false Q3 2025 --12-31 0001163389 0001163389 2025-01-01 2025-09-30 0001163389 2025-11-07 0001163389 2025-09-30 0001163389 2024-12-31 0001163389 2025-07-01 2025-09-30 0001163389 2024-07-01 2024-09-30 0001163389 2024-01-01 2024-09-30 0001163389 us-gaap:CommonStockMember 2024-06-30 0001163389 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0001163389 us-gaap:RetainedEarningsMember 2024-06-30 0001163389 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0001163389 2024-06-30 0001163389 us-gaap:CommonStockMember 2023-12-31 0001163389 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001163389 us-gaap:RetainedEarningsMember 2023-12-31 0001163389 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001163389 2023-12-31 0001163389 us-gaap:CommonStockMember 2025-06-30 0001163389 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001163389 us-gaap:RetainedEarningsMember 2025-06-30 0001163389 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0001163389 2025-06-30 0001163389 us-gaap:CommonStockMember 2024-12-31 0001163389 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001163389 us-gaap:RetainedEarningsMember 2024-12-31 0001163389 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001163389 us-gaap:CommonStockMember 2024-07-01 2024-09-30 0001163389 us-gaap:AdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0001163389 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0001163389 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-09-30 0001163389 us-gaap:CommonStockMember 2024-01-01 2024-09-30 0001163389 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-09-30 0001163389 us-gaap:RetainedEarningsMember 2024-01-01 2024-09-30 0001163389 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-09-30 0001163389 us-gaap:CommonStockMember 2025-07-01 2025-09-30 0001163389 us-gaap:AdditionalPaidInCapitalMember 2025-07-01 2025-09-30 0001163389 us-gaap:RetainedEarningsMember 2025-07-01 2025-09-30 0001163389 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-01 2025-09-30 0001163389 us-gaap:CommonStockMember 2025-01-01 2025-09-30 0001163389 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-09-30 0001163389 us-gaap:RetainedEarningsMember 2025-01-01 2025-09-30 0001163389 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-09-30 0001163389 us-gaap:CommonStockMember 2024-09-30 0001163389 us-gaap:AdditionalPaidInCapitalMember 2024-09-30 0001163389 us-gaap:RetainedEarningsMember 2024-09-30 0001163389 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-30 0001163389 2024-09-30 0001163389 us-gaap:CommonStockMember 2025-09-30 0001163389 us-gaap:AdditionalPaidInCapitalMember 2025-09-30 0001163389 us-gaap:RetainedEarningsMember 2025-09-30 0001163389 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-09-30 0001163389 nwpp:BankMember 2025-09-30 0001163389 nwpp:BankMember 2024-12-31 0001163389 us-gaap:USTreasurySecuritiesMember 2025-09-30 0001163389 us-gaap:USTreasurySecuritiesMember 2025-01-01 2025-09-30 0001163389 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-09-30 0001163389 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-01-01 2025-09-30 0001163389 us-gaap:TaxableMunicipalNotesMember 2025-09-30 0001163389 us-gaap:TaxableMunicipalNotesMember 2025-01-01 2025-09-30 0001163389 us-gaap:CorporateDebtSecuritiesMember 2025-09-30 0001163389 us-gaap:CorporateDebtSecuritiesMember 2025-01-01 2025-09-30 0001163389 us-gaap:MortgageBackedSecuritiesMember 2025-09-30 0001163389 us-gaap:MortgageBackedSecuritiesMember 2025-01-01 2025-09-30 0001163389 us-gaap:USTreasurySecuritiesMember 2024-12-31 0001163389 us-gaap:USTreasurySecuritiesMember 2024-01-01 2024-12-31 0001163389 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2024-12-31 0001163389 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2024-01-01 2024-12-31 0001163389 us-gaap:TaxableMunicipalNotesMember 2024-12-31 0001163389 us-gaap:TaxableMunicipalNotesMember 2024-01-01 2024-12-31 0001163389 us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0001163389 us-gaap:CorporateDebtSecuritiesMember 2024-01-01 2024-12-31 0001163389 us-gaap:MortgageBackedSecuritiesMember 2024-12-31 0001163389 us-gaap:MortgageBackedSecuritiesMember 2024-01-01 2024-12-31 0001163389 2024-01-01 2024-12-31 0001163389 us-gaap:CommercialBorrowerMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:CommercialBorrowerMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2024-12-31 0001163389 srt:MultifamilyMember us-gaap:RealEstateMember 2025-09-30 0001163389 srt:MultifamilyMember us-gaap:RealEstateMember 2024-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2025-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:RealEstateMember 2024-12-31 0001163389 nwpp:CommercialMember 2025-09-30 0001163389 nwpp:CommercialMember 2024-12-31 0001163389 nwpp:AgricultureMember 2025-09-30 0001163389 nwpp:AgricultureMember 2024-12-31 0001163389 nwpp:ConsumerInstallmentAndAllOtherLoansMember 2025-09-30 0001163389 nwpp:ConsumerInstallmentAndAllOtherLoansMember 2024-12-31 0001163389 nwpp:TotalMember 2025-09-30 0001163389 nwpp:TotalMember 2024-12-31 0001163389 us-gaap:CommercialBorrowerMember us-gaap:RealEstateMember nwpp:WithNoAllowanceMember 2025-09-30 0001163389 us-gaap:CommercialBorrowerMember us-gaap:RealEstateMember nwpp:WithNoAllowanceMember 2024-12-31 0001163389 nwpp:ConstructionAndLandDevelopmentMember us-gaap:RealEstateMember nwpp:WithNoAllowanceMember 2025-09-30 0001163389 nwpp:ConstructionAndLandDevelopmentMember us-gaap:RealEstateMember 2025-09-30 0001163389 nwpp:ConstructionAndLandDevelopmentMember us-gaap:RealEstateMember nwpp:WithNoAllowanceMember 2024-12-31 0001163389 nwpp:ConstructionAndLandDevelopmentMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember nwpp:WithNoAllowanceMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember nwpp:WithAnAllowanceMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember nwpp:WithNoAllowanceMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember nwpp:WithAnAllowanceMember 2024-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember nwpp:WithNoAllowanceMember 2025-09-30 0001163389 us-gaap:RealEstateMember nwpp:WithNoAllowanceMember 2025-09-30 0001163389 us-gaap:RealEstateMember nwpp:WithAnAllowanceMember 2025-09-30 0001163389 us-gaap:RealEstateMember nwpp:WithNoAllowanceMember 2024-12-31 0001163389 us-gaap:RealEstateMember nwpp:WithAnAllowanceMember 2024-12-31 0001163389 us-gaap:CommercialBorrowerMember nwpp:WithNoAllowanceMember 2025-09-30 0001163389 us-gaap:CommercialBorrowerMember 2025-09-30 0001163389 us-gaap:CommercialBorrowerMember nwpp:WithNoAllowanceMember 2024-12-31 0001163389 us-gaap:CommercialBorrowerMember 2024-12-31 0001163389 nwpp:AgricultureMember nwpp:WithAnAllowanceMember 2025-09-30 0001163389 nwpp:AgricultureMember 2025-09-30 0001163389 nwpp:AgricultureMember nwpp:WithNoAllowanceMember 2024-12-31 0001163389 nwpp:ConsumerInstallmentLoansAndOtherLoansMember nwpp:WithNoAllowanceMember 2025-09-30 0001163389 nwpp:ConsumerInstallmentLoansAndOtherLoansMember 2025-09-30 0001163389 nwpp:ConsumerInstallmentLoansAndOtherLoansMember nwpp:WithNoAllowanceMember 2024-12-31 0001163389 nwpp:ConsumerInstallmentLoansAndOtherLoansMember nwpp:WithAnAllowanceMember 2024-12-31 0001163389 nwpp:ConsumerInstallmentLoansAndOtherLoansMember 2024-12-31 0001163389 nwpp:WithNoAllowanceMember 2025-09-30 0001163389 nwpp:WithAnAllowanceMember 2025-09-30 0001163389 nwpp:WithNoAllowanceMember 2024-12-31 0001163389 nwpp:WithAnAllowanceMember 2024-12-31 0001163389 us-gaap:CommercialRealEstateMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:CommercialRealEstateMember us-gaap:RealEstateMember 2024-12-31 0001163389 nwpp:ConstructionAndLandDevelopmentMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:RealEstateMember 2024-12-31 0001163389 nwpp:AgricultureMember us-gaap:RealEstateMember 2025-09-30 0001163389 nwpp:ConsumerInstallmentLoansAndOtherLoansMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:CommercialBorrowerMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2025-09-30 0001163389 srt:MultifamilyMember us-gaap:RealEstateMember 2025-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:CommercialBorrowerMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2024-12-31 0001163389 srt:MultifamilyMember us-gaap:RealEstateMember 2024-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:PassMember 2024-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:PassMember 2023-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:PassMember 2022-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:PassMember 2021-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:RevolvingMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2021-06-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember 2024-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember 2023-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember 2022-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember 2021-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:RevolvingMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:DoubtfulMember 2022-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:DoubtfulMember 2025-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember us-gaap:PassMember 2024-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember us-gaap:PassMember 2023-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember us-gaap:PassMember 2022-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember us-gaap:PassMember 2021-09-30 0001163389 us-gaap:RealEstateInvestmentMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:RealEstateInvestmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:RealEstateInvestmentMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2024-09-30 0001163389 us-gaap:RealEstateInvestmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2025-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2024-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2023-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2022-09-30 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2021-09-30 0001163389 us-gaap:RealEstateInvestmentMember nwpp:PriorMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:RealEstateInvestmentMember nwpp:TotalMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:PassMember 2024-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:PassMember 2023-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:PassMember 2022-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:PassMember 2021-09-30 0001163389 us-gaap:ResidentialRealEstateMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember nwpp:RevolvingMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2024-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2023-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2022-09-30 0001163389 us-gaap:ResidentialRealEstateMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember nwpp:RevolvingMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2024-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2023-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2022-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2021-09-30 0001163389 us-gaap:ResidentialRealEstateMember nwpp:PriorMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember nwpp:RevolvingMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember nwpp:TotalMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:DoubtfulMember 2023-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:DoubtfulMember 2025-09-30 0001163389 srt:MultifamilyMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2024-09-30 0001163389 us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2023-09-30 0001163389 us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2022-09-30 0001163389 us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2021-09-30 0001163389 nwpp:PriorMember us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2025-09-30 0001163389 nwpp:TotalMember us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2025-09-30 0001163389 srt:MultifamilyMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:RealEstateMember