BILOXI — Peoples Financial Corporation, parent of The Peoples Bank, earned $438,000 in the first quarter of 2011, compared to a loss of $1.197 million in the last quarter of 2010, announced Chevis C. Swetman, chairman and CEO of the holding company and the bank.
The provision for loan losses in the first quarter of 2011 fell to $641,000, compared to $3.065 million in the fourth quarter of 2010 and $1.15 million in the first quarter a year ago.
“All these metrics indicate to us that maybe, just maybe, the business cycle has finally hit bottom,” said Swetman. “Of course, there is no guarantee that our local economy will not bounce along the bottom for a while, because we see virtually no up-tick in loan demand yet.”
Source: Peoples Financial Corporation
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info