0001654954-18-004347.txt : 20180425 0001654954-18-004347.hdr.sgml : 20180425 20180425160525 ACCESSION NUMBER: 0001654954-18-004347 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180425 DATE AS OF CHANGE: 20180425 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: 18774375 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 pebx_8k.htm CURRENT REPORT Blueprint
 

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 25, 2018
 
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)
 
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 25, 2018, Peoples Financial Corporation issued a press release announcing its results for the first quarter of 2018 and the declaration of a dividend.
 
Item 9.01. Financial Statements and Exhibits.
 
(d) 
Exhibits
 
Press Release issued by Peoples Financial Corporation dated April 25, 2018, “Peoples Financial Corporation Reports Results for First Quarter of 2018 and Announces Dividend.”
 
 
 
 
 
 
 
 
 
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.
 
 
PEOPLES FINANCIAL CORPORATION  
 
 
 
 
Dated: April 25, 2018
By:  
/s/ Chevis C. Swetman
 
 
 
Chevis C. Swetman 
 
 
 
Chairman, President and CEO 
 
 
 

 
 
 
 
 
 EX-99.1 2 exhibit99.htm PRESS RELEASE Blueprint
 
Exhibit 99.1
 
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 2018
AND ANNOUNCES DIVIDEND
 
BILOXI, MS (April 25, 2018)—Peoples Financial Corporation (OTCQX Best Market: PFBX), parent of The Peoples Bank, announced earnings for the first quarter ending March 31, 2018. Additionally, the company declared a cash dividend of $0.01 per common share, payable May 10, 2018 to shareholders of record as of May 7, 2018.
 
The company reported net income of $292,000 for the first quarter of 2018 compared to net income of $74,000 for the first quarter of 2017. Earnings per weighted average common share for the first quarter of 2018 was $0.06 compared to $0.01 for the first quarter 2017. Per share figures are based on weighted average common shares outstanding of 5,080,514 and 5,123,186 for the quarters ended March 31, 2018 and 2017, respectively.
 
Provision for loan losses during the first quarter of 2018 increased to $35,000 compared to $26,000 for the same period last year. The Allowance for Loan Losses as a percentage of total loans was 2.26% as of March 31, 2018 as compared to 1.81% as of March 31, 2017.
 
“We are pleased with our financial progress in the first quarter,” said Chevis C. Swetman, chairman and chief executive officer of the holding company and the bank. He added, “We look forward to continuing our successful financial performance in 2018. “
 
As of March 31, 2018, nonaccrual loans decreased to $12,886,000 compared to $13,319,000 as of March 31, 2017. The Company had no loans past due 90 days and still accruing for the quarters ended March 31, 2018 and 2017, respectively. For the first quarter of 2018, loan charge-offs increased to $152,000 as compared to $59,000 for the same period the prior year. As of March 31, 2018, loan recoveries were $176,000 compared to $49,000 as of March 31, 2017.
 
 
 
 
The holding company’s primary capital ratio was 14.24% at March 31, 2018, compared to 13.36% at March 31, 2017. The company’s book value per share was $17.16 and $17.49 for the quarters ended March 31, 2018 and 2017, respectively.
 
Founded in 1896, with $647 million in assets as of March 31, 2018, 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
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share figures) (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS SUMMARY
 
 
 
 
 
 
Three Months Ended March 31,
 
2018
 
 
2017
 
Net interest income
 $4,269 
 $4,322 
Provision for loan losses
  35 
  26 
Non-interest income
  1,523 
  1,542 
Non-interest expense
  5,465 
  5,764 
Net income
  292 
  74 
Earnings per share
  .06 
  .01 
 
TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES
 
 
 
 
 
 
Three Months Ended March 31,
 
2018
 
 
2017
 
Allowance for loan losses, beginning of period
 $6,153 
 $5,466 
Recoveries
  176 
  49 
Charge-offs
  (152)
  (59)
Provision for loan losses
  35 
  26 
Allowance for loan losses, end of period
 $6,212 
 $5,482 
 
PERFORMANCE RATIOS
 
 
 
 
 
 
March 31,
 
2018
 
 
2017
 
Return on average assets
  0.18%
  0.04%
Return on average equity
  1.32%
  0.33%
Net interest margin
  3.10%
  2.85%
Efficiency ratio
  95%
  99%
 
BALANCE SHEET SUMMARY
 
 
 
 
 
 
March 31,
 
2018
 
 
2017
 
Total assets
 $646,845 
 $725,387 
Loans
  275,452 
  303,192 
Securities
  295,405 
  274,280 
Other real estate (ORE)
  8,845 
  8,247 
Total deposits
  538,936 
  616,343 
Shareholders' equity
  87,052 
  89,629 
Book value per share
  17.16 
  17.49 
Weighted average shares
  5,080,514 
  5,123,186 
 
PERIOD END DATA
 
 
 
 
 
 
March 31,
 
2018
 
 
2017
 
Allowance for loan losses as a
 
 
 
 
 
 
   percentage of loans
  2.26%
  1.81%
Loans past due 90 days and
    
    
   still accruing
    
    
Nonaccrual loans
  12,886 
  13,319 
Primary capital
  14.24%
  13.36%
 
 
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