New Peoples Bankshares Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>New Peoples Bankshares Inc. has filed its annual 10-K report for the fiscal year 2023, detailing its financial performance and business operations.</b>

AI Summary

NEW PEOPLES BANKSHARES INC (NWPP) filed a Annual Report (10-K) with the SEC on April 1, 2024. New Peoples Bankshares Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 67 Commerce Drive, Honaker, VA 24260. The company's mailing address is PO Box 1810, Honaker, VA 24260. The Standard Industrial Classification code for the company is 6022 (State Commercial Banks).

Why It Matters

For investors and stakeholders tracking NEW PEOPLES BANKSHARES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance and future prospects. The detailed financial information within the report, including balance sheets and income statements, allows for a thorough analysis of the bank's profitability, asset management, and overall stability in the current economic climate.

Risk Assessment

Risk Level: low — NEW PEOPLES BANKSHARES INC shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures for a publicly traded company, indicating a low level of inherent risk in the filing itself.

Analyst Insight

Review the detailed financial statements and management discussion and analysis within the 10-K to understand New Peoples Bankshares Inc.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-01 — Filing Date (Date of submission)
• 6022 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• NEW PEOPLES BANKSHARES INC (company) — Filer name
• NWPP (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-04-01 (date) — Filing date
• 67 COMMERCE DRIVE (address) — Business street address
• HONAKER (location) — Business city
• VA (location) — Business state
• 24260 (postal_code) — Business zip code

FAQ

Industry Context

New Peoples Bankshares Inc. operates within the commercial banking sector, providing financial services to its customers.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities, including the SEC, and must adhere to banking laws and reporting requirements.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset growth.
2. Review management's discussion and analysis for insights into business strategy and risks.
3. Compare key financial metrics to industry benchmarks and prior year performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-01: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $2.00 — tion 12(g) of the Act: Common Stock - $2.00 Par Value Indicate by check mark if t
• $2.30 — sed on the last reported sales price of $2.30 per share on the last business day of t
• $11.3 million — st I was formed by New Peoples to issue $11.3 million in trust preferred securities. In Sep
• $5.2 million — st 2 was formed by New Peoples to issue $5.2 million in trust preferred securities. On Jun

Filing Documents

• npbs_10k.htm (10-K) — 3288KB
• ex4_2.htm (EX-4.2) — 18KB
• ex21.htm (EX-21) — 3KB
• ex31_1.htm (EX-31.1) — 10KB
• ex31_2.htm (EX-31.2) — 11KB
• ex32.htm (EX-32) — 12KB
• ex99_1.htm (EX-99.1) — 15KB
• ex99_2.htm (EX-99.2) — 0KB
• image_001.jpg (GRAPHIC) — 7KB
• ex99_1-001.jpg (GRAPHIC) — 328KB
• ex99_1-002.jpg (GRAPHIC) — 348KB
• ex99_1-003.jpg (GRAPHIC) — 368KB
• ex99_1-004.jpg (GRAPHIC) — 355KB
• ex99_1-005.jpg (GRAPHIC) — 359KB
• ex99_1-006.jpg (GRAPHIC) — 363KB
• ex99_1-007.jpg (GRAPHIC) — 429KB
• ex99_1-008.jpg (GRAPHIC) — 390KB
• ex99_1-009.jpg (GRAPHIC) — 375KB
• ex99_1-010.jpg (GRAPHIC) — 409KB
• ex99_1-011.jpg (GRAPHIC) — 375KB
• ex99_1-012.jpg (GRAPHIC) — 417KB
• ex99_1-013.jpg (GRAPHIC) — 466KB
• ex99_1-014.jpg (GRAPHIC) — 442KB
• ex99_1-015.jpg (GRAPHIC) — 118KB
• ex99_1-016.jpg (GRAPHIC) — 160KB
• ex99_1-017.jpg (GRAPHIC) — 412KB
• ex99_1-018.jpg (GRAPHIC) — 503KB
• ex99_1-019.jpg (GRAPHIC) — 442KB
• ex99_1-020.jpg (GRAPHIC) — 99KB
• ex99_1-021.jpg (GRAPHIC) — 426KB
• ex99_1-022.jpg (GRAPHIC) — 430KB
• ex99_1-023.jpg (GRAPHIC) — 231KB
• ex99_2-001.jpg (GRAPHIC) — 198KB
• 0001903596-24-000204.txt (&nbsp;) — 26669KB
• nwpp-20231231.xsd (EX-101.SCH) — 72KB
• nwpp-20231231_cal.xml (EX-101.CAL) — 69KB
• nwpp-20231231_def.xml (EX-101.DEF) — 222KB
• nwpp-20231231_lab.xml (EX-101.LAB) — 422KB
• nwpp-20231231_pre.xml (EX-101.PRE) — 386KB
• npbs_10k_htm.xml (XML) — 4037KB

Business

Business 4 Item 1A. Risk Factors 14 Item 1B. Unresolved Staff Comments 14 Item 1C. Cybersecurity 14 Item 2.

Properties

Properties 15 Item 3. Legal Proceedings 15 Item 4. Mine Safety Disclosures 15 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Item 6. [ Reserved ] 17 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 34 Item 8. Financial 35 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 73 Item 9A. Controls and Procedures 73 Item 9B. Other Information 73 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 73 PART III Item 10. Directors, Executive Officers and Corporate Governance 73 Item 11. Executive Compensation 74 Item 12. Security 74 Item 13. Certain Relationships and Related Transactions, and Director Independence 74 Item 14. Principal Accounting Fees and Services 74 PART IV Item 15. Exhibits, Financial Statement Schedules 76 Item 16. Form 10-K Summary 75

SIGNATURES

SIGNATURES 76 PART I

Business

Item 1. Business General New Peoples Bankshares, Inc. (New Peoples, the Company, we, us or our) is a Virginia financial holding company headquartered in Honaker, Virginia. Our business is conducted primarily through New Peoples Bank, Inc., a Virginia banking corporation (the "Bank"). The Bank has a division doing business as New Peoples Financial Services which offers investment services through its broker-dealer relationship with Osaic Institutions, Inc. NPB Insurance Services, Inc. ("NPB Insurance") is a subsidiary of the Bank and generates revenue through the referral of insurance services. The Bank, headquartered in Honaker, Virginia, offers a range of banking and related financial services focused primarily on serving individuals, small to medium size businesses, and the professional community. We strive to serve the banking needs of our customers while developing personal, hometown relationships with them. Our Board of Directors believes that marketing customized banking services enables us to establish a niche in the financial services marketplace where we do business. We provide professionals and small to medium size businesses in our market area with responsive and technologically enabled banking services. These services include loans that are priced on a deposit relationship basis, easy access to our decision makers, and quick and innovative action necessary to meet a customer's banking needs. Our capitalization and lending limit enable us to satisfy the credit needs of a large portion of the targeted market segment. When a customer needs a loan that exceeds our lending limit, we try to find other financial institutions to participate in the loan with us. Our History The Bank was incorporated under the laws of the Commonwealth of Virginia on December 9, 1997 and began operations on October 28, 1998. On September 27, 2001, the shareholders of the Bank approved a plan of reorganization under which they exchanged their shares of Bank common stock

View Full Filing

View this 10-K filing on SEC EDGAR