Exhibit 99.1
FOR IMMEDIATE RELEASE
Prime Meridian Holding Company Reports
FOURTH QUARTER AND YEAR END 2022 RESULTS
“I am very pleased with our company’s performance during the fourth quarter of 2022 and our record earnings for the full year,” stated Sammie D. Dixon, Jr., Prime Meridian’s Vice Chairman, President, and CEO. "Our double-digit loan growth helped drive this performance, while being mindful of our credit standards and the unclear economic outlook. Despite a decline in our overall deposit balances, we continue to add a healthy volume of new accounts monthly and are laser focused on servicing our clients. While we continue to be watchful of factors outside of our control - including rising interest rates, inflation, lingering supply chain issues, a uniquely challenging labor market, and geopolitical events around the world, we feel our Company is positioned well, with a first-rate team, ready to take on the opportunities and challenges of 2023."
Financial Highlights - Prime Meridian Holding Company and Subsidiary (Unaudited) |
(dollars in thousands except per share amounts) |
4Q'22 | 3Q'22 | 2Q'22 | 1Q'22 | 4Q'21 | ||||||||||||||||
Net earnings | $ | 2,642 | $ | 2,831 | $ | 1,967 | $ | 2,241 | $ | 1,752 | ||||||||||
Book value per share | $ | 21.19 | $ | 20.20 | $ | 20.48 | $ | 20.87 | $ | 21.42 | ||||||||||
Earnings per share - Basic | $ | 0.83 | $ | 0.90 | $ | 0.62 | $ | 0.71 | $ | 0.56 | ||||||||||
Earnings per share - Diluted | $ | 0.83 | $ | 0.89 | $ | 0.62 | $ | 0.71 | $ | 0.55 | ||||||||||
Weighted-average basic shares outstanding | 3,164,211 | 3,159,526 | 3,151,760 | 3,138,695 | 3,128,831 | |||||||||||||||
Weighted-average diluted shares outstanding | 3,198,744 | 3,197,282 | 3,189,319 | 3,174,697 | 3,162,746 | |||||||||||||||
Return on average assets(1) | 1.27 | % | 1.32 | % | 0.90 | % | 1.05 | % | 0.85 | % | ||||||||||
Return on average equity(1) | 16.36 | 17.19 | 12.13 | 12.70 | 10.11 | |||||||||||||||
Average yield on earning assets(1) | 4.59 | 4.04 | 3.43 | 3.09 | 3.11 | |||||||||||||||
Net interest margin(1) | 3.98 | 3.71 | 3.21 | 2.88 | 2.85 | |||||||||||||||
Efficiency ratio(2) | 54.56 | 50.53 | 54.32 | 59.28 | 63.83 | |||||||||||||||
Nonperforming assets/total assets(3) | 0.09 | 0.12 | 0.04 | - | - | |||||||||||||||
(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 loans greater than 90 days past due and nonaccrual loans. |
• | The Company finished the year with strong earnings of $2.6 million for the quarter and $9.7 million for the full year. Earnings were driven by higher yields on interest-earning assets and 20.1% year-over-year loan growth. |
| • | Diluted earnings per share were $0.83 for the fourth quarter of 2022, a 50.9% increase over the fourth quarter of 2021. Diluted earnings per share were $3.03 for 2022, a 13.9% increase over 2021. |
• | Adjusted pre-tax, pre-provision net earnings for the fourth quarter of 2022 were $3.8 million and adjusted pre-tax, pre-provision annualized returns on average assets and average common equity were 1.82% and 23.33%, respectively. (These are considered non-GAAP financial measures. Please refer to "Non-GAAP Measures and Ratio Reconciliation" in the Tables on page 11 for more detail.) |
• | Since December 31, 2021, net loans increased $98.5 million, or 20.1%, while deposits decreased $31.4 million, or 4.1%, as competitive rate pressures and inflationary effects intensified. The Company's loan to deposit ratio was 80.5% at December 31, 2022. |
| • | Asset quality remained strong with two loans totaling $343,000 on nonaccrual status and a nonperforming assets/total assets ratio of 0.09%. |
| • | Compared to the linked quarter, book value per share increased $0.99 per share, or 4.9%, to $21.19 due to strong quarterly earnings and a favorable change in accumulated other comprehensive loss. |
Earnings Summary (Unaudited)
(dollars in thousands)
Change 4Q'22 vs. | For the Year Ended | |||||||||||||||||||||||||||||||
4Q'22 | 3Q'22 | 4Q'21 | 3Q'22 | 4Q'21 | December 31, 2022 | December 31, 2021 | % Change | |||||||||||||||||||||||||
Net interest income | $ | 7,858 | $ | 7,602 | $ | 5,653 | 3.4 | % | 39.0 | % | $ | 27,961 | $ | 22,324 | 25.3 | % | ||||||||||||||||
Provision (credit) for loan losses | 289 | 241 | 81 | 19.9 | 256.8 | 890 | (104 | ) | 955.8 | |||||||||||||||||||||||
Noninterest income | 429 | 483 | 601 | (11.2 | ) | (28.6 | ) | 1,934 | 2,506 | (22.8 | ) | |||||||||||||||||||||
Noninterest expense | 4,521 | 4,085 | 3,992 | 10.7 | 13.3 | 16,268 | 14,070 | 15.6 | ||||||||||||||||||||||||
Income taxes | 835 | 928 | 429 | (10.0 | ) | 94.6 | 3,056 | 2,517 | 21.4 | |||||||||||||||||||||||
Net earnings | $ | 2,642 | $ | 2,831 | $ | 1,752 | (6.7 | )% | 50.8 | % | $ | 9,681 | $ | 8,347 | 16.0 | % | ||||||||||||||||
On a linked quarter basis, the decrease in net earnings is mostly due to higher incentive accrual during the fourth quarter based on projected year-end results. Partially offsetting the higher expense was an increase in net interest income driven primarily by higher loan yields, an increase in average loan balances, and higher yields on cash deposits.
