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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑

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

For the quarterly period ended March 31, 2026

☐

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

☑

☐

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

☑

☐

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 ☑		Smaller reporting company ☑
		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. ☐

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

Yes

☐

☑

The number of shares outstanding of the registrant’s common stock was 23,555,517 as of May 11, 2026.

NEW PEOPLES BANKSHARES, INC.

INDEX

		Page

PART I	FINANCIAL INFORMATION

Item 1.	Financial Statements

Consolidated Balance Sheets – March 31, 2026 (Unaudited) and December 31, 2025		3

Consolidated Statements of Income – Three months ended March 31, 2026 and 2025 (Unaudited)		4

Consolidated Statements of Comprehensive Income – Three months ended March 31, 2026 and 2025 (Unaudited)		5

Consolidated Statements of Changes in Shareholders’ Equity – Three months ended March 31, 2026 and 2025 (Unaudited)		6

Consolidated Statements of Cash Flows – Three months ended March 31, 2026 and 2025 (Unaudited)		7

Notes to Consolidated Financial Statements		8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	31

Item 4.	Controls and Procedures	31

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	32

Item 1A.	Risk Factors	32

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 3.	Defaults upon Senior Securities	33

Item 4.	Mine Safety Disclosures	33

Item 5.	Other Information	33

Item 6.	Exhibits	33

SIGNATURES		34

	Part I	Financial Information
	Item 1	Financial Statements

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2026 AND DECEMBER 31, 2025

(IN THOUSANDS EXCEPT PER SHARE AND SHARE DATA)

(UNAUDITED)


	March 31,			December 31,
	2026			2025
ASSETS

Cash and due from banks	$	16,540		$	13,849
Interest-bearing deposits with banks		76,197			63,109
Federal funds sold		156			252
Total cash and cash equivalents		92,893			77,210

Investment securities available-for-sale, at fair value		96,860			96,433
Restricted stock, at cost		2,636			2,598
Loans receivable		723,305			709,587
Allowance for credit losses		(8,116	)		(8,107	)
Net loans		715,189			701,480

Bank premises and equipment, net		16,124			16,400
Other real estate owned		184			89
Accrued interest receivable		3,910			3,451
Deferred taxes, net		4,066			3,895
Right-of-use assets – operating leases		2,879			2,998
Other assets		4,828			5,146
Total assets	$	939,569		$	909,700

LIABILITIES

Deposits:
Noninterest bearing	$	242,598		$	220,829
Interest-bearing		585,056			577,437
Total deposits		827,654			798,266

Borrowed funds		18,986			18,986
Lease liabilities – operating leases		2,879			2,998
Accrued interest payable		1,316			1,507
Accrued expenses and other liabilities		5,617			5,088
Total liabilities		856,452			826,845

SHAREHOLDERS’ EQUITY

Common stock - $2.00 par value; 50,000,000 shares authorized; 23,555,517 and 23,567,013 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		47,111			47,134
Additional paid-in-capital		14,360			14,378
Retained earnings		30,152			29,210
Accumulated other comprehensive loss		(8,506	)		(7,867	)
Total shareholders’ equity		83,117			82,855
Total liabilities and shareholders’ equity	$	939,569		$	909,700

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

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

(UNAUDITED)


	For the Three Months Ended
	March 31,

INTEREST AND DIVIDEND INCOME	2026		2025
Loans including fees	$	11,215	$	9,912
Federal funds sold		4		2
Interest-earning deposits with banks		638		692
Investments		698		702
Dividends on equity securities (restricted)		42		43
Total interest and dividend income		12,597		11,351

INTEREST EXPENSE
Deposits		3,534		3,449
Borrowed funds		246		292
Total interest expense		3,780		3,741

NET INTEREST INCOME		8,817		7,610

PROVISION FOR CREDIT LOSSES		240		259

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		8,577		7,351

NONINTEREST INCOME
Service charges and fees		837		877
Card processing and interchange		986		865
Financial services fees		419		318
Other noninterest income		388		353
Total noninterest income		2,630		2,413

NONINTEREST EXPENSES
Salaries and employee benefits		3,884		3,798
Occupancy and equipment expense		891		984
Data processing and telecommunications		639		634
Other operating expenses		1,819		1,856
Total noninterest expenses		7,233		7,272

INCOME BEFORE INCOME TAXES		3,974		2,492

INCOME TAX EXPENSE		912		584

NET INCOME	$	3,062	$	1,908

Earnings per share
Basic and diluted	$	0.13	$	0.08

Average Weighted Shares of Common Stock
Basic and diluted		23,563,034		23,626,617

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

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(IN THOUSANDS)

(UNAUDITED)


	For the Three Months Ended March 31,
	2026			2025

NET INCOME	$	3,062		$	1,908

Other comprehensive income (loss):
Investment securities activity
Unrealized gains (losses) arising during the period		(808	)		2,380
Related tax (expense) benefit		169			(500	)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)		(639	)		1,880
TOTAL COMPREHENSIVE INCOME	$	2,423		$	3,788

