth quarter of 2018 and the first quarter of 2019 are mostly due to increased investment in bank-owned life insurance and higher interchange income from ATM/debit cards due to increased transaction volume. These gains were partially offset by a decline in service charges and fees on deposit accounts due to lower volume of non-sufficient funds fees. Mortgage banking revenue has remained relatively flat for the past twelve months due to a general slowdown in loan production in our market area. Despite this slowdown, the Company has maintained its market share in the mortgage sector of Leon and Wakulla counties.

 

Noninterest expense

(dollars in thousands)

                          

Change 1Q'19 vs.

  
   

1Q'19

    

4Q'18

    

1Q'18

    

4Q'18

    

1Q'18

  

Salaries and employee benefits

   $ 1,557     $ 1,319     $ 1,228       18.0

%

     26.8

%

Occupancy and equipment

     275       234       235       17.5       17.0  

Professional fees

     77       107       84       (28.0 )     (8.3 )

Marketing

     199       144       207       38.2       (3.9 )

FDIC/State Assessment

     43       51       36       (15.7 )     19.4  

Software maintenance, amortization and other

     152       160       148       (5.0 )     2.7  

Other

     440       369       359       19.2       22.6  

Total noninterest expense

   $ 2,743     $ 2,384     $ 2,297       15.1

%

     19.4

%

 

The key driver of the increase in total noninterest expense continues to be salaries and employee benefits. The Company had 71 full-time equivalent employees at March 31, 2018, compared to 79 at December 31, 2018 and 83 at March 31, 2019. The increase in employees is not only attributed to staffing the Lakeland office, but also to preparing the Company as a whole for continued organic growth.

 

Other noninterest expense also shows a steady upward trend from the first and fourth quarters of 2018. Printing and supplies expense is a key driver in both period comparisons with a large part of this increase related to the opening of the Company’s new office in Lakeland, Florida.

 

 
 

 

Balance Sheet

 

At March 31, 2019, the Company reported $426.8 million in total assets, $373.5 million in deposits, and $289.9 million in net portfolio loans. This compares to $401.7 million in total assets, $349.1 million in deposits, and $290.1 million in net portfolio loans at December 31, 2018. Loan growth occurred in residential real estate and home equity and commercial, with modest declines in the other categories. 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 )

 

   

March 31, 2019

    

December 31, 2018

  
    unaudited     audited  
   

Amount

    

% of Total

    

Amount

    

% of Total

  

Commercial real estate

   $ 76,689       26.2

%

   $ 82,494       28.1

%

Residential real estate and home equity

     124,335       42.4       121,454       41.4  

Construction

     29,665       10.1       31,601       10.8  

Commercial

     55,809       19.0       51,018       17.4  

Consumer

     6,733       2.3       6,747       2.3  
                                 

Total Loans

     293,231       100.0

%

     293,314       100.0

%
                                 

Net deferred loan costs

     469               460          

Allowance for loan losses

     (3,800 )             (3,661 )        

Loans, net

   $ 289,900             $ 290,113          

 

Total stockholders’ equity was $51.7 million, or 12.1% of total assets, at March 31, 2019, compared to $50.8 million, or 12.7% of total assets, at December 31, 2018.  Book value per share increased from $16.19 at December 31, 2018 to $16.44 at March 31, 2019, with 3,143,140 common shares outstanding.

 

As of March 31, 2019, the Bank was considered to be “well capitalized” with a Tier 1 Leverage Capital Ratio of 9.18%, a 13.00% Common Equity Tier 1 Risk-Based Capital Ratio, a 13.00% Tier 1 Risk-Based Capital Ratio, and a 14.25% Total Risk-Based Capital Ratio.

 

Asset Quality

 

Loans totaling $1.5 million were deemed to be impaired under the Bank’s policy at March 31, 2019, while loans totaling $1.2 million were deemed to be impaired under the Bank’s policy at December 31, 2018. At March 31, 2019, the Bank had five nonaccrual loans in the aggregate amount of $365,000 compared to six nonaccrual loans totaling $342,000 at December 31, 2018. At March 31, 2019, the Company also reported one 90-day past due accruing loan in the amount of $243,000. Net charge-offs totaled $26,000 for the quarter ended March 31, 2019 and nonperforming assets as a percentage of total assets was 0.14%. Management believes that the allowance for loan losses which was $3.8 million, or 1.30% of gross loans, at March 31, 2019 is adequate.

