Peoples Financial Corporation Earns $579,000 In First Quarter Of 2014

BILOXI, Miss., April 23, 2014 /PRNewswire/ -- Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, reported net income of $579,000 for the first quarter of 2014, announced Chevis C. Swetman, Chairman and Chief Executive Officer of the holding company and the bank.

First quarter earnings this year were 4.5% below the same period in 2013 but reversed a loss of $883,000 recorded in fourth quarter of 2013 due primarily to a number of actions on certain non-performing loans.

Earnings per weighted average share for first quarter of 2014 totaled $.11, compared to $.12 per average weighted share in the first quarter of 2013. Earnings per share figures are based on weighted average common shares outstanding of 5,123,186 and 5,136,771, respectively for the three-month periods ended March 31, 2014 and March 31, 2013.

"Our bottom line turned positive in the latest quarter, after taking some difficult steps last year to deal with non-performing loans," said Swetman. "Most of our operating results returned to normal levels of the past two years, which are not spectacular but solid nonetheless," he added.

"Our net interest margin has crept up the past few quarters and is now 41 basis points better than it was at this time last year," Swetman said.

First quarter provision for loan losses totaled $537,000, slightly less than the $539,000 recorded for the same period last year. The allowance for loan losses as a percentage of total loans stands at 2.57%, the highest in several years, noted Swetman.

Nonaccrual loans, which fell more than 50% in 2013, declined slightly again  from the previous quarter.

The company's primary capital ratio rose to 14.55% at the end of the first quarter of 2014, compared to 14.33% at the end of the same period in 2013.

Founded in 1896, with $747 million in assets as of March 31, 2014, The Peoples Bank operates 17 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.

SOURCE Peoples Financial Corporation