PEOPLES FINANCIAL CORPORATION REPORTS RESULTS FOR THE FIRST QUARTER OF 2023 AND ANNOUNCES A 20% DIVIDEND INCREASE
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.
- Net income increased to $2.623 million for Q1 2023, compared to $924,000 in Q1 2022.
- Net interest income rose to $7.05 million, up from $4.78 million.
- Cash dividend increased from $0.10 to $0.12 per share, totaling approximately $561,382 to shareholders.
- Shareholders' equity grew by $7.593 million to $62.787 million.
- Total assets reached $985 million as of March 31, 2023.
- Unrealized losses on securities remain significant at $42.872 million as of Q1 2023.
First Quarter Earnings
Net income for the first quarter of 2023 was
The improvement in net income for the first quarter of 2023 was primarily due to an increase in net interest income of
Shareholders' Equity
Total shareholders' equity increased
The available for sale securities portfolio consists primarily of
Liquidity
The Company maintains a well-capitalized balance sheet which includes strong capital and liquidity. The Bank provides a full range of banking, financial and trust services in our local markets. The majority of the Bank's deposits are fully
Dividends
Due to the improvement in earnings and liquidity, the Company has announced a dividend increase from
About the Company
Founded in 1896, with
This news release reflects industry conditions, Company performance and financial results and contains "forward-looking statements,' which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. 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 materially from the anticipated results and expectation expressed in such forward-looking statements.
Factors that could cause our actual results to differ materially from our forward-looking statements are described under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Regulation and Supervision" in the Company's Annual Report on Form 10-K for the fiscal year ended
Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. All information is as of the date of this news release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
(In thousands, except per share figures) (Unaudited) | |||||||
EARNINGS SUMMARY | |||||||
Three Months Ended | 2023 | 2022 | |||||
Net interest income | $ 7,050 | $ 4,780 | |||||
Provision for loan, securities & unfunded commitment losses | 15 | 25 | |||||
Non-interest income | 1,707 | 1,594 | |||||
Non-interest expense | 5,672 | 5,425 | |||||
Income tax expense | 447 | - | |||||
Net income | 2,623 | 924 | |||||
Earnings per share | 0.56 | 0.20 | |||||
TRANSACTIONS IN THE ALLOWANCE FOR CREDIT LOSSES ON LOANS | |||||||
Three Months Ended | 2023 | 2022 | |||||
Allowance for credit losses on loans, beginning of period | $ 3,338 | $ 3,311 | |||||
Recoveries | 71 | 108 | |||||
Charge-offs | (156) | (76) | |||||
Provision for loan losses | 30 | 25 | |||||
Impact of adopting ASC 326 | (10) | - | |||||
Allowance for credit losses on loans, end of period | $ 3,273 | $ 3,368 | |||||
PERFORMANCE RATIOS | |||||||
2023 | 2022 | ||||||
Return on average assets | 1.15 % | 0.40 % | |||||
Return on average equity | 18.03 % | 4.43 % | |||||
Net interest margin | 3.19 % | 2.42 % | |||||
Efficiency ratio | 65 % | 86 % | |||||
BALANCE SHEET SUMMARY | |||||||
2023 | 2022 | ||||||
Total assets | $ 985,328 | $ 939,352 | |||||
Loans | 236,698 | 241,098 | |||||
Securities | 631,880 | 488,785 | |||||
Other real estate (ORE) | 259 | 1,010 | |||||
Total deposits | 902,443 | 846,946 | |||||
Shareholders' equity | 62,787 | 70,670 | |||||
Book value per share | 13.42 | 15.11 | |||||
Weighted average shares | 4,678,186 | 4,678,186 | |||||
PERIOD END DATA | |||||||
2023 | 2022 | ||||||
Allowance for credit losses on loans as a | |||||||
percentage of loans | 1.38 % | 1.40 % | |||||
Loans past due 90 days and | |||||||
still accruing | 40 | ||||||
Nonaccrual loans | 1,337 | 574 | |||||
21.68 % | 21.21 % | ||||||
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