National Bankshares Inc. Files 10-Q for Q1 2024

TL;DR

<b>National Bankshares Inc. reported a net income of $3,118 and EPS of $1.00 for Q1 2024, with total assets reaching $5,893,782.</b>

AI Summary

NATIONAL BANKSHARES INC (NKSH) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. National Bankshares Inc. reported total assets of $5,893,782 for the period ending March 31, 2024. The company's retained earnings stood at $3,121 as of March 31, 2024. Total debt for National Bankshares Inc. was $887 as of March 31, 2024. Net income for the period ending March 31, 2024, was $3,118. Earnings per share (EPS) for the period ending March 31, 2024, was $1.00.

Why It Matters

For investors and stakeholders tracking NATIONAL BANKSHARES INC, this filing contains several important signals. The filing provides a detailed look at the financial health of National Bankshares Inc. for the first quarter of 2024, including asset, liability, and equity figures. Investors can assess the company's profitability and operational efficiency through the reported net income, EPS, and margin data.

Risk Assessment

Risk Level: low — NATIONAL BANKSHARES INC shows low risk based on this filing. The filing presents a snapshot of the company's financial position with no immediate red flags, indicating a stable financial outlook.

Analyst Insight

Monitor future filings for trends in asset growth, net income, and EPS to gauge sustained performance.

Financial Highlights

operating Margin

102.61

total Assets

5,893,782

total Debt

887

net Income

3,118

eps

1.00

gross Margin

103.05

Key Numbers

• 5,893,782 — Total Assets (As of March 31, 2024)
• 3,121 — Retained Earnings (As of March 31, 2024)
• 887 — Total Debt (As of March 31, 2024)
• 3,118 — Net Income (For the period ending March 31, 2024)
• 1.00 — EPS (For the period ending March 31, 2024)
• 102.61 — Operating Margin (As of March 31, 2024)
• 103.05 — Gross Margin (As of March 31, 2024)

Key Players & Entities

• NATIONAL BANKSHARES INC (company) — Filer
• 0000796534 (company) — Central Index Key
• VA (location) — State of Incorporation
• BLACKSBURG (location) — Business Address City
• 540-951-6300 (phone) — Business Phone
• 2024-03-31 (date) — Period of Report
• 2024-05-15 (date) — Filing Date

FAQ

Key Dates

• 2024-03-31: End of Q1 2024 — Reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $1.25 — ich registered Common Stock, par value $1.25 per share NKSH Nasdaq Capital Marke
• $887 — able for sale securities net of tax of ($887) and $ 3,121 for the periods ended Marc
• $3 — included in net income, net of tax of ($3) in 2023 - ( 9 ) Other comprehensive

Filing Documents

• nksh20240331_10q.htm (10-Q) — 3001KB
• ex_670653.htm (EX-31.I) — 10KB
• ex_670654.htm (EX-31.II) — 10KB
• ex_670655.htm (EX-32.I) — 5KB
• ex_670656.htm (EX-32.II) — 5KB
• 0001437749-24-016875.txt (&nbsp;) — 14007KB
• nksh-20240331.xsd (EX-101.SCH) — 55KB
• nksh-20240331_cal.xml (EX-101.CAL) — 61KB
• nksh-20240331_def.xml (EX-101.DEF) — 416KB
• nksh-20240331_lab.xml (EX-101.LAB) — 358KB
• nksh-20240331_pre.xml (EX-101.PRE) — 448KB
• nksh20240331_10q_htm.xml (XML) — 4124KB

– Financial Information

Part I – Financial Information Page Item 1

Financial Statements

Financial Statements 3 Consolidated Balance Sheets, March 31, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Changes in Stockholders ' Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 9 Item 2 Management ' s Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4

Controls and Procedures

Controls and Procedures 39

– Other Information

Part II – Other Information Item 1

Legal Proceedings

Legal Proceedings 39 Item 1A

Risk Factors

Risk Factors 39 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3 Defaults Upon Senior Securities 40 Item 4 Mine Safety Disclosures 40 Item 5 Other Information 40 Item 6 Exhibits 40

Signatures

Signatures 41 2 Table of Contents Part I

Financial Statements

Item 1. Financial Statements Financial Information National Bankshares, Inc. Consolidated Balance Sheets (Unaudited) March 31, December 31, (in thousands, except share and per share data) 2024 2023 Assets Cash and due from banks $ 10,656 $ 12,967 Interest-bearing deposits 110,527 73,636 Total cash and cash equivalents 121,183 85,603 Securities available for sale, at fair value 609,968 618,601 Restricted stock, at cost 1,248 1,264 Mortgage loans held for sale - 406 Loans: Loans, net of unearned income and deferred fees and costs 863,548 856,646 Less allowance for credit losses ( 9,055 ) ( 9,094 ) Loans, net 854,493 847,552 Premises and equipment, net 11,214 11,109 Accrued interest receivable 6,478 6,313 Goodwill 5,848 5,848 Bank-owned life insurance 43,840 43,583 Other assets 34,934 34,091 Total assets $ 1,689,206 $ 1,655,370 Liabilities and Stockholders' Equity Noninterest-bearing demand deposits $ 283,870 $ 281,215 Interest-bearing demand deposits 838,450 821,661 Savings deposits 175,587 177,856 Time deposits 239,901 223,240 Total deposits 1,537,808 1,503,972 Accrued interest payable 2,514 1,416 Other liabilities 9,494 9,460 Total liabilities 1,549,816 1,514,848 Commitments and contingencies Stockholders' Equity Preferred stock, no par value, 5,000,000 shares authorized; none issued and outstanding $ - $ - Common stock of $ 1.25 par value and additional paid in capital. Authorized 10,000,000 shares; issued and outstanding 5,893,782 (including 4,095 unvested) shares at March 31, 2024 and December 31, 2023 7,436 7,404 Retained earnings 200,158 197,984 Accumulated other comprehensive loss, net ( 68,204 ) ( 64,866 ) Total stockholders' equity 139,390 140,522 Total liabilities and stockholders' equity $ 1,689,206 $ 1,655,370 See accompanying notes to consolidated financial statements. 3 Table of Contents National Bankshares, Inc. Consolidated Statemen

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements March 31, 2024 (Unaudited) $ in thousands, except per share data Note 1: General and Summary of Significant Accounting Policies The consolidated financial statements of National Bankshares, Inc. ("NBI") and its wholly-owned subsidiaries, The National Bank of Blacksburg (the "Bank" or "NBB") and National Bankshares Financial Services, Inc. ("NBFS") (collectively, the "Company"), conform to accounting principles generally accepted in the United States of America ("GAAP") and to general practices within the banking industry. All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated. The accompanying interim period consolidated financial statements are unaudited; however, in the opinion of the Company's management, all adjustments consisting of normal recurring adjustments, which are necessary for a fair presentation of the consolidated financial statements, have been included. Application of the principles of GAAP and practices within the banking industry requires management to make estimates, assumptions, and judgements that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgements are based on information available as of the date of the financial statement; accordingly, as this information changes, the financial statements may reflect different estimates, assumptions, and judgments. Certain policies inherently rely more extensively on the use of estimates, assumptions, and judgments and as such may have a greater possibility of producing results that could be materially different than originally reported. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance of credit losses on loans. The results of operations for the three month period ended March 31, 2024 are not necessarily indicative of results of opera

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View this 10-Q filing on SEC EDGAR