Peoples Financial Corp. (PFBX, Financial) filed Quarterly Report for the period ended 2010-03-31.
Peoples Financial Corp. has a market cap of $71 million; its shares were traded at around $13.77 with a P/E ratio of 29.9 and P/S ratio of 1.6. The dividend yield of Peoples Financial Corp. stocks is 1.4%.
Total assets at March 31, 2010 experienced only a relatively slight decrease of $3,073,629 as compared with December 31, 2009. However, proceeds from the net payments of loans of $16,102,370 at March 31, 2010 as compared with December 31, 2009 funded the increase in available for sale securities of $13,143,177 during this same time frame.
approximately $817,372,000 for the first quarter of 2009 to approximately $778,266,000 for the first quarter of 2010. The average yield on earning assets increased slightly but positively by 5 basis points, from 4.27% for the first quarter of 2009 to 4.32% for the first quarter of 2010, with the biggest impact to the yield on loans as the Company began including floors on its variable rate loans.
Average interest bearing liabilities decreased approximately $28,560,000, or 4%, from approximately $675,763,000 for the first quarter of 2009 to approximately $647,203,000 for the first quarter of 2010. The average rate paid on interest bearing liabilities decreased 59 basis points, from 1.36% for the first quarter of 2009 to .77% for the first quarter of 2010. This dramatic decrease is the result of utilizing lower cost funding sources including brokered deposits and Federal Home Loan Bank advances in 2010 as compared with 2009.
Management relies on its guidelines and existing methodology to monitor the performance of its loan portfolio and identify and estimate potential losses based on the best available information. The potential effect resulting from the economic downturn on a national and local level, the decline in real estate values and actual losses incurred by the Company were key factors in our analysis. The Companys on-going, systematic evaluation resulted in the Company recording a provision for loan losses of $1,150,000 and $348,000 for the first quarters of 2010 and 2009, respectively.
Other income decreased $236,762 for the first quarter of 2010 as compared with the first quarter of 2009 as a result of the decrease in gain (loss) on other investments of $125,888, and gains of $94,423 from non-recurring transactions in 2009.
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Peoples Financial Corp. has a market cap of $71 million; its shares were traded at around $13.77 with a P/E ratio of 29.9 and P/S ratio of 1.6. The dividend yield of Peoples Financial Corp. stocks is 1.4%.
Highlight of Business Operations:
Net income for the first quarter of 2010 was $871,455 compared with $1,702,967 for the first quarter of 2009. Net interest income increased $718,259 for the first quarter of 2010 as compared with the first quarter of 2009 primarily from the dramatic decrease in the costs of funds. Results for 2010 included an increase in the provision for loan losses of $802,000, a decrease in gain (loss) on other investments of $125,888, an increase in FDIC insurance assessments of $270,464 and an increase in other expenses of $113,120 as compared with 2009.Total assets at March 31, 2010 experienced only a relatively slight decrease of $3,073,629 as compared with December 31, 2009. However, proceeds from the net payments of loans of $16,102,370 at March 31, 2010 as compared with December 31, 2009 funded the increase in available for sale securities of $13,143,177 during this same time frame.
approximately $817,372,000 for the first quarter of 2009 to approximately $778,266,000 for the first quarter of 2010. The average yield on earning assets increased slightly but positively by 5 basis points, from 4.27% for the first quarter of 2009 to 4.32% for the first quarter of 2010, with the biggest impact to the yield on loans as the Company began including floors on its variable rate loans.
Average interest bearing liabilities decreased approximately $28,560,000, or 4%, from approximately $675,763,000 for the first quarter of 2009 to approximately $647,203,000 for the first quarter of 2010. The average rate paid on interest bearing liabilities decreased 59 basis points, from 1.36% for the first quarter of 2009 to .77% for the first quarter of 2010. This dramatic decrease is the result of utilizing lower cost funding sources including brokered deposits and Federal Home Loan Bank advances in 2010 as compared with 2009.
Management relies on its guidelines and existing methodology to monitor the performance of its loan portfolio and identify and estimate potential losses based on the best available information. The potential effect resulting from the economic downturn on a national and local level, the decline in real estate values and actual losses incurred by the Company were key factors in our analysis. The Companys on-going, systematic evaluation resulted in the Company recording a provision for loan losses of $1,150,000 and $348,000 for the first quarters of 2010 and 2009, respectively.
Other income decreased $236,762 for the first quarter of 2010 as compared with the first quarter of 2009 as a result of the decrease in gain (loss) on other investments of $125,888, and gains of $94,423 from non-recurring transactions in 2009.
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