Peoples Financial Corporation Restates 2011 Earnings
Peoples Financial Corporation (NASDAQ: PFBX), parent of The Peoples Bank, revised fourth quarter and 2011 earnings to account for an additional loan loss provision of $660,000, announced Chevis C. Swetman, Chairman and Chief Executive Officer of the holding company and the bank.
As a result of the revisions, fourth quarter earnings totaled ($622,000) for the fourth quarter 2011 and $1,203,000 for the full year. The increase in the loan loss reserve and a reduction of $45,000 in the carrying value of real estate owned combined to reduce fourth quarter earnings by $500,000, net of taxes.
The adjustments were the result of new appraisals on real estate securing certain loans and on one parcel in the bank's other real estate portfolio, said Swetman.
"We learned of these changes after we announced our annual earnings," said Swetman, "which required us to allocate additional specific reserves as of December 31, 2011," he said.
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