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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.
The Stilwell Group, a significant shareholder of Peoples Financial Corporation (OTCMKTS: PFBX), owning approximately 9.93% of outstanding shares, has expressed concerns regarding the company's financial practices. In a recent letter to shareholders, they questioned the legitimacy of an $18 million liability on PFBX's balance sheet, suggesting it resulted from the Directors' Deferred Income Plan, which pays insiders 10% annually on deferred fees. The Stilwell Group demands transparency on these payments and accountability from insiders to uphold their fiduciary duty to shareholders.
Peoples Financial Corporation (PFBX) announced a stock repurchase program to buy back up to 200,000 shares of its common stock, adding to its previous repurchases totaling 245,000 shares. As of March 31, 2021, the company had 4,878,557 shares outstanding. The shares will be repurchased at management's discretion based on market conditions. The program is designed to enhance shareholder value and follows a quarter of record earnings and an increased dividend paid on April 8, 2021. The initiative may continue for 12 months or end sooner if all shares are bought back.
Peoples Financial Corporation (PFBX) reported a strong first quarter for 2021, achieving a net income of $4.33 million, surging from $1.12 million in the same period last year. Earnings per share rose to $0.89 compared to $0.23 for Q1 2020. A notable recovery of $4.51 million on a previously charged-off loan contributed to a $4.85 million negative provision for loan losses. However, the company faced increased non-interest expenses due to a $1.125 million lawsuit settlement accrual. As of March 31, 2021, total assets were $752 million.
The Stilwell Group, a significant shareholder of Peoples Financial Corporation (PFBX), owning about 9.93% of shares, has sent a letter to other shareholders and updated its Definitive Proxy Statement. The group aims for improved company performance, an end to nepotism in leadership, and fairer rewards for shareholders. They encourage voting for their nominee, Peter Prickett, to bring necessary changes. The Stilwell Group emphasizes its commitment to this activist investment, seeking to enhance shareholder value in PFBX.
The Stilwell Group, a major shareholder owning 9.93% of Peoples Financial Corporation (PFBX), has expressed concerns regarding executive compensation in a letter to shareholders. They highlighted that while dividends to shareholders have been minimal, significant benefits were paid to executives under various plans. For instance, the cash surrender value of insurance policies for these plans was $17,145,869 as of December 31, 2020. The letter calls for increased transparency and accountability regarding executive compensation as shareholders have reportedly been neglected over the years.
The Stilwell Group, a major shareholder of Peoples Financial Corporation (OTCMKTS: PFBX), owning approximately 9.93% of shares, has filed a definitive proxy statement and sent a letter to shareholders ahead of the 2021 Annual Meeting. It criticizes the board's decision to increase the dividend from one cent to five cents and advocates for share repurchases while shares remain below book value. Additionally, it calls for a NO-NEPOTISM policy regarding leadership succession, highlighting concerns over the transfer of the CEO position within the same family.
Peoples Financial Corporation (OTCQX: PFBX) announced a cash dividend of $0.10 per share, comprising a semi-annual cash dividend and a special cash dividend, payable to shareholders on April 8, 2021. This reflects a significant 150% increase from the previous dividend in April 2020 and a 400% increase over the total paid in 2020. The board's decision is attributed to a recovery of $4.51 million on a previously charged-off loan, which is expected to boost net income.
The Stilwell Group, a major shareholder of Peoples Financial Corporation (OTCMKTS: PFBX), owning approximately 9.93% of shares, has issued a critical letter to shareholders regarding the company's management. In the letter, they express dissatisfaction with the board's performance over decades, calling attention to the lack of dividends while insiders benefit. The Stilwell Group plans to file a proxy statement with the SEC to solicit votes for their director nominee at the upcoming annual meeting, urging shareholders to review the available proxy materials for important information.
On February 22, 2021, Peoples Financial Corporation (PFBX) announced a recovery of $4,510,359 related to a previously charged-off loan of $5,424,923. This loan, placed on non-accrual in May 2019 and charged off in September 2020, significantly impacted the company's net losses during 2020. The recovery is expected to positively influence net income and capital. The bank's management reported a decrease in non-accrual loans from $9,266,000 at the end of 2019 to $3,027,000 at the end of 2020, indicating effective management of non-performing assets.
The Stilwell Group, a major shareholder of Peoples Financial Corporation (PFBX), expressed concerns over the Company’s long-term poor performance in a letter to shareholders. Key issues highlighted include inadequate earnings, poor loan underwriting, excessive expenses, and minimal dividends. In response to these concerns, Stilwell intends to seek a position on PFBX's board and plans to nominate a director at the upcoming annual meeting. The Company has called a special meeting to alter voting procedures, which Stilwell views as an attempt to inhibit their influence.
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