false 0001586454 0001586454 2024-10-25 2024-10-25
 
 
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) October 25, 2024
 
 
 
 
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: (850907-2300
 
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 October 25, 2024, Prime Meridian Holding Company issued and posted to its website a press release announcing financial results for the three and nine months ended September 30, 2024 and an investor presentation for the quarter ended September 30, 2024.   Copies of the press release and the investor presentation are attached as Exhibits 99.1 and 99.2 to this Form 8-K.
 
Item 9.01     Financial Statements and Exhibits.
 
     (d)     Exhibits.
     
   
   99.1               Press release dated October 25, 2024
       99.2               Investor Presentation Q3 2024
       104                Cover Page Interactive Data File (embedded within the Inline XBRL document)
          
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: October 25, 2024
 

Exhibit 99.1

 

pmh01.jpg

 

 

FOR IMMEDIATE RELEASE

 

Prime Meridian Holding Company Reports

THIRD QUARTER 2024 RESULTS

 

TALLAHASSEE, FL – October 25, 2024 (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 nine months ended September 30, 2024. The Company reported net earnings of $2,603,000, or $0.79 per basic and $0.78 per diluted share, for the three months ended September 30, 2024, compared to $2,120,000, or $0.66 per basic and diluted share, for the three months ended September 30, 2023.  The Company reported net earnings of $6,308,000, or $1.92 per basic and $1.89 per diluted share, for the nine months ended September 30, 2024, compared to $6,878,000, or $2.15 per basic and $2.13 per diluted share, for the nine months ended September 30, 2023.  
 

"Very proud of the Bank's performance this quarter,” said Sammie D. Dixon, Jr., Vice Chairman, President, and CEO. “We are running efficiently and are optimizing the performance of our systems as well as our team," he continued.  

 

The Bank upgraded its core operating systems during the third and fourth quarters of 2023.  Though the Bank routinely enhances it's systems, it is also realizing the financial benefits from last year's investment, according to Dixon.

 

"As we look at the numbers, growth is happening in all areas of the Bank and our efficiency ratio is down right where we want it," Dixon said. "Simply put, we are doing more, with less."

 

"We are looking good as we head to the end of the year and into 2025," he said.

 

 

Third Quarter Highlights - Prime Meridian Holding Company and Subsidiary (Unaudited)

(dollars in thousands except per share amounts)

 

   

3Q'24

   

2Q'24

   

1Q'24

   

4Q'23

   

3Q'23

 

Net earnings

  $ 2,603     $ 1,774     $ 1,931     $ 1,830     $ 2,120  

Book value per share

  $ 26.87     $ 25.35     $ 24.71     $ 24.53     $ 22.91  

Earnings per share - Basic

  $ 0.79     $ 0.54     $ 0.59     $ 0.56     $ 0.66  

Earnings per share - Diluted

  $ 0.78     $ 0.54     $ 0.59     $ 0.55     $ 0.66  

Weighted-average basic shares outstanding

    3,293,993       3,295,423       3,275,401       3,259,247       3,214,323  

Weighted-average diluted shares outstanding

    3,322,536       3,310,628       3,298,555       3,299,212       3,235,920  

Return on average assets(1)

    1.14 %     0.81 %     0.91 %     0.87 %     1.03 %

Return on average equity(1)

    12.20 %     8.70 %     9.61 %     9.85 %     11.31 %

Average yield on earning assets(1)

    5.81 %     5.63 %     5.44 %     5.40 %     5.21 %

Net interest margin(1)

    3.63 %     3.55 %     3.51 %     3.61 %     3.68 %

Efficiency ratio(2)

    58.24 %     65.02 %     63.81 %     59.99 %     61.45 %

Nonperforming assets/total assets(3)

    0.26 %     0.34 %     0.40 %     0.40 %     0.19 %

 

(1) Quarterly ratios have been annualized on a 30/360 basis.

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

(3) Nonperforming assets include loans greater than 90 days past due and nonaccrual loans.

 

Net earnings of $2.6 million for 3Q'24 were up $829,000 (46.7%) from 2Q'24 and $483,000 (22.8%) from 3Q'23.
Book value per share has increased steadily over the past year and is up $3.96, or 17.3% since 3Q'23.
For 3Q'24, the return on average assets was 1.14% compared to 0.81% (2Q'24) and 1.03% (3Q'23).  For 3Q'24, the return on average equity was 12.20% compared to 8.70% (2Q'24) and 11.31% (3Q'23). 
Pre-tax pre-provision ("PTPP") return on assets was 1.55% and PTPP return on equity was 16.58% for 3Q'24, compared to 1.27% and 13.59% in 2Q'24 and 1.44% and 15.81% in 3Q'23. This is considered a non-GAAP financial measure and additional information, including a reconciliation, can be found on page 10.

Gross loan balances increased $40.7 million, or 6.2%  since December 31, 2023 with most growth occurring in residential and home equity real estate loans.  

Since December 31, 2023, total deposits increased $75.3 million, or 10.1%, to $824.0 million.  Growth occurred in all categories with the majority of growth occurring in time deposits and savings, NOW and money market accounts.  During the third quarter, the Company averaged net new non-maturity deposit volume of $18.8 million and 183 net new accounts. 
At September 30, 2024, available secured and unsecured borrowing capacity was $197.7 million through various sources including the Federal Home Loan Bank of Atlanta (FHLB) and lines of credit with several banks. When combined with maximum available brokered and wholesale funding capacity of $232.9 million, off-balance sheet funding sources total $430.6 million.
At September 30, 2024, on-balance sheet liquidity was $181.6 million, consisting of cash and cash equivalents and unpledged debt securities at fair value. Total on-balance sheet and off-balance sheet liquidity sources total $612.2 million, representing 74.3% of total deposits.
The Bank remains well capitalized with a Tier 1 Leverage ratio of 10.21% and a Total Risk Based Capital Ratio of 13.53% at September 30, 2024.

