{"id":478262,"date":"2021-04-19T16:09:30","date_gmt":"2021-04-19T20:09:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/peoples-financial-corporation-reports-results-for-the-first-quarter-of-2021\/"},"modified":"2021-04-19T16:09:30","modified_gmt":"2021-04-19T20:09:30","slug":"peoples-financial-corporation-reports-results-for-the-first-quarter-of-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/peoples-financial-corporation-reports-results-for-the-first-quarter-of-2021\/","title":{"rendered":"Peoples Financial Corporation Reports Results for the First Quarter of 2021"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n

\n BILOXI, Miss.<\/span>, April 19, 2021<\/span> \/PRNewswire\/ —\u00a0Peoples Financial Corporation (the “Company”)(OTCQX Best Market: PFBX), parent of The Peoples Bank, announced earnings for the first quarter ending March 31, 2021<\/span>. <\/p>\n

\n

\n
\n \"(PRNewsfoto\/Peoples
\n <\/a>\n <\/p>\n<\/p><\/div>\n

Net income for the first quarter of 2021 was $4,330,000<\/span> compared to net income of $1,123,000<\/span> for the first quarter of 2020. The earnings per weighted average common share for the first quarter of 2021 were $0.89<\/span> compared to earnings per weighted average common share of $0.23<\/span> for the first quarter of 2020. Per share figures are based on weighted average common shares outstanding of 4,878,557 and 4,927,616 for the first quarters 2021 and 2020, respectively.<\/p>\n

As we reported in a press release issued on February 22, 2021<\/span>, the Bank subsidiary recorded a recovery of $4,510,000<\/span> on a previously charged-off loan.\u00a0 This large recovery was factored into our computation of the allowance for loan losses as of March 31<\/span>, 2021.\u00a0 Based on that computation and the on-going evaluation of the credit quality of the entire loan portfolio, Management recorded a negative provision for loan losses of $4,853,000<\/span> during the first quarter of 2021.<\/p>\n

The Company’s net income for the first quarter was also impacted by an increase in non-interest expense, primarily caused by an accrual of $1,125,000<\/span> as a result of a preliminary agreement to settle a lawsuit that, if finalized, will result in a cash payment of that anticipated amount by the Company.\u00a0 <\/p>\n

“We are pleased to report the large negative provision which we recorded during the first quarter.\u00a0 There was also further reduction of our ORE portfolio to $3,143,000<\/span> as of March 31, 2021<\/span>, and we have contracts to liquidate another 10% of that portfolio in the next few weeks,” said Chevis C. Swetman<\/span>, chairman and chief executive officer of the Company and the Bank. \u00a0He added, “The accrual for the anticipated settlement of the lawsuit is disappointing.\u00a0 However, after consulting legal counsel, Bank management made this difficult, yet prudent, decision to settle the matter and remove yet another obstacle to the Company’s future performance, which it believes to be in the long-term best interest of the Company.”<\/p>\n

Strength, security and stability have been hallmarks of the Company since its founding in 1985 and of The Peoples Bank since its founding in 1896.\u00a0 With very few exceptions, we \u00a0have paid semi-annual cash dividends to our shareholders, while maintaining the strong capital position our shareholders expect.\u00a0 The Company’s capital continues its position as one of the highest in the Southeast United States.\u00a0 The Company’s primary capital ratio was 13.79% and 16.61% at March 31, 2021<\/span> and 2020, respectively. The Company’s book value per share was $19.36<\/span> and $20.34<\/span> at March 31, 2021<\/span> and 2020, respectively.<\/p>\n

Founded in 1896, with $752 million<\/span> in total assets as of March 31, 2021<\/span>, The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock<\/span>, Harrison<\/span>, Jackson<\/span> and Stone<\/span> counties. In addition to offering 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.\u00a0 <\/p>\n

Peoples Financial Corporation’s common stock is listed on the OTCQX Best Market under the\u00a0symbol PFBX. Additional information is available on the Internet at the Company’s website, www.thepeoples.com<\/a>, and at the website of the Securities and Exchange Commission, www.sec.gov<\/a>.<\/p>\n

This news release reflects industry conditions, Company performance and financial results and contains “forward-looking statements,’ which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations.\u00a0 Do not place undue reliance on forward-looking statements.\u00a0 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 materially from the anticipated results and expectation expressed in such forward-looking statements.<\/p>\n

