þ | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Mississippi | 64-0709834 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
Lameuse and Howard Avenues, Biloxi, Mississippi | 39533 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer þ |
Non-accelerated filer
o
Do not check if a smaller reporting company |
Smaller reporting company o |
June 30, 2010 | December 31, 2009 | |||||||
(Unaudited) | (Audited) | |||||||
|
||||||||
Assets
|
$ | 43,112,297 | $ | 29,155,294 | ||||
Cash and due from banks
|
||||||||
|
||||||||
Available for sale securities
|
341,083,476 | 311,434,437 | ||||||
|
||||||||
Held to maturity securities, fair
value of $2,956,033 at June 30, 2010;
$3,340,974 at December 31, 2009
|
2,813,459 | 3,201,966 | ||||||
|
||||||||
Other investments
|
4,020,754 | 4,036,304 | ||||||
|
||||||||
Federal Home Loan Bank Stock, at cost
|
3,370,800 | 5,015,900 | ||||||
|
||||||||
Loans
|
445,735,665 | 464,976,291 | ||||||
|
||||||||
Less: Allowance for loan losses
|
9,167,927 | 7,827,806 | ||||||
|
||||||||
Loans, net
|
436,567,738 | 457,148,485 | ||||||
|
||||||||
Bank premises and equipment, net of
accumulated depreciation
|
30,373,816 | 31,418,884 | ||||||
|
||||||||
Other real estate
|
1,396,913 | 1,521,313 | ||||||
|
||||||||
Accrued interest receivable
|
4,020,798 | 4,646,752 | ||||||
|
||||||||
Cash surrender value of life insurance
|
15,653,219 | 15,329,394 | ||||||
|
||||||||
Prepaid FDIC assessments
|
4,326,024 | 4,958,309 | ||||||
|
||||||||
Other assets
|
1,759,991 | 1,139,861 | ||||||
|
||||||||
Total assets
|
$ | 888,499,285 | $ | 869,006,899 | ||||
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
Consolidated Statements of Condition (continued)
June 30, 2010
December 31, 2009
(Unaudited)
(Audited)
$
116,673,172
$
96,541,387
206,496,989
206,167,484
145,870,422
117,347,663
50,514,505
50,644,895
519,555,088
470,701,429
170,872,263
174,430,877
53,816,167
104,270,452
37,433,697
16,016,204
781,677,215
765,418,962
5,151,697
5,151,697
65,780,254
65,780,254
34,604,196
32,853,346
1,285,923
(197,360
)
106,822,070
103,587,937
$
888,499,285
$
869,006,899
Table of Contents
Consolidated Statements of Income
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2010
2009
2010
2009
$
4,893,342
$
5,086,063
$
9,880,468
$
10,204,455
131,216
322,981
325,478
776,319
2,312,723
2,494,405
4,612,426
4,769,764
132,048
387,501
518,924
791,654
316,668
301,314
673,597
612,423
3,203
1,953
7,654
6,894
1,557
544
5,336
1,437
7,790,757
8,594,761
16,023,883
17,162,946
849,297
1,396,989
1,666,786
2,953,687
109,559
110,985
246,204
271,777
276,351
517,320
562,741
1,093,672
1,235,207
2,025,294
2,475,731
4,319,136
6,555,550
6,569,467
13,548,152
12,843,810
1,585,000
1,502,000
2,735,000
1,850,000
$
4,970,550
$
5,067,467
$
10,813,152
$
10,993,810
Table of Contents
Consolidated Statements of Income (continued)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2010
2009
2010
2009
$
282,941
$
325,750
$
590,237
$
662,016
1,579,485
1,702,090
3,151,988
3,365,397
1,563,441
2
1,567,486
136,799
258,660
138,534
507,949
624,585
3,684,527
2,166,376
5,817,660
4,788,797
3,398,188
3,694,321
6,810,463
7,074,699
544,121
641,242
1,068,898
1,193,103
951,312
954,189
1,886,765
1,904,556
390,517
544,516
740,904
624,439
1,402,857
1,248,868
3,109,245
2,842,136
6,686,995
7,083,136
13,616,275
13,638,933
1,968,082
150,707
3,014,537
2,143,674
522,000
(50,000
)
697,000
240,000
$
1,446,082
$
200,707
$
2,317,537
$
1,903,674
$
.28
$
.04
$
.45
$
.37
Table of Contents
Consolidated Statement of Shareholders Equity
Accumulated
Number of
Other
Common
Common
Undivided
Comprehensive
Comprehensive
Shares
Stock
Surplus
Profits
Income (Loss)
Income
Total
5,151,697
$
5,151,697
$
65,780,254
$
32,853,346
$
(197,360
)
$
103,587,937
2,317,537
$
2,317,537
2,317,537
2,517,824
2,517,824
2,517,824
(1,034,541
)
(1,034,541
)
(1,034,541
)
$
3,800,820
(566,687
)
(566,687
)
5,151,697
$
5,151,697
$
65,780,254
$
34,604,196
$
1,285,923
$
106,822,070
Note: Balances as of January 1, 2010 were audited.
