NEW PEOPLES BANKSHARES INC
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
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Consolidated Balance Sheets December 31, 2023 and 2022
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2023 AND 2022
(in thousands except share data)
| ASSETS | 2023 | 2022 |
|---|---|---|
| Cash and due from banks | $14,596 | $13,979 |
| Interest-bearing deposits with banks | 50,363 | 46,747 |
| Federal funds sold | 18 | 960 |
| Total cash and cash equivalents | 64,977 | 61,686 |
| Investment securities available-for-sale, at fair value | 89,805 | 96,076 |
| Loans receivable | 638,111 | 584,613 |
| Allowance for credit losses | (7,256) | (6,727) |
| Net loans | 630,855 | 577,886 |
| Bank premises and equipment, net | 18,265 | 19,290 |
| Other real estate owned | 157 | 261 |
| Accrued interest receivable | 3,029 | 2,555 |
| Deferred taxes, net | 4,461 | 4,623 |
| Bank owned life insurance | 4,589 | 4,549 |
| Right-of-use assets – operating leases | 3,852 | 3,725 |
| Other assets | 6,323 | 4,707 |
| Total assets | $826,313 | $775,358 |
| LIABILITIES | ||
| Deposits | ||
| Noninterest bearing | $233,878 | $249,924 |
| Interest-bearing | 482,589 | 442,783 |
| Total deposits | 716,467 | 692,707 |
| Borrowed funds | 36,186 | 16,496 |
| Lease liabilities – operating leases | 3,852 | 3,725 |
| Accrued interest payable | 1,447 | 526 |
| Accrued expenses and other liabilities | 3,550 | 4,685 |
| Total liabilities | 761,502 | 718,139 |
| Commitments and Contingent Liabilities (Notes 19 and 21) | ||
| SHAREHOLDERS’ EQUITY | ||
| Common stock - $2.00 par value; 50,000,000 shares authorized; 23,745,900 and 23,848,491 shares issued and outstanding at December 31, 2023 and 2022, respectively | 47,492 | 47,697 |
| Additional paid-in capital | 14,514 | 14,546 |
| Retained earnings | 14,458 | 8,917 |
| Accumulated other comprehensive loss | (11,653) | (13,941) |
| Total shareholders’ equity | 64,811 | 57,219 |
| Total liabilities and shareholders’ equity | $826,313 | $775,358 |
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