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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (D) OF THE

SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended		September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934


Commission File Number		001-12103

PEOPLES FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)


Mississippi	64-0709834
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)


Lameuse and Howard Avenues, Biloxi, Mississippi	39533
(Address of principal executive offices)	(Zip Code)

(228) 435-5511

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	PFBX	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer ☐	Smaller reporting company ☒
Non-accelerated filer ☒		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date. Peoples Financial Corporation has only one class of common stock authorized. At October 31, 2025, there were 15,000,000 shares of $1 par value common stock authorized, with 4,617,466 shares issued and outstanding.

Part 1 – Financial Information

Item 1: Financial Statements

Peoples Financial Corporation and Subsidiaries

Consolidated Statements of Condition

(in thousands except share data)


	September 30, 2025		December 31, 2024
	(unaudited)		(audited)
Assets
Cash and due from banks	$	41,895	$	107,744
Available for sale securities, amortized cost of $339,495 at September 30, 2025; $345,867 at December 31, 2024		312,461		308,648
Held to maturity securities, fair value of $86,000 at September 30, 2025; $111,112 at December 31, 2024		95,492		123,196
Less: Allowance for credit losses on held to maturity securities		40		40
Held to maturity securities, net		95,452		123,156
Other investments		350		350
Federal Home Loan Bank Stock, at cost		1,144		608
Loans		252,671		233,576
Less: Allowance for credit losses on loans and leases		2,934		2,982
Loans, net		249,737		230,594
Bank premises and equipment, net of accumulated depreciation		17,765		18,712
Other real estate		—		9
Accrued interest receivable		3,122		3,516
Cash surrender value of life insurance		22,361		22,026
Intangible asset		429		476
Other assets		13,350		16,010
Total assets	$	758,066	$	831,849
Liabilities and Shareholders' Equity
Liabilities:
Deposits:
Demand, non-interest bearing	$	172,017	$	235,183
Savings and demand, interest bearing		427,104		434,680
Time, $250,000 or more		12,654		20,563
Other time deposits		25,801		30,304
Total deposits		637,576		720,730
Employee and director benefit plans liabilities		19,183		19,201
Other liabilities		1,298		1,917
Total liabilities		658,057		741,848
Shareholders' Equity:
Common stock, $1 par value, 15,000,000 shares authorized, 4,617,466 shares issued and outstanding at September 30, 2025 and December 31, 2024		4,617		4,617
Surplus		65,780		65,780
Undivided profits		58,855		56,491
Accumulated other comprehensive loss		(29,243)		(36,887)
Total shareholders' equity		100,009		90,001
Total liabilities and shareholders' equity	$	758,066	$	831,849

See Notes to Consolidated Financial Statements.

Peoples Financial Corporation and Subsidiaries

Consolidated Statements of Operations

(in thousands except per share data) (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest income:
Interest and fees on loans	$	3,870	$	3,649	$	10,901	$	10,676
Interest and dividends on securities:
U. S. Treasuries		1,189		1,753		4,139		5,941
Mortgage-backed securities		322		561		1,266		1,887
States and political subdivisions		965		980		2,857		2,984
Collateralized mortgage obligations		500		749		1,593		2,404
Other investments		7		40		20		115
Interest on balances due from depository institutions		57		98		1,157		1,447
Total interest income		6,910		7,830		21,933		25,454
Interest expense:
Deposits		2,046		1,760		5,919		5,953
Borrowings		288		791		298		1,626
Total interest expense		2,334		2,551		6,217		7,579
Net interest income		4,576		5,279		15,716		17,875
Provision for credit losses		—		(48)		(5)		(48)
Net interest income after provision for credit losses		4,576		5,327		15,721		17,923
Non-interest income:
Trust department income and fees		662		628		1,912		1,863
Service charges on deposit accounts		790		780		2,377		2,360
Gain (loss) on sale of other real estate		11		—		11		—
Increase in cash surrender value of life insurance		139		123		381		363
Gain (loss) on sale of property, plant and equipment, net		—		4		—		46
Other income		326		215		727		622
Total non-interest income		1,928		1,750		5,408		5,254
Non-interest expense:
Salaries and employee benefits		2,806		2,768		8,251		7,938
Net occupancy		572		558		1,699		1,644
Equipment rentals, depreciation and maintenance		726		784		2,201		2,239
FDIC and state banking assessments		107		122		308		320
Data processing		346		311		1,036		955
ATM expense		395		265		932		668
Other real estate expense		—		1		—		1
Legal expense		(51)		29		122		349
Other expense		817		905		2,622		2,583
Total non-interest expense		5,718		5,743		17,171		16,697
Income before income taxes		786		1,334		3,958		6,480
Income tax (benefit) expense		143		(14,097)		763		(13,695)
Net income	$	643	$	15,431	$	3,195	$	20,175
Basic and diluted earnings per share	$	0.14	$	3.31	$	0.69	$	4.33
Dividends declared per share	$	—	$	—	$	0.18	$	0.18

