Welcome!

News Feed Item

Peoples Financial Corporation Actions On Non-Performing Assets Generate Loss In Fourth Quarter & Full Year 2013

BILOXI, Miss., Jan. 22, 2014 /PRNewswire/ -- Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, reported a loss of $883,000 for the quarter and $538,000 for the full year ended December 31, 2013, due primarily to actions on certain non-performing assets, announced Chevis C. Swetman, chairman and chief executive officer of the holding company and the bank. 

Loss per weighted average share totaled $.17 for the fourth quarter and $.10 for all of 2013. Per share figures are based on weighted average shares outstanding of 5,123,186 and 5,128,889 for the quarter and year ended December 31, 2013, respectively.

"In December, we announced the painful but prudent decision to take final action on a few large credit problems on our books," said Swetman. "As it so often happens, strong medicine tastes terrible but proves therapeutic in the long run. Our senior management team and board are confident these steps will purge our balance sheet and position us firmly for positive growth in the future," he said.

In December 2013, the company announced a number of transactions, including the sale of property in the Other Real Estate portfolio that reduced earnings by $413,000, net of taxes; the sale of a gaming loan that increased earnings by $1,005,000, net of taxes, and an additional provision for loan loss of $4,600,000 that reduced earnings by $3,036,000 net of taxes.

Non-accrual loans at the end of 2013 decreased by 51% from the year before, largely due to the actions taken in fourth quarter. The allowance for loan losses on December 31, 2013, was $8,934,000, slightly higher than the allowance of $8,857,000 on December 31, 2012. The allowance represented 2.38% of all loans outstanding at the end of 2013, compared to 2.05% at the end of 2012.

"Our primary capital ratio at the end of 2013 totaled 13.64%, well in excess of regulatory minimums," said Swetman.

Founded in 1896, with $762 million in assets as of December 31, 2013, 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.

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,



2013


2012


2013


2012

Net interest income


$                7,279


$               5,653


$ 23,509


$ 22,561

Provision for loan losses


5,042


1,893


9,661


4,264

Non-interest income


2,229


2,209


9,067


9,529

Non-interest expense


6,614


5,139


25,654


25,277

Income taxes


(1,265)


5


(2,201)


(92)

Net income


(883)


825


(538)


2,641

Earnings per share


(.17)


.16


(.10)


.51










TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES









Three Months Ended December 31,


Year Ended December 31,



2013


2012


2013


2012

Allowance for loan losses, beginning of period


$              11,696


$               7,088


$   8,857


$   8,136

Recoveries


80


30


538


133

Charge-offs


(7,884)


(154)


(10,122)


(3,676)

Provision for loan losses


5,042


1,893


9,661


4,264

Allowance for loan losses, end of period


$                8,934


$               8,857


$   8,934


$   8,857










ASSET QUALITY


December 31,







2013


2012





Allowance for loan losses as a percentage of loans


2.38%


2.05%





Loans past due 90 days and still accruing


$                   651


$               1,445





Nonaccrual loans


26,171


53,891














PERFORMANCE RATIOS 


December 31,







2013


2012





Return on average assets


(.07%)


.32%





Return on average equity


(.51%)


2.40%





Net interest margin


3.34%


3.11%





Efficiency ratio


112%


91%





Primary capital


13.64%


14.71%














BALANCE SHEET SUMMARY


December 31,







2013


2012





Total assets


$            762,264


$           804,912





Loans


375,349


431,083





Securities


293,678


271,831





Other real estate (ORE)


9,630


7,008





Total deposits


425,558


475,719





Total federal funds purchased


139,639


194,234





Shareholders' equity


99,147


110,754





Book value per share


19.35


21.56





Weighted average shares


5,128,889


5,136,918





SOURCE Peoples Financial Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
There are 66 million network cameras capturing terabytes of data. How did factories in Japan improve physical security at the facilities and improve employee productivity? Edge Computing reduces possible kilobytes of data collected per second to only a few kilobytes of data transmitted to the public cloud every day. Data is aggregated and analyzed close to sensors so only intelligent results need to be transmitted to the cloud. Non-essential data is recycled to optimize storage.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Stratoscale, the software company developing the next generation data center operating system, exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016.Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere, IT is empowered to take control of their data ce...
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captur...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
In the first article of this three-part series on hybrid cloud security, we discussed the Shared Responsibility Model and examined how the most common attack strategies persist, are amplified, or are mitigated as assets move from data centers to the cloud. Today, we’ll look at some of the unique security challenges that are introduced by public cloud environments. While cloud computing delivers many operational, cost-saving and security benefits, it takes place in a public, shared and on-demand ...
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...