NEW PEOPLES BANKSHARES INC
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Consolidated Balance Sheets December 31, 2024 and 2023
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2024 AND 2023
(in thousands except share data)
| ASSETS | 2024 | 2023 |
|---|---|---|
| Cash and due from banks | $13,218 | $14,596 |
| Interest-bearing deposits with banks | 54,300 | 50,363 |
| Federal funds sold | 150 | 18 |
| Total cash and cash equivalents | 67,668 | 64,977 |
| Investment securities available-for-sale, at fair value | 95,984 | 89,805 |
| Loans receivable | 657,536 | 638,111 |
| Allowance for credit losses | (7,684) | (7,256) |
| Net loans | 649,852 | 630,855 |
| Bank premises and equipment, net | 17,070 | 17,841 |
| Other real estate owned | 87 | 157 |
| Accrued interest receivable | 3,458 | 3,029 |
| Deferred taxes, net | 4,809 | 4,461 |
| Bank owned life insurance | — | 4,589 |
| Right-of-use assets – operating leases | 3,413 | 3,852 |
| Insurance benefit receivable | 5,417 | — |
| Other assets | 7,167 | 6,747 |
| Total assets | $854,925 | $826,313 |
| LIABILITIES | ||
| Deposits | ||
| Noninterest bearing | $224,938 | $233,878 |
| Interest-bearing | 525,044 | 482,589 |
| Total deposits | 749,982 | 716,467 |
| Borrowed funds | 24,986 | 36,186 |
| Lease liabilities – operating leases | 3,413 | 3,852 |
| Accrued interest payable | 1,442 | 1,447 |
| Accrued expenses and other liabilities | 4,361 | 3,550 |
| Total liabilities | 784,184 | 761,502 |
| Commitments and Contingent Liabilities (Notes 19 and 21) | — | |
| SHAREHOLDERS’ EQUITY | ||
| Common stock - $2.00 par value; 50,000,000 shares authorized; 23,636,724 and 23,745,900 shares issued and outstanding at December 31, 2024 and 2023, respectively | 47,273 | 47,492 |
| Additional paid-in capital | 14,451 | 14,514 |
| Retained earnings | 21,001 | 14,458 |
| Accumulated other comprehensive loss | (11,984) | (11,653) |
| Total shareholders’ equity | 70,741 | 64,811 |
| Total liabilities and shareholders’ equity | $854,925 | $826,313 |
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