New Peoples Bankshares Inc. Files Q1 2024 10-Q Report

TL;DR

<b>New Peoples Bankshares Inc. filed its Q1 2024 10-Q, detailing financial performance and portfolio composition.</b>

AI Summary

NEW PEOPLES BANKSHARES INC (NWPP) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. New Peoples Bankshares Inc. reported its Q1 2024 financial results on May 15, 2024. The filing covers the period ending March 31, 2024. The company is incorporated in Virginia (VA) and operates under SIC code 6022 (State Commercial Banks). Key financial data points such as common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed for Q1 2024 and prior periods. The report includes breakdowns of investment securities and real estate loan portfolios as of March 31, 2024, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking NEW PEOPLES BANKSHARES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial snapshot of New Peoples Bankshares Inc., crucial for assessing its current performance and stability. The detailed breakdown of assets, liabilities, and equity, along with specific loan and investment categories, allows for a granular analysis of the bank's financial health and risk exposure.

Risk Assessment

Risk Level: low — NEW PEOPLES BANKSHARES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a stable operational status.

Analyst Insight

Monitor future filings for trends in loan growth, net interest margin, and asset quality to gauge the bank's ongoing performance in the current economic environment.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report)
• 2024-05-15 — Filing Date (10-Q filing)
• 6022 — SIC Code (State Commercial Banks)

Key Players & Entities

• NEW PEOPLES BANKSHARES INC (company) — Filer name
• 20240515 (date) — Filing date
• 20240331 (date) — Period of report
• VA (location) — State of incorporation
• 6022 (industry) — Standard Industrial Classification
• 2768737000 (phone) — Business phone

FAQ

Industry Context

New Peoples Bankshares Inc. operates as a commercial bank, a sector characterized by interest rate sensitivity, regulatory oversight, and competition.

Regulatory Implications

As a commercial bank, the company is subject to regulations from federal and state authorities, including the Federal Reserve and state banking departments, impacting its operations and capital requirements.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management's discussion and analysis.
2. Analyze the composition of the loan portfolio and investment securities for risk assessment.
3. Compare Q1 2024 performance against historical trends and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-15: Filing Date — Date the 10-Q was filed with the SEC

Year-Over-Year Comparison

This filing is the Q1 2024 10-Q, following the company's previous 10-K annual report and prior 10-Q filings.

Key Financial Figures

• $0.06 — 2,136 2,136 Cash dividend declared ($0.06 per share) — — — ( 1,430 ) — ( 1,
• $0.07 — 35 ) ( 835 ) Cash dividend declared ($0.07 per share) — — — ( 1,661 ) — ( 1,
• $3.0 billion — a bank must have consolidated assets of $3.0 billion or less. The primary benefit of being d
• $36.0 million — ent securities with a carrying value of $36.0 million and $36.8 million as of March 31, 2024
• $36.8 million — h a carrying value of $36.0 million and $36.8 million as of March 31, 2024 and December 31, 2
• $2.7 million — m trading and are recorded at a cost of $2.7 million and $2.7 million as of March 31, 2024 a
• $2.7 million — recorded at a cost of $2.7 million and $2.7 million as of March 31, 2024 and December 31, 2
• $1.8 million — l loans above are deferred loan fees of $1.8 million and $1.8 million as of March 31, 2024 a
• $2.0 million — respectively. Deferred loan costs were $2.0 million and $2.0 million, as of March 31, 2024
• $2.0 m — ferred loan costs were $2.0 million and $2.0 million, as of March 31, 2024 and Decembe

Filing Documents

• nwpp_10q.htm (10-Q) — 2225KB
• ex31_1.htm (EX-31.1) — 9KB
• ex31_2.htm (EX-31.2) — 9KB
• ex32.htm (EX-32) — 10KB
• 0001903596-24-000326.txt (&nbsp;) — 10674KB
• nwpp-20240331.xsd (EX-101.SCH) — 49KB
• nwpp-20240331_cal.xml (EX-101.CAL) — 59KB
• nwpp-20240331_def.xml (EX-101.DEF) — 140KB
• nwpp-20240331_lab.xml (EX-101.LAB) — 282KB
• nwpp-20240331_pre.xml (EX-101.PRE) — 251KB
• nwpp_10q_htm.xml (XML) — 3135KB

