Peoples Financial Corp. in Biloxi, Miss., revised its fourth-quarter and 2011 results to record an additional $660,000 for its loan-loss provision.
The $804 million-asset company said Thursday that it also reduced the carrying value of its real estate owned by $45,000. With these changes, the company's fourth-quarter loss increased by $500,000, to $622,000. Its 2011 earnings were reduced by the same amount, to $1.2 million.
The company's loan-loss provision ended up at $1.2 million for the quarter and $2.9 million for the year.
The adjustments were the result of new appraisals on real estate securing certain loans and on one parcel in the bank’s other real estate owned portfolio, Chevis C. Swetman, the company’s chairman and chief executive, said in a press release.