Table of Contents
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended June 30,
2010
2009
$
2,317,537
$
1,903,674
1,218,000
1,212,000
2,735,000
1,850,000
77,350
39,350
15,550
(110,338
)
(1,567,486
)
(136,799
)
149,517
625,954
450,450
15,556
100,299
20,596,976
1,504,614
26,073,787
6,923,417
147,206,124
145,473,727
(173,037,295
)
(190,412,284
)
389,920
195,000
(1,413
)
(1,352
)
1,645,100
(1,452,200
)
807,500
326,076
17,045,947
(5,337,134
)
(172,932
)
(261,131
)
(325,325
)
(339,903
)
$
(6,442,374
)
$
(51,809,201
)
Table of Contents
Consolidated Statements of Cash Flows (continued)
(Unaudited)
Six Months Ended June 30,
2010
2009
$
20,461,290
$
(40,653,986
)
28,392,369
48,472,013
(515,170
)
(1,583,780
)
(2,366,559
)
390,669,662
136,000,000
(441,123,947
)
(100,080,551
)
(3,558,614
)
10,361,740
(5,674,410
)
50,148,877
13,957,003
5,263,093
29,155,294
34,019,590
$
43,112,297
$
39,282,683
Table of Contents
For the Six Months Ended June 30, 2010 and 2009
Table of Contents
Gross
Gross
unrealized
unrealized
Estimated
June 30, 2010
Amortized cost
gains
losses
fair value
$
62,980,917
$
110,221
$
(58
)
$
63,091,080
235,197,987
2,197,267
237,395,254
39,006,292
1,208,332
(267,465
)
39,947,159
337,185,196
3,515,820
(267,523
)
340,433,493
649,983
649,983
$
337,835,179
$
3,515,820
$
(267,523
)
$
341,083,476
$
2,813,459
$
142,574
$
$
2,956,033
$
2,813,459
$
142,574
$
$
2,956,033
Table of Contents
Gross
Gross
unrealized
unrealized
Estimated
December 31, 2009
Amortized cost
gains
losses
fair value
$
23,987,222
$
752,918
$
$
24,740,140
216,473,270
695,213
(2,590,287
)
214,578,196
30,035,546
1,278,310
(51,186
)
31,262,670
39,290,502
1,179,412
(266,466
)
40,203,448
309,786,540
3,905,853
(2,907,939
)
310,784,454
649,983
649,983
$
310,436,523
$
3,905,853
$
(2,907,939
)
$
311,434,437
$
3,201,966
$
139,008
$
$
3,340,974
$
3,201,966
$
139,008
$
$
3,340,974
Fair Value Measurement Using
Total
Level 1
Level 2
Level 3
$
341,083,476
$
341,083,476
311,434,437
311,434,437
Table of Contents
Estimated
Amortized cost
fair value
$
63,698,272
$
63,754,739
64,964,724
65,940,252
81,332,261
82,713,623
127,189,939
128,024,879
$
337,185,196
$
340,433,493
$
210,000
$
214,396
1,606,493
1,705,043
996,966
1,036,594
$
2,813,459
$
2,956,033
Less Than Twelve Months
Over Twelve Months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
June 30, 2010
Fair Value
Loss
Fair Value
Loss
Fair Value
Loss
$
9,999,450
$
58
$
$
$
9,999,450
$
58
5,574,761
175,343
1,851,672
92,122
7,426,433
267,465
$
15,574,211
$
175,401
$
1,851,672
$
92,122
$
17,425,883
$
267,523
Table of Contents
