Condensed Parent Company Only Financial Information |
NOTE N - CONDENSED PARENT COMPANY ONLY FINANCIAL
INFORMATION:
Peoples Financial Corporation began its operations
September 30, 1985, when it acquired all the outstanding stock
of The Peoples Bank, Biloxi, Mississippi. A condensed summary of
its financial information is shown below.
CONDENSED BALANCE SHEETS (IN THOUSANDS):
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December 31, |
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2016 |
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2015 |
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2014 |
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Assets
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Investments in subsidiaries, at underlying equity:
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Bank subsidiary
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$ |
85,118 |
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$ |
88,415 |
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$ |
91,179 |
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Nonbank subsidiary
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1 |
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1 |
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1 |
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Cash in bank subsidiary
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191 |
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28 |
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160 |
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Other assets
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3,151 |
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3,395 |
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3,611 |
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Total assets
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$ |
88,461 |
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$ |
91,839 |
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$ |
94,951 |
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Liabilities and Shareholders’ Equity:
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Other liabilities
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$ |
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$ |
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$ |
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Total liabilities
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Shareholders’ equity
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88,461 |
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91,839 |
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94,951 |
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Total liabilities and shareholders’ equity
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$ |
88,461 |
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$ |
91,839 |
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$ |
94,951 |
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CONDENSED STATEMENTS OF OPERATIONS (IN
THOUSANDS):
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Years Ended December 31, |
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2016 |
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2015 |
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2014 |
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Income
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Distributed income of bank subsidiary
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$ |
75 |
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$ |
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$ |
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Undistributed income (loss) of bank subsidiary
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247 |
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(4,242 |
) |
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(10,025) |
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Other loss
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(32 |
) |
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(208 |
) |
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(53) |
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Total income (loss)
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290 |
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(4,450 |
) |
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(10,078) |
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Expenses
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Other
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123 |
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142 |
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124 |
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Total expenses
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123 |
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142 |
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124 |
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Income (loss) before income taxes
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167 |
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(4,592 |
) |
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(10,202) |
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Income tax benefit
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(198) |
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Net income (loss)
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$ 167 |
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$ (4,592) |
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$ (10,004) |
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CONDENSED STATEMENTS OF CASH FLOWS (IN
THOUSANDS):
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Years Ended December 31, |
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2016 |
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2015 |
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2014 |
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Cash flows from operating activities:
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Net income (loss)
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$ |
167 |
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$ (4,592 |
) |
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$ |
(10,004) |
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Adjustments to reconcile net income (loss) to net cash used in
operating activities:
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Loss on other investments
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51 |
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218 |
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64 |
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Undistributed (income) loss of subsidiaries
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(247 |
) |
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4,242 |
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10,025 |
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Other assets
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(8 |
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25 |
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Other liabilities
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(161 |
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Net cash used in operating activities
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(37 |
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(132 |
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(51 |
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Cash flows from investing activities:
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Redemption of equity securities
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200 |
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236 |
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Net cash provided by investing activities
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200 |
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236 |
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Cash flows from financing activities:
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Dividends paid
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(512) |
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Net cash used in financing activities
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(512) |
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Net increase (decrease) in cash
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163 |
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(132 |
) |
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(327) |
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Cash, beginning of year
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28 |
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160 |
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487 |
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Cash, end of year
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$ |
191 |
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$ |
28 |
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$ |
160 |
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