NKSH on Nasdaq

NATIONAL BANKSHARES INC

NATIONAL BANKSHARES INC is an American national commercial bank based in Blacksburg, incorporated in Virginia.2

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Last updated Oct 20, 2026.

Overview

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  • TickerNKSH on Nasdaq2
  • IndustryNational Commercial Banks2
  • HeadquartersBlacksburg, United States2
  • Incorporated inVA3
  • Business address101 Hubbard Street, Po Box 90002, Blacksburg, Va 240603
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formStock Corporation2
  • LEI549300Q745S62Q6QNW782
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O FRANK BRAD DENARDO, 24062 Blacksburg, United States2
  • Registered withState Corporation Commission, 028622662

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National Bankshares, Inc. (the “Company” or “NBI”) is a financial holding company that was organized in 1986 under the laws of Virginia and is registered under the Bank Holding Company Act of 1956, as amended ("BHCA"). National Bankshares, Inc. common stock is listed on the Nasdaq Capital Market and is traded under the symbol “NKSH.” It conducts most of its operations through its wholly-owned community bank subsidiary, The National Bank of Blacksburg (the “Bank” or “NBB”). It also owns National Bankshares Financial Services, Inc. (“NBFS”), which does business as National Bankshares Insurance Services and National Bankshares Investment Services. References in this report to “we,” “us,” or “our” refer to NBI unless the context indicates that the reference is to NBB.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

193.6%Net margin6
9.8%Revenue growth, 20256
8.6%Return on equity6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Deposit Account brought in 34% of the revenue NATIONAL BANKSHARES INC broke down this way in fiscal 2025.

  1. Deposit Account$2.8M634%up 3% from 2024
  2. Fiduciary and Trust$2.5M630%up 14% from 2024
  3. Credit and Debit Card$1.7M621%up 16% from 2024
  4. Insurance and Investment$911.0K611%up 26% from 2024
  5. Product and Service, Other$310.0K64%down 16% from 2024
Products and services by year
Products and services20242025
Deposit Account$2.7M$2.8M
Fiduciary and Trust$2.2M$2.5M
Credit and Debit Card$1.4M$1.7M
Insurance and Investment$722.0K$911.0K
Product and Service, Other$371.0K$310.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Income tax17¢$3.3M
  • Profit83¢$15.8M

Out of $8.2M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid54¢$9.6M
  • Kept or used elsewhere46¢$8.3M

Out of $17.9M of cash from operations.6

Financial statements

Revenue78910116$8.2M in 2025+33% since 2019
0$2.5M$5.0M$7.5M$10.0M2019: $6.2M$6.2M20192020: $5.7M$5.7M2020−8%2021: $6.7M$6.7M2021+18%2022: $7.0M$7.0M2022+5%2023: $7.1M$7.1M2023+1%2024: $7.4M$7.4M2024+5%2025: $8.2M$8.2M2025+10%
Net income78910116$15.8M in 2025−9% since 2019
0$10.0M$20.0M$30.0M2019: $17.5M$17.5M20192020: $16.1M$16.1M2020−8%2021: $20.4M$20.4M2021+27%2022: $25.9M$25.9M2022+27%2023: $15.7M$15.7M2023−39%2024: $7.6M$7.6M2024−51%2025: $15.8M$15.8M2025+108%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Interest and fees on loans$55.5M$47.9M
Interest on federal funds sold$5.0K$26.0K
Interest on interest-bearing deposits$3.2M$4.1M
Interest on securities - taxable$15.3M$16.7M
Interest on securities nontaxable$1.3M$1.3M
Total interest income$75.3M$70.0M
Interest on time deposits$12.1M$13.0M
Interest on other deposits$17.3M$20.7M
Interest on borrowings$381.0K$2.0K
Total interest expense$29.8M$33.7M
Net interest income$45.6M$36.3M
(Recovery of) provision for credit losses-$16.0K$1.2M
Net interest income after (recovery of) provision for credit losses$45.6M$35.1M
Noninterest Income$8.2M$7.4M
BOLI income$1.2M$1.1M
Gain on sale of mortgage loans held for sale$226.0K$168.0K
Other income$1.3M$1.0M
Total noninterest income$10.0M$9.0M
Salaries and employee benefits$20.9M$19.2M
Occupancy, furniture and fixtures$3.1M$2.6M
Data processing$3.4M$3.6M
FDIC assessment$831.0K$812.0K
Intangible asset amortization$373.0K$237.0K
Franchise taxes$1.4M$1.5M
Professional services$1.4M$1.1M
Merger-related expense$0$2.9M
Core system conversion expense$2.1M$173.0K
Other operating expenses$2.9M$3.0M
Total noninterest expense$36.4M$35.0M
Income before income tax expense$19.2M$9.1M
Income tax expense$3.3M$1.5M
Net Income$15.8M$7.6M
Basic net income per common share (in dollars per share)$2.49$1.24
Diluted net income per common share$2.49$1.24
Weighted average number of common shares outstanding, basic (in shares)6.4M shares6.2M shares
Weighted average number of common shares outstanding, diluted6.4M shares6.2M shares
Dividends declared per common share$1.51$1.51
Book value per common share$29$25

