# EDGAR Filing Document

**Accession Number:** 0000770460
**File Stem:** 0001104659-26-007847
**Filing Date:** 2026-1
**Character Count:** 17960
**Document Hash:** 683031594f6221abe33b6d62ef77de80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-007847.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001104659-26-007847

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260128

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**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:** 26575625

**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_January 28, 2026

------

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) January 28, 2026

PEOPLES FINANCIAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Mississippi

(State or Other Jurisdiction of Incorporation)

---

| | |
|:---|:---|
| 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:

---

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

---

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. ☐

------

Item 2.02. Results of Operations and Financial Condition

On January 29, 2026, Peoples Financial Corporation (the "Company") issued a press release announcing its fourth quarter results for 2025 along with an extension of the most recent repurchase plan and set the date for the annual shareholder meeting. 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 January 29, 2026, "Peoples Financial Corporation Reports Results for the Fourth Quarter of 2025, Announces an Extension of the Most Recent Stock Repurchase Program, and Sets Date for Annual Meeting"](pfbx-20260128xex99d1.htm) |
| 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.

---

| | | |
|:---|:---|:---|
| Dated: January 29, 2026 |  |  |
|  | 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-20260128xex99d1001.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 FOURTH QUARTER OF 2025**

**BILOXI, MS (January 29, 2026)** - Peoples Financial Corporation (the "Company") (OTCQX Best Market: PFBX), parent of The Peoples Bank (the "Bank"), announced earnings for the fourth quarter ending December 31, 2025. Additionally, the board of directors of Peoples Financial Corporation announced that it has approved an extension of the Company's current stock repurchase program, originally set to expire on December 31, 2025, with no expiration date. The program authorizes the repurchase of up to the lesser of $750,000 or 40,000 shares of the Company's outstanding and issued common stock. Shares will be repurchased at the discretion of management either on the open market or through privately negotiated transactions, and repurchased shares will be retired. As of December 31, 2025, the Company reported common shares outstanding of 4,617,466. The Company also announced that its 2026 annual meeting of shareholders will take place on April 22, 2026.

**Fourth Quarter Earnings**

Net income for the fourth quarter of 2025 decreased $812,000 to $716,000 compared to net income of $1,528,000 for the fourth quarter of 2024. The earnings per weighted average common share for the fourth quarter of 2025 were $0.16 compared to earnings per weighted average common share of $0.33 for the fourth quarter of 2024. Per share figures are based on weighted average common shares outstanding of 4,617,466 and 4,640,537 for the fourth quarters of 2025 and 2024, respectively.

The decrease in net income for the fourth quarter of 2025 was due to lower interest income on securities, overnight fed funds and loans caused by a decrease in balances, yields and rates on securities, overnight fed funds and one category of loans. Total interest income decreased by $1,071,000 to $6,569,000 for the fourth quarter of 2025 as compared with $7,640,000 for the fourth quarter of 2024. Total interest expense decreased by $134,000 to $1,930,000 for the fourth quarter of 2025 as compared with $2,064,000 for the fourth quarter of 2024 due to lower balances and interest rates paid on borrowings.

Net income for the year ended 2025 decreased $17,792,000 to $3,911,000 compared to net income of $21,703,000 for the year ended 2024. The earnings per weighted average common share for the year ended 2025 were $0.85 compared to earnings per weighted average common share of $4.66 for the year ended 2024. Per share figures are based on weighted average common shares outstanding of 4,617,466 and 4,656,370 for the year ended 2025 and 2024, respectively.

The decrease in net income for the year ended 2025 was mainly due to a discrete item of $15,194,000 recorded as a tax benefit for the reversal of the Company's valuation allowance on federal and state deferred tax assets during the third quarter and year ended 2024. Pre-tax income for the year ended 2025 decreased $3,569,000 to $4,811,000 as compared with $8,380,000 for the year ended 2024. Total interest income decreased by $4,592,000 to $28,502,000 for the year ended 2025 as compared with $33,094,000 for the year ended 2024 due to lower balances and yields on investments and

------

overnight fed funds offset slightly by higher interest and fees on loans. Total interest expense decreased by $1,496,000 to $8,147,000 for the year ended 2025 as compared with $9,643,000 for the year ended 2024. The decrease was due to lower balances and interest rates paid on borrowings.

