Table of Contents
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
| x | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2012
or
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 01-12103
| A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
Peoples Financial Corporation 401(k) Profit Sharing Plan
Howard and Lameuse Avenues
Biloxi, Mississippi 39533
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
Peoples Financial Corporation
Howard and Lameuse Avenues
Biloxi, Mississippi 39533
Table of Contents
Peoples Financial Corporation 401(k) Profit Sharing Plan
| Page | ||||
| 3 | ||||
| Financial Statements: |
||||
| 4 | ||||
| 5 | ||||
| 6 – 14 | ||||
| Supplemental Schedule: |
||||
| Schedule H, Line 4i – Schedule of Assets (Held at End of Year) |
15 | |||
2
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To The Audit Committee of Peoples Financial Corporation
Peoples Financial Corporation 401(k) Profit Sharing Plan
Biloxi, Mississippi
We have audited the accompanying statements of net assets available for benefits of Peoples Financial Corporation 401(k) Profit Sharing Plan (the “Plan”) as of December 31, 2012 and 2011, and the related statement of changes in net assets available for benefits for the year ended December 31, 2012. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2012 and 2011, and the changes in net assets available for benefits for the year ended December 31, 2012, in conformity with U.S. generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year) as of December 31, 2012 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the United States Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information is the responsibility of the Plan’s management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.
Atlanta, Georgia
June 24, 2013
3
Table of Contents
Peoples Financial Corporation 401(k) Profit Sharing Plan
Statements of Net Assets Available for Benefits
| December 31, | ||||||||
| 2012 | 2011 | |||||||
| Assets |
||||||||
| Cash |
$ | 229,248 | $ | 3,383 | ||||
|
|
|
|
|
|||||
| Investments at fair value: |
||||||||
| Mutual funds |
7,753,778 | 6,807,109 | ||||||
| Peoples Financial Corporation Common stock |
800,521 | 814,748 | ||||||
| MetLife Stable Value Fund—Investment contract |
5,816,944 | 6,244,125 | ||||||
| MetLife Stable Value Fund—Wrap contract |
53,763 | 58,095 | ||||||
|
|
|
|
|
|||||
| Total investments |
14,425,006 | 13,924,077 | ||||||
| Contributions receivable |
75 | 72,884 | ||||||
|
|
|
|
|
|||||
| Net assets reflecting all investments at fair value |
14,654,329 | 14,000,344 | ||||||
| Adjustment from fair value to contract value for fully-benefit responsive investment contract |
(394,402 | ) | (314,264 | ) | ||||
|
|
|
|
|
|||||
| Net assets available for benefits |
$ | 14,259,927 | $ | 13,686,080 | ||||
|
|
|
|
|
|||||
See Accompanying Notes to Financial Statements.
4
Table of Contents
Peoples Financial Corporation 401(k) Profit Sharing Plan
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2012
| Additions to net assets |
||||
| Investment gain: |
||||
| Net change in fair value of investments |
$ | 816,844 | ||
| Interest |
15 | |||
| Dividends |
248,886 | |||
|
|
|
|||
| Total investment gain |
1,065,745 | |||
|
|
|
|||
| Contributions: |
||||
| Employer |
266,816 | |||
| Employees |
444,604 | |||
|
|
|
|||
| Total contributions |
711,420 | |||
|
|
|
|||
| Total additions |
1,777,165 | |||
|
|
|
|||
| Deductions from net assets |
||||
| Distributions paid to participants |
1,203,318 | |||
|
|
|
|||
| Total deductions |
1,203,318 | |||
|
|
|
|||
| Change in net assets available for benefits |
573,847 | |||
| Net assets available for benefits, beginning of year |
13,686,080 | |||
|
|
|
|||
| Net assets available for benefits, end of year |
$ | 14,259,927 | ||
|
|
|
See Accompanying Notes to Financial Statements.
5
Table of Contents
Peoples Financial Corporation 401(k) Profit Sharing Plan
NOTE A – DESCRIPTION OF PLAN
The following description of the Peoples Financial Corporation (the “Company”) 401(k) Profit Sharing Plan (the “Plan”) provides only general information. Participants should refer to the plan agreement for a more complete description of the Plan’s provisions.