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 MONTHS ENDED MARCH 31, 2026 AND 2025

(IN THOUSANDS EXCEPT PER SHARE DATA)

(UNAUDITED)


	Shares of Common Stock			Common Stock			Additional Paid-in- Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Total Shareholders’ Equity
Balance, December 31, 2024		23,637		$	47,273		$	14,451		$	21,001		$	(11,984	)	$	70,741
Net income		—			—			—			1,908			—			1,908
Other comprehensive income, net of tax		—			—			—			—			1,880			1,880
Cash dividend declared ($0.08 per share)		—			—			—			(1,889	)		—			(1,889	)
Repurchase of common stock		(23	)		(45	)		(23	)		—			—			(68	)
Balance, March 31, 2025		23,614		$	47,228		$	14,428		$	21,020		$	(10,104	)	$	72,572



Balance, December 31, 2025		23,567		$	47,134		$	14,378		$	29,210		$	(7,867	)	$	82,855
Net income		—			—			—			3,062			—			3,062
Other comprehensive loss, net of tax		—			—			—			—			(639	)		(639	)
Cash dividend declared ($0.09 per share)		—			—			—			(2,120	)		—			(2,120	)
Repurchase of common stock		(11	)		(23	)		(18	)		—			—			(41	)
Balance, March 31, 2026		23,556		$	47,111		$	14,360		$	30,152		$	(8,506	)	$	83,117

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

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(IN THOUSANDS)

(UNAUDITED)


	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	3,062		$	1,908
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		309			374
Provision for credit losses		240			259
Gain on sale of mortgage loans		—			(9	)
Gain on sale or disposal of premises and equipment		—			(2	)
Loans originated for sale		(112	)		(380	)
Proceeds from sales of loans originated for sale		112			389
Net amortization/accretion of bond premiums/discounts		16			15
Deferred tax benefit		(2	)		(1	)
Net change in:
Accrued interest receivable		(459	)		(189	)
Other assets		407			(365	)
Accrued interest payable		(191	)		(94	)
Accrued expenses and other liabilities		421			125
Net cash provided by operating activities		3,803			2,030

CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in loans		(14,055	)		(13,214	)
Purchase of securities available-for-sale		(4,186	)		(2,939	)
Proceeds from repayments and maturities of securities available-for-sale		2,935			2,663
Net purchase of equity securities (restricted)		(38	)		(20	)
Payments for the purchase of premises and equipment		(3	)		(268	)
Proceeds from sale of premises and equipment		—			2
Proceeds from sale of other real estate owned		—			30
Proceeds from bank owned life insurance benefit		—			5,417
Net cash used in investing activities		(15,347	)		(8,329	)

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt		—			(3,000	)
Net change in noninterest bearing deposits		21,769			9,156
Net change in interest-bearing deposits		7,619			17,712
Dividends paid		(2,120	)		(1,889	)
Repurchase of common stock		(41	)		(68	)
Net cash provided by financing activities		27,227			24,911

Net increase in cash and cash equivalents		15,683			15,612
Cash and cash equivalents, beginning of the period		77,210			67,668
Cash and cash equivalents, end of the period	$	92,893		$	83,280

Supplemental disclosure of cash paid during the period for:
Interest	$	3,971		$	3,835
Taxes		—			—
Supplemental disclosure of non-cash transactions:
Change in unrealized losses on securities available-for-sale		(808	)		2,380
Transfer of loans to other real estate owned		95			164

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 March 31, 2026 and December 31, 2025, and the results of operations for the three-month periods ended March 31, 2026 and 2025. 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, 2025. 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, 2025.

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-month periods ended March 31, 2026 and 2025, 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 March 31,
	2026		2025
Net income	$	3,062	$	1,908
Weighted average shares outstanding		23,563,034		23,626,617
Weighted average dilutive shares outstanding		23,563,034		23,626,617

Basic and diluted earnings per share	$	0.13	$	0.08

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 March 31, 2026, the Bank had a capital conservation buffer of 8.38%. Amounts recorded to accumulated other comprehensive income (loss) are not included in computing regulatory capital. Management believes as of March 31, 2026, 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 March 31, 2026, 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 March 31, 2026 and December 31, 2025, respectively.


	Actual					Minimum Capital Requirement					Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)	Amount		Ratio			Amount		Ratio			Amount		Ratio
March 31, 2026:
Total capital to risk weighted assets	$	111,325		16.38	%	$	54,372		8.00	%	$	67,965		10.00	%
Tier 1 capital to risk weighted assets		102,828		15.13	%		40,779		6.00	%		54,372		8.00	%
Tier 1 capital to average assets		102,828		11.00	%		37,394		4.00	%		46,743		5.00	%
Common equity Tier 1 capital to risk weighted assets		102,828		15.13	%		30,584		4.50	%		44,177		6.50	%

December 31, 2025:
Total capital to risk weighted assets	$	110,354		16.51	%	$	53,467		8.00	%		66,834		10.00	%
Tier 1 capital to risk weighted assets		101,997		15.26	%		40,100		6.00	%		53,467		8.00	%
Tier 1 capital to average assets		101,997		10.93	%		37,344		4.00	%		46,680		5.00	%
Common equity Tier 1 capital to risk weighted assets		101,997		15.26	%		30,075		4.50	%		43,442		6.50	%

