Peoples Financial Corporation Reports Fourth Quarter And Year-End Results

BILOXI, Miss., Jan. 24, 2018

Net income for the full year 2017 was $2,758,000 as compared to $167,000 for 2016. Earnings per weighted average common share for 2017 were $0.54 compared to $0.03 for 2016. "We are pleased with the financial results for the fourth quarter and year ended 2017," said Chevis C. Swetman, chairman and chief executive officer of the holding company and the bank. He further added, "We look forward to enhancing our financial performance in 2018. "

The Tax Cuts and Jobs Act, which was enacted on December 22, 2017, positively impacted fourth quarter earnings for 2017.   Under this legislation, the Company was able to remove the existing valuation allowance on its Alternative Minimum Tax ("AMT") credit carryforwards which resulted in a deferred tax benefit of $742,000.

For the fourth quarter of 2017, the provision for loan losses was $31,000 compared to $431,000 for the same period the prior year. Charge-offs for the fourth quarter of 2017 were $73,000 compared to $1,987,000 for the same period the prior year. Other Real Estate ("ORE") as of December 31, 2017 was $8,232,000 compared to $8,513,000 as of December 31, 2016. The allowance for loan losses as a percentage of total loans was 2.19% as of December 31, 2017 compared to 1.73% as of December 31, 2016.

The holding company's primary capital ratio was 14.34% at December 31, 2017, compared to 13.99% at December 31, 2016. The company's book value per share was $17.84 and $17.27 at year end 2017 and 2016.

Founded in 1896, with $650 million in assets as of December 31, 2017, 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.