General
The Plan is a defined contribution plan covering all employees of the Company who are age 21 or older and employed in a position requiring the completion of at least 1,000 hours of service per plan year. Entrance in the Plan is on January 1st or July 1st, following the employee’s initial date of eligibility. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Employer Contributions
A summary of employer contributions is as follows:
Employer Discretionary Matching Contributions: Contributions are determined solely by the Company’s Board of Directors. Contributions can be up to a dollar amount or percentage of included compensation that is uniformly determined by the Company for all eligible participants. In addition, the Company may make a discretionary matching contribution to all eligible participants that is allocated equally as a percentage of 401(k) deferrals that do not exceed a specific dollar amount or a percentage of included compensation that is uniformly determined by the Company. The matching contribution is allocated among the investment options according to each participant’s instructions.
Company Nonelective Contributions: Contributions are determined solely by the Company’s Board of Directors. The allocation for each eligible participant is a uniform percentage of included compensation. Qualified nonelective contributions will be allocated as a uniform percentage of included compensation to all eligible participants who are non-highly compensated employees. The Company nonelective contributions are allocated among the investment options according to each participant’s instructions.
Participant Accounts
Each participant will have separate accounts established to reflect the employee’s interest under the Plan. A summary of the possible accounts is as follows:
Employer Discretionary Matching Contribution Account:
This account is credited quarterly with the amount of the Employer Discretionary Matching Contribution allocable to the participant, and with the employee’s share of
6
Table of Contents
the net income (or loss) of this account. The employee’s interest in this account will always be 100% vested.
Employee Salary Reduction and Voluntary Contribution Account:
Each Participant’s account is credited with the participant’s contribution, allocations of the account’s earnings, and forfeitures of terminated participants’ non-vested accounts. A participant may authorize a contribution to the Plan on the employee’s behalf, a salary reduction contribution cannot exceed 80% of compensation. The employee’s interest in this account will always be 100% vested.
Company Nonelective Contribution Account:
This account is credited with discretionary employer contributions and allocation of plan earnings. The allocation for each eligible participant is a uniform percentage of included compensation. Funds contributed by the employer into this account are allocated among the investment options according to each participant’s instructions. The Company nonelective contributions are vested under a six-year graded vesting schedule based on each employee’s length of service.
Employee Rollover Contribution Account:
This account is credited with any rollover contributions, if any, made to the Plan and with the employee’s share of net income (or loss) of this account. This account will always be 100% vested.
Merged Plan Asset Account:
This account is maintained for those participants who had account balances in the Gulf National Bank Profit Sharing Plan. This account is credited with the allocable net income (or loss) of this account. The employee’s interest in this account will always be 100% vested.
Payment of Benefits
Upon retirement (as defined), a participant is entitled to receive 100% of his or her account balance in a lump-sum distribution. Upon the death of a participant, the designated beneficiary is entitled to receive 100% of the participant’s account in a lump-sum distribution. In addition, disabled participants are entitled to 100% of their account balances. Plan participants who terminate for reasons other than retirement, death or disability are entitled to receive only the vested portion of their accounts.
Eligible participants are entitled to receive required minimum distributions in annual installments.
The Plan also allows for certain hardship withdrawals of elective deferrals.
Upon termination of employment, amounts not vested will be forfeited with such forfeitures being allocated to the accounts of the remaining active participants in the same proportion that the compensation of each participant bears to the total compensation of all active participants during the year.
7
Table of Contents
There were no forfeitures during the year ended December 31, 2012 or as of December 31, 2012.
Participant Loans
Participant loans are not permitted by the Plan.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Plan are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
New Accounting Pronouncements
In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 converges the fair value measurement guidance in U.S. GAAP and International Financial Reporting Standards. Some amendments clarify the application of existing fair value measurement requirements and others change a particular principle for measuring fair value for disclosing fair value measurement information. In addition, ASU 2011-04 requires additional fair value disclosures. The Plan’s adoption of ASU 2011-04 as of January 1, 2012 did not have a material effect on the Plan’s net assets available for benefits or changes in net assets available for benefits.
