0001193125-16-559938.txt : 20160428 0001193125-16-559938.hdr.sgml : 20160428 20160427181333 ACCESSION NUMBER: 0001193125-16-559938 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160428 DATE AS OF CHANGE: 20160427 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: 161596562 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 d170341d8k.htm FORM 8-K Form 8-K

 

 

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 27, 2016

 

 

PEOPLES FINANCIAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

Mississippi

(State or Other Jurisdiction of Incorporation)

 

001-12103   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 (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 27, 2016, Peoples Financial Corporation issued a press release announcing its results for the first quarter of 2016.

Item 9.01. Financial Statements and Exhibits.

 

  (d) Exhibits

 

99.1    Press Release issued by Peoples Financial Corporation dated April 27, 2016, “Peoples Financial Corporation Reports Results for First Quarter of 2016.”

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 27, 2016

 

PEOPLES FINANCIAL CORPORATION
By:  

  /s/ Chevis C. Swetman

  Chevis C. Swetman
  Chairman, President and CEO
 EX-99.1 2 d170341dex991.htm EX-99.1 EX-99.1

Exhibit 99.1: Peoples Financial Corporation Press Release Dated April 27, 2016

FOR IMMEDIATE RELEASE

For more information, contact:

Paul D. Guichet, Vice President

228-435-8761

pguichet@thepeoples.com

PEOPLES FINANCIAL CORPORATION REPORTS RESULTS FOR

FIRST QUARTER OF 2016

BILOXI, MS (April 27, 2016 )—Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, reported net income of $76,000 for the first quarter of 2016, announced Chevis C. Swetman, chairman and chief executive officer of the holding company and the bank.

Provision for loan losses during the first quarter of 2016 decreased to $113,000 compared to $986,000 for the same period last year. The allowance for loan losses as a percentage of total loans was 2.24% as of March 31, 2016 as compared to 2.69% as of March 31, 2015.

As of March 31, 2016, Other Real Estate (“ORE”) was $9,840,000 compared to $12,297,000 as of March 31, 2015. Write downs in the value of existing ORE properties were $355,000 for the first quarter of 2016 compared to $411,000 for the first quarter of 2015. These write downs in 2016 are related to five real estate properties currently under contract which are anticipated to close by the end of the third quarter of 2016. The company’s ORE inventory is projected to decrease by approximately $1,500,000 as a result of these real estate sales.

“We are pleased with our continued asset quality progress,” said Swetman. “On April 13th we commemorated our 120th anniversary and we are confident 2016 will be a positive year toward enhancing our long-term financial prosperity,” he added.

Earnings per weighted average share for first quarter of 2016 was $0.01, compared to a loss of $0.22 per weighted average share in the first quarter of 2015. Per share figures are based on weighted average common shares outstanding of 5,123,186 for the three-month periods ended March 31, 2016 and March 31, 2015.

The Company’s primary capital ratio decreased to 14.85% as of March 31, 2016, compared to 15.06% at the end of the same period in 2015.

Founded in 1896, with $700 million in assets as of March 31, 2016, 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.

PEOPLES FINANCIAL CORPORATION

(In thousands, except per share figures) (Unaudited)

 

 

EARNINGS SUMMARY     

Three Months Ended March 31,

    2016     2015  

Net interest income

    $ 4,538      $ 4,755   

Provision for loan losses

      113        986   

Non-interest income

      1,643        1,941   

Non-interest expense

      5,992        6,861   

Net income (loss)

      76        (1,151 ) 

Earnings (loss) per share

      .01        (.22 ) 
TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES     

Three Months Ended March 31,

    2016     2015  

Allowance for loan losses, beginning of period

    $ 8,070      $ 9,206   

Recoveries

      44        57   

Charge-offs

      (663 )      (264 ) 

Provision for loan losses

      113        986   
  

 

 

    

 

 

  

Allowance for loan losses, end of period

    $ 7,564      $ 9,985   
  

 

 

    

 

 

  
PERFORMANCE RATIOS     

March 31,

    2016     2015  

Return on average assets

      .04 %      (.65 %) 

Return on average equity

      .33 %      (4.81 %) 

Net interest margin

      3.12 %      3.20 % 

Efficiency ratio

      99 %      120 % 
BALANCE SHEET SUMMARY     

March 31,

    2016     2015  

Total assets

    $ 700,237      $ 724,971   

Loans

      337,911        371,591   

Securities

      243,982        249,963   

Other real estate (ORE)

      9,840        12,297   

Total deposits

      581,235        561,692   

Shareholders’ equity

      93,156        96,402   

Book value per share

      18.18        18.82   

Weighted average shares

      5,123,186        5,123,186   
PERIOD END DATA     

March 31,

    2016     2015  

Allowance for loan losses as a percentage of loans

      2.24 %      2.69 % 

Loans past due 90 days and still accruing

      179        297   

Nonaccrual loans

      15,448        30,168   

Primary capital

      14.85 %      15.06 %