srt:MultifamilyMember 2024-09-30 0001163389 us-gaap:RealEstateMember srt:MultifamilyMember 2023-09-30 0001163389 us-gaap:RealEstateMember srt:MultifamilyMember 2022-09-30 0001163389 us-gaap:RealEstateMember srt:MultifamilyMember 2021-09-30 0001163389 nwpp:PriorMember us-gaap:RealEstateMember srt:MultifamilyMember 2025-09-30 0001163389 nwpp:TotalMember us-gaap:RealEstateMember srt:MultifamilyMember 2025-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember us-gaap:PassMember 2024-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember us-gaap:PassMember 2023-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember us-gaap:PassMember 2022-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember us-gaap:PassMember 2021-09-30 0001163389 nwpp:FarmlandMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 nwpp:FarmlandMember nwpp:RevolvingMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 nwpp:FarmlandMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:PassMember 2025-09-30 0001163389 nwpp:FarmlandMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2025-09-30 0001163389 nwpp:FarmlandMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2025-09-30 0001163389 nwpp:FarmlandMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2025-09-30 0001163389 nwpp:FarmlandMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2025-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2025-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2024-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2023-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2022-09-30 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2021-09-30 0001163389 nwpp:FarmlandMember nwpp:PriorMember us-gaap:RealEstateMember 2025-09-30 0001163389 nwpp:FarmlandMember nwpp:RevolvingMember us-gaap:RealEstateMember 2025-09-30 0001163389 nwpp:FarmlandMember nwpp:TotalMember us-gaap:RealEstateMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2024-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2023-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2022-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2021-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:RevolvingMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:SpecialMentionMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:SpecialMentionMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember 2024-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:RevolvingMember us-gaap:SubstandardMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:SubstandardMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember 2024-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember 2023-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember 2022-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember 2021-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:RevolvingMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2024-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2021-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:DoubtfulMember 2025-09-30 0001163389 nwpp:AgricultureMember us-gaap:PassMember 2025-09-30 0001163389 nwpp:AgricultureMember us-gaap:PassMember 2024-09-30 0001163389 nwpp:AgricultureMember us-gaap:PassMember 2023-09-30 0001163389 nwpp:AgricultureMember us-gaap:PassMember 2022-09-30 0001163389 nwpp:AgricultureMember us-gaap:PassMember 2021-09-30 0001163389 nwpp:AgricultureMember nwpp:PriorMember us-gaap:PassMember 2025-09-30 0001163389 nwpp:AgricultureMember nwpp:RevolvingMember us-gaap:PassMember 2025-09-30 0001163389 nwpp:AgricultureMember nwpp:TotalMember us-gaap:PassMember 2025-09-30 0001163389 nwpp:AgricultureMember nwpp:RevolvingMember us-gaap:SpecialMentionMember 2025-09-30 0001163389 nwpp:AgricultureMember nwpp:TotalMember us-gaap:SpecialMentionMember 2025-09-30 0001163389 nwpp:AgricultureMember us-gaap:DoubtfulMember 2024-09-30 0001163389 nwpp:AgricultureMember nwpp:RevolvingMember us-gaap:DoubtfulMember 2025-09-30 0001163389 nwpp:AgricultureMember nwpp:TotalMember us-gaap:DoubtfulMember 2025-09-30 0001163389 nwpp:AgricultureMember 2024-09-30 0001163389 nwpp:AgricultureMember 2023-09-30 0001163389 nwpp:AgricultureMember 2022-09-30 0001163389 nwpp:AgricultureMember 2021-09-30 0001163389 nwpp:AgricultureMember nwpp:PriorMember 2025-09-30 0001163389 nwpp:AgricultureMember nwpp:RevolvingMember 2025-09-30 0001163389 nwpp:AgricultureMember nwpp:TotalMember 2025-09-30 0001163389 nwpp:AgricultureMember nwpp:CurrentPeriodGrossChargeOffsMember 2025-09-30 0001163389 nwpp:AgricultureMember nwpp:TotalMember nwpp:CurrentPeriodGrossChargeOffsMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember us-gaap:PassMember 2024-09-30 0001163389 us-gaap:ConsumerLoanMember us-gaap:PassMember 2023-09-30 0001163389 us-gaap:ConsumerLoanMember us-gaap:PassMember 2022-09-30 0001163389 us-gaap:ConsumerLoanMember us-gaap:PassMember 2021-09-30 0001163389 us-gaap:ConsumerLoanMember nwpp:PriorMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember nwpp:RevolvingMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember nwpp:TotalMember us-gaap:PassMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember us-gaap:SubstandardMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember us-gaap:SubstandardMember 2024-09-30 0001163389 us-gaap:ConsumerLoanMember us-gaap:SubstandardMember 2023-09-30 0001163389 us-gaap:ConsumerLoanMember us-gaap:SubstandardMember 2022-09-30 0001163389 us-gaap:ConsumerLoanMember nwpp:TotalMember us-gaap:SubstandardMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember 2024-06-30 0001163389 us-gaap:ConsumerLoanMember 2023-06-30 0001163389 us-gaap:ConsumerLoanMember 2022-06-30 0001163389 us-gaap:ConsumerLoanMember 2021-06-30 0001163389 us-gaap:ConsumerLoanMember nwpp:PriorMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember nwpp:RevolvingMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember nwpp:TotalMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember nwpp:CurrentPeriodGrossChargeOffsMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember nwpp:CurrentPeriodGrossChargeOffsMember 2024-06-30 0001163389 us-gaap:ConsumerLoanMember nwpp:CurrentPeriodGrossChargeOffsMember 2023-06-30 0001163389 us-gaap:ConsumerLoanMember nwpp:CurrentPeriodGrossChargeOffsMember 2022-06-30 0001163389 us-gaap:ConsumerLoanMember nwpp:CurrentPeriodGrossChargeOffsMember 2021-06-30 0001163389 us-gaap:ConsumerLoanMember nwpp:PriorMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember nwpp:RevolvingMember nwpp:CurrentPeriodGrossChargeOffsMember 2025-09-30 0001163389 us-gaap:ConsumerLoanMember nwpp:TotalMember nwpp:CurrentPeriodGrossChargeOffsMember 2025-09-30 0001163389 2023-06-30 0001163389 2022-06-30 0001163389 2021-06-30 0001163389 nwpp:PriorMember 2025-09-30 0001163389 nwpp:RevolvingMember 2025-09-30 0001163389 nwpp:TotalMember 2025-09-30 0001163389 us-gaap:DoubtfulMember 2025-09-30 0001163389 us-gaap:DoubtfulMember 2024-06-30 0001163389 us-gaap:DoubtfulMember 2023-06-30 0001163389 us-gaap:DoubtfulMember 2022-06-30 0001163389 us-gaap:DoubtfulMember 2021-06-30 0001163389 nwpp:PriorMember us-gaap:DoubtfulMember 2025-09-30 0001163389 nwpp:RevolvingMember us-gaap:DoubtfulMember 2025-09-30 0001163389 nwpp:TotalMember us-gaap:DoubtfulMember 2025-09-30 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:PassMember 2023-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:PassMember 2022-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:PassMember 2021-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:PassMember 2020-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:RevolvingMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2022-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2021-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember 2023-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember 2022-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember 2021-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember 2020-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:RevolvingMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:RealEstateMember us-gaap:DoubtfulMember 2021-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:RevolvingMember us-gaap:RealEstateMember us-gaap:DoubtfulMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:DoubtfulMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember us-gaap:PassMember 2023-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember us-gaap:PassMember 2022-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember us-gaap:PassMember 2021-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember us-gaap:PassMember 2020-12-31 0001163389 us-gaap:RealEstateInvestmentMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2023-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2022-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2021-12-31 0001163389 us-gaap:RealEstateInvestmentMember us-gaap:RealEstateMember 2020-12-31 0001163389 us-gaap:RealEstateInvestmentMember nwpp:PriorMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:RealEstateInvestmentMember nwpp:TotalMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:PassMember 2023-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:PassMember 2022-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:PassMember 2021-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:PassMember 2020-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:RevolvingMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2023-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2022-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2021-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2020-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:RevolvingMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2023-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2022-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2021-12-31 0001163389 us-gaap:ResidentialRealEstateMember us-gaap:RealEstateMember 2020-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:PriorMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:RevolvingMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:TotalMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:DoubtfulMember 2023-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:DoubtfulMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:DoubtfulMember 2024-12-31 0001163389 srt:MultifamilyMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2023-12-31 0001163389 us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2022-12-31 0001163389 us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2021-12-31 0001163389 us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2020-12-31 0001163389 nwpp:PriorMember us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2024-12-31 0001163389 nwpp:TotalMember us-gaap:RealEstateMember us-gaap:PassMember srt:MultifamilyMember 2024-12-31 0001163389 srt:MultifamilyMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:RealEstateMember srt:MultifamilyMember 2023-12-31 0001163389 us-gaap:RealEstateMember srt:MultifamilyMember 2022-12-31 0001163389 us-gaap:RealEstateMember srt:MultifamilyMember 2021-12-31 0001163389 us-gaap:RealEstateMember srt:MultifamilyMember 2020-12-31 0001163389 nwpp:PriorMember us-gaap:RealEstateMember srt:MultifamilyMember 2024-12-31 0001163389 nwpp:TotalMember us-gaap:RealEstateMember srt:MultifamilyMember 2024-12-31 0001163389 srt:MultifamilyMember us-gaap:DoubtfulMember 2023-12-31 0001163389 srt:MultifamilyMember us-gaap:DoubtfulMember 2024-12-31 0001163389 srt:MultifamilyMember nwpp:TotalMember us-gaap:DoubtfulMember 2024-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember us-gaap:PassMember 2023-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember us-gaap:PassMember 2022-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember us-gaap:PassMember 2021-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember us-gaap:PassMember 2020-12-31 0001163389 nwpp:FarmlandMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 