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On September 25, the company said that it would record charges related to non-cash losses on its investment in preferred shares of Federal Home Loan Mortgage Co, which is commonly known as Freddie Mac, and increase its non-cash charge to provide for potential losses on loans.
The charges totaled around $2 million after taxes for the Freddie Mac preferred shares and around $1 million after taxes for the provision to loan losses.
Peoples said that, despite the ongoing financial crisis, its primary capital stands in excess of its regulatory requirements stands, at 12.74%. The company earned $3,412,000 for the nine months ended September 30, down from $8,096,000 during the same period last year.
Earnings per share for the third quarter of 2008 were per average weighted share, and $.64 per average weighted share for the nine month period in 2008, based on average weighted shares outstanding of 5,322,925 for the third quarter and 5,359,690 for the nine months ended September 30.
Biloxi, Mississippi-based Peoples Financial is the parent of The Peoples Bank, which operates sixteen branches along the Mississippi Gulf Coast. The bank operates a trust and investment services department and formed a mortgage loan department in July 2007.
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