secwatch.observer — SEC 8-K summary
======================================

Issuer:     PEOPLES FINANCIAL CORP /MS/ (PFBX)
CIK:        0000770460
Form:       8-K
Filed at:   2022-05-11T23:59:59+00:00
Accession:  0001437749-22-011954
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/770460/000143774922011954/0001437749-22-011954-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/770460/000143774922011954/pfbx20220510_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-22-011954

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer