Peoples Financial Q1 net income $887K, down 79% YoY; discloses $2.11M accounting error

PEOPLES FINANCIAL CORP /MS/

Net income $887K ($0.19 EPS) vs $4.33M ($0.89 EPS) in Q1 2021; weighted shares 4.68M vs 4.88M.
Prior-year period included $4.85M reduction in allowance for loan losses (recovery of $4.51M charged-off loan) and $1.125M lawsuit settlement.
Company identified cumulative $2.11M impairment error on LIHTC investment; correction to be reflected in Q1 2022 10-Q, deemed not material to prior periods.
Shareholders' equity fell to $70.7M from $92.4M largely due to $19.3M unrealized losses on available-for-sale securities from interest rate changes.
Risk-based capital ratio remained strong at 21.21% as of March 31, 2022.

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