Fri, Nov 8, 2:36 PM (127 days ago)
**Prime Meridian Holding Company (PMHG) - Q3 2024 Financial Summary** For the quarter ending September 30, 2024, Prime Meridian Holding Company reported net earnings of $2.6 million, a 22.8% increase from $2.1 million in Q3 2023. This growth was driven by a 10.5% rise in net interest income to $7.9 million, attributed to a 21.9% increase in loan interest income, despite a significant rise in interest expense from deposits. The net interest margin (NIM) slightly declined to 3.63% from 3.68% year-over-year due to higher funding costs. The company's total assets increased to $931.6 million from $854.5 million at year-end 2023, with loans net of allowances growing to $687.1 million. The allowance for credit losses (ACL) decreased to $5.4 million, or 0.78% of gross loans, reflecting improved asset quality, with nonperforming loans down to $2.5 million. Deposits rose by 10.1% to $824 million, enhancing liquidity, which now stands at 19.5% of total assets. The bank remains well-capitalized under regulatory standards, maintaining strong capital ratios above required thresholds. Overall, PMHG exhibits robust financial health, with positive trends in earnings and asset quality, despite rising interest rates impacting margins.