N
NATIONAL BANKSHARES INC
NKSHCIK 0000796534NasdaqNon-AcceleratedSmaller ReportingNational Commercial BanksVirginiaFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$15.83M
Total Assets
$1.82B
Equity
$184.91M
Shares Out
6.37M
Op. Cash Flow
$17.89M
Business
National Bankshares Inc is a financial holding company that conducts most operations through its wholly owned community bank subsidiary, the National Bank of Blacksburg, and a financial services subsidiary. It offers retail and commercial banking services, including commercial, agricultural, construction, residential and consumer loans, deposit products, debit and credit cards, trust and wealth management services, and non-deposit investment and insurance products via National Bankshares Financial Services. Its key business units are the National Bank of Blacksburg and National Bankshares Financial Services, Inc., and it has completed acquisitions to expand branch operations. The company serves customers across southwest and central Virginia through branch offices, loan production offices, ATMs and telephone, mobile and internet banking channels.
Summary from filing dated 2025-03-28
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Interest and fees on loans | 55 | 48 | 39 | 34 | 35 | |
| Interest on federal funds sold | 5,000 | 26,000 | 0 | — | — | |
| Interest on interest-bearing deposits | 3 | 4 | 2 | 1 | 170,000 | |
| Interest on securities - taxable | 15 | 17 | 17 | 13 | 8 | |
| Interest on securities nontaxable | 1 | 1 | 1 | 2 | 2 | |
| Total interest income | 75 | 70 | 59 | 50 | 45 | |
| Interest on time deposits | 12 | 13 | 5 | 141,000 | — | |
| Interest on other deposits | 17 | 21 | 16 | 3 | — | |
| Interest on borrowings | 381,000 | 2,000 | 300,000 | 0 | — | |
| Total interest expense | 30 | 34 | 22 | — | — | |
| Net interest income | 46 | 36 | 37 | 47 | 42 | |
| (Recovery of) provision for credit losses | −16,000 | 1 | −1 | 706,000 | — | |
| Net interest income after (recovery of) provision for credit losses | 46 | 35 | 39 | 46 | 42 | |
| Noninterest Income | 8 | 7 | 7 | 7 | 7 | |
| BOLI income | 1 | 1 | 2 | 958,000 | 910,000 | |
| Gain on sale of mortgage loans held for sale | 226,000 | 168,000 | 107,000 | 157,000 | 364,000 | |
| Other income | 1 | 1 | 1 | 1 | 1 | |
| Total noninterest income | 10 | 9 | 9 | 12 | 8 | |
| Salaries and employee benefits | 21 | 19 | 17 | 17 | 16 | |
| Occupancy, furniture and fixtures | 3 | 3 | 2 | 2 | 2 | |
| Data processing | 3 | 4 | 4 | 3 | 3 | |
| FDIC assessment | 831,000 | 812,000 | 749,000 | 477,000 | 422,000 | |
| Intangible asset amortization | 373,000 | 237,000 | 0 | — | — | |
| Franchise taxes | 1 | 1 | 1 | 1 | — | |
| Professional services | 1 | 1 | 2 | 999,000 | — | |
| Merger-related expense | 0 | 3 | 0 | — | — | |
| Core system conversion expense | 2 | 173,000 | — | — | — | |
| Other operating expenses | 3 | 3 | 2 | 2 | 4 | |
| Total noninterest expense | 36 | 35 | 29 | 27 | 26 | |
| Income before income tax expense | 19 | 9 | 19 | 32 | 25 | |
| Income tax expense | 3 | 1 | 3 | 6 | 4 | |
| Net Income | 16 | 8 | 16 | 26 | 20 | |
| Basic net income per common share (in dollars per share) | 2.49 | 1.24 | 2.66 | 4.33 | 3.28 | |
| Diluted net income per common share | 2.49 | 1.24 | 2.66 | 4.33 | — | |
| Weighted average number of common shares outstanding, basic (in shares) | 6 | 6 | 6 | — | — | |
| Weighted average number of common shares outstanding, diluted | 6 | 6 | 6 | — | — | |
| Dividends declared per common share | 1.51 | 1.51 | 2.51 | 1.5 | — | |
| Book value per common share | 29.04 | 24.58 | — | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and due from banks | 8 | 14 | 13 | 12 | 9 | |
| Interest-bearing deposits | 51 | 94 | 74 | 59 | 130 | |
| Federal funds sold | 0 | 299,000 | 0 | — | — | |
| Total cash and cash equivalents | 59 | 108 | 87 | — | — | |
| Securities available for sale, at fair value | 654 | 602 | 619 | 657 | 686 | |
| Mortgage loans held for sale | 0 | 619,000 | 406,000 | 0 | 615,000 | |
| Total loans | 1,000 | 989 | 857 | 853 | — | |
| Less deferred fees and costs | −616,000 | −663,000 | −529,000 | — | — | |
| Loans, net of deferred fees and costs | 999 | 988 | 857 | — | — | |
| Less: allowance for credit losses on loans | −10 | −10 | −9 | −8 | −8 | |
| Loans, net | 989 | 978 | 848 | 845 | — | |
| Premises and equipment, net | 18 | 17 | 11 | 10 | 10 | |
| Accrued interest receivable | 7 | 6 | 6 | 6 | 5 | |
| Goodwill | 11 | 11 | 6 | 6 | 6 | |
| Core deposit intangible, net | 1 | 2 | — | — | — | |
| "Bank-owned life insurance (""BOLI"")" | 49 | 47 | 44 | 43 | 42 | |
| Other assets | 36 | 40 | 34 | 38 | 16 | |
