Reported Earnings • Apr 26
First quarter 2026 earnings released: EPS: US$0.78 (vs US$0.51 in 1Q 2025) First quarter 2026 results: EPS: US$0.78 (up from US$0.51 in 1Q 2025). Revenue: US$15.4m (up 23% from 1Q 2025). Net income: US$4.98m (up 54% from 1Q 2025). Profit margin: 32% (up from 26% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Apr 01
National Bankshares, Inc., Annual General Meeting, May 12, 2026 National Bankshares, Inc., Annual General Meeting, May 12, 2026. Location: at the inn at virginia tech, at 901 prices fork road, blacksburg, virginia. United States Reported Earnings • Jan 23
Full year 2025 earnings released: EPS: US$2.49 (vs US$1.24 in FY 2024) Full year 2025 results: EPS: US$2.49 (up from US$1.24 in FY 2024). Revenue: US$55.6m (up 26% from FY 2024). Net income: US$15.8m (up 108% from FY 2024). Profit margin: 28% (up from 17% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 17
Dividend of US$0.78 announced Dividend of US$0.78 is the same as last year. Ex-date: 24th November 2025 Payment date: 1st December 2025 Dividend yield will be 5.3%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 3.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 14
National Bankshares, Inc. Approves Semi-Annual Dividend, Payable on December 1, 2025 The Board of Directors of National Bankshares, Inc. approved payment on December 1, 2025 of a semi-annual dividend of $0.78 per share to all stockholders of record as of November 24, 2025. Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: US$0.69 (vs US$0.42 in 3Q 2024) Third quarter 2025 results: EPS: US$0.69 (up from US$0.42 in 3Q 2024). Revenue: US$13.9m (up 19% from 3Q 2024). Net income: US$4.42m (up 65% from 3Q 2024). Profit margin: 32% (up from 23% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Oct 24
New major risk - Revenue and earnings growth Earnings have declined by 12% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Oct 15
Now 20% undervalued Over the last 90 days, the stock has risen 4.8% to US$29.86. The fair value is estimated to be US$37.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.4% over the last 3 years. Earnings per share has declined by 39%. Buy Or Sell Opportunity • Sep 30
Now 20% undervalued Over the last 90 days, the stock has risen 1.7% to US$29.44. The fair value is estimated to be US$36.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.4% over the last 3 years. Earnings per share has declined by 39%. Reported Earnings • Jul 27
Second quarter 2025 earnings released: EPS: US$0.36 (vs US$0.051 loss in 2Q 2024) Second quarter 2025 results: EPS: US$0.36 (up from US$0.051 loss in 2Q 2024). Revenue: US$13.2m (up 37% from 2Q 2024). Net income: US$2.29m (up US$2.60m from 2Q 2024). Profit margin: 17% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Jul 25
New major risk - Revenue and earnings growth Earnings have declined by 9.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.5% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (109% payout ratio). Profit margins are more than 30% lower than last year (19% net profit margin). Declared Dividend • May 19
Dividend of US$0.73 announced Dividend of US$0.73 is the same as last year. Ex-date: 27th May 2025 Payment date: 2nd June 2025 Dividend yield will be 5.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 2.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 21% to bring the payout ratio under control. EPS is expected to grow by 34% over the next year, which is sufficient to bring the dividend into a sustainable range. Announcement • Apr 01
National Bankshares, Inc., Annual General Meeting, May 13, 2025 National Bankshares, Inc., Annual General Meeting, May 13, 2025. Location: the inn at virginia tech, 901 prices fork road, 901 prices fork road, blacksburg, virginia 24061, virginia United States Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: US$1.24 (vs US$2.66 in FY 2023) Full year 2024 results: EPS: US$1.24 (down from US$2.66 in FY 2023). Revenue: US$44.1m (down 7.9% from FY 2023). Net income: US$7.62m (down 51% from FY 2023). Profit margin: 17% (down from 33% in FY 2023). Net interest margin (NIM): 2.19% (down from 2.38% in FY 2023). Cost-to-income ratio: 68.9% (up from 61.0% in FY 2023). Non-performing loans: 0.22% (down from 0.31% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Jan 24
Full year 2024 earnings released: EPS: US$1.24 (vs US$2.66 in FY 2023) Full year 2024 results: EPS: US$1.24 (down from US$2.66 in FY 2023). Revenue: US$44.1m (down 7.9% from FY 2023). Net income: US$7.62m (down 51% from FY 2023). Profit margin: 17% (down from 33% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 18
Dividend of US$0.78 announced Dividend of US$0.78 is the same as last year. Ex-date: 25th November 2024 Payment date: 2nd December 2024 Dividend yield will be 4.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio). However, the dividend is expected to be covered in 3 years' time (54% forecast payout ratio). The dividend has increased by an average of 3.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control. EPS is expected to grow by 66% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: US$0.42 (vs US$0.52 in 3Q 2023) Third quarter 2024 results: EPS: US$0.42 (down from US$0.52 in 3Q 2023). Revenue: US$11.7m (up 5.1% from 3Q 2023). Net income: US$2.68m (down 13% from 3Q 2023). Profit margin: 23% (down from 28% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Oct 18
