National Bankshares Q1 net income $2.17M ($0.37 EPS), down 52% YoY; Frontier Community Bank acquisition planned Q2

NATIONAL BANKSHARES INC

2024-Q1 EPS reported $0.37 revenue$1,903,000

Net income $2.17M ($0.37 EPS) down from $4.53M ($0.77) YoY and $4.19M ($0.71) QoQ.
Higher interest expense on deposit costs compressed net interest margin; interest income improving as loans reprice.
Plans to acquire Frontier Community Bank in Q2 2024; new Roanoke branch construction underway.
Credit quality remains low risk; allowance for credit losses ratio decreased due to improved economic forecast.
Noninterest expense includes acquisition preparation costs; Q1 2023 had $441K proxy contest expenses.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NATIONAL BANKSHARES INC reported first quarter of 2024 results: net income $2.17 million, EPS $0.37.

Period: first quarter of 2024
Net income: $2.17 million
EPS: $0.37
Result: reported results

Exact text from the filing

The Company reported net income of $2.17 million, or basic and diluted earnings per common share of $0.37.

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Source: SEC EDGAR

accession 0001437749-24-013249

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