Document And Entity Information
v4.2.117.0
Document And Entity Information
9 Months Ended
Sep. 30, 2011
Nov. 07, 2011
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2011
Document Fiscal Year Focus 2011  
Document Fiscal Period Focus Q3  
Entity Registrant Name NEW PEOPLES BANKSHARES INC  
Entity Central Index Key 0001163389  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   10,010,178

Consolidated Statements Of Operations
v4.2.117.0
Consolidated Statements Of Operations (USD $)
In Thousands, except Share data
3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
INTEREST AND DIVIDEND INCOME        
Loans including fees $ 9,955 $ 11,527 $ 31,357 $ 36,005
Federal funds sold   10 9 31
Interest-earning deposits with banks 48 4 128 4
Investments 65 30 149 88
Dividends on equity securities (restricted) 24 23 74 65
Total Interest and Dividend Income 10,092 11,594 31,717 36,193
INTEREST EXPENSE        
Demand 37 54 126 204
Savings 75 182 399 575
Time deposits below $100,000 1,132 1,672 3,762 5,464
Time deposits above $100,000 721 920 2,295 3,257
FHLB Advances 225 266 669 790
Other borrowings 45 65 150 187
Trust Preferred Securities 115 120 315 339
Total Interest Expense 2,350 3,279 7,716 10,816
NET INTEREST INCOME 7,742 8,315 24,001 25,377
PROVISION FOR LOAN LOSSES 2,801 9,441 6,258 13,381
NET INTEREST INCOME (LOSS) AFTER PROVISION FOR LOAN LOSSES 4,941 (1,126) 17,743 11,996
NONINTEREST INCOME        
Service charges 657 694 1,816 2,007
Fees, commissions and other income 496 586 1,515 1,575
Insurance and investment fees 134 122 325 401
Life insurance investment income 77 141 253 350
Total Noninterest Income 1,364 1,543 3,909 4,333
NONINTEREST EXPENSES        
Salaries and employee benefits 3,864 3,578 11,723 11,098
Occupancy and equipment expense 1,132 1,135 3,276 3,469
Advertising and public relations 121 118 304 312
Data processing and telecommunications 420 411 1,218 1,225
FDIC insurance premiums 475 299 1,571 1,799
Other real estate owned and repossessed vehicles, net 1,986 257 4,476 559
Other operating expenses 1,115 1,444 3,775 3,802
Total Noninterest Expenses 9,113 7,242 26,343 22,264
LOSS BEFORE INCOME TAXES (2,808) (6,825) (4,691) (5,935)
INCOME TAX BENEFIT (976) (2,329) (1,733) (2,094)
NET LOSS $ (1,832) $ (4,496) $ (2,958) $ (3,841)
Earnings (Loss) Per Share        
Basic $ (0.18) $ (0.45) $ (0.30) $ (0.38)
Fully Diluted $ (0.18) $ (0.45) $ (0.30) $ (0.38)
Average Weighted Shares of Common Stock        
Basic 10,010,178 10,009,628 10,010,178 10,009,238
Fully Diluted 10,010,178 10,009,628 10,010,178 10,009,238

Consolidated Balance Sheets
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Consolidated Balance Sheets (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
ASSETS    
Cash and due from banks $ 19,533 $ 14,369
Interest-bearing deposits with banks 78,746 42,549
Federal funds sold   25,611
Total Cash and Cash Equivalents 98,279 82,529
Investment securities    
Available-for-sale 17,666 4,658
Loans receivable 629,610 707,794
Allowance for loan losses (17,397) (25,014)
Net Loans 612,213 682,780
Bank premises and equipment, net 33,500 34,141
Equity securities (restricted) 3,657 3,878
Other real estate owned 10,781 12,346
Accrued interest receivable 3,168 3,700
Life insurance investments 11,264 11,011
Goodwill and other intangibles 4,267 4,346
Deferred taxes 8,279 8,037
Other assets 7,281 5,201
Total Assets 810,355 852,627
LIABILITIES    
Noninterest bearing 105,872 87,839
Interest-bearing 59,838 60,022
Savings deposits 97,502 108,119
Time deposits 468,777 510,100
Total Deposits 731,989 766,080
Federal Home Loan Bank advances 18,283 24,183
Accrued interest payable 1,896 1,720
Accrued expenses and other liabilities 1,555 1,475
Line of credit borrowing   4,900
Other borrowings 5,450 250
Trust preferred securities 16,496 16,496
Total Liabilities 775,669 815,104
STOCKHOLDERS' EQUITY    
Common stock - $2.00 par value; 50,000,000 shares authorized; 10,010,178 shares issued and outstanding 20,020 20,020
Additional paid-in-capital 21,689 21,689
Retained earnings (deficit) (7,133) (4,175)
Accumulated other comprehensive income (loss) 110 (11)
Total Stockholders' Equity 34,686 37,523
Total Liabilities and Stockholders' Equity $ 810,355 $ 852,627

