National Bankshares Q4 net income $4.19M ($0.71 EPS) down 55% YoY; announces acquisition of Frontier Community Bank

NATIONAL BANKSHARES INC

2023-FY EPS reported $2.66 revenue$7,072,000

Net income $4.19M ($0.71 EPS) in Q4 2023 vs $9.31M ($1.57 EPS) in Q4 2022; full-year $15.69M ($2.66 EPS) vs $25.93M ($4.33 EPS).
Net interest margin compressed due to 525 bps Fed rate hikes; deposit competition raised cost of funds.
Entered definitive agreement to acquire Frontier Community Bank (Waynesboro, VA); expands into Shenandoah Valley and central Virginia.
Paid $2.51 per share in dividends in 2023 ($1.51 regular + $1.00 special), payout ratio 94.21%.
Low credit risk; allowance for credit losses decreased, leading to recovery of provision.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NATIONAL BANKSHARES INC reported Fourth quarter and year ended December 31, 2023 results: net income Net income of $4.19 million, or basic and diluted earnings per common share of $0.71, for the fourth quarter and $15.69, EPS Basic and diluted earnings per common share of $0.71 for the fourth quarter and $2.66 for the year ended December 31, 20.

Period: Fourth quarter and year ended December 31, 2023
Net income: Net income of $4.19 million, or basic and diluted earnings per common share of $0.71, for the fourth quarter and $15.69
EPS: Basic and diluted earnings per common share of $0.71 for the fourth quarter and $2.66 for the year ended December 31, 20
Result: reported results

Exact text from the filing

The Company reported net income of $4.19 million, or basic and diluted earnings per common share of $0.71, for the fourth quarter and $15.69 million, or basic and diluted earnings per common share of $2.66, for the year ended December 31, 2023.

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Source: SEC EDGAR

accession 0001437749-24-002199

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