0001437749-21-017415.txt : 20210723 0001437749-21-017415.hdr.sgml : 20210723 20210723114027 ACCESSION NUMBER: 0001437749-21-017415 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20210630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210723 DATE AS OF CHANGE: 20210723 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: 211109900 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 pmhg20210512_8k.htm FORM 8-K pmhg20210512_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) July 23, 2021

 

 

 

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.)

 

1471 Timberlane Road Tallahassee, FL

32312

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (850) 907-2300

 

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.☐
 

Securities Registered pursuant to Section 12(b) of the Act:

 

Title of each class

 Trading Symbol(s) Name of exchange on which registered
None N/A N/A

 

 
 

 

Item 2.02.    Results of Operations and Financial Condition.

 

On July 23, 2021, Prime Meridian Holding Company issued a press release announcing financial results for the three and six month periods ended June 30, 2021.  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 23, 2021

          

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: July 23, 2021

 
 EX-99.1 2 ex_249324.htm EXHIBIT 99.1 ex_249324.htm

Exhibit 99.1

pmh.jpg

 

FOR IMMEDIATE RELEASE

 

Prime Meridian Holding Company Reports

SECOND quarter 2021 Results

 

TALLAHASSEE, FL – July 23, 2021 (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 and six months ended June 30, 2021. The Company reported net earnings of $2,262,000, or $0.72 per basic and diluted share, for the quarter ended June 30, 2021, compared to net earnings of $720,000, or $0.23 per basic and diluted share, for the quarter ended June 30, 2020. The Company reported net earnings of $4,496,000, or $1.44 per basic and diluted share, for the six months ended June 30, 2021, compared to net earnings of $1,436,000, or $0.45 per basic and diluted share, for the six months ended June 30, 2020. 
 

“We are satisfied with where we are right now,” said Sammie D. Dixon, Jr., Vice Chairman, President, and CEO. “Bank deposit growth continues to be strong.  Liquidity levels are good, and, because of our disciplined credit process, nonperforming assets (NPAs) for the quarter are zero, " he continued.  

 

"Still, challenges persist.  Media report many industries -- from hospitality to manufacturing -- find it difficult to hire and maintain skilled teams, especially in the services sector."  According to Dixon, this problem may be slowing demand for new borrowing until more Floridians return to the workforce.  “It’s not surprising some businesses are postponing investment right now and taking a wait-and-see approach."

 

Dixon is optimistic that, "As the ripples in the talent pool smooth out, demand on the lending side will return."

 

The Bank’s mortgage team has continued to deliver impressive volume through the first six months of 2021. Though the percentage of refinances to purchases has decreased, “we see quite a bit more purchase volume,” Dixon said. “Our team doubled new purchase units from 222 to 444 within the first six months of 2021 compared to  the same period in 2020. That's strong," he emphasized.

 

Mortgage dollar volume closely followed suit with the production of $122.9 million in the first half of 2021 compared to $79.5 million during the first half of 2020.

 

According to Dixon, “Given all that has happened within the last 18 months, we’re good with where we are. We continue to look for growth opportunities and are grateful for the talented team driving us forward," he said.

 

Second Quarter 2021 Highlights

 

Financial Highlights - Prime Meridian Holding Company and Subsidiary (Unaudited)

(dollars in thousands except per share amounts)
   

2Q'21

    

1Q'21

    

4Q'20

    

3Q'20

    

2Q'20

  

Net earnings

   $ 2,262     $ 2,234     $ 1,541     $ 1,481     $ 720  

Book value per share

   $ 20.40     $ 19.56     $ 19.32     $ 18.81     $ 18.30  

Earnings per share - Basic

   $ 0.72     $ 0.72     $ 0.50     $ 0.47     $ 0.23  

Earnings per share - Diluted

   $ 0.72     $ 0.71     $ 0.50     $ 0.47     $ 0.23  

Weighted-average basic shares outstanding

     3,126,197       3,123,565       3,119,058       3,117,623       3,116,307  

Weighted-average diluted shares outstanding

     3,139,179       3,125,249       3,119,058       3,117,680       3,116,370  

Return on average assets(1)

     1.24 %     1.32 %     0.97 %     0.96 %     0.47 %

Return on average equity(1)

     14.40       14.72       10.44       10.27       5.09  

Average yield on earning assets(1)

     3.40       3.77       3.84       3.66       3.59  

Net interest margin(1)

     3.11       3.44       3.43       3.18       3.07  

Efficiency ratio(2)

     53.99       52.85       60.03       51.72       56.57  

Nonperforming assets/total assets(3)

     -       0.11       0.19       0.25       0.33  

 

(1) Ratio has been annualized

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

(3) Nonperforming assets include other real estate owned and loans greater than 90 days past due.

 

•

The Company reported net earnings above $2.2 million for a second consecutive quarter, boosted primarily by Paycheck Protection Program (PPP) activity and a credit for loan losses. 

•

Adjusted pre-tax, pre-provision net earnings for the second quarter were $2.8 million. Adjusted pre-tax, pre-provision annualized returns on average assets and average common equity were 1.53% and 17.79%, respectively, for the second quarter of 2021. (These are considered non-GAAP financial measures. Please refer to "Non-GAAP Measures and Ratio Reconciliation" in the table on page 11 for more detail.)
• Deposits have increased by $102.8 million, or 17.7%, since December 31, 2020, boosted by continued expansion of existing relationships, the addition of new clients, and to a lesser extent, due to PPP activity, all while reducing the average cost of interest-bearing deposits by 18 basis points since the fourth quarter of 2020. 