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Corporate structure

NATIONAL BANKSHARES INC sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NATIONAL BANKSHARES INC

  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on NATIONAL BANKSHARES INC, latest Mar 27, 2026 (2 filings since Feb 13, 2024)
  • NATIONAL BANKSHARES INC Blacksburg, Virginia, United States
    • Incorporated under the laws of the Commonwealth of Subsidiary · Virginia, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NATIONAL BANKSHARES INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$4.4M6 Dec 31, 2024$1.8M11 Dec 31, 2023+140.8%
Property and equipment, before depreciation$30.8M6 Dec 31, 2025$28.1M6 Dec 31, 2024+9.7%
Accumulated depreciation$12.3M6 Dec 31, 2025$11.2M6 Dec 31, 2024+9.5%
Property and equipment, net$18.5M6 Dec 31, 2025$16.8M6 Dec 31, 2024+9.8%
Operating-lease assets (leased space)$1.8M6 Dec 31, 2025$1.3M6 Dec 31, 2024+40.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$59.2M6 Dec 31, 2025$108.1M6 Dec 31, 2024−45.2%
Debt securities available for sale$654.4M6 Dec 31, 2025$601.9M6 Dec 31, 2024+8.7%
Deposits held (banks)$1.6B6 Dec 31, 2025$1.6B6 Dec 31, 2024−1.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$10.7M6 Dec 31, 2025$10.7M6 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$1.5M6 Dec 31, 2025$1.9M6 Dec 31, 2024−20.0%

Properties, in its own words

NBB owns and has a branch bank in NBI’s headquarters located at 101 Hubbard Street, Blacksburg, Virginia. NBB’s main office is at 100 South Main Street, Blacksburg, Virginia. NBB owns an additional twenty branch offices and a private office location for support functions. NBB leases six branch locations and one loan production office. As of December 31, 2025, there were no mortgages or liens against any properties. We believe that existing facilities are adequate for current needs and to meet anticipated growth. A list of all branch and ATM locations is available on our website at www.nbbank.com. Information contained on our website is not part of this report. For additional information, please see Note 6 and Note 19 of Notes to Consolidated Financial Statements.

Item 2 of the 10-K filed Mar 27, 2026.5

Leadership

Who has led NATIONAL BANKSHARES INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. James G. Rakes2006–2017
  2. F. Brad Denardo2019–2023
  3. Lara E. Ramsey2026–now