Investment Valuation
The Plan has invested in the MetLife Stable Value Fund, a group trust which is a holder of a Met Managed Guaranteed Interest Contract (“GIC”). The investment contract is stated at fair value and is adjusted to contract value (which represent contributions made under the contract, plus interest earned, less withdrawals and administrative expenses) on the Statement of Net Assets Available for Benefits. As described in Accounting Standards Codification (“ASC”) Topic 962, “Defined Contribution Pension Plans”, investment contracts held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. As required by the ASC, the Statement of Net Assets Available for Benefits presents the fair value of the Plan’s investment contract as well as the adjustment of the investment contract from fair value to contract value. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.
The Plan’s investments in mutual funds and Company common stock are recorded at fair value as determined by the closing price on actively traded markets. Purchases
8
Table of Contents
and sales of securities are recorded on trade-date basis. Interest income is recorded on the accrual basis and dividends are recorded on the ex-dividend date. Net change in the fair value of investments includes the Plan’s gains and losses on investments bought and sold as well as held during the Plan year.
Benefit Payments
Benefit payments to participants are recorded upon approval to be distributed.
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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
NOTE C – PARTICIPANTS’ INVESTMENTS
All investments are held by Fidelity Investments in an account managed by 401(k) Plus, Inc., the third party administrator of the Plan. Investments representing more than 5% of net assets are as follows:
| December 31, |
2012 | 2011 | ||||||
| GIC—Group Annuity Contract: |
||||||||
| MetLife Stable Value Fund |
$ | 5,870,707 | $ | 6,302,220 | ||||
| Registered investment companies (Mutual Funds): |
||||||||
| Fidelity Spartan U.S. Equity Index Fund |
758,394 | |||||||
| BlackRock U.S. Opportunities Fund |
1,129,967 | |||||||
| PIMCO Investments |
1,567,508 | 1,344,095 | ||||||
| T. Rowe Price New American Growth Fund |
1,019,265 | 931,894 | ||||||
| Delaware Select Growth A Loaded Waived Fund |
1,185,683 | |||||||
| Investment in common stock: |
||||||||
| Peoples Financial Corporation, common stock |
800,521 | 814,748 | ||||||
The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used as of December 31, 2012.
Mutual funds: Valued at the closing price reported on the active market on which the funds are traded.
Common stock: Valued at the closing price reported on the active market on which individual securities are traded.
9
Table of Contents
Guaranteed investment contract: The investment contract is valued at the fluctuating value of the separate account assets backing the contract and the wrap contract is valued based on the wrap contract fees provided by the insurance company. The wrap contract is valued based on wrap contract fees provided by the insurance company. Historical experience has not shown significant sensitivity to changes in fees related to the wrap contract and there are no quantitative unobservable inputs utilized in the valuation. Further discussion of sensitivity in the funds market yield can be found at Note D.
Financial assets and liabilities reported at fair value at each reporting date are classified and disclosed in one of the following categories: Level 1 – Quoted market prices in active markets for identical assets or liabilities, Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data, or Level 3 – Unobservable inputs that are not corroborated by market data.
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement as of the reporting date.