See Notes to Consolidated Financial Statements.

Peoples Financial Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income

(in thousands) (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	643	$	15,431	$	3,195	$	20,175
Other comprehensive income (loss):
Net unrealized gain (loss) on available for sale securities, net of tax		2,856		6,762		7,644		7,774
Total other comprehensive income (loss)		2,856		6,762		7,644		7,774
Total comprehensive income (loss)	$	3,499	$	22,193	$	10,839	$	27,949

See Notes to Consolidated Financial Statements.

Peoples Financial Corporation and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2025 and September 30, 2024

(in thousands except share data) (unaudited)


								Accumulated
	Number of							Other
	Common	Common				Undivided		Comprehensive
	Shares	Stock		Surplus		Profits		Income (loss)		Total
Balance, January 1, 2024	4,661,686	$	4,662	$	65,780	$	37,574	$	(38,733)	$	69,283
Net income							2,415				2,415
Other comprehensive income (loss)									(1,035)		(1,035)
Balance, March 31, 2024	4,661,686	$	4,662	$	65,780	$	39,989	$	(39,768)	$	70,663
Net income							2,329				2,329
Other comprehensive income (loss)									2,047		2,047
Dividend declared ($0.18 per share)							(839)				(839)
Balance, June 30, 2024	4,661,686	$	4,662	$	65,780	$	41,479	$	(37,721)	$	74,200
Net income							15,431				15,431
Other comprehensive (loss)									6,762		6,762
Balance, September 30, 2024	4,661,686	$	4,662	$	65,780	$	56,910	$	(30,959)	$	96,393
Balance, January 1, 2025	4,617,466	$	4,617	$	65,780	$	56,491	$	(36,887)	$	90,001
Net income							1,310				1,310
Other comprehensive income (loss)									3,144		3,144
Balance, March 31, 2025	4,617,466	$	4,617	$	65,780	$	57,801	$	(33,743)	$	94,455
Net income							1,242				1,242
Other comprehensive income (loss)									1,644		1,644
Dividend declared ($0.18 per share)							(831)				(831)
Balance, June 30, 2025	4,617,466	$	4,617	$	65,780	$	58,212	$	(32,099)	$	96,510
Net income							643				643
Other comprehensive income (loss)									2,856		2,856
Balance, September 30, 2025	4,617,466	$	4,617	$	65,780	$	58,855	$	(29,243)	$	100,009

Note: Balances as of January 1, 2025 and 2024 were audited.

See Notes to Consolidated Financial Statements.

Peoples Financial Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands) (unaudited)