Compared to the quarter and year ended December 31, 2021, the comparable periods in 2022 benefitted from increased average balances of loans and securities and higher yields across all categories of interest-earning assets. These gains were partially offset by lower noninterest income and higher provision, noninterest, and income tax expenses.
Net Interest Income (Unaudited)
(dollars in thousands)
Change 4Q'22 vs. | For the Year Ended | |||||||||||||||||||||||||||||||
4Q'22 | 3Q'22 | 4Q'21 | 3Q'22 | 4Q'21 | December 31, 2022 | December 31, 2021 | % Change | |||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||
Loans | $ | 7,653 | $ | 6,755 | $ | 5,794 | 13.3 | % | 32.1 | % | $ | 26,221 | $ | 23,050 | 13.8 | % | ||||||||||||||||
Securities | 938 | 878 | 292 | 6.8 | 221.2 | 2,938 | 1,086 | 170.5 | ||||||||||||||||||||||||
Other | 477 | 649 | 76 | (26.5 | ) | 527.6 | 1,581 | 268 | 489.9 | |||||||||||||||||||||||
Total interest income | 9,068 | 8,282 | 6,162 | 9.5 | % | 47.2 | % | 30,740 | 24,404 | 26.0 | % | |||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||
Deposits | 1,137 | 624 | 483 | 82.2 | % | 135.4 | % | 2,579 | 2,022 | 27.5 | % | |||||||||||||||||||||
Other borrowings | 73 | 56 | 26 | 30.4 | 180.8 | 200 | 58 | 244.8 | ||||||||||||||||||||||||
Total interest expense | 1,210 | 680 | 509 | 77.9 | 137.7 | 2,779 | 2,080 | 33.6 | ||||||||||||||||||||||||
Net interest income | $ | 7,858 | $ | 7,602 | $ | 5,653 | 3.4 | % | 39.0 | % | $ | 27,961 | $ | 22,324 | 25.3 | % | ||||||||||||||||
Net interest income of $7.9 million for the fourth quarter of 2022 represented a $256,000 increase over the third quarter of 2022 and a $2.2 million increase over the fourth quarter of 2021. On a linked quarter basis, the Company benefitted from higher interest rates on all categories of interest-earning assets and a minor improvement in asset mix. Additionally, the average yield on interest-earning assets (up 55 basis points) modestly outpaced the average cost of interest-bearing liabilities (up 42 basis points) and the Company's net interest margin improved 27 basis points to 3.98%.
Compared to the fourth quarter of 2021, a shift in the earning assets mix from cash to loans and debt securities combined with higher yields on interest-earning assets led to the $2.9 million, or 47.2%, increase in total interest income, partially offset by the near completion of the PPP loan program and its fees. The yield on interest-earning assets improved 148 basis points compared to a 52 basis-points increase in the average cost of interest-bearing liabilities, reflecting a lag in the rising cost of deposits which started to dissipate in the fourth quarter of 2022. The Company's net interest margin improved 113 basis points from 2.85% in the fourth quarter of 2021 to 3.98% in the fourth quarter of 2022.
Comparing the years 2022 and 2021, the primary driver of increased interest income in 2022 was higher average balances of loans and debt securities. Higher yields on all categories of interest-earning assets, particularly cash, also played a material role, partially offset by a $2.6 million decrease in interest and fee income from PPP loans. The yield on the average balance of interest-earning assets improved 39 basis points to 3.78% while the average cost of interest-bearing liabilities increased 6 basis points to 0.49%. Total interest expense increased $699,000 due primarily to higher rates but also due to higher average balances when comparing the full year periods. The Company's net interest margin improved 34 basis points to 3.44%.
Provision for Loan Losses
Provision expense was $289,000 for the quarter and $890,000 for the full year, incurred primarily from funded loan growth during the periods. Also contributing to the volume of provision expense during the year is $281,000 in year-to-date net recoveries, combined with a marginal reduction in the general reserve requirement for commercial loans. The Company accounted for the allowance for loan losses under the incurred loss model in 2022 and adopted the provisions of the Current Expected Credit Losses ("CECL") accounting standard on January 1, 2023.
Noninterest income (Unaudited)
(dollars in thousands)
Change 4Q'22 vs. | For the Year Ended | |||||||||||||||||||||||||||||||
4Q'22 | 3Q'22 | 4Q'21 | 3Q'22 | 4Q'21 | December 31, 2022 | December 31, 2021 | % Change | |||||||||||||||||||||||||
Service charges and fees on deposit accounts | $ | 83 | $ | 78 | $ | 75 | 6.4 | % | 10.7 | % | $ | 302 | $ | 245 | 23.3 | % | ||||||||||||||||
Debit card/ATM revenue, net | 136 | 132 | 129 | 3.0 | 5.4 | 540 | 470 | 14.9 | ||||||||||||||||||||||||
Mortgage banking revenue, net | 53 | 116 | 216 | (54.3 | ) | (75.5 | ) | 473 | 1,174 | (59.7 | ) | |||||||||||||||||||||
Income from bank-owned life insurance | 94 | 96 | 69 | (2.1 | ) | 36.2 | 379 | 271 | 39.9 | |||||||||||||||||||||||
Gain on sale of debt securities available for sale | - | - | - | - | - | - | 108 | N/A | ||||||||||||||||||||||||
Other income | 63 | 61 | 112 | 3.3 | (43.8 | ) | 240 | 238 | 0.8 | |||||||||||||||||||||||
Total noninterest income | $ | 429 | $ | 483 | $ | 601 | (11.2 | )% | (28.6 | )% | $ | 1,934 | $ | 2,506 | (22.8 | )% | ||||||||||||||||
For all comparison periods, the decline in noninterest income is predominantly due to lower mortgage banking revenue due to a decline in new mortgage loans and refinancings resulting from the rising interest rate environment in 2022. On a linked quarter basis, everything else stayed relatively flat. Compared to the fourth quarter of 2021, the other noticeable decrease is other income which decreased $49,000 and reflects a one-time arrearage payment of $46,000 made in October, 2021 due to a vendor reporting error. Comparing the full year results, increases in service charges and fees on deposit accounts and fee income from debit cards and ATM transactions mostly reflect the Bank's growing number of accounts. Increases in income from bank-owned life insurance ("BOLI") follows the Bank's larger investment in this asset.
Noninterest expense (Unaudited)
(dollars in thousands)
Change 4Q'22 vs. | For the Year Ended | |||||||||||||||||||||||||||||||
4Q'22 | 3Q'22 | 4Q'21 | 3Q'22 | 4Q'21 | December 31, 2022 | December 31, 2021 | % Change | |||||||||||||||||||||||||
Salaries and employee benefits | $ | 2,862 | $ | 2,367 | $ | 2,408 | 20.9 | % | 18.9 | % | $ | 9,627 | $ | 8,093 | 19.0 | % | ||||||||||||||||
Occupancy and equipment | 404 | 413 | 402 | (2.2 | ) | 0.5 | 1,621 | 1,546 | 4.9 | |||||||||||||||||||||||
Professional fees | 114 | 124 | 130 | (8.1 | ) | (12.3 | ) | 514 | 483 | 6.4 | ||||||||||||||||||||||
Marketing | 218 | 195 | 171 | 11.8 | 27.5 | 793 | 707 | 12.2 | ||||||||||||||||||||||||
FDIC assessment | 57 | 95 | 119 | (40.0 | ) | (52.1 | ) | 360 | 316 | 13.9 | ||||||||||||||||||||||
Software maintenance, amortization and other | 325 | 310 | 237 | 4.8 | 37.1 | 1,162 | 975 | 19.2 | ||||||||||||||||||||||||
Other | 541 | 581 | 525 | (6.9 | ) | 3.0 | 2,191 | 1,950 | 12.4 | |||||||||||||||||||||||
Total noninterest expense | $ | 4,521 | $ | 4,085 | $ | 3,992 | 10.7 | % | 13.3 | % | $ | 16,268 | $ | 14,070 | 15.6 | % | ||||||||||||||||
For all comparison periods, an increase in salaries and employee benefits is the primary driver of higher noninterest expense due to a larger employee base (107 FTEs at December 31, 2022 versus 94 at December 31, 2021), annual raises, higher incentive accrual, and lower deferred loan costs. Marketing costs increased in 2022 largely due to a strategic campaign initiated in the fourth quarter to retain deposit accounts. Our FDIC assessment rate dropped approximately fifty percent during the fourth quarter of 2022 explaining the lower expense that quarter. Higher software maintenance, amortization and other expense reflect technology investments that will help the Bank become more effective and efficient while increases in other noninterest expense from the quarter and year ended December 31, 2021 are largely attributed to higher travel and entertainment and board related expenses.
Balance Sheet
At December 31, 2022, the Company reported $815.2 million in total assets, $731.5 million in deposits, and $588.7 million in net portfolio loans. This compares to $841.1 million in total assets, $762.9 million in deposits, and $490.2 million in net portfolio loans at December 31, 2021. Excluding year-end PPP loan balances, the Company's net loan portfolio increased $113.5 million, or 23.9%.
Prime Meridian Holding Company and Subsidiary
Loans by Class
(dollars in thousands)
December 31, 2022 | December 31, 2021 | ||||||||||||||||
Unaudited | Audited | ||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||
Commercial real estate | $ | 202,263 | 34.0 | % | $ | 156,306 | 31.5 | % | |||||||||
Residential real estate and home equity | 224,211 | 37.6 | 183,536 | 36.9 | |||||||||||||
Construction | 75,151 | 12.6 | 71,164 | 14.3 | |||||||||||||
Commercial | 86,308 | 14.5 | 78,584 | 15.8 | |||||||||||||
Consumer | 7,698 | 1.3 | 7,283 | 1.5 | |||||||||||||
Total loans | 595,631 | 100.0 | % | 496,873 | 100.0 | % | |||||||||||
Net deferred loan costs (fees) | 229 | (701 | ) | ||||||||||||||
Allowance for loan losses | (7,145 | ) | (5,974 | ) | |||||||||||||
Loans, net | $ | 588,715 | $ | 490,198 | |||||||||||||
Deposit balances decreased $31.4 million since December 31, 2021. The decrease is attributed to several factors - seasonal outflows of public funds, net outflows from attorney trust accounts due to less real estate closing activity, and most significantly, the movement of personal interest-bearing accounts into higher yielding investments outside of the Bank.
Total stockholders’ equity was $67.1 million, or 8.2% of total assets, at December 31, 2022 compared to $67.0 million at December 31, 2021, or 8.0% of total assets. Despite a strong year of earnings, equity remained relatively flat from December 31, 2021 due to a $9.9 million unfavorable change in accumulated other comprehensive income (loss) on the Company's investment securities portfolio. Book value per share decreased slightly from $21.42 at December 31, 2021 with 3,129,046 common shares outstanding to $21.19 at December 31, 2022, with 3,164,491 common shares outstanding. While rising interest rates have generated unrealized losses in the Company's investment portfolio in 2022, the Company's balance sheet is expected to respond favorably to the current rate environment.