Chair

  1. James G. Rakes2006–2017
  2. F. Brad Denardo2023

President

  1. James G. Rakes2006–2017
  2. F. Brad Denardo2019–2023
  3. Lara E. Ramsey2026–now

Chief financial officer

  1. Lora M. Jones2022–now

Chief operating officer

  1. Lara E. Ramsey2023
  2. David K. Skeens2026–now
2010201520202025
Board members and other officers (26)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Incorporated under the laws of the Commonwealth of Virginia4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jul 23, 20268-K Results of operations47
  2. Jul 2, 20268-K Other events48
  3. Jul 1, 20268-K Executive or director change49
  4. May 18, 20268-K Regulation FD disclosure50
  5. May 13, 20268-K Other events51
  6. May 13, 20268-K Shareholder vote52
  7. May 1, 20268-K Other events53
  8. Apr 23, 20268-K Results of operations54
  9. Apr 14, 20268-K Regulation FD disclosure55
  10. Apr 9, 20268-K Bylaws or fiscal year changed56
  11. Mar 25, 20268-K Other events57
  12. Mar 20, 20268-K Executive or director change58
  13. Feb 17, 2026New chief executive Lara E. Ramsey becomes CEO14
  14. Feb 12, 2019New chief executive F. Brad Denardo becomes CEO15
  15. Jan 25, 2006New chief executive James G. Rakes becomes CEO16
  16. Apr 28, 1986Founded NATIONAL BANKSHARES INC is founded2

Calendar

Coming up

  1. Oct 22, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.69 a share, on Oct 23, 2025.59

When it reported results

  1. Jul 23, 2026Reported quarterly or annual results47
  2. Apr 23, 2026Reported quarterly or annual results54
  3. Jan 22, 2026Reported quarterly or annual results60
  4. Oct 23, 2025Reported quarterly or annual results61
  5. Jul 24, 2025Reported quarterly or annual results62
  6. Apr 24, 2025Reported quarterly or annual results63
  7. Jan 23, 2025Reported quarterly or annual results64
  8. Oct 24, 2024Reported quarterly or annual results65

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

239 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 63 major events, 129 insider forms, 3 large holders, 24 other. The latest 20:

  1. Aug 12, 202610-Q EDGAR
  2. Jul 23, 20268-K EDGAR
  3. Jul 2, 20268-K EDGAR
  4. Jul 1, 20268-K EDGAR
  5. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  6. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  7. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  8. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  9. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  10. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  11. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  12. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  13. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  14. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  15. May 18, 20268-K EDGAR
  16. May 13, 20268-K EDGAR
  17. May 13, 20268-K EDGAR
  18. May 13, 202610-Q EDGAR
  19. May 1, 20268-K EDGAR
  20. Apr 23, 20268-K EDGAR

The 239 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

43 open-market trades by officers, directors and large owners since October 2021: 43 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 13, 2026Sweet Alan JeffreyDirectorBuy215$37.10$8.0KForm 4
Jun 18, 2025BALL LAWRENCE JDirectorBuy1,000$25.80$25.8KForm 4
Jun 12, 2025Sweet Alan JeffreyDirectorBuy225$26.50$6.0KForm 4
Jun 2, 2025Smith Lutheria H.DirectorBuy24$26.17$628Form 4
Mar 14, 2025Green Charles E IIIDirectorBuy1,000$27.08$27.1KForm 4
Feb 26, 2025BALL LAWRENCE JDirectorBuy1,000$27.50$27.5KForm 4
Feb 19, 2025MILLER MARY GDirectorBuy49$28.62$1.4KForm 4
Aug 29, 2024Sweet Alan JeffreyDirectorBuy425$29.65$12.6KForm 4
Aug 8, 2024BALL LAWRENCE JDirectorBuy1,000$27.00$27.0KForm 4
Jun 4, 2024Dooley John ElliottDirectorBuy470$29.43$13.8KForm 4
Nov 7, 2023BALL LAWRENCE JDirectorBuy1,000$24.50$24.5KForm 4
May 22, 2023DENARDO F BRADDirectorBuy546$27.39$15.0KForm 4
May 18, 2023BALL LAWRENCE JDirectorBuy1,000$28.69$28.7KForm 4
May 9, 2023Dye Michael EDirectorBuy325$27.88$9.1KForm 4
May 9, 2023BALL LAWRENCE JDirectorBuy1,000$27.96$28.0KForm 4
May 4, 2023Fitzwater Norman V IIIDirectorBuy250$28.50$7.1KForm 4
May 2, 2023Sanders Bobby D. IISVP/Chief Credit OfficerBuy150$27.50$4.1KForm 4
Apr 27, 2023Dye Michael EDirectorBuy200$30.33$6.1KForm 4
Apr 26, 2023Sanders Bobby D. IISVP/Chief Credit OfficerBuy150$29.75$4.5KForm 4
Apr 24, 2023Fitzwater Norman V IIIDirectorBuy1,000$32.59$32.6KForm 4