nwpp:FarmlandMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:PassMember 2024-12-31 0001163389 nwpp:FarmlandMember nwpp:PriorMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2024-12-31 0001163389 nwpp:FarmlandMember nwpp:TotalMember us-gaap:RealEstateMember us-gaap:SpecialMentionMember 2024-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2024-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2023-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2022-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2021-12-31 0001163389 nwpp:FarmlandMember us-gaap:RealEstateMember 2020-12-31 0001163389 nwpp:FarmlandMember nwpp:PriorMember us-gaap:RealEstateMember 2024-12-31 0001163389 nwpp:FarmlandMember nwpp:TotalMember us-gaap:RealEstateMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2023-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2022-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2021-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2020-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:RevolvingMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember us-gaap:SpecialMentionMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:SpecialMentionMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember 2021-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:RevolvingMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember 2023-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember 2022-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember 2021-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember 2020-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:PriorMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:RevolvingMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2023-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2022-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2024-12-31 0001163389 us-gaap:CommercialPortfolioSegmentMember nwpp:TotalMember us-gaap:DoubtfulMember 2024-12-31 0001163389 nwpp:AgricultureMember us-gaap:PassMember 2024-12-31 0001163389 nwpp:AgricultureMember us-gaap:PassMember 2023-12-31 0001163389 nwpp:AgricultureMember us-gaap:PassMember 2022-12-31 0001163389 nwpp:AgricultureMember us-gaap:PassMember 2021-12-31 0001163389 nwpp:AgricultureMember us-gaap:PassMember 2020-12-31 0001163389 nwpp:AgricultureMember nwpp:PriorMember us-gaap:PassMember 2024-12-31 0001163389 nwpp:AgricultureMember nwpp:RevolvingMember us-gaap:PassMember 2024-12-31 0001163389 nwpp:AgricultureMember nwpp:TotalMember us-gaap:PassMember 2024-12-31 0001163389 nwpp:AgricultureMember nwpp:PriorMember us-gaap:SubstandardMember 2024-12-31 0001163389 nwpp:AgricultureMember nwpp:TotalMember us-gaap:SubstandardMember 2024-12-31 0001163389 nwpp:AgricultureMember 2023-12-31 0001163389 nwpp:AgricultureMember 2022-12-31 0001163389 nwpp:AgricultureMember 2021-12-31 0001163389 nwpp:AgricultureMember 2020-12-31 0001163389 nwpp:AgricultureMember nwpp:PriorMember 2024-12-31 0001163389 nwpp:AgricultureMember nwpp:RevolvingMember 2024-12-31 0001163389 nwpp:AgricultureMember nwpp:TotalMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:PassMember 2023-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:PassMember 2022-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:PassMember 2021-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:PassMember 2020-12-31 0001163389 us-gaap:ConsumerLoanMember nwpp:PriorMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember nwpp:RevolvingMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember nwpp:TotalMember us-gaap:PassMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:SubstandardMember 2023-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:SubstandardMember 2022-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:SubstandardMember 2021-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:SubstandardMember 2020-12-31 0001163389 us-gaap:ConsumerLoanMember nwpp:TotalMember us-gaap:SubstandardMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember 2023-12-31 0001163389 us-gaap:ConsumerLoanMember 2022-12-31 0001163389 us-gaap:ConsumerLoanMember 2021-12-31 0001163389 us-gaap:ConsumerLoanMember 2020-12-31 0001163389 us-gaap:ConsumerLoanMember nwpp:PriorMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember nwpp:RevolvingMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember nwpp:TotalMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:DoubtfulMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:DoubtfulMember 2023-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:DoubtfulMember 2022-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:DoubtfulMember 2021-12-31 0001163389 us-gaap:ConsumerLoanMember us-gaap:DoubtfulMember 2020-12-31 0001163389 us-gaap:ConsumerLoanMember nwpp:RevolvingMember us-gaap:DoubtfulMember 2024-12-31 0001163389 us-gaap:ConsumerLoanMember nwpp:TotalMember us-gaap:DoubtfulMember 2024-12-31 0001163389 2022-12-31 0001163389 2021-12-31 0001163389 2020-12-31 0001163389 nwpp:PriorMember 2024-12-31 0001163389 nwpp:RevolvingMember 2024-12-31 0001163389 nwpp:TotalMember 2024-12-31 0001163389 us-gaap:DoubtfulMember 2024-12-31 0001163389 us-gaap:DoubtfulMember 2023-12-31 0001163389 us-gaap:DoubtfulMember 2022-12-31 0001163389 us-gaap:DoubtfulMember 2021-12-31 0001163389 us-gaap:DoubtfulMember 2020-12-31 0001163389 nwpp:PriorMember us-gaap:DoubtfulMember 2024-12-31 0001163389 nwpp:RevolvingMember us-gaap:DoubtfulMember 2024-12-31 0001163389 nwpp:TotalMember us-gaap:DoubtfulMember 2024-12-31 0001163389 us-gaap:CommercialRealEstateMember 2025-06-30 0001163389 us-gaap:ResidentialRealEstateMember 2025-06-30 0001163389 nwpp:ResidentialOneFourFamilyMember 2025-06-30 0001163389 srt:MultifamilyMember 2025-06-30 0001163389 nwpp:FarmlandMember 2025-06-30 0001163389 nwpp:CommercialsMember 2025-06-30 0001163389 nwpp:AgriculturesMember 2025-06-30 0001163389 nwpp:ConsumerAndAllOtherMember 2025-06-30 0001163389 nwpp:TotalMember 2025-06-30 0001163389 us-gaap:CommercialRealEstateMember 2025-07-01 2025-09-30 0001163389 nwpp:ResidentialOneFourFamilyMember 2025-07-01 2025-09-30 0001163389 nwpp:CommercialsMember 2025-07-01 2025-09-30 0001163389 nwpp:ConsumerAndAllOtherMember 2025-07-01 2025-09-30 0001163389 nwpp:TotalMember 2025-07-01 2025-09-30 0001163389 srt:MultifamilyMember 2025-07-01 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember 2025-07-01 2025-09-30 0001163389 nwpp:FarmlandMember 2025-07-01 2025-09-30 0001163389 nwpp:AgriculturesMember 2025-07-01 2025-09-30 0001163389 us-gaap:CommercialRealEstateMember 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember 2025-09-30 0001163389 nwpp:ResidentialOneFourFamilyMember 2025-09-30 0001163389 srt:MultifamilyMember 2025-09-30 0001163389 nwpp:FarmlandMember 2025-09-30 0001163389 nwpp:CommercialsMember 2025-09-30 0001163389 nwpp:AgriculturesMember 2025-09-30 0001163389 nwpp:ConsumerAndAllOtherMember 2025-09-30 0001163389 us-gaap:CommercialRealEstateMember 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember 2024-12-31 0001163389 nwpp:ResidentialOneFourFamilyMember 2024-12-31 0001163389 srt:MultifamilyMember 2024-12-31 0001163389 nwpp:FarmlandMember 2024-12-31 0001163389 nwpp:CommercialsMember 2024-12-31 0001163389 nwpp:AgriculturesMember 2024-12-31 0001163389 nwpp:ConsumerAndAllOtherMember 2024-12-31 0001163389 us-gaap:CommercialRealEstateMember 2025-01-01 2025-09-30 0001163389 nwpp:ResidentialOneFourFamilyMember 2025-01-01 2025-09-30 0001163389 nwpp:CommercialsMember 2025-01-01 2025-09-30 0001163389 nwpp:AgriculturesMember 2025-01-01 2025-09-30 0001163389 nwpp:ConsumerAndAllOtherMember 2025-01-01 2025-09-30 0001163389 nwpp:TotalMember 2025-01-01 2025-09-30 0001163389 us-gaap:ResidentialRealEstateMember 2025-01-01 2025-09-30 0001163389 srt:MultifamilyMember 2025-01-01 2025-09-30 0001163389 nwpp:FarmlandMember 2025-01-01 2025-09-30 0001163389 us-gaap:CommercialRealEstateMember 2023-12-31 0001163389 us-gaap:ResidentialRealEstateMember 2023-12-31 0001163389 nwpp:ResidentialOneFourFamilyMember 2023-12-31 0001163389 srt:MultifamilyMember 2023-12-31 0001163389 nwpp:FarmlandMember 2023-12-31 0001163389 nwpp:CommercialsMember 2023-12-31 0001163389 nwpp:AgriculturesMember 2023-12-31 0001163389 nwpp:ConsumerAndAllOtherMember 2023-12-31 0001163389 nwpp:TotalMember 2023-12-31 0001163389 us-gaap:CommercialRealEstateMember 2024-01-01 2024-12-31 0001163389 nwpp:ResidentialOneFourFamilyMember 2024-01-01 2024-12-31 0001163389 srt:MultifamilyMember 2024-01-01 2024-12-31 0001163389 nwpp:CommercialsMember 2024-01-01 2024-12-31 0001163389 nwpp:ConsumerAndAllOtherMember 2024-01-01 2024-12-31 0001163389 nwpp:TotalMember 2024-01-01 2024-12-31 0001163389 us-gaap:ResidentialRealEstateMember 2024-01-01 2024-12-31 0001163389 nwpp:FarmlandMember 2024-01-01 2024-12-31 0001163389 nwpp:AgriculturesMember 2024-01-01 2024-12-31 0001163389 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember nwpp:USTreasuriesMember 2025-01-01 2025-09-30 0001163389 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-01-01 2025-09-30 0001163389 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember nwpp:TaxableMunicipalsMember 2025-01-01 2025-09-30 0001163389 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateBondSecuritiesMember 2025-01-01 2025-09-30 0001163389 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember 2025-01-01 2025-09-30 0001163389 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-01-01 2025-09-30 0001163389 us-gaap:RealEstateMember us-gaap:CommercialRealEstateMember us-gaap:FairValueInputsLevel3Member 2025-01-01 2025-09-30 0001163389 us-gaap:FairValueInputsLevel2Member 2025-01-01 2025-09-30 0001163389 us-gaap:FairValueInputsLevel3Member 2025-01-01 2025-09-30 0001163389 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember nwpp:USTreasuriesMember 2024-01-01 2024-12-31 0001163389 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2024-01-01 2024-12-31 0001163389 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember nwpp:TaxableMunicipalsMember 2024-01-01 2024-12-31 0001163389 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateBondSecuritiesMember 2024-01-01 2024-12-31 0001163389 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember 2024-01-01 2024-12-31 0001163389 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2024-01-01 2024-12-31 0001163389 us-gaap:RealEstateMember us-gaap:CommercialRealEstateMember us-gaap:FairValueInputsLevel3Member 2024-01-01 2024-12-31 0001163389 us-gaap:FairValueInputsLevel2Member 2024-01-01 2024-12-31 0001163389 us-gaap:FairValueInputsLevel3Member 2024-01-01 2024-12-31 0001163389 nwpp:FamilyMortageLoan14Member 2025-09-30 0001163389 nwpp:FamilyMortageLoan14Member 2024-12-31 0001163389 nwpp:AgricultureMember 2025-09-30 0001163389 nwpp:AgricultureMember 2025-01-01 2025-09-30 0001163389 srt:MinimumMember nwpp:AgricultureMember 2025-09-30 0001163389 srt:MaximumMember nwpp:AgricultureMember 2025-09-30 0001163389 nwpp:ConsumerAndAllOtherMember 2024-12-31 0001163389 nwpp:ConsumerAndAllOtherMember 2025-01-01 2025-09-30 0001163389 srt:MinimumMember nwpp:ConsumerAndAllOtherMember 2025-09-30 0001163389 srt:MaximumMember nwpp:ConsumerAndAllOtherMember 2025-09-30 0001163389 nwpp:OtherRealEstateOwnedMember 2025-09-30 0001163389 nwpp:OtherRealEstateOwnedMember 2024-12-31 0001163389 nwpp:OtherRealEstateOwnedMember 2025-01-01 2025-09-30 0001163389 srt:MinimumMember nwpp:OtherRealEstateOwnedMember 2025-09-30 0001163389 srt:MaximumMember nwpp:OtherRealEstateOwnedMember 2025-09-30 0001163389 nwpp:CarryingReportedAmountFairsValueDisclosureMember 2025-09-30 0001163389 nwpp:EstimateOfFairValueFairValuesDisclosureMember 2025-09-30 0001163389 us-gaap:FairValueInputsLevel3Member 2025-09-30 0001163389 us-gaap:FairValueInputsLevel2Member 2025-09-30 0001163389 nwpp:CarryingReportedAmountFairsValueDisclosureMember 2024-12-31 0001163389 nwpp:EstimateOfFairValueFairValuesDisclosureMember 2024-12-31 0001163389 us-gaap:FairValueInputsLevel3Member 2024-12-31 0001163389 us-gaap:FairValueInputsLevel2Member 2024-12-31 0001163389 2025-01-07 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

[ ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _____________

Commission file number: 000-33411

NEW PEOPLES BANKSHARES, INC.

(Exact name of registrant as specified in its charter)


Virginia (State or other jurisdiction of incorporation or organization)			31-1804543 (I.R.S. Employer Identification No.)
67 Commerce Drive, Honaker, Virginia (Address of principal executive offices)			24260 (Zip Code)

(276) 873-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

[X]

[ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ((§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

[X]

[ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer [ ]		Accelerated filer [ ]
Non-accelerated filer [X]		Smaller reporting company [X]
		Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Yes	[ ]		No	[X]

The number of shares outstanding of the registrant’s common stock was 23,574,543 as of November 07, 2025.

NEW PEOPLES BANKSHARES, INC.

INDEX

		Page
PART I	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets - September 30, 2025 (Unaudited) and December 31, 202	3

	Consolidated Statements of Income – Three and nine months ended September 30, 2025 and 2024 (Unaudited)	4

	Consolidated Statements of Comprehensive Income – Three and nine months ended September 30, 2025 and 2024 (Unaudited)	5

	Consolidated Statements of Changes in Stockholders’ Equity – Three and nine months ended September 30, 2025 and 2024 (Unaudited)	6

	Consolidated Statements of Cash Flows – Nine months ended September 30, 2025 and 2024 (Unaudited)	7

	Notes to Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	33

Item 4.	Controls and Procedures	33

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	34

Item 1A.	Risk Factors	34

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34

Item 3.	Defaults upon Senior Securities	34

Item 4.	Mine Safety Disclosures	35

Item 5.	Other Information	35

Item 6.	Exhibits	35

SIGNATURES		36

Part I Financial Information

Item 1

Financial Statements

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

(IN THOUSANDS EXCEPT PER SHARE AND SHARE DATA)

(UNAUDITED)


	September 30,			December 31,
	2025			2024
ASSETS
Cash and due from banks		13,686		$	13,218
Interest-bearing deposits with banks		66,538			54,300
Federal funds sold		486			150
Total cash and cash equivalents		80,710			67,668
Investment securities available-for-sale, at fair value		96,153			95,984
Loans receivable		707,272			657,536
Allowance for credit losses		(7,967	)		(7,684	)
Net loans		699,305			649,852
Bank premises and equipment, net		16,689			17,070
Other real estate owned		89			87
Accrued interest receivable		3,849			3,458
Deferred taxes, net		3,837			4,809
Insurance benefit receivable		—			5,417
Right-of-use assets – operating leases		3,117			3,413
Other assets		6,975			7,167
Total assets		910,724		$	854,925
LIABILITIES
Deposits:
Noninterest bearing		228,881		$	224,938
Interest-bearing		570,495			525,044
Total deposits		799,376			749,982
Borrowed funds		21,986			24,986
Lease liabilities – operating leases		3,117			3,413
Accrued interest payable		1,491			1,442
Accrued expenses and other liabilities		5,226			4,361
Total liabilities		831,196			784,184
SHAREHBOLDERS’ EQUITY
Common stock - $2.00 par value; 50,000,000 shares authorized; 23,577,193 and 23,636,724 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		47,154			47,273
Additional paid-in-capital		14,390			14,451
Retained earnings		26,310			21,001
Accumulated other comprehensive loss		(8,326	)		(11,984	)
Total shareholders’ equity		79,528			70,741
Total liabilities and shareholders’ equity		910,724		$	854,925

The accompanying notes are an integral part of these consolidated financial statements.

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

(UNAUDITED)


	For the Three Months Ended September 30,			For the Nine Months Ended September 30,

INTEREST AND DIVIDEND INCOME		2025	2024		2025		2024
Loans including fees	$	11,217	9,728	$	31,669	$	28,316
Federal funds sold		4	2		9		5
Interest-earning deposits with banks		644	1,164		1,999		2,999
Investments		702	610		2,115		1,723
Dividends on equity securities (restricted)		42	43		126		129
Total interest and dividend income		12,609	11,547		35,918		33,172

INTEREST EXPENSE
Deposits		3,674	3,832		10,573		10,490
Borrowed funds		298	534		884		1,601
Total interest expense		3,972	4,366		11,457		12,091

NET INTEREST INCOME		8,637	7,181		24,461		21,081

PROVISION FOR CREDIT LOSSES		189	49		602		478

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		8,448	7,132		23,859		20,603

NONINTEREST INCOME
Service charges and fees		1,003	995		2,779		2,877
Card processing and interchange		958	937		2,811		2,803
Financial services fees		335	304		1,009		998
Net gain on sales of available for sale securities		—	4		—		4
Net gain on sale and disposal of premises and equipment		—	3		2		23
Other noninterest income		203	183		747		574
Total noninterest income		2,499	2,426		7,348		7,279

NONINTEREST EXPENSES
Salaries and employee benefits		3,736	3,527		11,186		10,768
Occupancy and equipment expense		883	897		2,741		2,627
Data processing and telecommunications		660	628		1,959		1,889
Other operating expenses		2,098	1,777		5,976		5,360
Total noninterest expenses		7,377	6,829		21,862		20,644

INCOME BEFORE INCOME TAXES		3,570	2,729		9,345		7,238

INCOME TAX EXPENSE		812	621		2,147		1,660

NET INCOME	$	2,758	2,108	$	7,198	$	5,578

Earnings per share
Basic and diluted	$	0.12	0.09	$	0.30	$	0.24

Average Weighted Shares of Common Stock
Basic and diluted		23,590,909	23,658,248		23,608,168		23,695,385

The accompanying notes are an integral part of these consolidated financial statements.

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(IN THOUSANDS)

(UNAUDITED)


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024

NET INCOME	$	2,758		$	2,108		$	7,198		$	5,578

Other comprehensive income:
Investment securities activity
Unrealized gains arising during the period		2,531			3,532			4,630			3,261
Reclassification adjustment for net gains included in net income		—			(4	)		—			(4	)
Other comprehensive gains on investment securities		2,531			3,528			4,630			3,257
Related tax expense		(531	)		(742	)		(972	)		(685	)
TOTAL OTHER COMPREHENSIVE INCOME		2,000			2,786			3,658			2,572
TOTAL COMPREHENSIVE INCOME	$	4,758		$	4,894		$	10,856		$	8,150

The accompanying notes are an integral part of these consolidated financial statements.

