National Bankshares Q2 net income $1.87M ($0.31 EPS) vs $8.43M ($1.43 EPS) YoY, hit by merger costs

NATIONAL BANKSHARES INC

2024-Q2 EPS reported $0.31 revenue$3,736,000

Net income $1.87M for H1 2024, down 78% from $8.43M in H1 2023; diluted EPS $0.31 vs $1.43.
Merger with Frontier Community Bank closed in Q2; consideration $16.35M ($14.3M stock, $2.05M cash).
Merger-related expense $2.74M; provision for credit loss on acquired loans $1.29M.
Acquired branches in Waynesboro, Staunton, Lynchburg, VA; new Roanoke branch planned fall 2024.
Total assets $1.81B; loan growth from acquisition; credit quality remains low-risk.

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