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Tag Archives: loss

Peoples Bank reports quarterly loss due to bad loans

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. ...

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

BILOXI — 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 ...

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Survey: Losses from late April storms could reach $1B

According to a report from a global reinsurance firm, the late April storm system that caused widespread damage and fatalities in Mississippi and 19 other states could be the world’s first billion-dollar storm of 2014. Impact Forecasting, the catastrophe model development center at Chicago-based Aon Benfield, has released the latest edition of its monthly Global Catastrophe Recap report, which reviews ...

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Chaney asks insurers to work with storm victims

JACKSON — To assist Mississippians struggling to overcome significant losses caused by the recent storms, Commissioner of Insurance Mike Chaney has instructed insurers to work with policyholders in impacted areas regarding payment of premiums. The Mississippi Insurance Department has issued Bulletin 2014-3, effective yesterday, which applies to commercial property, homeowners, dwelling fire and commercial and personal automobile policies. Insurers are ...

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TVA loses $67M in first quarter of 2014

KNOXVILLE, Tenn. ― The Tennessee Valley Authority reports that operating expenses declined and its bottom line results improved in the first quarter of fiscal year 2014 compared with the same quarter a year ago. “Our efforts to keep rates low and reliability high for our customers by working more efficiently helped to offset lower sales and revenues reported in the ...

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Hancock Fabrics reports improved performance

BALDWYN — Hancock Fabrics Inc. has released financial results for its third quarter ended Oct. 26 and first 39 weeks of fiscal 2013. Financial results for the third quarter include: • Comparable store sales increased by 1.1 percent following a 2.3 percent increase in the third quarter of 2012. Net sales were virtually flat at $71.8 million compared to $71.9 ...

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Hospital system expects millions in losses from federal cuts

HATTIESBURG — The Forrest Health hospital system is expecting its first red ink since 2007. The projected $2.5 million loss for fiscal 2014 is from federal cuts, including payments for uninsured patients, CEO Evan Dillard told The Hattiesburg American. Forrest General alone is expected to lose $3.7 in such “disproportionate share” payments, he said in an email. Across the city, ...

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Hospital continues to operate in black after big losses

PHILADELPHIA — Neshoba County General Hospital and Nursing Home generated a profit of $3.5 million profit during fiscal 2012 after a $213,575 profit the previous year, according to audited financial statements. The Neshoba Democrat reports the hospital had a loss of $1.9 million in 2010. Hospital administrator Lonnie Graeber said overall expenses were reduced by about $2 million while revenue ...

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First M&F slashes quarterly net income by nearly $2M

KOSCIUSKO — First M&F Corp. has revised net income for the quarter ended June 30, 2013 to $222,000 from $2.205 million reported in the July 19 earnings announcement. Earnings per share after preferred stock dividends were revised to a loss of $.03 basic and diluted per share from the previously reported net profit of $.18 basic and $.17 diluted per ...

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Entergy's earnings plummet, utility will cut 800 jobs

NEW ORLEANS — Entergy Corp. said its second-quarter net income dropped 55 percent, weighed down by higher expenses and absent a favorable tax ruling received during the prior-year period. The New Orleans-based utility also said today that it is cutting about 800 jobs, or about 5 percent of its workforce of 15,000. It says that the job cuts are part ...

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