As of December 31, 2022, the Bank was considered to be “well capitalized” with a Tier 1 Leverage Capital Ratio of 9.70%, a 12.90% Common Equity Tier 1 Capital Ratio, a 12.90% Tier 1 Risk-Based Capital Ratio, and a 14.04% 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. As of December 31, 2022, the Company had an outstanding loan balance under this line of $4.275 million and year-to-date interest expense of $200,000.
Asset Quality
There was a modest uptick in past due accounts from the third quarter of 2022 with total past due loans totaling $3.5 million at December 31, 2022. At December 31, 2022, the Bank had two nonaccrual loans totaling $343,000 compared to none at December 31, 2021. Net recoveries totaled $281,000 for the year ended December 31, 2022 and the ratio of nonperforming assets as a percentage of total assets was 0.09%. Management believes that the allowance for loan losses which was $7.1 million, or 1.2% of gross loans, at December 31, 2022 is adequate. (Please refer to asset quality ratios on page 10 for more detail.)
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 December 31, 2022, the Bank had 107 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
Prime Meridian Holding Company and Subsidiary
Condensed Consolidated Statements of Earnings (Unaudited)
(in thousands except per share amounts)
4Q'22 | 3Q'22 | 2Q'22 | 1Q'22 | 4Q'21 | ||||||||||||||||
Interest income: | ||||||||||||||||||||
Loans | $ | 7,653 | $ | 6,755 | $ | 6,029 | $ | 5,784 | $ | 5,794 | ||||||||||
Securities | 938 | 878 | 737 | 385 | 292 | |||||||||||||||
Other | 477 | 649 | 331 | 124 | 76 | |||||||||||||||
Total interest income | 9,068 | 8,282 | 7,097 | 6,293 | 6,162 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 1,137 | 624 | 415 | 403 | 483 | |||||||||||||||
Other borrowings | 73 | 56 | 40 | 31 | 26 | |||||||||||||||
Total interest expense | 1,210 | 680 | 455 | 434 | 509 | |||||||||||||||
Net interest income | 7,858 | 7,602 | 6,642 | 5,859 | 5,653 | |||||||||||||||
Provision (credit) for loan losses | 289 | 241 | 731 | (371 | ) | 81 | ||||||||||||||
Net interest income after provision for loan losses | 7,569 | 7,361 | 5,911 | 6,230 | 5,572 | |||||||||||||||
Noninterest income: | ||||||||||||||||||||
Service charges and fees on deposit accounts | 83 | 78 | 73 | 68 | 75 | |||||||||||||||
Debit card/ATM revenue, net | 136 | 132 | 143 | 129 | 129 | |||||||||||||||
Mortgage banking revenue, net | 53 | 116 | 139 | 165 | 216 | |||||||||||||||
Income from bank-owned life insurance | 94 | 96 | 94 | 95 | 69 | |||||||||||||||
Other income | 63 | 61 | 55 | 61 | 112 | |||||||||||||||
Total noninterest income | 429 | 483 | 504 | 518 | 601 | |||||||||||||||
Noninterest expense: | ||||||||||||||||||||
Salaries and employee benefits | 2,862 | 2,367 | 2,238 | 2,160 | 2,408 | |||||||||||||||
Occupancy and equipment | 404 | 413 | 396 | 408 | 402 | |||||||||||||||
Professional fees | 114 | 124 | 130 | 146 | 130 | |||||||||||||||
Marketing | 218 | 195 | 213 | 167 | 171 | |||||||||||||||
FDIC assessment | 57 | 95 | 84 | 124 | 119 | |||||||||||||||
Software maintenance, amortization and other | 325 | 310 | 285 | 242 | 237 | |||||||||||||||
Other | 541 | 581 | 536 | 533 | 525 | |||||||||||||||
Total noninterest expense | 4,521 | 4,085 | 3,882 | 3,780 | 3,992 | |||||||||||||||
Earnings before income taxes | 3,477 | 3,759 | 2,533 | 2,968 | 2,181 | |||||||||||||||
Income taxes | 835 | 928 | 566 | 727 | 429 | |||||||||||||||
Net earnings | $ | 2,642 | $ | 2,831 | $ | 1,967 | $ | 2,241 | $ | 1,752 | ||||||||||
Basic earnings per common share | $ | 0.83 | $ | 0.90 | $ | 0.62 | $ | 0.71 | $ | 0.56 | ||||||||||
Diluted earnings per common share | 0.83 | 0.89 | 0.62 | 0.71 | 0.55 | |||||||||||||||
Prime Meridian Holding Company and Subsidiary |
Condensed Consolidated Statements of Earnings |
(in thousands, except per share amounts) |
Year Ended December 31, | ||||||||
2022 | 2021 | |||||||
| Unaudited | Audited | |||||||
Interest income: | ||||||||
Loans | $ | 26,221 | $ | 23,050 | ||||
Securities | 2,938 | 1,086 | ||||||
Other | 1,581 | 268 | ||||||
Total interest income | 30,740 | 24,404 | ||||||
Interest expense: | ||||||||
Deposits | 2,579 | 2,022 | ||||||
Other borrowings | 200 | 58 | ||||||
Total interest expense | 2,779 | 2,080 | ||||||
Net interest income | 27,961 | 22,324 | ||||||
Provision (credit) for loan losses | 890 | (104 | ) | |||||
Net interest income after provision for loan losses | 27,071 | 22,428 | ||||||
Noninterest income: | ||||||||
Service charges and fees on deposit accounts | 302 | 245 | ||||||
Debit card/ATM revenue, net | 540 | 470 | ||||||
Mortgage banking revenue, net | 473 | 1,174 | ||||||
Income from bank-owned life insurance | 379 | 271 | ||||||
Gain on sale of debt securities available for sale | - | 108 | ||||||
Other income | 240 | 238 | ||||||
Total noninterest income | 1,934 | 2,506 | ||||||
Noninterest expense: | ||||||||
Salaries and employee benefits | 9,627 | 8,093 | ||||||
Occupancy and equipment | 1,621 | 1,546 | ||||||
Professional fees | 514 | 483 | ||||||
Marketing | 793 | 707 | ||||||
FDIC assessment | 360 | 316 | ||||||
Software maintenance, amortization and other | 1,162 | 975 | ||||||
Other | 2,191 | 1,950 | ||||||
Total noninterest expense | 16,268 | 14,070 | ||||||
Earnings before income taxes | 12,737 | 10,864 | ||||||
Income taxes | 3,056 | 2,517 | ||||||
Net earnings | $ | 9,681 | $ | 8,347 | ||||
Earnings per common share: | ||||||||
Basic | $ | 3.07 | $ | 2.67 | ||||
Diluted | 3.03 | 2.66 | ||||||
Cash dividends per common share(1) | 0.18 | 0.14 | ||||||
(1) Annual cash dividends were paid during the first quarters of 2022 and 2021.