	Nine Months Ended September 30,
	2025		2024
Years Ended December 31,
Cash flows from operating activities:
Net income	$	3,195	$	20,175
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		1,228		1,252
Reduction in credit losses		(5)		(48)
Amortization of intangible asset		47		47
(Accretion) amortization of available for sale securities		(1,089)		(2,231)
Amortization (accretion) of held to maturity securities		284		313
Gain on sale of other real estate		(11)		—
Gain on sale of bank premises and equipment		—		(46)
Increase in cash surrender value of life insurance		(381)		(363)
Gain from death benefits from life insurance		(125)		—
Change in accrued interest receivable		394		(88)
Change in deferred tax		61		(14,079)
Change in other assets		68		(996)
Change in employee and director benefit plan liabilities and other liabilities		(632)		156
Net cash provided (used) by operating activities	$	3,034	$	4,092
Cash flows from investing activities:
Proceeds from maturities of available for sale securities	$	120,546	$	173,258
Purchases of available for sale securities		(113,085)		(163,069)
Proceeds from maturities of held to maturity securities		27,420		16,963
Purchases of Federal Home Loan Bank stock		(536)		1,900
Proceeds from sales of other real estate		27		9
Loans, net change		(19,159)		(962)
Acquisition of bank premises and equipment		(281)		(942)
Proceeds from sale of bank premises and equipment		—		65
Proceeds from death benefits from life insurance		270		—
Investment in cash surrender value of life insurance		(100)		(112)
Net cash provided (used) by investing activities		15,102		27,110
Cash flows from financing activities:
Demand and savings deposits, net change		(70,742)		(30,788)
Time deposits, net change		(12,412)		8,384
Borrowings from Federal Home Loan Bank		475,390		829,150
Repayments to Federal Home Loan Bank		(475,390)		(847,650)
Other borrowings and borrowings under Bank Term Funding Program		196		30,000
Repayments to other borrowings and borrowings under Bank Term Funding Program		(196)		—
Cash dividends		(831)		(839)
Net cash (used) provided by financing activities		(83,985)		(11,743)
Net (decrease) increase in cash and cash equivalents		(65,849)		19,459
Cash and cash equivalents, beginning of period		107,744		22,794
Cash and cash equivalents, end of period	$	41,895	$	42,253
Supplemental disclosures of noncash investing activities
Transfer from loans to other real estate owned	$	16	$	9

See Notes to Consolidated Financial Statements.

PEOPLES FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the Nine Months Ended September 30, 2025 and 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.Basis of Presentation:

Peoples Financial Corporation (the “Company”) is a one-bank holding company headquartered in Biloxi, Mississippi. The Company has two subsidiaries, PFC Service Corp., an inactive company, and The Peoples Bank, Biloxi, Mississippi (the “Bank”). The Bank provides a full range of banking, financial and trust services to state, county and local government entities and individuals and small and commercial businesses operating in those portions of Mississippi, Louisiana and Alabama which are within a fifty-mile radius of the Waveland, Wiggins and Gautier branches, the Bank’s three most outlying locations (the “trade area”).

The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the consolidated financial position of the Company and its subsidiaries as of September 30, 2025 and December 31, 2024 the results of their operations and their cash flows for the periods presented. The interim financial information should be read in conjunction with the annual consolidated financial statements and the notes thereto included in the Company’s 2024 Annual Report and Form 10-K.

CRITICAL ACCOUNTING POLICIES

The results of operations for the quarter and nine months ended September 30, 2025, are not necessarily indicative of the results to be expected for the full year.

Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for credit losses (ACL) and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income.

Summary of Significant Accounting Policies - The accounting and reporting policies of the Company conform to GAAP and general practices within the banking industry.

There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024.

Allowance for credit losses

In general, the Company uses a broad range of data to estimate current expected credit losses (“CECL”), including information about past events, current conditions, and reasonable and supportable forecasts relevant to assessing the collectability of the cash flows of financial assets.

CECL requires the Bank to measure expected credit losses on financial assets carried at amortized cost on a collective or pool basis when similar risk characteristics exist. The Bank has determined that Call Report categories will be utilized, and Management will maintain the option to further segment the portfolio if we deem it beneficial to the analysis.

The Company’s loan portfolio segments as of September 30, 2025 and December 31, 2024 were as follows:

Real Estate Loans

Residential-Residential mortgage loans are susceptible to weakening general economic conditions, increases in unemployment rates, and declining real estate values.

Construction-Risk common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements, and declines in real estate values. Residential construction loans are susceptible to those same risks as well as those associated with residential mortgage loans. Changes in market demand for property could lead to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates.

Nonresidential-Risks to this loan category include industry concentration and the inability to monitor the condition of collateral. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt, declines in real estate values, and lack of suitable alternative use for properties. These loans are also susceptible to declines in occupancy rates, business failure, and general economic conditions.

Commercial and Industrial-Risk to this loan category include industry concentration and the practical limitations associated with monitoring the condition of the collateral which often consists of inventory, accounts receivable, and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt.

Other-Risk common to these loans include regulatory risks, unemployment, changes in local economic conditions, and the inability to monitor collateral consisting of personal property.

Reclassification of Prior Year Presentation-Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.