NOTE 5 INVESTMENT SECURITIES

The amortized cost and estimated fair value of available-for-sale (“AFS”) securities as of March 31, 2026 and December 31, 2025 are as follows:


			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
March 31, 2026
U.S. Treasuries	$	6,583	$	2	$	146	$	6,439
U.S. Government agencies		8,713		32		400		8,345
Municipal securities		24,206		1		4,409		19,798
Corporate bonds		2,500		1		124		2,377
Mortgage-backed securities		50,528		53		5,121		45,460
Collateralized mortgage obligations guaranteed		15,097		29		685		14,441
Total securities available-for-sale	$	107,627	$	118	$	10,885	$	96,860

December 31, 2025
U.S. Treasuries	$	5,597	$	16	$	153	$	5,460
U.S. Government agencies		9,482		49		372		9,159
Municipal securities		24,217		4		4,224		19,997
Corporate bonds		2,500		6		127		2,379
Mortgage-backed securities		50,742		134		4,797		46,079
Collateralized mortgage obligations guaranteed		13,854		70		565		13,359
Total securities available-for-sale	$	106,392	$	279	$	10,238	$	96,433

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 March 31, 2026 and December 31, 2025.


	Less than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2026
U.S. Treasuries	$	—	$	—	$	4,442	$	146	$	4,442	$	146
U.S. Government agencies		1,714		13		4,199		387		5,913		400
Municipal securities		1,620		122		17,851		4,287		19,471		4,409
Corporate bonds		—		—		1,876		124		1,876		124
Mortgage-backed securities		5,150		69		33,423		5,053		38,573		5,121
Collateralized mortgage obligations guaranteed		3,114		33		4,030		651		7,144		685
Total	$	11,598	$	237	$	65,821	$	10,648	$	77,419	$	10,885

December 31, 2025
U.S. Treasuries	$	—	$	—	$	4,444	$	153	$	4,444	$	153
U.S. Government agencies		814		1		4,469		371		5,283		372
Municipal securities		946		110		18,036		4,114		18,982		4,224
Corporate bonds		—		—		1,873		127		1,873		127
Mortgage-backed securities		744		5		37,156		4,792		37,900		4,797
Collateralized mortgage obligations guaranteed		3,076		5		3,699		560		6,775		565
Total	$	5,580	$	121	$	69,677	$	10,117	$	75,257	$	10,238

As of March 31, 2026, the available-for-sale portfolio included 172 investments for which the fair market value was less than amortized cost. As of December 31, 2025, the available-for-sale portfolio included 165 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 are past due as to 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 $31.8 million and $32.5 million as of March 31, 2026 and December 31, 2025, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law.

There were no sales of available-for-sale investment securities during the three months ended March 31, 2026 and 2025.

The amortized cost and fair value of investment securities as of March 31, 2026, by contractual maturity, are shown in the following schedule. Expected maturities will differ from contractual maturities because borrowers 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	$	4,946	$	4,888		1.62	%
Due after one year through five years		11,142		10,831		3.29	%
Due after five years through ten years		25,390		23,968		3.19	%
Due after ten years		66,149		57,173		2.48	%
Total	$	107,627	$	96,860		2.69	%

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 are restricted from trading and are recorded at a cost of $2.6 million as of March 31, 2026 and December 31, 2025. 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 March 31, 2026, and December 31, 2025, are summarized as follows:


(Dollars in thousands)	March 31, 2026		December 31, 2025
Real estate secured:
Commercial	$	255,596	$	255,707
Construction and land development		50,383		42,826
Residential 1-4 family		254,383		252,624
Multifamily		49,715		45,964
Farmland		24,139		23,385
Total real estate loans		634,216		620,506
Commercial		52,641		53,175
Agriculture		5,075		4,384
Consumer installment and all other loans		31,373		31,522
Total loans	$	723,305	$	709,587

Also included in total loans above are deferred loan fees of $2.2 million as of March 31, 2026 and December 31, 2025. Deferred loan costs were $1.9 million and $2.1 million, as of March 31, 2026 and December 31, 2025, 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 fee or costs is recognized at that time.

Loans receivable on nonaccrual status as of March 31, 2026, and December 31, 2025, are summarized as follows:


	March 31, 2026						December 31, 2025
	With No Allowance		With an Allowance		Total		With No Allowance		With an Allowance		Total
(Dollars in thousands)
Real estate secured:
Commercial	$	191	$	—	$	191	$	—	$	415	$	415
Construction and land development		—		20		20		—		23		23
Farmland		—		15		15		—		16		16
Residential 1-4 family		715		1,393		2,108		960		1,323		2,283
Total real estate loans		906		1,428		2,334		960		1,777		2,737
Commercial		—		84		84		—		25		25
Agriculture		630		—		630		446		305		751
Consumer installment loans and all other loans		—		83		83		—		85		85

Total loans receivable on nonaccrual status	$	1,536	$	1,595	$	3,131	$	1,406	$	2,192	$	3,598

Total interest income not recognized on nonaccrual loans for the three months ended March 31, 2026 and March 31, 2025, was $38,000.