Prime Meridian Holding Company and Subsidiary |
Condensed Consolidated Balance Sheets |
(in thousands) |
4Q'22 | 3Q'22 | 2Q'22 | 1Q'22 | 4Q'21 | ||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash & cash equivalents | $ | 39,788 | $ | 76,017 | $ | 134,122 | $ | 233,789 | $ | 233,473 | ||||||||||
Debt securities available for sale | 129,436 | 131,668 | 133,382 | 101,868 | 73,763 | |||||||||||||||
Debt securities held to maturity | 11,805 | 11,794 | 8,777 | 6,185 | - | |||||||||||||||
Loans, held for sale | 7,058 | 8,911 | 10,725 | 11,241 | 11,768 | |||||||||||||||
Loans, net | 588,715 | 565,877 | 537,566 | 479,526 | 490,198 | |||||||||||||||
Federal Home Loan Bank stock | 463 | 463 | 463 | 463 | 366 | |||||||||||||||
Premises & equipment, net | 8,022 | 8,169 | 8,228 | 7,905 | 7,962 | |||||||||||||||
Right of use lease asset | 3,044 | 3,098 | 3,151 | 3,205 | 3,258 | |||||||||||||||
Accrued interest receivable | 2,385 | 2,132 | 1,933 | 1,649 | 1,505 | |||||||||||||||
Bank-owned life insurance | 16,532 | 16,438 | 16,342 | 16,248 | 16,153 | |||||||||||||||
Other assets | 7,924 | 7,748 | 6,148 | 4,087 | 2,677 | |||||||||||||||
Total Assets | $ | 815,172 | $ | 832,315 | $ | 860,837 | $ | 866,166 | $ | 841,123 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 197,987 | $ | 216,533 | $ | 210,685 | $ | 206,018 | $ | 209,351 | ||||||||||
Savings, NOW and money-market deposits | 493,439 | 500,263 | 535,359 | 534,049 | 503,759 | |||||||||||||||
Time deposits | 40,109 | 38,618 | 38,545 | 47,876 | 49,832 | |||||||||||||||
Total Deposits | 731,535 | 755,414 | 784,589 | 787,943 | 762,942 | |||||||||||||||
Other borrowings | 4,275 | 4,125 | 4,125 | 3,975 | 3,575 | |||||||||||||||
Official checks | 4,090 | 1,277 | 776 | 1,625 | 1,141 | |||||||||||||||
Operating lease liability | 3,208 | 3,256 | 3,303 | 3,350 | 3,397 | |||||||||||||||
Other liabilities | 5,011 | 4,339 | 3,415 | 3,512 | 3,037 | |||||||||||||||
Total Liabilities | 748,119 | 768,411 | 796,208 | 800,405 | 774,092 | |||||||||||||||
Total Stockholders' Equity | 67,053 | 63,904 | 64,629 | 65,761 | 67,031 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 815,172 | $ | 832,315 | $ | 860,837 | $ | 866,166 | $ | 841,123 | ||||||||||
Prime Meridian Holding Company and Subsidiary |
Condensed Consolidated Average Balance Sheets (Unaudited) |
(in thousands) |
4Q'22 | 3Q'22 | 4Q'21 | |||||||||||||||||||||||||||||||||
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) | $ | 588,727 | $ | 7,561 | 5.14 | % | $ | 555,764 | $ | 6,646 | 4.78 | % | $ | 477,175 | $ | 5,686 | 4.77 | % | |||||||||||||||||
Loans held for sale | 7,845 | 92 | 4.69 | 9,869 | 109 | 4.42 | 11,700 | 108 | 3.69 | ||||||||||||||||||||||||||
Debt securities | 142,205 | 938 | 2.64 | 144,710 | 878 | 2.43 | 71,348 | 292 | 1.64 | ||||||||||||||||||||||||||
Other(2) | 51,585 | 477 | 3.70 | 108,875 | 649 | 2.38 | 231,846 | 76 | 0.13 | ||||||||||||||||||||||||||
Total interest-earning assets | 790,362 | $ | 9,068 | 4.59 | % | 819,218 | $ | 8,282 | 4.04 | % | 792,069 | $ | 6,162 | 3.11 | % | ||||||||||||||||||||
Noninterest-earning assets | 38,550 | 38,699 | 33,958 | ||||||||||||||||||||||||||||||||
Total assets | $ | 828,912 | $ | 857,917 | $ | 826,027 | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings, NOW and money-market deposits | $ | 494,146 | $ | 1,052 | 0.85 | % | $ | 527,408 | $ | 570 | 0.43 | % | $ | 481,074 | $ | 410 | 0.34 | % | |||||||||||||||||
Time deposits | 39,519 | 85 | 0.86 | 38,244 | 54 | 0.56 | 49,881 | 73 | 0.59 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 533,665 | 1,137 | 0.85 | 565,652 | 624 | 0.44 | 530,955 | 483 | 0.36 | ||||||||||||||||||||||||||
Other borrowings | 4,180 | 73 | 6.99 | 4,125 | 56 | 5.43 | 3,140 | 26 | 3.31 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 537,845 | $ | 1,210 | 0.90 | % | 569,777 | $ | 680 | 0.48 | % | 534,095 | $ | 509 | 0.38 | % | ||||||||||||||||||||