National Bankshares, Inc. and The National Bank of Blacksburg Announce Executive Changes National Bankshares, Inc. announced the promotion of Lara E. Ramsey to President of the Company and its subsidiary bank, The National Bank of Blacksburg, effective January 1, 2025. Ms. Ramsey has been with the Company since 1996, most recently as Executive Vice President and Chief Operating Officer. During her career at National Bankshares she has led the Company’s Investment, Human Resources, Marketing, Training, Corporate Administration, and Strategic Initiative functions. The Company’s current President and Chief Executive Officer, F. Brad Denardo, will continue to serve as Chairman and Chief Executive Officer of the bank and holding company. A native of Lebanon, Virginia, Ms. Ramsey is a graduate of Radford University with a dual bachelor's degree in Psychology and Economics and a master's degree in Industrial and Organizational Psychology. She is also a graduate of the Virginia Bankers Association’s School of Bank Management, the American Bankers Association’s Stonier Graduate School of Banking, The New River Valley Leadership program, and is a certified Senior Professional in Human Resources. Ms. Ramsey serves on the Radford University Alumni Association Board of Directors and the Radford University Athletic Foundation Board of Directors. She is a past Board Member of both the United Way of the New River Valley and the Montgomery County Chamber of Commerce. Ms. Ramsey resides in Radford with her husband, Sean. The couple have an adult son, Benjamin, who is currently pursuing a master’s degree at Virginia Tech. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$26.71, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Banks industry in the US. Total loss to shareholders of 18% over the past three years. New Risk • Jul 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (98% payout ratio). Profit margins are more than 30% lower than last year (21% net profit margin). Shareholders have been diluted in the past year (7.9% increase in shares outstanding). Reported Earnings • Jul 26
Second quarter 2024 earnings released: US$0.051 loss per share (vs US$0.66 profit in 2Q 2023) Second quarter 2024 results: US$0.051 loss per share (down from US$0.66 profit in 2Q 2023). Revenue: US$9.47m (down 21% from 2Q 2023). Net loss: US$306.0k (down 108% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 4% per year. Announcement • Jun 05
Alan Sweet to Serve on the Boards of Directors of National Bankshares and The National Bank of Blacksburg Alan Sweet, former President and Chief Executive Officer of Frontier, will serve on the boards of directors of National Bankshares and The National Bank of Blacksburg (National Bank). Declared Dividend • May 19
Dividend of US$0.73 announced Shareholders will receive a dividend of US$0.73. Ex-date: 24th May 2024 Payment date: 3rd June 2024 Dividend yield will be 4.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 3.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: US$0.37 (vs US$0.77 in 1Q 2023) First quarter 2024 results: EPS: US$0.37 (down from US$0.77 in 1Q 2023). Revenue: US$10.5m (down 21% from 1Q 2023). Net income: US$2.17m (down 52% from 1Q 2023). Profit margin: 21% (down from 35% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: US$2.66 (vs US$4.33 in FY 2022) Full year 2023 results: EPS: US$2.66 (down from US$4.33 in FY 2022). Revenue: US$47.9m (down 18% from FY 2022). Net income: US$15.7m (down 40% from FY 2022). Profit margin: 33% (down from 44% in FY 2022). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.38% (down from 2.88% in FY 2022). Cost-to-income ratio: 61.0% (up from 47.7% in FY 2022). Non-performing loans: 0.31% (down from 0.33% in FY 2022). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Feb 29
National Bankshares, Inc., Annual General Meeting, May 14, 2024 National Bankshares, Inc., Annual General Meeting, May 14, 2024. Location: The Inn at Virginia Tech and Skelton Conference Center 901 Prices Fork Road , Blacksburg Virginia United States Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$33.73, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 10x in the Banks industry in the US. Total returns to shareholders of 21% over the past three years. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: US$2.66 (vs US$4.33 in FY 2022) Full year 2023 results: EPS: US$2.66 (down from US$4.33 in FY 2022). Revenue: US$47.9m (down 18% from FY 2022). Net income: US$15.7m (down 40% from FY 2022). Profit margin: 33% (down from 44% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Jan 25
National Bankshares, Inc. Appoints Lara E. Ramsey as Director National Bankshares, Inc.’s Board of Directors appointed Lara E. Ramsey as a new director of the Company, effective immediately. Ms. Ramsey has served as Executive Vice President and Chief Operating Officer of the Company since May 2023 and has served in various senior officer positions with the Company and the Bank since 1996. Price Target Changed • Nov 03
