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Peoples Financial Corp. (PFBX) filed Quarterly Report for the period ended 2011-06-30.
Peoples Financial Corp. has a market cap of $65.6 million; its shares were traded at around $12.68 with a P/E ratio of 141.9 and P/S ratio of 1.6. The dividend yield of Peoples Financial Corp. stocks is 1.4%.
This is the annual revenues and earnings per share of PFBX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PFBX.
Highlight of Business Operations:
Net income for the second quarter of 2011 was $809,873 compared with $1,446,082 for the second quarter of 2010 and for the first half of 2011 was $1,247,417 as compared with $2,317,537 for the first half of 2010. Net interest income decreased $868,634 for the second quarter of 2011 as compared with the second quarter of 2010 and $1,999,377 for the first half of 2011 as compared with the first half of 2010 primarily from a decrease in interest rates earned on U.S. Agency securities. In the second quarter of 2011, interest income of $375,469 was charged-off as a result of placing a loan with a balance of $15,187,500 on nonaccrual. Results for the second quarter and first half of 2011 included a decrease in the provision for loan losses of $1,309,000 and $1,548,000, a decrease in gains on sales or calls of securities of $1,556,267 and $1,560,312 and a decrease in tax expense of $714,000 and $1,039,000 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 were $32,561,983 and $1,194,882 at June 30, 2011 as compared with $14,537,097 and $2,961,555 at June 30, 2010, respectively. While nonaccrual loans have increased significantly at June 30, 2011, the balance includes one gaming credit totaling $15,728,126, which has been classified by the regulatory authorities for two years even though the loan is performing, and one residential development loan totaling $15,187,500, which has no specific reserve. Net charge-offs decreased to $1,123,773 for the first half of 2011 from $1,394,879 for the first half of 2010.
Total assets at June 30, 2011 increased $34,669,489 as compared with December 31, 2010. Deposits increased $14,279,921 and federal funds purchased and securities sold under agreements to repurchase increased $28,942,450 at June 30, 2011 as compared with December 31, 2010, which funded the increase of $32,451,073 in available for sale securities and the decrease in borrowings from the Federal Home Loan Bank (“FHLB”) of $14,001,143 for the same period. Loans decreased $16,509,013 at June 30, 2011 as compared with December 31, 2010. Included in this decrease was the unexpected payoff of a loan relationship of $15,500,000 during the second quarter of 2011.
The Company’s on-going, systematic evaluation resulted in the Company recording a provision for loan losses of $546,000 and $1,585,000 for the second quarters of 2011 and 2010, respectively, and $1,187,000 and $2,735,000 for the first half of 2011 and 2010, respectively.
Non-interest income for the second quarter of 2011 decreased $1,233,205 as compared with the second quarter of 2010 as a result of changes in service charges on deposit accounts, gains on sales or calls of securities and a gain from redemption of life insurance. Service charges on deposit accounts decreased $124,339 in 2011 as compared with 2010, primarily due to the decrease in NSF fee income of $86,804. NSF fee income has decreased as a result of the local and national economy impacting customers’ overdraft activity as well as customers opting out of overdraft protection service for debit card transactions. Gains on sales or calls of securities were $7,174 for the second quarter of 2011 as compared with $1,563,441 for the second quarter of 2010. During 2010, the Company liquidated its entire mortgage-backed securities portfolio and some of its short-term U.S. Treasuries. As a result of the death of a participant in one of the Company’s deferred compensation plans, bank owned life insurance was redeemed during the second quarter of 2011, resulting in a gain of $389,119.
Non-interest income for the first half of 2011 decreased $1,343,428 as compared with the first half of 2010 as a result of changes in service charges on deposit accounts, gains on sales or calls of securities and a gain from redemption of life insurance. Service charges on deposit accounts decreased $277,814 in 2011 as compared with 2010, primarily due to the decrease in NSF fee income of $212,728. NSF fee income has decreased as a result of the local and national economy impacting customers’ overdraft activity as well as customers opting out of overdraft protection service for debit card transactions. Gains on sales or calls of securities were $7,174 for the first half of 2011 as compared with $1,567,486 for the first half quarter of 2010. During 2010, the Company liquidated its entire mortgage-backed securities portfolio and some of its short-term U.S. Treasuries. As a result of the death of a participant in one of the Company’s deferred compensation plans, bank owned life insurance was
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