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 March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	Unpaid Principal Balance		Related Allowance		Unpaid Principal Balance		Related Allowance
(Dollars in thousands)
Real estate secured:
Commercial	$	191	$	—	$	408	$	108
Residential 1-4 family		1,200		39		998		39
Total real estate loans		1,391		39		1,406		147
Agriculture		630		—		752		54
Consumer installment loans and other loans		—		—		—		—

Total	$	2,021	$	39	$	2,158	$	201

The following table is an age analysis of past due loans receivable as of March 31, 2026, segregated by class:


March 31, 2026 (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	$	—	$	—	$	191	$	191	$	255,405	$	255,596
Construction and land development		—		—		—		—		50,383		50,383
Residential 1-4 family		2,666		220		631		3,517		250,866		254,383
Multifamily		—		—		—		—		49,715		49,715
Farmland		—		—		—		—		24,139		24,139
Total real estate loans		2,666		220		822		3,708		630,508		634,216
Commercial		5		96		18		119		52,522		52,641
Agriculture		—		—		630		630		4,445		5,075
Consumer installment and all other loans		150		259		19		428		30,945		31,373
Total loans	$	2,821	$	575	$	1,489	$	4,885	$	718,420	$	723,305

The following table is an age analysis of past due loans receivable as of December 31, 2025, segregated by class:

December 31, 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	$	468	$	—	$	423	$	891	$	254,816	$	255,707
Construction and land development		—		—		—		—		42,826		42,826
Residential 1-4 family		2,140		1,631		828		4,599		248,025		252,624
Multifamily		—		—		—		—		45,964		45,964
Farmland		—		—		—		—		23,385		23,385
Total real estate loans		2,608		1,631		1,251		5,490		615,016		620,506
Commercial		203		26		—		229		52,946		53,175
Agriculture		110		—		802		912		3,472		4,384
Consumer installment and all other loans		272		26		307		605		30,917		31,522
Total loans	$	3,193	$	1,683	$	2,360	$	7,236	$	702,351	$	709,587

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 March 31, 2026:

Schedule of credit risk grade of loans
As of March 31, 2026
(Dollars in thousands)	2026		2025			2024			2023			2022		Prior			Revolving		Total
Commercial Real Estate
Pass	$	4,478	$	29,336		$	20,754		$	41,633		$	43,057	$	104,469		$	11,678	$	255,405
Substandard		—		—			—			—			—		191			—		191
Total commercial real estate	$	4,478	$	29,336		$	20,754		$	41,633		$	43,057	$	104,660		$	11,678	$	255,596

Current period gross charge-offs		—		—			—			—			—	$	(103	)		—	$	(103	)

Construction and Land Development
Pass	$	2,270	$	15,508		$	23,633		$	1,969		$	2,078	$	3,784		$	1,121	$	50,363
Substandard		—		—			20			—			—		—			—		20
Total construction and land development	$	2,270	$	15,508		$	23,653		$	1,969		$	2,078	$	3,784		$	1,121	$	50,383

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

Residential 1-4 Family
Pass	$	9,652	$	33,278		$	18,159		$	20,532		$	23,281	$	107,420		$	39,055	$	251,377
Special Mention		—		—			—			—			—		468			—		468
Substandard		443		—			104			189			194		1,608			—		2,538
Total residential 1-4 family	$	10,095	$	33,278		$	18,263		$	20,721		$	23,475	$	109,496		$	39,055	$	254,383

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

Multifamily
Pass	$	4,432	$	18,058		$	1,036		$	2,504		$	9,170	$	13,560		$	955	$	49,715
Total Multifamily	$	4,432	$	18,058		$	1,036		$	2,504		$	9,170	$	13,560		$	955	$	49,715

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

Farmland
Pass	$	73	$	7,003		$	2,497		$	1,119		$	1,770	$	8,103		$	3,444	$	24,009
Special Mention		—		—			—			—			—		115			—		115
Substandard		—		—			—			—			—		15			—		15
Total farmland	$	73	$	7,003		$	2,497		$	1,119		$	1,770	$	8,233		$	3,444	$	24,139

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

Commercial
Pass	$	6,140	$	12,560		$	9,600		$	6,404		$	1,995	$	3,939		$	11,865	$	52,503
Special Mention		—		—			—			—			—		2			—		2
Substandard		—		56			3			18			—		41			18		136
Total commercial	$	6,140	$	12,616		$	9,603		$	6,422		$	1,995	$	3,982		$	11,883	$	52,641

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

Agriculture
Pass	$	50	$	680		$	654		$	124		$	160	$	58		$	2,612	$	4,338
Special Mention		—		—			—			29			—		—			—		29
Substandard		—		442			188			—			—		78			—		708
Total agriculture	$	50	$	1,122		$	842		$	153		$	160	$	136		$	2,612	$	5,075

