Condensed Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Parent Company Only Financial Information

NOTE N - CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION:

Peoples Financial Corporation began its operations September 30, 1985, when it acquired all the outstanding stock of The Peoples Bank, Biloxi, Mississippi. A condensed summary of its financial information is shown below.

CONDENSED BALANCE SHEETS (IN THOUSANDS):

December 31,	2014		2013		2012
Assets
Investments in subsidiaries, at underlying equity:
Bank subsidiary	$	91,179	$	94,883	$	106,266
Nonbank subsidiary		1		1		1
Cash in bank subsidiary		160		487		360
Other assets		3,611		3,937		4,288
Total assets	$	94,951	$	99,308	$	110,915
Liabilities and Shareholders’ Equity:
Other liabilities	$		$	161	$	161
Total liabilities				161		161
Shareholders’ equity		94,951		99,147		110,754
Total liabilities and shareholders’ equity	$	94,951	$	99,308	$	110,915

CONDENSED STATEMENTS OF OPERATIONS (IN THOUSANDS):

Years Ended December 31,	2014			2013			2012
Income
Earnings of unconsolidated bank subsidiary:
Distributed earnings	$			$			$	1,150
Undistributed earnings (loss)		(10,025	)		(494	)		1,845
Loss on impairment of other investments								(360)
Other income		(53	)		57			(71)
Total income (loss)		(10,078	)		(437	)		2,564
Expenses
Other		124			122			105
Total expenses		124			122			105
Income (loss) before income taxes		(10,202	)		(559	)		2,459
Income tax benefit		(198	)		(21	)		(182)
Net income (loss)		$        (10,004	)		$        (538	)		$        2,641

CONDENSED STATEMENTS OF CASH FLOWS (IN THOUSANDS):

Years Ended December 31,	2014			2013			2012
Cash flows from operating activities:
Net income (loss)		$        (10,004	)		$            (538	)		$            2,641
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Income) loss on other investments		64			(42	)		84
Loss on impairment of other investments								360
Undistributed (income) loss of unconsolidated subsidiaries		10,025			494			(1,845)
Other assets		25			164			(182)
Other liabilities		(161	)					(1)
Net cash provided by (used in) operating activities		(51	)		78			1,057
Cash flows from investing activities:
Redemption of equity securities		236			230			36
Net cash provided by investing activities		236			230			36
Cash flows from financing activities:
Retirement of stock					(181	)
Dividends paid		(512	)					(1,541)
Net cash used in financing activities		(512	)		(181	)		(1,541)
Net increase (decrease) in cash		(327	)		127			(448)
Cash, beginning of year		487			360			808
Cash, end of year	$	160		$	487		$	360

The Company paid income taxes of $320,000, $810,000 and $835,000 in 2014, 2013 and 2012, respectively. No interest was paid during the three years ended December 31, 2014.