Prime Meridian Bank Mortgage Rates, Fees & Info

Tallahassee, FL

LEI: 549300SV2V1USGXBSB36

Tax ID: 26-0474086

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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, Tampa, Crestview, North Port, and Lakeland among others. We have data for 12 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.

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Originations

Origination Dollar Volume (All Markets)

$28,250,000

Employee count

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)	75	$21,515,000	$286,867	$0	0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$1,595,000	$1,595,000	$0	0.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA\|USDA\|VA)	3	$1,265,000	$421,667	$0	0.00%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	1	$1,035,000	$1,035,000	$0	0.00%
LAKELAND-WINTER HAVEN, FL (FHA\|USDA\|VA)	2	$590,000	$295,000	$0	0.00%
Outside of Metro Areas	3	$565,000	$188,333	$0	0.00%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA\|USDA\|VA)	1	$505,000	$505,000	$0	0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	1	$325,000	$325,000	$0	0.00%
AUBURN-OPELIKA, AL (FHA\|USDA\|VA)	1	$295,000	$295,000	$0	0.00%
PANAMA CITY, FL (FHA\|USDA\|VA)	2	$240,000	$120,000	$0	0.00%
Thomasville, GA (FHA\|USDA\|VA)	1	$195,000	$195,000	$0	0.00%
Bainbridge, GA (FHA\|USDA\|VA)	1	$125,000	$125,000	$0	0.00%

Prime Meridian Bank's top markets include Tallahassee, Tampa, Crestview, North Port, and Lakeland among others.

Their top states include:

Florida (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Oregon (FHA|USDA|VA)

Alabama (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	92	$28,250,000	$307,065	$0	0.00%

For 2019, Prime Meridian Bank's most frequently originated type of loan was Conventional, with 92 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	75	$22,395,000	$298,600	$0	0.00%
Refi	14	$4,770,000	$340,714	$0	0.00%
Home Improvement	2	$580,000	$290,000	$0	0.00%
Other	1	$505,000	$505,000	$0	0.00%

For 2019, Prime Meridian Bank's most frequently cited loan purpose was Home Purchase, with 75 originations. The 2nd most popular reason was Refi, with 14 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	92	$28,250,000	$307,065	$0	0.00%

For 2019, Prime Meridian Bank's most frequently cited loan duration was Other, with 92 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	26	$3,650,000	$140,385	$0	0.00%
$200k-400k	25	$6,615,000	$264,600	$0	0.00%
$100,000 or less	18	$1,320,000	$73,333	$0	0.00%
$400k-600k	10	$4,860,000	$486,000	$0	0.00%
$600k-1MM	9	$6,735,000	$748,333	$0	0.00%
$1MM+	4	$5,070,000	$1,267,500	$0	0.00%

2019 saw Prime Meridian Bank place emphasis on $100k-200k loans with 26 originations, totaling $3,650,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$250k+	21	$13,925,000	$663,095	$0	0.00%
$100k-150k	15	$3,395,000	$226,333	$0	0.00%
$75k-100k	10	$2,020,000	$202,000	$0	0.00%
$50k-75k	9	$2,115,000	$235,000	$0	0.00%
$150k-250k	6	$1,690,000	$281,667	$0	0.00%
$50k or less	5	$615,000	$123,000	$0	0.00%

Prime Meridian Bank lent most frequently to those with incomes in the $250k+ range, with 21 originations. The second most popular income band? $100k-150k, with 15 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	92	$28,250,000	$307,065	$0	0.00%

Prime Meridian Bank lent most frequently to those with DTI ratios of Exempt%, with 92 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	54	$20,140,000	$372,963	$0	0.00%
Not applicable	26	$4,490,000	$172,692	$0	0.00%
Asian	5	$1,645,000	$329,000	$0	0.00%
Not provided	4	$1,560,000	$390,000	$0	0.00%
Black	2	$280,000	$140,000	$0	0.00%
American Indian	1	$135,000	$135,000	$0	0.00%

Approval Rates

Total approvals of all applications
96.39%

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
28.26%

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	92	$28,250,000	$307,065

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	2	$230,000	$115,000
Multifamily:Site-Built	5	$1,755,000	$351,000
Single Family (1-4 Units):Manufactured	4	$180,000	$45,000
Single Family (1-4 Units):Site-Built	81	$26,085,000	$322,037

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
PARAMOUNT RESIDENTIAL MORTGAGE GROUP	VA mortgage	Trouble during payment process	1	10.0%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP	Conventional home mortgage	Closing on a mortgage	3	30.0%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP	FHA mortgage	Closing on a mortgage	3	30.0%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP	FHA mortgage	Struggling to pay mortgage	2	20.0%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP	FHA mortgage	Trouble during payment process	1	10.0%

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	$262,230
Prime Meridian Bank	1897 Capital Circle, Ne Tallahassee, FL 32308	Full Service B&M	$80,827
Prime Meridian Bank	2201 Crawfordville Highway Crawfordville, FL 32327	Full Service B&M	$55,486
Prime Meridian Bank	3340 South Florida Avenue Lakeland, FL 33803	Full Service B&M	$6,687

