Peoples reverses loss, posts $335K in net earnings during quarter

Money_rgbBILOXI — Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, reported net earnings of $335,000 for the second quarter of 2014 and $914,000 for the first half of the year, announced Chevis C. Swetman, chairman and CEO of the holding company and the bank.

Second quarter profits reversed a loss of $1,147,000 in the same period last year caused primarily by a $3,538,000 provision for loan loss mostly related to one out-of-area residential development loan. The loan loss provision for the second quarter of 2014 totaled $537,000, which is in line with provisions of most other quarters during the past three years.

Earnings per weighted average common share for the second quarter of 2014 were $.07 compared to a loss of $.23 per weighted average common share in the second quarter of 2013. Losses and earnings per share figures are based on weighted average common shares outstanding of 5,123,186 and 5,132,494, respectively, for the three-month periods ended June 30, 2014 and June 30, 2013.

The $914,000 in net earnings for the first half of 2014 reversed a $541,000 loss for the same period in 2013.

Earnings per weighted average common share for the first half of 2014 were $.18 compared to a loss of $.11 per weighted average common share in the first half of 2013. Losses and earnings per share figures are based on weighted average common shares outstanding of 5,123,186 and 5,134,620, respectively, for the six months ended June 30, 2014 and June 30, 2013.

“After a very difficult year in 2013, our bank’s results have been positive so far in 2014,” said Swetman. “We have scrubbed our balance sheet, and we have been able to resume our semi-annual dividend, which demonstrates the confidence our board has in our future operations.”

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