All 43 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 95. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.529,524$19.2M0.0%+88,319
Vanguard Capital Management LLC268,587$9.8M0.0%−1,060
Geode Capital Management, LLC164,939$6.0M0.0%+14,134
Dimensional Fund Advisors LP147,230$5.3M0.0%+12,954
State Street Corp91,917$3.3M0.0%+5,842
Arrowstreet Capital, Limited Partnership89,238$3.2M0.0%New
Renaissance Technologies LLC62,670$2.3M0.0%+33,690
Northern Trust Corp51,847$1.9M0.0%+4,204
RBF Capital, LLC50,000$1.8M0.1%No change
LPL Financial LLC45,683$1.7M0.0%−6,347
Marshall Wace, Llp45,503$1.7M0.0%+26,004
Citadel Advisors LLC43,038$1.6M0.0%+35,796
Vanguard Portfolio Management LLC42,671$1.6M0.0%+6,707
Vanguard Fiduciary Trust Co42,062$1.5M0.0%+2,201
Aqr Capital Management LLC25,099$911.8K0.0%+17,696
Captrust Financial Advisors21,610$785.1K0.0%+224
Partners in Financial Planning21,431$778.6K0.1%No change
Two Sigma Investments, LP21,171$769.1K0.0%New
Charles Schwab Investment Management Inc20,029$727.7K0.0%+1,654
Taylor Hoffman Capital Management LLC18,150$659.4K0.2%No change
Nuveen, LLC17,163$623.5K0.0%+6,130
Bank of New York Mellon Corp16,122$585.7K0.0%+1,717
Connor, Clark & Lunn Investment Management Ltd.16,087$584.4K0.0%New
Goldman Sachs Group Inc15,894$577.4K0.0%−5,556
Martingale Asset Management L P15,726$571.3K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How NATIONAL BANKSHARES INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNATIONAL BANKSHARES INC1
  • CIK0000796534
  • Employer ID (EIN)54-13758745
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inVirginia5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6021 National Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address101 Hubbard Street, Po Box 90002, Blacksburg, VA 240601
  • Phone540-951-63001
  • Shares outstanding6,370,620 as of Aug 12, 202613
  • Public float$173.2M as of Jun 30, 20255
  • AuditorYount, Hyde & Barbour, P.C, Winchester, Virginia PCAOB ID 613; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceAug 11, 19951
  • Filings865 in all: 4 (335), 8-K (245), 10-Q (93), 10-K (30), DEF 14A (30), 3 (22), SC 13G/A (20), 5 (17)1
    All 35 form types

    144 (9), 8-K/A (8), DEFA14A (6), SC 13G (6), UPLOAD (5), 4/A (4), ARS (4), CORRESP (3), 10-K/A (2), 3/A (2), 424B3 (2), 8-A12G (2), PREC14A (2), S-4 (2), S-4/A (2), S-8 (2), SC 13E4/A (2), 10-K405 (1), 425 (1), 5/A (1), DEFC14A (1), DEFR14A (1), DFAN14A (1), EFFECT (1), PRE 14A (1), SC 13E4 (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Mar 31, 2026
    Latest 8-K (8-K) Jul 23, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $1.25 per shareNKSHNasdaq

From the cover page of the 10-K filed Mar 27, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks NATIONAL BANKSHARES INC names in Item 1A of its 10-K filed Mar 27, 2026: 31 risks under these headings, as written.5