For 2019, Prime Meridian Bank had 4 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$18,986
Net interest income	$15,416
Total noninterest income	$1,725
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$288
Trading account gains and fees	$0
Additional Noninterest Income	$1,437
Pre-tax net operating income	$5,129
Securities gains (or losses, -)	$7
Income before extraordinary items	$3,921
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$3,921
Minority interest net income	$0
Net income	$3,921
Sale, conversion, retirement of capital stock, net	$176
Net operating income	$3,915

Prime Meridian Bank's gross interest income from loans was $18,986,000.
Prime Meridian Bank's net interest income from loans was $15,416,000.
Prime Meridian Bank's fee based income from loans was $288,000.
Prime Meridian Bank's net income from loans was $3,921,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,570
Provision for credit losses	$1,131
Total noninterest expense	$10,881
Salaries and employee benefits	$5,718
Premises and equipment expense	$1,399
Additional noninterest expense	$3,764
Applicable income taxes	$1,215
Net charge-offs	$378
Cash dividends	$0

Prime Meridian Bank's interest expense for loans was $3,570,000.
Prime Meridian Bank's payroll and benefits expense were $5,718,000.
Prime Meridian Bank's property, plant and equipment expenses $1,399,000.

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	1.0%
All other family	0.0%
Commercial & industrial loans	2.0%
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	$447,765
Deposits held in domestic offices	$447,765
Deposits by Individuals, partnerships, and corporations	$415,678
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$32,087
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	$178,838
Demand deposits	$106,308
Nontransaction accounts	$268,927
Money market deposit accounts (MMDAs)	$188,100
Other savings deposits (excluding MMDAs)	$11,654
Total time deposits	$69,174
Total time and savings deposits	$341,457
Noninterest-bearing deposits	$106,308
Interest-bearing deposits	$341,457
Retail deposits	$414,397
IRAs and Keogh plan accounts	$6,319
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$500,841
Cash & Balances due from depository institutions	$50,469
Interest-bearing balances	$41,445
Total securities	$61,333
Federal funds sold & reverse repurchase	$24,613
Net loans and leases	$343,903
Loan and leases loss allowance	$4,414
Trading account assets	$0
Bank premises and fixed assets	$11,255
Other real estate owned	$0
Goodwill and other intangibles	$0
All other assets	$9,268

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$500,841
Total Liabilities	$453,888
Total deposits	$447,765
Interest-bearing deposits	$341,457
Deposits held in domestic offices	$447,765
% insured (estimated)	$62
Federal funds purchased and repurchase agreements	$1,254
Trading liabilities	$0
Other borrowed funds	$3,758
Subordinated debt	$0
All other liabilities	$1,111

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$343,903
Loan and leases loss allowance	$4,414
Total loans and leases (domestic)	$348,317
All real estate loans	$270,532
Real estate loans in domestic offices	$270,532
Construction and development loans	$36,697
Residential 1-4 family construction	$16,065
Other construction, all land development and other land	$20,632
Loans secured by nonfarm nonresidential properties	$94,084
Nonfarm nonresidential secured by owner-occupied properties	$54,562
Commercial real estate & other non-farm, non-residential	$39,522
Multifamily residential real estate	$21,959
1-4 family residential loans	$117,068
Farmland loans	$724
Loans held in foreign offices	$0
Farm loans	$1,064
Commercial and industrial loans	$69,055
To non-U.S. addressees	$0
Loans to individuals	$7,666
Credit card loans	$0
Related Plans	$2,535
Consumer Auto Loans	$404
Other loans to individuals	$4,727
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	$616
Non 1-4 family restructured loans & leases	$616
Total loans and leases (foreign)	$0

Prime Meridian Bank had $343,903,000 of loans outstanding in 2019. $270,532,000 of loans were in real estate loans. $36,697,000 of loans were in development loans. $21,959,000 of loans were in multifamily mortgage loans. $117,068,000 of loans were in 1-4 family mortgage loans. $1,064,000 of loans were in farm loans. $0 of loans were in credit card loans. $404,000 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	152	$44,217	$290,901
Nonfarm, nonresidential loans - <$100k	25	$1,099	$43,960
Nonfarm, nonresidential loans - $100-250k	41	$5,471	$133,439
Nonfarm, nonresidential loans - $250k-1MM	86	$37,647	$437,756
Commercial & Industrial, US addressed loans - <$1MM	466	$42,897	$92,054
Commercial & Industrial, US addressed loans - <$100k	291	$7,712	$26,502
Commercial & Industrial, US addressed loans - $100-250k	89	$8,277	$93,000
Commercial & Industrial, US addressed loans - $250k-1MM	86	$26,908	$312,884
Farmland loans - <$1MM	8	$721	$90,125
Farmland loans - <$100k	4	$205	$51,250
Farmland loans - $100-250k	4	$516	$129,000
Agriculture operations loans - <$1MM	1	$400	$400,000
Agriculture operations loans - $250k-1MM	1	$400	$400,000