BILOXI — The parent of The Peoples Bank reported a net loss of $1.8 million for the quarter ending Sept. 30.
Peoples Financial Corporation CEO Chevis Swetman says the loss stemmed primarily from issues with two loans.
Swetman says the bank’s fundamentals remain sound, though it was forced to write down one loan and move a second to nonaccrual status.
The company took total loan-loss provisions of $3.5 million during the third quarter, compared to $542,000 for the same period in 2013.
Peoples recorded a net loss of 35 cents per share for the third quarter compared to net earnings of 18 cents a share in the year-ago quarter.
The Peoples Bank operates 18 branches along the Mississippi Gulf Coast and recorded total assets of $753 million as of Sept. 30.