Prime Meridian Bank Mortgage Rates, Fees & Info

Tallahassee, FL

LEI: 549300SV2V1USGXBSB36

Tax ID: 26-0474086

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Mortgage Data

Bank 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

92

Origination Dollar Volume (All Markets)

$28,250,000

Employee count

88

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