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New Peoples Bankshares Inc (NWPP0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in net income to $8.2 million from $7.2 million in the previous year. The increase is attributed to higher net interest income and noninterest income.
Net interest income for the year was $28.5 million, up from $28.0 million in 2023, driven by an increase in average earning assets.
Noninterest income increased to $11.3 million from $9.9 million, primarily due to gains from bank-owned life insurance and investment services revenue.
Noninterest expenses were $28.8 million, up from $28.0 million, with core system conversion costs contributing to the increase.
Total assets as of December 31, 2024, were $854.9 million, an increase from $826.3 million at the end of 2023, with loan growth being a significant factor.
Deposits increased to $750.0 million from $716.5 million, attributed to efforts to attract and retain deposits through promotional rates.
The bank remains well-capitalized with a leverage ratio of 10.70%, compared to 11.11% in the previous year.
The filing also details the company's allowance for credit losses, which increased to $7.7 million from $7.3 million, reflecting a provision for credit losses of $506,000.
The company declared a dividend of $0.08 per share, payable on March 31, 2025, following a dividend of $0.07 per share in the previous year.
The filing reports on various regulatory and compliance matters, including adherence to capital adequacy requirements and the impact of recent accounting standards.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.