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New Peoples Bankshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $2.1 million from $1.9 million in the same quarter the previous year. The increase is attributed to a rise in interest income and a decrease in noninterest expenses.
Interest income for the quarter was $11.5 million, up from $9.6 million in the previous year, driven by higher yields on earning assets and a larger average balance of earning assets.
Interest expense increased to $4.4 million from $2.5 million, reflecting higher rates on deposits and borrowings.
The company reported a net interest income of $7.2 million for the quarter, compared to $7.0 million in the previous year.
Noninterest income was $2.4 million, slightly down from $2.4 million in the previous year, with modest decreases in service charges and card processing income.
Noninterest expenses decreased to $6.8 million from $6.9 million, with reductions in salaries, benefits, and professional fees contributing to the decrease.
Net loans increased to $638.7 million from $630.9 million as of December 31, 2023, with growth in commercial real estate and consumer loans.
The allowance for credit losses was $7.7 million, representing 1.19% of total loans, compared to 1.14% at year-end 2023.
Total deposits grew to $763.6 million from $716.5 million at year-end 2023, with increases in time deposits and money market accounts.
The company repurchased 23,989 shares during the quarter at an average price of $2.67 per share, as part of its ongoing stock repurchase program.
New Peoples Bankshares continues to maintain a well-capitalized status under regulatory guidelines, with a total capital to risk-weighted assets ratio of 16.90%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the New Peoples Bankshares Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.