Noninterest-bearing deposits | 217,401 | 214,462 | 217,934 | ||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 9,088 | 7,787 | 4,662 | ||||||||||||||||||||||||||||||||
Stockholders' equity | 64,578 | 65,891 | 69,336 | ||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 828,912 | $ | 857,917 | $ | 826,027 | |||||||||||||||||||||||||||||
Net earning assets | $ | 252,517 | $ | 249,441 | $ | 257,974 | |||||||||||||||||||||||||||||
Net interest income | $ | 7,858 | $ | 7,602 | $ | 5,653 | |||||||||||||||||||||||||||||
Interest rate spread(3) | 3.69 | % | 3.56 | % | 2.73 | % | |||||||||||||||||||||||||||||
Net interest margin(4) | 3.98 | % | 3.71 | % | 2.85 | % | |||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
Average | and | Yield/ | Average | and | Yield/ | |||||||||||||||||||
(dollars in thousands) | Balance | Dividends | Rate(5) | Balance | Dividends | Rate(5) | ||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans(1) | $ | 537,304 | $ | 25,803 | 4.80 | % | $ | 480,606 | $ | 22,598 | 4.70 | % | ||||||||||||
Loans held for sale | 9,852 | 418 | 4.24 | 13,066 | 452 | 3.46 | ||||||||||||||||||
Debt securities | 126,102 | 2,938 | 2.33 | 64,125 | 1,086 | 1.69 | ||||||||||||||||||
Other(2) | 139,614 | 1,581 | 1.13 | 162,417 | 268 | 0.17 | ||||||||||||||||||
Total interest-earning assets | 812,872 | $ | 30,740 | 3.78 | % | 720,214 | $ | 24,404 | 3.39 | % | ||||||||||||||
Noninterest-earning assets | 39,400 | 31,362 | ||||||||||||||||||||||
Total assets | $ | 852,272 | $ | 751,576 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Savings, NOW and money-market deposits | $ | 518,777 | $ | 2,315 | 0.45 | % | $ | 427,284 | $ | 1,653 | 0.39 | % | ||||||||||||
Time deposits | 42,536 | 264 | 0.62 | 51,371 | 369 | 0.72 | ||||||||||||||||||
Total interest-bearing deposits | 561,313 | 2,579 | 0.46 | 478,655 | 2,022 | 0.42 | ||||||||||||||||||
Other borrowings | 4,016 | 200 | 4.98 | 1,770 | 58 | 3.28 | ||||||||||||||||||
Total interest-bearing liabilities | 565,329 | $ | 2,779 | 0.49 | % | 480,425 | $ | 2,080 | 0.43 | % | ||||||||||||||
Noninterest-bearing deposits | 213,570 | 200,713 | ||||||||||||||||||||||
Noninterest-bearing liabilities | 7,824 | 5,259 | ||||||||||||||||||||||
Stockholders' equity | 65,549 | 65,179 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 852,272 | $ | 751,576 | ||||||||||||||||||||
Net earning assets | $ | 247,543 | $ | 239,789 | ||||||||||||||||||||
Net interest income | $ | 27,961 | $ | 22,324 | ||||||||||||||||||||
Interest rate spread (3) | 3.29 | % | 2.96 | % | ||||||||||||||||||||
Net interest margin(4) | 3.44 | % | 3.10 | % | ||||||||||||||||||||
(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
|
Prime Meridian Holding Company and Subsidiary |
Financial Highlights (Unaudited) |
(dollars in thousands except per share amounts) |
4Q'22 | 3Q'22 | 2Q'22 | 1Q'22 | 4Q'21 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Earnings per common share - Basic | $ | 0.83 | $ | 0.90 | 0.62 | $ | 0.71 | $ | 0.56 | |||||||||||
Earnings per common share - Diluted | $ | 0.83 | $ | 0.89 | 0.62 | $ | 0.71 | $ | 0.55 | |||||||||||
Book value per common share | $ | 21.19 | $ | 20.20 | 20.48 | $ | 20.87 | $ | 21.42 | |||||||||||
Common shares outstanding | 3,164,491 | 3,162,975 | 3,155,308 | 3,150,261 | 3,129,046 | |||||||||||||||
Weighted-average basic common shares outstanding | 3,164,211 | 3,159,526 | 3,151,760 | 3,138,695 | 3,128,831 | |||||||||||||||
Weighted-average diluted common shares outstanding | 3,198,744 | 3,197,282 | 3,189,319 | 3,174,697 | 3,162,746 | |||||||||||||||
Selected Performance Ratios and Other Data: | ||||||||||||||||||||
Return on average assets(1) | 1.27 | % | 1.32 | % | 0.90 | % | 1.05 | % | 0.85 | % | ||||||||||
Return on average equity(1) | 16.36 | 17.19 | 12.13 | 12.70 | 10.11 | |||||||||||||||
