Prime Meridian Holding Q1 net earnings $0.59/share, down 22.8% YoY; NIM shrinks to 3.51%

Prime Meridian Holding Co

2024-Q1 EPS reported $0.59

Net earnings $1.93M ($0.59 EPS) vs $2.50M ($0.79) in Q1 2023; EPS down 25% YoY.
Net interest margin 3.51% (Q1 2024) vs 3.92% (Q1 2023) as deposit costs rose 139.9% YoY.
Gross loans up $20.9M (+3.2%) from Dec 2023; deposits up $3.0M (+0.4%) to $751.7M.
Noninterest expense up 8.7% YoY to $4.84M; efficiency ratio worsened to 63.81% from 55.72%.
Book value per share $24.71 (+8.3% from Q1 2023); bank well capitalized with Tier 1 leverage 10.35%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Prime Meridian Holding Co reported financial results for the quarter ended March 31, 2024.

Period: the quarter ended March 31, 2024
Result: reported results

Exact text from the filing

On May 1, 2024, Prime Meridian Holding Company issued and posted to its website a press release announcing financial results for the quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001437749-24-014170

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