Peoples’ numbers back in the black as loan losses fall
by For the MBJ
Published: April 28,2011
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
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Peoples’ numbers back in the black as loan losses fall”
Top Posts & Pages
- Omega Protein shifting vessels to Mississippi
- CARTOON — Nobile illustrates Thad Cochran's most significant advantage over the competition
- Bankrupt Simply Wheelz chooses prevailing bidder for assets
- Judge denies ex-mayor's motion to vacate Katrina-related conviction
- IKE TROTTER: There are primary changes in Social Security for 2014
- Wiseman retiring after nearly 30 years with Stennis Institute
- Real estate developer to plead guilty to wetlands violation
- PSC unanimously rejects Entergy-ITC proposed merger
- Company mulling plan to build new pipeline
- Alumni-couple donate $12.3M to Mississippi State