 

 
 

 

About Prime Meridian Holding Company

Headquartered in Tallahassee, Florida, Prime Meridian Holding Company (OTCQX: PMHG) 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 now serves the Tallahassee and Lakeland/Winter Haven Metropolitan Statistical Areas (MSA), including clients in North and Central Florida as well as South Georgia and South Alabama. The Bank currently has four Florida locations: two in Tallahassee, Florida, one in Crawfordville, Florida, and one in Lakeland, Florida which opened April 16, 2019. As of March 31, 2019, the Bank had 83 full-time equivalent employees. For more information about Prime Meridian Holding Company, please visit www.primemeridianbank.com.

 

Tables Follow

 

 
 

 

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Statements of Earnings (Unaudited)

(in thousands except per share amounts)

 

 

   

1Q'19

    

4Q'18

    

3Q'18

    

2Q'18

    

1Q'18

  

Interest income:

                                        

Loans

   $ 3,856     $ 3,854     $ 3,798     $ 3,543     $ 3,274  

Securities

     296       280       276       287       288  

Other

     348       280       198       82       74  

Total interest income

     4,500       4,414       4,272       3,912       3,636  

Interest Expense-

                                        

Deposits

     813       748       662       500       397  

Total interest expense

     813       748       662       500       397  

Net interest income

     3,687       3,666       3,610       3,412       3,239  

Provision for loan losses

     165       47       135       155       254  

Net interest income after provision for loan losses

     3,522       3,619       3,475       3,257       2,985  
                                         

Noninterest income:

                                        

Service charges and fees on deposit accounts

     71       74       83       89       87  

Mortgage banking revenue

     106       108       124       105       110  

Income from bank-owned life insurance

     45       34       11       10       11  

Other income

     140       128       120       110       102  

Total noninterest income

     362       344       338       314       310  
                                         

Noninterest expense:

                                        

Salaries and employee benefits

     1,557       1,319       1,341       1,218       1,228  

Occupancy and equipment

     275       234       237       226       235  

Professional fees

     77       107       86       97       84  

Marketing

     199       144       193       133       207  

FDIC/State Assessment

     43       51       38       38       36  

Software maintenance, amortization and other

     152       160       167       159       148  

Other

     440       369       396       370       359  

Total noninterest expense

     2,743       2,384       2,458       2,241       2,297  
                                         

Earnings before income taxes

     1,141       1,579       1,355       1,330       998  

Income taxes

     274       311       337       328       244  

Net earnings

   $ 867     $ 1,268     $ 1,018     $ 1,002     $ 754  
                                         

Basic earnings per share

   $ 0.28     $ 0.40     $ 0.33     $ 0.32     $ 0.24  
                                         

Diluted earnings per share

   $ 0.28     $ 0.40     $ 0.33     $ 0.32     $ 0.24  

 

 
 

 

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Statements of Earnings

(in thousands, except per share amounts)

 

   

Three Months Ended March 31,

  
   

unaudited

  
   

2019

    

2018

  

Interest income:

                

Loans

   $ 3,856     $ 3,274  

Securities

     296       288  

Other

     348       74  

Total interest income

     4,500       3,636  

Interest expense-

                

Deposits

     813       397  

Total interest expense

     813       397  

Net interest income

     3,687       3,239  

Provision for loan losses

     165       254  

Net interest income after provision for loan losses

     3,522       2,985  

Noninterest income:

                

Service charges and fees on deposit accounts

     71       87  

Mortgage banking revenue

     106       110  

Income from bank-owned life insurance

     45       11  

Other income

     140       102  

Total noninterest income

     362       310  

Noninterest expense:

                

Salaries and employee benefits

     1,557       1,228  

Occupancy and equipment

     275       235  

Professional fees

     77       84  

Marketing

     199       207  

FDIC/State assessment

     43       36  

Software maintenance, amortization and other

     152       148  

Other

     440       359  

Total noninterest expense

     2,743       2,297  

Earnings before income taxes

     1,141       998  

Income taxes

     274       244  

Net earnings

   $ 867     $ 754  
                 

Earnings per common share:

                

Basic

   $ 0.28     $ 0.24  

Diluted

   $ 0.28     $ 0.24  

Cash dividends per common share(1)

   $ 0.12     $ 0.10  

 

(1) Annual cash dividends were paid during the first quarters of 2019 and 2018

 

 
 

 

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Balance Sheets

(in thousands)

 

 

   

1Q'19

    

4Q'18

    

3Q'18

    

2Q'18

    

1Q'18

  
   

(Unaudited)

    

(Audited)

    

(Unaudited)

    

(Unaudited)

    

(Unaudited)

  

Assets

                                        

