Prime Meridian Holding Company (PMHG) has reported a 61.38 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $0.61 million, or $0.31 a share in the quarter, compared with $0.38 million, or $0.19 a share for the same period last year.
Revenue during the quarter grew 22 percent to $2.86 million from $2.34 million in the previous year period. Net interest income for the quarter rose 17.20 percent over the prior year period to $2.55 million. Non-interest income for the quarter rose 43.10 percent over the last year period to $0.42 million.
Prime Meridian Holding Company has made provision of $0.11 million for loan losses during the quarter, down 12.90 percent from $0.12 million in the same period last year.
Net interest margin contracted 12 basis points to 3.76 percent in the quarter from 3.88 percent in the last year period. Efficiency ratio for the quarter improved to 64.47 percent from 70.99 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Crawfordville reaching over $22 million in deposits before our first year there is a testament to our team’s tenacity,” said President and CEO Sammie D. Dixon, Jr. “We are very proud of our team’s accomplishments."
Liabilities outpace assets growth
Total assets stood at $289.96 million as on Sep. 30, 2016, up 18.48 percent compared with $244.74 million on Sep. 30, 2015. On the other hand, total liabilities stood at $263.12 million as on Sep. 30, 2016, up 19.38 percent from $220.40 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $222.77 million as on Sep. 30, 2016, up 25.52 percent compared with $177.47 million on Sep. 30, 2015. Deposits stood at $261.16 million as on Sep. 30, 2016, up 21.82 percent compared with $214.37 million on Sep. 30, 2015.
Investments stood at $32.71 million as on Sep. 30, 2016, down 17.87 percent or $7.12 million from year-ago. Shareholders equity stood at $26.84 million as on Sep. 30, 2016, up 10.32 percent or $2.51 million from year-ago.
Return on average assets moved up 22 basis points to 0.87 percent in the quarter from 0.65 percent in the last year period. At the same time, return on average equity increased 282 basis points to 9.14 percent in the quarter from 6.32 percent in the last year period.
Nonperforming assets moved up 483.42 percent or $0.96 million to $1.16 million on Sep. 30, 2016 from $0.20 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.40 percent in the quarter, up from 0.08 percent in the last year period.
Tier-1 leverage ratio stood at 9.01 percent for the quarter, down from 9.87 percent for the previous year quarter. Book value per share was $13.52 for the quarter, up 8.07 percent or $1.01 compared to $12.51 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
