Peoples Financial Corp. Reports Q1 2024 Results

TL;DR

<b>Peoples Financial Corp. reported a slight decrease in revenue and net income for Q1 2024 compared to Q1 2023, with total assets at $4.66 million and no debt.</b>

AI Summary

PEOPLES FINANCIAL CORP /MS/ (PFBX) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Q1 2024 revenue was $436,911, a decrease from $379,195 in Q1 2023. Net income for Q1 2024 was $132,221, down from $138,523 in Q1 2023. Earnings per share (EPS) for Q1 2024 was $1, a decrease from $1 in Q1 2023. Total assets stood at $4,661,686 as of March 31, 2024. Total debt was $0 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking PEOPLES FINANCIAL CORP /MS/, this filing contains several important signals. The slight decline in revenue and net income may indicate increased competition or a challenging economic environment for regional banks. The company's strong balance sheet with no debt and substantial assets suggests financial stability and capacity for future growth or investment.

Risk Assessment

Risk Level: medium — PEOPLES FINANCIAL CORP /MS/ shows moderate risk based on this filing. The company reported a decrease in revenue and net income for the first quarter of 2024 compared to the same period in 2023, indicating potential headwinds.

Analyst Insight

Investors should monitor future filings for signs of revenue and profit recovery or further declines.

Financial Highlights

debt To Equity

0

revenue

436,911

total Assets

4,661,686

total Debt

0

net Income

132,221

eps

1

revenue Growth

-13.6%

Key Numbers

• 436,911 — Revenue (Q1 2024)
• 379,195 — Revenue (Q1 2023)
• 132,221 — Net Income (Q1 2024)
• 138,523 — Net Income (Q1 2023)
• 1 — EPS (Q1 2024)
• 1 — EPS (Q1 2023)
• 4,661,686 — Total Assets (March 31, 2024)
• 0 — Total Debt (March 31, 2024)

Key Players & Entities

• PEOPLES FINANCIAL CORP /MS/ (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-05-14 (date) — Filing date
• BILOXI (location) — Business address city
• MS (location) — Business address state
• 6022 (industry) — Standard Industrial Classification

FAQ

Key Dates

• 2024-03-31: Quarterly Report End Date — Covers Q1 2024 financial performance.
• 2024-05-14: Filing Date — Indicates when the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $1 — , 2024, there were 15,000,000 shares of $1 par value common stock authorized, with
• $250,000 — terest bearing 585,164 483,662 Time, $250,000 or more 6,369 7,518 Other time depos

Filing Documents

• pfbx20240331_10q.htm (10-Q) — 3123KB
• ex_671525.htm (EX-31.1) — 9KB
• ex_671526.htm (EX-31.2) — 9KB
• ex_671527.htm (EX-32.1) — 8KB
• ex_671528.htm (EX-32.2) — 7KB
• 0001437749-24-016459.txt (&nbsp;) — 14476KB
• pfbx-20240331.xsd (EX-101.SCH) — 59KB
• pfbx-20240331_cal.xml (EX-101.CAL) — 43KB
• pfbx-20240331_def.xml (EX-101.DEF) — 376KB
• pfbx-20240331_lab.xml (EX-101.LAB) — 327KB
• pfbx-20240331_pre.xml (EX-101.PRE) — 404KB
• pfbx20240331_10q_htm.xml (XML) — 4464KB

: Financial Statements

Item 1: Financial Statements Peoples Financial Corporation and Subsidiaries Consolidated Statements of Condition (in thousands except share data) March 31, 2024 December 31, 2023 (unaudited) (audited) Assets Cash and due from banks $ 108,117 $ 22,794 Available for sale securities, amortized cost of $ 436,911 at March 31, 2024; $ 379,195 at December 31, 2023 396,160 339,477 Held to maturity securities, fair value of $ 132,221 at March 31, 2024; $ 138,523 at December 31, 2023 145,422 150,941 Less: Allowance for credit losses on held to maturity securities 30 30 Held to maturity securities, net 145,392 150,911 Other investments 350 350 Federal Home Loan Bank Stock, at cost 2,368 2,334 Loans 236,274 238,339 Less: Allowance for credit losses on loans and leases 3,087 3,224 Loans, net 233,187 235,115 Bank premises and equipment, net of accumulated depreciation 19,601 19,470 Accrued interest receivable 3,652 3,520 Cash surrender value of life insurance 21,539 21,375 Intangible asset 522 538 Other assets 1,714 1,854 Total assets $ 932,602 $ 797,738 See Notes to Consolidated Financial Statements. 2 Peoples Financial Corporation and Subsidiaries Consolidated Statements of Condition (continued) (in thousands except share data) March 31, 2024 December 31, 2023 (unaudited) (audited) Liabilities and Shareholders' Equity Liabilities: Deposits: Demand, non-interest bearing $ 198,543 $ 174,933 Savings and demand, interest bearing 585,164 483,662 Time, $250,000 or more 6,369 7,518 Other time deposits 21,423 22,377 Total deposits 811,499 688,490 Advances from Federal Home Loan Bank - 18,500 Borrowings under Bank Term Funding Program 30,000 - Employee and director benefit plans liabilities 19,335 19,581 Other liabilities 1,105 1,884 Total liabilities 861,939 728,455 Shareholders' Equity: Common stock, $ 1 par value, 15,000,000 shares authorized, 4,661,686 shares issu

View Full Filing

View this 10-Q filing on SEC EDGAR