Average yield on earning assets | 4.59 | 4.04 | 3.43 | 3.09 | 3.11 | |||||||||||||||
Net interest margin(2) | 3.98 | 3.71 | 3.21 | 2.88 | 2.85 | |||||||||||||||
Efficiency ratio(3) | 54.56 | 50.53 | 54.32 | 59.28 | 63.83 | |||||||||||||||
Noninterest expense/average assets(1) | 2.18 | 1.90 | 1.79 | 1.77 | 1.93 | |||||||||||||||
Asset Quality Data: | ||||||||||||||||||||
Nonaccrual loans | $ | 343 | $ | 1,006 | $ | 349 | $ | - | $ | - | ||||||||||
Loans 90 days past due | 404 | - | - | - | - | |||||||||||||||
Total nonperforming assets | 747 | 1,006 | 349 | - | - | |||||||||||||||
Nonperforming assets/total assets | 0.09 | % | 0.12 | % | 0.04 | % | - | - | ||||||||||||
Loans 30-89 days past due | $ | 3,102 | $ | 1,024 | $ | 1,597 | $ | 1,546 | $ | 1,121 | ||||||||||
Total loans | 595,631 | 572,639 | 544,084 | 485,573 | 496,873 | |||||||||||||||
Loans 30-89 days past due/total loans | 0.52 | % | 0.18 | % | 0.29 | % | 0.32 | % | 0.23 | % | ||||||||||
Net (recoveries) charge-offs/average loans (1) | - | - | - | (0.23 | %) | - | ||||||||||||||
Capital Ratios: | ||||||||||||||||||||
Tier 1 Leverage Capital Ratio (Company) | 9.21 | % | 8.59 | % | 8.16 | % | 8.10 | % | 8.12 | % | ||||||||||
Tier 1 Leverage Capital Ratio (Bank) | 9.70 | 9.07 | 8.61 | 8.56 | 8.53 | |||||||||||||||
Common Equity Tier 1 Capital Ratio (Bank) | 12.90 | 12.62 | 12.61 | 13.60 | 12.72 | |||||||||||||||
Tier 1 Risk-Based Capital Ratio (Bank) | 12.90 | 12.62 | 12.61 | 13.60 | 12.72 | |||||||||||||||
Total Risk-Based Capital Ratio (Bank) | 14.04 | 13.73 | 13.72 | 14.70 | 13.80 | |||||||||||||||
(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. |
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) |
4Q'22 | 3Q'22 | 2Q'22 | 1Q'22 | 4Q'21 | ||||||||||||||||
Net Income | ||||||||||||||||||||
Net earnings (GAAP) | $ | 2,642 | $ | 2,831 | $ | 1,967 | $ | 2,241 | $ | 1,752 | ||||||||||
Plus: Provision (credit) for loan losses | 289 | 241 | 731 | (371 | ) | 81 | ||||||||||||||
Plus: income taxes | 835 | 928 | 566 | 727 | 429 | |||||||||||||||
PTPP(1) net earnings (non-GAAP) | $ | 3,766 | $ | 4,000 | $ | 3,264 | $ | 2,597 | $ | 2,262 | ||||||||||
Earnings per Share (EPS) | ||||||||||||||||||||
Weighted average common shares, diluted | 3,198,744 | 3,197,282 | 3,189,319 | 3,174,697 | 3,162,746 | |||||||||||||||
EPS, diluted (GAAP) | $ | 0.83 | $ | 0.89 | $ | 0.62 | $ | 0.71 | $ | 0.55 | ||||||||||
PTPP(1) EPS, diluted (non-GAAP) | $ | 1.18 | $ | 1.25 | $ | 1.02 | $ | 0.82 | $ | 0.72 | ||||||||||
Return on Average Assets (ROAA) | ||||||||||||||||||||
Average assets | $ | 828,912 | $ | 857,917 | $ | 869,613 | $ | 852,848 | $ | 826,027 | ||||||||||
ROAA (GAAP) | 1.27 | % | 1.32 | % | 0.90 | % | 1.05 | % | 0.85 | % | ||||||||||
PTPP(1) ROAA (non-GAAP) | 1.82 | % | 1.86 | % | 1.50 | % | 1.22 | % | 1.10 | % | ||||||||||
Return on Average Equity | ||||||||||||||||||||
Average equity | $ | 64,578 | $ | 65,891 | $ | 64,893 | $ | 70,584 | $ | 69,336 | ||||||||||
ROAE (GAAP) | 16.36 | % | 17.19 | % | 12.13 | % | 12.70 | % | 10.11 | % | ||||||||||
PTPP(1) ROAE (non-GAAP) | 23.33 | % | 24.28 | % | 20.12 | % | 14.72 | % | 13.05 | % | ||||||||||
Adjusted Average Loan Yield: | ||||||||||||||||||||
Net loans, excluding loans held for sale | $ | 588,715 | $ | 565,877 | $ | 537,566 | $ | 479,526 | $ | 490,198 | ||||||||||
Less PPP loans | (191 | ) | (199 | ) | (1,023 | ) | (4,937 | ) | (15,172 | ) | ||||||||||
Adjusted net loans, excluding loans held for sale and PPP (non-GAAP) | $ | 588,524 | $ | 565,678 | $ | 536,543 | $ | 474,589 | $ | 475,026 | ||||||||||
Average loans, excluding loans held for sale | $ | 588,727 | $ | 555,764 | $ | 514,166 | $ | 489,263 | $ | 477,175 | ||||||||||
Less average PPP loans | (195 | ) | (312 | ) | (2,876 | ) | (9,652 | ) | (18,684 | ) | ||||||||||
Adjusted average loans, excluding loans held for sale and PPP (non-GAAP) | $ | 588,532 | $ | 555,452 | $ | 511,290 | $ | 479,611 | $ | 458,491 | ||||||||||