The balance of investments which are measured at fair value on a recurring basis, by level within the fair value hierarchy, as of December 31, 2012 and 2011 are as follows:
10
Table of Contents
| Assets at Fair Value as of December 31, 2012 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Mutual funds: |
||||||||||||||||
| Foreign Large Blend |
$ | 435,617 | $ | $ | $ | 435,617 | ||||||||||
| Global Real Estate |
238,860 | 238,860 | ||||||||||||||
| Intermediate-Term Bond |
1,567,508 | 1,567,508 | ||||||||||||||
| Large Blend |
1,098,733 | 1,098,733 | ||||||||||||||
| Large Growth |
2,204,948 | 2,204,948 | ||||||||||||||
| Small Growth |
283,465 | 283,465 | ||||||||||||||
| Mid-Cap Value |
317,370 | 317,370 | ||||||||||||||
| Moderate Allocation |
303,061 | 303,061 | ||||||||||||||
| Small Blend |
137,547 | 137,547 | ||||||||||||||
| Target Date Series |
902,489 | 902,489 | ||||||||||||||
| World Stock |
264,180 | 264,180 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
7,753,778 | 7,753,778 | ||||||||||||||
| Company common stock |
800,521 | 800,521 | ||||||||||||||
| Guaranteed investment contract |
5,816,944 | 53,763 | 5,870,707 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 8,554,299 | $ | 5,816,944 | $ | 53,763 | $ | 14,425,006 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Assets at Fair Value as of December 31, 2011 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Mutual funds: |
||||||||||||||||
| Foreign Large Blend |
$ | 379,290 | $ | $ | $ | 379,290 | ||||||||||
| Global Real Estate |
167,372 | 167,372 | ||||||||||||||
| Intermediate-Term Bond |
1,344,095 | 1,344,095 | ||||||||||||||
| Large Blend |
900,028 | 900,028 | ||||||||||||||
| Large Growth |
931,894 | 931,894 | ||||||||||||||
| Mid-Cap Growth |
1,129,967 | 1,129,967 | ||||||||||||||
| Small Growth |
254,898 | 254,898 | ||||||||||||||
| Mid-Cap Value |
284,307 | 284,307 | ||||||||||||||
| Large Value |
47,348 | 47,348 | ||||||||||||||
| Moderate Allocation |
254,517 | 254,517 | ||||||||||||||
| Small Blend |
108,367 | 108,367 | ||||||||||||||
| Target Date Series |
764,984 | 764,984 | ||||||||||||||
| World Stock |
240,042 | 240,042 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
6,807,109 | 6,807,109 | ||||||||||||||
| Company common stock |
814,748 | 814,748 | ||||||||||||||
| Guaranteed investment contract |
6,244,125 | 58,095 | 6,302,220 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 7,621,857 | $ | 6,244,125 | $ | 58,095 | $ | 13,924,077 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
11
Table of Contents
The following table sets forth a summary of changes in the fair value of the Wrap contract, the Plan’s only Level 3 asset, for the year ended December 31, 2012 and 2011:
| 2012 | 2011 | |||||||
| Fair Value, beginning of year |
$ | 58,095 | $ | 39,485 | ||||
| Unrealized gain (loss) relating to instruments still held at the reporting date |
(4,332 | ) | 18,610 | |||||
|
|
|
|
|
|||||
| Fair Value, end of year |
$ | 53,763 | $ | 58,095 | ||||
|
|
|
|
|
|||||
During the year ended December 31, 2012, the Plan’s investments appreciated (depreciated) in fair value and realized losses on sales as follows:
| Mutual funds |
$ | 887,588 | ||
| Peoples Financial Corporation common stock |
(70,744 | ) | ||
|
|
|
|||
| Total |
$ | 816,844 | ||
|
|
|
NOTE D – METLIFE STABLE VALUE FUND
The MetLife Stable Value Fund (the “Fund”) is fully-benefit responsive. The average yield and crediting interest rates for such investments were 6.84% and 2.52%, respectively, for 2012 and 8.697% and 2.95%, respectively, for 2011. The average yield credited to participants was 3.90% and 4.12% for 2012 and 2011, respectively. These investments were rated Aa3 and AA- at December 31, 2012.
In a Met Managed GIC, the assets are invested in a MetLife separate account. MetLife guarantees principal and accrued interest, based on credited interest rates, for participant-initiated withdrawals as long as the contract remains active. Interest is credited to the contract at interest rates that reflect the performance of the underlying portfolio. The credited rate resets quarterly and has a minimum interest rate of 0%. MetLife resets the rate by amortizing the difference between the market value of the portfolio and the guaranteed value over the weighted average duration of the Fund’s investments. Participants receive the principal and accrued earnings credited to their accounts upon withdrawal for allowed events. These events include transfers to other investment options, and payments due to retirement, termination of employment, disability, death and in-service withdrawals as permitted by the Plan.
The Plan may terminate its participation in the contract at any time. If it chooses to do so, the Plan will receive the lesser of the guaranteed or market value.
