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