Current period gross charge-offs		—		—		$	(117	)		—			—		—			—	$	(117	)

Consumer Installment Loans
Pass	$	3,005	$	14,054		$	6,771		$	3,022		$	989	$	1,968		$	1,471	$	31,280
Substandard		—		32			47			13			1		—			—		93
Total consumer installment loans	$	3,005	$	14,086		$	6,818		$	3,035		$	990	$	1,968		$	1,471	$	31,373

Current period gross charge-offs		—	$	(6	)	$	(9	)	$	(9	)		—	$	(56	)		—	$	(80	)

Total	$	30,543	$	131,007		$	83,466		$	77,556		$	82,695	$	245,819		$	72,219	$	723,305
Total current period gross charge-offs		—	$	(44	)	$	(126	)	$	(9	)		—	$	(159	)		—	$	(338	)

The following table presents the credit risk grade of loans by origination year as of December 31, 2025:

As of December 31, 2025
(Dollars in thousands)	2025			2024			2023			2022			2021			Prior			Revolving			Total
Commercial real estate
Pass	$	33,892		$	22,565		$	43,005		$	44,828		$	42,021		$	69,031		$	358		$	255,700
Substandard		—			—			—			—			—			7			—			7
Total commercial real estate	$	33,892		$	22,565		$	43,005		$	44,828		$	42,021		$	69,038		$	358		$	255,707

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

Construction and land development
Pass	$	12,676		$	21,666		$	2,448		$	2,113		$	2,122		$	1,778		$	0		$	42,803
Substandard		—			23			—			—			—			—			—			23
Total construction and land development	$	12,676		$	21,689		$	2,448		$	2,113		$	2,122		$	1,778		$	0		$	42,826

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

Residential 1-4 family
Pass	$	35,441		$	18,703		$	24,178		$	24,318		$	35,543		$	76,674		$	34,842		$	249,699
SpecialMention		—			—			—			—			—			476			—			476
Substandard		—			104			197			50			—			2,020			78			2,449
Total residential 1-4 family	$	35,441		$	18,807		$	24,375		$	24,368		$	35,543		$	79,170		$	34,920		$	252,624

Current period gross charge-offs	$	—		$	—		$	(138	)	$	—		$	—		$	(1	)	$	—		$	(139	)

Multifamily
Pass	$	17,668		$	1,464		$	3,197		$	9,874		$	6,444		$	7,317		$	—		$	45,964
Total multifamily	$	17,668		$	1,464		$	3,197		$	9,874		$	6,444		$	7,317		$	—		$	45,964

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

Farmland
Pass	$	9,005		$	2,610		$	1,142		$	1,830		$	2,641		$	6,020		$	—		$	23,248
SpecialMention		—			—			—			—			—			121			—			121
Substandard		—			—			—			—			—			16			—			16
Total farmland	$	9,005		$	2,610		$	1,142		$	1,830		$	2,641		$	6,157		$	—		$	23,385

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

Commercial
Pass	$	14,653		$	10,852		$	8,745		$	2,628		$	1,284		$	3,106		$	11,880		$	53,148
SpecialMention		—			—			—			—			—			2			—			2
Substandard		—			—			—			—			—			—			25			25
Total commercial	$	14,653		$	10,852		$	8,745		$	2,628		$	1,284		$	3,108		$	11,905		$	53,175

Current period gross charge-offs	$	—		$	(59	)	$	—		$	—		$	(23	)	$	(15	)	$	—		$	(97	)

Agriculture
Pass	$	1,437		$	683		$	162		$	176		$	104		$	98		$	942		$	3,602
SpecialMention		—			—			—			—			—			—			31			31
Substandard		—			—			—			—			—			—			—			—
Doubtful		—			305			—			—			—			—			446			751
Total agriculture	$	1,437		$	988		$	162		$	176		$	104		$	98		$	1,419		$	4,384

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

Consumer and all other
Pass	$	16,111		$	7,607		$	3,599		$	1,311		$	845		$	1,617		$	372		$	31,462
Substandard		18			30			10			2			—			0			—			60
Total consumer and all other	$	16,129		$	7,637		$	3,609		$	1,313		$	845		$	1,617		$	372		$	31,522

Current period gross charge-offs	$	(14	)	$	(47	)	$	(25	)	$	(5	)	$	(5	)	$	(280	)	$	—		$	(376	)

Total	$	140,901		$	86,612		$	86,683		$	87,130		$	91,004		$	168,283		$	48,974		$	709,587
Total current period gross charge-offs	$	(14	)	$	(106	)	$	(163	)	$	(6	)	$	(28	)	$	(296	)	$	(50	)	$	(663	)

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 March 31, 2026 and December 31, 2025:


	Real estate secured
				Construction															Consumer
				and Land		Residential													and All
(Dollars are in thousands)	Commercial			Development		1-4 family			Multifamily		Farmland		Commercial			Agriculture			Other			Total
Three months ended March 31, 2026
Beginning balance	$	2,856		$	411	$	2,799		$	559	$	166	$	602		$	82		$	632		$	8,107
Charge-offs		(103	)		—		—			—		—		(38	)		(117	)		(80	)		(338	)
Recoveries		—			—		36			3		9		—			—			48			96
Provision for credit losses		19			77		(1	)		26		4		82			72			(28	)		251
Ending balance	$	2,772		$	488	$	2,834		$	588	$	179	$	646		$	37		$	572		$	8,116

	Real estate secured
				Construction															Consumer
				and Land		Residential													and All
(Dollars are in thousands)	Commercial			Development		1-4 family			Multifamily		Farmland		Commercial			Agriculture			Other			Total
Year ended December 31, 2025
Beginning balance	$	2,565		$	322	$	2,923		$	382	$	149	$	751		$	36		$	556		$	7,684
Charge-offs		(1	)		—		(139	)		—		—		(97	)		(50	)		(376	)		(663	)
Recoveries		—			54		60			12		3		8			—			207			347
Provision for credit losses		292			35		(45	)		165		14		(60	)		93			245			739
Ending balance	$	2,856		$	411	$	2,799		$	559	$	166	$	602		$	82		$	632		$	8,107

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 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 to 6 months. As of March 31, 2026, 43 loans totaling $6.3 million are participating in the deferral program. One loan totaling $13,000 was in default, and another loan totaling $178,000 was extended beyond the terms of the short-term deferral program. As of December 31, 2025, 48 loans totaling $6.6 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. There were no loans modified to borrowers experiencing financial difficulties in the three-month period ended March 31, 2026, other than those impacted by the 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, and those commitments are excluded from the credit loss estimate.

As of March 31, 2026 and December 31, 2025, the liability for credit losses on off-balance-sheet credit exposures included in other liabilities was $460,000 and $471,000, respectively. During the three months ended March 31, 2026, a negative provision of $11,000 was 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 three months ended March 31, 2026, and the year ended December 31, 2025:


(Dollars in thousands)	March 31, 2026		December 31, 2025
Balance, beginning of period	$	89	$	87
Additions		95		46
Proceeds from sales		—		(50	)
Net gains from sales		—		6
Balance, end of period	$	184	$	89

As of March 31, 2026 one loan secured by residential real estate, totaling $95,000 was 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 $96.9 million and $96.4 million as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025:


March 31, 2026 (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	$	—	$	6,439	$	—
U.S. Government agencies		—		8,345		—
Municipal securities		—		19,798		—
Corporate bonds		—		2,377		—
Mortgage-backed securities		—		45,460		—
Collateralized mortgage obligations -guaranteed		—		14,441		—

(On a non-recurring basis) Other real estate owned		—		—		184
Total	$	—	$	96,860	$	184

December 31, 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	$	—	$	5,460		—
U.S. Government agencies		—		9,159	$	—
Municipal securities		—		19,997		—
Corporate bonds		—		2,379		—
Mortgage-backed securities		—		46,079		—
Collateralized mortgage obligations - guaranteed		—		13,359		—

(On a non-recurring basis) Other real estate owned		—		—		89
Collateral dependent loans with ACL:		—		—
Agriculture		—		—		251
Commercial Real Estate		—		—		300
Total	$	—	$	96,433	$	640

Not included in the tables above as of March 31, 2026 and December 31, 2025 is a residential 1-4 family mortgage loan totaling approximately $39,000 that has a specific allowance for credit loss allocation of 100% due to the destruction of the collateral.

For Level 3 assets measured at fair value on a recurring or non-recurring basis as of March 31, 2026 and December 31, 2025, the significant unobservable inputs used in the fair value measurements were as follows:


(Dollars in thousands)		Fair Value at March 31, 2026		Fair Value at December 31, 2025	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%

Commercial Real Estate		—		300	Appraised Value	Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell	0 – 18%

Consumer and all other		—		—	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	$	184	$	89	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 March 31, 2026, and December 31, 2025, are as follows:


					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)

March 31, 2026
Financial instruments – assets
Net loans	$	715,189	$	713,767	$	—	$	—	$	713,767

Financial instruments – liabilities
Time deposits		289,926		289,782		—		289,782		—
Borrowed funds		18,986		17,170		—		17,170		—

December 31, 2025
Financial instruments – assets
Net loans	$	701,480	$	697,105	$	—	$	—	$	697,105

Financial instruments – liabilities
Time deposits		294,216		294,244		—		294,244		—
Borrowed funds		18,986		17,132		—		17,132		—

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.

The methods utilized to measure the fair value of financial instruments represent an approximation of exit price; however, an actual exit price may differ.

NOTE 12 LEASING ACTIVITIES

As of March 31, 2026, 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 March 31, 2026 was 6.07 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 March 31, 2026 was 3.35%.

For the three months ended March 31, 2026 and 2025, operating lease expenses were $147,000 and $142,000, respectively.

