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Peoples Financial Corporation (OTCQX Best Market: PFBX) serves as the bank holding company for The Peoples Bank, which offers a wide range of banking, financial, and trust services to individuals, businesses, and governmental entities across Mississippi. Founded in 1896, the company has grown to encompass 17 branches along the Mississippi Gulf Coast, providing essential financial services to the communities within Hancock, Harrison, Jackson, and Stone counties.
The company accepts various deposits, including interest and non-interest-bearing checking accounts, savings accounts, certificates of deposit, and individual retirement accounts (IRAs). On the lending side, the bank offers business, commercial, real estate, construction, personal, and installment loans. Additionally, it provides personal trust, agencies, and estate services, such as living and testamentary trusts, executorships, guardianships, and conservatorships.
Beyond traditional banking, Peoples Financial Corporation offers self-directed IRAs, escrow management, stock transfer, and bond paying agency accounts to its corporate clients. The company also provides various other services, including safe deposit box rental, wire transfer, night drop facilities, collection, cash management, and internet banking services.
2023 has been a year of robust financial performance for Peoples Financial Corporation. The company posted net income of $9,166,000 for the year, an increase from $8,941,000 in 2022. The earnings per weighted average common share for 2023 were $1.96, indicating the firm’s growing profitability. The company’s efficiency ratio also improved, decreasing to 67% from the previous year's 77%. Notably, the company experienced a significant increase in net interest income, which rose by $4,924,000, mainly due to higher earnings from securities and loans attributed to increased interest rates.
On the asset quality side, Peoples Bank has focused on maintaining high-quality loans and solid interest income. Despite selling a foreclosed property and subsequently charging off a large loan, the bank's balance in nonaccrual loans and other real estate remains low. Shareholders' equity increased by $14,089,000 over the course of 2023, driven primarily by strong earnings and a decrease in unrealized losses on available-for-sale securities.
Looking ahead, the company has announced an additional share repurchase program, approving the buyback of up to $1,000,000 in common shares. This initiative is part of the company’s ongoing efforts to return value to shareholders. The bank continues to maintain a well-capitalized balance sheet with strong liquidity, supported by a diverse range of deposit sources, investment securities, loan repayments, and strategic borrowings.
Peoples Financial Corporation's common stock is listed on the OTCQX Best Market under the symbol PFBX. For more detailed information, visit the company's website at www.thepeoples.com or the SEC's website at www.sec.gov.
Peoples Financial (PFBX) has declared a regular semi-annual cash dividend of $0.18 per common share and a special dividend of $0.08 per share, totaling $0.26 per share, payable on December 13, 2024, to shareholders of record as of December 09, 2024. The company, founded in 1896, operates The Peoples Bank with $814 million in total assets and 18 bank facilities along the Mississippi Gulf Coast. The company achieved its third-best year of earnings and was included in the 2024 OTCQX Best 50 ranking.
Peoples Financial (PFBX) reported significant earnings growth for Q3 2024, with net income increasing to $15.4 million compared to $1.9 million in Q3 2023. The surge was primarily due to a $15.2 million tax benefit from reversing the company's valuation allowance on deferred tax assets. However, pre-tax income decreased by $904,000 to $1.3 million. Total interest income slightly decreased to $7.8 million, while interest expense rose by $1.1 million due to higher rates on deposits and borrowings. The Bank's gross loans increased by $9.6 million year-over-year to $239.3 million, and total shareholders' equity improved by $37.3 million to $96.4 million.
Peoples Financial (OTCQX: PFBX) reported earnings for Q2 2024. Net income was $2,329,000, down from $2,910,000 in Q2 2023. Earnings per share decreased to $0.50 from $0.62 year-over-year. The decline was primarily due to a decrease in net interest income of $1,299,000 to $5,903,000.
For the first six months of 2024, net income decreased to $4,744,000 from $5,533,000 in the same period of 2023. The company's efficiency ratio increased to 68% from 63%. Despite economic challenges, gross loans increased by $4,460,000 to $238,740,000. Total shareholders' equity rose to $74,200,000, up by $9,674,000 from June 30, 2023.
Peoples Financial , the parent company of The Peoples Bank, announced a semi-annual cash dividend of $0.18 per common share, payable on June 10, 2024, to shareholders recorded by June 5, 2024. Chairman and CEO Chevis C. Swetman highlighted the company's financial improvement and commitment to returning earnings to shareholders. Founded in 1896, the bank operates 17 branches along the Mississippi Gulf Coast and offers various banking and financial services. The company recently celebrated its third-best year of earnings and was ranked among the 2024 OTCQX Best 50.
Peoples Financial Corporation (OTC-PINK: PFBX) reported a significant increase in net income for Q1 2023, reaching $2.623 million compared to $924,000 in Q1 2022. This improvement is attributed to a rise in net interest income, up $2.27 million to $7.05 million, reflecting higher interest rates. The company announced a cash dividend of $0.12 per share, payable on May 5, 2023, marking a dividend increase from $0.10. Shareholders' equity grew by $7.593 million to $62.787 million, mainly due to reduced unrealized losses on securities. The company's total assets stood at $985 million as of March 31, 2023.
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