 

1

 

Earnings Summary (Unaudited)

(dollars in thousands)

 

                           

Change 3Q'24 vs.

   

Nine Months Ended September 30,

         
   

3Q'24

   

2Q'24

   

3Q'23

   

2Q'24

   

3Q'23

   

2024

   

2023

   

% Change

 

Net interest income

  $ 7,941     $ 7,394     $ 7,187       7.4 %     10.5 %   $ 22,468     $ 22,095       1.7 %

Credit loss expense

    100       444       175       (77.5 )     (42.9 )     755       743       1.6  

Noninterest income

    531       527       499       0.8       6.4       1,511       1,403       7.7  

Noninterest expense

    4,934       5,150       4,723       (4.2 )     4.5       14,925       13,699       8.9  

Income taxes

    835       553       668       51.0       25.0       1,991       2,178       (8.6 )

Net earnings

  $ 2,603     $ 1,774     $ 2,120       46.7 %     22.8 %   $ 6,308     $ 6,878       (8.3 )%

 

Net earnings for 3Q'24 primarily benefitted from higher net interest income, improved operating efficiency and a lower provision for credit loss expense.  Comparing the nine-month periods, higher revenue from interest and noninterest income was offset by higher noninterest expense as the impact of operational efficiencies started to materialize in the third quarter of this year.

 

Net Interest Income (Unaudited)

(dollars in thousands)

                           

Change 3Q'24 vs.

   

Nine Months Ended September 30,

         
   

3Q'24

   

2Q'24

   

3Q'23

   

2Q'24

   

3Q'23

   

2024

   

2023

   

% Change

 

Interest income:

                                                               

Loans

  $ 10,995     $ 10,627     $ 9,019       3.5 %     21.9 %   $ 31,584     $ 25,633       23.2 %

Debt securities

    757       852       919       (11.2 )     (17.6 )     2,505       2,777       (9.8 )

Other

    942       259       244       263.7       286.1       1,408       650       116.6  

Total interest income

    12,694       11,738       10,182       8.1 %     24.7 %     35,497       29,060       22.2 %

Interest expense:

                                                               

Deposits

    4,643       4,090       2,691       13.5 %     72.5 %     12,410       6,141       102.1 %

FHLB advances and other borrowings

    110       254       304       (56.7 )     (63.8 )     619       824       (24.9 )

Total interest expense

    4,753       4,344       2,995       9.4       58.7       13,029       6,965       87.1  

Net interest income

  $ 7,941     $ 7,394     $ 7,187       7.4 %     10.5 %   $ 22,468     $ 22,095       1.7 %

 

The Company reported net interest income of $7.9 million for 3Q'24, an increase of $547,000, or 7.4%, from the linked quarter and an increase of $754,000, or 10.5% from 3Q'23. Compared to the linked quarter, an acceleration of bond maturities resulted in an earning asset mix shift to higher-yielding cash accounts.  This coupled with a reduction in FHLB borrowings yielded higher net interest income. Compared to 3Q'23, loan growth and higher loan yields were the most significant contributing factors to higher net interest income. Average earning assets were up $40.7 million, or 4.9%, over the linked quarter and $92.8 million, or 11.9%, over 3Q'23 while the yield on average earning assets increased to 5.81% (3Q'24), compared to 5.63% (2Q'24) and 5.21% (3Q'23). The average cost of interest-bearing liabilities increased from 2.19% in 3Q'23 to 2.96% in 2Q'24 and 3.09% in 3Q'24, reflecting the rising rate environment and a change in funding mix.  The Company's net interest margin ("NIM") for 3Q'24 was 3.63%, compared to 3.55% (2Q'24) and 3.68% (3Q'23).  

 

For the nine months ended September 30, 2024, funding costs outpaced the increase in earning asset yields. Net interest income increased $373,000, or 1.7% compared to the same period a year ago. Average earning assets increased $59.9 million, or 7.7%, while the Company's average interest-bearing liabilities increased $52.5 million, or 9.7%.  Rates on interest-bearing liabilities increased at a faster pace (up 122 basis points) than yields on interest-earning assets (up 66 basis points).  NIM was 3.57% for the nine months ended September 30, 2024 compared to 3.78% for the nine months ended September 30, 2023.

 

Credit Loss Expense

 

Credit loss expense for 3Q'24 of $100,000 included $118,000 in expense for loans and $18,000 in release for unfunded commitments.  Net charge-offs totaled $11,000 in 3Q'24, compared to $800,000 last quarter (primarily related to two impaired commercial relationships that had been mostly reserved for in prior quarters) and $49,000 in 3Q'23.  At September 30, 2024, the allowance for credit losses for loans was $5.4 million, representing 0.78% to total loans (this excludes the allowance for credit losses for unfunded commitments of $140,000). The following table presents detailed information related to credit loss expense related to loans for the periods indicated. 

 

   

Three Months Ended

         
   

September 30, 2024

   

June 30, 2024

   

Change

 

Beginning balance

  $ 5,282     $ 5,796     $ (514 )

Charge-offs

    (13 )     (803 )     790  

Recoveries

    2       3       (1 )

Net (charge-offs) recoveries

    (11 )     (800 )     789  

Credit loss expense (funded portion)

    118       286       (168 )

Ending balance

  $ 5,389     $ 5,282     $ 107  
                         

Allowance for credit losses to total loans, gross

    0.78 %     0.77 %        

 

2

 

Noninterest income (Unaudited)

(dollars in thousands)

 

                           

Change 3Q'24 vs.

