Investor News



Honaker, Virginia ‐‐ New Peoples Bankshares (the “Company”) (OTCBB: NWPP) and its wholly-owned subsidiary New Peoples Bank (the “Bank”) today announced net income of $115,000, or $0.005 earnings per share, for the quarter ended March 31, 2017. This compares to net income of $698,000, or $0.03 per share, for the same period ended March 31, 2016, representing a decline of $583,000, or 83.52%.

"During the first quarter of 2017, we continued our focus on balance sheet growth and problem asset clean-up with positive results" commented Todd Asbury, President and CEO. "Annualized loan growth checked in at about 7% which is what our aim was at the onset of the year. Also, not reflected in the March numbers was the sale of one of our largest OREO properties, which reduced OREO by $1.3 million in April, while another $2.2 million of OREO is under contract as of early May 2017. We expect capital levels to remain strong, our earning assets to grow, and asset quality to continue to improve during the remaining part of 2017. However, as we work through this growth/cleanup phase, we also expect a continued lag in earnings growth."

    First Quarter Highlights

  • A $7.9 million, or 1.68%, increase in loans, during the quarter;
  • No provision for loan losses taken in the first quarter;
  • • An increase of $18.3 million, or 3.30%, in total deposits;
  • • A decrease of $1.7 million, or 9.57%, in substandard loans during the quarter;
  • • A decrease of $4.2 million, or 26.20%, in total past due loans during the quarter;
  • • The Bank is considered well-capitalized under regulatory standards; and,
  • • Book value per share of $2.02 as of March 31, 2017.

Contact information for New Peoples Bankshares, Inc.
C. Todd Asbury, President and CEO
(276) 873-7000

About New Peoples Bankshares, Inc.

New Peoples Bankshares, Inc. is a one-bank financial holding company headquartered in Honaker, Virginia. Its wholly-owned subsidiary provides banking products and services through its 20 locations throughout southwest Virginia, eastern Tennessee, and southern West Virginia. The Company’s common stock is traded over the counter under the trading symbol “NWPP”. Additional investor information can be found on the Company’s website at

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company's Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

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