Case Study : Financial Institution

Daily data reports at your fingertips

Streamline Operations

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With four locations in Florida, Prime Meridian Bank works hard to redefine what a community bank is and how it can serve its customers. Headquartered in Tallahassee, the bank never hesitates to try the most innovative solutions, especially when it comes to maintaining up-to-date, accessible and reliable financial data.

Lifting the fog of uncertainty

Like at most financial institutions, the CEO & President and CFO of Prime Meridian Bank were making daily decisions that had an immediate impact on their institution’s financial position. However, they were only getting the bank’s financial data on a monthly basis. What’s more, the staff of this $184M financial institution had to wade through spreadsheets and manual calculations to generate meaningful insight.

When they heard about Deluxe's Banker's Dashboard®, the Prime Meridian Bank leadership team were keen to try it. The bank management tool automatically crunches financial numbers and provides instant access to an easy-to-read digested report of the bank’s complete financial picture — a picture that is updated every day.

“I look at Banker’s Dashboard every morning,” the CEO said. “I can see a daily balance sheet and income statement that shows me any variances from the previous day, so we can strategically manage our bank. I can also view our run rate on interest and see how it is affecting earnings, including drilling down and identifying the reason. I review these numbers daily.”

Pinpoint data, target solutions

For Prime Meridian Bank, Banker’s Dashboard has made a big impact. “[It] shows our team the impact of one basis point on our net interest margin, which can be eye-opening,” the CEO said. “For example, our team understands that every basis point equates to $10,000 dollars of pretax income; therefore, it’s easy to see why we should try to get 5 or 10 more basis points on each loan, or choose not to give 10 or 20 more basis points on a CD or interest-bearing account. The best part is that Banker’s Dashboard shows how these decisions affect our bottom line on a daily, weekly, monthly and annual basis.”

Of particular interest to the bank is the ability to view data at the account and branch levels, as well as monitor trends, examine historical data and check key performance indicators without having to wait until the end of the month.

Easy, flexible, fast

Aside from providing critical daily and digested financial information, the CEO appreciates the operational ease.

“Banker’s Dashboard truly does keep it simple,” the CFO said. “It puts the data in a format that makes sense. Instead of focusing on assembling the data, we can concentrate on analyzing the numbers.”

Banker’s Dashboard also makes it easier for Prime Meridian Bank to accomplish frequent tasks. For example, the bank can create a board package with a single click, eliminating the need to compile reports manually. In addition, Banker’s Dashboard creates the ability to forecast, update budgets and produce new plans with little effort.

“We can produce a seven-year forecast, make changes to it, and with one click everything in the forecast is calculated automatically,” the CFO said. “We don’t have to manually reformat cells in a spreadsheet. We can make adjustments and see them in real-time.”

In fact, conversations with regulators and investors flow better with the ability to quickly have updated and real-time information, according to the CEO. “They know that we stay on top of the bank’s financial position at all times, and that instills great confidence.”

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