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Peoples Financial Corporation Third Quarter Income Rises 30% Over Same Period Last Year

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2012 third quarter results improve 33% above second quarter

BILOXI, Miss., Oct. 24, 2012 /PRNewswire/ -- Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, earned $749,000 in the third quarter of 2012, an increase of 30% over the same period last year and 33% more than the second quarter this year, announced Chevis C. Swetman, Chairman and Chief Executive Officer of the holding company and the bank.

Earnings per weighted average share for third quarter of 2012 totaled $.14 compared to $.12 per weighted average share in the same period last year and $.11 in the second quarter of this year. Earnings per share figures are based on weighted average shares outstanding of 5,136,918 as of September 30, 2012 and 2011.

Net income in the first nine months of 2012 totaled $1,816,000, compared to $1,825,000 for the same period in 2011.

"Our results for third quarter continue to show steady improvement," said Swetman. "Our loan volume is still gradually increasing, and our provision for loans losses is leveling off," he added.

The provision for loan losses in the third quarter this year totaled $541,000, compared to $544,000 in the same quarter last year.  

Loans outstanding as of the first nine months of 2012 increased to $435 million, 3% more than the loan portfolio at the same time last year.

The bank's primary capital ratio rose to 14.49% at the end of the third quarter of 2012, compared to 14.17% at the end the same period in 2011. That remains the highest level of primary capital since 2004.

Founded in 1896, with $813 million in assets as of September 30, 2012, The Peoples Bank operates 16 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to 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 NASDAQ Capital 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 FINANCIAL HIGHLIGHTS





(Unaudited)









(In thousands, except weighted average shares and per share figures)










EARNINGS SUMMARY











Three Months Ended September 30,


Nine Months Ended September 30,



2012


2011


2012


2011

Net interest income


$             5,622


$             5,432


$     16,908


$ 16,981

Provision for loan losses


541


544


2,371


1,731

Non-interest income


2,303


2,960


7,320


7,434

Non-interest expense


6,585


7,419


20,138


21,349

Income taxes


50


(148)


(97)


(490)

Net income


749


577


1,816


1,825

Earnings per share


.14


.12


.35


.36










TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES



Three Months Ended September 30,


Nine Months Ended September 30,



2012


2011


2012


2011

Allowance for loan losses, beginning

$             6,743


$             6,714


$       8,135


$   6,650

Recoveries


33


13


103


206

Charge-offs


(229)


(247)


(3,521)


(1,563)

Provision for loan losses


541


544


2,371


1,731

Allowance for loan losses, ending


$             7,088


$             7,024


$       7,088


$   7,024










ASSET QUALITY


September 30,







2012


2011





Allowance for loan losses as a percentage of loans


1.62%


1.66%





Loans past due 90 days and still accruing


$                167


$             6,380





Nonaccrual loans


53,918


32,244














PERFORMANCE RATIOS (annualized)



September 30,







2012


2011





Return on average assets


.30%


.30%





Return on average equity


2.19%


2.33%





Net interest margin


3.07%


3.24%





Efficiency ratio


92%


94%





Primary capital


14.49%


14.17%














BALANCE SHEET SUMMARY



September 30,







2012


2011














Total assets


$        813,434


$        817,267





Loans


435,336


422,157





Securities


302,922


311,736





Other real estate (ORE)


7,369


6,963





Total deposits


498,016


487,854





Total federal funds purchased


140,076


172,941





Shareholders' equity


111,169


107,611





Book value per share


21.64


20.95





Weighted average shares


5,136,918


5,136,918





 

SOURCE Peoples Financial Corporation

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