•

Book value per share of $20.40 increased 11.5% year-over-year.

•

 The Company expects a substantial majority of the balance of PPP loans ($54.6 million at June 30, 2021) will be forgiven by the end of 2021. 

•

The Company currently has one remaining COVID-19 loan modification, totaling $411,000.
• At quarter-end, the Company reported loans 30-89 days past due to total loans of 0.21%, compared to 0.37% in the linked quarter and 0.0% a year ago.  Other asset quality metrics were strong with zero nonperforming assets, zero loans that were 90 days or greater past due, zero other real estate owned, and no new troubled debt restructurings (TDRs).

 

 
 

COVID-19 Update

 

The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains, and created significant volatility and disruption in financial markets. The extent to which the COVID-19 pandemic impacts our business, results of operations, and financial condition, as well as our regulatory capital and liquidity ratios, will depend on future developments, the duration of the pandemic, the effectiveness and adoption of available vaccines, and the actions taken by governmental authorities to slow the spread of the disease and mitigate its economic impact.  We continue to monitor and adhere to national guidelines and local safety ordinances to ensure the safety of our clients and employees.  At this time, it is not known how the more contagious Delta variant and the consequential rise in cases nationally may impact the economy, safety protocols or consumer behavior. 

 

Management believes credit quality deterioration directly related to the pandemic could materialize in the future. Since March of 2020, the Company has reported a peak of 70 requests for payment deferrals or modifications on loans totaling $42.4 million. Approximately 91% of the requests have been for loans secured with real estate.  That number declined to one loan modification totaling $411,000 as of June 30, 2021.  

 

Earnings Summary (Unaudited)

(dollars in thousands)

 

                           

Change 2Q'21 vs.

  
   

2Q'21

    

1Q'21

    

2Q'20

    

1Q'21

    

2Q'20

  

Net interest income

   $ 5,452     $ 5,566     $ 4,569       (2.0 %)     19.3 %

Provision (credit) for loan losses

     (185 )     -       1,227       N/A       (115.1 )

Noninterest income

     620       672       414       (7.7 )     49.8  

Noninterest expense

     3,278       3,297       2,819       (0.6 )     16.3  

Income taxes

     717       707       217       1.4       230.4  

Net earnings

   $ 2,262     $ 2,234     $ 720       1.3 %     214.2 %

 

On a linked quarter basis, net earnings stayed relatively flat, increasing 1.3% to $2.3 million.  The $114,000 decrease in net interest income and $52,000 decrease in noninterest income were offset by a credit for loan losses and slight decrease in noninterest expense.  Compared to the same period a year ago, the increase in net earnings was driven by higher PPP origination fees, higher commercial real estate and residential real estate loan originations, and a credit for loan losses. Lower funding costs on deposits (as illustrated in the margin analysis table on page 3) and higher noninterest income also contributed to higher net earnings in the second quarter of 2021 compared to the same period a year ago.  

 

   

For the Six Months Ended

                  
   

June 30, 2021

    

June 30, 2020

    

$ Change

    

% Change

  

Net interest income

   $ 11,018     $ 8,712     $ 2,306       26.5 %

Provision (credit) for loan losses

     (185 )     1,863       (2,048 )     (109.9 )

Noninterest income

     1,292       781       511       65.4  

Noninterest expense

     6,575       5,757       818       14.2  

Income taxes

     1,424       437       987       225.9  

Net earnings

   $ 4,496     $ 1,436     $ 3,060       213.1 %

 

Year-to-date net income through June 30, 2021 more than tripled compared to the same period in 2020 due mostly to interest income and origination fees from PPP loans (totaling $1.9 million, net of costs, year-to-date) and a credit for loan losses in 2021.  Also contributing to higher profitability in 2021 was a $511,000, or 65.4%, increase in noninterest income.

 

Interest income (Unaudited)

(dollars in thousands)

 

                           

Change 2Q'21 vs.

  
   

2Q'21

    

1Q'21

    

2Q'20

    

1Q'21

    

2Q'20

  

Interest income:

                                        

Loans

   $ 5,632     $ 5,805     $ 4,844       (3.0 %)     16.3 %

Securities

     262       249       428       5.2       (38.8 )

Other

     65       49       62       32.7       4.8  

Total interest income

   $ 5,959     $ 6,103     $ 5,334       (2.4 %)     11.7 %
                                         

 

The $144,000 decrease in total interest income from the first quarter of 2021 is mostly attributed to a 15.6% linked-quarter decline in PPP interest income and origination fees, net of costs.  Compared to the second quarter of 2020, the increase in total interest income is mostly attributed to fee and interest income from a higher volume of commercial real estate and residential real estate loans and PPP loans. The decrease in interest income from securities since the second quarter of 2020 is a function of lower volume and rates.  

