Peoples Financial reports 2021 net income of $8.6M, reversing prior year loss

PEOPLES FINANCIAL CORP /MS/

Net income $8.579M ($1.77/share) vs net loss $2.751M (loss $0.56) in 2020.
Q4 net income $2.353M ($0.49/share) vs $665K ($0.14) in Q4 2020.
Improvement driven by $5.663M reduction in provision for loan losses; 2020 had $6.002M provision largely due to one credit.
Nonaccrual loans reduced from $57.5M in 2011 to $701K; other real estate from $9.9M to $1.891M at Dec 31, 2021.
Annual meeting set for April 27, 2022; lawsuit settlement of $1.125M impacted non-interest expense.

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