0000950123-11-092088.txt : 20111026 0000950123-11-092088.hdr.sgml : 20111026 20111026170003 ACCESSION NUMBER: 0000950123-11-092088 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111026 DATE AS OF CHANGE: 20111026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEOPLES FINANCIAL CORP /MS/ CENTRAL INDEX KEY: 0000770460 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 640709834 STATE OF INCORPORATION: MS FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12103 FILM NUMBER: 111159501 BUSINESS ADDRESS: STREET 1: 152 LAMEUSE STREET STREET 2: P O BOX 529 CITY: BILOXI STATE: MS ZIP: 39530 BUSINESS PHONE: 2284355511 MAIL ADDRESS: STREET 1: P O BOX 529 CITY: BILOXI STATE: MS ZIP: 39533-0529 8-K 1 d85300e8vk.htm FORM 8-K e8vk
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UNITED STATES
SECURITES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 26, 2011
PEOPLES FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Mississippi
(State or Other Jurisdiction of Incorporation)
     
01-12103   64-0709834
     
(Commission File Number)   (IRS Employer Identification No.)
     
152 Lameuse Street Biloxi, MS   39530
     
(Address of Principal Executive Offices)   (Zip Code)
(228) 435-5511
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Addresss, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230. 425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act ( 17CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4( c) under the Exchange Act (17 CFR 240.13e-4( c))
 
 

 

TABLE OF CONTENTS

Item 2.02. Results of Operations and Financial Condition
Item 9.01. Financial Statements and Exhibits
SIGNATURES
EX-99.1

Table of Contents

Item 2.02. Results of Operations and Financial Condition
On October 26, 2011, Peoples Financial Corporation issued a press release announcing its earnings for the third quarter of 2011.
Item 9.01. Financial Statements and Exhibits.
  (d)   Exhibits
  99.1   Press Release issued by Peoples Financial Corporation dated October 26, 2011, “Peoples Financial Corporation Earnings Total $577,000 for Third Quarter of 2011.”

 

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 26, 2011
         
  PEOPLES FINANCIAL CORPORATION
 		  
  By:   /s/ Chevis C. Swetman    
    Chevis C. Swetman   
    Chairman, President and CEO   

 

EX-99.1 2 d85300exv99w1.htm EX-99.1 exv99w1
         
Exhibit 99.1
FOR IMMEDIATE RELEASE
For more information, contact:
Investor Relations
228-435-8208
investorrelations@thepeoples.com
PEOPLES FINANCIAL CORPORATION EARNINGS TOTAL $577,000
FOR THIRD QUARTER OF 2011
BILOXI, MS (October 26, 2011)—Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, earned $577,000 in the third quarter of 2011, a decline of 29% from the second quarter of 2011, but a 59% increase over the same period a year ago, announced Chevis C. Swetman, Chairman and Chief Executive Officer of the holding company and the bank.
Earnings for the nine-month period ended September 30, 2011, totaled $1,825,000, a decrease of 32% from the same period in 2010. Net income for the year to date includes gains from sale of securities of $794,000, gains on death benefits of life insurance policies of $470,000, losses from the write down of foreclosed property of $666,000 and losses from the charge off of interest income on loans placed on nonaccrual of $536,000.
Earnings per weighted average share for third quarter of 2011 were $.12, compared to $.07 in third quarter of 2010. Earnings per share figures are based on 5,136,918 weighted average shares outstanding as of September 30, 2011 and 5,151,697 as of September 30, 2010.
“Our bank’s bottom line is still being pressured by extremely low net interest margins and economic uncertainty,” said Swetman. “However, our loan loss provision continues to decline and loan volume appears to be recovering, giving us increased confidence going into the fourth quarter. For 2012 we should see positive loan growth and increased interest income,” he added.
“Loan volume has increased for the last three quarters, reaching $422,000,000 at the end of the most recent period, a 7.3% jump from the second quarter. This is a 3.12% loan growth since the first of the year and well exceeds our projection for 2011,” added Swetman.
Provision for loan losses in third quarter of 2011 totaled $544,000, compared to $1,045,000 for the same period last year. For the first nine months of 2011, the provision was $1,731,000, compared to $3,780,000 for the same period in 2010.
Primary capital increased to 14.17% in the most recent quarter, compared to 13.74% in third quarter 2010 and 13.94% in second quarter 2011.
Founded in 1896, with $817 million in assets as of September 30, 2011, The Peoples Bank operates 16 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
(Unaudited) (In thousands, except weighted average shares and per share figures)
EARNINGS SUMMARY
                                 
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2011     2010     2011     2010  
Net interest income
   $ 5,432     $ 5,730     $ 16,981     $ 19,279  
Provision for loan losses
     544       1,045       1,731       3,780  
Non-interest income
     2,960       2,213       7,434       8,031  
Non-interest expense
     7,419       6,931       21,349       20,548  
Income taxes
     (148 )     (397 )     (490 )     300  
Net income
     577       364       1,825       2,682  
Earnings per share
     .12       .07       .36       .52  
TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES
                                 
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2011     2010     2011     2010  
Allowance for loan losses, beginning
   $ 6,713     $ 9,168     $ 6,650     $ 7,828  
Recoveries
     14       91       207       165  
Charge-offs
     (246 )     (1,308 )     (1,563 )     (2,777 )
Provision for loan losses
     544       1,045       1,731       3,780  
 
                        
Allowance for loan losses, ending
   $ 7,025     $ 8,996     $ 7,025     $ 8,996  
 
                        
ASSET QUALITY
                 
    September 30,  
    2011     2010  
Allowance for loan losses as a percentage of loans
     1.66 %     2.13 %
Loans past due 90 days and still accruing
   $ 6,380     $ 3,159  
Nonaccrual loans
     32,244       22,127  
PERFORMANCE RATIOS (annualized)
                 
    September 30,  
    2011     2010  
Return on average assets
     .30 %     .42 %
Return on average equity
     2.33 %     3.38 %
Net interest margin
     3.24 %     3.44 %
Efficiency ratio
     94 %     87 %
Primary capital
     14.17 %     13.74 %
BALANCE SHEET SUMMARY
                 
    September 30,  
    2011     2010  
Total assets
   $ 817,267     $ 819,437  
Loans
     422,157       422,162  
Securities
     311,736       313,043  
Other real estate (ORE)
     6,963       2,819  
Total deposits
     487,854       532,916  
Total federal funds purchased
     172,941       142,381  
Shareholders’ equity
     107,611       108,142  
Book value per share
     20.95       20.99  
Weighted average shares
     5,136,918       5,151,697