 

   

For the Six Months Ended

                  
   

June 30, 2021

    

June 30, 2020

    

$ Change

    

% Change

  

Interest income:

                                

Loans

   $ 11,437     $ 9,273     $ 2,164       23.3 %

Securities

     511       812       (301 )     (37.1 )

Other

     114       294       (180 )     (61.2 )

Total interest income

   $ 12,062     $ 10,379     $ 1,683       16.2 %

 

Comparing the six-month periods, the increase in total interest income from loans in 2021 is primarily attributed to $1.9 million of interest income and fees (net of costs) generated from PPP loans compared to $392,000 for the first half of 2020. A higher volume of commercial real estate and residential real estate loan originations in the first half of 2021 also contributed to increased interest income from loans.  The decrease in interest income from securities is a function of lower volume and rates while the decrease in interest income from other interest-earning assets is a function of lower rates.

 

2
 

Interest expense (Unaudited)

(dollars in thousands)

 

                           

Change 2Q'21 vs.

  
   

2Q'21

    

1Q'21

    

2Q'20

    

1Q'21

    

2Q'20

  

Total interest expense

   $ 507     $ 537     $ 765       (5.6 )%     (33.7 )%

 

Despite higher balances of interest-bearing liabilities, total interest expense declined $30,000 from the first quarter of 2021 and $258,000 from the second quarter of 2020 due to lower funding costs. The average rate paid on deposits declined 7 basis points from the first quarter of 2021 and 35 basis points when compared to the second quarter of 2020.

 

   

For the Six Months Ended

                  
   

June 30, 2021

    

June 30, 2020

    

$ Change

    

% Change

  

Total interest expense

   $ 1,044     $ 1,667     $ (623 )     (37.4 %)

 

Comparing six-month periods, a $69.8 million increase in the average balance of interest-bearing liabilities was offset by a 42 basis points decrease in the cost of interest-bearing liabilities (please refer to the margin analysis table on page 10 for more detail). 

 

Margin Analysis (Unaudited)

(dollars in thousands)

   

2Q'21

    

1Q'21

    

2Q'20

  
           

Interest

                    

Interest

                    

Interest

          
   

Average

   

and

    

Yield/

    

Average

    

and

    

Yield/

    

Average

   

and

    

Yield/

  
   

Balance

    

Dividends

    

Rate(5)

    

Balance

    

Dividends

    

Rate(5)

    

Balance

    

Dividends

    

Rate(5)

  

Interest-earning assets:

                                                                        

Loans(1)

   $ 483,587     $ 5,505       4.55 %   $ 484,455     $ 5,699       4.71 %   $ 427,902     $ 4,745       4.44 %

Loans held for sale

     14,784       127       3.44       13,370       106       3.17       9,788       99       4.05  

Debt securities available for sale

     60,155       262       1.74       59,629       249       1.67       68,014       428       2.52  

Other(2)

     141,842       65       0.18       89,646       49       0.22       89,217       62       0.28  

Total interest-earning assets

     700,368     $ 5,959       3.40 %     647,100     $ 6,103       3.77 %     594,921     $ 5,334       3.59 %

Noninterest-earning assets

     31,313                       27,743                       21,749                  

Total assets

   $ 731,681                     $ 674,843                     $ 616,670                  
                                                                         

Interest-bearing liabilities:

                                                                        

Savings, NOW and money-market deposits

   $ 413,859     $ 410       0.40 %   $ 379,031     $ 401       0.42 %   $ 311,237     $ 412       0.53 %

Time deposits

     51,372       90       0.70       54,456       136       1.00       67,287       325       1.93  

Total interest-bearing deposits

     465,231       500       0.43       433,487       537       0.50       378,524       737       0.78  

Other borrowings

     802       7       3.49       17       -       -       33,129       28       0.34  

Total interest-bearing liabilities

     466,033     $ 507       0.44 %     433,504     $ 537       0.50 %     411,653     $ 765       0.74 %

Noninterest-bearing deposits

     196,726                       173,997                       140,234                  

Noninterest-bearing liabilities

     6,085                       6,638                       8,220                  

Stockholders' equity

     62,837                       60,704                       56,563                  

Total liabilities and stockholders' equity

   $ 731,681                     $ 674,843                     $ 616,670                  
                                                                         

Net earning assets

   $ 234,335                     $ 213,596                     $ 183,268                  

Net interest income

           $ 5,452                     $ 5,566                     $ 4,569          

Interest rate spread (3)

                     2.96 %                     3.27 %                     2.85 %

Net interest margin (4)

                     3.11 %                     3.44 %                     3.07 %

 

(1)   Includes nonaccrual loans

(2)    Other interest-earning assets include federal funds sold, interest-bearing deposits and Federal Home Loan Bank stock.

(3)    Interest rate spread is the difference between the total interest-earning asset yield and the rate paid on total interest-bearing liabilities.

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

(5)   Annualized

 

The Company's net interest margin decreased 33 basis points from the first quarter primarily due to lower PPP fee and interest income generated in the second quarter coupled with the sharp increase in the volume of lower-yielding liquid assets.  Compared to a year ago, the net interest margin increased slightly as interest income and fees on PPP loans and a decrease in funding costs helped offset a 29 basis points decrease in the average loan yield, when adjusted to exclude PPP loans and loans held for sale. (This is a non-GAAP measure.  Please refer to the reconciliation on page 11). 

 

The following table summarizes year-to-date changes in selected yields and rates.  The impact of lower market interest rates on interest-earning assets was offset by lower funding costs, resulting in slight margin improvement.  

