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Prime Meridian Holding Co (PMHG0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, with net earnings reported at $2,603,000, up from $2,120,000 in the same quarter the previous year.
Net interest income for the quarter was $7,941,000, an increase from $7,187,000 in the previous year, attributed to loan growth and higher loan yields.
Interest income from loans increased to $10,995,000 from $9,019,000, while interest expense on deposits rose to $4,643,000 from $2,691,000.
Credit loss expense for the quarter was $100,000, down from $175,000 in the previous year, with net charge-offs totaling $11,000.
Noninterest income increased to $531,000 from $499,000, driven by higher debit card/ATM revenue and mortgage banking revenue.
Noninterest expense rose to $4,934,000 from $4,723,000, primarily due to increased salaries and employee benefits and software maintenance costs.
Prime Meridian had total assets of $931,622,000 as of September 30, 2024, with total deposits of $823,986,000, reflecting a growth in deposit balances.
The company reported a net interest margin of 3.63% for the quarter, slightly down from 3.68% in the previous year.
Prime Meridian's allowance for credit losses was $5,389,000, representing 0.78% of total loans, with management considering it adequate to cover expected credit losses.
The filing details the company's liquidity position, with available liquidity sources totaling $612.2 million, or 74.3% of total deposits.
Prime Meridian Holding Co continues to be well capitalized under the FDIC's Prompt Corrective Action regulations, with a Tier 1 leverage capital ratio of 10.21%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Prime Meridian Holding Co quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.