Prime Meridian Bank Mortgage Rates, Fees & Info

Tallahassee, FL

LEI: 549300SV2V1USGXBSB36

Tax ID: 26-0474086

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Prime Meridian Bank is a smaller bank specializing in Home Purchase loans. Prime Meridian Bank has a high proportion of conventional loans. Their top markets by origination volume include: Tallahassee, Key West, Jacksonville, Deltona, and Atlanta among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Prime Meridian Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    137

    Origination Dollar Volume (All Markets)

    $41,165,000

    Employee count

    79

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    TALLAHASSEE, FL (FHA|USDA|VA) 126 $37,690,000 $299,127 $0 0.00%
    Key West, FL (FHA|USDA|VA) 1 $1,165,000 $1,165,000 $0 0.00%
    Outside of Metro Areas 6 $1,090,000 $181,667 $0 0.00%
    JACKSONVILLE, FL (FHA|USDA|VA) 2 $910,000 $455,000 $0 0.00%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
    Prime Meridian Bank's top markets include Tallahassee, Key West, Jacksonville, Deltona, and Atlanta among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 137 $41,165,000 $300,474 $0 0.00%

    For 2018, Prime Meridian Bank's most frequently originated type of loan was Conventional, with 137 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 103 $30,535,000 $296,456 $0 0.00%
    Refi 21 $6,935,000 $330,238 $0 0.00%
    Cash Out Refi 10 $3,410,000 $341,000 $0 0.00%
    Home Improvement 3 $285,000 $95,000 $0 0.00%

    For 2018, Prime Meridian Bank's most frequently cited loan purpose was Home Purchase, with 103 originations. The 2nd most popular reason was Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 137 $41,165,000 $300,474 $0 0.00%

    For 2018, Prime Meridian Bank's most frequently cited loan duration was Other, with 137 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 38 $10,650,000 $280,263 $0 0.00%
    $100,000 or less 35 $2,255,000 $64,429 $0 0.00%
    $100k-200k 34 $5,050,000 $148,529 $0 0.00%
    $400k-600k 15 $7,355,000 $490,333 $0 0.00%
    $600k-1MM 9 $6,885,000 $765,000 $0 0.00%
    $1MM+ 6 $8,970,000 $1,495,000 $0 0.00%

    2018 saw Prime Meridian Bank place emphasis on $200k-400k loans with 38 originations, totaling $10,650,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 31 $12,725,000 $410,484 $0 0.00%
    $150k-250k 24 $7,100,000 $295,833 $0 0.00%
    $100k-150k 19 $3,625,000 $190,789 $0 0.00%
    $75k-100k 12 $2,620,000 $218,333 $0 0.00%
    $50k-75k 9 $1,835,000 $203,889 $0 0.00%
    $50k or less 7 $785,000 $112,143 $0 0.00%

    Prime Meridian Bank lent most frequently to those with incomes in the $250k+ range, with 31 originations. The second most popular income band? $150k-250k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 137 $41,165,000 $300,474 $0 0.00%

    Prime Meridian Bank lent most frequently to those with DTI ratios of Exempt%, with 137 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 78 $22,160,000 $284,103 $0 0.00%
    Not applicable 35 $12,475,000 $356,429 $0 0.00%
    Not provided 15 $3,865,000 $257,667 $0 0.00%
    Asian 5 $1,465,000 $293,000 $0 0.00%
    Black 3 $1,145,000 $381,667 $0 0.00%
    Asian Indian 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.48%

    Prime Meridian Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    62.04%

    Prime Meridian Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 137 $41,165,000 $300,474

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $6,470,000 $1,078,333
    Single Family (1-4 Units):Manufactured 3 $155,000 $51,667
    Single Family (1-4 Units):Site-Built 128 $34,540,000 $269,844

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Premium Credit Bureau Other type of mortgage Improper use of your report 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Prime Meridian Bank 1471 Timberlane Road, Ste 124 Tallahassee, FL 32312 Full Service B&M $221,681
    Prime Meridian Bank 1897 Capital Circle, Ne Tallahassee, FL 32308 Full Service B&M $76,777
    Prime Meridian Bank 2201 Crawfordville Highway Crawfordville, FL 32327 Full Service B&M $47,518

    For 2018, Prime Meridian Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $16,235
    Net interest income $13,928
    Total noninterest income $1,304
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $333
    Trading account gains and fees $0
    Additional Noninterest Income $971
    Pre-tax net operating income $5,894
    Securities gains (or losses, -) $0
    Income before extraordinary items $4,514
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,514
    Minority interest net income $0
    Net income $4,514
    Sale, conversion, retirement of capital stock, net $145
    Net operating income $4,514

