Peoples Financial Corporation Announces Recovery Of $4,510,359 On Previously Charged Off Loan
BILOXI, Miss., Feb. 22, 2021 /PRNewswire/ -- Peoples Financial Corporation (OTCQX Best Market: PFBX), parent of The Peoples Bank, announced the recovery of
The bank had previously made provisions on this one commercial customer which was in bankruptcy as follows:
2nd Quarter 2020 | |
3rd Quarter 2020 | |
Charged off Loan 9/30/2020 | |
Loan Recovery 2/22/2021 | |
Net Loss on customer |
The following is the timeline associated with this commercial loan activity since non-accrual:
5/28/19 Loan placed on non-accrual
10/25/19 Commercial business files bankruptcy
6/30/20
9/4/20 Bankruptcy court approves final sale of assets free and clear of all liens, claims, interests and encumbrances by private sale for
9/30/20
9/30/20
11/18/2020 The closing for the sale was completed on 11/18/20, and the purchase money funds, less amounts stated pursuant to the sale order, were placed into an escrow account at Regions Bank
12/3/20 Motion to transfer funds filed by Peoples
1/28/21 Hearing set by court on Bank's motion to disburse funds. Judge grants motion to transfer funds.
"This significant recovery is very welcomed," said Chevis C. Swetman, Chairman and Chief Executive Officer of the holding company and the bank. He added, "Bank management has been focused on reducing all non-performing assets. The results of these efforts have been the decrease in non-accrual loans from
The company's capital maintains its position as one of the highest in the Southeast United States. The company's primary capital ratio was
Founded in 1896, with
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.
PEOPLES FINANCIAL CORPORATION | ||||||||
(Unaudited) (In thousands, except weighted average shares and per share figures) | ||||||||
EARNINGS SUMMARY | Three Months Ended December 31, | Year Ended December 31, | ||||||
2020 | 2019 | 2020 | 2019 | |||||
Net interest income | $ 4,519 | $ 4,393 | $ 17,727 | $ 17,682 | ||||
Provision for loan losses | 54 | (169) | 6,002 | |||||
Non-interest income | 1,638 | 1,579 | 7,251 | 6,367 | ||||
Non-interest expense | 5,438 | 5,015 | 21,727 | 22,370 | ||||
Net income (loss) | 665 | 1,126 | (2,751) | 1,679 | ||||
Earnings (loss) per share | .14 | .23 | (.56) | .34 | ||||
TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2020 | 2019 | 2020 | 2019 | |||||
Allowance for loan losses, beginning of period | $ 4,401 | $ 4,383 | $ 4,207 | $ 5,340 | ||||
Recoveries | 10 | 73 | 194 | 195 | ||||
Charge-offs | (39) | (80) | (5,977) | (1,328) | ||||
Provision for loan losses | 54 | (169) | 6,002 | |||||
Allowance for loan losses, end of period | $ 4,426 | $ 4,207 | $ 4,426 | $ 4,207 | ||||
ASSET QUALITY | December 31, | |||||||
2020 | 2019 | |||||||
Allowance for loan losses as a | ||||||||
percentage of loans | ||||||||
Loans past due 90 days and | ||||||||
still accruing | $ | $ | ||||||
Nonaccrual loans | 3,027 | 9,266 | ||||||
PERFORMANCE RATIOS | December 31, | |||||||
2020 | 2019 | |||||||
Return on average assets | ( | |||||||
Return on average equity | ( | |||||||
Net interest margin | ||||||||
Efficiency ratio | ||||||||
Primary capital | ||||||||
BALANCE SHEET SUMMARY | December 31, | |||||||
2020 | 2019 | |||||||
Total assets | $ 668,026 | $ 594,702 | ||||||
Loans | 278,421 | 268,949 | ||||||
Securities | 260,560 | 253,314 | ||||||
Other real estate (ORE) | 3,475 | 7,453 | ||||||
Total deposits | 550,498 | 476,143 | ||||||
Shareholders' equity | 94,866 | 95,123 | ||||||
Book value per share | 19.45 | 19.24 | ||||||
Weighted average shares | 4,893,151 | 4,943,186 |
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SOURCE Peoples Financial Corporation