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) April 23, 2014
PEOPLES FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Mississippi | 01-12103 | 64-0709834 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
152 Lameuse Street Biloxi, MS | 39530 | |
(Address of Principal Executive Offices) | (Zip Code) |
(228) 435-5511
(Registrants 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 April 23, 2014, Peoples Financial Corporation issued a press release announcing its results for the first quarter of 2014.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 | Press Release issued by Peoples Financial Corporation dated April 23, 2014, Peoples Financial Corporation Earns $579,000 in First Quarter of 2014. |
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: April 23, 2014
PEOPLES FINANCIAL CORPORATION | ||
By: | /s/ Chevis C. Swetman | |
Chevis C. Swetman | ||
Chairman, President and CEO |
Exhibit 99.1
For more information, contact:
Investor Relations
228-435-8208
investorrelations@thepeoples.com
PEOPLES FINANCIAL CORPORATION EARNS $579,000
IN FIRST QUARTER OF 2014
BILOXI, MS (April 23, 2014)Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, reported net income of $579,000 for the first quarter of 2014, announced Chevis C. Swetman, Chairman and Chief Executive Officer of the holding company and the bank.
First quarter earnings this year were 4.5% below the same period in 2013 but reversed a loss of $883,000 recorded in fourth quarter of 2013 due primarily to a number of actions on certain non-performing loans.
Earnings per weighted average share for first quarter of 2014 totaled $.11, compared to $.12 per average weighted share in the first quarter of 2013. Earnings per share figures are based on weighted average common shares outstanding of 5,123,186 and 5,136,771, respectively for the three-month periods ended March 31, 2014 and March 31, 2013.
Our bottom line turned positive in the latest quarter, after taking some difficult steps last year to deal with non-performing loans, said Swetman. Most of our operating results returned to normal levels of the past two years, which are not spectacular but solid nonetheless, he added.
Our net interest margin has crept up the past few quarters and is now 41 basis points better than it was at this time last year, Swetman said.
First quarter provision for loan losses totaled $537,000, slightly less than the $539,000 recorded for the same period last year. The allowance for loan losses as a percentage of total loans stands at 2.57%, the highest in several years, noted Swetman.
Nonaccrual loans, which fell more than 50% in 2013, declined slightly again from the previous quarter.
The Companys primary capital ratio rose to 14.55% at the end of the first quarter of 2014, compared to 14.33% at the end of the same period in 2013.
Founded in 1896, with $747 million in assets as of March 31, 2014, The Peoples Bank operates 17 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 Companys actual results and experience to differ from the anticipated results and expectation expressed in such forward-looking statements.
PEOPLES FINANCIAL CORPORATION
(In thousands, except per share figures) (Unaudited)
EARNINGS SUMMARY
Three Months Ended March 31, |
2014 | 2013 | ||||||
Net interest income |
$ | 5,561 | $ | 5,447 | ||||
Provision for loan losses |
537 | 539 | ||||||
Non-interest income |
2,217 | 2,121 | ||||||
Non-interest expense |
6,751 | 6,412 | ||||||
Income taxes |
(89 | ) | 11 | |||||
Net income |
579 | 606 | ||||||
Earnings per share |
.11 | .12 | ||||||
TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES |
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Three Months Ended March 31, |
2014 | 2013 | ||||||
Allowance for loan losses, beginning of period |
$ | 8,934 | $ | 8,857 | ||||
Recoveries |
72 | 36 | ||||||
Charge-offs |
(81 | ) | (597 | ) | ||||
Provision for loan losses |
537 | 539 | ||||||
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Allowance for loan losses, end of period |
$ | 9,462 | $ | 8,835 | ||||
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PERFORMANCE RATIOS |
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March 31, |
2014 | 2013 | ||||||
Return on average assets |
.30 | % | .29 | % | ||||
Return on average equity |
2.31 | % | 2.19 | % | ||||
Net interest margin |
3.44 | % | 3.03 | % | ||||
Efficiency ratio |
93 | % | 91 | % | ||||
BALANCE SHEET SUMMARY |
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March 31, |
2014 | 2013 | ||||||
Total assets |
$ | 746,679 | $ | 847,786 | ||||
Loans |
368,302 | 416,542 | ||||||
Securities |
291,586 | 310,542 | ||||||
Other real estate (ORE) |
9,084 | 6,657 | ||||||
Total deposits |
465,250 | 516,880 | ||||||
Total federal funds purchased |
130,035 | 196,090 | ||||||
Shareholders equity |
101,658 | 110,823 | ||||||
Book value per share |
19.84 | 21.58 | ||||||
Weighted average shares |
5,123,186 | 5,136,771 | ||||||
PERIOD END DATA |
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March 31, |
2014 | 2013 | ||||||
Allowance for loan losses as a percentage of loans |
2.57 | % | 2.12 | % | ||||
Loans past due 90 days and still accruing |
3,125 | 2,328 | ||||||
Nonaccrual loans |
25,985 | 49,668 | ||||||
Primary capital |
14.55 | % | 14.33 | % |