Consolidated Balance Sheets (Parenthetical)
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Consolidated Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2011
Dec. 31, 2010
Consolidated Balance Sheets [Abstract]    
Common stock, par value $ 2 $ 2
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 10,010,178 10,010,178
Common stock, shares outstanding 10,010,178 10,010,178

Consolidated Statements Of Changes In Stockholders' Equity
v4.2.117.0
Consolidated Statements Of Changes In Stockholders' Equity (USD $)
In Thousands, except Share data
Common Stock [Member]
Additional Paid In Capital [Member]
Retained Earnings (Deficit) [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Comprehensive Income (Loss) [Member]
Total
Balance at Dec. 31, 2009 $ 20,018 $ 21,683 $ 4,890 $ 28   $ 46,619
Balance, Shares at Dec. 31, 2009 10,009          
Net Loss     (3,841)   (3,841) (3,841)
Unrealized gain (loss) on available-for-sale securities, net of tax       15 15 15
Stock Options Exercised 2 6       8
Stock Options Exercised (in shares) 1          
Balance at Sep. 30, 2010 20,020 21,689 1,049 43 (3,826) 42,801
Balance, Shares at Sep. 30, 2010 10,010          
Balance at Dec. 31, 2010 20,020 21,689 (4,175) (11)   37,523
Balance, Shares at Dec. 31, 2010 10,010         10,010,178
Net Loss     (2,958)   (2,958) (2,958)
Unrealized gain (loss) on available-for-sale securities, net of tax       121 121 121
Balance at Sep. 30, 2011 $ 20,020 $ 21,689 $ (7,133) $ 110 $ (2,837) $ 34,686
Balance, Shares at Sep. 30, 2011 10,010         10,010,178

Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
v4.2.117.0
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Consolidated Statements Of Changes In Stockholders' Equity [Abstract]    
Net tax effect of unrealized gain (loss) on available- for-sale securities $ 63 $ 7

Consolidated Statements Of Cash Flows
v4.2.117.0
Consolidated Statements Of Cash Flows (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (2,958) $ (3,841)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 1,903 2,057
Provision for loan losses 6,258 13,381
Income (less expenses) on life insurance (253) (350)
Loss on sale of fixed assets 146  
(Gain) Loss on sale of foreclosed real estate (17) 116
Adjustment of carrying value of foreclosed real estate 3,508  
Accretion of bond premiums/discounts 16 5
Deferred tax expense (305) (1,038)
Amortization of core deposit intangible 79 139
Net change in:    
Interest receivable 532 169
Other assets (2,080) (2,511)
Accrued interest payable 176 32
Accrued expenses and other liabilities 80 (691)
Net Cash Provided by Operating Activities 7,085 7,468
CASH FLOWS FROM INVESTING ACTIVITIES    
Net decrease in loans 58,201 14,755
Purchase of securities available-for-sale (16,765) (1,654)
Proceeds from sale and maturities of securities available-for-sale 3,925 955
Sale of Federal Home Loan Bank stock 221  
Purchase of Federal Reserve Bank stock   82
Payments for the purchase of property and equipment (1,593) (1,964)
Proceeds from sales of property and equipment 185  
Proceeds from sales of other real estate owned 4,182 2,994
Net Cash Provided by Investing Activities 48,356 15,168
CASH FLOWS FROM FINANCING ACTIVITIES    
Common stock options exercised   8
Net decrease in line of credit borrowings (4,900)  
Net increase in other borrowings 5,200  
Repayments to Federal Home Loan Bank (5,900) (900)
Net change in:    
Demand deposits 17,849 24,091
Savings deposits (10,617) (2,722)
Time deposits (41,323) (25,785)
Net Cash Used in Financing Activities (39,691) (5,308)
Net increase in cash and cash equivalents 15,750 17,328
Cash and Cash Equivalents, Beginning of Period 82,529 39,560
Cash and Cash Equivalents, End of Period 98,279 56,888
Supplemental Disclosure of Cash Paid During the Period for:    
Interest 7,892 10,848
Taxes    
Supplemental Disclosure of Non Cash Transactions:    
Other real estate acquired in settlement of foreclosed loans 6,108 6,737
Loans made to finance sale of foreclosed real estate   $ 85