The Company’s other operating leases were evaluated and determined to be immaterial to the financial statements. As of March 31, 2026, future minimum rental commitments under the non-cancellable operating leases discussed above are as follows (dollars are in thousands):


2026	$	432
2027		598
2028		603
2029		492
2030		492
Thereafter		712
Total lease payments		3,329
Less: imputed interest		(450	)
Total	$	2,879

NOTE 13 BORROWED FUNDS

Borrowed funds totaled $18,986,000 as of March 31, 2026 and December 31, 2025. For additional information on borrowed funds, refer to Note 19 in Item 8 of Form 10-K for the year ended December 31, 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 25 in our Annual Report on Form 10-K for the year ended December 31, 2025 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 months ended March 31, 2026 and 2025:


	For the three months ended
	March 31,
(Dollars in thousands)	2026		2025
Service charges and fees	$	837	$	877
Card processing and interchange income		986		865
Financial services fees		419		318
Other noninterest income		388		353
Total noninterest income	$	2,630	$	2,413

NOTE 15 NONINTEREST EXPENSES

Other operating expenses, included as part of noninterest expenses, consisted of the following for the periods presented:

Schedule of noninterest expenses
	For the three months ended March 31,
(Dollars in thousands)	2026		2025
Other operating expenses	$	913	$	879
ATM network expense		377		428
Legal, accounting, and professional fees		213		237
FDIC insurance premiums		103		98
Loan related expenses		76		79
Advertising		63		67
Consulting fees		39		42
Printing and supplies		31		25
Other real estate owned expenses, net		4		1
Total other operating expenses	$	1,819	$	1,856

NOTE 16 RECENT ACCOUNTING DEVELOPMENTS

The following is a summary of recent authoritative announcements:

In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The FASB subsequently issued ASU 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date”, which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in ASU 2024-03 in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

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

Caution About Forward-Looking Statements

We make forward-looking statements in this quarterly report on Form 10-Q that are subject to risks and uncertainties. These forward-looking statements include statements regarding expectations, intentions, projections and beliefs concerning our profitability, liquidity, and allowance for credit losses, interest rate sensitivity, market risk, growth strategy, and financial and other goals. The words “believes,” “expects,” “may,” “will,” “should,” “projects,” “contemplates,” “anticipates,” “forecasts,” “intends,” or other similar words or terms are intended to identify forward looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Important factors that may cause actual results to differ from projections include:

●

the success or failure of our efforts to implement our business plan;

●

any required increase in our regulatory capital ratios;

●

satisfying other regulatory requirements that may arise from examinations, changes in the law and other similar factors;

●

deterioration of asset quality;

●

changes in the level of our nonperforming assets and charge-offs;

●

fluctuations of real estate values in our markets;

●

our ability to attract and retain talent;

●

demographical changes in our markets which negatively impact the local economy;

●

the uncertain outcome of current or future legislation or regulations or policies of state and federal regulators;

●

the successful management of interest rate risk;

●

the successful management of liquidity;

●

changes in general economic and business conditions in our market area and the United States in general;

●

credit risks inherent in making loans such as changes in a borrower’s ability to repay and our management of such risks;

●

competition with other banks and financial institutions, and companies outside of the banking industry, including online lenders and those companies that have substantially greater access to capital and other resources;

●

customer acceptance of new products and services we have offered or may offer;

●

deposit flows and competition for deposits;

●

the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve, inflation, interest rate, market and monetary fluctuations;

●

the occurrence of significant natural disasters, including severe weather conditions, floods, health related issues and other catastrophic events;

●

geopolitical conditions, including trade restrictions and tariffs, and acts or threats of terrorism, international hostilities, military conflicts or actions taken by the U.S. or other governments in response thereto, which could impact business and economic conditions in the U.S. and abroad;

●

the continued effective operation of our information technology systems and third-party service providers, including the stabilization and ongoing performance of our core processing platform following the system conversion completed during the fourth quarter of 2025;

●

the effects of cyber incidents or other failures, disruptions, or breaches of our operational or security systems, or those of our third-party vendors or other service providers, including as a result of cyber threats or attacks;

●

our ability to successfully manage cybersecurity, including generative artificial intelligence risks;

●

our ability to assist in managing third party fraud against customer accounts including but not limited to check, credit and debit card, and electronic funds transfer fraud;

●

our reliance on third-party vendors and correspondent banks;

●

changes in generally accepted accounting principles;

●

changes in governmental regulations, tax rates and similar matters; and,

●

other risks, which may be described, from time to time, in our filings with the SEC.

Because of these uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. In addition, our past results of operations do not necessarily indicate our future results. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Critical Accounting Policies

For discussion of our significant accounting policies, see our Annual Report on Form 10-K for the year ended December 31, 2025, and Note 2 Summary of Significant Accounting Policies, in Item 1 of this Form 10-Q. Certain critical accounting policies affect the more significant judgments and estimates used in the preparation of our financial statements. Our most critical accounting policies relate to our allowance for credit losses.

The allowance for credit losses reflects the estimated losses resulting from the inability of our customers to make required payments. If the financial condition of our borrowers were to deteriorate, resulting in an impairment of their ability to make payments, our estimates would be updated, and additional provisions could be required. For further discussion of the estimates used in determining the allowance for credit losses, we refer you to the section on “Asset Quality” in this discussion.