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(IN THOUSANDS INCLUDING SHARE DATA)

(UNAUDITED)


	Shares of Common Stock			Common Stock			Additional Paid-in- Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Total Shareholders’ Equity
Balance, June 30, 2024		23,676		$	47,352		$	14,479		$	16,267		$	(11,867	)	$	66,231
Net income		—			—			—			2,108			—			2,108
Other comprehensive income, net of tax		—			—			—			—			2,786			2,786
Repurchase of common stock		(24	)		(48	)		(16	)		—			—			(64	)
Balance, September 30, 2024		23,652		$	47,304		$	14,463		$	18,375		$	(9,081	)	$	71,061

Balance, December 31, 2023		23,746		$	47,492		$	14,514		$	14,458		$	(11,653	)	$	64,811
Net income		—			—			—			5,578			—			5,578
Other comprehensive income, net of tax		—			—			—			—			2,572			2,572
Cash dividend declared ($0.07 per share)		—			—			—			(1,661	)		—			(1,661	)
Repurchase of common stock		(94	)		(188	)		(51	)		—			—			(239	)
Balance, September 30, 2024		23,652		$	47,304		$	14,463		$	18,375		$	(9,081	)	$	71,061

Balance, June 30, 2025		23,601		$	47,202		$	14,416		$	23,552		$	(10,326	)	$	74,844
Net income		—			—			—			2,758			—			2,758
Other comprehensive income, net of tax		—			—			—			—			2,000			2,000
Repurchase of common stock		(24	)		(48	)		(26	)		—			—			(74	)
Balance, September 30, 2025		23,577		$	47,154		$	14,390		$	26,310		$	(8,326	)	$	79,528


Balance, December 31, 2024		23,637		$	47,273		$	14,451		$	21,001		$	(11,984	)	$	70,741
Net income		—			—			—			7,198			—			7,198
Other comprehensive income, net of tax		—			—			—			—			3,658			3,658
Cash dividend declared ($0.08 per share)		—			—			—			(1,889	)		—			(1,889	)
Repurchase of common stock		(60	)		(119	)		(61	)		—			—			(180	)
Balance, September 30, 2025		23,577		$	47,154		$	14,390		$	26,310		$	(8,326	)	$	79,528

The accompanying notes are an integral part of these consolidated financial statements.

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(IN THOUSANDS)

(UNAUDITED)


	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	7,198		$	5,578
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,123			1,198
Provision for credit losses		602			478
Income on bank owned life insurance		—			(57	)
Gain on sale of mortgage loans		(17	)		(9	)
Net gain on sale of securities available-for-sale		—			(4	)
Gain on sale or disposal of premises and equipment		(2	)		(23	)
Gain on sale of other real estate owned		(6	)		(44	)
Loans originated for sale		(760	)		(329	)
Proceeds from sales of loans originated for sale		777			338
Net amortization/accretion of bond premiums/discounts		55			165
Deferred tax benefit		—			(261	)
Net change in:
Accrued interest receivable		(391	)		(212	)
Other assets		427			(532	)
Accrued interest payable		49			504
Accrued expenses and other liabilities		477			106
Net cash provided by operating activities		9,532			6,896

CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in loans		(50,009	)		(9,307	)
Purchase of securities available-for-sale		(5,270	)		(14,011	)
Proceeds from repayments and maturities of securities available-for-sale		9,676			8,214
Proceeds from sales of securities available-for-sale		—			2,134
Net purchase of equity securities (restricted)		(20	)		(38	)
Payments for the purchase of premises and equipment and software		(661	)		(1,687	)
Proceeds from sale of premises and equipment		2			1,188
Proceeds from sale of other real estate owned		50			164
Proceeds from bank owned life insurance benefit		5,417			—
Net cash used in investing activities		(40,815	)		(13,343	)

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt		(3,000	)		—
Net change in noninterest bearing deposits		3,943			(2,126	)
Net change in interest-bearing deposits		45,451			49,223
Dividends paid		(1,889	)		(1,661	)
Repurchase of common stock		(180	)		(239	)
Net cash provided by financing activities		44,325			45,197

Net increase in cash and cash equivalents		13,042			38,750
Cash and cash equivalents, beginning of the period		67,668			64,977
Cash and cash equivalents, end of the period	$	80,710		$	103,727

Supplemental disclosure of cash paid during the period for:
Interest	$	11,408		$	11,587
Taxes		1,620			1,550
Supplemental disclosure of non-cash transactions:
Transfer of loans to other real estate owned		46			1,023
Change in unrealized losses on securities available-for-sale		4,630			3,257

The accompanying notes are an integral part of these consolidated financial statements.

NEW PEOPLES BANKSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 NATURE OF OPERATIONS

Nature of Operations – New Peoples Bankshares, Inc. (New Peoples or the Company) is a financial holding company whose principal activity is the ownership and management of a community bank, New Peoples Bank, Inc. (the Bank). New Peoples and the Bank are organized and incorporated under the laws of the Commonwealth of Virginia. As a state-chartered member bank, the Bank is subject to regulation by the Virginia Bureau of Financial Institutions, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (the Federal Reserve). The Bank provides general banking services to individuals, small and medium size businesses and the professional community of southwest Virginia, southern West Virginia, western North Carolina and northeastern Tennessee. These services include commercial and consumer loans along with traditional deposit products such as checking and savings accounts.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These consolidated financial statements conform to U. S. generally accepted accounting principles (GAAP) and to general industry practices. In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2025 and December 31, 2024, and the results of operations for the three- and nine-month periods ended September 30, 2025 and 2024. The Notes included herein should be read in conjunction with the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.

The consolidated financial statements include New Peoples, the Bank, NPB Insurance Services, Inc., and NPB Web Services, Inc. (hereinafter, collectively referred to as the Company, we, us or our). All significant intercompany balances and transactions have been eliminated. In accordance with Accounting Standards Codification (ASC) 942, Financial Services – Depository and Lending, NPB Capital Trust I and 2 are not included in the consolidated financial statements.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The determination of the adequacy of the allowance for credit losses is based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions.

Certain reclassifications have been made to prior period amounts to conform to current period presentation. None of these reclassifications are considered material and have no impact on net income or shareholders’ equity.

The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in the Company’s Annual report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2024 except for the following:

Accounting Standards Adopted in 2025 –

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 was effective for the Company on January 1, 2025. The adoption of this standard had no material impact on the consolidated financial statements.

NOTE 3 EARNINGS PER SHARE

Basic earnings per share computations are based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflect the additional common shares that would have been outstanding if dilutive potential common shares had been issued. For the three- and nine-month periods ended September 30, 2025 and 2024, there were no potential common shares. Basic and diluted net income per common share calculations follow:


(Dollars in thousands, except per share data)	For the three months ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
Net income	$	2,758	$	2,108	$	7,198	$	5,578
Weighted average shares outstanding		23,590,909		23,658,248		23,608,168		23,695,385
Weighted average dilutive shares outstanding		23,590,909		23,658,248		23,608,168		23,695,385

Basic and diluted earnings per share	$	0.12	$	0.09	$	0.30	$	0.24

NOTE 4 CAPITAL

Capital Requirements and Ratios

Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.

To qualify as a "Small Bank Holding Company" under federal regulations, a bank must have consolidated assets of $3.0 billion or less. The primary benefit of being deemed a "Small Bank Holding Company" is the exemption from the requirement to maintain consolidated regulatory capital ratios; instead, regulatory capital ratios only apply at the subsidiary bank level.

The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (BASEL III rules) became fully phased in on January 1, 2019. Under the BASEL III rules, the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer required is 2.50%. At September 30, 2025, the Bank had a capital conservation buffer of 8.05%. Amounts recorded to accumulated other comprehensive income (loss) are not included in computing regulatory capital. Management believes as of September 30, 2025, the Bank met all capital adequacy requirements to which it was subject.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At September 30, 2025, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution's category.

The Bank’s actual capital amounts and ratios are presented in the following table as of September 30, 2025 and December 31, 2024, respectively.


	Actual					Minimum Capital Requirement					Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)	Amount		Ratio			Amount		Ratio			Amount		Ratio
September 30, 2025:
Total capital to risk weighted assets		107,263		16.05	%	$	53,471		8.00	%	$	66,839		10.00	%
Tier 1 capital to risk weighted assets		98,907		14.80	%		40,103		6.00	%		53,471		8.00	%
Tier 1 capital to average assets		98,907		10.80	%		36,644		4.00	%		45,805		5.00	%
Common equity Tier 1 capital
to risk weighted assets		98,907		14.80	%		30,078		4.50	%		43,445		6.50	%

December 31, 2024:
Total capital to risk weighted assets		101,769		16.19	%	$	50,300		8.00	%	$	62,875		10.00	%
Tier 1 capital to risk weighted assets		93,907		14.94	%		37,725		6.00	%		50,300		8.00	%
Tier 1 capital to average assets		93,907		10.70	%		35,113		4.00	%		43,892		5.00	%
Common equity Tier 1 capital
to risk weighted assets		93,907		14.94	%		28,294		4.50	%		40,869		6.50	%

NOTE 5 INVESTMENT SECURITIES

The amortized cost and estimated fair value of available-for-sale (“AFS”) securities as of September 30, 2025 and December 31, 2024 are as follows:


				Gross		Gross		Approximate
		Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)		Cost		Gains		Losses		Value
September 30, 2025
U.S. Treasuries	$	7,105	$	18	$	199	$	6,924
U.S. Government Agencies		9,241		64		397		8,908
Taxable municipals		24,229	6		4,415		19,820
Corporate bonds		2,500	7		159		2,348
Mortgage-backed securities		63,618	202		5,667		58,153
Total securities available-for-sale	$	106,693	$	297	$	10,837	$	96,153

December 31, 2024
U.S. Treasuries	$	8,370	$	-	$	409	$	7,961
U.S. Government Agencies		9,380		11		586		8,805
Taxable municipals		23,940		-		5,416		18,524
Corporate bonds		2,499		-		246		2,253
Mortgage-backed securities		66,965		11		8,535		58,441
Total securities available-for-sale	$	111,154	$	22	$	15,192	$	95,984

The following table details unrealized losses and related fair values in the AFS portfolio. This information is aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024.