   

Nine Months Ended September 30,

         
   

3Q'24

   

2Q'24

   

3Q'23

   

2Q'24

   

3Q'23

   

2024

   

2023

   

% Change

 

Service charges and fees on deposit accounts

  $ 81     $ 78     $ 92       3.8 %     (12.0 )%   $ 228     $ 261       (12.6 )%

Debit card/ATM revenue, net

    159       164       137       (3.0 )     16.1       481       437       10.1  

Mortgage banking revenue, net

    133       125       121       6.4       9.9       329       250       31.6  

Income from bank-owned life insurance

    105       102       100       2.9       5.0       307       290       5.9  

Other income

    53       58       49       (8.6 )     8.2       166       165       0.6  

Total noninterest income

  $ 531     $ 527     $ 499       0.8 %     6.4 %   $ 1,511     $ 1,403       7.7 %

 

Noninterest income during 3Q'24 stayed relatively flat compared to the linked quarter.  The 6.4% and 7.7% increases from the three and nine-month periods in 2023, respectively, mostly reflect increased revenue from debit card/ATM and mortgage banking. These gains were partially offset by declines in service charges and fees on deposit accounts, primarily nonsufficient funds ("NSF") fees.  Noninterest income as a percentage of average assets, annualized, was 0.23% for both nine-month periods.

 

Noninterest expense (Unaudited)

(dollars in thousands)

                           

Change 3Q'24 vs.

   

Nine Months Ended September 30,

         
   

3Q'24

   

2Q'24

   

3Q'23

   

2Q'24

   

3Q'23

   

2024

   

2023

   

% Change

 

Salaries and employee benefits

  $ 3,011     $ 3,024     $ 2,864       (0.4 )%     5.1 %   $ 8,900     $ 8,359       6.5 %

Occupancy and equipment

    408       425       427       (4.0 )     (4.4 )     1,238       1,235       0.2  

Professional fees

    151       142       149       6.3       1.3       447       416       7.5  

Marketing

    243       299       215       (18.7 )     13.0       816       688       18.6  

FDIC assessment

    111       106       104       4.7       6.7       325       275       18.2  

Software maintenance, amortization and other

    433       541       341       (20.0 )     27.0       1,378       912       51.1  

Other

    577       613       623       (5.9 )     (7.4 )     1,821       1,814       0.4  

Total noninterest expense

  $ 4,934     $ 5,150     $ 4,723       (4.2 )%     4.5 %   $ 14,925     $ 13,699       8.9 %

 

Noninterest expense was down $216,000, or 4.2%, from the linked quarter due primarily to a $108,000, or 20.0%, decrease in software maintenance, amortization, and other expense as there were some one-time expenses related to the Company's core conversion in the 4Q'23 that were paid during 2Q'24. Marketing expense decreased $56,000, or 18.7%, often fluctuating from quarter to quarter due to the timing of certain commitments. Noninterest expense was up 4.5% over 3Q'23 due primarily to increased expense for salaries and employee benefits and software maintenance, amortization and other, the latter being due to the Company's core conversion completed in the 4Q'23.  The Company's efficiency ratio improved to 58.24% in 3Q'24, compared to 65.02% in 2Q'24 and 61.45% in 3Q'23.  Noninterest expense as a percentage of average assets reached its lowest level in two years at  2.16% annualized for 3Q'24. 

 

Noninterest expense was up 8.9%, or $1.2 million, over the nine-month period due mostly to higher compensation expense and higher expense related to the core conversion, followed by higher marketing expense.

 

Financial Condition

 

At September 30, 2024, the Company reported $931.6 million in total assets, $824.0 million in deposits, and $687.1 million in net portfolio loans. This compares to $854.5 million in total assets, $748.7 million in deposits, and $646.1 million in net portfolio loans at December 31, 2023.  Gross loans increased $40.7 million, or 6.2%, since December 31, 2023 with residential and home equity loans reporting the largest dollar volume increase. 

 

Prime Meridian Holding Company and Subsidiary

Loans by Class

(dollars in thousands)

 

   

September 30, 2024

   

December 31, 2023

 
   

Unaudited

   

Audited

 
   

Amount

   

% of Total

   

Amount

   

% of Total

 

Commercial real estate(1)

  $ 216,379       31.2 %   $ 208,429       32.0 %

Residential real estate and home equity(1)

    297,887       43.0       273,383       41.9  

Construction(1)

    82,639       11.9       78,197       12.0  

Commercial

    89,788       13.0       85,983       13.2  

Consumer

    5,971       0.9       5,936       0.9  

Total loans

    692,664       100.0 %     651,928       100.0 %
                                 

Net deferred loan fees

    (218 )             (192 )        

Allowance for credit losses

    (5,389 )             (5,609 )        

Loans, net

  $ 687,057             $ 646,127          

 

(1) Certain loans as of December 31, 2023 were reclassed to conform with the current loan class presentation.

 

 

 

 

 

3

 

Deposit balances increased $75.3 million, or 10.1%, since December 31, 2023.  Savings, NOW and money-market deposits and time deposits increased $26.9 million and $35.1 million, respectively, since December 31, 2023, while noninterest bearing demand accounts increased $13.2 million. The Company's loan to deposit ratio  was 84.1% at September 30, 2024 compared to 87.1% at December 31, 2023.

