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 26, 2017

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On April 26, 2017, Peoples Financial Corporation issued a press release announcing its results for the first quarter of 2017.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release issued by Peoples Financial Corporation dated April 26, 2017, “Peoples Financial Corporation Reports Results for First Quarter of 2017.”

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 26, 2017

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

EX-99.1

Exhibit 99.1: Peoples Financial Corporation Press Release Dated April 26, 2017

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 2017

BILOXI, MS (April 26, 2017 )—Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, reported net income of $74,000 for the first quarter of 2017, 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 2017 decreased to $26,000 compared to $113,000 for the same period last year. The Allowance for Loan Losses as a percentage of total loans was 1.81% as of March 31, 2017 as compared to 2.24% as of March 31, 2016.

As of March 31, 2017, Other Real Estate (“ORE”) was $8,247,000 compared to $9,840,000 as of March 31, 2016. The Company had no loans past due 90 days and still accruing at March 31, 2017 compared to $179,000 at March 31, 2016. For the first quarter of 2017, nonaccrual loans decreased to $13,319,000 compared to $15,448,000 for the same period last year.

“Our first quarter performance illustrates our continued improvement in asset quality,” said Swetman. “We are confident 2017 will be a positive year toward enhancing our long-term financial prosperity,” he added.

Earnings per weighted average share was $0.01 for the first quarter of 2017 and 2016. Per share figures are based on weighted average common shares outstanding of 5,123,186 for the three-month periods ended March 31, 2017 and March 31, 2016.

The Company’s primary capital ratio decreased to 13.36% as of March 31, 2017, compared to 14.85% at the end of the same period in 2016.

Founded in 1896, with $725 million in assets as of March 31, 2017, 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,	2017			2016
Net interest income	$	4,322		$	4,538
Provision for loan losses		26			113
Non-interest income		1,542			1,643
Non-interest expense		5,764			5,992
Net income		74			76
Earnings per share		.01			.01
TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES
Three Months Ended March 31,	2017			2016
Allowance for loan losses, beginning of period	$	5,466		$	8,070
Recoveries		49			44
Charge-offs		(59	)		(663	)
Provision for loan losses		26			113
Allowance for loan losses, end of period	$	5,482		$	7,564
PERFORMANCE RATIOS
March 31,	2017			2016
Return on average assets		.04	%		.04	%
Return on average equity		.33	%		.33	%
Net interest margin		2.85	%		3.12	%
Efficiency ratio		99	%		99	%
BALANCE SHEET SUMMARY
March 31,	2017			2016
Total assets	$	725,387		$	700,237
Loans		303,192			337,911
Securities		274,280			243,982
Other real estate (ORE)		8,247			9,840
Total deposits		616,343			581,235
Shareholders’ equity		89,629			93,156
Book value per share		17.49			18.18
Weighted average shares		5,123,186			5,123,186
PERIOD END DATA
March 31,	2017			2016
Allowance for loan losses as a percentage of loans		1.81	%		2.24	%
Loans past due 90 days and still accruing					179
Nonaccrual loans		13,319			15,448
Primary capital		13.36	%		14.85	%