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0000950134-05-013169.txt : 20050711 0000950134-05-013169.hdr.sgml : 20050711 20050711160256 ACCESSION NUMBER: 0000950134-05-013169 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050711 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050711 DATE AS OF CHANGE: 20050711 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: 05948190 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 d26914e8vk.htm FORM 8-K e8vk

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) July 11, 2005

PEOPLES FINANCIAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Mississippi
(State or Other Jurisdiction of Incorporation)


0-30050		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):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230. 425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4( c) under the Exchange Act (17 CFR 240.13e-4( c))

Item 2.02. Results of Operations and Financial Condition

On July 11, 2005, Peoples Financial Corporation issued a press release announcing its earnings for the first six months of 2005.

Item 9.01. Financial Statements and Exhibits.


99.1		Press Release issued by Peoples Financial Corporation dated July 11, 2005, headed “Peoples Financial Corporation Net Income Climbs 67% in First Half of 2005”

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: July 11, 2005

PEOPLES FINANCIAL CORPORATION

By: /s/ Chevis C. Swetman
Chevis C. Swetman
Chairman, President and CEO

EX-99.1 2 d26914exv99w1.htm PRESS RELEASE exv99w1

Exhibit 99.1: Peoples Financial Corporation Press Release Dated July 11, 2005

FOR IMMEDIATE RELEASE

For more information, contact:
Investor Relations
228-435-8208
investorrelations@thepeoples.com

PEOPLES FINANCIAL CORPORATION NET INCOME
CLIMBS 67% IN FIRST HALF OF 2005

BILOXI, MS (July 11, 2005)—Peoples Financial Corporation (NASDAQ Small Cap: PFBX), parent of The Peoples Bank, reported a 67% increase in earnings for the first half of 2005 over the same period in 2004.

Net income for the six months ended June 30, 2005 totaled $5,119,000, compared to $3,058,000 for the first six months of 2004.

Earnings per share for the first half of 2005 rose 67% to $.92, compared to $.55 per share for the same period the year before. Earnings per share figures are based on weighted average shares outstanding of 5,551,781 and 5,556,954 on June 30, 2005 and June 30, 2004, respectively.

Approximately $900,000 of net income in the second quarter of 2005 came from the repayment of a loan that had previously been classified as impaired. Quarterly results also included an after-tax loss of $293,000 on securities sold and a gain of $79,000 after taxes from the proceeds of the PULSE EFT Association Exchange.

For the second quarter of 2005, net income increased 37% over the same period in 2004 and 14% sequentially over the first quarter of 2005. Earnings for the first quarter of 2005 also included proceeds from the recovered loan and the PULSE AFT Association Exchange.

“Our earnings from ongoing operations for the most recent quarter continued the trend of growth we have enjoyed the past two years and remain above the budget the board set for 2005,” said Chevis C. Swetman, chairman of the board and chief executive officer of the holding company and the bank. “As we expected, our loan volume resumed its growth during the second quarter after a slight dip in the first three months of the year that proved to be an anomaly of timing,” he added.

“Residential and resort development on the Mississippi Gulf Coast remains active, and our bank is taking as much of that business as we can accommodate, considering our scale and resources. The Coast’s ‘Crane Index’ continues to elevate,” said Swetman.

Founded in 1896, with $664 million in assets as of June 30, 2005, The Peoples Bank operates 16 full-service branches and 37 ATMs 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 an asset management 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 Small Cap 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.

-30-

2 - YEAR FINANCIAL HIGHLIGHTS

(In Thousands, Except Per Share Amounts)

(Unaudited)


Earnings (1)	2005		2004		Change
Six Months Ended June 30,
Net Income	$	5,119	$	3,058		67	%
Net Income Per Share		0.92		0.55		67	%


Financial Condition
June 30,	2005			2004			Change
Total Assets	$	664,956		$	583,206			14	%
Loans — Net of Unearned Discounts		347,501			318,217			9	%
Investment Securities		236,760			195,995			21	%
Total Deposits		428,990			397,515			8	%
Shareholders’ Equity		89,379			82,521			8	%
Book Value Per Share		16.11			14.85			8	%

Selected Ratios
Return on average shareholders’ equity		11.69	%		7.37	%
Return on average total assets		1.63	%		1.04	%
Primary capital to average assets		15.22	%		15.23	%
Allowance for loan losses as a % of loans, net of unearned discount		1.71	%		2.09	%

1) Based on weighted average shares outstanding of 5,551,781 and 5,556,954 at June 30, 2005 and 2004, respectively.


	PEOPLES FINANCIAL CORPORATION
	By:	/s/ Chevis C. Swetman
		Chevis C. Swetman
		Chairman, President and CEO

		BILOXI, MS (July 11, 2005)—Peoples Financial Corporation (NASDAQ Small Cap: PFBX), parent of The Peoples Bank, reported a 67% increase in earnings for the first half of 2005 over the same period in 2004.

		Net income for the six months ended June 30, 2005 totaled $5,119,000, compared to $3,058,000 for the first six months of 2004.

		Earnings per share for the first half of 2005 rose 67% to $.92, compared to $.55 per share for the same period the year before. Earnings per share figures are based on weighted average shares outstanding of 5,551,781 and 5,556,954 on June 30, 2005 and June 30, 2004, respectively.

		Approximately $900,000 of net income in the second quarter of 2005 came from the repayment of a loan that had previously been classified as impaired. Quarterly results also included an after-tax loss of $293,000 on securities sold and a gain of $79,000 after taxes from the proceeds of the PULSE EFT Association Exchange.

		For the second quarter of 2005, net income increased 37% over the same period in 2004 and 14% sequentially over the first quarter of 2005. Earnings for the first quarter of 2005 also included proceeds from the recovered loan and the PULSE AFT Association Exchange.

		“Our earnings from ongoing operations for the most recent quarter continued the trend of growth we have enjoyed the past two years and remain above the budget the board set for 2005,” said Chevis C. Swetman, chairman of the board and chief executive officer of the holding company and the bank. “As we expected, our loan volume resumed its growth during the second quarter after a slight dip in the first three months of the year that proved to be an anomaly of timing,” he added.

		“Residential and resort development on the Mississippi Gulf Coast remains active, and our bank is taking as much of that business as we can accommodate, considering our scale and resources. The Coast’s ‘Crane Index’ continues to elevate,” said Swetman.

		Founded in 1896, with $664 million in assets as of June 30, 2005, The Peoples Bank operates 16 full-service branches and 37 ATMs 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 an asset management 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 Small Cap Market under the symbol PFBX. Additional information is available on the Internet at www.thepeoples.com.