Financial Statements

Financial Statements Consolidated Balance Sheets - March 31, 2024 (Unaudited) and December 31, 2023 3 Consolidated 4 Consolidated 5 Consolidated 6 Consolidated 7 Notes to Consolidated

Financial Statements

Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3. Quantitative and Qualitative Disclosures about Market Risk 31 Item 4. Controls and Procedures 31 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

Financial

Part I Financial Information

Financial

Item 1 Financial NEW PEOPLES BANKSHARES, INC. CONSOLIDATED BALANCE SHEETS MARCH 31, 2024 AND DECEMBER 31, 2023 (IN THOUSANDS EXCEPT PER SHARE AND SHARE DATA) (UNAUDITED) March 31, December 31, 2024 2023 ASSETS Cash and due from banks 15,932 $ 14,596 Interest-bearing deposits with banks 72,803 50,363 Federal funds sold 114 18 Total cash and cash equivalents 88,849 64,977 Investment securities available-for-sale 89,014 89,805 Loans receivable 638,594 638,111 Allowance for credit losses ( 7,406 ) ( 7,256 ) Net loans 631,188 630,855 Bank premises and equipment, net 18,140 18,265 Other real estate owned 157 157 Accrued interest receivable 3,048 3,029 Deferred taxes, net 4,943 4,461 Bank owned life insurance 4,607 4,589 Right-of-use assets – operating leases 3,738 3,852 Other assets 6,804 6,323 Total assets 850,488 $ 826,313 LIABILITIES Deposits: Noninterest bearing 234,669 $ 233,878 Interest-bearing 506,110 482,589 Total deposits 740,779 716,467 Borrowed funds 36,186 36,186 Lease liabilities – operating leases 3,738 3,852 Accrued interest payable 1,751 1,447 Accrued expenses and other liabilities 4,018 3,550 Total liabilities 786,472 761,502 SHAREHOLDERS' EQUITY Common stock - $ 2.00 par value; 50,000,000 shares authorized; 23,711,787 and 23,745,900 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 47,423 47,492 Additional paid-in-capital 14,498 14,514 Retained earnings 14,583 14,458 Accumulated other comprehensive loss ( 12,488 ) ( 11,653 ) Total shareholders' equity 64,016 64,811 Total liabilities and shareholders' equity 850,488 $ 826,313 The accompanying notes are an integral part of these consolidated financial statements. 3 NEW PEOPLES BANKSHARES, INC. CONSOLIDATED FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (IN THOUSANDS EXCEPT SHARE A

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS NOTE 1 NATURE OF OPERATIONS Nature of Operations – New Peoples Bankshares, Inc. (New Peoples or the Company) is a financial holding company whose principal activity is the under the laws of the Commonwealth of Virginia. As a state-chartered member bank, the Bank is subject to regulation by the Virginia Bureau of Financial Institutions, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (the Federal Reserve). The Bank provides general banking services to individuals, small and medium size businesses and the professional community of southwest Virginia, southern West Virginia, western North Carolina and northeastern Tennessee. These services include commercial and consumer loans along with traditional deposit products such as checking and savings accounts. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements conform to U. S. generally accepted accounting principles (GAAP) and to general industry practices. In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company's financial position as of March 31, 2024 and December 31, 2023, and the results of operations for the three-month periods ended March 31, 2024 and 2023. The Notes included herein should be read in conjunction with the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. The consolidated financial statements include New Peoples, the Bank, NPB Insurance Services, Inc., and NPB Web Serv

financial statements

financial statements. In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-06 "Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity." The ASU simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings per share (EPS) calculation in certain areas. In addition, the amendment updates the disclosure requirements for convertible instruments to increase the information transparency. ASU 2020-06 was effective for the Company on January 1, 2024. The adoption of ASU 2020-06 had no material impact on the consolidated financial statements. NOTE 3 EARNINGS PER SHARE Basic earnings per share computations are based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflect the additional common shares that would have been outstanding if dilutive potential common shares had been issued. For the three-month periods ended March 31, 2024 and 2023, there were no potential common shares. Basic and diluted net income per common share calculations follows: Schedule of basic and diluted net loss per common share calculations (Dollars in thousands, except share and per share data) For the three months ended March 31, 2024 2023 Net income $ 1,786 $ 2,021 Weighted average shares

View Full Filing

View this 10-Q filing on SEC EDGAR