Prime Meridian Holding Company (OTCQX: PMHG), the parent bank holding company for Prime Meridian Bank announced unaudited financial results for the quarter ended March 31, 2021.
The Company reported net earnings of $2,234,478 or $0.72 per basic and $0.71 per diluted share, for the quarter ended March 31, 2021, compared to net earnings of $716,000 or $0.22 per basic and diluted share, for the quarter ended March 31, 2020.
“As Florida continues to move through the pandemic, we see signs of economic growth returning in our markets,” said Sammie D. Dixon, Jr., Vice Chairman, President and CEO of Prime Meridian. “It’s true, COVID-19 has been very difficult for everyone,” he continued. “It has been a time when both the Bank and our clients realized firsthand just how important we are to each other. When push came to shove, our clients – existing and new alike – had no doubt we were there for them. We did right by folks through the Paycheck Protection Program (PPP) and made the best of the opportunities presented,” said Dixon.
Dixon cited the Bank’s generational growth over the last fifteen months ($220 million in asset growth since December 31, 2019) which included twelve months of pandemic related challenges. “When you take the asset growth we’ve had, in the face of headwinds like this, you almost have to look at it as if we ‘grew’ ourselves another bank.” “Our focus on the client is truly what sets us apart,” believes Dixon. “Percentage-wise our deposit franchise keeps getting stronger and stronger.”
Dixon attributes the Bank’s deposit growth in the first quarter of 2021 to a second round of PPP funding, expansion of existing relationships, and our ability to convert formerly non-client PPP relationships into active banking relationships for Prime Meridian. Of the Bank’s 602 non-client PPP relationships, to date, approximately 40% have made such a conversion.
“During this first quarter we had a lot of non-PPP loan payoffs due to excess liquidity floating in the system,” said Dixon. “The good news: we see the economy coming back and we are primed for nice loan growth going forward.”