BILOXI, Miss. (AP) — Peoples Financial Corp. returned to profit in 2012's fourth quarter and saw profit more than double for the year.
The parent of The Peoples Bank said Thursday that fourth quarter 2012 profit was $825,000, or 16 cents per share. That compares to a loss of $622,000, or 13 cents per share, in the same three months of 2011.
For the year, profit rose to $2.64 million, or 51 cents per share. That's up 120 percent from $1.2 million, or 23 cents per share, in all of 2011.
The company set aside $1.89 million for future bad loans in 2012's fourth quarter, saying it has identified two loans with potential losses. That's up from $1.2 million in 2011's fourth quarter.
Based in Biloxi, Miss., Peoples has assets of $805 million.