Price target decreased by 15% to US$26.50 Down from US$31.25, the current price target is provided by 1 analyst. New target price is 6.6% above last closing price of US$24.85. Stock is down 32% over the past year. The company is forecast to post earnings per share of US$2.43 for next year compared to US$4.33 last year. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: US$0.52 (vs US$1.03 in 3Q 2022) Third quarter 2023 results: EPS: US$0.52 (down from US$1.03 in 3Q 2022). Revenue: US$11.2m (down 22% from 3Q 2022). Net income: US$3.07m (down 50% from 3Q 2022). Profit margin: 28% (down from 43% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 10
Now 20% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be US$35.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to decline by 19% in a year. Earnings is forecast to decline by 42% in the next year. Price Target Changed • Jul 28
Price target decreased by 10% to US$31.25 Down from US$34.75, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$29.82. Stock is down 5.8% over the past year. The company is forecast to post earnings per share of US$2.49 for next year compared to US$4.33 last year. Major Estimate Revision • Jul 27
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$51.5m to US$47.4m. EPS estimate also fell from US$2.94 per share to US$2.48 per share. Net income forecast to shrink 38% next year vs 9.9% decline forecast for Banks industry in the US. Consensus price target down from US$34.75 to US$33.25. Share price fell 7.1% to US$30.04 over the past week. Reported Earnings • Jul 21
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$0.66 (down from US$0.93 in 2Q 2022). Revenue: US$12.0m (down 8.3% from 2Q 2022). Net income: US$3.90m (down 30% from 2Q 2022). Profit margin: 33% (down from 43% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 9.6%. Revenue is expected to decline by 7.4% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.4%. The fair value is estimated to be US$41.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to decline by 11% in a year. Earnings is forecast to decline by 31% in the next year. Price Target Changed • May 01
Price target decreased by 14% to US$36.25 Down from US$42.00, the current price target is an average from 2 analysts. New target price is 20% above last closing price of US$30.21. Stock is down 14% over the past year. The company is forecast to post earnings per share of US$3.00 for next year compared to US$4.33 last year. Major Estimate Revision • Apr 27
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$60.0m to US$52.5m. EPS estimate fell from US$4.05 to US$3.06 per share. Net income forecast to shrink 30% next year vs 2.8% decline forecast for Banks industry in the US. Consensus price target down from US$42.00 to US$40.50. Share price fell 8.8% to US$29.46 over the past week. Price Target Changed • Apr 21
Price target decreased by 9.0% to US$40.50 Down from US$44.50, the current price target is an average from 2 analysts. New target price is 25% above last closing price of US$32.42. Stock is down 8.0% over the past year. The company is forecast to post earnings per share of US$3.06 for next year compared to US$4.33 last year. Reported Earnings • Mar 16
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$4.33 (up from US$3.28 in FY 2021). Revenue: US$58.7m (up 16% from FY 2021). Net income: US$25.9m (up 27% from FY 2021). Profit margin: 44% (up from 40% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.88% (up from 2.81% in FY 2021). Cost-to-income ratio: 48.0% (down from 51.3% in FY 2021). Non-performing loans: 0.33% (down from 0.36% in FY 2021). Revenue exceeded analyst estimates by 6.4%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 07
Independent Director recently bought US$73k worth of stock On the 6th of March, Mildred Johnson bought around 2k shares on-market at roughly US$41.34 per share. This transaction amounted to 78% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$191k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 05
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$4.33 (up from US$3.28 in FY 2021). Revenue: US$58.7m (up 16% from FY 2021). Net income: US$25.9m (up 27% from FY 2021). Profit margin: 44% (up from 40% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.88% (up from 2.81% in FY 2021). Cost-to-income ratio: 48.0% (down from 51.3% in FY 2021). Revenue exceeded analyst estimates by 6.4%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Dec 16
Price target increased to US$41.75 Up from US$37.00, the current price target is an average from 2 analysts. New target price is 5.6% above last closing price of US$39.52. Stock is up 11% over the past year. The company is forecast to post earnings per share of US$3.85 for next year compared to US$3.28 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 6 highly experienced directors. Chairman, President & CEO F. Denardo was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 11
