8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

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

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 April 22, 2020, Peoples Financial Corporation issued a press release announcing its results for the first quarter of 2020.

Item 9.01. Financial Statements and Exhibits.

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: April 22, 2020

ex_182048.htm

Exhibit 99.1: Peoples Financial Corporation Press Release Dated April 22, 2020

FOR IMMEDIATE RELEASE

For more information, contact:

Paul D. Guichet, Vice President

228-435-8761

pguichet@thepeoples.com

PEOPLES FINANCIAL CORPORATION

REPORTS RESULTS FOR FIRST QUARTER OF 2020

AND ANNOUNCES DIVIDEND

BILOXI, MS ( April 22, 2020 )—Peoples Financial Corporation (OTCQX Best Market: PFBX), parent of The Peoples Bank, announced earnings for the first quarter ending March 31, 2020. Additionally, the company declared a cash dividend of $0.02 per common share, payable May 8, 2020 to shareholders of record as of May 4, 2020.

Net income for the first quarter of 2020 was $1,123,000 compared to $405,000 for the first quarter of 2019. Earnings per weighted average common share for the first quarter of 2020 were $0.23 compared to earnings of $0.08 for the first quarter of 2019. Per share figures are based on weighted average common shares outstanding of 4,927,616 and 4,943,186 for the quarters ended March 31, 2020 and 2019, respectively.

Favorably impacting the company’s financial performance in first quarter of 2020 was a $822,000 increase in non-interest income, including a gain on the sale of securities and a gain on the sale of bank-owned real estate. Additionally, the company’s non-interest expense decreased $131,000 as strategies to improve efficiency continue to be implemented.

“We are pleased with our continued financial progress in the first quarter,” said Chevis C. Swetman, chairman and chief executive officer of the holding company and the bank. He added, “The safety, health and well-being of customers and employees is of the upmost importance. Given the unique challenges resulting from COVID-19, we have modified our banking operations to meet our customer’s needs.

We are actively participating in the Small Business Administration’s Paycheck Protection Program and assisting our small business customers with their applications. At this point in the program, we have funded 227 loans totaling $17,800,000. This has been a tremendous benefit for our small business customers.”

As we celebrate the 124^th^ anniversary of the founding of The Peoples Bank this month, we continue to represent strength, security and stability in our community. The company’s primary capital ratio was 16.61% at March 31, 2020, one of the highest ratios in the Southeast United States, compared to 15.24% at March 31, 2019. The company’s book value per share was $20.34 and $18.35 at March 31, 2020 and 2019, respectively.

Founded in 1896, with $646 million in assets as of March 31, 2020, The Peoples Bank operates 18 branches 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.

The Peoples Bank is a wholly-owned subsidiary of Peoples Financial Corporation, listed on the OTCQX Best Market under the symbol PFBX. Additional information is available on the Internet at www.thepeoples.com.

This news release contains forward-looking statements and reflects industry conditions, company performance and financial results. 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 from the anticipated results and expectation expressed in such forward-looking statements.