Note N - Condensed Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

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,	2022		2021
Assets
Investments in subsidiaries, at underlying equity:
Bank subsidiary	$	54,664	$	91,189
Nonbank subsidiary				1
Cash in bank subsidiary		193		166
Other assets		337		373
Total assets	$	55,194	$	91,729
Liabilities and Shareholders' Equity:
Other liabilities	$		$
Total liabilities
Shareholders' equity		55,194		91,729
Total liabilities and shareholders' equity	$	55,194	$	91,729

CONDENSED STATEMENTS OF OPERATIONS (IN THOUSANDS):

Years Ended December 31,	2022		2021		2020
Income
Distributed income of bank subsidiary	$	1,243	$	4,610	$	250
Undistributed income (loss) of bank subsidiary		8,061		4,686		(2,745	)
Other income (loss)		7		4		4
Total income (loss)		9,311		9,300		(2,491	)
Expenses
Other		370		389		67
Total expenses		370		389		67
Income (loss) before income taxes		8,941		8,911		(2,558	)
Income tax
Net income (loss)	$	8,941	$	8,911	$	(2,558	)

CONDENSED STATEMENTS OF CASH FLOWS (IN THOUSANDS):

Years Ended December 31,	2022			2021			2020
Cash flows from operating activities:
Net income (loss)	$	8,941		$	8,911		$	(2,558	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Undistributed (income) loss of subsidiaries		(8,061	)		(4,686	)		2,745
Other assets		36			(1	)		(2	)
Net cash provided by operating activities		916			4,224			185
Cash flows from investing activities:
Net cash provided by investing activities
Cash flows from financing activities:
Stock repurchase					(3,381	)		(735	)
Dividends paid		(889	)		(769	)		(98	)
Net cash used in financing activities		(889	)		(4,150	)		(833	)
Net increase (decrease) in cash		27			74			(648	)
Cash, beginning of year		166			92			740
Cash, end of year	$	193		$	166		$	92