National Bankshares, Inc. Approves Semi-Annual Dividend, Payable on December 1, 2022 The board of directors of National Bankshares, Inc. approved payment on December 1, 2022 of a semi-annual dividend of $0.78 per share to all stockholders of record as of November 21, 2022. This semi-annual dividend payment is an increase of $0.06 per share, or 8.33%, from the semi-annual dividend paid June 1, 2022. The total annual dividend of $1.50 per share for 2022 is an increase of $0.06 per share, or 4.17% from the total annual dividend of $1.44 paid in 2021. Reported Earnings • Oct 22
Third quarter 2022 earnings released: EPS: US$1.03 (vs US$0.94 in 3Q 2021) Third quarter 2022 results: EPS: US$1.03 (up from US$0.94 in 3Q 2021). Revenue: US$14.3m (up 7.3% from 3Q 2021). Net income: US$6.16m (up 7.1% from 3Q 2021). Profit margin: 43% (in line with 3Q 2021). Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 20
Second quarter 2022 earnings released: EPS: US$0.93 (vs US$0.74 in 2Q 2021) Second quarter 2022 results: EPS: US$0.93 (up from US$0.74 in 2Q 2021). Revenue: US$13.1m (up 9.0% from 2Q 2021). Net income: US$5.57m (up 21% from 2Q 2021). Profit margin: 43% (up from 38% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.4%, compared to a 14% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 13
National Bankshares, Inc. Approves Semi-Annual Dividend, Payable on June 1, 2022 National Bankshares, Inc. approved the payment on June 1, 2022 of a semi-annual dividend of $0.72 per share to all stockholders of record as of May 23, 2022. This is an increase from the $0.70 per share dividend paid on June 1, 2021. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.81 (up from US$0.74 in 1Q 2021). Revenue: US$12.6m (up 2.0% from 1Q 2021). Net income: US$4.89m (up 2.5% from 1Q 2021). Profit margin: 39% (in line with 1Q 2021). Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 4.7%, compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 6 highly experienced directors. Chairman, President & CEO F. Denardo was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 22
National Bankshares, Inc. Announces Impairment Results for the First Quarter Ended March 31, 2022 National Bankshares, Inc. announced impairment results for the first quarter ended March 31, 2022. Net charge offs for the three months ended March 31, 2022 were $20,000, compared with a net recovery of $5,000 for the quarter ended March 31, 2021. Announcement • Apr 01
National Bankshares, Inc., Annual General Meeting, May 10, 2022 National Bankshares, Inc., Annual General Meeting, May 10, 2022, at 15:00 US Eastern Standard Time. Location: Virginia Tech 901 Prices Fork Road Blacksburg Virginia United States Agenda: To consider the election of Three Class 2 Directors; to approve the compensation of the named executive officers; to ratify the Board of Directors' appointment of Yount, Hyde & Barbour, P.C. as the Company's independent registered public accounting firm for the year ending December 31, 2022; and to consider and act on any other matters that may properly come before the Annual Meeting or any adjournment. Reported Earnings • Mar 15
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$3.28 (up from US$2.48 in FY 2020). Revenue: US$50.7m (up 15% from FY 2020). Net income: US$20.4m (up 27% from FY 2020). Profit margin: 40% (up from 36% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.81% (down from 2.98% in FY 2020). Cost-to-income ratio: 51.3% (down from 53.5% in FY 2020). Non-performing loans: 0.36% (down from 0.48% in FY 2020). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 2.2%. Over the next year, revenue is forecast to stay flat compared to a 5.9% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 05
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$3.28 (up from US$2.48 in FY 2020). Revenue: US$50.7m (up 15% from FY 2020). Net income: US$20.4m (up 27% from FY 2020). Profit margin: 40% (up from 36% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 2.2%. Over the next year, revenue is expected to shrink by 2.2% compared to a 4.5% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Dec 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 6 highly experienced directors. Chairman, President & CEO F. Denardo was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS US$0.94 (vs US$0.64 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$13.3m (up 20% from 3Q 2020). Net income: US$5.75m (up 38% from 3Q 2020). Profit margin: 43% (up from 38% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS US$0.74 (vs US$0.46 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$12.0m (up 26% from 2Q 2020). Net income: US$4.61m (up 55% from 2Q 2020). Profit margin: 38% (up from 31% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 20
Second quarter 2021 earnings released: EPS US$0.74 (vs US$0.46 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$12.0m (up 26% from 2Q 2020). Net income: US$4.61m (up 55% from 2Q 2020). Profit margin: 38% (up from 31% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jun 12
Independent Vice Chairman of the Board recently bought US$70k worth of stock On the 10th of June, Charles Green bought around 2k shares on-market at roughly US$35.22 per share. This was the largest purchase by an insider in the last 3 months. Charles has been a buyer over the last 12 months, purchasing a net total of US$125k worth in shares. Announcement • May 14