    Prime Meridian Bank's gross interest income from loans was $16,235,000.
    Prime Meridian Bank's net interest income from loans was $13,928,000.
    Prime Meridian Bank's fee based income from loans was $333,000.
    Prime Meridian Bank's net income from loans was $4,514,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,307
    Provision for credit losses $591
    Total noninterest expense $8,747
    Salaries and employee benefits $4,604
    Premises and equipment expense $926
    Additional noninterest expense $3,217
    Applicable income taxes $1,380
    Net charge-offs $66
    Cash dividends $0

    Prime Meridian Bank's interest expense for loans was $2,307,000.
    Prime Meridian Bank's payroll and benefits expense were $4,604,000.
    Prime Meridian Bank's property, plant and equipment expenses $926,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $363,454
    Deposits held in domestic offices $363,454
    Deposits by Individuals, partnerships, and corporations $342,852
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $20,602
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $141,714
    Demand deposits $94,485
    Nontransaction accounts $221,740
    Money market deposit accounts (MMDAs) $171,219
    Other savings deposits (excluding MMDAs) $9,226
    Total time deposits $41,295
    Total time and savings deposits $268,969
    Noninterest-bearing deposits $94,485
    Interest-bearing deposits $268,969
    Retail deposits $342,751
    IRAs and Keogh plan accounts $6,148
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $401,682
    Cash & Balances due from depository institutions $13,261
    Interest-bearing balances $5,395
    Total securities $45,384
    Federal funds sold & reverse repurchase $34,777
    Net loans and leases $294,880
    Loan and leases loss allowance $3,661
    Trading account assets $0
    Bank premises and fixed assets $4,484
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $8,896

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $401,682
    Total Liabilities $364,433
    Total deposits $363,454
    Interest-bearing deposits $268,969
    Deposits held in domestic offices $363,454
    % insured (estimated) $62
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $979

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $294,880
    Loan and leases loss allowance $3,661
    Total loans and leases (domestic) $298,541
    All real estate loans $240,405
    Real estate loans in domestic offices $240,405
    Construction and development loans $34,806
    Residential 1-4 family construction $15,710
    Other construction, all land development and other land $19,096
    Loans secured by nonfarm nonresidential properties $80,847
    Nonfarm nonresidential secured by owner-occupied properties $43,208
    Commercial real estate & other non-farm, non-residential $37,639
    Multifamily residential real estate $17,880
    1-4 family residential loans $105,152
    Farmland loans $1,720
    Loans held in foreign offices $0
    Farm loans $1,102
    Commercial and industrial loans $50,251
    To non-U.S. addressees $0
    Loans to individuals $6,783
    Credit card loans $0
    Related Plans $2,219
    Consumer Auto Loans $431
    Other loans to individuals $4,133
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $641
    Non 1-4 family restructured loans & leases $641
    Total loans and leases (foreign) $0

    Prime Meridian Bank had $294,880,000 of loans outstanding in 2018. $240,405,000 of loans were in real estate loans. $34,806,000 of loans were in development loans. $17,880,000 of loans were in multifamily mortgage loans. $105,152,000 of loans were in 1-4 family mortgage loans. $1,102,000 of loans were in farm loans. $0 of loans were in credit card loans. $431,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 144 $38,507 $267,410
    Nonfarm, nonresidential loans - <$100k 30 $1,468 $48,933
    Nonfarm, nonresidential loans - $100-250k 41 $5,322 $129,805
    Nonfarm, nonresidential loans - $250k-1MM 73 $31,717 $434,479
    Commercial & Industrial, US addressed loans - <$1MM 449 $36,010 $80,200
    Commercial & Industrial, US addressed loans - <$100k 288 $8,151 $28,302
    Commercial & Industrial, US addressed loans - $100-250k 85 $7,843 $92,271
    Commercial & Industrial, US addressed loans - $250k-1MM 76 $20,016 $263,368
    Farmland loans - <$1MM 10 $980 $98,000
    Farmland loans - <$100k 5 $242 $48,400
    Farmland loans - $100-250k 4 $505 $126,250
    Farmland loans - $250k-1MM 1 $233 $233,000
    Agriculture operations loans - <$1MM 1 $462 $462,000
    Agriculture operations loans - $250k-1MM 1 $462 $462,000