Stock Option Plan

12 Months Ended

Dec. 31, 2011

Stock Option Plan [Abstract]

Stock Option Plan

NOTE 15 STOCK OPTION PLAN:

New Peoples' Stock Option Plan ("the Plan") was adopted on September 27, 2001. The purpose of the Plan is to reward employees and directors for services rendered and investment risks undertaken to date and to promote the success of the Company by providing incentives to employees and directors that will promote the identification of their personal interest with the long-term financial success of the Company and with growth in shareholder value. The Plan provides that options for up to 1,287,000 shares of the Company's common stock may be issued to employees and directors. The exercise price may not be less than 100% of the fair market value of the shares on the award date. Each award becomes exercisable in the event of a change in control of the Company. All options are subject to exercise or forfeiture if the Company's capital falls below minimum requirements, as determined by its primary state or federal regulator. The Plan expired on May 31, 2011. All options granted and outstanding are fully vested. The Company did not grant any options in 2011, 2010 and 2009. No stock options were exercised in 2011. The intrinsic values of stock options exercised were $2 thousand for 2010.

Information about stock options outstanding at December 31, 2011 follows:

			Weighted
		Number	Average
		Outstanding	Remaining		Weighted
	Exercise	And	Contractual		Average
	Price	Exercisable	Life		Exercise
$	6.99	108,367	1.51 years	$	6.99
$	9.44	86,742	2.93 years	$	9.44
$	11.54	266,664	3.97 years	$	11.54
	Totals	461,773	3.23 years	$	10.08

A summary of the status of the Company's stock option plan is presented below:

	2011				2010				2009
				Weighted			Weighted				Weighted
				Average			Average				Average
	Number of			Exercise	Number of		Exercise		Number of		Exercise
	Shares			Price	Shares		Price		Shares		Price
Outstanding and exercisable,
Beginning of year	771,344		$	8.81	920,256		$	8.77	962,791		$	8.80
Exercised	-			-	(1,141	)		6.88	(135	)		5.25
Forfeited	(154,382	)		8.58	(147,771	)		8.58	(42,400	)		9.50
Expired	(155,189	)		5.25	-			-	-			-
Outstanding and exercisable,
end of year	461,773		$	10.08	771,344		$	8.81	920,256		$	8.77