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Peoples Financial posts reduced 3Q profit

BILOXI — Mississippi banking company Peoples Financial Corp. says it posted a lower third-quarter profit as lower interest rates and less borrowing took their toll.

For the July-through-September quarter, Biloxi-based Peoples earned $364,000, or 7 cents per share, compared with year-ago earnings in the third quarter of $974,000, or 17 cents per share.

The company said interest income fell to its lowest level since 2004 while loan demand dropped by nearly 10 percent.

Peoples has 16 branches along the Mississippi Gulf coast.

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