 

   

For the Six Months Ended

    

Increase

  
   

June 30, 2021

    

June 30, 2020

    

(Decrease)

  
                         

Yield on loans, excluding held for sale

     4.63 %     4.67 %     (0.04 )%

Yield on earning assets

     3.58       3.85       (0.27 )

Cost of interest-bearing deposits

     0.46       0.90       (0.44 )

Cost of total deposits

     0.33       0.66       (0.33 )

Cost of interest-bearing liabilities

     0.46       0.88       (0.42 )

Net interest margin

     3.27       3.23       0.04  

 

3
 

 

Provision for Loan Losses

 

The Company did not record any provision for loan losses during the first quarter of 2021 due to a $7.0 million reduction in total portfolio loan balances (excluding PPP loans) since year-end 2020.  During the second quarter, the Company reported a credit for loan losses of $185,000 due to no specific reserve requirements, loan recoveries, and a decrease in the amount of COVID-19 unallocated reserve. This differed greatly from the six months ended June 30, 2020 when the Company's provision for loan losses increased substantially over prior periods due to $1.0 million in net charge-offs and the creation of an unallocated reserve in anticipation, at that time, of possible COVID-19 related credit deterioration.

 

Noninterest income (Unaudited)

(dollars in thousands)

 

                           

Change 2Q'21 vs.

  
   

2Q'21

    

1Q'21

    

2Q'20

    

1Q'21

    

2Q'20

  

Service charges and fees on deposit accounts

   $ 56     $ 53     $ 44       5.7 %     27.3 %

Debit card/ATM revenue, net

     124       109       79       13.8       57.0  

Mortgage banking revenue, net

     332       301       219       10.3       51.6  

Income from bank-owned life insurance

     67       63       40       6.3       67.5  

Gain on sale of debt securities available for sale

     -       108       -       (100.0 )     N/A  

Other income

     41       38       32       7.9       28.1  

Total noninterest income

   $ 620     $ 672     $ 414       (7.7 )%     49.8 %

 

On a linked quarter basis, the decrease in noninterest income is attributed to a $108,000 gain on sale of debt securities that was realized in the first quarter of 2021.  Compared to the second quarter of 2020, the increase in noninterest income was primarily driven by a $113,000 (51.6%) increase in mortgage banking revenue, $45,000 (57.0%) increase in debit card/ATM income, and $27,000 (67.5%) increase in income from bank-owned life insurance (BOLI). 

 

   

For the Six Months Ended

                  
   

June 30, 2021

    

June 30, 2020

    

$ Change

    

% Change

  

Service charges and fees on deposit accounts

   $ 109     $ 108     $ 1       0.9 %

Debit card / ATM revenue, net

     233       160       73       45.6  

Mortgage banking revenue, net

     633       367       266       72.5  

Income from bank-owned life insurance

     130       80       50       62.5  

Gain on sale of securities available for sale

     108       -       108       N/A  

Other income

     79       66       13       19.7  

Total noninterest income

   $ 1,292     $ 781     $ 511       65.4 %

 

Comparing the six-month periods, increases in debit card/ATM net revenue, mortgage banking net revenue and BOLI combined with the $108,000 gain on sale of securities led to the $511,000 (65.4%) increase in noninterest income.  The mortgage team has continued to see strong volume through the first half of 2021.  The percentage of refinances to purchases has decreased and a higher purchase volume environment has returned. The mortgage team almost doubled its units in the first six months of 2021 as compared to the same period in 2020 and increased dollar volume by 54.6%.  The Bank's investment in BOLI has nearly doubled since June 2020, resulting in higher income to offset additional compensation expense. Increases in debit card/ATM net revenue are attributed to growth in transaction deposit accounts and the number of debit cards issued.

 

Noninterest expense (Unaudited)

(dollars in thousands)

 

                           

Change 2Q'21 vs.

  
   

2Q'21

    

1Q'21

    

2Q'20

    

1Q'21

    

2Q'20

  

Salaries and employee benefits

   $ 1,805     $ 1,852     $ 1,546       (2.5 )%     16.8 %

Occupancy and equipment

     378       386       381       (2.1 )     (0.8 )

Professional fees

     120       130       83       (7.7 )     44.6  

Marketing

     199       140       100       42.1       99.0  

FDIC assessment

     49       70       67       (30.0 )     (26.9 )

Software maintenance, amortization and other

     251       250       201       0.4       24.9  

Other

     476       469       441       1.5       7.9  

Total noninterest expense

   $ 3,278     $ 3,297     $ 2,819       (0.6 )%     16.3 %

 

Total noninterest expense stayed relatively flat on a linked quarter basis. The $59,000 increase in marketing expense was anticipated as our local communities have resumed in-person gatherings and meetings. The $21,000 decrease in our FDIC assessment reflects a year-to-date reconciliation at a lower assessment rate.  Compared to the second quarter of 2020, higher noninterest expenses, for the most part, reflect a growing bank that has 6 additional full-time equivalents ("FTEs"), expanded software and cybersecurity requirements, and a normalized marketing budget to support in-person gatherings and business development meetings.

