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Peoples Financial Corp Miss (PFBX0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a reported net income of $21,703,000 for 2024, compared to $9,166,000 in 2023 and $8,941,000 in 2022. The increase in net income for 2024 is attributed to a tax benefit from the reversal of the valuation allowance on deferred tax assets.
Total assets at the end of 2024 were $831,849,000, up from $797,738,000 at the end of 2023. This increase was primarily driven by a rise in cash and due from banks, which grew by $84,950,000.
The company's loan portfolio decreased slightly, with total loans at $233,576,000 at the end of 2024, down from $238,339,000 at the end of 2023. The allowance for credit losses was $2,982,000, representing 1.28% of total loans.
Deposits increased to $720,730,000 in 2024 from $688,490,000 in 2023. The increase was mainly due to higher non-interest-bearing demand deposits.
Peoples Financial Corp Miss's primary subsidiary, The Peoples Bank, Biloxi, Mississippi, remains well-capitalized under regulatory standards, with a community bank leverage ratio of 13.95% as of December 31, 2024.
The filing also reports on various legal proceedings, including a shareholder lawsuit related to alleged breaches of fiduciary duties by the company's board of directors. The lawsuit is currently stayed pending further investigation.
The company did not experience any cybersecurity incidents that materially affected its operations in 2024, and it continues to enhance its cybersecurity measures.
Peoples Financial Corp Miss's board authorized a stock repurchase program in 2024, under which 44,220 shares were repurchased for $747,000 before the program expired on December 31, 2024.
The company paid dividends of $0.44 per share in 2024, compared to $0.53 in 2023 and $0.19 in 2022.
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 annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.