Peoples Financial Corporation Reports Results For Second Quarter of 2017

BILOXI, Miss., July 26, 2017 /PRNewswire/ -- Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, reported net income of $1,153,000 for the second quarter of 2017, compared to net income of $61,000 for the second quarter of 2016, announced Chevis C. Swetman, chairman and chief executive officer of the holding company and the bank.

Earnings for the six-month period ending June 30, 2017 were $1,227,000 compared to $137,000 for the same period the prior year. Net income for the second quarter of 2017 included a non-recurring gain of $429,000 from the redemption of death benefits on bank owned life insurance. Additionally, during the second quarter of 2017 the company recorded a tax benefit of $338,000, which reflects a correction to expected refunds for prior years.

Loans past due 90 days and still accruing for the second quarter of 2017 were $13,000 compared to $287,000 for the same period the prior year. The allowance for loan losses as a percentage of total loans was 1.91% as of June 30, 2017 as compared to 2.18% as of June 30, 2016.

For the second quarter of 2017, nonaccrual loans decreased to $13,705,000 compared to $14,755,000 for the same period last year. As of June 30, 2017, Other Real Estate ("ORE") decreased to $7,358,000 compared to $8,737,000 as of June 30, 2016. 

"We are pleased with our financial results for the second quarter and continued asset quality improvement," said Swetman. "We look forward to continuing this positive momentum into the remainder of 2017," he added.

Earnings per weighted average common share for second quarter of 2017 were $0.23, compared to $0.01 per weighted average common share in the second quarter of 2016. Per share figures are based on weighted average common shares outstanding of 5,123,186 for the three-month periods ended June 30, 2017 and June 30, 2016.

The Company's primary capital ratio was 14.40% as of June 30, 2017, compared to 15.36% at the end of the same period in 2016.

Founded in 1896, with $654 million in assets as of June 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.

SOURCE Peoples Financial Corporation