 

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. The Line of Credit matures in August 2025 and had a zero outstanding balance at September 30, 2024. As of September 30, 2024, the Company reported $10 million in FHLB advances with a weighted average interest rate of 4.33%. Borrowed funds represented 1.2% of total liabilities at September 30, 2024.

 

Total stockholders’ equity was $88.5 million, or 9.50% of total assets, at September 30, 2024, compared to $80.0 million at December 31, 2023 or 9.36% of total assets.  Retained earnings and a favorable change in accumulated other comprehensive loss drove the increase in equity and offset common stock dividends of $818,000 ($0.25 per common share) paid during 1Q'24.  At September 30, 2024, book value per share was $26.87 with 3,293,755 common shares outstanding.

 

As of September 30, 2024, the Bank was considered to be “well capitalized” with a Tier 1 Leverage Capital Ratio of 10.21%, a 13.53% Common Equity Tier 1 Capital Ratio, a 13.53% Tier 1 Risk-Based Capital Ratio, and a 14.33% Total Risk-Based Capital Ratio. 

 

Asset Quality

 

There were eleven (11) nonperforming loans totaling $2.5 million at  September 30, 2024 compared to nine (9) nonperforming loans totaling $3.0 million at June 30, 2024. Net charge-offs during the nine months ended September 30, 2024 totaled $835,000 and were mostly related to two impaired commercial loans, compared to net charge-offs of $379,000 for the nine months ended September 30, 2023.  As of September 30, 2024, there were no loans that were 90 days and still accruing and no Other Real Estate Owned ("OREO") on the balance sheet.  Management believes that the allowance for credit losses for loans of $5.4 million (which excludes $140,000 for general unfunded commitments) at September 30, 2024 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 September 30, 2024, the Bank had 111 full-time equivalent employees. 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, accounting principles generally accepted in the United States of America ("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

 

 

 

 

 

4

 

 

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Statements of Earnings (Unaudited)

(in thousands except per share amounts)

 

   

3Q'24

   

2Q'24

   

1Q'24

   

4Q'23

   

3Q'23

 

Interest income:

                                       

Loans

  $ 10,995     $ 10,627     $ 9,962     $ 9,658     $ 9,019  

Debt securities

    757       852       896       921       919  

Other

    942       259       207       287       244  

Total interest income

    12,694       11,738       11,065       10,866       10,182  

Interest expense:

                                       

Deposits

    4,643       4,090       3,677       3,351       2,691  

FHLB advances and other borrowings

    110       254       255       262       304  

Total interest expense

    4,753       4,344       3,932       3,613       2,995  

Net interest income

    7,941       7,394       7,133       7,253       7,187  

Credit loss expense

    100       444       211       707       175  

Net interest income after credit loss expense

    7,841       6,950       6,922       6,546       7,012  
                                         

Noninterest income:

                                       

Service charges and fees on deposit accounts

    81       78       69       96       92  

Debit card/ATM revenue, net

    159       164       158       136       137  

Mortgage banking revenue, net

    133       125       71       102       121  

Income from bank-owned life insurance

    105       102       100       99       100  

Other income

    53       58       55       59       49  

Total noninterest income

    531       527       453       492       499  
                                         

Noninterest expense:

                                       

Salaries and employee benefits

    3,011       3,024       2,865       2,813       2,864  

Occupancy and equipment

    408       425       405       412       427  

Professional fees

    151       142       154       143       149  

Marketing

    243       299       274       215       215  

FDIC assessment

    111       106       108       85       104  

Software maintenance, amortization and other

    433       541       404       302       341  

Other

    577       613       631       676       623  

Total noninterest expense

    4,934       5,150       4,841       4,646       4,723  

Earnings before income taxes

    3,438       2,327       2,534       2,392       2,788  

Income taxes

    835       553       603       562       668  

Net earnings

  $ 2,603     $ 1,774     $ 1,931     $ 1,830     $ 2,120  
                                         

Basic earnings per common share

  $ 0.79     $ 0.54     $ 0.59     $ 0.56     $ 0.66  
                                         

Diluted earnings per common share

  $ 0.78     $ 0.54     $ 0.59     $ 0.55     $ 0.66  

 

5

 

 

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Statements of Earnings 

(in thousands, except per share amounts)

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
   

2024

   

2023

   

2024

   

2023

 
   

Unaudited

   

Unaudited

 

Interest income:

                               

Loans

  $ 10,995     $ 9,019     $ 31,584     $ 25,633  

Debt securities

    757       919       2,505       2,777  

Other

    942       244       1,408       650  

Total interest income

    12,694       10,182       35,497       29,060  

Interest expense:

                               

Deposits

    4,643       2,691       12,410       6,141  

FHLB advances and other borrowings

    110       304       619       824  

Total interest expense

    4,753       2,995       13,029       6,965  

Net interest income

    7,941       7,187       22,468       22,095  

Credit loss expense

    100       175       755       743  

Net interest income after credit loss expense

    7,841       7,012       21,713       21,352  

Noninterest income:

                               

Service charges and fees on deposit accounts

    81       92       228       261  

Debit card/ATM revenue, net

    159       137       481       437  

Mortgage banking revenue, net

    133       121       329       250  

Income from bank-owned life insurance

    105       100       307       290  

Other income

    53       49       166       165  

Total noninterest income

    531       499       1,511       1,403  

Noninterest expense:

                               

