New Peoples Bankshares Inc. Files Q2 2024 10-Q

TL;DR

**NPBS Q2 10-Q filed. Bank shows financial performance for period ending 6/30/24.**

AI Summary

New Peoples Bankshares Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers financial performance and operational details for the second quarter of 2024. Key financial data and balance sheet information are presented, reflecting the company's status as a commercial bank.

Why It Matters

This filing provides investors and analysts with a detailed look at the financial health and performance of New Peoples Bankshares Inc. during the second quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• Q2 2024 — Reporting Period (Financial performance for the second quarter of 2024 is detailed.)
• 20240630 — As of Date (Balance sheet information is presented as of this date.)
• 2023-12-31 — Prior Year End (Comparative financial data from the previous year-end is included.)

Key Players & Entities

• NEW PEOPLES BANKSHARES INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240814 (date) — Filing Date
• 6022 (dollar_amount) — Standard Industrial Classification (Commercial Banks)

FAQ

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

Filing Documents

• nwpp_10q.htm (10-Q) — 3074KB
• ex31_1.htm (EX-31.1) — 9KB
• ex31_2.htm (EX-31.2) — 9KB
• ex32.htm (EX-32) — 10KB
• 0001903596-24-000498.txt ( ) — 13429KB
• nwpp-20240630.xsd (EX-101.SCH) — 42KB
• nwpp-20240630_cal.xml (EX-101.CAL) — 59KB
• nwpp-20240630_def.xml (EX-101.DEF) — 142KB
• nwpp-20240630_lab.xml (EX-101.LAB) — 298KB
• nwpp-20240630_pre.xml (EX-101.PRE) — 265KB
• nwpp_10q_htm.xml (XML) — 4116KB

Financial

Part I Financial Information

Financial

Item 1 Financial NEW PEOPLES BANKSHARES, INC. CONSOLIDATED BALANCE SHEETS JUNE 30, 2024 AND DECEMBER 31, 2023 (IN THOUSANDS EXCEPT PER SHARE AND SHARE DATA) (UNAUDITED) June 30, December 31, 2024 2023 ASSETS Cash and due from banks 15,884 $ 14,596 Interest-bearing deposits with banks 72,800 50,363 Federal funds sold 120 18 Total cash and cash equivalents 88,804 64,977 Investment securities available-for-sale 92,269 89,805 Loans receivable 639,934 638,111 Allowance for credit losses ( 7,727 ) ( 7,256 ) Net loans 632,207 630,855 Bank premises and equipment, net 17,913 18,265 Other real estate owned 103 157 Accrued interest receivable 3,015 3,029 Deferred taxes, net 4,778 4,461 Bank owned life insurance 4,626 4,589 Right-of-use assets – operating leases 3,629 3,852 Other assets 7,326 6,323 Total assets 854,670 $ 826,313 LIABILITIES Deposits: Noninterest bearing 226,619 $ 233,878 Interest-bearing 516,609 482,589 Total deposits 743,228 716,467 Borrowed funds 36,186 36,186 Lease liabilities – operating leases 3,629 3,852 Accrued interest payable 1,920 1,447 Accrued expenses and other liabilities 3,476 3,550 Total liabilities 788,439 761,502 SHAREHOLDERS' EQUITY Common stock - $ 2.00 par value; 50,000,000 shares authorized; 23,676,257 and 23,745,900 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 47,352 47,492 Additional paid-in-capital 14,479 14,514 Retained earnings 16,267 14,458 Accumulated other comprehensive loss ( 11,867 ) ( 11,653 ) Total shareholders' equity 66,231 64,811 Total liabilities and shareholders' equity 854,670 $ 826,313 The accompanying notes are an integral part of these consolidated financial statements. 3 NEW PEOPLES BANKSHARES, INC. CONSOLIDATED FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (IN THOUSANDS EXCEPT SHARE

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 June 30, 2024 and December 31, 2023, and the results of operations for the three- and six-month periods ended June 30, 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 W

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 and six-month periods ended June 30, 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 June 30 For the six months ended June 30, 2024 2023 2024 202

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View this 10-Q filing on SEC EDGAR