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Peoples Financial Corp Miss (PFBX+3.40%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $15,431,000 from $1,910,000 in the same quarter the previous year. This increase is primarily due to a one-time tax benefit of $15,194,000 from the reversal of a valuation allowance on deferred tax assets.
Total interest income for the quarter was $7,830,000, a slight decrease from $7,839,000 in the previous year, attributed to lower interest income on securities.
Interest expense increased to $2,551,000 from $1,490,000, driven by higher interest rates on deposits and borrowings.
Net interest income for the quarter was $5,279,000, down from $6,349,000 in the previous year.
Non-interest income increased slightly by $5,000 for the quarter, with gains in trust department income and fees.
Non-interest expenses decreased by $91,000, primarily due to a reduction in salary and employee benefits.
Peoples Financial reported total assets of $814,152,000 as of September 30, 2024, up from $797,738,000 at the end of 2023.
Total deposits decreased to $666,086,000 from $688,490,000, influenced by the loss of large public fund deposits.
The company recorded a negative provision for credit losses of $(48,000) for the quarter, reflecting improved credit conditions.
Peoples Financial's liquidity position remains strong, with cash and cash equivalents increasing to $42,253,000.
The company continues to focus on maintaining a strong capital base, with a community bank leverage ratio of 13.48% as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Peoples Financial Corp Miss quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.