Salaries and employee benefits

    3,011       2,864       8,900       8,359  

Occupancy and equipment

    408       427       1,238       1,235  

Professional fees

    151       149       447       416  

Marketing

    243       215       816       688  

FDIC assessment

    111       104       325       275  

Software maintenance, amortization and other

    433       341       1,378       912  

Other

    577       623       1,821       1,814  

Total noninterest expense

    4,934       4,723       14,925       13,699  

Earnings before income taxes

    3,438       2,788       8,299       9,056  

Income taxes

    835       668       1,991       2,178  

Net earnings

  $ 2,603     $ 2,120     $ 6,308     $ 6,878  
                                 

Earnings per common share:

                               

Basic

  $ 0.79     $ 0.66     $ 1.92     $ 2.15  

Diluted

  $ 0.78     $ 0.66     $ 1.89     $ 2.13  

Cash dividends per common share(1)

  $ -     $ -     $ 0.25     $ 0.22  

 

 

(1) Annual cash dividends were paid during the first quarters of 2024 and 2023.

 

6

 

 

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Balance Sheets

(in thousands)

 

   

3Q'24

   

2Q'24

   

1Q'24

   

4Q'23

   

3Q'23

 
   

(Unaudited)

   

(Unaudited)

   

(Unaudited)

   

(Unaudited)

   

(Unaudited)

 

Assets

                                       

Cash & cash equivalents

  $ 96,524     $ 50,875     $ 23,474     $ 28,416     $ 22,404  

Debt securities available for sale

    90,935       99,798       117,413       124,475       123,838  

Debt securities held to maturity

    13,276       13,267       11,861       11,850       11,838  

Loans, held for sale

    7,457       5,505       3,583       5,288       5,182  

Loans, net

    687,057       684,762       666,826       646,127       628,974  

Federal Home Loan Bank stock

    1,073       1,073       1,548       1,283       1,758  

Premises & equipment, net

    7,112       7,266       7,406       7,476       7,613  

Right of use lease asset

    2,654       2,711       2,767       2,823       2,879  

Accrued interest receivable

    3,213       3,579       3,465       3,114       2,671  

Bank-owned life insurance

    17,228       17,123       17,021       16,921       16,822  

Other real estate owned

    -       -       -       -       117  

Other assets

    5,093       7,422       7,296       6,755       7,889  

Total Assets

  $ 931,622     $ 893,381     $ 862,660     $ 854,528     $ 831,985  
                                         
                                         

Liabilities and Stockholders' Equity

                                       

Liabilities:

                                       

Noninterest-bearing demand deposits

  $ 202,659     $ 206,158     $ 201,083     $ 189,426     $ 193,439  

Savings, NOW and money-market deposits

    503,768       479,162       462,601       476,826       451,492  

Time deposits

    117,559       105,050       88,029       82,436       77,876  

Total Deposits

    823,986       790,370       751,713       748,688       722,807  

Other borrowings

    -       -       -       -       -  

FHLB Advances

    10,000       10,000       20,000       15,000       25,000  

Official checks

    1,338       939       831       2,377       717  

Operating lease liability

    2,857       2,913       2,963       3,013       3,062  

Other liabilities

    4,943       5,648       5,714       5,474       5,612  

Total Liabilities

    843,124       809,870       781,221       774,552       757,198  

Total Stockholders' Equity

    88,498       83,511       81,439       79,976       74,787  

Total Liabilities and Stockholders' Equity

  $ 931,622     $ 893,381     $ 862,660     $ 854,528     $ 831,985  

 

7

 

Prime Meridian Holding Company and Subsidiary

Condensed Consolidated Average Balance Sheets (Unaudited)

(in thousands)

 

   

3Q'24

   

2Q'24

   

3Q'23

 
           

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)

  $ 694,083     $ 10,893     6.28 %   $ 685,946     $ 10,536       6.14 %   $ 620,297     $ 8,939       5.76 %

Loans held for sale

    6,371       102     6.40       5,670       91       6.42       5,850       80       5.47  

Debt securities

    105,999       757     2.86       122,472       852       2.78       137,731       919       2.67  

Other(2)

    67,629       942     5.57       19,318       259       5.36       17,398       244       5.61  

Total interest-earning assets

    874,082     $ 12,694     5.81 %     833,406     $ 11,738       5.63 %     781,276     $ 10,182       5.21 %

Noninterest-earning assets

    38,751                     40,418                       42,065                  

Total assets

  $ 912,833                   $ 873,824                     $ 823,341                  
                                                                       

Interest-bearing liabilities:

                                                                     

Savings, NOW and money-market deposits

  $ 492,632     $ 3,374     2.74 %   $ 467,312     $ 3,031       2.59 %   $ 449,396     $ 2,089       1.86 %

Time deposits

    111,851       1,269     4.54       99,583       1,059       4.25       73,071       602       3.30  

Total interest-bearing deposits

    604,483       4,643     3.07       566,895       4,090       2.89       522,467       2,691       2.06  

FHLB advances and other borrowings

    10,000       110     4.40       20,608       254       4.93       24,582       304       4.95  

Total interest-bearing liabilities

    614,483     $ 4,753     3.09 %     587,503     $ 4,344       2.96 %     547,049     $ 2,995       2.19 %

Noninterest-bearing deposits

    203,659                     194,955                       192,686                  

Noninterest-bearing liabilities

    9,317                     9,780                       8,644                  

Stockholders' equity

    85,374                     81,586                       74,962                  

Total liabilities and stockholders' equity

  $ 912,833                   $ 873,824                     $ 823,341                  
                                                                       

Net earning assets

  $ 259,599                   $ 245,903                     $ 234,227                  

Net interest income

          $ 7,941                   $ 7,394                     $ 7,187          

Interest rate spread(3)