12
Table of Contents
The sensitivity of an increase or decrease in the Fund’s market yield, with no other change in the duration of the underlying portfolio and no contributions or withdrawals, on the weighted average crediting rate for 2012 and for each quarter in 2013 is as follows:
| Actual | Projected | Projected | Projected | Projected | ||||||||||||||||
| 12/31/2012 | 3/31/2013 | 6/30/2013 | 9/30/2013 | 12/31/2013 | ||||||||||||||||
| Increase of 50% |
3.15 | % | 3.15 | % | 3.14 | % | 3.14 | % | 3.14 | % | ||||||||||
| Increase of 25% |
3.15 | % | 3.12 | % | 3.10 | % | 3.07 | % | 3.05 | % | ||||||||||
| Decrease of 50% |
3.15 | % | 3.05 | % | 2.95 | % | 2.86 | % | 2.78 | % | ||||||||||
| Decrease of 25% |
3.15 | % | 3.07 | % | 3.00 | % | 2.93 | % | 2.87 | % | ||||||||||
The sensitivity of an increase or decrease in the Fund’s market yield, with no change in the duration of the underlying portfolio, no contributions and the immediate withdrawal of 10% of the fund, on the weighted average crediting rate for 2012 and for each quarter in 2013 is as follows:
| Actual | Projected | Projected | Projected | Projected | ||||||||||||||||
| 12/31/2012 | 3/31/2013 | 6/30/2013 | 9/30/2013 | 12/31/2013 | ||||||||||||||||
| Increase of 50% |
3.15 | % | 3.16 | % | 3.15 | % | 3.15 | % | 3.14 | % | ||||||||||
| Increase of 25% |
3.15 | % | 3.19 | % | 3.16 | % | 3.13 | % | 3.10 | % | ||||||||||
| Decrease of 50% |
3.15 | % | 3.28 | % | 3.17 | % | 3.07 | % | 2.97 | % | ||||||||||
| Decrease of 25% |
3.15 | % | 3.25 | % | 3.17 | % | 3.09 | % | 3.02 | % | ||||||||||
NOTE E – PARTY-IN-INTEREST TRANSACTIONS
Common stock of the Company, the Plan sponsor, is available as one of the investment options for participants to choose from. The Plan purchased $77,647 (7,747 shares) and sold $21,130 (1,971 shares) of the Company’s common stock during the year ended December 31, 2012. Shares held by the Plan at December 31, 2012 and 2011 had a market value of $800,521 and $814,748, respectively. In 2012, the Plan received cash dividends of $14,663 from its investment in Company stock.
Members of management of the Plan sponsor are participants in the Plan; however, there are no transactions with these individuals other than their participation in the Plan. The Asset Management and Trust Division of The Peoples Bank, Biloxi, Mississippi, a wholly owned subsidiary of the Plan Sponsor, serves as trustee of the Plan. The participants in the Plan direct the investment of their accounts.
NOTE F – CONCENTRATION OF MARKET RISK
The Plan has invested a significant portion of its assets in the Company’s common stock, which approximates 6% of the Plan’s net assets available for benefits as of December 31, 2012. As a result of the concentration, any significant decline in market value of the stock could adversely affect individual participant accounts and the net assets of the Plan.
13
Table of Contents
NOTE G – COST OF PLAN ADMINISTRATION
The Company absorbs the cost of plan administration. These costs were $657 and $5,082 for the years ended December 31, 2012 and 2011, respectively.
NOTE H – PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right under the plan to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become 100% vested in their accounts.
NOTE I – TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service, dated January 31, 2006, stating that the Plan qualifies under the appropriate sections of the Internal Revenue Code (IRC) and is, therefore, not subject to tax under present income tax law.
