Peoples Financial Corporation Reports Results For Third Quarter Of 2017

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.

SOURCE Peoples Financial Corporation