	Less than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
September 30, 2025
U.S. Treasuries	$	—	$	—	$	5,906	$	199	$	5,906	$	199
U.S. Government Agencies		204		—		4,585		397		4,789		397
Taxable municipals		1,344		177		17,646		4,238		18,990		4,415
Corporate bonds		—		—		1,841		159		1,841		159
Mortgage-backed securities		937		9		41,725		5,658		42,662		5,667
Total	$	2,485	$	186	$	71,703	$	10,651	$	74,188	$	10,837

December 31, 2024
U.S. Treasuries	$	980	$	20	$	6,981	$	389	$	7,961	$	409
U.S. Government Agencies		2,221		38		6,026		548		8,247		586
Taxable municipals		1,559		212		16,965		5,204		18,524		5,416
Corporate bonds		499		1		1,755		245		2,254		246
Mortgage-backed securities		14,982		311		42,018		8,224		57,000		8,535
Total	$	20,241	$	582	$	73,745	$	14,610	$	93,986	$	15,192

As of September 30, 2025, the available-for-sale portfolio included 165 investments for which the fair market value was less than amortized cost. As of December 31, 2024, the available-for-sale portfolio included 195 investments for which the fair market value was less than amortized cost. Management believes that all unrealized losses have resulted from temporary changes in the interest rates and current market conditions and are not a result of credit deterioration. Management does not plan to sell, and it is not likely that the Bank will be required to sell any of the securities referenced in the table above before recovery of their amortized cost. None of the individual securities have past due principal or interest payments, and a number of these securities have explicit or implicit payment guarantees. The remaining securities have credit ratings at or above that necessary to be considered “bank qualified.”

Investment securities with a carrying value of $35.8 million and $35.2 million as of September 30, 2025 and December 31, 2024, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law.

There were no sales of investment securities available-for-sale during the three or nine months ended September 30, 2025. During the three and nine months ended September 30, 2024, investment securities available-for-sale with a carrying value of $2.2 million were sold, realizing a net gain of $4,000.

The amortized cost and fair value of investment securities as of September 30, 2025, by contractual maturity, are shown in the following schedule. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


						Weighted
(Dollars in thousands)		Amortized		Fair		Average
Securities Available-for-Sale		Cost		Value		Yield
Due in one year or less	$	2,995	$	2,963		0.96%
Due after one year through five years	12,294		11,938		2.79%
Due after five years through ten years		23,204		22,234		3.43%
Due after ten years		68,200		59,018		2.29%
Total	$	106,693	$	96,153		2.56%

The Bank, as a member bank of the Federal Reserve Bank of Richmond (“Federal Reserve Bank”) and the Federal Home Loan Bank of Atlanta (FHLB), is required to hold stock in each. The Bank also owns stock in CBB Financial Corp., which is a correspondent of the Bank. These equity securities, which are included in other assets on the consolidated balance sheet, are restricted from trading and are recorded at a cost of $2.7 million and $2.7 million as of September 30, 2025 and December 31, 2024, respectively. The stock has no quoted market value and no ready market exists. When evaluating these securities for impairment, their value is determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. Equity securities are viewed as long-term investments and management believes the Company has the ability and the intent to hold these securities until their value is recovered.

NOTE 6 LOANS

Loans receivable outstanding as of September 30, 2025 and December 31, 2024, are summarized as follows:


	September 30,		December 31,
(Dollars in thousands)	2025		2024
Real estate secured:
Commercial	$	252,748	$	243,646
Construction and land development		40,811		36,112
Residential 1-4 family		251,587		234,860
Multifamily		44,912		32,379
Farmland		24,504		16,921
Total real estate loans		614,562		563,918
Commercial		55,325		60,587
Agriculture		4,872		4,025
Consumer installment and all other loans		32,513		29,006
Total loans	$	707,272	$	657,536

Also included in total loans above are deferred loan fees of $2.2 million and $2.0 million as of September 30, 2025 and December 31, 2024, respectively. Deferred loan costs were $2.1 million and $1.9 million, as of September 30, 2025 and December 31, 2024, respectively. Income from net deferred fees and costs is recognized over the lives of the respective loans as a yield adjustment. If loans repay prior to scheduled maturities any unamortized fees or costs are recognized at that time.

Loans receivable on nonaccrual status as of September 30, 2025 and December 31, 2024, are summarized as follows:


				September 30, 2025						December 31, 2024
				With No Allowance		With an Allowance		Total		With No Allowance		With an Allowance		Total
(Dollars in thousands)
Real estate secured:
	Commercial		$	7	$	-	$	7	$	411	$	-	$	411
	Construction and land development			26		-		26		300		-		300
	Residential 1-4 family			1,965		39		2,004		2,232		178		2,410
	Farmland			18		-		18		-		-		-
		Total real estate loans		2,016		39		2,055		2,943		178		3,121
Commercial				78		-		78		66		-		66
Agriculture				-		752		752		16		-		16
Consumer installment loans and other loans				67		-		67		56		14		70

Total loans receivable on nonaccrual status			$	2,161	$	791	$	2,952	$	3,081	$	192	$	3,273

Total interest income not recognized (recognized) on nonaccrual loans for the three months ended September 30, 2025 and September 30, 2024 was $26,000 and ($18,000), respectively. Interest recognized during the three months ended September 30, 2024, resulted, primarily, from the resolution of a single loan secured by commercial real estate. Total interest income not recognized on nonaccrual loans for the nine months ended September 30, 2025 and September 30, 2024, was $88,000 and $51,000, respectively.

The Company evaluates loans that do not share risk characteristics on an individual basis utilizing the collateral or discounted cash flow methods. The following table presents the unpaid principal balance of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to those loans as of September 30, 2025 and December 31, 2024:


			September 30, 2025				December 31, 2024
			Unpaid Principal Balance		Related Allowance		Unpaid Principal Balance		Related Allowance
(Dollars in thousands)
Real estate secured:
	Commercial	$	3,036	$	-	$	396	$	-
	Construction and land development		-		-		300		-
	Residential 1-4 family		510		39		1,008		177
Total real estate loans			3,546		39		1,704		177
Agriculture			752		54		-		-
Consumer installment loans and other loans			-		-		13		3

Total		$	4,298	$	93	$	1,717	$	180

The following table is an age analysis of past due loans receivable as of September 30, 2025, segregated by class:


September 30, 2025 (Dollars in thousands)	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Past Due Loans		Current Loans		Total Loans
Real estate secured:
Commercial	$	368	$	39	$	7	$	414	$	252,334	$	252,748
Construction and land development		—		—		—		—		40,811		40,811
Residential 1-4 family		1,568		889		637		3,094		248,493		251,587
Multifamily		—		—		—		—		44,912		44,912
Farmland		—		—		—		—		24,504		24,504
Total real estate loans		1,936		928		644		3,508		611,054		614,562
Commercial		19		9		51		79		55,246		55,325
Agriculture		—		—		752		752		4,120		4,872
Consumer installment and all other loans		120		75		43		238		32,275		32,513
Total loans	$	2,075	$	1,012	$	1,490	$	4,577	$	702,695	$	707,272

The following table is an age analysis of past due loans receivable as of December 31, 2024, segregated by class:

December 31, 2024 (Dollars in thousands)	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Past Due Loans		Current Loans		Total Loans
Real estate secured:
Commercial	$	—	$	255	$	156	$	411	$	243,235	$	243,646
Construction and land development		3		333		—		336		35,776		36,112
Residential 1-4 family		2,413		1,810		510		4,733		230,127		234,860
Multifamily		—		—		—		—		32,379		32,379
Farmland		207		—		—		207		16,714		16,921
Total real estate loans		2,623		2,398		666		5,687		558,231		563,918
Commercial		166		77		—		243		60,344		60,587
Agriculture		37		—		—		37		3,988		4,025
Consumer installment and all other loans		89		88		30		207		28,799		29,006
Total loans	$	2,915	$	2,563	$	696	$	6,174	$	651,362	$	657,536

The Company categorizes loans receivable into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans receivable as to credit risk. The Company uses the following definitions for risk ratings:

Pass - Loans in this category are considered to have a low likelihood of loss based on relevant information analyzed about the ability of the borrowers to service their debt and other factors.

Special Mention - Loans in this category are currently protected but are potentially weak, including adverse trends in borrower’s operations, credit quality or financial strength. Those loans constitute an undue and unwarranted credit risk but not to the point of justifying a substandard classification. The credit risk may be relatively minor yet constitute an unwarranted risk in light of the circumstances. Special mention loans have potential weaknesses which may, if not checked or corrected, weaken the loan or inadequately protect the Company’s credit position at some future date.

Substandard - A substandard loan is inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; they are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful - Loans classified doubtful have all the weaknesses inherent in loans classified as substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable.

The following table presents the credit risk grade of loans by origination year as of September 30, 2025:

Schedule of credit risk grade of loans
As of December 31, 2024
(Dollars are in thousands)	2025			2024			2023			2022			2021			Prior			Revolving			Total
Commercial real estate
Pass	$	25,831		$	21,223		$	43,748		$	46,030		$	41,480		$	71,922		$	332		$	250,566
Special mention		—			—			—			—			—			—			—			—
Substandard		—			—			—			—			2,174			8			—			2,182
Total commercial real estate	$	25,831		$	21,223		$	43,748		$	46,030		$	43,654		$	71,930		$	332		$	252,748

Current period gross charge-offs	$	—		$	—		$	—		$	(1	)	$	—		$	—		$	—		$	(1	)

Construction and Land Development
Pass	$	9,268		$	21,844		$	2,882		$	2,139		$	2,273		$	2,379		$	—		$	40,785
Special mention		—			—			—			—			—			—			—			—
Substandard		—			26			—			—			—			—			—			26
Total construction and land development	$	9,268		$	21,870		$	2,882		$	2,139		$	2,273		$	2,379		$	—		$	40,811

Current period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Residential 1-4 family
Pass	$	27,640		$	19,330		$	26,739		$	26,029		$	36,943		$	77,720		$	34,600		$	249,001
Special mention		—			—			—			—			—			485			—			485
Substandard		—			104			116			51			—			1,725			105			2,101
Total residential 1-4 family	$	27,640		$	19,434		$	26,855		$	26,080		$	36,943		$	79,930		$	34,705		$	251,587

Current period gross charge-offs	$	—		$	—		$	(139	)	$	—		$	—		$	—		$	—		$	(139	)

Multifamily
Pass	$	15,344		$	1,415		$	4,583		$	9,582		$	6,507		$	7,481		$	—		$	44,912
Special mention		—			—			—			—			—			—			—			—
Substandard		—			—			—			—			—			—			—			—
Total multifamily	$	15,344		$	1,415		$	4,583		$	9,582		$	6,507		$	7,481		$	—		$	44,912