                  2.72 %                     2.67 %                     3.02 %

Net interest margin(4)

                  3.63 %                     3.55 %                     3.68 %

 

   

For the Nine Months Ended September 30,

 
   

2024

   

2023

 
           

Interest

                   

Interest

         
   

Average

   

and

   

Yield/

   

Average

   

and

   

Yield/

 

(dollars in thousands)

 

Balance

   

Dividends

   

Rate(5)

   

Balance

   

Dividends

   

Rate(5)

 

Interest-earning assets:

                                               

Loans(1)

  $ 679,999     $ 31,320       6.14 %   $ 611,946     $ 25,361       5.53 %

Loans held for sale

    5,642       264       6.24       7,215       272       5.03  

Debt securities

    120,633       2,505       2.77       139,886       2,777       2.65  

Other(2)

    33,952       1,408       5.53       21,271       650       4.07  

Total interest-earning assets

    840,226     $ 35,497       5.63 %     780,318     $ 29,060       4.97 %

Noninterest-earning assets

    39,600                       36,898                  

Total assets

  $ 879,826                     $ 817,216                  
                                                 

Interest-bearing liabilities:

                                               

Savings, NOW and money-market deposits

  $ 475,043     $ 9,234       2.59 %   $ 461,649     $ 5,061       1.46 %

Time deposits

    98,803       3,176       4.29       56,901       1,080       2.53  

Total interest-bearing deposits

    573,846       12,410       2.88       518,550       6,141       1.58  

FHLB advances and other borrowings

    17,220       619       4.79       20,034       824       5.48  

Total interest-bearing liabilities

    591,066     $ 13,029       2.94 %     538,584     $ 6,965       1.72 %

Noninterest-bearing deposits

    196,703                       195,689                  

Noninterest-bearing liabilities

    9,607                       10,005                  

Stockholders' equity

    82,450                       72,938                  

Total liabilities and stockholders' equity

  $ 879,826                     $ 817,216                  
                                                 

Net earning assets

  $ 249,160                     $ 241,734                  

Net interest income

          $ 22,468                     $ 22,095          

Interest rate spread (3)

                    2.69 %                     3.25 %

Net interest margin(4)

                    3.57 %                     3.78 %
                                                 

 

(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 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 on a 30/360 basis.

(5) Annualized on a 30/360 basis

 

8

 

Prime Meridian Holding Company and Subsidiary

Financial Highlights (Unaudited)

(dollars in thousands except per share amounts)

 

   

3Q'24

   

2Q'24

   

1Q'24

   

4Q'23

   

3Q'23

 

Per Share Data:

                                       

Earnings per common share - Basic

  $ 0.79     $ 0.54     $ 0.59     $ 0.56     $ 0.66  

Earnings per common share - Diluted

  $ 0.78     $ 0.54     $ 0.59     $ 0.55     $ 0.66  

Book value per common share

  $ 26.87     $ 25.35     $ 24.71     $ 24.53     $ 22.91  

Common shares outstanding

    3,293,755       3,293,863       3,295,265       3,259,881       3,263,733  

Weighted-average basic common shares outstanding

    3,293,993       3,295,423       3,275,401       3,259,247       3,214,323  

Weighted-average diluted common shares outstanding

    3,322,536       3,310,628       3,298,555       3,299,212       3,235,920  
                                         

Selected Performance Ratios and Other Data:

                                       

Return on average assets(1)

    1.14 %     0.81 %     0.91 %     0.87 %     1.03 %

Return on average equity(1)

    12.20 %     8.70 %     9.61 %     9.85 %     11.31 %

Average yield on earning assets

    5.81 %     5.63 %     5.44 %     5.40 %     5.21 %

Net interest margin(2)

    3.63 %     3.55 %     3.51 %     3.61 %     3.68 %

Efficiency ratio(3)

    58.24 %     65.02 %     63.81 %     59.99 %     61.45 %

Noninterest expense/average assets(1)

    2.16 %     2.36 %     2.27 %     2.20 %     2.29 %
                                         

Asset Quality Data:

                                       

Nonaccrual loans

  $ 2,464     $ 3,029     $ 3,446     $ 2,335     $ 1,112  

Loans 90 days past due and still accruing

  $ -     $ -     $ -     $ 1,110     $ 367  

Other real estate owned

  $ -     $ -     $ -     $ -     $ 117  

Total nonperforming assets

  $ 2,464     $ 3,029     $ 3,446     $ 3,445     $ 1,596  

Nonperforming assets/total assets

    0.26 %     0.34 %     0.40 %     0.40 %     0.19 %

Loans 30-89 days past due

  $ 906     $ 635     $ 4,447     $ 5,353     $ 1,060  

Total loans

  $ 692,664     $ 690,258     $ 672,836     $ 651,928     $ 633,982  

Loans 30-89 days past due/total loans

    0.13 %     0.09 %     0.66 %     0.82 %     0.17 %

Net charge-offs/average loans (1)

    -       0.47 %     -       -       0.03 %
                                         

Capital Ratios:

                                       

Tier 1 Leverage Capital Ratio (Company)

    10.28 %     10.41 %     10.44 %     10.29 %     10.34 %

Common Equity Tier 1 Capital Ratio (Company)

    13.63 %     13.39 %     13.28 %     13.37 %     13.42 %

Tier 1 Risk-Based Capital Ratio (Company)

    13.63 %     13.39 %     13.28 %     13.37 %     13.42 %

Total Risk-Based Capital Ratio (Company)