Less Than Twelve Months
Over Twelve Months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
December 31, 2009:
Fair Value
Loss
Fair Value
Loss
Fair Value
Loss
$
138,913,530
$
2,590,287
$
$
$
138,913,530
$
2,590,287
4,856,429
51,186
4,856,429
51,186
9,501,227
148,396
2,520,564
118,070
12,021,791
266,466
$
153,271,186
$
2,789,869
$
2,520,564
$
118,070
$
155,791,750
$
2,907,939
Table of Contents
Total
Level 1
Level 2
Level 3
$
23,299,852
$
$
12,945,969
$
10,353,883
20,110,334
20,110,334
For the six
months ended
June 30, 2010
$
10,353,883
$
10,353,883
Table of Contents
Total
Level 1
Level 2
Level 3
$
1,396,913
$
$
1,396,913
$
1,521,313
1,521,313
Three Months Ended June 30,
Six Months Ended June 30,
2010
2009
2010
2009
$
8,278,805
$
11,372,866
$
7,827,806
$
11,113,575
18,584
224,212
74,201
329,634
(714,462
)
(3,301,197
)
(1,469,080
)
(3,495,328
)
1,585,000
1,502,000
2,735,000
1,850,000
$
9,167,927
$
9,797,881
$
9,167,927
$
9,797,881
Table of Contents
June 30, 2010
December 31, 2009
Carrying Amount
Fair Value
Carrying Amount
Fair Value
$
43,112,297
$
43,112,297
$
29,155,294
$
29,155,294
341,083,476
341,083,476
311,434,437
311,434,437
2,813,459
2,956,033
3,201,966
3,340,974
4,020,754
4,020,754
4,036,304
4,036,304
3,370,800
3,370,800
5,015,900
5,015,900
436,567,738
439,954,148
457,148,485
460,587,836
15,653,219
15,653,219
15,329,394
15,329,394
116,673,172
116,673,172
96,541,387
96,541,387
402,881,916
403,150,698
374,160,042
375,051,835
519,555,088
519,823,870
470,701,429
471,593,222
170,872,263
170,872,263
174,430,877
174,430,877
53,816,167
55,805,381
104,270,452
105,815,000
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
(In Thousands)
Three Months Ended June 30, 2010
Three Months Ended June 30, 2009
Average
Balance
Interest
Earned/Paid
Rate
Average
Balance
Interest
Earned/Paid
Rate
$
445,601
$
4,893
4.39
%
$
473,432
$
5,086
4.30
%
2,670
2
0.30
%
934
1
0.42
%
3,025
36
4.76
%
3,264
43
5.27
%
267,579
2,576
3.85
%
328,065
3,205
3.91
%
40,340
444
4.40
%
33,692
414
4.92
%
4,601
3
0.26
%
2,393
2
0.33
%
$
763,816
$
7,954
4.17
%
$
841,780
$
8,751
4.16
%
$
223,111
$
289
0.52
%
$
238,775
$
541
0.91
%
197,044
560
1.14
%
217,051
856
1.58
%
155,629
276
0.71
%
230,600
517
0.90
%
51,330
110
0.86
%
16,562
111
2.68
%
$
627,114
$
1,235
0.79
%
$
702,988
$
2,025
1.15
%
3.52
%
3.20
%
(1)
All interest earned is reported on a taxable equivalent basis using a tax rate of 34% in
2010 and 2009.
(2)
Loan fees of $114,847 and $135,074 for 2010 and 2009, respectively, are included in these
figures.
(3)
Includes nonaccrual loans.
