The board of Tallahassee, Fla.-based Prime Meridian Holding Co. declared an annual cash dividend of 7 cents per common share.

The dividend, which is higher than the previous dividend of 5 cents per share, is payable March 7 to shareholders of record Feb. 16, according to a Form 8-K filed Jan. 26.

The company reported net earnings of $646,000, or 32 cents per share, for the quarter ended Dec. 31, 2016, compared to net earnings of $501,000, or 26 cents per share, for the fourth quarter ended Dec. 31, 2015.

The company also disclosed that it completed the construction of its permanent office in Crawfordville, Fla.