PEOPLES FINANCIAL CORPORATION REPORTS RESULTS FOR THE SECOND QUARTER OF 2024
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 (OTCQX: PFBX) ha riportato i guadagni per il secondo trimestre del 2024. Il reddito netto è stato di 2.329.000 dollari, in calo rispetto ai 2.910.000 dollari del secondo trimestre del 2023. Gli utili per azione sono diminuiti a 0,50 dollari rispetto a 0,62 dollari dell'anno precedente. La diminuzione è stata principalmente dovuta a un calo del reddito netto da interessi di 1.299.000 dollari, portandolo a 5.903.000 dollari.
Per i primi sei mesi del 2024, il reddito netto è sceso a 4.744.000 dollari rispetto ai 5.533.000 dollari nello stesso periodo del 2023. Il rapporto di efficienza della società è aumentato al 68% rispetto al 63%. Nonostante le sfide economiche, i prestiti lordi sono aumentati di 4.460.000 dollari, portandoli a 238.740.000 dollari. Il patrimonio netto totale degli azionisti è salito a 74.200.000 dollari, con un incremento di 9.674.000 dollari rispetto al 30 giugno 2023.
Peoples Financial (OTCQX: PFBX) reportó ganancias para el segundo trimestre de 2024. Los ingresos netos fueron de 2,329,000 dólares, una disminución respecto a 2,910,000 dólares en el segundo trimestre de 2023. Las ganancias por acción disminuyeron a 0.50 dólares desde 0.62 dólares en el año anterior. La caída se debió principalmente a una disminución en los ingresos netos por intereses de 1,299,000 dólares, alcanzando 5,903,000 dólares.
En los primeros seis meses de 2024, los ingresos netos cayeron a 4,744,000 dólares desde 5,533,000 dólares en el mismo período de 2023. El ratio de eficiencia de la compañía aumentó al 68% desde el 63%. A pesar de los desafíos económicos, los préstamos brutos aumentaron en 4,460,000 dólares, alcanzando 238,740,000 dólares. El patrimonio total de los accionistas aumentó a 74,200,000 dólares, un incremento de 9,674,000 dólares desde el 30 de junio de 2023.
Peoples Financial (OTCQX: PFBX)는 2024년 2분기 실적을 발표했습니다. 순이익은 2,329,000달러로, 2023년 2분기 2,910,000달러에서 감소했습니다. 주당순이익은 0.50달러로, 작년의 0.62달러에서 줄어들었습니다. 이러한 감소는 주로 순이자 수익의 1,299,000달러 감소로 인해 5,903,000달러가 된 결과입니다.
2024년 상반기 동안, 순이익은 4,744,000달러로 2023년 같은 기간의 5,533,000달러에서 감소했습니다. 회사의 효율성 비율은 63%에서 68%로 증가했습니다. 경제적 어려움에도 불구하고, 총 대출액은 4,460,000달러 증가하여 238,740,000달러에 이르렀습니다. 총 주주 자본은 74,200,000달러로 증가하여 2023년 6월 30일의 9,674,000달러 증가했습니다.
Peoples Financial (OTCQX: PFBX) a publié ses résultats pour le deuxième trimestre de 2024. Le revenu net a été de 2 329 000 dollars, en baisse par rapport à 2 910 000 dollars au deuxième trimestre de 2023. Le bénéfice par action a diminué à 0,50 dollar, contre 0,62 dollar l'année précédente. Cette baisse était principalement due à une diminution des revenus d'intérêts nets de 1 299 000 dollars pour atteindre 5 903 000 dollars.
Pour les six premiers mois de 2024, le revenu net a diminué à 4 744 000 dollars, contre 5 533 000 dollars au même période de 2023. Le taux d'efficacité de l'entreprise a augmenté à 68 % contre 63 %. Malgré les défis économiques, le montant total des prêts a augmenté de 4 460 000 dollars pour atteindre 238 740 000 dollars. Les capitaux propres totaux des actionnaires ont augmenté à 74 200 000 dollars, en hausse de 9 674 000 dollars par rapport au 30 juin 2023.
Peoples Financial (OTCQX: PFBX) hat die Erträge für das 2. Quartal 2024 berichtet. Der Nettogewinn betrug 2.329.000 USD, ein Rückgang von 2.910.000 USD im 2. Quartal 2023. Der Gewinn pro Aktie sank von 0,62 USD auf 0,50 USD im Jahresvergleich. Der Rückgang war hauptsächlich auf einen Rückgang der Nettozinseinnahmen von 1.299.000 USD auf 5.903.000 USD zurückzuführen.
In den ersten sechs Monaten des Jahres 2024 ging der Nettogewinn auf 4.744.000 USD zurück, verglichen mit 5.533.000 USD im gleichen Zeitraum 2023. Die Effizienzquote des Unternehmens stieg von 63% auf 68%. Trotz der wirtschaftlichen Herausforderungen stieg das Gesamtvolumen der Kredite um 4.460.000 USD auf 238.740.000 USD. Das Eigenkapital der Aktionäre insgesamt stieg auf 74.200.000 USD, ein Anstieg um 9.674.000 USD seit dem 30. Juni 2023.
