UNITED STATES
SECURITIES 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 24, 2012
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 Address, 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 (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 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 October 24, 2012, Peoples Financial Corporation issued a press release announcing its earnings for the third quarter of 2012.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits |
| 99.1 | Press Release issued by Peoples Financial Corporation dated October 24, 2012, “Peoples Financial Corporation Third Quarter Income Rises 30% Over Same Period Last Year.” |
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 24, 2012
| PEOPLES FINANCIAL CORPORATION | ||
| By: | /s/ Chevis C. Swetman | |
| Chevis C. Swetman | ||
| Chairman, President and CEO | ||
Exhibit 99.1: Peoples Financial Corporation Press Release Dated October 24, 2012
Exhibit 99.1
FOR IMMEDIATE RELEASE
For more information, contact:
Investor Relations
228-435-8208
investorrelations@thepeoples.com
PEOPLES FINANCIAL CORPORATION THIRD QUARTER INCOME
RISES 30% OVER SAME PERIOD LAST YEAR
2012 third quarter results improve 33% above second quarter
BILOXI, MS (October 24, 2012)—Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, earned $749,000 in the third quarter of 2012, an increase of 30% over the same period last year and 33% more than the second quarter this year, announced Chevis C. Swetman, Chairman and Chief Executive Officer of the holding company and the bank.
Earnings per weighted average share for third quarter of 2012 totaled $.14 compared to $.12 per weighted average share in the same period last year and $.11 in the second quarter of this year. Earnings per share figures are based on weighted average shares outstanding of 5,136,918 as of September 30, 2012 and 2011.
Net income in the first nine months of 2012 totaled $1,816,000, compared to $1,825,000 for the same period in 2011.
“Our results for third quarter continue to show steady improvement,” said Swetman. “Our loan volume is still gradually increasing, and our provision for loans losses is leveling off,” he added.
The provision for loan losses in the third quarter this year totaled $541,000, compared to $544,000 in the same quarter last year.
Loans outstanding as of the first nine months of 2012 increased to $435 million, 3% more than the loan portfolio at the same time last year.
The bank’s primary capital ratio rose to 14.49% at the end of the third quarter of 2012, compared to 14.17% at the end the same period in 2011. That remains the highest level of primary capital since 2004.
Founded in 1896, with $813 million in assets as of September 30, 2012, 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, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Net interest income |
$ | 5,622 | $ | 5,432 | $ | 16,908 | $ | 16,981 | ||||||||
| Provision for loan losses |
541 | 544 | 2,371 | 1,731 | ||||||||||||
| Non-interest income |
2,303 | 2,960 | 7,320 | 7,434 | ||||||||||||
| Non-interest expense |
6,585 | 7,419 | 20,138 | 21,349 | ||||||||||||
| Income taxes |
50 | (148 | ) | (97 | ) | (490 | ) | |||||||||
| Net income |
749 | 577 | 1,816 | 1,825 | ||||||||||||
| Earnings per share |
.14 | .12 | .35 | .36 | ||||||||||||
| TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES |
|
|||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Allowance for loan losses, beginning |
$ | 6,743 | $ | 6,714 | $ | 8,135 | $ | 6,650 | ||||||||
| Recoveries |
33 | 13 | 103 | 206 | ||||||||||||
| Charge-offs |
(229 | ) | (247 | ) | (3,521 | ) | (1,563 | ) | ||||||||
| Provision for loan losses |
541 | 544 | 2,371 | 1,731 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Allowance for loan losses, ending |
$ | 7,088 | $ | 7,024 | $ | 7,088 | $ | 7,024 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| ASSET QUALITY | ||||||||||||||||
| September 30, | ||||||||||||||||
| 2012 | 2011 | |||||||||||||||
| Allowance for loan losses as a percentage of loans |
1.62 | % | 1.66 | % | ||||||||||||
| Loans past due 90 days and still accruing |
$ | 167 | $ | 6,380 | ||||||||||||
| Nonaccrual loans |
53,918 | 32,244 | ||||||||||||||
| PERFORMANCE RATIOS (annualized) | ||||||||||||||||
| September 30, | ||||||||||||||||
| 2012 | 2011 | |||||||||||||||
| Return on average assets |
.30 | % | .30 | % | ||||||||||||
| Return on average equity |
2.19 | % | 2.33 | % | ||||||||||||
| Net interest margin |
3.07 | % | 3.24 | % | ||||||||||||
| Efficiency ratio |
92 | % | 94 | % | ||||||||||||
| Primary capital |
14.49 | % | 14.17 | % | ||||||||||||
| BALANCE SHEET SUMMARY | ||||||||||||||||
| September 30, | ||||||||||||||||
| 2012 | 2011 | |||||||||||||||
| Total assets |
$ | 813,434 | $ | 817,267 | ||||||||||||
| Loans |
435,336 | 422,157 | ||||||||||||||
| Securities |
302,922 | 311,736 | ||||||||||||||
| Other real estate (ORE) |
7,369 | 6,963 | ||||||||||||||
| Total deposits |
498,016 | 487,854 | ||||||||||||||
| Total federal funds purchased |
140,076 | 172,941 | ||||||||||||||
| Shareholders’ equity |
111,169 | 107,611 | ||||||||||||||
| Book value per share |
21.64 | 20.95 | ||||||||||||||
| Weighted average shares |
5,136,918 | 5,136,918 | ||||||||||||||