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) October 23, 2019
PEOPLES FINANCIAL CORPORATION (Exact Name of Registrant as Specified in its Charter)
Mississippi (State or Other Jurisdiction of Incorporation)
001-12103 (Commission File Number)		64-0709834 (IRS Employer Identification No.)
152 Lameuse Street Biloxi, MS (Address of Principal Executive Offices)		39530 (Zip Code)
(228) 435-5511 (Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	PFBX	None

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))

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 October 23, 2019, Peoples Financial Corporation issued a press release announcing its results for the third quarter of 2019.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release issued by Peoples Financial Corporation dated October 23, 2019, “Peoples Financial Corporation Reports Results for Third Quarter of 2019.”

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 23, 2019

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 October 23, 2019

FOR IMMEDIATE RELEASE

For more information, contact:

Paul D. Guichet, Vice President 

228-435-8761

pguichet@thepeoples.com

PEOPLES FINANCIAL CORPORATION

REPORTS RESULTS FOR THIRD QUARTER OF 2019

BILOXI, MS (October 23, 2019)—Peoples Financial Corporation (OTCQX Best Market: PFBX), parent of The Peoples Bank, announced results for the third quarter ending September 30, 2019.

The company reported net income of $476,000 for the third quarter of 2019 compared to net income of $172,000 for the third quarter of 2018. The company reported net income of $553,000 for the nine months ended September 30, 2019 compared to net income of $527,000 for the nine months ended September 30, 2018.

Other real estate decreased to $7,606,000 at September 30, 2019 from $9,892,000 at September 30, 2018. In addition to reducing non-performing assets, the company began implementing a number of revenue enhancing strategies relating to non-interest income during the third quarter of 2019.

Shareholders’ equity increased to $94,327,000 at September 30, 2019 from $84,968,000 at September 30, 2018. The primary capital ratio increased to 15.87% at September 30, 2019, compared to 14.10% at September 30, 2018, which is an indication of the strength of the company. The company’s book value per share was $19.08 and $16.95 as of September 30, 2019 and 2018, respectively.

“The increase in net interest income and shareholders’ equity and the reduction in other real estate are very positive trends for 2019,” said Chevis C. Swetman, chairman and chief executive officer of the holding company and the bank. He added, “Despite several non-recurring expenses during the second quarter, our results reflect the company’s efforts to return to sustained profitability.”

Founded in 1896, with $617 million in assets as of September 30, 2019, The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to offering 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 OTCQX Best 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,
	2019		2018		2019		2018
Net interest income	$	4,329	$	4,273	$	13,289	$	12,761
Provision for loan losses		59		28		169		91
Non-interest income		1,723		1,648		4,788		4,844
Non-interest expense		5,517		5,721		17,355		16,987
Net income		476		172		553		527
Earnings per share		.09		.03		.11		.10

TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Allowance for loan losses, beginning	$	4,946		$	5,508		$	5,340		$	6,153
Recoveries		38			205			122			451
Charge-offs		(660	)		(350	)		(1,248	)		(1,304	)
Provision for loan losses		59			28			169			91
Allowance for loan losses, ending	$	4,383		$	5,391		$	4,383		$	5,391

ASSET QUALITY	September 30,
	2019			2018
Allowance for loan losses as a percentage of loans		1.66	%		1.97	%
Loans past due 90 days and still accruing
Nonaccrual loans		9,473			8,560

PERFORMANCE RATIOS (annualized)
	September 30,
	2019			2018
Return on average assets		.12	%		.11	%
Return on average equity		.82	%		.81	%
Net interest margin		3.20	%		2.99	%
Efficiency ratio		97	%		97	%
Primary capital		15.87	%		14.10	%

BALANCE SHEET SUMMARY
	September 30,
	2019		2018
Total assets	$	617,489	$	619,395
Loans		264,815		273,947
Securities		279,988		277,745
Other real estate (ORE)		7,606		9,892
Total deposits		501,446		504,793
Shareholders' equity		94,327		84,968
Book value per share		19.08		16.95
Weighted average shares		4,943,186		5,051,306