National Bankshares, Inc. Approves Semi-Annual Dividend, Payable on June 1, 2021 The Board of Directors of National Bankshares, Inc. approved payment on June 1, 2021 of semi-annual dividend of $0.70 per share to all stockholders of record as of May 24, 2021. This is an increase from the $0.67 per share dividend paid on June 1, 2020. Reported Earnings • May 13
First quarter 2021 earnings released: EPS US$0.74 (vs US$0.61 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$12.3m (up 9.5% from 1Q 2020). Net income: US$4.77m (up 20% from 1Q 2020). Profit margin: 39% (up from 35% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 29
Consensus EPS estimates increase to US$2.88 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from US$47.2m to US$49.0m. EPS estimate increased from US$2.51 to US$2.88 per share. Net income forecast to grow 5.4% next year vs 8.2% growth forecast for Banks industry in the US. Consensus price target of US$41.00 unchanged from last update. Share price was steady at US$34.96 over the past week. Reported Earnings • Apr 26
First quarter 2021 earnings released: EPS US$0.74 (vs US$0.61 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$12.3m (up 9.5% from 1Q 2020). Net income: US$4.77m (up 20% from 1Q 2020). Profit margin: 39% (up from 35% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS US$2.48 (vs US$2.65 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$44.1m (down 3.9% from FY 2019). Net income: US$16.1m (down 8.0% from FY 2019). Profit margin: 36% (down from 38% in FY 2019). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.98% (down from 3.29% in FY 2019). Cost-to-income ratio: 53.1% (down from 55.1% in FY 2019). Non-performing loans: 0.48% (up from 0.46% in FY 2019). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 25
New 90-day high: US$34.20 The company is up 9.0% from its price of US$31.33 on 25 November 2020. The American market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 24% over the same period. Major Estimate Revision • Feb 11
Analysts increase EPS estimates to US$2.41 The 2021 consensus revenue estimate increased from US$45.5m to US$46.4m. The earnings per share estimate also received an upgrade from US$2.15 to US$2.41 for the same period. Net income is expected to shrink by 3.6% next year compared to 14% growth forecast for the Banks industry in the US . The consensus price target of US$36.00 was unchanged from the last update. Share price is up 2.1% to US$32.10 over the past week. Reported Earnings • Feb 06
Full year 2020 earnings released: EPS US$2.48 (vs US$2.65 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$44.1m (down 5.0% from FY 2019). Net income: US$16.1m (down 8.0% from FY 2019). Profit margin: 36% (down from 38% in FY 2019). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.98% (down from 3.29% in FY 2019). Cost-to-income ratio: 53.1% (down from 55.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 06
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 9.3%. Over the next year, revenue is forecast to grow 3.1%, compared to a 17% growth forecast for the Banks industry in the US. Is New 90 Day High Low • Jan 13
New 90-day high: US$33.57 The company is up 29% from its price of US$26.05 on 14 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 43% over the same period. Price Target Changed • Dec 19
Price target raised to US$36.00 Up from US$32.00, the current price target is provided by 1 analyst. The new target price is 17% above the current share price of US$30.75. As of last close, the stock is down 34% over the past year. Is New 90 Day High Low • Dec 03
New 90-day high: US$32.24 The company is up 27% from its price of US$25.30 on 04 September 2020. The American market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 20% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS US$0.64 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: US$11.1m (down 3.2% from 3Q 2019). Net income: US$4.17m (down 2.0% from 3Q 2019). Profit margin: 38% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 03
New 90-day high: US$27.95 The company is up 9.0% from its price of US$25.55 on 04 August 2020. The American market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 1.0% over the same period. Recent Insider Transactions • Oct 30
Independent Vice Chairman of the Board recently bought US$55k worth of stock On the 29th of October, Charles Green bought around 2k shares on-market at roughly US$27.40 per share. This was the largest purchase by an insider in the last 3 months. Charles has been a buyer over the last 12 months, purchasing a net total of US$88k worth in shares. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total profits of US$15.9m, down 7.8% from the prior year. Total revenue was US$44.0m over the last 12 months, down 3.9% from the prior year. Is New 90 Day High Low • Sep 24
New 90-day low: US$23.73 The company is down 13% from its price of US$27.37 on 26 June 2020. The American market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 7.0% over the same period.