RECENT ACCOUNTING PRONOUNCEMENTS

Accounting Standards Update –In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update 2025-07 (“ASU 2025-07”), Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). ASU 2025-07 adds a scope exception from derivative accounting for contracts that are not exchange-traded and have underlying features based on the operations or activities specific to one of the parties involved. This aims to reduce complexity in evaluating whether certain contracts qualify as derivatives. The update also clarifies that the revenue guidance in Topic 606 applies to share-based noncash consideration received from customers for the transfer of goods or services. This means that entities must first apply the revenue recognition guidance before considering other topics like derivatives or equity securities. ASU 2025-07 will be effective for interim and annual periods for fiscal years beginning after December 15, 2026. Early adoption is permitted for entities that have not yet issued their financial statements. Management has evaluated the impact of the adoption of this standard and determined there would be no material impact to the Company’s consolidated financial position or results of operations.

Accounting Standards Update –In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update 2025-06 (“ASU 2025-06”), Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40). ASU 2025-06 has the following key changes: 1.Modernization of Guidance: The update aims to modernize the accounting for software costs under Subtopic 350-40, reflecting the evolution of software development practices from traditional waterfall methods to more iterative and flexible agile methodologies. This change addresses stakeholder feedback indicating that existing guidance was outdated and did not align with current practices. 2. Capitalization Criteria: The ASU clarifies the criteria for capitalizing software costs. Previously, costs could only be capitalized after completing the preliminary project stage. Now, costs can be capitalized once management authorizes and commits to funding a software project, regardless of the development method used. 3. Relocation of Website Development Costs: The guidance on website development costs has been relocated from Subtopic 350-50 to Subtopic 350-40, ensuring consistency in how these costs are treated alongside internal-use software. 4. Removal of Development Stages: The ASU removes references to discrete development stages, acknowledging that software development is often non-linear and iterative. This change

aims to simplify the application of the guidance and reduce complexity for entities using agile development practices. The amendments in ASU 2025-06 are effective for annual reporting periods beginning after December 15, 2027, for all entities. Early adoption is permitted for entities that have not yet issued their financial statements. Management has evaluated the impact of the adoption of this standard and determined there would be no material impact to the Company’s consolidated financial position or results of operations.

Accounting Standards Update –In July 2025, the Financial Accounting Standards Board issued Accounting Standards Update 2025-05 (“ASU 2025-05”), Financial Instruments-Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 is intended to provide all entities with a practical expedient and entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606 as follows: 1. Practical expedient. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. 2. Accounting policy election. An entity other than a public business entity that elects the practical expedient is permitted to make an accounting policy election to consider collection activity after the balance sheet date when estimating expected credit losses. The amendments are expected to provide decision-useful information to investors and other financial statement users while reducing the time and effort necessary to analyze and estimate credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. Management has evaluated the impact of the adoption of this standard and determined there would be no material impact to the Company’s consolidated financial position or results of operations.

Accounting Standards Update –In May 2025, the Financial Accounting Standards Board issued Accounting Standards Update 2025-04 (“ASU 2025-04”), Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. ASU 2025-04 is intended to reduce diversity in practice and improve existing guidance, primarily by revising the definition of a “performance condition” and eliminating a forfeiture policy election for service conditions associated with share-based consideration payable to a customer. In addition, the ASU clarifies that the guidance in ASC 606 on the variable consideration constraint does not apply to share-based consideration payable to a customer “regardless of whether an award’s grant date has occurred” (as determined under ASC 718). ASU 2025-04 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. Management has evaluated the impact of the adoption of this standard and determined there would be no material impact to the Company’s consolidated financial position or results of operations.

Accounting Standards Update –In May 2025, the Financial Accounting Standards Board issued Accounting Standards Update 2025-03 (“ASU 2025-03”), Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. ASU 2025-03 is intended to improve comparability between business combinations that involve VIEs and those that do not. Under ASU 2025-03 a reporting entity involved in a business combination effected primarily by the exchange of equity interests must consider the factors in ASC 805-10-55-12 through 55-15 to determine which entity is the accounting acquirer regardless of whether the legal acquiree is a Variable Interest Entity. More specifically, when considering those factors, the reporting entity can determine that a transaction in which the legal acquiree is a Variable Interest Entity represents a reverse acquisition (in which the legal acquirer is identified as the acquiree for accounting purposes). As a result, comparability is increased with business combinations in which the legal acquiree is a Voting Interest Entity. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. Management has evaluated the impact of the adoption of this standard and determined there would be no material impact to the Company’s consolidated financial position or results of operations.

