BILOXI, Miss., Oct. 25, 2017 /PRNewswire/ -- Peoples Financial
Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, reported net income of $236,000 for the third quarter of 2017, compared to net income of $406,000 for
the third quarter of 2016, announced Chevis C. Swetman, chairman and chief executive officer of
the holding company and the bank.
Earnings for the nine-month period ending September 30, 2017 were $1,463,000 compared to $543,000 for the same period the prior year. "Overall
quality of the loan portfolio continues to improve," said Swetman. "Our financial results for the third quarter reflects our
steadfast efforts toward continuing financial success," he added.
Recoveries to the allowance for loan losses for the third quarter of 2017 were $737,000, which
included one recovery of $686,000 relating to one out of area residential development credit.
The Company also recorded interest income of $51,000 on this recovery. Provisions for the
allowance for loan losses continue to be reduced as the credit quality of the loan portfolio continues to improve.
Earnings per weighted average common share for third quarter of 2017 were $0.05, compared to
$0.08 per weighted average common share in the third quarter of 2016. Per share figures are based
on weighted average common shares outstanding of 5,123,186 for the three-month periods ended September 30,
2017 and September 30, 2016.
The Company's primary capital ratio was 14.44% as of September 30, 2017, compared to 15.14% at
the end of the same period in 2016.
Founded in 1896, with $657 million in assets as of September 30,
2017, The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock,
Harrison, Jackson and Stone
counties. In addition to a comprehensive range of retail and commercial banking services, the bank also operates a trust and
investment services department that has provided customers with financial, estate and retirement planning services since
1936.
The Peoples Bank is a wholly-owned subsidiary of Peoples Financial Corporation, listed on the NASDAQ Capital Market under the
symbol PFBX. Additional information is available on the Internet at www.thepeoples.com.
This news release contains forward-looking statements and reflects industry conditions, company performance and financial
results. These forward-looking statements are subject to a number of risk factors and uncertainties which could cause the
Company's actual results and experience to differ from the anticipated results and expectation expressed in such forward-looking
statements.
PEOPLES FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS
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(Unaudited)
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(In thousands, except weighted average shares and per share
figures)
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EARNINGS SUMMARY
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2017
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2016
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2017
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2016
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Net interest income
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$ 4,234
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$ 4,326
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$ 12,809
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$ 13,147
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Provision for loan losses
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29
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85
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137
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Non-interest income
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1,610
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1,766
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5,327
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4,937
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Non-interest expense
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5,579
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5,686
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16,926
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17,326
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Income taxes
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(338)
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78
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Net income
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236
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406
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1,463
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543
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Earnings per share
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.05
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.08
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.29
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.10
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TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2017
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2016
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2017
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2016
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Allowance for loan losses, beginning
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$ 5,481
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$ 7,109
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$ 5,466
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$ 8,070
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Recoveries
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737
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44
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799
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275
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Charge-offs
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(95)
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(206)
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(198)
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(1,535)
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Provision for loan losses
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29
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85
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137
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Allowance for loan losses, ending
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$ 6,152
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$ 6,947
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$ 6,152
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$ 6,947
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ASSET QUALITY
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September 30,
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2017
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2016
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Allowance for loan losses as a
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percentage of loans
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2.25%
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2.14%
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Loans past due 90 days and
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still accruing
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$
256
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$
180
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Nonaccrual loans
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14,384
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13,491
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PERFORMANCE RATIOS (annualized)
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September 30,
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2017
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2016
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Return on average assets
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.29%
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.11%
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Return on average equity
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2.16%
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.78%
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Net interest margin
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2.91%
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3.07%
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Efficiency ratio
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94%
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96%
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Primary capital
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14.44%
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15.14%
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BALANCE SHEET SUMMARY
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September 30,
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2017
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2016
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Total assets
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$ 656,987
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$ 682,521
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Loans
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272,823
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324,107
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Securities
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298,466
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247,697
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Other real estate (ORE)
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8,081
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9,437
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Total deposits
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545,067
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563,560
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Shareholders' equity
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91,799
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94,356
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Book value per share
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17.92
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18.42
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Weighted average shares
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5,123,186
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5,123,186
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View original content:http://www.prnewswire.com/news-releases/peoples-financial-corporation-reports-results-for-third-quarter-of-2017-300543252.html
SOURCE Peoples Financial Corporation