Interest on loans, excluding loans held for sale | $ | 7,561 | $ | 6,646 | $ | 5,912 | $ | 5,684 | $ | 5,686 | ||||||||||
Less interest income and earned fee income on PPP loans | (1 | ) | (41 | ) | (237 | ) | (496 | ) | (584 | ) | ||||||||||
Adjusted interest on loans, excluding loans held for sale and PPP (non-GAAP) | $ | 7,560 | $ | 6,605 | $ | 5,675 | $ | 5,188 | $ | 5,102 | ||||||||||
Growth rate over linked quarter | 14.5 | % | 16.4 | % | 9.4 | % | 1.7 | % | 5.3 | % | ||||||||||
Average loan yield, excluding loans held for sale (GAAP) | 5.14 | % | 4.78 | % | 4.60 | % | 4.65 | % | 4.77 | % | ||||||||||
Adjusted average loan yield, excluding loans held for sale and PPP (non-GAAP) | 5.14 | % | 4.76 | % | 4.44 | % | 4.33 | % | 4.45 | % | ||||||||||
(1) Pre-tax, pre-provision
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, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net Income | ||||||||||||||||||||
Net earnings (GAAP) | $ | 9,681 | $ | 8,347 | $ | 4,458 | $ | 3,542 | $ | 4,042 | ||||||||||
Plus: Provision (credit) for loan losses | 890 | (104 | ) | 2,850 | 1,131 | 591 | ||||||||||||||
Plus: income taxes | 3,056 | 2,517 | 1,295 | 1,092 | 1,220 | |||||||||||||||
PTPP(1) net earnings (non-GAAP) | $ | 13,627 | $ | 10,760 | $ | 8,603 | $ | 5,765 | $ | 5,853 | ||||||||||
Earnings per Share (EPS) | ||||||||||||||||||||
Weighted average common shares, diluted | 3,193,774 | 3,142,482 | 3,134,124 | 3,159,635 | 3,131,546 | |||||||||||||||
EPS, diluted (GAAP) | $ | 3.03 | $ | 2.66 | $ | 1.42 | $ | 1.12 | $ | 1.29 | ||||||||||
PTPP(1) EPS, diluted (non-GAAP) | $ | 4.27 | $ | 3.42 | $ | 2.74 | $ | 1.82 | $ | 1.87 | ||||||||||
Return on Average Assets (ROAA) | ||||||||||||||||||||
Average assets | $ | 852,272 | $ | 751,576 | $ | 595,363 | $ | 456,797 | $ | 379,288 | ||||||||||
ROAA (GAAP) | 1.14 | % | 1.11 | % | 0.75 | % | 0.78 | % | 1.07 | % | ||||||||||
PTPP(1) ROAA (non-GAAP) | 1.60 | % | 1.43 | % | 1.45 | % | 1.26 | % | 1.54 | % | ||||||||||
Return on Average Equity | ||||||||||||||||||||
Average equity | $ | 65,549 | $ | 65,179 | $ | 57,386 | $ | 53,172 | $ | 47,932 | ||||||||||
ROAE (GAAP) | 14.77 | % | 12.81 | % | 7.77 | % | 6.66 | % | 8.43 | % | ||||||||||
PTPP(1) ROAE (non-GAAP) | 20.79 | % | 16.51 | % | 14.99 | % | 10.84 | % | 12.21 | % | ||||||||||
Adjusted Average Loan Yield: | ||||||||||||||||||||
Net loans, excluding loans held for sale | $ | 588,715 | $ | 490,198 | $ | 476,661 | $ | 337,710 | $ | 290,113 | ||||||||||
Less PPP loans | (191 | ) | (15,172 | ) | (66,774 | ) | - | - | ||||||||||||
Adjusted net loans, excluding loans held for sale and PPP (non-GAAP) | $ | 588,524 | $ | 475,026 | $ | 409,887 | $ | 337,710 | $ | 290,113 | ||||||||||
Average loans, excluding loans held for sale | $ | 537,304 | $ | 480,606 | $ | 429,802 | $ | 309,350 | $ | 283,967 | ||||||||||
Less average PPP loans | (3,061 | ) | (50,315 | ) | (55,529 | ) | - | - | ||||||||||||
Adjusted average loans, excluding loans held for sale and PPP (non-GAAP) | $ | 534,243 | $ | 430,291 | $ | 374,273 | $ | 309,350 | $ | 283,967 | ||||||||||
Interest on loans, excluding loans held for sale | $ | 25,803 | $ | 22,598 | $ | 19,553 | $ | 15,884 | $ | 14,215 | ||||||||||
Less interest income and earned fee income on PPP loans | (776 | ) | (3,358 | ) | (1,725 | ) | - | - | ||||||||||||
Adjusted interest on loans, excluding loans held for sale and PPP (non-GAAP) | $ | 25,027 | $ | 19,240 | $ | 17,828 | $ | 15,884 | $ | 14,215 | ||||||||||
Average loan yield, excluding loans held for sale (GAAP) | 4.80 | % | 4.70 | % | 4.55 | % | 5.13 | % | 5.01 | % | ||||||||||
Adjusted average loan yield, excluding loans held for sale and PPP (non-GAAP) | 4.68 | % | 4.47 | % | 4.76 | % | 5.13 | % | 5.01 | % | ||||||||||
(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 |