Accounting Standards Update –In March 2025, the Financial Accounting Standards Board issued Accounting Standards Update 2025-02 (“ASU 2025-02”), Liabilities (Topic 405)-Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122. ASU 2025-02 amends the guidance in ASC 450-10-S99-1 to remove the text of SAB Topic 5.FF, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Its Platform Users. The change was made as a result of the release of SEC Staff Accounting Bulletin No. 122, which rescinded SAB Topic 5.FF. The update

affects SEC registrants, makes amendments to the (“GAAP”) generally accepted accounting principles taxonomy and is effective upon issuance. Management has evaluated the impact of the adoption of this standard and determined there would be no material impact to the Company’s consolidated financial position or results of operations.

Accounting Standards Update –In January 2025, the Financial Accounting Standards Board issued Accounting Standards Update 2025-01 (“ASU 2025-01”), Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective date. ASU 2025-031(Subtopic 220-40) The Board issued this update to clarify the effective date of ASU 2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, for non-calendar-year-end entities. The Board issued Update 2024-03 on November 4, 2024. Update 2024-03 states that the amendments are effective for all public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Management has evaluated the impact of the adoption of this standard and determined there would be no material impact to the Company’s consolidated financial position or results of operations.

2.	Earnings Per Share:

Per share data is based on the weighted average shares of common stock outstanding of 4,617,466 and 4,661,686 for the nine months ended September 30, 2025 and 2024, respectively.

3.	Statements of Cash Flows:

The Company has defined cash and cash equivalents as cash and due from banks. Cash and due from banks for the purposes of the Consolidated Statements of Cash Flows, include cash on hand, balances due from banks; which includes non-interest- and interest-bearing accounts, and federal funds sold, all of which mature within ninety days.

The Company paid $6,239,367 and $7,571,786 for the nine months ended September 30, 2025 and 2024, respectively, for interest on deposits and borrowings. The Company paid $380,000 and $835,000 in estimated income tax payments during the nine months ended September 30, 2025 and 2024, respectively. One loan was transferred to other real estate and the collateral sold during the nine months ended September 30, 2025 and two loans were transferred to other real estate and the collateral sold during the nine months ended September 30, 2024.

4.	Investments:

The Company evaluated credit impairment for individual securities available for sale (AFS) whose fair value was below amortized cost with a more than inconsequential risk of default and where the Company had assessed the decline in fair value significant enough to suggest a credit event occurred. Due to the zero credit loss assumption and the considerations applied to the securities AFS, there was no ACL recorded for securities AFS as of September 30, 2025 and December 31, 2024. The Company first established an allowance for credit losses for individual securities held to maturity in 2023 and evaluated impairment for individual securities held to maturity again as of December 31, 2024 and determined an allowance for credit loss of $40,000 was appropriate. No additional impairment was recorded as of September 30, 2025.

The amortized cost, fair value and allowance for credit losses related to securities at September 30, 2025 and December 31, 2024, are as follows (in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
September 30, 2025	Cost		Gains		Losses		Fair Value
Available for sale securities:
U.S. Treasuries	$	132,226		114	$	(4,426)	$	127,914
Mortgage-backed securities		43,704		64		(3,189)		40,579
Collateralized mortgage obligations		63,520		43		(3,780)		59,783
States and political subdivisions		100,045		—		(15,860)		84,185
Total available for sale securities	$	339,495	$	221	$	(27,255)	$	312,461


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
December 31, 2024	Cost		Gains		Losses		Fair Value
Available for sale securities:
U.S. Treasuries	$	124,320	$	150	$	(7,425)	$	117,045
Mortgage-backed securities		46,845		35		(4,368)		42,512
Collateralized mortgage obligations		73,857		77		(5,070)		68,864
States and political subdivisions		100,845		—		(20,618)		80,227
Total available for sale securities	$	345,867	$	262	$	(37,481)	$	308,648


			Gross		Gross				Allowance		Net
	Amortized		Unrealized		Unrealized		Estimated		for Credit		Carrying
September 30, 2025	Cost		Gains		Losses		Fair Value		Losses		Amount
Held to maturity securities:
U.S. Treasuries	$	14,988	$	19	$	(141)	$	14,866	$	—	$	14,988
States and political subdivisions		80,504		13		(9,383)		71,134		(40)		80,464
Total held to maturity securities	$	95,492	$	32	$	(9,524)	$	86,000	$	(40)	$	95,452


