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FOR IMMEDIATE RELEASE: May 6, 2021

NEW PEOPLES BANKSHARES ANNOUNCES FIRST QUARTER 2021 RESULTS

Honaker, Virginia -- New Peoples Bankshares (the “Company”) (OTCBB: NWPP) and its wholly-owned subsidiary, New Peoples Bank (the “Bank”), today announced first quarter net income of $1.58 million, or $0.07 per share, for the quarter ended March 31, 2021 as compared to $46,000, or $0.00 per share, for the quarter ended March 31, 2020, which is a year-over-year quarterly improvement of $1.53 million, a 3346% increase. The primary drivers for the increase were increases in net interest income of $204,000, a reduction in the provision for loan losses of $814,000, and a reduction in total non-interest expense of $910,000.

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Contact information for New Peoples Bankshares, Inc.
C. Todd Asbury, President and CEO
(276) 873-7000

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