New Peoples Bankshares, Inc. reported a net income of $3.5 million, or $0.15 per share, for the second quarter of 2026, reflecting a 36% increase from the $2.5 million, or $0.11 per share, recorded in the same period of 2025. For the first half of 2026, net income reached $6.5 million, a 47% rise compared to $4.4 million in the prior year. The company's total interest income for the quarter was $13.2 million, up from $12 million a year earlier, driven by a 25 basis point increase in loan yields to 6.45% and a $46.4 million increase in average loan balances. The net interest margin improved to 4.12%, compared to 3.86% in the second quarter of 2025.
Total assets as of June 30, 2026, were $942.2 million, an increase of $32.5 million, or 3.57%, from $909.7 million at the end of 2025. Loans held for investment rose to $732.3 million, marking a 3.20% increase from $709.6 million. The bank's total deposits also grew by $29.2 million, or 3.66%, to $827.5 million, attributed to successful efforts in attracting money market accounts and growth in noninterest-bearing demand deposits. The allowance for credit losses on loans was $8.2 million, representing 1.12% of total loans, slightly down from 1.14% at the end of 2025.
In terms of operational developments, New Peoples Bank transferred a $1.3 million credit card portfolio from loans held for investment to loans held for sale, with the sale expected to finalize in 2027. The bank's nonperforming assets decreased to $3.5 million, or 0.38% of total assets, down from $3.8 million, or 0.42%, at the end of 2025. The bank's capital ratios remain strong, with a leverage ratio of 11.17%, and it continues to be classified as well-capitalized under regulatory standards.
Looking ahead, New Peoples Bankshares anticipates continued growth in its loan portfolio and deposits, supported by its strategic focus on customer relationships and product offerings. The bank remains vigilant regarding market conditions and potential economic challenges, including geopolitical uncertainties and interest rate fluctuations. Management believes that the current capital levels are sufficient to support planned asset growth while absorbing potential losses. The company has also terminated its stock repurchase program, having repurchased 382,774 shares since its inception in 2022.
About NEW PEOPLES BANKSHARES INC
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