# EDGAR Filing Document

**Accession Number:** 0000770460
**File Stem:** 0001558370-25-009460
**Filing Date:** 2025-7
**Character Count:** 15795
**Document Hash:** 06769d22137edc5f7f62963b7b9e9cd1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-009460.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001558370-25-009460

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250723

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PEOPLES FINANCIAL CORP /MS/
- **CENTRAL INDEX KEY:** 0000770460
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 640709834
- **STATE OF INCORPORATION:** MS
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12103
- **FILM NUMBER:** 251143837

**BUSINESS ADDRESS:**
- **STREET 1:** 152 LAMEUSE STREET
- **STREET 2:** P O BOX 529
- **CITY:** BILOXI
- **STATE:** MS
- **ZIP:** 39530
- **BUSINESS PHONE:** 2284355511

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 529
- **CITY:** BILOXI
- **STATE:** MS
- **ZIP:** 39533-0529

?xml version='1.0' encoding='ASCII'? PEOPLES FINANCIAL CORPORATION_July 23, 2025

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) July 23, 2025

PEOPLES FINANCIAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Mississippi

(State or Other Jurisdiction of Incorporation)

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| | |
|:---|:---|
| 001-12103 | 64-0709834 |
| (Commission File Number) | (IRS Employer Identification No.) |
| 152 Lameuse Street Biloxi, MS | 39530 |
| (Address of Principal Executive Offices) | (Zip Code) |

---

(228) 435-5511

(Registrant's Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
|  | Trading |  |
| Title of each class | Symbol(s) | Name of each exchange on which registered |
| None | PFBX | None |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instructions A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02. Results of Operations and Financial Condition

On July 23, 2025, Peoples Financial Corporation (the "Company") issued a press release announcing its second quarter results for 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

99.1 [Press Release issued by Peoples Financial Corporation dated July 23, 2025, "Peoples Financial Corporation Reports Results for the Second Quarter of 2025"](pfbx-20250723xex99d1.htm) <br> 104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: July 23, 2025 |  |  |
|  | PEOPLES FINANCIAL CORPORATION | PEOPLES FINANCIAL CORPORATION |
|  | By:  | /s/ Chevis C. Swetman |
|  |  | &nbsp;&nbsp;Chevis C. Swetman |
|  |  | &nbsp;&nbsp;Chairman, President and CEO |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](pfbx-20250723xex99d1001.jpg)

**FOR IMMEDIATE RELEASE**

For more information, contact:

Chevis C. Swetman, President and CEO

228-435-8205

cswetman@thepeoples.com

**PEOPLES FINANCIAL CORPORATION REPORTS RESULTS FOR THE SECOND QUARTER OF 2025**

**BILOXI, MS (July 23, 2025)** - Peoples Financial Corporation (the "Company")(OTCQX Best Market: PFBX), parent of The Peoples Bank (the "Bank"), announced earnings for the second quarter ending June 30, 2025.

**Second Quarter Earnings**

Net income for the second quarter of 2025 decreased $1,087,000 to $1,242,000 compared to net income of $2,329,000 for the second quarter of 2024. The earnings per weighted average common share for the second quarter of 2025 were $0.27 compared to earnings per weighted average common share of $0.50 for the second quarter of 2024. Per share figures are based on weighted average common shares outstanding of 4,617,466 and 4,661,686 for the second quarters of 2025 and 2024, respectively.

The decrease in net income for the second quarter of 2025 was primarily due to a decrease in net interest income of $431,000 to $5,472,000 for the second quarter of 2025 compared with $5,903,000 for the second quarter of 2024. Total interest income decreased by $1,231,000 to $7,464,000 for the second quarter of 2025 as compared with $8,695,000 for the second quarter of 2024 due to lower interest income on securities caused by a decrease in balances and yields. Total interest expense decreased by $800,000 to $1,992,000 for the second quarter of 2025 as compared with $2,792,000 for the second quarter of 2024 due to lower borrowing costs and lower interest rates paid on deposit accounts.

Net income for the first six months of 2025 decreased $2,192,000 to $2,552,000 compared to net income of $4,744,000 for the first six months of 2024. The earnings per weighted average common share for the first six months of 2025 were $0.55 compared to earnings per weighted average common share of $1.02 for the first six months of 2024. Per share figures are based on weighted average common shares outstanding of 4,617,466 and 4,661,686 for the first six months of 2025 and 2024, respectively. The income tax expense increased $218,000 to $620,000 for the first six months of 2025 as compared with $402,000 for the first six months of 2024. The increase was driven by the near-full utilization of federal tax credits in 2024, leaving only a minimal credit available for utilization in 2025.

Return on average assets for the first six months ended June 30, 2025, decreased 0.52% to 0.64% compared to 1.16% for the first six months ended June 30, 2024. The Company's efficiency ratio increased 10% to 78% for the first six months ended June 30, 2025, compared to 68% for the first six months ended June 30, 2024.

**Asset Quality**

"The Bank's leadership remains committed to maintaining high-quality assets. We are closely monitoring economic conditions and staying vigilant for any potential changes in interest rates. As hurricane season commences, the Company has proactively prioritized hurricane preparedness. Across all 18 bank facilities, we have ensured that resources are available allowing branches to operate even in the event of power outages. The Company has a comprehensive and

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thorough business continuity and disaster recovery strategy." said Chevis C. Swetman, chairman and chief executive officer of the Company and the Bank.