The Company had a valuation allowance on federal and state deferred tax assets totaling $15,617,000 as of December 31, 2023. In the third quarter of 2024, the Company reassessed the valuation allowance in accordance with applicable accounting guidance and determined it was appropriate to reverse substantially all the valuation allowance which resulted in a one-time discrete reduction to income tax expense of $15,194,000 during the third quarter of 2024. Excluding the discrete item, income tax expense for the twelve months ended December 31, 2024, totaled $1,871,000 based upon the expected annual tax rate for 2024 of 22.33% compared to income tax expense of $900,000 for the twelve months ended December 31, 2025, at an effective rate of 18.71%.

Return on average assets for the year ended December 31, 2025, decreased 2.15% from 2.65% to 0.50% (the 2.65%, included the discrete item), with the discrete item excluded from the calculation, return on average assets would be 0.80% for the year ended December 31, 2024. The Company's efficiency ratio increased 10% to 83% for the year ended December 31, 2025, compared to 73% for the year ended December 31, 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." said Chevis C. Swetman, chairman and chief executive officer of the Company and the Bank.

**Shareholders' Equity**

Total shareholders' equity increased by $10,666,000 from $90,001,000 at December 31, 2024, to $100,667,000 at December 31, 2025. The improvement in shareholders' equity was partially due to the twelve-month earnings of $3,911,000 through December 31, 2025. The Company also experienced a decrease of $9,077,000 in unrealized losses on securities in 2025. The Company reported $28,929,000 and $38,006,000 in unrealized losses on the available for sale securities portfolio as of December 31, 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 15.76% as of December 31, 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 twelve months ended December 31, 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 December 31, 2025, total deposits have decreased $116,301,000 to $604,429,000 from $720,730,000 as of December 31, 2024.

**About the Company**

Founded in 1896, with $727 million in total assets as of December 31, 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.

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.

------

**PEOPLES FINANCIAL CORPORATION**

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

**EARNINGS SUMMARY**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended December 31,  | Three Months Ended December 31,  | Year Ended December 31,  | Year Ended December 31,  |
|  | 2025 | 2024 | 2025 | 2024 |
| Net interest income | $4639 | $5576 | $20355 | $23451 |
| Provision for credit losses | 8 | (114) | 3 | (162) |
| Non-interest income | 1759 | 1760 | 7156 | 7014 |
| Non-interest expense | 5537 | 5550 | 22697 | 22247 |
| Income tax expense (benefit) | 137 | 372 | 900 | (13323) |
| Net income | 716 | 1528 | 3911 | 21703 |
| Earnings per share | $0.16 | $0.33 | $0.85 | $4.66 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended December 31,  | Three Months Ended December 31,  | Year Ended December 31,  | Year Ended December 31,  |
|  | 2025 | 2024 | 2025 | 2024 |
| Allowance for credit losses on loans, beginning of period | $2934 | $3091 | $2982 | $3224 |
| Recoveries | 23 | 38 | 134 | 227 |
| Charge-offs | (37) | (47) | (212) | (269) |
| Provision for (reduction of) loan losses | 19 | (100) | 35 | (200) |
| Allowance for credit losses on loans, end of period | $2939 | $2982 | $2939 | $2982 |

---

**PERFORMANCE RATIOS**

---

| | | |
|:---|:---|:---|
| December 31,  | 2025 | 2024 |
| Return on average assets | 0.50% | 2.65% \* |
| Return on average equity | 4.10% | 27.25% \* |
| Net interest margin | 2.91% | 3.05% |
| Efficiency ratio | 83% | 73% |
| \*-Includes discrete item of $15,194 for the reversal of valuation allowance in Q3 2024. |  |  |

---

**BALANCE SHEET SUMMARY**

---

| | | |
|:---|:---|:---|
| December 31,  | 2025 | 2024 |
| Total assets | $727121 | $831849 |
| Securities | 389168 | 431804 |
| Loans, net | 260767 | 230594 |
| Other real estate (ORE) |  | 9 |
| Total deposits | 604429 | 720730 |
| Shareholders' equity | 100667 | 90001 |
| Book value per share | 21.80 | 19.49 |
| Weighted average shares | 4617466 | 4656370 |

---

**PERIOD END DATA**

---

| | | |
|:---|:---|:---|
| December 31,  | 2025 | 2024 |
| Allowance for credit losses on loans as a |  |  |
| percentage of loans | 1.11% | 1.28% |
| Loans past due 90 days and |  |  |
| still accruing | $— | $— |
| Nonaccrual loans | $533 | $418 |
| Leverage ratio | 15.76% | 13.95% |

---

------