Cash & cash equivalents

   $ 66,805     $ 48,038     $ 56,775     $ 32,429     $ 22,175  

Securities available for sale

     48,205       45,384       44,359       46,657       48,014  

Loans, held for sale

     5,808       4,767       6,782       7,321       6,394  

Loans, net

     289,900       290,113       289,022       285,473       272,611  

Federal Home Loan Bank stock

     404       355       355       355       355  

Premises & equipment, net

     7,055       4,656       4,699       4,828       4,936  

Accrued interest receivable

     1,023       1,034       1,028       1,027       985  

Bank-owned life insurance

     6,368       6,323       1,789       1,778       1,768  

Other assets

     1,281       1,032       1,149       1,137       1,060  

Total Assets

   $ 426,849     $ 401,702     $ 405,958     $ 381,005     $ 358,298  
                                         
                                         

Liabilities and Stockholders' Equity

                                        

Noninterest-bearing demand deposits

   $ 83,186     $ 80,097     $ 83,296     $ 76,564     $ 73,736  

Savings, NOW and money-market deposits

     244,584       227,674       230,817       220,363       212,153  

Time deposits

     45,743       41,296       41,133       34,896       23,393  

Total Deposits

     373,513       349,067       355,246       331,823       309,282  

Official checks

     495       837       865       602       1,368  

Other liabilities

     1,157       978       984       644       708  

Total Liabilities

     375,165       350,882       357,095       333,069       311,358  

Total Stockholders' Equity

     51,684       50,820       48,863       47,936       46,940  

Total Liabilities and Stockholders' Equity

   $ 426,849     $ 401,702     $ 405,958     $ 381,005     $ 358,298  

 

 
 

 

Prime Meridian Holding Company and Subsidiary

Financial Highlights (Unaudited)

(dollars in thousands, except per share amounts)

 

   

 

1Q'19

    

 

4Q'18

    

 

3Q'18

    

 

2Q'18

    

 

1Q'18

  
                                         

Per Share Data:

                                        

Earnings per share - Basic

   $ 0.28     $ 0.40     $ 0.33     $ 0.32     $ 0.24  

Earnings per share - Diluted

   $ 0.28     $ 0.40     $ 0.33     $ 0.32     $ 0.24  

Book value per share

   $ 16.44     $ 16.19     $ 15.61     $ 15.33     $ 15.03  

Shares outstanding

     3,143,140       3,138,945       3,128,671       3,125,233       3,122,769  

Weighted-average basic shares outstanding

     3,140,401       3,131,379       3,127,038       3,123,594       3,120,613  

Weighted-average diluted shares outstanding

     3,144,071       3,136,048       3,130,171       3,126,022       3,123,505  
                                         

Selected Performance Ratios and Other Data:

                                        

Return on average assets(1)

     0.82

%

     1.07

%

     1.03

%

     1.10

%

     0.86

%

Return on average equity(1)

     6.79       8.43       8.42       8.49       6.45  

Average yield on earning assets

     4.48       4.52       4.47       4.46       4.30  

Net interest margin(2)

     3.67       3.75       3.78       3.89       3.83  

Efficiency ratio(3)

     67.75       59.45       62.26       60.14       64.72  

Noninterest expense/average assets(1)

     2.60       2.47       2.49       2.47       2.85  
                                         

Asset Quality Data:

                                        

Nonaccrual loans

   $ 365     $ 342     $ 179     $ 90     $ 369  

Total nonperforming assets

     608       342       179       90       369  

Nonpeforming assets/total assets

     0.14

%

     0.09

%

     0.04

%

     0.02

%

     0.10

%
                                         

Capital Ratios:

                                        

Tier 1 Leverage Capital Ratio (Company)

     12.28

%

     12.61

%

     12.64

%

     13.43

%

     13.60

%

Tier 1 Leverage Capital Ratio (Bank)

     9.18       9.28       9.21       9.68       9.69  

Common Equity Tier I Capital Ratio (Bank)

     13.00       12.90       12.40       12.28       12.38  

Tier I Risk Based Capital Ratio (Bank)

     13.00       12.90       12.40       12.28       12.38  

Total Capital Ratio (Bank)

     14.25       14.15       13.65       13.51       13.61  

 

(1)   Annualized

(2)   Net interest margin is net interest income divided by total average interest-earning assets, annualized 

(3)   Efficiency Ratio represents noninterest expense divided by the sum of net interest income plus noninterest income.

 

 

CONTACT:

Clint F. Weber, Chief Financial Officer and Executive Vice President

 

(850) 907-2301

 

Prime Meridian Holding Company

 

Website: www.primemeridianbank.com

 

 

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