Factors that could cause our actual results to differ materially from our forward-looking statements are described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Regulation and Supervision” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020<\/span>, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC’s website and the Company’s website, each of which are referenced above. To the extent that statements in this news release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology.\u00a0\u00a0 <\/p>\n

Forward-looking statements represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they\u00a0 are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or\u00a0 implied by such statements. All information is as of the date of this news release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.<\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n PEOPLES FINANCIAL CORPORATION<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (In thousands, except per share figures) (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n EARNINGS SUMMARY<\/b>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Three Months Ended March 31,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net interest income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a04,516<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a04,396<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Provision for loan losses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,853)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Non-interest income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,478<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,228<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Non-interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,517<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,436<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,330<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,123<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Earnings per share<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .89<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .23<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES<\/b>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Three Months Ended March 31,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Allowance for loan losses, beginning of period<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a04,426<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a04,207<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Recoveries<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,584<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 62<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Charge-offs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (85)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (142)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Provision for loan losses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,853)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Allowance for loan losses, end of period<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a04,072<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a04,191<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n PERFORMANCE RATIOS\u00a0<\/b>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n March 31,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Return on average assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.42<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.72<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Return on average equity<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24.18<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.62<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net interest margin<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.65<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.09<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Efficiency ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n

\n 83<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n BALANCE SHEET SUMMARY<\/b>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n March 31,\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0752,276<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0646,149<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Loans<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 272,273<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 270,928<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Securities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 337,050<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 293,111<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Other real estate (ORE)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,143<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,573<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total deposits<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 633,758<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 525,825<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 94,461<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 99,543<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Book value per share<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.36<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.34<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Weighted average shares<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,878,557<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,927,616<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n PERIOD END DATA<\/b>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n March 31,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Allowance for loan losses as a\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0 percentage of loans<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.50<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.55<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loans past due 90 days and\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0 still accruing<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 39<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Nonaccrual loans<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,941<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,833<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Primary capital<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.79<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n

\n 16.61<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/peoples-financial-corporation-reports-results-for-the-first-quarter-of-2021-301271852.html<\/a><\/p>\n

SOURCE Peoples Financial Corporation<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire BILOXI, Miss., April 19, 2021 \/PRNewswire\/ —\u00a0Peoples Financial Corporation (the “Company”)(OTCQX Best Market: PFBX), parent of The Peoples Bank, announced earnings for the first quarter ending March 31, 2021. Net income for the first quarter of 2021 was $4,330,000 compared to net income of $1,123,000 for the first quarter of 2020. The earnings per weighted average common share for the first quarter of 2021 were $0.89 compared to earnings per weighted average common share of $0.23 for the first quarter of 2020. Per share figures are based on weighted average common shares outstanding of 4,878,557 and 4,927,616 for the first quarters 2021 and 2020, respectively. As we reported in a press release issued on February 22, 2021, the … <\/p>\n

Continue reading “Peoples Financial Corporation Reports Results for the First Quarter of 2021”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-478262","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPeoples Financial Corporation Reports Results for the First Quarter of 2021 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/peoples-financial-corporation-reports-results-for-the-first-quarter-of-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peoples Financial Corporation Reports Results for the First Quarter of 2021 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire BILOXI, Miss., April 19, 2021 \/PRNewswire\/ —\u00a0Peoples Financial Corporation (the “Company”)(OTCQX Best Market: PFBX), parent of The Peoples Bank, announced earnings for the first quarter ending March 31, 2021. Net income for the first quarter of 2021 was $4,330,000 compared to net income of $1,123,000 for the first quarter of 2020. The earnings per weighted average common share for the first quarter of 2021 were $0.89 compared to earnings per weighted average common share of $0.23 for the first quarter of 2020. Per share figures are based on weighted average common shares outstanding of 4,878,557 and 4,927,616 for the first quarters 2021 and 2020, respectively. 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Net income for the first quarter of 2021 was $4,330,000 compared to net income of $1,123,000 for the first quarter of 2020. The earnings per weighted average common share for the first quarter of 2021 were $0.89 compared to earnings per weighted average common share of $0.23 for the first quarter of 2020. Per share figures are based on weighted average common shares outstanding of 4,878,557 and 4,927,616 for the first quarters 2021 and 2020, respectively. 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