Overview and Highlights

Net income for the three months ended March 31, 2026 was $3.1 million, an increase of $1.2 million, or 60.48%, from the same period in 2025. Net interest income increased 15.86%, or $1.2 million, from $7.6 million for the quarter ended March 31, 2025 to $8.8 million for the quarter ended March 31, 2026. The loan portfolio was the primary driver of both increases as the yield rose 25 basis points (”bps”) while the average balance increased $57.8 million compared to the first quarter of 2025.

The balance sheet grew to $939.6 million in total assets as of March 31, 2026, from $909.7 million as of December 31, 2025. Gross loans increased $13.7 million to $723.3 million as of March 31, 2026. Additionally, interest-bearing deposits with banks increased $13.1 million to $76.2 million as of March 31, 2026. During the first three months of 2026 total deposits increased $29.4 million or 3.68% to $827.7 million.

A dividend of $0.09 per share was paid to shareholders during the first quarter of 2026, a 12.5% increase over the dividend paid in 2025.

During the first quarter of 2026, we extended a previously announced stock repurchase program, to continue through March 31, 2027. Since the inception of the program through March 31, 2026, the Company has repurchased 366,569 shares at an average price of $2.57 per share.

Comparison of the Three Months ended March 31, 2026 and 2025

Quarter-to-date highlights include:

●

Returns on average assets and equity of 1.34% and 14.69% for the first quarter of 2026, compared to 0.90% and 10.78% for the first quarter of 2025, respectively;

●

Net interest margin was 3.99% for the first quarter of 2026 compared to 3.69% for the first quarter of 2025;

●

Net interest income was $8.8 million for the first quarter of 2026, an increase of $1.2 million, or 15.86%, compared to the first quarter of 2025;

●

Noninterest income was $2.6 million, an increase of $217,000, or 8.99%, during the first quarter of 2026 compared to the first quarter of 2025; and

●

Noninterest expense was $7.2 million, a decrease of $39,000, or 0.54%, for the first quarter of 2026 compared to the first quarter of 2025.

During the first quarter of 2026, interest income increased $1.2 million to $12.6 million due to the combination of an increase of 18 bps in the yield on earning assets to 5.69% and a $61.5 million increase in the average balance of earning assets when compared to the first quarter of 2025. The loan portfolio was the primary driver of both increases as the yield rose 25 bps to 6.35% while the average balance increased $57.8 million compared to the first quarter of 2025. Also contributing to the improvement in net interest income was lower funding costs. While the average balance of interest-bearing liabilities increased $44.2 million, the costs decreased 18 bps to 2.55%, and total interest expense only increased by $39,000 to $3.8 million during the first quarter of 2026 as compared to the first quarter of 2025. The reduction in the cost of interest-bearing liabilities is primarily due to maturing time deposits repricing in a lower interest-rate environment and declines in both the cost and balance of borrowed funds. The decrease in the average balance of borrowed funds was due to a $3 million principal payment on a borrowing from the Federal Home Loan Bank of Atlanta during the fourth quarter of 2025 combined with principal payments made on a trust preferred security in January 2025. In addition, the variable rate paid on the trust preferred securities decreased as overnight and short-term borrowing rates declined during the last half of 2025. The net interest margin improved 30 bps to 3.99% for the quarter ending March 31, 2026, compared to 3.69% for the same period in 2025, due to the increase in the yield on earning assets and the decline in the cost of funds. The net interest spread, which is the difference between the yield on interest-earning assets and the costs of interest-bearing liabilities, widened by 36 bps to 3.14% for the first quarter of 2026 from 2.78% for the comparable period of 2025.

The following table shows the rates paid on earning assets and interest-bearing liabilities for the periods indicated:

Net Interest Margin Analysis

Average Balances, Income and Expense, and Yields and Rates

Three Months Ended March 31,


	2026								2025
	Average			Income/		Yields/			Average			Income/		Yields/
(Dollars are in thousands)	Balance			Expense		Rates			Balance			Expense		Rates
ASSETS
Loans (1) (2)	$	716,807			11,215		6.35	%	$	659,022		$	9,912		6.10	%
Federal funds sold		491			4		3.58	%		139			2		4.40	%
Interest bearing deposits in other banks		71,064			638		3.64	%		64,406			692		4.36	%
Securities (2)		108,027			740		2.74	%		111,306			745		2.68	%
Total earning assets		896,389			12,597		5.69	%		834,873			11,351		5.51	%
Less: Allowance for credit losses		(8,175	)							(7,788	)
Non-earning assets		37,278								37,411
Total assets	$	925,492							$	864,496

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand deposits	$	74,258			112		0.61	%	$	72,394		$	137		0.77	%
Savings and money market deposits		216,113			941		1.77	%		186,941			779		1.69	%
Time deposits		290,916			2,481		3.46	%		274,564			2,533		3.74	%
Total interest-bearing deposits		581,287			3,534		2.47	%		533,899			3,449

NEW PEOPLES BANKSHARES INC 10-Q