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