Current period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Farmland
Pass	$	8,343		$	2,644		$	1,142		$	1,846		$	2,679		$	6,465		$	1,239		$	24,358
Special mention		—			—			—			—			—			128			—			128
Substandard		—			—			—			—			—			18			—			18
Total farmland	$	8,343		$	2,644		$	1,142		$	1,846		$	2,679		$	6,611		$	1,239		$	24,504

Current period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Commercial
Pass	$	11,486		$	11,874		$	10,030		$	2,949		$	1,515		$	3,013		$	14,377		$	55,244
Special mention		—			—			—			—			—			2			—			2
Substandard		—			51			—			—			—			—			28			79
Total commercial	$	11,486		$	11,925		$	10,030		$	2,949		$	1,515		$	3,015		$	14,405		$	55,325

Current period gross charge-offs	$	—		$	(8	)	$	—		$	—		$	(23	)	$	—		$	(10	)	$	(41	)

Agriculture
Pass	$	1,083		$	716		$	189		$	206		$	127		$	123		$	1,645		$	4,089
Special mention		—			—			—			—			—			—			32			32
Substandard		—			—			—			—			—			—			—			—
Doubtful		—			305			—			—			—			—			446			751
Total agriculture	$	1,083		$	1,021		$	189		$	206		$	127		$	123		$	2,123		$	4,872

Current period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	(50	)	$	(50	)

Consumer and All Other
Pass	$	12,549		$	9,661		$	5,660		$	1,580		$	843		$	982		$	1,172		$	32,447
Special mention		—			—			—			—			—			—			—			—
Substandard		9			35			20			2			—			—			—			66
Total consumer and all other	$	12,558		$	9,696		$	5,680		$	1,582		$	843		$	982		$	1,172		$	32,513

Current period gross charge-offs	$	(115	)	$	(32	)	$	(12	)	$	(5	)	$	(1	)	$	(2	)	$	(37	)	$	(204	)

Total	$	111,553		$	89,228		$	95,109		$	90,414		$	94,541		$	172,451		$	53,976		$	707,272
Total current period gross charge-offs	$	(115	)	$	(40	)	$	(151	)	$	(6	)	$	(24	)	$	(2	)	$	(97	)	$	(435	)

The following table presents the credit risk grade of loans by origination year as of December 31, 2024:

As of December 31, 2024
(Dollars are in thousands)	2024			2023			2022			2021			2020			Prior			Revolving			Total
Commercial real estate
Pass	$	20,653		$	47,052		$	43,553		$	46,902		$	27,155		$	56,369		$	1,541		$	243,225
Special mention		—			—			—			—			—			9			—			9
Substandard		—			—			255			141			—			16			—			412
Total commercial real estate	$	20,653		$	47,052		$	43,808		$	47,043		$	27,155		$	56,394		$	1,541		$	243,646

Current period gross charge-offs	$	—		$	—		$	—		$	(179	)	$	—		$	—		$	(1	)	$	(180	)

Construction and Land Development
Pass	$	17,654		$	5,078		$	6,240		$	3,019		$	1,719		$	2,089		$	—		$	35,799
Special mention		—			—			—			—			—			12			—			12
Substandard		301			—			—			—			—			—			—			301
Total construction and land development	$	17,955		$	5,078		$	6,240		$	3,019		$	1,719		$	2,101		$	—		$	36,112

Current period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Residential 1-4 family
Pass	$	19,094		$	27,861		$	29,510		$	38,329		$	11,265		$	78,424		$	26,933		$	231,416
Special mention		—			—			—			—			—			319			—			319
Substandard		104			257			42			723			238			1,647			114			3,125
Total residential 1-4 family	$	19,198		$	28,118		$	29,552		$	39,052		$	11,503		$	80,390		$	27,047		$	234,860

Current period gross charge-offs	$	—		$	(38	)	$	—		$	—		$	—		$	(37	)	$	—		$	(75	)

Multifamily
Pass	$	1,564		$	4,829		$	10,313		$	6,818		$	2,505		$	6,350		$	—		$	32,379
Special mention		—			—			—			—			—			—			—			—
Substandard		—			—			—			—			—			—			—			—
Total multifamily	$	1,564		$	4,829		$	10,313		$	6,818		$	2,505		$	6,350		$	—		$	32,379

Current period gross charge-offs	$	—		$	(53	)	$	—		$	—		$	—		$	(42	)	$	—		$	(95	)

Farmland
Pass	$	2,669		$	1,333		$	2,045		$	2,812		$	730		$	7,186		$	—		$	16,775
Special mention		—			—			—			—			—			146			—			146
Substandard		—			—			—			—			—			—			—			—
Total farmland	$	2,669		$	1,333		$	2,045		$	2,812		$	730		$	7,332		$	—		$	16,921

Current period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Commercial
Pass	$	18,298		$	13,490		$	4,780		$	2,305		$	801		$	2,560		$	18,284		$	60,518
Special mention		—			—			—			—			—			2			—			2
Substandard		1			—			—			31			—			—			35			67
Total commercial	$	18,299		$	13,490		$	4,780		$	2,336		$	801		$	2,562		$	18,319		$	60,587

Current period gross charge-offs	$	—		$	(34	)	$	(55	)	$	—		$	—		$	—		$	(73	)	$	(162	)

Agriculture
Pass	$	1,333		$	322		$	339		$	232		$	35		$	195		$	1,553		$	4,009
Special mention		—			—			—			—			—			—			—			—
Substandard		—			—			—			—			—			16			—			16
Total agriculture	$	1,333		$	322		$	339		$	232		$	35		$	211		$	1,553		$	4,025

Current period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Consumer and All Other
Pass	$	14,500		$	7,982		$	2,706		$	1,276		$	424		$	880		$	1,158		$	28,926
Special mention		—			—			—			—			—			—			—			—
Substandard		17			22			20			19			2			—			—			80
Total consumer and all other	$	14,517		$	8,004		$	2,726		$	1,295		$	426		$	880		$	1,158		$	29,006

Current period gross charge-offs	$	(163	)	$	(62	)	$	(14	)	$	(7	)	$	(9	)	$	—		$	(24	)	$	(279	)

Total	$	96,188		$	108,226		$	99,803		$	102,607		$	44,874		$	156,220		$	49,618		$	657,536
Total current period gross charge-offs	$	(163	)	$	(187	)	$	(69	)	$	(186	)	$	(9	)	$	(79	)	$	(98	)	$	(791	)

NOTE 7 ALLOWANCE FOR CREDIT LOSSES FOR LOANS (“ACLL”)

In determining the amount of our allowance for credit losses, we rely on an analysis of our loan portfolio, our experience and our evaluation of general economic conditions. If our assumptions prove to be incorrect, our current allowance may not be sufficient to cover future loan losses and we may experience significant increases to our provision.

The following table presents a disaggregated analysis of activity in the allowance for credit losses for loans as of September 30, 2025 and December 31, 2024:


		Real estate secured
(Dollars are in thousands)		Commercial			Construction and Land Development		Residential 1-4 family			Multifamily		Farmland		Commercial			Agriculture			Consumer and All Other			Total
Three months ended September 30, 2025
Beginning balance	$	2,561		$	360	$	2,998		$	432	$	182	$	737		$	62		$	616		$	7,948
Charge-offs		(1	)		—		(139	)		—		—		(23	)		—			(89	)		(252	)
Recoveries		—			—		32			3		—		5			—			43			83
Provision for credit losses		34			26		43			76		17		(60	)		21			31			188
Ending balance	$	2,594		$	386	$	2,934		$	511	$	199	$	659		$	83		$	601		$	7,967


		Real estate secured
(Dollars are in thousands)		Commercial			Construction and Land Development		Residential 1-4 family			Multifamily		Farmland		Commercial			Agriculture			Consumer and All Other			Total
Nine months ended September 30, 2025
Beginning balance	$	2,565		$	322	$	2,923		$	382	$	149	$	751		$	36		$	556		$	7,684
Charge-offs		(1	)		—		(139	)		—		—		(41	)		(50	)		(204	)		(435	)
Recoveries		—			26		54			9		3		7			—			109			208
Provision for credit losses		30			38		96			120		47		(58	)		97			140			510
Ending balance	$	2,594		$	386	$	2,934		$	511	$	199	$	659		$	83		$	601		$	7,967

		Real estate secured
(Dollars are in thousands)		Commercial			Construction and Land Development		Residential 1-4 family			Multifamily			Farmland			Commercial			Agriculture			Consumer and All Other			Total
Year ended December 30, 2024
Beginning balance	$	—		$	104	$	255		$	—		$	—		$	1,930		$	148		$	2,437		$	4,874
Charge-offs		(180	)		—		(75	)		(95	)		—			(162	)		—			(279	)		(791	)
Recoveries		106			44		100			—			297			9			—			157			713
Provision for credit losses		2,639			174		2,643			477			(148	)		(1,026	)		(112	)		(1,759	)		2,888
Ending balance	$	2,565		$	322	$	2,923		$	382		$	149		$	751		$	36		$	556		$	7,684

Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

NOTE 8 MODIFICATIONS MADE TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY

An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, the Company modifies loans by providing principal forgiveness on certain of its real estate loans. When principal forgiveness is provided, the amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off against the allowance for credit losses, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted.

On February 15, 2025, severe flash flooding occurred in Tazewell and Buchanan, Counties in Virgina. On September 27, 2024, Hurricane Helene passed through western North Carolina, southwest Virginia and northeast Tennessee, causing flood and wind damage in its path. To assist borrowers impacted by these natural disasters, we offered short-term payment deferrals of 3 months. As of December 31, 2024, 36 loans totaling $9.2 million were participating in the deferral program. One of these loans, a residential mortgage loan totaling $178,000, received an additional 3-month deferral due to the extent of damage to the property. As of September 30, 2025, the deferral periods have ended and 48 loans totaling $7.4 million participating in the deferral program have commenced regular payments. The loan totaling $178,000 was in default, and $138,000 was charged off during the quarter ended September 30, 2025. There were no loans modified to borrowers experiencing financial difficulties in the three and nine months ended September 30, 2025, other than those impacted by natural disasters.