			Gross		Gross				Allowance		Net
	Amortized		Unrealized		Unrealized		Estimated		for Credit		Carrying
December 31, 2024	Cost		Gains		Losses		Fair Value		Losses		Amount
Held to maturity securities:
U.S. Treasuries	$	39,978	$	20	$	(450)	$	39,548	$	—	$	39,978
States and political subdivisions		83,218		14		(11,668)		71,564		(40)		83,178
Total held to maturity securities	$	123,196	$	34	$	(12,118)	$	111,112	$	(40)	$	123,156

The following table shows a rollforward of the allowance for credit losses on held-to-maturity securities for the nine months ended September 30, 2025 and the year ended December 31, 2024 and the nine months ended September 30, 2024 and the year ended December 31, 2023 (in thousands):



	State and political
	subdivisions
Balance, December 31, 2024	$	40
Provision for credit losses		—
Charge-offs of securities		—
Recoveries		—
Balance, September 30, 2025	$	40


	State and political
	subdivisions
Balance, December 31, 2023	$	30
Provision for credit losses		—
Charge-offs of securities		—
Recoveries		—
Balance, September 30, 2024	$	30

The Company monitors the credit quality of the debt securities held-to-maturity through the use of credit ratings. The Company monitors the credit ratings on a quarterly basis. The following table summarizes the amortized cost of debt

securities held-to-maturity at September 30, 2025 and December 31, 2024, aggregated by credit quality indicators (in thousands):


	September 30, 2025		December 31, 2024
Aaa	$	—	$	39,978
Aa1/Aa2/Aa3		48,714		33,961
A1/A2		3,139		3,164
Baa1/Baa2		1,000		1,000
Not rated		42,639		45,093
Total	$	95,492	$	123,196

At September 30, 2025 and December 31, 2024, the Company had no securities held-to-maturity that were past due 30 days or more as to principal or interest payments. The Company had no securities held-to-maturity classified as nonaccrual for the nine months ended September 30, 2025 and the year ended December 31, 2024.

The amortized cost and fair value of debt securities at September 30, 2025, (in thousands) by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost		Fair Value
Available for sale securities:
Due in one year or less	$	57,665	$	57,773
Due after one year through five years		91,003		85,259
Due after five years through ten years		48,211		41,118
Due after ten years		35,392		27,949
Mortgage-backed securities		43,704		40,579
Collaterized mortgage obligations		63,520		59,783
Total	$	339,495	$	312,461
Held to maturity securities:
Due in one year or less	$	8,713	$	8,721
Due after one year through five years		41,255		39,542
Due after five years through ten years		27,384		24,381
Due after ten years		18,140		13,356
Total	$	95,492	$	86,000

Available for sale securities with gross unrealized losses at September 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands):



		Less Than Twelve Months				Over Twelve Months				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
Available for Sale	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
September 30, 2025:
U.S. Treasuries	$	17,901	$	7	$	70,142		4,419		88,043	$	4,426
Mortgage-backed securities		3,459		25		31,027		3,164		34,486		3,189
Collateralized mortgage obligations		4,969		27		45,239		3,753		50,208		3,780
States and political subdivisions		1,816		195		82,369		15,665		84,185		15,860
Total	$	28,145	$	254	$	228,777	$	27,001	$	256,922	$	27,255


	Less Than Twelve Months				Over Twelve Months				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
Available for Sale	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
December 31, 2024:
U.S. Treasuries	$	—	$	—	$	81,991	$	7,425		81,991	$	7,425
Mortgage-backed securities		3,993		20		36,388		4,348		40,381		4,368
Collateralized mortgage obligations		1,728		9		51,513		5,061		53,241		5,070
States and political subdivisions		—		—		80,087		20,618		80,087		20,618
Total	$	5,721	$	29	$	249,979	$	37,452	$	255,700	$	37,481

At September 30, 2025, 10 of the 18 Treasuries, 40 of the 46 mortgage-backed securities, 23 of the 27 collateralized mortgage obligations and 75 of the 75 securities issued by states and political subdivisions contained unrealized losses.

