Peoples Financial Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Peoples Financial Corp. filed its 2023 10-K, reporting $379.2M in revenue and $138.5M in net income.</b>

AI Summary

PEOPLES FINANCIAL CORP /MS/ (PFBX) filed a Annual Report (10-K) with the SEC on March 20, 2024. Peoples Financial Corp. reported total revenue of $379,195,000 for the fiscal year ended December 31, 2023. Net income for the fiscal year 2023 was $138,523,000. Earnings per share (EPS) for 2023 were $0.53. The company's total assets amounted to $4,678,186,000 as of December 31, 2023. Total debt for Peoples Financial Corp. was $15,000,000 as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking PEOPLES FINANCIAL CORP /MS/, this filing contains several important signals. The 10-K filing provides a comprehensive overview of Peoples Financial Corp.'s financial performance and position for the fiscal year 2023, including key metrics like revenue, net income, and total assets. Investors and analysts can use this filing to assess the company's financial health, profitability, and strategic direction, comparing it against previous periods and industry benchmarks.

Risk Assessment

Risk Level: medium — PEOPLES FINANCIAL CORP /MS/ shows moderate risk based on this filing. The company operates in the highly regulated banking sector, which is subject to significant oversight and potential changes in monetary policy and economic conditions, as evidenced by the detailed risk factors typically found in a 10-K filing for a financial institution.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's performance drivers and potential challenges in the upcoming fiscal year.

Financial Highlights

revenue

379,195,000

total Assets

4,678,186,000

total Debt

15,000,000

net Income

138,523,000

eps

0.53

revenue Growth

-4.7%

Key Numbers

• 379,195,000 — Total Revenue (Fiscal year ended December 31, 2023)
• 138,523,000 — Net Income (Fiscal year ended December 31, 2023)
• 0.53 — EPS (Fiscal year ended December 31, 2023)
• 4,678,186,000 — Total Assets (As of December 31, 2023)
• 15,000,000 — Total Debt (As of December 31, 2023)
• 397,926,000 — Revenue (Previous Year) (Fiscal year ended December 31, 2022)
• 180,050,000 — Net Income (Previous Year) (Fiscal year ended December 31, 2022)
• 0.19 — EPS (Previous Year) (Fiscal year ended December 31, 2022)

Key Players & Entities

• PEOPLES FINANCIAL CORP /MS/ (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-03-20 (date) — Filed as of date
• 15,000,000 (dollar_amount) — Total Debt
• 4,678,186,000 (dollar_amount) — Total Assets
• 379,195,000 (dollar_amount) — Total Revenue
• 138,523,000 (dollar_amount) — Net Income
• 0.53 (dollar_amount) — Earnings Per Share

FAQ

Key Financial Figures

• $1.00 — to Section 12 (g) of the Act: Common, $1.00 Par Value (Title of each class) Indi
• $250,000 — the "DIF") generally up to a maximum of $250,000 per separately insured depositor and up
• $10 b — r institutions with assets of less than $10 billion, such as the Bank, are based on f
• $10 billion — total consolidated assets of less than $10 billion by instructing the federal banking regu

Filing Documents

• pfbx20231231_10k.htm (10-K) — 4447KB
• ex_641466.htm (EX-23.1) — 3KB
• ex_639766.htm (EX-23.2) — 3KB
• ex_639760.htm (EX-31.1) — 9KB
• ex_639761.htm (EX-31.2) — 9KB
• ex_639762.htm (EX-32.1) — 7KB
• ex_639763.htm (EX-32.2) — 7KB
• a01.jpg (GRAPHIC) — 2KB
• eisnerlogo.jpg (GRAPHIC) — 2KB
• wipfli.jpg (GRAPHIC) — 4KB
• wipflisig.jpg (GRAPHIC) — 3KB
• 0001437749-24-008643.txt (&nbsp;) — 18970KB
• pfbx-20231231.xsd (EX-101.SCH) — 106KB
• pfbx-20231231_cal.xml (EX-101.CAL) — 72KB
• pfbx-20231231_def.xml (EX-101.DEF) — 685KB
• pfbx-20231231_lab.xml (EX-101.LAB) — 582KB
• pfbx-20231231_pre.xml (EX-101.PRE) — 741KB
• pfbx20231231_10k_htm.xml (XML) — 4802KB

RISK FACTORS

RISK FACTORS 28 Item 1B. UNRESOLVED STAFF COMMENTS 28 Item 1C CYBERSECURITY 28 Item 2.

PROPERTIES

PROPERTIES 29 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 30 Item 4. MINE SAFETY DISCLOSURES 30 PART II Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 31 Item 6. [RESERVED] 32 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 32 Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 49 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 49 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 112 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 114 Item 9B. OTHER INFORMATION 115 Part III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 115 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 115 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 115 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 116 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 116 PART IV Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 116 Item 16. FORM 10-K SUMMARY 117

Signatures

Signatures 118 2 PART I

- DESCRIPTION OF BUSINESS

ITEM 1 - DESCRIPTION OF BUSINESS BACKGROUND AND CURRENT OPERATIONS General Peoples Financial Corporation (the "Company") is a corporation that was organized as a one bank holding company in 1985. The Company is headquartered in Biloxi, Mississippi. At December 31, 2023, the Company operated in the state of Mississippi through its wholly owned subsidiary, The Peoples Bank, Biloxi, Mississippi (the "Bank"). The Company is engaged, through this subsidiary, in the banking business. The Bank is the Company's principal asset and primary source of revenue. The main office, operations center and asset management and trust services of the Bank are located in downtown Biloxi, MS. At December 31, 2023, the Bank also had 17 branches located throughout Harrison, Hancock, Jackson and Stone Counties. The Bank has automated teller machines ("ATM") at its main office, all branch locations and at one non-proprietary location. The Bank Subsidiary The Company's wholly-owned bank subsidiary was originally chartered in 1896 in Biloxi, Mississippi, as The Peoples Bank of Biloxi. The Bank is a state chartered bank whose deposits are insured under the Federal Deposit Insurance Act. The Bank is not a member of the Federal Reserve System. The legal name of the Bank was changed to The Peoples Bank, Biloxi, Mississippi, during 1991. Most of the Bank's business originates from Harrison, Hancock, Stone and Jackson Counties in Mississippi; however, some business is obtained from other counties in southern Mississippi, southern Louisiana and southern Alabama. Nonbank Subsidiary In 1985, PFC Service Corp. ("PFC") was chartered and began operations as the second wholly-owned subsidiary of Peoples Financial Corporation. The purpose of PFC was principally the leasing of automobiles and equipment. PFC is inactive at this time. Products And Services The Bank currently offers a variety of services to individuals and small to middle market businesses within its trade area. The Company's tr

View Full Filing

View this 10-K filing on SEC EDGAR