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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 Corporation (PFBX) reported a net income of $5,250,000 for Q4 2022, surpassing Q4 2021's $2,432,000. This increase was driven by a $2,446,000 income tax benefit and a $724,000 rise in net interest income. For the year, net income reached $8,941,000, slightly up from $8,911,000 in 2021. However, total shareholders' equity fell from $91,729,000 in 2021 to $55,194,000 in 2022 due to $47,431,000 in unrealized losses on securities linked to higher interest rates. The Company also completed the acquisition of Trustmark's corporate trust business, enhancing its asset management portfolio.
Trustmark Corporation (NASDAQ: TRMK) and Peoples Financial Corporation (OTC: PFBX) have finalized the sale of Trustmark’s Corporate Trust business to The Peoples Bank. This transaction includes approximately 200 bond issues, enhancing The Peoples Bank's trust services. Trustmark aims to redirect resources towards strategic growth initiatives, while continuing to provide specialized services via its Wealth Management Division. The transition seeks to ensure that Corporate Trust customers receive consistent service.
Peoples Financial Corporation (OTCQX: PFBX) reported a net income of $1,055,000 for Q2 2022, a rise from $789,000 in Q2 2021, resulting in earnings per share of $0.23 versus $0.16 the previous year. Year-to-date net income fell to $1,942,000, down from $5,119,000, primarily due to a prior non-recurring gain. Total shareholders' equity decreased to $55,960,000 from $94,072,000, driven by $35,099,000 in unrealized losses from the securities portfolio amid rising interest rates. Asset quality has improved, evidenced by a reduction in past due loans and other real estate.
Peoples Financial Corporation (PFBX) reported a significant drop in net income for Q1 2022, amounting to $887,000, down from $4,330,000 in Q1 2021, translating to earnings per share of $0.19 compared to $0.89 a year earlier. The sharp decline in earnings is attributed to the previous year’s reduction in loan loss allowances. The company also revealed an error in accounting for a limited partnership investment, leading to a cumulative impairment totaling $2,110,000. Total shareholders' equity decreased from $92.35 million to $70.67 million due to unrealized losses on securities caused by interest rate fluctuations.
Peoples Financial Corporation (PFBX) announced the retirement of Chief Financial Officer Lauri A. Wood, effective April 1, 2022, after over 32 years of service. Leslie B. Fulton has been appointed as the new CFO, starting March 21, 2022. Fulton brings more than 15 years of banking experience and expertise in financial reporting and regulatory matters. The company reported total assets of $819 million as of December 31, 2021, operating 18 branches along the Mississippi Gulf Coast, and offering various banking services since its founding in 1896.
Peoples Financial Corporation (OTCQX: PFBX) has declared a semi-annual dividend of $0.09 per share on its common stock, payable on March 30, 2022, to shareholders of record on March 23, 2022. The increase in dividend reflects the Company’s appreciation to shareholders. As of December 31, 2021, the Company had total assets of $819 million and operates 18 branches along the Mississippi Gulf Coast. Additional information about the Company can be found on its website and the SEC's site.
Peoples Financial Corporation (OTCQX: PFBX), based in Biloxi, Mississippi, has declared a semi-annual dividend of $0.06 per share, payable on December 8, 2021, to shareholders on record as of December 3, 2021. The company emphasizes its commitment to consistent dividend payments while maintaining a strong capital position. Additionally, it has successfully repurchased 200,000 shares of its common stock at a total cost of $3,375,309. As of September 30, 2021, Peoples Financial reported total assets of $825 million.
Peoples Financial Corporation (PFBX) announced a net income of $1,107,000 for Q3 2021, reversing a net loss of $4,262,000 in Q3 2020. Earnings per share improved to $0.23 from a loss of $0.87 a year earlier. For the first nine months of 2021, net income reached $6,226,000, compared to a loss of $3,416,000 in 2020. A significant factor for this turnaround was a reduced provision for loan losses, decreasing from $4,551,000 in Q3 2020 to $173,000 in Q3 2021. However, non-interest expenses increased due to a lawsuit settlement of $1,125,000.
Peoples Financial Corporation (OTCQX: PFBX) reported a net income of $789,000 for Q2 2021, compared to a net loss of $277,000 in Q2 2020. Earnings per share improved to $0.16 from a loss of $0.06. For the first half of 2021, net income rose to $5,119,000 from $846,000 in the same period last year. The positive results are attributed to a significant reduction in the provision for loan losses, which dropped to $22,000, down from $1,333,000. However, non-interest expenses increased due to a lawsuit settlement of $1,125,000.
Peoples Financial Corporation (OTCQX Best Market: PFBX) announced that ISS Proxy Advisory Services recommends shareholders vote FOR the election of all six Board nominees and the ratification of Wipfli LLP as auditors at the upcoming Annual Meeting on May 19, 2021. ISS criticized the Stilwell Group for failing to present a viable plan for improving Company performance. The report acknowledges Peoples Financial's strategic plan and its outperformance relative to peers and the Nasdaq Community Bank Index since October 5, 2020.
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