| Total assets | 1,825 | 1,812 | 1,655 | 1,678 | 1,702 | |
| Noninterest-bearing demand deposits | 313 | 290 | 281 | 328 | 317 | |
| Interest-bearing demand deposits | 854 | 865 | 822 | 933 | 890 | |
| Savings deposits | 143 | 143 | 178 | 214 | — | |
| Time deposits | 318 | 347 | 223 | 68 | 79 | |
| Total deposits | 1,627 | 1,645 | 1,504 | 1,543 | 1,495 | |
| Accrued interest payable | 2 | 1 | 1 | 106,000 | 48,000 | |
| Other liabilities | 11 | 9 | 9 | 12 | 16 | |
| Total liabilities | 1,640 | 1,655 | 1,515 | 1,555 | 1,510 | |
| Commitments and contingencies | — | — | — | — | — | |
| Preferred stock, no par value, 5,000,000 shares authorized; none issued and outstanding | — | — | — | 0 | 0 | |
| Common stock of $1.25 par value and additional paid-in capital. Authorized 10,000,000 shares; issued and outstanding 6,368,410 (including 5,039 unvested) shares as of December 31, 2025 and 6,363,371 (including 4,961 unvested) shares as of December 31, 2024 | 22 | 22 | 7 | 7 | 8 | |
| Retained earnings | 203 | 196 | 198 | 199 | 188 | |
| Accumulated other comprehensive loss, net | −40 | −62 | −65 | −84 | −4 | |
| Total stockholders equity | 185 | 156 | 141 | 123 | 192 | |
| Total liabilities and stockholders equity | 1,825 | 1,812 | 1,655 | 1,678 | 1,702 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Deferred income tax expense (benefit) | 704,000 | −884,000 | 750,000 | −109,000 | 152,000 | |
| Depreciation of premises and equipment | 1 | 900,000 | 754,000 | 609,000 | 636,000 | |
| Amortization of premiums and accretion of discounts on securities, net | 1 | 1 | 1 | 1 | 2 | |
| Accretion of fair value of acquired loans | −2 | −802,000 | 0 | — | — | |
| Amortization of fair value of acquired time deposits and leases | 131,000 | 267,000 | 0 | — | — | |
| Origination of mortgage loans held for sale | −14 | −11 | −8 | −8 | −18 | |
| Proceeds from sale of mortgage loans held for sale | 14 | 10 | 7 | 9 | 18 | |
| Increase in cash value of bank-owned life insurance | −1 | −1 | −982,000 | −958,000 | −910,000 | |
| (Gain) loss on disposal of premises and equipment, net | −2,000 | 1,000 | — | — | — | |
| Contribution to defined benefit plan | 0 | 3 | 0 | — | — | |
| Stock based compensation expense | 193,000 | 128,000 | 42,000 | 0 | — | |
| Accrued interest receivable | −69,000 | 181,000 | −312,000 | −897,000 | −76,000 | |
| Other assets | −568,000 | −3 | −2 | −24,000 | 2 | |
| Accrued interest payable | 119,000 | −89,000 | 1 | 58,000 | −8,000 | |
| Other liabilities | 2 | 954,000 | −3 | 2 | −515,000 | |
| Net cash provided by operating activities | 18 | 9 | 16 | 30 | 23 | |
| Proceeds from repayments of mortgage-backed securities | 16 | 13 | 13 | 33 | 45 | |
| Proceeds from calls, sales and maturities of securities available for sale | 41 | 13 | 45 | 6 | 20 | |
| Purchases of available for sale securities | −84 | 0 | 0 | −117 | −219 | |
| Net change in restricted stock | 0 | 169,000 | −323,000 | −96,000 | 434,000 | |
| Purchase of loan participations | −21 | −15 | −8 | −19 | −25 | |
| Collection of loan participations | 22 | 16 | 7 | 21 | 15 | |
| Loan originations and principal collections, net | −11 | −14 | −4 | −52 | — | |
| Recoveries on loans charged off | 275,000 | 270,000 | 283,000 | 212,000 | 346,000 | |
| Purchases of premises and equipment | −3 | −3 | −1 | — | — | |
| Proceeds from sale of premises and equipment | 2,000 | 46,000 | — | — | — | |
| Cash acquired in the acquisition, net of cash paid | 0 | 7 | 0 | — | — | |
| Net cash (used in) provided by investing activities | −39 | 16 | 53 | −130 | −193 | |
| Net change in time deposits | −29 | 23 | 156 | −11 | −11 | |
| Net change in other deposits | 11 | −12 | −194 | 59 | 208 | |
| Cash dividends paid | −10 | −9 | −15 | −9 | −9 | |
| Net change in borrowings | 0 | −5 | — | — | — | |
| Net cash used in financing activities | −28 | −4 | −54 | 33 | 175 | |
| Net change in cash and cash equivalents | −49 | 22 | 15 | −67 | 5 | |
| Interest on deposits and borrowings | 29 | 34 | 20 | 3 | 3 | |
| Income taxes | 2 | 715,000 | 3 | 4 | 3 | |
| Loans charged against the allowance for credit losses | 582,000 | 519,000 | 478,000 | 367,000 | — | |
| Unrealized holding gain on securities available for sale | 27 | 587,000 | 24 | −107 | −13 | |
| Minimum pension liability adjustment | 1 | 3 | 44,000 | 6 | 4 | |
| Lease liabilities arising from obtaining right-of-use assets during the period | 937,000 | 548,000 | 0 | 161,000 | 0 | |
| Assets acquired | 0 | 140 | 0 | — | — | |
| Liabilities assumed | 0 | 137 | 0 | — | — |
Filings
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