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National Bankshares Inc. (NKSH-4.91%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $1,811,636,000, an increase from $1,655,370,000 at the end of the previous year, primarily due to the acquisition of Frontier Community Bank.
The company recorded total deposits of $1,644,752,000, reflecting an increase from $1,503,972,000 as of December 31, 2023. This growth was driven by the acquisition and organic growth.
Net income for the year was $7,623,000, a decrease from $15,691,000 in the previous year. The decline was attributed to interest margin compression, merger-related expenses, and contract termination costs.
Interest income increased to $70,122,000 from $58,833,000, while interest expense rose to $33,725,000 from $21,550,000, resulting in a net interest income of $36,397,000.
Noninterest income decreased to $8,960,000 from $9,359,000, affected by a reduction in credit and debit card fees and BOLI income, despite an increase in service charges on deposits.
Noninterest expense increased to $35,008,000 from $29,228,000, due to higher salaries and benefits, occupancy costs, and merger-related expenses.
The company reported an allowance for credit losses on loans of $10,262,000, representing 1.04% of loans, net of deferred fees and costs.
The filing highlights the company's focus on managing interest rate risk, with a reported net interest margin of 2.19%, down from 2.38% in the prior year.
National Bankshares Inc. continues to emphasize its strategy of growth through acquisitions and organic expansion, while maintaining a strong capital position with a total capital ratio of 16.14%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the National Bankshares Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.