Peoples Financial Corp. (PFBX, Financial) filed Quarterly Report for the period ended 2011-03-31.
Peoples Financial Corp. has a market cap of $80.9 million; its shares were traded at around $15.75 with a P/E ratio of 75 and P/S ratio of 2. The dividend yield of Peoples Financial Corp. stocks is 1.2%.
Monitoring asset quality and addressing potential losses in our loan portfolio continues to be emphasized during these difficult economic times. Nonaccrual loans and loans past due 90 days and still accruing decreased to $13,490,682 and $2,863,678 at March 31, 2011 as compared with $14,537,097 and $2,961,555 at March 31, 2010, respectively. Net charge-offs decreased to $185,693 for the first quarter of 2011 from $700,324 for the first quarter of 2010.
Total assets at March 31, 2011 increased $46,002,045 as compared with December 31, 2010. Deposits increased $51,306,535 at March 31, 2011 as compared with December 31, 2010, which funded the increase of $32,295,123 in available for sale securities and the decrease in borrowings from the Federal Home Loan Bank (FHLB) of $10,981,908 for the same period.
Average interest bearing liabilities decreased approximately $72,221,000, or 11%, from approximately $647,203,000 for the first quarter of 2010 to approximately $574,982,000 for the first quarter of 2011.
Total non-interest expense increased $26,945 for the first quarter of 2011 as compared with the first quarter of 2010. Salaries and employee benefits decreased $35,978 and equipment rentals, depreciation and maintenance decreased $65,053 for the first quarter of 2011 as compared with the first quarter of 2010. Salaries and employee benefits decreased as the employee census continues to decrease from attrition and bonuses and other incentives are reduced. Depreciation costs have decreased by $42,000 in 2011, as computer and other equipment acquired after Hurricane Katrina in 2005 are now fully depreciated. Maintenance and repairs costs have declined by $22,681 in 2011 as compared with 2010 mainly due to the timing of expenses.
Other real estate (ORE) increased $1,192,978 at March 31, 2011 as compared with December 31, 2010. Loans totaling $1,352,584 were transferred into ORE during the first quarter of 2011 and one property included in ORE was written down by $124,606 during the first quarter of 2011.
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Peoples Financial Corp. has a market cap of $80.9 million; its shares were traded at around $15.75 with a P/E ratio of 75 and P/S ratio of 2. The dividend yield of Peoples Financial Corp. stocks is 1.2%.
Highlight of Business Operations:
Net income for the first quarter of 2011 was $437,544 compared with $871,455 for the first quarter of 2010. Net interest income decreased $1,130,743 for the first quarter of 2011 as compared with the first quarter of 2010 primarily from a decrease in interest rates earned on U.S. Agency securities. Results for 2011 included a decrease in the provision for loan losses of $509,000, a decrease in service charges on deposit accounts of $153,475 and a decrease in tax expense of $325,000 as compared with 2010.Monitoring asset quality and addressing potential losses in our loan portfolio continues to be emphasized during these difficult economic times. Nonaccrual loans and loans past due 90 days and still accruing decreased to $13,490,682 and $2,863,678 at March 31, 2011 as compared with $14,537,097 and $2,961,555 at March 31, 2010, respectively. Net charge-offs decreased to $185,693 for the first quarter of 2011 from $700,324 for the first quarter of 2010.
Total assets at March 31, 2011 increased $46,002,045 as compared with December 31, 2010. Deposits increased $51,306,535 at March 31, 2011 as compared with December 31, 2010, which funded the increase of $32,295,123 in available for sale securities and the decrease in borrowings from the Federal Home Loan Bank (FHLB) of $10,981,908 for the same period.
Average interest bearing liabilities decreased approximately $72,221,000, or 11%, from approximately $647,203,000 for the first quarter of 2010 to approximately $574,982,000 for the first quarter of 2011.
Total non-interest expense increased $26,945 for the first quarter of 2011 as compared with the first quarter of 2010. Salaries and employee benefits decreased $35,978 and equipment rentals, depreciation and maintenance decreased $65,053 for the first quarter of 2011 as compared with the first quarter of 2010. Salaries and employee benefits decreased as the employee census continues to decrease from attrition and bonuses and other incentives are reduced. Depreciation costs have decreased by $42,000 in 2011, as computer and other equipment acquired after Hurricane Katrina in 2005 are now fully depreciated. Maintenance and repairs costs have declined by $22,681 in 2011 as compared with 2010 mainly due to the timing of expenses.
Other real estate (ORE) increased $1,192,978 at March 31, 2011 as compared with December 31, 2010. Loans totaling $1,352,584 were transferred into ORE during the first quarter of 2011 and one property included in ORE was written down by $124,606 during the first quarter of 2011.
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