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February 11, 2016 1:44 PM ET

Banks

Company Overview of New Peoples Bankshares Inc.

Company Overview

New Peoples Bankshares, Inc. operates as the bank holding company for New Peoples Bank, Inc. that provides financial services to individuals, small to medium size businesses, and the professional community. The company offers checking and savings accounts, time deposits, demand deposits, interest-bearing demand deposits, money market deposit accounts, certificates of deposit, and individual retirement accounts. It also provides commercial and industrial loans; residential mortgage loans, such as residential first and second mortgage loans, residential construction loans, home equity lines of credit, and term loans; construction loans; and consumer loans, including secured and unsecured loans...

67 Commerce Drive

Honaker, VA 24260

United States

247 Employees

Phone:

276-873-7000

Fax:

276-873-7001

Key Executives for New Peoples Bankshares Inc.

Chief Executive Officer, President, Chief Executive Officer of New Peoples Bank, Inc. and President of New Peoples Bank, Inc.
Age: 44
Total Annual Compensation: $175.9K
Chief Operating Officer, Executive Vice President, Chief Operating Officer of New Peoples Bank, Inc. and Executive Vice President of New Peoples Bank, Inc.
Age: 65
Total Annual Compensation: $173.4K
Chief Credit Officer, Executive Vice President , Chief Credit Officer of New Peoples Bank and Executive Vice President of New Peoples Bank
Age: 51
Total Annual Compensation: $160.5K
Compensation as of Fiscal Year 2014.

New Peoples Bankshares Inc. Key Developments

New Peoples Bankshares and New Peoples Bank Announce Termination of Formal Written Agreement with Federal Reserve Bank of Richmond

New Peoples Bankshares, Inc. and New Peoples Bank, Inc. announced it has successfully complied with all of the requirements of the formal written agreement with the Federal Reserve Bank of Richmond and the Virginia State Corporation Commission's Bureau of Financial Institutions that was entered into on July 29, 2010. Accordingly, effective January 20, 2016, the agreement has been terminated. Under the terms of the written agreement, the bank developed and submitted for approval within specified time periods written plans related to board oversight; the bank's management and governance, including management of the bank's operations, credit risk management, lending and credit risk administration, management of commercial real estate concentrations; the review and grading of the bank's loan portfolio; the improvement of bank problem assets in excess of $1 million; the maintenance of an adequate allowance for loan and lease losses; the enhance management of the bank's liquidity position and funds management practices; the revision of the bank's contingency funding and strategic plans; and the enhancement of the bank's anti-money laundering activities. The written agreement also imposed limitations on actions taken on criticized credits and credits classified as loss. The written agreement required the submission of capital plans and the maintenance of adequate capital and restricted the payment of dividends and other distributions, the redemption of stock and the incurrence of debt.

New Peoples Bankshares Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Net Charges Offs for the Second Quarter of 2015

New Peoples Bankshares Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total interest and dividend income of USD 6,412,000 against USD 6,667,000 a year ago. Net interest income was USD 5,601,000 against USD 5,647,000 a year ago. Income before income taxes was USD 462,000 against loss before income taxes of USD 161,000 a year ago. Net income was USD 462,000 or USD 0.02 per basic and diluted share against net loss of USD 157,000 or USD 0.01 per basic and diluted share a year ago. Return on average assets was 0.28% against negative return on average assets of 0.09% a year ago. Return on average stockholder’s equity was 4.19% against negative return on average stockholder’s equity 1.57% a year ago. For the six months, the company reported total interest and dividend income of USD 12,678,000 against USD 13,467,000 a year ago. Net interest income was USD 11,011,000 against USD 11,390,000 a year ago. Income before income taxes was USD 1,087,000 against loss before income taxes of USD 234,000 a year ago. Net income was USD 1,084,000 or USD 0.05 per basic and diluted share against net loss of USD 229,000 or USD 0.01 per basic and diluted share a year ago. Net charge offs of USD 226,000 for the second quarter ended June 30, 2015, which is an improvement of USD 736,000, or 76.5%, versus net charges offs of USD 962,000 reported for the first quarter of 2015, and an improvement of USD 394,000, or 63.6%, when compared to the same period in 2014.

New Peoples Bankshares Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

New Peoples Bankshares Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total interest and dividend income of USD 6,266,000 against USD 6,800,000 a year ago. Net interest income was USD 5,410,000 against USD 5,743,000 a year ago. Net interest income after provision for loan losses was USD 5,410,000 against USD 5,743,000 a year ago. Income before income taxes was USD 625,000 against loss before income taxes of USD 73,000 a year ago. Net income was USD 622,000 or USD 0.03 per basic and diluted share against net loss of USD 72,000 or USD 0.00 per basic and diluted share a year ago. The improvement was mainly driven by reductions of USD 417,000 in expenses related to other real estate owned and repossessed assets, USD 292,000 in salaries and employee benefits, and USD 156,000 in deposit insurance expense. Return on average assets was 0.38% against negative return on average assets of 0.04% a year ago. Return on average stockholder’s equity was 5.82% against negative return on average stockholder’s equity 0.73% a year ago.

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