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FOR IMMEDIATE RELEASE: February 28, 2022

NEW PEOPLES BANKSHARES DECLARATION OF DIVIDEND

Honaker, Virginia – The board of directors of New Peoples Bankshares, Inc. (the “Company”) (OTCBB: NWPP) the financial holding company of its wholly-owned subsidiary, New Peoples Bank, Inc. (the “Bank”), today announced the declaration of a dividend of $.05 per share payable on March 31, 2022, to shareholders of record as of March 15, 2022.

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FOR IMMEDIATE RELEASE: February 10, 2022

NEW PEOPLES BANKSHARES ANNOUNCES RECORD 2021 RESULTS

Honaker, Virginia -- New Peoples Bankshares, Inc. (the “Company”) (OTCBB: NWPP) and its wholly-owned subsidiary, New Peoples Bank, Inc. (the “Bank”), today announced fourth quarter 2021 net income of $1.9 million, or $0.08 per share, as compared to $1.4 million, or $0.06 per share, for the fourth quarter of 2020, a year-over-year improvement of $526,000 and a 37.8% increase. The primary drivers for these results were an increase in net interest income of $282,000, a reduction in provision for loan loss expense of $300,000, and an increase in noninterest income of $269,000. Return on average assets rose to 0.95% for the fourth quarter of 2021 compared to 0.74% for the fourth quarter of 2020 and return on average equity is up to 12.14% versus 9.66% for the same quarterly comparison.

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