 

4
 

Balance Sheet

 

At June 30, 2021 the Company reported $756.6 million in total assets, $683.4 million in deposits, and $470.5 million in net portfolio loans. This compares to $647.3 million in total assets, $580.6 million in deposits, and $476.7 million in net portfolio loans at December 31, 2020.   Excluding the quarter-end balance of PPP loans ($66.8 million at 2020 year-end and $54.6 million at June 30, 2021), the Company's net loan portfolio has increased $6.0 million since December 31, 2020.  This was following a high level ($57.5 million) of non-PPP loan payoffs in the first half of the year. 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, 2021

    

December 31, 2020

  
   

Unaudited

    

Audited

  
   

Amount

    

% of Total

    

Amount

    

% of Total

  

Commercial real estate

   $ 136,514       28.6 %   $ 133,473       27.6 %

Residential real estate and home equity

     169,977       35.5       158,120       32.7  

Construction

     44,256       9.3       44,466       9.2  

Commercial

     121,032       25.3       141,542       29.2  

Consumer

     6,359       1.3       6,312       1.3  

Total loans

     478,138       100.0 %     483,913       100.0 %
                                 

Net deferred loan fees

     (1,751 )             (1,160 )        

Allowance for loan losses

     (5,899 )             (6,092 )        

Loans, net

   $ 470,488             $ 476,661          

 

The $102.8 million increase in deposits since December 31, 2020 is attributed to growth of existing client relationships and the addition of new client relationships, and to a lesser extent due to PPP activity. The Company's round one and round two PPP-sourced deposits were estimated to be $15.6 million at June 30, 2021, compared to $35.2 million at March 31, 2021. Total stockholders’ equity was $63.8 million, or 8.4% of total assets, at June 30, 2021 compared to $60.3 million at December 31, 2020, or 9.3% of total assets. Book value per share increased from $19.32 at December 31, 2020 to $20.40 at June 30, 2021, with 3,126,474 common shares outstanding.

 

As of June 30, 2021, the Bank was considered to be “well capitalized” with a Tier 1 Leverage Capital Ratio of 9.01%, a 13.87% Common Equity Tier 1 Capital Ratio, a 13.87% Tier 1 Risk-Based Capital Ratio, and a 15.11% Total Risk-Based Capital Ratio.  The Company maintains a $15 million, 5-year revolving line of credit, enhancing its liquidity sources to support the ongoing capital needs of the Bank.  At June 30, 2021, the Company reported a $3,075,000 outstanding loan balance and year-to-date interest expense of $7,000 under this line of credit.

 

Asset Quality:

 

At June 30, 2021, the Bank had zero nonaccrual loans and zero nonperforming assets, compared to five nonaccrual loans totaling $1.3 million at December 31, 2020.  At June 30, 2021, the Company reported no loans greater than 90 days past due and accruing and no other real estate owned.  Management believes the allowance for loan losses which was $5.9 million, or 1.39% of gross loans (excluding PPP loans), at June 30, 2021 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. As of June 30, 2021, the Bank had 95 FTEs. For more information about Prime Meridian Holding Company, please visit www.primemeridianbank.com.

 

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “is confident that” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements involve risk and uncertainty and a variety of factors could cause our actual results and experience to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. We do not have a policy of updating or revising forward-looking statements except as otherwise required by law, and silence by management over time should not be construed to mean that actual events are occurring as estimated in such forward-looking statements.

 

About Non-GAAP Financial Measures

 

Certain financial measures and ratios we present including "pre-tax, pre-provision (PTPP) net earnings," "PTPP return on average common equity," "PTPP return on average assets," and "adjusted average loan yield" are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to those financial measures and ratios as "non-GAAP financial measures." We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results.

 

We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present, and future periods.

 

These non-GAAP measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures is included at the end of the financial statement tables.

 

Tables Follow

5
 

 

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Statements of Earnings (Unaudited)

(in thousands except per share amounts)

 

   

2Q'21

    

1Q'21

    

4Q'20

    

3Q'20

    

2Q'20

  

Interest income:

                                        

Loans

   $ 5,632     $ 5,805     $ 5,541     $ 5,101     $ 4,844  

Securities

     262       249       270       311       428  

Other

     65       49       39       43       62  

Total interest income

     5,959       6,103       5,850       5,455       5,334  

Interest expense:

                                        

Deposits

     500       537       628       710       737  

Other borrowings

     7       -       -       -       28  

Total interest expense

     507       537       628       710       765  

Net interest income

     5,452       5,566       5,222       4,745       4,569  

Provision (credit) for loan losses

     (185 )     -       365       621       1,227  

Net interest income after provision for loan losses

     5,637       5,566       4,857       4,124       3,342  
                                         

Noninterest income:

                                        

Service charges and fees on deposit accounts

     56       53       57       48       44  

Debit card/ATM revenue, net

     124       109       102       91       79  

Mortgage banking revenue, net

     332       301       265       224       219  

Income from bank-owned life insurance

     67       63       64       40       40  

Gain on sale of debt securities available for sale

     -       108       -       -       -  

Other income

     41       38       44       167       32  

Total noninterest income

     620       672       532       570       414  
                                         

Noninterest expense:

                                        