    14.41 %     14.17 %     14.13 %     14.22 %     14.19 %

Tangible Common Equity Ratio(4) (Company)

    9.50 %     9.35 %     9.44 %     9.36 %     8.99 %
                                         

Tier 1 Leverage Capital Ratio (Bank)

    10.21 %     10.32 %     10.35 %     10.15 %     10.18 %

Common Equity Tier 1 Capital Ratio (Bank)

    13.53 %     13.29 %     13.16 %     13.18 %     13.23 %

Tier 1 Risk-Based Capital Ratio (Bank)

    13.53 %     13.29 %     13.16 %     13.18 %     13.23 %

Total Risk-Based Capital Ratio (Bank)

    14.33 %     14.09 %     14.02 %     14.03 %     13.99 %

Tangible Common Equity Ratio(4) (Bank)

    9.43 %     9.27 %     9.38 %     9.22 %     8.84 %

 

(1) Annualized on a 30/360 basis

(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.

(4) Tangible Common Equity Ratio is a non-GAAP financial measure.  For additional information, including a reconciliation to GAAP, please refer to page 10. 

 

9

 

Prime Meridian Holding Company and Subsidiary

Non-GAAP Measures and Ratio Reconciliation (Unaudited)

(dollars in thousands except per share amounts)

 

   

3Q'24

   

2Q'24

   

1Q'24

   

4Q'23

   

3Q'23

 

Net Income

                                       

Net earnings (GAAP)

  $ 2,603     $ 1,774     $ 1,931     $ 1,830     $ 2,120  

Plus: credit loss expense

    100       444       211       707       175  

Plus: income taxes

    835       553       603       562       668  

PTPP(1) net earnings (non-GAAP)

  $ 3,538     $ 2,771     $ 2,745     $ 3,099     $ 2,963  
                                         

Earnings per Share (EPS)

                                       

Weighted average common shares, diluted

    3,322,536       3,310,628       3,298,555       3,299,212       3,235,920  

EPS, diluted (GAAP)

  $ 0.78     $ 0.54     $ 0.59     $ 0.55     $ 0.66  

PTPP(1) EPS, diluted (non-GAAP)

  $ 1.06     $ 0.84     $ 0.83     $ 0.94     $ 0.92  
                                         

Return on Average Assets (ROAA)(2)

                                       

Average assets

  $ 912,833     $ 873,824     $ 852,562     $ 844,835     $ 823,341  

ROAA (GAAP)

    1.14 %     0.81 %     0.91 %     0.87 %     1.03 %

PTPP(1) ROAA (non-GAAP)

    1.55 %     1.27 %     1.29 %     1.47 %     1.44 %
                                         

Return on Average Equity (ROAE)(2)

                                       

Average equity

  $ 85,374     $ 81,586     $ 80,358     $ 74,318     $ 74,962  

ROAE (GAAP)

    12.20 %     8.70 %     9.61 %     9.85 %     11.31 %

PTPP(1) ROAE (non-GAAP)

    16.58 %     13.59 %     13.66 %     16.68 %     15.81 %

 

   

3Q'24

   

2Q'24

   

1Q'24

   

4Q'23

   

3Q'23

 

Tangible Common Equity Ratio (Company)

                                       

Stockholders' Equity (GAAP)

  $ 88,498     $ 83,511     $ 81,439     $ 79,976     $ 74,787  

Less: Intangibles

    -       -       -       -       -  

Tangible Stockholders' Equity (non-GAAP)

  $ 88,498     $ 83,511     $ 81,439     $ 79,976     $ 74,787  
                                         

Total Assets (GAAP)

  $ 931,622     $ 893,381     $ 862,660     $ 854,528     $ 831,985  

Less: Intangibles

    -       -       -       -       -  

Tangible Assets (non-GAAP)

  $ 931,622     $ 893,381     $ 862,660     $ 854,528     $ 831,985  

Tangible Common Equity Ratio (non-GAAP)

    9.50 %     9.35 %     9.44 %     9.36 %     8.99 %
                                         

Tax-effected adjustment of net losses in HTM securities portfolio (non-GAAP)

  $ 720     $ 1,150     $ 1,144     $ 1,114     $ 1,624  

Tangible Assets adjusted for HTM securities at fair value (non-GAAP)

  $ 930,902     $ 892,231     $ 861,516     $ 853,414     $ 830,361  

Tangible Equity adjusted for HTM securities at fair value (non-GAAP)

  $ 87,778     $ 82,361     $ 80,295     $ 78,862     $ 73,163  

Tangible Common Equity Ratio Adjusted (non-GAAP)

    9.43 %     9.23 %     9.32 %     9.24 %     8.81 %
                                         

Tangible Common Equity Ratio (Bank)

                                       

Stockholders' Equity (GAAP)

  $ 87,869     $ 82,789     $ 80,641     $ 78,763     $ 73,514  

Less: Intangibles

    -       -       -       -       -  

Tangible Stockholders' Equity (non-GAAP)

  $ 87,869     $ 82,789     $ 80,641     $ 78,763     $ 73,514  
                                         

Total Assets (GAAP)

  $ 931,493     $ 893,283     $ 862,598     $ 854,494     $ 831,830  

Less: Intangibles

    -       -       -       -       -  

Tangible Assets (non-GAAP)

  $ 931,493     $ 893,283     $ 862,598     $ 854,494     $ 831,830  

Tangible Common Equity Ratio (non-GAAP)

    9.43 %     9.27 %     9.35 %     9.22 %     8.84 %

 

