Peoples Financial Corporation Q1 net income $292,000
Staff Writer |
Peoples Financial Corporation, parent of The Peoples Bank, announced earnings for the first quarter ending March 31, 2018.
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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 were $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.
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. ■