Table of Contents
(In Thousands)
Six Months Ended June 30, 2010
Six Months Ended June 30, 2009
Average
Balance
Interest
Earned/Paid
Rate
Average
Balance
Interest
Earned/Paid
Rate
$
450,712
$
9,880
4.38
%
$
471,986
$
10,204
4.32
%
4,222
5
0.24
%
1,136
1
0.18
%
3,113
80
5.14
%
3,329
89
5.35
%
267,586
5,457
4.08
%
317,464
6,338
3.99
%
40,353
941
4.66
%
33,033
839
5.08
%
5,131
8
0.31
%
2,636
7
0.53
%
$
771,117
$
16,371
4.25
%
$
829,584
$
17,478
4.21
%
$
223,047
$
578
0.52
%
$
241,524
$
1,236
1.02
%
187,331
1,089
1.16
%
196,453
1,717
1.75
%
163,178
563
0.69
%
228,985
1,094
0.96
%
63,552
246
0.77
%
22,652
272
2.40
%
$
637,108
$
2,476
0.78
%
$
689,614
$
4,319
1.25
%
3.60
%
3.17
%
(1)
All interest earned is reported on a taxable equivalent basis using a tax rate of 34% in
2010 and 2009.
(2)
Loan fees of $315,602 and $287,216 for 2010 and 2009, respectively, are included in these
figures.
(3)
Includes nonaccrual loans.
Table of Contents
Table of Contents
Table of Contents
Table of Contents
June 30, 2010
December 31, 2009
$
63,091,080
$
24,740,140
237,395,254
214,578,196
31,262,670
39,947,159
40,203,448
649,983
649,983
$
341,083,476
$
311,434,437
June 30, 2010
December 31, 2009
$
91,183,386
$
94,460,479
294,593,546
299,402,982
1,754,796
45,994,996
52,250,231
8,317,705
9,049,394
5,141,529
7,890,584
504,503
167,825
$
445,735,665
$
464,976,291
Table of Contents
Table of Contents
Table of Contents
30
Description of Bonus Plan
Certification of Chief Executive Officer Pursuant to
Section 302 of the Sarbanes Oxley Act of 2002
Certification of Chief Financial Officer Pursuant
to Section 302 of the Sarbanes Oxley Act of 2002
Certification of Chief Executive Officer Pursuant
to l8 U.S.C. ss. 1350
Certification of Chief
Financial Officer Pursuant
to l8 U.S.C. ss. 1350
Table of Contents
31
PEOPLES FINANCIAL CORPORATION
(Registrant)
Date: August 9, 2010
By:
/s/
Chevis C. Swetman
Chevis C. Swetman
Chairman, President and Chief Executive Officer
(principal executive officer)
Date: August 9, 2010
By:
/s/ Lauri A. Wood
Lauri A. Wood
Chief Financial Officer and Controller
(principal financial and accounting officer)
Base | Base + 1 | Base + 2 | Base + 3 | Maximum | ||||||||||||||||
|
||||||||||||||||||||
ROA Target
|
.670 | % | .800 | % | .925 | % | 1.050 | % | 1.175 | % | ||||||||||
|
||||||||||||||||||||
Chief Executive Officer
|
15.000 | % | 18.750 | % | 22.500 | % | 26.250 | % | 30.000 | % | ||||||||||
|
||||||||||||||||||||
Executive Vice President
|
12.500 | % | 15.630 | % | 18.750 | % | 21.880 | % | 25.000 | % | ||||||||||
|
||||||||||||||||||||
All Other Named
Executive Officers
|
10.000 | % | 12.500 | % | 15.000 | % | 17.500 | % | 20.000 | % |
/s/ Chevis C. Swetman | ||||
Chevis C. Swetman, | ||||
Chairman, President and Chief Executive Officer
(principal executive officer) |
/s/ Lauri A. Wood | ||||
Lauri A. Wood, | ||||
Chief Financial Officer and Controller
(principal financial and accounting officer) |
By: | /s/ Chevis C. Swetman | |||
Chevis C. Swetman, | ||||
Chairman, President and Chief Executive Officer
(principal executive officer) |
||||
Date: | August 9, 2010 |
By: | /s/ Lauri A. Wood | |||
Lauri A. Wood | ||||
Chief Financial Officer and
Controller
(principal financial and accounting officer) |
||||
Date: | August 9, 2010 |