Item 5. Market for Registrant’s Common Equity
Item 5. Market
for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
(a)
Market Information
Computershare Investor
Services is the stock transfer agent for New Peoples Bankshares, Inc. The common stock of New Peoples is quoted on the OTC Market’s
Pink Open Market under the symbol “NWPP”. The volume of trading of shares of common stock is very limited. Trades in our
common stock occur sporadically on a local basis and typically in small volumes. Over-the-Counter market quotations reflect inter-dealer
prices without retail mark up, mark down or commissions and may not necessarily represent actual transactions.
The most recent sales
price of which management is aware was $2.50 per share on March 13, 2024.
(b)
Holders
On March 27, 2024,
there were approximately 3,956 shareholders of record.
(c) Dividends
Any declaration of
dividends in the future will depend on our earnings, capital requirements, growth strategies, and compliance with regulatory mandates,
principally at the Bank level, since the Company’s primary source of income is dividends paid by the Bank. The Company paid a dividend
of $0.06 per share in 2023. On February 26, 2024, the Company declared a dividend of $0.07 per share, payable March 29, 2024.
We are subject to
certain dividend restrictions and capital requirements imposed by the Federal Reserve Bank as well as Virginia statutes and regulations.
See Note 16, Dividend Limitations on Subsidiary Bank, and Note 22, Capital, to the consolidated financial statements contained in Item
8 of this Form 10-K.
The Company extended
the stock repurchase program initiated in 2022 that authorizes the repurchase of up to 500,000 of the Company’s common shares through
March 31, 2024. Repurchases may be made through open market purchases or in privately negotiated transactions. Shares repurchased will
be returned to the status of authorized and unissued shares of common stock. The actual means and timing of any purchases, number of
shares and prices or range of prices will be determined by the Company.
Shares of the Company’s
common stock were repurchased during the three months ended December 31, 2023, as detailed below. Under the terms of the stock repurchase
program, the Company has the remaining authority to repurchase up to 323,814 shares of common stock. On February 26, 2024, the Board
of Directors approved an extension of the repurchase program through March 31, 2025.
Period
Beginning on First Day of Month Ended
Total
Number of Shares Purchased
Average
Price Paid Per Share
Total
Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum
Number of Shares That May Yet Be Purchased Under Plans or Programs
October
31, 2023
11,406
$
2.38
11,406
349,612
November
30, 2023
6,661
$
2.40
6,661
342,951
December
31, 2023
19,137
$
2.45
19,137
323,814
Total
37,204
$
2.42
37,204
16
Item
6. [Reserved]
Not applicable.