As of September 30, 2024, Prime Meridian Holding Company (PMHG) reported total assets of $931.6 million, reflecting an increase from $854.5 million at the end of 2023. The company’s total cash and cash equivalents surged to $96.5 million, up from $28.4 million, while total deposits rose to $824.0 million, a 10.1% increase from $748.7 million. Stockholders' equity also improved, reaching $88.5 million compared to $80.0 million at the end of the previous fiscal year.

For the third quarter of 2024, PMHG reported interest income of $12.7 million, an increase from $10.2 million in the same period of 2023. Net interest income for the quarter was $7.9 million, up from $7.2 million year-over-year. The net interest margin for Q3 2024 was 5.81%, compared to 5.21% in Q3 2023. However, net earnings for the three months ended September 30, 2024, were $2.6 million, an increase from $2.1 million in the prior year, while net earnings for the nine months totaled $6.3 million, down from $6.9 million in 2023.

The company’s noninterest income increased by 6.4% due to higher revenue from debit card/ATM and mortgage banking services, although this was partially offset by declines in service charges and fees. Noninterest expenses rose by 4.5% in Q3 2024, primarily due to increased salaries and software maintenance costs related to a core conversion completed in late 2023. The efficiency ratio improved to 58.24% from 61.45% in the previous year.

PMHG's loan portfolio also showed growth, with total loans increasing to $692.7 million from $651.9 million at the end of 2023. The allowance for credit losses (ACL) stood at $5.4 million, representing 0.78% of total loans. Nonperforming loans decreased to $2.5 million from $3.4 million at the end of 2023.

In terms of capital adequacy, PMHG maintained a well-capitalized status, with Tier 1 leverage capital at $93.6 million (10.21%) and total risk-based capital at $99.1 million (14.33%) as of September 30, 2024. This marks an improvement from the previous fiscal year, where Tier 1 leverage capital was $86.6 million (10.15%).

Overall, PMHG's financial performance in the third quarter of 2024 reflects a combination of increased interest income, improved operating efficiency, and a solid capital position, despite a slight decline in net earnings for the nine-month period compared to the previous year.