Tue, May 14, 4:34 PM (233 days ago)
Peoples Financial Corporation's Q1 2024 10-Q report reveals a mixed performance. Total assets increased significantly by $134.9 million from December 31, 2023, driven by a $123 million rise in deposits, reflecting seasonal tax collections. Cash and due from banks surged to $108.1 million from $22.8 million, while available-for-sale securities grew by $56.7 million. However, held-to-maturity securities dropped by $5.5 million. Net loans decreased slightly by $2.1 million. Net interest income fell to $6.7 million from $7.0 million in Q1 2023, impacted by higher interest expenses despite a rise in interest income due to increased rates. Non-interest income saw a modest increase of $36,000, while non-interest expenses decreased by $282,000, mainly due to lower salary and benefit costs. The provision for credit losses was neutral, with a $60,000 reduction in loan loss allowance offset by a $60,000 provision for unfunded commitments. Net income declined to $2.4 million from $2.6 million in Q1 2023, with an effective tax rate increase to 21%. The company remains well-capitalized with a community bank leverage ratio of 11.48%, above the 9% minimum. The liquidity position is robust, supported by increased deposits and borrowing capacity.