Peoples Financial Corp. in Biloxi, Miss., has revised its first-quarter earnings upward after receiving full payment of a $5.5 million loan that it had previously classified as impaired.
The $645 million-asset company said its first-quarter net income increased by $430,000, to $2.4 million, from what it reported April 11. Per-share earnings rose by an additional 8 cents, to 43 cents.
Compared with its performance from the same period a year earlier, net income was up 123% and earnings per-share increased 126%.
The company achieved earnings growth even though quarterly loan volume fell because of prepayments. In its April 11 earnings release it attributed the increase in part to payment it had received from the sale of Pulse EFT Association Network to Discover Financial Services in January. Discover paid $311 million for the network; Peoples, as one of its owners, received $459,000, after taxes, from that deal.
Peoples' stock rose on the news that it had restated earnings. In heavy volume, it was trading at $18.90 late Friday, up 0.6% from Thursday's close.
