Swetman: Peoples’ profit ‘not at the levels we would wish’

BILOXI — Peoples Financial Corporation, parent of The Peoples Bank, reported net income of $886,000 for the third quarter of 2013, an increase of 18 percent over the same period a year ago.

Earnings year to date in 2013 were impacted in the second quarter by a large loan loss provision mostly related to a single, out of area residential development loan. For the first nine months of 2013, the company recorded a net income of $345,000, compared to net income of $1,816,000 for the same period in 2012.

Earnings per weighted average common share for the third quarter of 2013 were $.18, compared to earnings of $.14 per weighted average common share in the third quarter of 2012. Earnings per share figures are based on weighted average common shares outstanding of 5,123,316 and 5,136,918, respectively, for the three-month periods ended Sept. 30, 2013 and Sept. 30, 2012.

“Our bank’s core operating earnings remain consistently profitable, although not at the levels we would wish,” said Chevis C. Swetman, chairman and CEO of the holding company and the bank. “Our senior management team continues to focus on cleaning up our balance sheet to prepare us for more robust growth when our local economy gains more momentum.”

Nonaccrual loans decreased 15 percent during third quarter 2013 compared to the same quarter last year. The loan loss allowance at the end of the most current quarter now totals $11,696,000, 65 percent higher than in the same period last year, representing 2.95 percent of total loans as of Sept. 30, 2013. Loan volume at the end of third quarter 2013 totaled $396 million, down 9 percent from the same period a year ago.

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