NOTE J – RECONCILIATION OF NET ASSETS AVAILABLE FOR BENEFITS
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 at December 31, 2012. There were no reconciling items between the financial statements and the Form 5500 at December 31, 2011.
| 2012 | ||||
| Net assets available for benefits per the financial statements |
$ | 14,259,927 | ||
| Less: Distributions payable |
(156,588 | ) | ||
|
|
|
|||
| Net assets available for benefits per the Form 5500 |
$ | 14,103,339 | ||
|
|
|
|||
The following is a reconciliation of distributions from net assets per the financial statements to the Form 5500 for the year ended December 31, 2012:
| 2012 | ||||
| Total distributions from net assets per the financial statements |
$ | 1,203,318 | ||
| Add: Distributions payable at December 31, 2012 |
156,588 | |||
|
|
|
|||
| Total distributions from net assets per the Form 5500 |
$ | 1,359,906 | ||
|
|
|
|||
14
Table of Contents
Peoples Financial Corporation 401(k) Profit Sharing Plan
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
EIN: 64 - 0709834 Plan No. 004
December 31, 2012
| Identity of issuer or | ||||||||||
| (a) similar party (b) |
Description of assets ( c) |
Cost (d) | Fair Value (e) | |||||||
| GIC—Group Annuity Contracts: |
||||||||||
| Metropolitan Life Insurance Co. |
MetLife Stable Value Fund—33,208 shares |
N/A | $ | 5,870,707 | ||||||
| Registered investment companies (Mutual Funds): |
||||||||||
| Gabelli Equity Investments |
Gabelli Equity Investment Fund—2,990 shares |
N/A | 68,057 | |||||||
| Fidelity Investments |
Fidelity Spartan U.S. Equity Index Fund—15,021 shares |
N/A | 758,394 | |||||||
| American Funds |
American Funds Europacific Growth Fund—10,769shares |
N/A | 435,617 | |||||||
| First Pacific Advisors |
FPA Crescent Fund—10,347 shares |
N/A | 303,061 | |||||||
| T. Rowe Price Funds |
T. Rowe Price Mid Cap Value Fund—13,257 shares |
N/A | 317,370 | |||||||
| PIMCO Investments |
PIMCO Investment Grade Corporate Fund—140,963 shares |
N/A | 1,567,508 | |||||||
| Third Avenue Funds |
Third Avenue Real Estate Value Fund- 9,415 shares |
N/A | 238,860 | |||||||
| American Century |
LIVESTRONG 2015 Portfolio Fund—24,021 shares |
N/A | 296,904 | |||||||
| American Century |
LIVESTRONG 2025 Portfolio Fund—31,679 shares |
N/A | 401,686 | |||||||
| American Century |
LIVESTRONG 2035 Portfolio Fund—15,517 shares |
N/A | 203,899 | |||||||
| Fidelity Investments |
Fidelity Small Cap Discovery Fund—5,714 shares |
N/A | 137,547 | |||||||
| Delaware Funds |
Delaware Select Growth A Load Waived Fund—29,487 shares |
N/A | 1,185,683 | |||||||
| T. Rowe Price Funds |
T. Rowe Price New American Growth Fund—28,376 shares |
N/A | 1,019,265 | |||||||
| Templeton Global |
Templeton Global Smaller Comp Fund—38,566 shares |
N/A | 264,180 | |||||||
| Janus Triton |
Janus Triton Fund—15,845 shares |
N/A | 283,465 | |||||||
| Gabelli Asset |
Gabelli Asset Investment Fund—5,249 shares |
N/A | 272,282 | |||||||
| Investment in common stock: |
||||||||||
| *Peoples Financial Corporation |
Common Stock—84,801 shares |
N/A | 800,521 | |||||||
|
|
|
|||||||||
| Total |
$ | 14,425,006 | ||||||||
|
|
|
|||||||||
| * | Represents party-in-interest |
| N/A | Due to Plan being fully participant directed, such values are not required. |
See accompanying Report of Independent Registered Public Accounting Firm.
15
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
| Peoples Financial Corporation 401(k) Profit Sharing Plan |
| Name of Plan |
| /s/ Thomas H. Wicks |
| The Asset Management and Trust Division of The Peoples |
| Bank, Biloxi, Mississippi; Trustee |
| By: Thomas H. Wicks, Trust Officer, |
| The Peoples Bank, Biloxi, Mississippi |
| June 24, 2013 |
| Date |
16