Salaries and employee benefits

     1,805       1,852       2,125       1,498       1,546  

Occupancy and equipment

     378       386       378       377       381  

Professional fees

     120       130       101       89       83  

Marketing

     199       140       143       97       100  

FDIC assessment

     49       70       44       68       67  

Software maintenance, amortization and other

     251       250       226       205       201  

Other

     476       469       437       415       441  

Total noninterest expense

     3,278       3,297       3,454       2,749       2,819  
                                         

Earnings before income taxes

     2,979       2,941       1,935       1,945       937  

Income taxes

     717       707       394       464       217  

Net earnings

   $ 2,262     $ 2,234     $ 1,541     $ 1,481     $ 720  
                                         

Basic earnings per common share

   $ 0.72     $ 0.72     $ 0.50     $ 0.47     $ 0.23  
                                         

Diluted earnings per common share

   $ 0.72     $ 0.71     $ 0.50       0.47       0.23  

 

6
 

 

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Statements of Earnings 

(in thousands, except per share amounts)

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  
   

2021

    

2020

    

2021

    

2020

  
    Unaudited     Unaudited  

Interest income:

                                

Loans

   $ 5,632     $ 4,844     $ 11,437     $ 9,273  

Securities

     262       428       511       812  

Other

     65       62       114       294  

Total interest income

     5,959       5,334       12,062       10,379  

Interest expense:

                                

Deposits

     500       737       1,037       1,636  

Other borrowings

     7       28       7       31  

Total interest expense

     507       765       1,044       1,667  

Net interest income

     5,452       4,569       11,018       8,712  

Provision (credit) for loan losses

     (185 )     1,227       (185 )     1,863  

Net interest income after provision for loan losses

     5,637       3,342       11,203       6,849  

Noninterest income:

                                

Service charges and fees on deposit accounts

     56       44       109       108  

Debit card/ATM revenue, net

     124       79       233       160  

Mortgage banking revenue, net

     332       219       633       367  

Income from bank-owned life insurance

     67       40       130       80  

Gain on sale of securities available for sale

     -       -       108       -  

Other income

     41       32       79       66  

Total noninterest income

     620       414       1,292       781  

Noninterest expense:

                                

Salaries and employee benefits

     1,805       1,546       3,657       3,164  

Occupancy and equipment

     378       381       764       719  

Professional fees

     120       83       250       174  

Marketing

     199       100       339       301  

FDIC assessment

     49       67       119       119  

Software maintenance, amortization and other

     251       201       501       394  

Other

     476       441       945       886  

Total noninterest expense

     3,278       2,819       6,575       5,757  

Earnings before income taxes

     2,979       937       5,920       1,873  

Income taxes

     717       217       1,424       437  

Net earnings

   $ 2,262     $ 720     $ 4,496     $ 1,436  
                                 

Earnings per common share:

                                

Basic

   $ 0.72     $ 0.23     $ 1.44     $ 0.45  

Diluted

     0.72       0.23       1.44       0.45  

Cash dividends per common share(1)

     -       -       0.14       0.12  

(1) Annual cash dividends were paid during the first quarters of 2020 and 2021.

 

7
 

 

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Balance Sheets

(in thousands)

 

   

2Q'21

    

1Q'21

    

4Q'20

    

3Q'20

    

2Q'20

  
   

(Unaudited)

    

(Unaudited)

    

(Audited)

    

(Unaudited)

    

(Unaudited)

  

Assets

                                        

Cash & cash equivalents

   $ 181,599     $ 141,787     $ 68,985     $ 56,004     $ 62,307  

Debt securities available for sale

     63,306       58,915       61,879       61,060       66,898  

Loans, held for sale

     13,736       12,532       13,593       14,900       8,949  

Loans, net

     470,488       480,772       476,661       465,642       442,574  

Federal Home Loan Bank stock

     366       366       493       493       493  

Premises & equipment, net

     8,159       8,200       8,248       8,210       8,187  

Right of use lease asset

     3,363       3,415       3,466       3,517       3,568  

Accrued interest receivable

     1,751       1,797       1,960       1,879       1,723  

Bank-owned life insurance

     12,012       10,748       10,685       6,621       6,581  

Other real estate owned

     -       -       -       234       234  

Other assets

     1,839       2,371       1,324       2,103       658  

Total Assets

   $ 756,619     $ 720,903     $ 647,294     $ 620,663     $ 602,172  
                                         
                                         

Liabilities and Stockholders' Equity

                                        

Liabilities:

                                        

Noninterest-bearing demand deposits

   $ 199,662     $ 193,061     $ 162,013     $ 150,494     $ 146,542  

Savings, NOW and money-market deposits

     433,954       406,413       362,147       340,931       323,523  

Time deposits

     49,744       51,955       56,432       63,822       66,449  

Total Deposits

     683,360       651,429       580,592       555,247       536,514  

Other borrowings

     3,075       750       -       -       -  

Official checks

     965       1,257       1,109       1,577       3,373  

Operating lease liability

     3,489       3,535       3,580       3,625       3,669  

Other liabilities

     1,943       2,803       1,758       1,563       1,584  

Total Liabilities

     692,832       659,774       587,039       562,012       545,140  

Total Stockholders' Equity

     63,787       61,129       60,255       58,651       57,032  

Total Liabilities and Stockholders' Equity

   $ 756,619     $ 720,903     $ 647,294     $ 620,663     $ 602,172  

 

8
 

 

Prime Meridian Holding Company and Subsidiary

Financial Highlights (Unaudited)

