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Peoples Financial Corporation Earns $3,220,000 In 2009

The Peoples Bank is a wholly-owned subsidiary of Peoples Financial Corporation, listed on the NASDAQ Capital Market under the symbol PFBX. Additional information is available on the Internet at www.thepeoples.com.

This news release contains forward-looking statements and reflects industry conditions, company performance and financial results. These forward-looking statements are subject to a number of risk factors and uncertainties which could cause the Company's actual results and experience to differ from the anticipated results and expectation expressed in such forward-looking statements.

    
    
    
    
    PEOPLES FINANCIAL CORPORATION                                      
    (Unaudited) (In thousands, except weighted average shares and      
     per share figures)                                                
                                                                       
                                      Three Months Ended         Year Ended  
    EARNINGS SUMMARY                     December 31,           December 31, 
    ----------------                  ------------------       ------------- 
                                       2009        2008       2009       2008
                                       ----        ----       ----       ----
    Net interest income              $7,026      $7,108    $26,888    $28,610
    Provision for loan losses         1,500         252      5,225      2,347
    Non-interest income               2,762        (711)    10,146      7,268
    Non-interest expense              7,327       3,866     27,636     26,521
    Income taxes                        619         459        954      1,977
    Net income                          342       1,820      3,220      5,034
    Earnings per share                  .06         .35        .62        .94
                                                                          
    TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES                     
    ---------------------------------------------                     
                                      Three Months Ended        Year Ended   
                                         December 31,           December 31, 
                                      ------------------       -------------
                                       2009        2008       2009       2008
                                       ----        ----       ----       ----
    Allowance for loan losses                                           
     beginning of period             $8,107     $10,983    $11,114     $9,378
    Recoveries                          234         341        569        673
    Charge-offs                      (2,013)       (462)    (9,080)    (1,284)
    Provision for loan losses         1,500         252      5,225      2,347
                                      -----         ---      -----      ----- 
    Allowance for loan losses end of                                         
     period                          $7,828     $11,114     $7,828    $11,114 
                                     ======     =======     ======    ======= 
                                                                              
    ASSET QUALITY                        December 31,                         
    -------------                        ------------                         
                                       2009        2008                   
                                       ----        ----                   
    Allowance for loan losses as a                                         
     percentage of loans              1.68%       2.38%                   
    Loans past due 90 days and                                             
     still accruing                  $4,218      $2,340                   
    Nonaccrual loans                 22,006      15,553                   
                                                                     
    PERFORMANCE RATIOS (annualized)      December 31,                   
    -------------------------------      ------------                   
                                       2009        2008             
                                       ----        ----             
    Return on average assets           .36%        .55%            
    Return on average equity          3.06%       4.73%            
    Net interest margin               3.36%       3.62%            
    Efficiency ratio                    87%         79%            
    Primary capital                  12.49%      12.81%            
                                                                 
    BALANCE SHEET SUMMARY                December 31,            
    ---------------------                ------------            
                                       2009        2008          
                                       ----        ----          
    Total assets                   $869,007    $896,408          
    Loans                           464,976     467,377          
    Securities                      323,689     349,816          
    Other real estate (ORE)           1,521         397          
    Total deposits                  470,701     510,476          
    Total federal funds purchased   174,431     226,609         
    Shareholders' equity            103,588     107,000         
    Book value per share              20.11       20.27         
    Weighted average shares       5,170,430   5,342,470         
    
    
    

SOURCE Peoples Financial Corporation

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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