(1)Pre-tax, pre-provision

(2) Annualized on a 30/360 basis

 

 

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)

 

 

 

 

   

For the Nine Months Ended September 30,

 
   

2024

   

2023

 

Net Income

               

Net earnings (GAAP)

  $ 6,308     $ 6,878  

Plus: credit loss expense

    755       743  

Plus: income taxes

    1,991       2,178  

PTPP(1) net earnings (non-GAAP)

  $ 9,054     $ 9,799  
                 

Earnings per Share (EPS)

               

Weighted average common shares, diluted

    3,330,863       3,221,952  

EPS, diluted (GAAP)

  $ 1.89     $ 2.13  

PTPP(1) EPS, diluted (non-GAAP)

  $ 2.72     $ 3.04  
                 

Return on Average Assets (ROAA)(2)

               

Average assets

  $ 879,826     $ 817,216  

ROAA (GAAP)

    0.96 %     1.12 %

PTPP(1) ROAA (non-GAAP)

    1.37 %     1.60 %
                 

Return on Average Equity (ROAE)(2)

               

Average equity (GAAP)

  $ 82,450     $ 72,938  

ROAE (GAAP)

    10.20 %     12.57 %

PTPP(1) ROAE (non-GAAP)

    14.64 %     17.91 %
                 

 

(1)Pre-tax, pre-provision

(2) Annualized on a 30/360 basis

11

 

 

Prime Meridian Holding Company and Subsidiary

Non-GAAP Measures and Ratio Reconciliation

Annual Pre-Tax Pre-Provision Calculation Unaudited)

(dollars in thousands except per share amounts)

 

   

For the Year Ended December 31,

 
   

2023

   

2022

   

2021

   

2020

   

2019

 

Net Income

                                       

Net earnings (GAAP)

  $ 8,708     $ 9,681     $ 8,347     $ 4,458     $ 3,542  

Plus: credit loss expense

    1,450       890       (104 )     2,850       1,131  

Plus: income taxes

    2,740       3,056       2,517       1,295       1,092  

PTPP(1) net earnings (non-GAAP)

  $ 12,898     $ 13,627     $ 10,760     $ 8,603     $ 5,765  
                                         

Earnings per Share (EPS)

                                       

Weighted average common shares, diluted

    3,251,080       3,193,774       3,142,482       3,134,124       3,159,635  

EPS, diluted (GAAP)

  $ 2.68     $ 3.03     $ 2.66     $ 1.42     $ 1.12  

PTPP(1) EPS, diluted (non-GAAP)

  $ 3.97     $ 4.27     $ 3.42     $ 2.74     $ 1.82  
                                         

Return on Average Assets (ROAA)

                                       

Average assets

  $ 815,813     $ 852,272     $ 751,576     $ 595,363     $ 456,797  

ROAA (GAAP)

    1.07 %     1.14 %     1.11 %     0.75 %     0.78 %

PTPP(1) ROAA (non-GAAP)

    1.58 %     1.60 %     1.43 %     1.45 %     1.26 %
                                         

Return on Average Equity (ROAE)

                                       

Average equity

  $ 73,094     $ 65,549     $ 65,179     $ 57,386     $ 53,172  

ROAE (GAAP)

    11.91 %     14.77 %     12.81 %     7.77 %     6.66 %

PTPP(1) ROAE (non-GAAP)

    17.65 %     20.79 %     16.51 %     14.99 %     10.84 %
                                         

Adjusted Average Loan Yield:

                                       

Net loans, excluding loans held for sale

  $ 646,127     $ 588,715     $ 490,198     $ 476,661     $ 337,710  

Less PPP loans

    (36 )     (191 )     (15,172 )     (66,774 )     -  

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

  $ 646,091     $ 588,524     $ 475,026     $ 409,887     $ 337,710  
                                         

Average loans, excluding loans held for sale

  $ 613,059     $ 537,304     $ 480,606     $ 429,802     $ 309,350  

Less average PPP loans

    (108 )     (3,061 )     (50,315 )     (55,529 )     -  

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

  $ 612,951     $ 534,243     $ 430,291     $ 374,273     $ 309,350  
                                         

Interest on loans, excluding loans held for sale

  $ 34,938     $ 25,803     $ 22,598     $ 19,553     $ 15,884  

Less interest income and earned fee income on PPP loans

    (2 )     (776 )     (3,358 )     (1,725 )     -  

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

  $ 34,936     $ 25,027     $ 19,240     $ 17,828     $ 15,884  
                                         

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

    5.70 %     4.80 %     4.70 %     4.55 %     5.13 %

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

    5.70 %     4.68 %     4.47 %     4.76 %     5.13 %

 

(1) Pre-tax, pre-provision

 

 

 

CONTACT: Clint F. Weber, Chief Financial Officer and Executive Vice President
  (850) 907-2300
  Prime Meridian Holding Company
  Website: www.primemeridianbank.com

 

 

12

 

Exhibit 99.2

 

 

 

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v3.24.3
Document And Entity Information
Oct. 25, 2024
Document Information [Line Items]  
Entity, Registrant Name PRIME MERIDIAN HOLDING COMPANY
Document, Type 8-K
Document, Period End Date Oct. 25, 2024
Entity, Incorporation, State or Country Code FL
Entity, File Number 333-191801
Entity, Tax Identification Number 27-2980805
Entity, Address, Address Line One 1471 Timberlane Road
Entity, Address, City or Town Tallahassee
Entity, Address, State or Province FL
Entity, Address, Postal Zip Code 32312
City Area Code 850
Local Phone Number 907-2300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001586454

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