Peoples Financial Corporation Reports Fourth Quarter And Year-End Results

BILOXI, Miss., Jan. 25, 2017 /PRNewswire/ -- Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, reported a net loss of $376,000 for the quarter ended December 31, 2016, and net income of $167,000 for the full year of 2016, announced Chevis C. Swetman, chairman and chief executive officer of the holding company and the bank. 

For the fourth quarter, provision for loan losses was $431,000 compared to no provision for loan losses for the prior quarter. Charge-offs for the fourth quarter increased to $1,987,000 compared to $206,000 for the third quarter. Non-accrual loans decreased to $11,854,000 as of December 31, 2016 compared to $13,491,000 as of September 30, 2016.  The Company had no loans past due 90 days and still accruing at December 31, 2016 compared to $180,000 at September 30, 2016. Other Real Estate ("ORE") as of December 31, 2016 decreased to $8,513,000 compared to $9,916,000 as of December 31, 2015. The allowance for loan losses as a percentage of total loans was 1.73% as of December 31, 2016 compared to 2.39% as of December 31, 2015.

"Although disappointed in our fourth quarter results, we are pleased with the company's overall 2016 financial performance," said Swetman. He further added, "Collateral values are stabilizing and we are confident of continuing our financial progress in 2017."

Loss per weighted average common share for the fourth quarter was $0.07 compared to earnings of $0.08 for the prior quarter. For the full year, earnings per weighted average common share totaled $0.03 for 2016, compared to a loss of $0.90 in 2015. Per share figures are based on weighted average common shares outstanding of 5,123,186 for the years ended December 31, 2016 and 2015.

The holding company's primary capital ratio was 13.99% at December 31, 2016, compared to 15.06% at December 31, 2015. The company's book value per share was $17.27 and $17.93 at the end of 2016 and 2015.

Founded in 1896, with $688 million in assets as of December 31, 2016, 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. 

Peoples Financial Corporation is 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







(Unaudited) (In thousands, except weighted average shares and per share figures)














EARNINGS SUMMARY


Three Months Ended December 31,


Year Ended December 31,



2016


2015


2016


2015

Net interest income


$               4,321


$               4,576


$             17,468


$             18,436

Provision for loan losses


431


(225)


568


2,582

Non-interest income


1,612


1,468


6,549


6,898

Non-interest expense


5,878


6,314


23,204


28,106

Income taxes




(762)


78


(762)

Net income (loss)


(376)


717


167


(4,592)

Earnings (loss) per share


(.07)


.14


.03


(.90)










TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES









Three Months Ended December 31,


Year Ended December 31,



2016


2015


2016


2015

Allowance for loan losses, beginning of period


$               6,947


$               8,377


$               8,070


$               9,206

Recoveries


75


193


350


390

Charge-offs


(1,987)


(275)


(3,522)


(4,108)

Provision for loan losses


431


(225)


568


2,582

Allowance for loan losses, end of period


$               5,466


$               8,070


$               5,466


$               8,070










ASSET QUALITY


December 31,







2016


2015





Allowance for loan losses as a 









   percentage of loans


1.73%


2.39%





Loans past due 90 days and 









   still accruing


$


$                  146





Nonaccrual loans


11,854


15,186














PERFORMANCE RATIOS 


December 31,







2016


2015





Return on average assets


0.02%


(.69%)





Return on average equity


0.19%


(4.92%)





Net interest margin


3.02%


3.18%





Efficiency ratio


99%


124%





Primary capital


13.99%


15.06%














BALANCE SHEET SUMMARY


December 31,







2016


2015





Total assets


$           688,014


$           641,004





Loans


315,355


337,557





Securities


284,960


226,213





Other real estate (ORE)


8,513


9,916





Total deposits


575,017


512,707





Shareholders' equity


88,461


91,839





Book value per share


17.27


17.93





Weighted average shares


5,123,186


5,123,186





 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/peoples-financial-corporation-reports-fourth-quarter-and-year-end-results-300396671.html

SOURCE Peoples Financial Corporation

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