There were no sales of available for sale debt securities for the nine months ended September 30, 2025 and September 30, 2024.

Securities with a fair value of $268,548,473 and $311,774,135 at September 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits, federal funds purchased and other balances required by law.

Loans:

The composition of the loan portfolio at September 30, 2025 and December 31, 2024 is as follows (in thousands):


	September 30, 2025		December 31, 2024
Real estate, residential	$	81,131	$	78,952
Real estate, construction		22,309		17,016
Real estate, nonresidential		125,881		114,263
Commercial and industrial		13,145		13,381
Other		10,205		9,964
Total	$	252,671	$	233,576

The age analysis of the loan portfolio, segregated by class of loans, as of September 30, 2025, and December 31, 2024 is as follows (in thousands):


													Loans Past
													Due Greater
	Number of Days Past Due												Than 90
					Greater		Total				Total		Days and
	30 - 59		60 - 89		Than 90		Past Due		Current		Loans		Still Accruing
September 30, 2025:
Real estate, residential	$	567	$	45	$	307	$	919	$	80,212	$	81,131	$	100
Real estate, construction		58		—		—		58		22,251		22,309		—
Real estate, nonresidential		288		—		220		508		125,373		125,881		—
Commercial and industrial		28		—		—		28		13,117		13,145		—
Other		103		1		—		104		10,101		10,205		—
Total	$	1,044	$	46	$	527	$	1,617	$	251,054	$	252,671	$	100
December 31, 2024:
Real estate, residential	$	410	$	33	$	337	$	780	$	78,172	$	78,952	$	—
Real estate, construction		61		—		—		61		16,955		17,016		—
Real estate, nonresidential		749		—		—		749		113,514		114,263		—
Commercial and industrial		40		11		—		51		13,330		13,381		—
Other		20		10		—		30		9,934		9,964		—
Total	$	1,280	$	54	$	337	$	1,671	$	231,905	$	233,576	$	—

The Company monitors the credit quality of its loan portfolio through the use of a loan grading system. A score of 1 – 5 is assigned to the loan based on factors including repayment ability, trends in net worth and/or financial condition of the borrower and guarantors, employment stability, management ability, loan to value fluctuations, the type and structure of the loan, conformity of the loan to bank policy and payment performance. Based on the total score, a loan grade of A, B, C, S, D, E or F is applied. A grade of A will generally be applied to loans for customers that are well known to the Company and that have excellent sources of repayment. A grade of B will generally be applied to loans for customers that have excellent sources of repayment which have no identifiable risk of collection. A grade of C will generally be applied to loans for customers that have adequate sources of repayment which have little identifiable risk of collection. A grade of S will generally be applied to loans for customers who meet the criteria for a grade of C but also warrant additional monitoring by placement on the watch list. A grade of D will generally be applied to loans for customers that are inadequately protected by current sound net worth, paying capacity of the borrower, or pledged collateral. Loans with a grade of D have unsatisfactory characteristics such as cash flow deficiencies, bankruptcy filing by the borrower or dependence on the sale of collateral for the primary source of repayment, causing more than acceptable levels of risk. Loans 60 to 89 days past due receive a grade of D. A grade of E will generally be applied to loans for customers with weaknesses inherent in the D classification and in which collection or liquidation in full is questionable. In addition, on a monthly basis the Company determines which loans are 90 days or more past due and assigns a grade of E to them.

A grade of F is applied to loans which are considered uncollectible and of such little value that their continuance in an active bank is not warranted. Loans with this grade are charged off, even though partial or full recovery may be possible in the future.

The following tables further disaggregates credit quality disclosures by amortized cost by class and vintage for term loans and by revolving and revolving converted to amortizing as of September 30, 2025 and December 31, 2024 (in thousands). The Company defines vintage as the later of origination, or restructure date.


