This is a news release from Peoples Financial Corporation
Peoples Financial Corporation (NASDAQ Capital Market: PFBX), parent of The Peoples Bank, reported a net loss of $9,119,000 for the quarter ended December 31, 2014, and a net loss of $10,004,000 for the full year, due to charges related to non-performing assets and a valuation allowance recorded on a deferred tax asset, announced Chevis C. Swetman, chairman and chief executive officer of the holding company and the bank.Updated valuations on real estate underlying certain specific loans required an additional $2,789,000 in loan loss provisions for the fourth quarter of 2014, increasing the total loss provision to $7,404,000 for the year ended December 31, 2014. Write downs in the value of existing other real estate owned properties totaled $1,261,000 for 2014 compared to $670,000 for 2013.
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