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Peoples Financial (PFBX) Revises Q4 and FY11 Earnings on Additional Loan Loss Provision

March 15, 2012 4:35 PM EDT Send to a Friend
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Peoples Financial Corporation (NASDAQ: PFBX) revised Q4 and FY11 earnings to account for an additional loan loss provision of $660,000.

As a result of the revisions, Q4 earnings totaled ($622,000) and $1,203,000 for the full year. The increase in the loan loss reserve and a reduction of $45,000 in the carrying value of real estate owned combined to reduce fourth quarter earnings by $500,000, net of taxes.

The adjustments were the result of new appraisals on real estate securing certain loans and on one parcel in the bank's other real estate portfolio, said Swetman.

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