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8-K - CURRENT REPORT - PEOPLES FINANCIAL CORP /MS/ | pebx_8k.htm |
Exhibit
99.1
FOR IMMEDIATE RELEASE
For
more information, contact:
Paul D.
Guichet, Vice President
228-435-8761
pguichet@thepeoples.com
PEOPLES FINANCIAL CORPORATION
REPORTS RESULTS FOR FIRST QUARTER OF 2018
AND ANNOUNCES DIVIDEND
BILOXI, MS (April 25, 2018)—Peoples Financial
Corporation (OTCQX Best Market:
PFBX), parent of The Peoples Bank, announced earnings for
the first quarter ending March 31, 2018. Additionally, the company
declared a cash dividend of $0.01 per common share, payable May 10,
2018 to shareholders of record as of May 7, 2018.
The
company reported net income of $292,000 for the first quarter of
2018 compared to net income of $74,000 for the first quarter of
2017. Earnings per weighted average common share for the first
quarter of 2018 was $0.06 compared to $0.01 for the first quarter
2017. Per share figures are based on weighted average common shares
outstanding of 5,080,514 and 5,123,186 for the quarters ended March
31, 2018 and 2017, respectively.
Provision
for loan losses during the first quarter of 2018 increased to
$35,000 compared to $26,000 for the same period last year. The
Allowance for Loan Losses as a percentage of total loans was 2.26%
as of March 31, 2018 as compared to 1.81% as of March 31,
2017.
“We
are pleased with our financial progress in the first
quarter,” said Chevis C. Swetman, chairman and chief
executive officer of the holding company and the bank. He added,
“We look forward to continuing our successful financial
performance in 2018. “
As of
March 31, 2018, nonaccrual loans decreased to $12,886,000 compared
to $13,319,000 as of March 31, 2017. The Company had no loans past
due 90 days and still accruing for the quarters ended March 31,
2018 and 2017, respectively. For the first quarter of 2018, loan
charge-offs increased to $152,000 as compared to $59,000 for the
same period the prior year. As of March 31, 2018, loan recoveries
were $176,000 compared to $49,000 as of March 31,
2017.
The
holding company’s primary capital ratio was 14.24% at March
31, 2018, compared to 13.36% at March 31, 2017. The company’s
book value per share was $17.16 and $17.49 for the quarters ended
March 31, 2018 and 2017, respectively.
Founded
in 1896, with $647 million in assets as of March 31, 2018, The
Peoples Bank operates 18 branches along the Mississippi Gulf Coast
in Hancock, Harrison, Jackson and Stone counties. In addition to
offering a comprehensive range of retail and commercial banking
services, the bank also operates a trust and investment services
department that has provided customers with financial, estate and
retirement planning services since 1936.
The
Peoples Bank is a wholly-owned subsidiary of Peoples Financial
Corporation, listed on the OTCQX Best Market under the symbol PFBX.
Additional information is available on the Internet at
www.thepeoples.com.
This
news release contains forward-looking statements and reflects
industry conditions, company performance and financial results.
These forward-looking statements are subject to a number of risk
factors and uncertainties which could cause the Company’s
actual results and experience to differ from the anticipated
results and expectation expressed in such forward-looking
statements.
PEOPLES FINANCIAL CORPORATION
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(In thousands, except per share figures) (Unaudited)
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EARNINGS SUMMARY
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Three
Months Ended March 31,
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2018
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2017
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Net
interest income
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$4,269
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$4,322
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Provision
for loan losses
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35
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26
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Non-interest
income
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1,523
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1,542
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Non-interest
expense
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5,465
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5,764
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Net
income
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292
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74
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Earnings
per share
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.06
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.01
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TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES
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Three
Months Ended March 31,
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2018
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2017
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Allowance
for loan losses, beginning of period
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$6,153
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$5,466
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Recoveries
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176
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49
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Charge-offs
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(152)
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(59)
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Provision
for loan losses
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35
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26
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Allowance
for loan losses, end of period
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$6,212
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$5,482
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PERFORMANCE RATIOS
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March
31,
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2018
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2017
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Return
on average assets
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0.18%
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0.04%
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Return
on average equity
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1.32%
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0.33%
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Net
interest margin
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3.10%
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2.85%
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Efficiency
ratio
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95%
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99%
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BALANCE SHEET SUMMARY
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March
31,
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2018
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2017
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Total
assets
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$646,845
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$725,387
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Loans
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275,452
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303,192
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Securities
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295,405
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274,280
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Other
real estate (ORE)
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8,845
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8,247
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Total
deposits
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538,936
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616,343
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Shareholders'
equity
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87,052
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89,629
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Book
value per share
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17.16
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17.49
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Weighted
average shares
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5,080,514
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5,123,186
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PERIOD END DATA
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March
31,
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2018
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2017
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Allowance
for loan losses as a
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percentage
of loans
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2.26%
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1.81%
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Loans
past due 90 days and
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still
accruing
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Nonaccrual
loans
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12,886
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13,319
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Primary
capital
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14.24%
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13.36%
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