Prime Meridian Bank Reports Second Quarter Financial Results

Prime Meridian Bank  Reports Second Quarter Financial Results

Prime Meridian Holding Company (OTCQX: PMHG) the parent bank holding company for Prime Meridian Bank recently announced unaudited financial results for the quarter and six months ended June 30, 2019.

The Company reported net earnings of $764,000, or $0.24 per basic and diluted share, for the quarter ended June 30, 2019, compared to net earnings of $1,002,000, or $0.32 per basic and diluted share, for the quarter ended June 30, 2018.

The Company reported net earnings of $1,631,000, or $0.52 per basic and diluted share, for the six months ended June 30, 2019, compared to net earnings of $1,756,000, or $0.56 per basic and diluted share, for the six months ended June 30, 2018.

“Overall the Bank is continuing to perform well,” said Sammie D. Dixon, Jr., Vice Chairman, President and CEO. “Net interest income and noninterest income both increased at double-digit rates for the three and six-month periods ending June 30th compared with the same periods in 2018,” he said. “In addition, the Bank maintained strong deposit growth for the quarter while holding the overall cost of funds and net interest margin relatively stable from the first quarter.”

“Though key income drivers are overshadowed by the planned additional operating expenses attributable to bringing our Lakeland branch online, we continue to build the Bank and expand the franchise on a very solid foundation,” Dixon said.

A portion of the increase in the Bank’s occupancy expense is due to Lakeland startup expenses which could not be capitalized and are non-recurring beyond the second quarter.

Additional expense associated with implementing the new accounting standards for the Bank’s new lease at its Timberlane Road location also contributed to the increase in occupancy expense during the second quarter.

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, 2019, the Bank had 90 full-time equivalent employees.

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One Response to "Prime Meridian Bank Reports Second Quarter Financial Results"

  1. Avatar
    Vernon   August 24, 2019 at 10:19 am

    A little disappointed in this quarter. Efficiency Ratio is going in the wrong direction, and 90 employees is a bit heavy for a bank with only 4 branches and a small mortgage division.

    Last year their report aknowledged they may be heavy on people, but were preparing for future growth by having 71 trained employees…so now they opened the Lakeland branch and added 19?

    A local bank is great…but they still need to perform. I’m hoping they just need another quarter to get back on track.

    Reply

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