National Bankshares Inc. Q3 2024 Filing

TL;DR

National Bankshares Inc. filed its Q3 2024 10-Q, detailing loan portfolios and bank operations.

AI Summary

National Bankshares Inc. reported its Q3 results for the period ending September 30, 2024. The filing details various financial assets and liabilities, including consumer real estate loans, commercial non-real estate loans, and deposit accounts. Specific segments like Frontier Community Bank and its common shares are also mentioned.

Why It Matters

This filing provides insight into the financial health and operational segments of National Bankshares Inc., which can influence investor decisions and market perception.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a publicly traded company.

Key Numbers

• Q3 2024 — Quarterly Period (Reporting period for the 10-Q filing.)
• 2024-09-30 — As of Date (The specific date for which financial data is reported.)

Key Players & Entities

• NATIONAL BANKSHARES INC (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 2024-11-13 (date) — Filing Date
• Frontier Community Bank (company) — Subsidiary Mentioned

FAQ

Key Financial Figures

• $1.25 — ch registered Common Stock, par value $1.25 per share NKSH Nasdaq Capital Marke

Filing Documents

• nksh-20240930.htm (10-Q) — 4999KB
• nksh-ex10_1.htm (EX-10.1) — 37KB
• nksh-ex31_i.htm (EX-31.I) — 12KB
• nksh-ex31_ii.htm (EX-31.II) — 13KB
• nksh-ex32_i.htm (EX-32.I) — 6KB
• nksh-ex32_ii.htm (EX-32.II) — 5KB
• 0000950170-24-126420.txt ( ) — 21483KB
• nksh-20240930.xsd (EX-101.SCH) — 1619KB
• nksh-20240930_htm.xml (XML) — 6420KB

– Financial Information

Part I – Financial Information Page Item 1

Financial Statements

Financial Statements 3 Consolidated Balance Sheets, September 30, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Income for the Three Months Ended September 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended September 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Income for the Nine Months Ended Sept ember 30, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Comprehensive Income for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 7 Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended September 30, 2024 and 2023 (Unaudited) 8 Consolidated Statements of Changes in Stockholders' Equity for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 8 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 9

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 10 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4

Controls and Procedures

Controls and Procedures 45

– Other Information

Part II – Other Information Item 1

Legal Proceedings

Legal Proceedings 46 Item 1A

Risk Factors

Risk Factors 46 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3 Defaults Upon Senior Securities 46 Item 4 Mine Safety Disclosures 46 Item 5 Other Information 46 Item 6 Exhibits 47

Signatures

Signatures 48 2 Table of Contents Pa rt I

Financial Statements

Item 1. Financial Statements Financial Information National Bankshares, Inc. Consol idated Balance Sheets (Unaudited) (in thousands, except share and per share data) September 30, 2024 December 31, 2023 Assets Cash and due from banks $ 15,990 $ 12,967 Interest-bearing deposits 33,707 73,636 Federal funds sold 73 – Total cash and cash equivalents 49,770 86,603 Securities available for sale, at fair value 622,271 618,601 Restricted stock, at cost 1,849 1,264 Mortgage loans held for sale 457 406 Loans: Loans, net of unearned income and deferred fees and costs 1,001,659 856,646 Less: allowance for credit losses ( 10,328 ) ( 9,094 ) Loans, net 991,331 847,552 Premises and equipment, net 16,165 11,109 Accrued interest receivable 6,648 6,313 Goodwill 10,718 5,848 Core deposit intangible, net 1,963 – Bank-owned life insurance 47,071 43,583 Other assets 36,790 34,091 Total assets $ 1,785,033 $ 1,655,370 Liabilities and Stockholders' Equity Noninterest-bearing demand deposits $ 296,469 $ 281,215 Interest-bearing demand deposits 819,947 821,661 Savings deposits 176,460 177,856 Time deposits 310,077 223,240 Total deposits 1,602,953 1,503,972 Accrued interest payable 2,074 1,416 Other liabilities 12,224 9,460 Total liabilities 1,617,251 1,514,848 Commitments and contingencies Stockholders' Equity Preferred stock, no par value, 5,000,000 shares authorized; no ne issued and outstanding $ – $ – Common stock of $ 1.25 par value and additional paid in capital. Authorized 10,000,000 shares; issued and outstanding 6,360,973 (including 4,379 unvested) shares at September 30, 2024 and 5,893,782 (including 4,095 unvested) shares at December 31, 2023 21,796 7,404 Retained earnings 198,225 197,984 Accumulated other comprehensive loss, net ( 52,239 ) ( 64,866 ) Total st

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View this 10-Q filing on SEC EDGAR