**Shareholders' Equity**

Total shareholders' equity increased by $6,509,000 from $90,001,000 at December 31, 2024, to $96,510,000 at June 30, 2025. The improvement in shareholders' equity was mainly due to the six-month earnings of $2,552,000 through June 30, 2025. The Company also experienced a decrease of $4,788,000 in unrealized losses on securities in 2025. The Company reported $32,218,000 and $38,006,000 in unrealized losses on the available for sale securities portfolio as of June 30, 2025, and December 31, 2024, respectively. These unrealized losses are presented in accumulated other comprehensive income for the respective periods. The cause of the unrealized losses has primarily resulted from higher interest rates that have impacted the current market value of available for sale securities. The unrealized losses are not related to any credit deterioration within the portfolio. The Company has maintained strong liquidity and continues to do so; therefore, the Company does not foresee a sale of any affected securities that would cause the realization of these losses by the Company as part of net income in the near future.

The Bank's leverage ratio has not been impacted by these unrealized losses on available for sale securities due to an opt-out election previously made by the Bank in accordance with current regulatory capital requirements and therefore remained strong at 13.97% as of June 30, 2025.

**Liquidity**

The Company maintains a well-capitalized balance sheet which includes strong capital and liquidity. The Bank provides a full range of banking, financial and trust services in our local markets. The majority of the Bank's deposits are fully FDIC insured. The Company evaluates on an ongoing and continuous basis its financial health by preparing for various moderate to severe economic scenarios.

As interest rates have increased and the cost of attracting new deposits and replacing deposit attrition has increased, the Bank experienced a decrease in deposit balances during the six months ended June 30, 2025. This decrease was mostly caused by the loss of several large public fund deposits in 2025 following competitive bid processes held in 2025 whereby the public fund deposit accounts were awarded to other local banks. As of June 30, 2025, total deposits have decreased $76,419,000 to $644,311,000 from $720,730,000 as of December 31, 2024.

**About the Company**

Founded in 1896, with $761 million in total assets as of June 30, 2025, The Peoples Bank operates 18 bank facilities along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to offering a comprehensive range of retail and commercial banking services, the Bank also operates a trust and investment services department that has provided customers with financial, estate and retirement planning services since 1936.

Peoples Financial Corporation's common stock is listed on the OTCQX Best Market under the symbol PFBX. Additional information is available on the Internet at the Company's website, www.thepeoples.com, and at the website of the Securities and Exchange Commission ("SEC"), www.sec.gov.

This news release reflects industry conditions, Company performance and financial results and contains "forward-looking statements," which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. 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 materially from the anticipated results and expectation expressed in such forward-looking statements.

Factors that could cause our actual results to differ materially from our forward-looking statements are described under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Regulation and Supervision" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website and the Company's website, each of which are referenced above. To the extent that statements in this news release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology.

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Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. All information is as of the date of this news release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

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**PEOPLES FINANCIAL CORPORATION**

**(In thousands, except per share figures) (Unaudited)**

**EARNINGS SUMMARY**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
|  | 2025 | 2024 | 2025 | 2024 |
| Net interest income | $5472 | $5903 | $11140 | $12596 |
| Provision for credit losses |  |  | (5) |  |
| Non-interest income | 1777 | 1761 | 3480 | 3504 |
| Non-interest expense | 5762 | 5564 | 11453 | 10954 |
| Income tax (benefit) expense | 245 | (229) | 620 | 402 |
| Net income | 1242 | 2329 | 2552 | 4744 |
| Earnings per share | $0.27 | $0.50 | $0.55 | $1.02 |

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**TRANSACTIONS IN THE ALLOWANCE FOR CREDIT LOSSES ON LOANS**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
|  | 2025 | 2024 | 2025 | 2024 |
| Allowance for credit losses on loans, beginning of period | $2969 | $3087 | $2982 | $3224 |
| Recoveries | 42 | 105 | 82 | 163 |
| Charge-offs | (48) | (42) | (101) | (177) |
| Provision for (reduction of) loan losses | 3 |  | 3 | (60) |
| Allowance for credit losses on loans, end of period | $2966 | $3150 | $2966 | $3150 |

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**PERFORMANCE RATIOS**

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| | | |
|:---|:---|:---|
| June 30,  | 2025 | 2024 |
| Return on average assets | 0.64% | 1.16% |
| Return on average equity | 5.52% | 13.30% |
| Net interest margin | 3.02% | 3.07% |
| Efficiency ratio | 78% | 68% |

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**BALANCE SHEET SUMMARY**

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| | | |
|:---|:---|:---|
| June 30,  | 2025 | 2024 |
| Total assets | $761340 | $846747 |
| Securities | 437829 | 541582 |
| Loans, net | 245332 | 235590 |
| Other real estate (ORE) |  |  |
| Total deposits | 644311 | 674914 |
| Shareholders' equity | 96510 | 74200 |
| Book value per share | 20.90 | 15.92 |
| Weighted average shares | 4617466 | 4661686 |

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**PERIOD END DATA**

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| | | |
|:---|:---|:---|
| June 30,  | 2025 | 2024 |
| Allowance for credit losses on loans as a |  |  |
| percentage of loans | 1.19% | 1.32% |
| Loans past due 90 days and |  |  |
| still accruing | $10 | $— |
| Nonaccrual loans | $600 | $455 |
| Leverage ratio | 13.97% | 11.84% |

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