(dollars in thousands except per share amounts)

 

   

2Q'21

    

1Q'21

    

4Q'20

    

3Q'20

    

2Q'20

  

Per Share Data:

                                        

Earnings per common share - Basic

   $ 0.72     $ 0.72     $ 0.50     $ 0.47     $ 0.23  

Earnings per common share - Diluted

   $ 0.72     $ 0.71     $ 0.50     $ 0.47     $ 0.23  

Book value per common share

   $ 20.40     $ 19.56     $ 19.32     $ 18.81     $ 18.30  

Common shares outstanding

     3,126,474       3,124,794       3,119,471       3,117,842       3,116,499  

Weighted-average basic common shares outstanding

     3,126,197       3,123,565       3,119,058       3,117,623       3,116,307  

Weighted-average diluted common shares outstanding

     3,139,179       3,125,249       3,119,058       3,117,680       3,116,370  
                                         

Selected Performance Ratios and Other Data:

                                        

Return on average assets(1)

     1.24 %     1.32 %     0.97 %     0.96 %     0.47 %

Return on average equity(1)

     14.40       14.72       10.44       10.27       5.09  

Average yield on earning assets

     3.40       3.77       3.84       3.66       3.59  

Net interest margin(2)

     3.11       3.44       3.43       3.18       3.07  

Efficiency ratio(3)

     53.99       52.85       60.03       51.72       56.57  

Noninterest expense/average assets(1)

     1.79       1.95       2.18       1.78       1.83  
                                         

Asset Quality Data:

                                        

Nonaccrual loans

   $ -     $ 797     $ 1,251     $ 1,315     $ 1,756  

Loans 90 days past due + other real estate owned

     -       -       -       234       234  

Total nonperforming assets

     -       797       1,251       1,549       1,990  

Nonperforming assets / total assets

     -       0.11 %     0.19 %     0.25 %     0.33 %

Loans 30-89 days past due

   $ 1,022     $ 1,795     $ 731     $ -     $ 5  

Total loans, net of held-for-sale loans

     478,138       488,795       483,913       473,089       449,667  

Loans 30-89 days past due / total loans

     0.21 %     0.37 %     0.15 %     -       -  

Net charge-offs / average loans (1)

     0.01 %     -       0.09 %     0.03 %     0.64 %
                                         

Capital Ratios:

                                        

Tier 1 Leverage Capital Ratio (Company)

     8.61 %     9.00 %     9.26 %     9.24 %     9.53 %

Tier 1 Leverage Capital Ratio (Bank)

     9.01       9.07       9.09       9.06       8.99  

Common Equity Tier 1 Capital Ratio (Bank)

     13.87       13.72       13.29       13.79       13.80  

Tier 1 Risk-Based Capital Ratio (Bank)

     13.87       13.72       13.29       13.79       13.80  

Total Risk-Based Capital Ratio (Bank)

     15.11       14.98       14.54       15.04       15.05  

 

(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.

 

9
 

 

Prime Meridian Holding Company and Subsidiary

Margin Analysis (Unaudited)

dollars in thousands

   

For the Six Months Ended June 30,

  
   

2021

    

2020

  
           

Interest

                    

Interest

          
   

Average

   

and

   

Yield/

    

Average

   

and

   

Yield/

  

(dollars in thousands)

  

Balance

    

Dividends

    

Rate(5)

    

Balance

    

Dividends

    

Rate(5)

  

Interest-earning assets:

                                                

Loans(1)

   $ 483,586     $ 11,204       4.63 %   $ 390,400     $ 9,108       4.67 %

Loans held for sale

     14,081       233       3.31       7,919       165       4.17  

Debt securities available for sale

     59,893       511       1.71       65,798       812       2.47  

Other(2)

     115,888       114       0.20       75,687       294       0.78  

Total interest-earning assets

     673,448     $ 12,062       3.58 %     539,804     $ 10,379       3.85 %

Noninterest-earning assets

     29,971                       23,647                  

Total assets

   $ 703,419                     $ 563,451                  
                                                 

Interest-bearing liabilities:

                                                

Savings, NOW and money-market deposits

   $ 396,541     $ 811       0.41 %   $ 294,245     $ 956       0.65 %

Time deposits

     52,906       226       0.85       68,597       680       1.98  

Total interest-bearing deposits

     449,447       1,037       0.46       362,842       1,636       0.90  

Other borrowings

     411       7       3.41       17,201       31       0.36  

Total interest-bearing liabilities

     449,858     $ 1,044       0.46 %     380,043     $ 1,667       0.88 %

Noninterest-bearing deposits

     185,424                       120,046                  

Noninterest-bearing liabilities

     6,361                       6,954                  

Stockholders' equity

     61,776                       56,408                  

Total liabilities and stockholders' equity

   $ 703,419                     $ 563,451                  
                                                 

Net earning assets

   $ 223,590                     $ 159,761                  

Net interest income

           $ 11,018                     $ 8,712          

Interest rate spread (3)

                     3.12 %                     2.97 %

Net interest margin(4)

                     3.27 %                     3.23 %

 

 

(1)   Includes nonaccrual loans

  

(2)    Other interest-earning assets include federal funds sold, interest-bearing deposits and Federal Home Loan Bank stock.

