Peoples’ numbers back in the black as loan losses fall

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

[RSS Feed] [del.icio.us]



To sign up for Mississippi Business Daily Updates, click here.

One Response to “Peoples’ numbers back in the black as loan losses fall”

  1. US Trending Topics » Peoples’ numbers back in the black as loan losses fall Says:

    [...] Peoples’ numbers back in the black as loan losses fall 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. Read more on Mississippi Business Journal [...]

POST A COMMENT

 

Twang & Tourism: The Country Music Trail

Our annual "Come See Us" magazine offers ideas for spots in Mississippi ranging from golf to culture to history to food. Click the photo for ideas, stories and access to the digital edition of this year's magazine.

FOLLOW THE MBJ ON TWITTER

Top Posts & Pages

%d bloggers like this: