Note N - Condensed Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2023

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,	2023		2022
Assets
Investments in subsidiaries, at underlying equity:
Bank subsidiary	$	68,672	$	54,664
Nonbank subsidiary
Cash in bank subsidiary		236		193
Other assets		375		337
Total assets	$	69,283	$	55,194
Liabilities and Shareholders' Equity:
Other liabilities		-		-
Total liabilities	$	-	$	-
Shareholders' equity		69,283		55,194
Total liabilities and shareholders' equity	$	69,283	$	55,194

CONDENSED STATEMENTS OF OPERATIONS (IN THOUSANDS):

Years Ended December 31,	2023		2022		2021
Income
Distributed income of bank subsidiary	$	3,268	$	1,243	$	4,610
Undistributed income of bank subsidiary		6,404		8,061		4,686
Other income		4		7		4
Total income		9,676		9,311		9,300
Expenses
Other		510		370		389
Total expenses		510		370		389
Net income	$	9,166	$	8,941	$	8,911

CONDENSED STATEMENTS OF CASH FLOWS (IN THOUSANDS):

Years Ended December 31,	2023			2022			2021
Cash flows from operating activities:
Net income	$	9,166		$	8,941		$	8,911
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed (income) of subsidiaries		(6,404	)		(8,061	)		(4,686	)
Change in other assets		(38	)		36			(1	)
Net cash provided by operating activities		2,724			916			4,224
Cash flows from investing activities:
		-			-			-
Net cash provided by investing activities		-			-			-
Cash flows from financing activities:
Stock repurchase		(208	)		-			(3,381	)
Dividends paid		(2,473	)		(889	)		(769	)
Net cash used in financing activities		(2,681	)		(889	)		(4,150	)
Net increase (decrease) in cash		43			27			74
Cash, beginning of year		193			166			92
Cash, end of year	$	236		$	193		$	166