  

(3)    Interest rate spread is the difference between the total interest-earning asset yield and the rate paid on total interest-bearing liabilities.

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

(5)   Annualized

 

 

10
 

 

Prime Meridian Holding Company and Subsidiary

Non-GAAP Measures and Ratio Reconciliation

Quarterly Pre-Tax Pre-Provision Calculation (Unaudited)

(dollars in thousands except per share amounts)

 

   

2Q'21

    

1Q'21

    

4Q'20

    

3Q'20

    

2Q'20

  

Net Income

                                        

Net earnings (GAAP)

   $ 2,262     $ 2,234     $ 1,541     $ 1,481     $ 720  

Plus: Provision (credit) for loan losses

     (185 )     -       365       621       1,227  

Plus: income taxes

     717       707       394       464       217  

PTPP net earnings (non-GAAP)

   $ 2,794     $ 2,941     $ 2,300     $ 2,566     $ 2,164  
                                         

Earnings per Share (EPS)

                                        

Weighted average common shares, diluted

     3,139,179       3,125,249       3,119,058       3,117,680       3,116,370  

EPS, diluted (GAAP)

   $ 0.72     $ 0.71     $ 0.50     $ 0.47     $ 0.23  

PTPP EPS, diluted (non-GAAP)

   $ 0.89     $ 0.94     $ 0.74     $ 0.82     $ 0.69  
                                         

Return on Average Assets (ROAA)

                                        

Average assets

   $ 731,681     $ 674,843     $ 635,127     $ 618,854     $ 616,670  

ROAA (GAAP)

     1.24 %     1.32 %     0.97 %     0.96 %     0.47 %

PTPP ROAA (non-GAAP)

     1.53 %     1.74 %     1.45 %     1.66 %     1.40 %
                                         

Return on Average Equity

                                        

Average equity

   $ 62,837     $ 60,704     $ 59,028     $ 57,679     $ 56,563  

ROAE (GAAP)

     14.40 %     14.72 %     10.44 %     10.27 %     5.09 %

PTPP ROAE (non-GAAP)

     17.79 %     19.38 %     15.59 %     17.80 %     15.30 %
                                         

Adjusted Average Loan Yield:

                                        

Net loans, excluding loans held for sale

   $ 470,488     $ 480,772     $ 476,661     $ 465,642     $ 442,574  

Less PPP loans

     (54,563 )     (78,625 )     (66,774 )     (82,412 )     (81,451 )

Adjusted net loans, excluding loans held for sale and PPP (non-GAAP)

   $ 415,925     $ 402,147     $ 409,887     $ 383,230     $ 361,123  
                                         

Average loans, excluding loans held for sale

   $ 483,587     $ 484,455     $ 477,570     $ 459,984     $ 427,902  

Less average PPP loans

     (69,318 )     (70,880 )     (77,367 )     (82,132 )     (62,086 )

Adjusted average loans, excluding loans held for sale and PPP (non-GAAP)

   $ 414,269     $ 413,575     $ 400,203     $ 377,852     $ 365,816  
                                         

Interest on loans, excluding loans held for sale

     5,505       5,699       5,445       5,000       4,745  

Less interest income and earned fee income on PPP loans

     (874 )     (1,035 )     (803 )     (530 )     (392 )

Adjusted interest on loans, excluding loans held for sale and PPP (non-GAAP)

   $ 4,631     $ 4,664     $ 4,642     $ 4,470     $ 4,353  
                                         

Average loan yield, excluding loans held for sale (GAAP)

     4.55 %     4.71 %     4.56 %     4.35 %     4.44 %

Adjusted average loan yield, excluding loans held for sale and PPP (non-GAAP)

     4.47 %     4.51 %     4.64 %     4.73 %     4.76 %

 

11
 

 

Prime Meridian Holding Company and Subsidiary

Non-GAAP Measures and Ratio Reconciliation

YTD Pre-Tax Pre-Provision Calculation (Unaudited)

(dollars in thousands except per share amounts)
   

For the Six Months Ended

  
   

June 30, 2021

    

June 30, 2020

  

Net Income

                

Net earnings (GAAP)

   $ 4,496     $ 1,436  

Plus: Provision (credit) for loan losses

     (185 )     1,863  

Plus: income taxes

     1,424       437  

PTPP net earnings (non-GAAP)

   $ 5,735     $ 3,736  
                 

Earnings per Share (EPS)

                

Weighted average common shares, diluted

     3,128,185       3,150,240  

EPS, diluted (GAAP)

   $ 1.44     $ 0.45  

PTPP EPS, diluted (non-GAAP)

   $ 1.83     $ 1.19  
                 

Return on Average Assets (ROAA)

                

Average assets

   $ 703,419     $ 563,451  

ROAA (GAAP)

     1.28 %     0.51 %

PTPP ROAA (non-GAAP)

     1.63 %     1.33 %
                 

Return on Average Equity (ROAE)

                

Average equity (GAAP)

   $ 61,776     $ 56,408  

ROAE (GAAP)

     14.56 %     5.09 %

PTPP ROAE (non-GAAP)

     18.57 %     13.25 %
                 

 
     
 

 

  
     

 

    
     
     
     
     

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

    
                         (850) 907-2300    
                         Prime Meridian Holding Company    
                         Website: www.primemeridianbank.com    

 

 

12
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