- Gross loans increased by $4,460,000 to $238,740,000
- Total shareholders' equity rose by $9,674,000 to $74,200,000
- The Bank's leverage ratio remained strong at 11.84%
- Company plans to utilize $1,033,090 in federal tax credits in 2024
- Net income decreased to $2,329,000 from $2,910,000 in Q2 2023
- Earnings per share dropped to $0.50 from $0.62 year-over-year
- Net interest income decreased by $1,299,000 to $5,903,000
- Efficiency ratio increased to 68% from 63%
- Total deposits decreased by $13,576,000 to $674,914,000
Second Quarter Earnings
Net income for the second quarter of 2024 was
The decrease in net income for the second quarter of 2024 was primarily due to a decrease in net interest income of
The Company started recording income tax expense during 2023 after utilizing its remaining net operating loss carryforward during 2022. The income tax expense decreased
Net income for the first six months of 2024 decreased
The federal tax credits to be utilized include rehabilitation tax credits for the recent renovation of the building that houses the asset management and trust department of the Bank as well as the Ellzey building, along with a low-income housing tax credit. The Company plans to use in 2024 these credits of
Return on average assets for the first six months ended June 30, 2024, decreased
Asset Quality
Although the economy has experienced a rising rate environment, gross loans increased
"The Bank's leadership remains committed to maintaining high-quality assets. We are closely monitoring economic conditions and staying vigilant for any potential changes in interest rates. As hurricane season commences, the Company has proactively prioritized hurricane preparedness. Across all 18 bank facilities, we have ensured that resources are available allowing branches to operate even in the event of power outages. The Company has a comprehensive and thorough business continuity and disaster recovery strategy. The plan has been annually updated since 1999 (
Shareholders' Equity
Total shareholders' equity increased to
The Bank's leverage ratio has not been impacted by these unrealized losses on available for sale securities due to an opt-out election previously made by the Bank in accordance with current regulatory capital requirements and therefore remained strong at
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 FDIC insured. The Company evaluates on an ongoing and continuous basis its financial health by preparing for various moderate to severe economic scenarios.
As interest rates have increased and the cost of attracting new deposits and replacing deposit attrition has increased, the Bank experienced a decrease in deposit balances during the six months ended June 30, 2024. This decrease was mostly caused by the loss of several large public fund deposits in 2024 following competitive bid processes held in 2023 whereby the public fund deposit accounts were awarded to other local banks. During the first half of 2024, the Company did not encounter any further losses in its large public fund deposit accounts. As of June 30, 2024, total deposits have decreased
About the Company
Founded in 1896, with
The Company just experienced its third best year of earnings ever and was recently recognized as part of the 2024 OTCQX Best 50, a ranking of the top-performing OTCQX companies in the prior calendar year.
Peoples Financial Corporation's common stock is listed on the OTCQX Best Market under the symbol PFBX. Additional information is available on the Internet at the Company's website, www.thepeoples.com, and at the website of the Securities and Exchange Commission ("SEC"), www.sec.gov.
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 December 31, 2023, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website and the Company's website, each of which are referenced above. To the extent that statements in this news release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology.
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.
PEOPLES FINANCIAL CORPORATION | ||||||||
(In thousands, except per share figures) (Unaudited) | ||||||||
EARNINGS SUMMARY | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | |||||
Net interest income | $ 5,903 | $ 7,202 | $ 12,596 | $ 14,252 | ||||
Provision for credit losses | - | (312) | - | (297) | ||||
Non-interest income | 1,761 | 1,803 | 3,504 | 3,510 | ||||
Non-interest expense | 5,564 | 5,596 | 10,954 | 11,268 | ||||
Income tax (benefit) expense | (229) | 811 | 402 | 1,258 | ||||
Net income | 2,329 | 2,910 | 4,744 | 5,533 | ||||
Earnings per share | $ 0.50 | $ 0.62 | $ 1.02 | $ 1.18 | ||||
TRANSACTIONS IN THE ALLOWANCE FOR CREDIT LOSSES ON LOANS | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Allowance for credit losses on loans, beginning of period | $ 3,087 | $ 3,273 | $ 3,224 | $ 3,338 | ||||
Recoveries | 105 | 492 | 163 | 563 | ||||
Charge-offs | (42) | (231) | (177) | (387) | ||||
Provision for (reduction of ) loan losses | - | (310) | (60) | (280) | ||||
Impact of adopting ASC 326 | - | - | - | (10) | ||||
Allowance for credit losses on loans, end of period | $ 3,150 | $ 3,224 | $ 3,150 | $ 3,224 | ||||
PERFORMANCE RATIOS | ||||
June 30, | 2024 | 2023 | ||
Return on average assets | 1.16 % | 1.27 % | ||
Return on average equity | 13.30 % | 18.64 % | ||
Net interest margin | 3.07 % | 3.29 % | ||
Efficiency ratio | 68 % | 63 % | ||
BALANCE SHEET SUMMARY | ||||
June 30, | 2024 | 2023 | ||
Total assets | $ 846,747 | $ 895,676 | ||
Securities | 541,582 | 552,240 | ||
Loans, net | 235,590 | 231,056 | ||
Other real estate (ORE) | - | 952 | ||
Total deposits | 674,914 | 810,498 | ||
Shareholders' equity | 74,200 | 64,526 | ||
Book value per share | 15.92 | 13.79 | ||
Weighted average shares | 4,661,686 | 4,678,186 | ||
PERIOD END DATA | ||||
June 30, | 2024 | 2023 | ||
Allowance for credit losses on loans as a | ||||
percentage of loans | 1.32 % | 1.38 % | ||
Loans past due 90 days and | ||||
still accruing | $ - | $ - | ||
Nonaccrual loans | $ 455 | $ 87 | ||
Leverage ratio | 11.84 % | 10.69 % | ||
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SOURCE Peoples Financial Corporation
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