Prime Meridian Announces Third-Quarter Financial Results

Prime Meridian Holding Company (OTCQX: PMHG), the parent bank holding company for Prime Meridian Bank, today announced unaudited financial results for the three and nine months ended September 30, 2021. The Company reported net earnings of $2,099,000, or $0.67 per basic and diluted share, for the quarter ended September 30, 2021, compared to net earnings of $1,481,000, or $0.47 per basic and diluted share, for the quarter ended September 30, 2020.

The Company reported net earnings of $6,595,000, or $2.11 per basic and $2.10 per diluted share, for the nine months ended September 30, 2021, compared to net earnings of $2,917,000, or $0.92 per basic and diluted share, for the nine months ended September 30, 2020.

“We are keeping our heads down and our hands on the plow,” says Sammie D. Dixon, Jr., Prime Meridian’s Vice Chairman, President, and CEO. “We are well-capitalized, operating efficiently, and strong on the fundamentals,” he said. From his perspective, many businesses in the market are optimistic and moving forward.

“There has been a return in loan demand in some areas. Certainly good growth in deposits,” he continued. According to Dixon, Bank deposits grew $35.0 million since the end of the second quarter and are up 23.7% year-to-date. Lending – both commercial and residential real estate loan originations in particular – showed signs of resilience as the Bank moves toward year-end. Nonperforming assets remained at 0.00% of assets for the second straight quarter.

“Our outlook is simple: bigger and more,” says Dixon. “We continue adding the right people to complement an already strong team. We are now — and have been – a relationship bank. It’s always been about the people,” he continued. “And that won’t change. The franchise value of any Bank is its core deposits. We have had significant growth year-to-date as a result of our focus on taking care of new and existing clients,” he said.