NOTE 9 CREDIT ALLOWANCE FOR UNFUNDED COMMITMENTS

The Company maintains a separate allowance for credit losses on off-balance-sheet credit exposures, including unfunded loan commitments, which is included in other liabilities on the consolidated balance sheet. The allowance for credit losses for off-balance-sheet credit exposures is adjusted through a provision for credit losses in the income statement. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over their estimated lives, utilizing the same models and approaches for the Company's other loan portfolio segments described above, as these unfunded commitments share similar risk characteristics as its loan portfolio segments. The Company has identified the unfunded portion of certain lines of credit as unconditionally cancellable credit exposures, meaning the Company can cancel the unfunded commitment at any time. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company or for undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement.

As of September 30, 2025 and December 31, 2024, the liability for credit losses on off-balance-sheet credit exposures included in other liabilities was $496,000 and $404,000, respectively. During the three and nine months ended September 30, 2025 and September 30, 2024, $0 and $92,000 and $22,000 and $25,000, respectively, were included in the Provision for Credit Losses.

NOTE 10 OTHER REAL ESTATE OWNED

The following table summarizes the activity in other real estate owned for the nine months ended September 30, 2025 and the year ended December 31, 2024:


	September 30,			December 31,
(Dollars in thousands)	2025			2024
Balance, beginning of period	$	87		$	157
Additions		46			1,330
Proceeds from sales		(50	)		(1,474	)
Adjustment of carrying value		—			(9	)
Net gains from sales		6			83
Balance, end of period	$	89		$	87

As of September 30, 2025, there were no loans secured by residential real estate in the process of foreclosure.

NOTE 11 FAIR VALUES

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the Fair Value Measurements and Disclosures topic of Financial Accounting Standards Board (the FASB) ASC, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market and in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company's various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.

The fair value guidance provides a consistent definition of fair value, which focuses on exit price in the principal or most advantageous market and in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions.

In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

Level 1: Quoted prices are available in active markets for identical assets or liabilities as of the reported date.

Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are valued using other financial instruments, the parameters of which can be directly observed.

Level 3: Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy are as follows:

Investment Securities Available-for-sale - Investment securities AFS are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices. The Company’s AFS securities, totaling $96.2 million and $96.0 million as of September 30, 2025 and December 31, 2024, respectively, are the only assets whose fair values are measured on a recurring basis using Level 2 inputs from an independent pricing service.

Collateral Dependent Loans with an ACL - In accordance with ASC 326, we may determine that an individual loan exhibits unique risk characteristics which differentiate it from other loans within our loan pools. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific allocations of the allowance for credit losses are determined by analyzing the borrower's ability to repay amounts owed, collateral deficiencies, the relative risk grade of the loan and economic conditions affecting the borrower's industry, among other things. A loan is considered to be collateral dependent when, based upon management's assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. We reevaluate the fair value of collateral supporting collateral dependent loans on a quarterly basis. The fair value of real estate collateral supporting collateral dependent loans is evaluated by appraisal services using a methodology that is consistent with the Uniform Standards of Professional Appraisal Practice.

Other Real Estate Owned –Other real estate owned is adjusted to fair value upon transfer of the loans, or former bank premises, to other real estate owned. These assets are carried at the lower of their carrying value or fair value. Fair value is based upon observable market prices, when available, reduced by estimated disposition costs, which the Company considers to be nonrecurring Level 2 inputs. When observable market prices are not available, management determines the fair value of the foreclosed asset using independent third-party appraisals, evaluated to determine whether or not the property is further impaired below the appraised value, and adjusts for estimated costs of disposition. The Company records foreclosed assets as nonrecurring Level 3.

Assets and liabilities measured at fair value are as follows as of September 30, 2025 and December 31, 2024:

Schedule of summary of assets and liabilities measured at fair value
September 30, 2025 (Dollars in thousands)	Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
(On a recurring basis) Available-for-sale investments
U.S. Treasuries	$	—	$	6,924	$	—
U.S. Government Agencies		—		8,908		—
Taxable municipals		—		19,820		—
Corporate bonds		—		2,348		—
Mortgage-backed securities		—		58,153		—

(On a non-recurring basis) Other real estate owned		—		—		89
Collateral dependent loans with ACL:
Agriculture		—		—		251
Total	$	—	$	96,153	$	340


December 31, 2024 (Dollars in thousands)	Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
(On a recurring basis) Available-for-sale investments
U.S. Treasuries	$	—	$	7,961		—
U.S. Government Agencies		—		8,805	$	—
Taxable municipals		—		18,524		—
Corporate bonds		—		2,253		—
Mortgage-backed securities		—		58,441		—

(On a non-recurring basis) Other real estate owned		—		—		87
Collateral dependent loans with ACL:
Consumer installment and all other loans		—		—		11
Total	$	—	$	95,984	$	98

Not included in the tables above as of September 30, 2025 and December 31, 2024 is a residential 1-4 family mortgage loan totaling $178,000. $138,000 was charged off during the quarter ended September 30, 2025, and the loan has a specific allowance for credit loss allocation on the recorded investment of $40,000 and $178,000 as of September 30, 2025 and December 31, 2024, respectively.

For Level 3 assets measured at fair value on a recurring or non-recurring basis as of September 30, 2025 and December 31, 2024, the significant unobservable inputs used in the fair value measurements were as follows:


(Dollars in thousands)		Fair Value at September 30, 2025		Fair Value at December 31, 2024	Valuation Technique	Significant Unobservable Inputs	General Range of Significant Unobservable Input Values

Collateral dependent loans with ACL:
Agriculture	$	251	$	-	Appraised Value	Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell	0 – 18%

Consumer installment and all other		-		11	Appraised Value/Other estimates from Independent Sources	Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell	0 – 18%

Other Real Estate Owned	$	89	$	87	Appraised Value/Comparable Sales/Other Estimates from Independent Sources	Discounts to reflect current market conditions and estimated costs to sell	0 – 18%

Fair Value of Financial Instruments

Fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practical to estimate the value is based upon the characteristics of the instruments and relevant market information. Financial instruments include cash, evidence of ownership in an entity, or contracts that convey or impose on an entity that contractual right or obligation to either receive or deliver cash for another financial instrument.

The following summary presents the methodologies and assumptions used to estimate the fair value of the Company’s financial instruments presented below. The information used to determine fair value is highly subjective and judgmental in nature and, therefore, the results may not be precise. Subjective factors include, among other things, estimates of cash flows, risk characteristics, credit quality, and interest rates, all of which are subject to change. Since the fair value is estimated as of the balance sheet date, the amounts that will actually be realized or paid upon settlement or maturity on these various instruments could be significantly different.

The carrying amount and fair value of the Company’s financial instruments that are not required to be measured or reported at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, are as follows:

Schedule of estimated fair value of financial instruments

					Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Fair Value		Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

September 30, 2025
Financial instruments – assets
Net loans	$	699,305	$	689,528	$	—	$	—	$	689,528

Financial instruments – liabilities
Time deposits		292,671		292,461		—		292,461		—
Borrowed funds		21,986		20,039		—		20,039		—

December 31, 2024
Financial instruments – assets
Net loans	$	649,852	$	633,023	$	—	$	—	$	633,023

Financial instruments – liabilities
Time deposits		268,739		268,509		—		268,509		—
Borrowed funds		24,986		23,071		—		23,071		—

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions can significantly affect the estimates.

Estimated fair values have been determined by the Company using historical data, as generally provided in the Company’s regulatory reports, and an estimation methodology suitable for each category of financial instruments. The Company’s fair value estimates, methods and assumptions are set forth below for the Company’s other financial instruments.

The carrying values of cash and due from banks, federal funds sold, deposits with no stated maturities, and accrued interest approximates fair value and are excluded from the table above.

NOTE 12 LEASING ACTIVITIES

As of September 30, 2025, the Bank leases four branch offices, one administrative office, one loan production office and sublets a lot adjacent to another branch office. The lease agreements have maturity dates ranging from 2028 to December 2041. It is assumed that there are currently no circumstances in which the leases would be terminated prior to expiration. The weighted average remaining life of the lease terms as of September 30, 2025 was 6.52 years.

The discount rate used in determining the lease liability for each individual lease was the FHLB fixed advance rate which corresponded to the lease term for each transaction. This methodology is expected to be used for any other subsequent lease agreements. The weighted average discount rate for the leases as of September 30, 2025 was 3.36%.

For the three and nine months ended September 30, 2025 and 2024, operating lease expenses were $145,000 and $435,000; and $139,000 and $428,000, respectively.

The Company’s other operating leases were evaluated and determined to be immaterial to the financial statements. As of September 30, 2025, future minimum rental commitments under the non-cancellable operating leases discussed above are as follows (dollars are in thousands):

Schedule of future minimum rental commitments under the non-cancellable operating leases
2025	$	144
2026		575
2027		596
2028		586
2029		492
Thereafter		1,243
Total lease payments		3,636
Less: imputed interest		(519)
Total	$	3,117

NOTE 13 BORROWED FUNDS

Borrowed funds totaled $21,986 and $24,986 as of September 30, 2025 and December 31, 2024, respectively. For additional information on borrowed funds, refer to Note 18 in Item 8 of Form 10-K for the year ended December 31, 2024. On January 7, 2025, a voluntary principal payment of $3.0 million was made on an outstanding trust preferred security. On June 30, 2025, a short-term advance of $5.0 million was drawn from FHLB and repaid in July 2025.

NOTE 14 REVENUE FROM CONTRACTS WITH CUSTOMERS

All our revenue from contracts with customers as defined in ASC 606 is recognized within noninterest income. Refer to Note 24 in our Annual Report on Form 10-K for the year ended December 31, 2024, for a description of how each revenue stream is accounted for under ASC 606. The following table presents noninterest income by revenue stream for the three and nine months ended September 30, 2025 and 2024:

Schedule of revenue from contracts with customers
	For the three months ended				For the nine months ended
	September 30,				September 30,
(Dollars in thousands)		2025		2024		2025		2024
Service charges and fees	$	1,003	$	995	$	2,779	$		2,877
Card processing and interchange income		958		937		2,811			2,803
Financial services fees		335		304		1,009			998
Other noninterest income		203		190		749			601
Total noninterest income	$	2,499	$	2,426	$	7,348	$

NEW PEOPLES BANKSHARES INC 10-Q