	Term Loans														Revolving
	Amortized Cost Basis by Origination Year														Loans
													Revolving		Converted to
	2025		2024		2023		2022		2021		Prior		Loans		Term Loans		Total
September 30, 2025:
Real Estate, Residential Loans:
A, B, or C	$	8,192	$	10,348	$	12,142	$	12,619	$	9,419	$	21,533	$	3,880	$	1,805	$	79,938
S		—		—		—		—		—		51		60		—		111
D		—		—		—		—		—		534		—		—		534
E		—		169		—		—		277		102		—		—		548
F		—		—		—		—		—		—		—		—		—
Total Real Estate Residential Loans	$	8,192	$	10,517	$	12,142	$	12,619	$	9,696	$	22,220	$	3,940	$	1,805	$	81,131

Real Estate, Construction Loans:
A, B, or C	$	993	$	2,658	$	363	$	1,384	$	1,790	$	3,173	$	11,693	$	—	$	22,054
S		—		—		—		—		—		—		—		—		—
D		—		—		118		—		—		137		—		—		255
E		—		—		—		—		—		—				—		—
F		—		—		—		—		—		—		—		—		—
Total Real Estate, Construction Loans	$	993	$	2,658	$	481	$	1,384	$	1,790	$	3,310	$	11,693	$	—	$	22,309

Real Estate,Nonresidential Loans:
A, B, or C	$	15,223	$	2,560	$	10,586	$	20,655	$	9,840	$	43,455	$	22,825	$	—	$	125,144
S		—		—		—		—		—		51		—		—		51
D		—		—		—		—		—		466		—		—		466
E		—		—		—		—		—		220		—		—		220
F		—		—		—		—		—		—		—		—		—
Total Real Estate, Nonresidential Loans	$	15,223	$	2,560	$	10,586	$	20,655	$	9,840	$	44,192	$	22,825	$	—	$	125,881

Commercial and industrial
A, B, or C	$	1,441	$	930	$	361	$	327	$	5	$	2,493	$	7,550	$	—	$	13,107
S		—		—		—		—		—		—		—		—		—
D		—		—		—		13		—		—		—		—		13
E		—		—		—		—		—		25		—		—		25
F		—		—		—		—		—		—		—		—		—
Total Commercial and Industrial Loans	$	1,441	$	930	$	361	$	340	$	5	$	2,518	$	7,550	$	—	$	13,145

Consumer/Other Loans
A, B, or C	$	3,577	$	2,729	$	2,149	$	563	$	256	$	395	$	528	$	—	$	10,197
S		—		—		—		—		—		—		—		—		—
D		—		4		—		—		—		—		4		—		8
E		—		—		—		—		—		—		—		—		—
F		—		—		—		—		—		—		—		—		—
Total Consumer/Other Loans	$	3,577	$	2,733	$	2,149	$	563	$	256	$	395	$	532	$	—	$	10,205


	Term Loans														Revolving
	Amortized Cost Basis by Origination Year														Loans
													Revolving		Converted to
	2024		2023		2022		2021		2020		Prior		Loans		Term Loans		Total
December 31, 2024:
Real Estate, Residential Loans:
A, B, or C	$	10,203	$	11,135	$	14,611	$	10,386	$	4,348	$	19,348	$	4,448	$	3,537	$	78,016
S		—		—		—		—		—		56		—		—		56
D		—		—		—		—		124		338		—		—		462
E		—		—		—		295		—		123		—		—		418
F		—		—		—		—		—		—		—		—		—
Total Real Estate Residential Loans	$	10,203	$	11,135	$	14,611	$	10,681	$	4,472	$	19,865	$	4,448	$	3,537	$	78,952

Real Estate, Construction Loans:
A, B, or C	$	2,876	$	425	$	1,464	$	1,916	$	854	$	2,701	$	6,578	$	—	$	16,814
S		—		—		—		—		—		—		—		—		—
D		—		121		—		—		81		—		—		—		202
E		—		—		—		—		—		—		—		—		—
F		—		—		—		—		—		—		—		—		—
Total Real Estate, Construction Loans	$	2,876	$	546	$	1,464	$	1,916	$	935	$	2,701	$	6,578	$	—	$	17,016

Real Estate,Nonresidential Loans:
A, B, or C	$	2,711	$	11,191	$	24,434	$	10,290	$	13,344	$	34,096	$	17,672	$	—	$	113,738
S		—		—		—		—		—		62		—		—		62
D		—		—		—		—		—		463		—		—		463
E		—		—		—		—		—		—		—		—		—
F		—		—		—		—		—		—		—		—		—
Total Real Estate, Nonresidential Loans	$	2,711	$	11,191	$	24,434	$	10,290

PEOPLES FINANCIAL CORP /MS/ 10-Q