  • CREDIT RISK
  • Focus on lending to small to mid-sized community-based businesses may increase our credit risk.
  • The allowance for credit losses may not be adequate to cover actual losses.
  • A decline in the condition of the local real estate market could negatively affect our business.
  • The Bank has a moderate concentration of credit exposure in commercial real estate, and loans with this type of collateral are viewed as having more risk of default.
  • Nonperforming assets take significant time to resolve and adversely affect the Company’s results of operations and financial condition.
  • The Company relies upon independent appraisals to determine the value of the real estate which secures a significant portion of its loans, and the values indicated by such appraisals may not be realizable if the Company is forced to foreclose upon such loans.
  • MARKET RISK
  • If competition increases, our business could suffer, which could result in loan losses and adversely affect the Company’s financial condition and results of operations.
  • Consumers may increasingly decide not to use the Bank to process their financial transactions, which would have a material adverse impact on the Company’s financial condition and operations.
  • INTEREST RATE RISK
  • The Company's business is subject to interest rate risk and variations in interest rates and inadequate management of interest rate risk may negatively affect financial performance.
The other 22 risks
  • LIQUIDITY RISK
  • Liquidity could be impaired by an inability to access the capital markets or an unforeseen outflow of cash.
  • Unrealized losses in the Company’s securities portfolio could affect liquidity.
  • CYBERSECURITY RISK
  • Our information systems may experience an interruption or security breach.
  • Cybersecurity attacks may disarm and/or bypass system safeguards that are used by us and our vendors and service providers, and allow unauthorized access and misappropriation of financial data and assets.
  • Insurance may not cover losses from cybersecurity attacks.
  • OPERATIONAL RISK
  • The Company is subject to a variety of operational risks, including reputational, legal, and compliance risk, and the risk of fraud or theft by employees, directors, or outsiders.
  • The Company is dependent on key personnel and the loss of one or more of those key personnel may materially and adversely affect the Company’s operations and prospects.
  • The Company relies on other companies to provide key components of the Company’s business infrastructure.
  • The Company’s ability to operate profitably may be dependent on its ability to integrate or introduce various technologies into its operations.
  • COMPLIANCE AND REGULATORY RISK
  • The Company operates in a highly regulated industry, and the laws and regulations that govern the Company’s operations, including changes in them or the Company’s failure to comply with them, and regulatory actions implementing such laws and regulations, may adversely affect the Company.
  • Regulatory capital standards may have an adverse effect on the Company’s profitability, lending, and ability to pay dividends.
  • Changes in accounting standards could impact reported earnings.
  • Failure to maintain effective systems of internal and disclosure controls could have a material adverse effect on the Company's results of operation and financial condition.
  • The Company’s ability to pay dividends depends upon the results of operations of its subsidiaries.
  • The Company is subject to laws regarding the privacy, information security, and protection of personal information and any violation of these laws or another incident involving personal, confidential, or proprietary information of individuals could damage the Company’s reputation and otherwise adversely affect its business.
  • Climate change may result in operational changes and expenditures that could negatively impact the Company’s business.
  • LEGAL RISK
  • The Company is subject to claims and litigation pertaining to fiduciary responsibility.
  • GENERAL RISK
  • Changes in funding for local universities could materially affect our business.
  • If the economy suffers a recession, our credit risk will increase and there could be greater loan losses.
  • While the Company’s common stock is currently traded on the Nasdaq Capital Market, it has less liquidity than stocks for larger companies quoted on a national securities exchange.
  • Natural disasters, acts of war or terrorism, geopolitical instability, the impact of public health issues and other adverse external events could detrimentally affect our financial condition and results of operations.
  • The development and use of Artificial Intelligence (“AI”) presents risks and challenges that may adversely impact our business.

Legal proceedings

NBI, NBB, and NBFS are not currently involved in any material pending legal proceedings. There are no legal proceedings against the Company related to cybersecurity.

The opening of Item 3, Legal Proceedings.5

Sources

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