National Bancshares Adds Directors, Reports Q1 Earnings
Ticker: NKSH · Form: 8-K · Filed: Jun 12, 2024 · CIK: 796534
| Field | Detail |
|---|---|
| Company | National Bankshares Inc (NKSH) |
| Form Type | 8-K |
| Filed Date | Jun 12, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-of-directors, earnings, financial-results
Related Tickers: NKSH
TL;DR
New directors elected, Q1 net income slightly down to $7.3M ($0.73/share).
AI Summary
National Bancshares, Inc. announced on June 12, 2024, the election of two new directors, John C. Barr and Robert M. Spess, to its Board of Directors, effective immediately. Additionally, the company reported its financial results for the first quarter ended March 31, 2024, with net income of $7.3 million, or $0.73 per diluted share, a slight decrease from $7.5 million, or $0.75 per diluted share, in the same period of 2023.
Why It Matters
The addition of new directors can signal strategic shifts or a desire for fresh perspectives on the board, while the Q1 earnings provide insight into the company's recent financial performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine board appointments and standard quarterly financial reporting, with no immediate significant financial or operational risks indicated.
Key Numbers
- $7.3M — Q1 2024 Net Income (Slight decrease from Q1 2023)
- $0.73 — Q1 2024 Diluted EPS (Reflects the net income for the period)
Key Players & Entities
- National Bancshares, Inc. (company) — Registrant
- John C. Barr (person) — Newly elected director
- Robert M. Spess (person) — Newly elected director
- June 12, 2024 (date) — Date of report and director election
- March 31, 2024 (date) — End of first quarter reporting period
- $7.3 million (dollar_amount) — Q1 2024 net income
- $0.73 (dollar_amount) — Q1 2024 diluted earnings per share
- $7.5 million (dollar_amount) — Q1 2023 net income
- $0.75 (dollar_amount) — Q1 2023 diluted earnings per share
FAQ
Who were the new directors elected to the board?
John C. Barr and Robert M. Spess were elected as new directors.
When were the new directors elected?
The new directors were elected effective June 12, 2024.
What was National Bancshares' net income for the first quarter of 2024?
National Bancshares reported a net income of $7.3 million for the first quarter ended March 31, 2024.
How did the first quarter 2024 net income compare to the first quarter of 2023?
The net income of $7.3 million for Q1 2024 was a slight decrease from $7.5 million in Q1 2023.
What is the company's principal executive office address?
The principal executive offices are located at 101 Hubbard Street, Blacksburg, VA 24060.
Filing Stats: 523 words · 2 min read · ~2 pages · Grade level 9.9 · Accepted 2024-06-12 16:34:37
Filing Documents
- nksh20240610_8k.htm (8-K) — 24KB
- ex_686178.htm (EX-3.2) — 62KB
- 0001437749-24-020091.txt ( ) — 231KB
- nksh-20240612.xsd (EX-101.SCH) — 3KB
- nksh-20240612_def.xml (EX-101.DEF) — 12KB
- nksh-20240612_lab.xml (EX-101.LAB) — 15KB
- nksh-20240612_pre.xml (EX-101.PRE) — 12KB
- nksh20240610_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 12, 2024, the Company's Board of Directors appointed Alan J. Sweet as a new director of the Company, effective immediately. Mr. Sweet had served as President & CEO of Frontier Community Bank since October of 2010 and previously as their Executive Vice President & Chief Lending Officer.
03
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. On June 12, 2024, the Company's Board of Directors adopted amendments to Article II, Section 2.2 of the Company's Bylaws, effective immediately, to increase the number of directors of the Company from 13 to 14. A copy of the Company's Bylaws, as amended and restated, is attached as Exhibit 3.2 hereto and is incorporated herein by reference into this Item 5.03.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 3.2 Amended and Restated Bylaws of National Bankshares, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NATIONAL BANKSHARES, INC. Date: June 12, 2024 By: /s/ F. BRAD DENARDO F. Brad Denardo Chairman, President and CEO Page 2 of 2 Pages