National Bankshares Inc
NKSH Nasdaq National Commercial Banks Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$8.2M
9.8%
vs prior year
Efficiency ratio
Noninterest expense as a share of revenue. Lower is better for banks.
445.4%
24.8 pts
Net income
Profit after all expenses, interest and tax.
$15.8M
107.6%
Return on equity
Net income as a share of average shareholders' equity.
9.3%
4.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $3.19 EPS (TTM)
What National Bankshares Inc does
No business description yet.
- Legal name
- NATIONAL BANKSHARES INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 27, 2026
- Accession · CIK
- 0001193125-26-128311
0000796534
Revenue and margins
National Bankshares Inc had $8.2M of revenue in fiscal 2025, up 9.8% on the year before.
FY16
Revenue $5.4M
FY17
Revenue $6.1M
FY18
Revenue $6.3M
FY19
Revenue $6.2M
FY20
Revenue $5.7M
FY21
Revenue $6.7M
FY22
Revenue $7.0M
FY23
Revenue $7.1M
FY24
Revenue $7.4M
FY25
Revenue $8.2M
Q3 '23
Revenue $1.8M
Q4 '23
Revenue $1.7M
Q1 '24
Revenue $1.9M
Q2 '24
Revenue $1.8M
Q3 '24
Revenue $1.9M
Q4 '24
Revenue $1.8M
Q1 '25
Revenue $2.1M
Q2 '25
Revenue $1.9M
Q3 '25
Revenue $2.1M
Q4 '25
Revenue $2.0M
Q1 '26
Revenue $2.2M
Q2 '26
Revenue $2.2M
FY16
Net interest share 679.3%
Efficiency ratio 431.2%
FY17
Net interest share 607.4%
Efficiency ratio 396.3%
FY18
Net interest share 609.3%
Efficiency ratio 435.3%
FY19
Net interest share 613.7%
Efficiency ratio 418.5%
FY20
Net interest share 675.1%
Efficiency ratio 441.6%
FY21
Net interest share 629.6%
Efficiency ratio 392.0%
FY22
Net interest share 672.4%
Efficiency ratio 385.4%
FY23
Net interest share 527.2%
Efficiency ratio 413.3%
FY24
Net interest share 487.7%
Efficiency ratio 470.2%
FY25
Net interest share 557.3%
Efficiency ratio 445.4%
Net interest share
Efficiency ratio
Q3 '23
Net interest share 470.8%
Efficiency ratio 405.2%
Q4 '23
Net interest share 498.2%
Efficiency ratio 385.6%
Q1 '24
Net interest share 433.3%
Efficiency ratio 407.9%
Q2 '24
Net interest share 474.9%
Efficiency ratio 554.3%
Q3 '24
Net interest share 503.1%
Efficiency ratio 453.3%
Q4 '24
Net interest share 540.1%
Efficiency ratio 467.0%
Q1 '25
Net interest share 480.8%
Efficiency ratio 404.9%
Q2 '25
Net interest share 572.1%
Efficiency ratio 550.9%
Q3 '25
Net interest share 561.8%
Efficiency ratio 410.2%
Q4 '25
Net interest share 618.1%
Efficiency ratio 423.9%
Q1 '26
Net interest share 571.7%
Efficiency ratio 422.5%
Q2 '26
Net interest share 599.2%
Efficiency ratio 427.1%
Net interest share
Efficiency ratio
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 1.6% a year. Loss periods are shown in red.
FY16
Net income $14.9M
FY17
Net income $14.1M
FY18
Net income $16.2M
FY19
Net income $17.5M
FY20
Net income $16.1M
FY21
Net income $20.4M
FY22
Net income $25.9M
FY23
Net income $15.7M
FY24
Net income $7.6M
FY25
Net income $15.8M
Q3 '23
Net income $3.1M
Q4 '23
Net income $4.2M
Q1 '24
Net income $2.2M
Q2 '24
Net income −$0.3M
Q3 '24
Net income $2.7M
Q4 '24
Net income $3.1M
Q1 '25
Net income $3.2M
Q2 '25
Net income $2.3M
Q3 '25
Net income $4.4M
Q4 '25
Net income $5.9M
Q1 '26
Net income $5.0M
Q2 '26
Net income $5.0M
FY16
Diluted EPS $2.15
FY17
Diluted EPS $2.03
FY18
Diluted EPS $2.32
FY19
Diluted EPS $2.65
FY20
Diluted EPS $2.48
FY21
Diluted EPS $3.28
FY22
Diluted EPS $4.33
FY23
Diluted EPS $2.66
FY24
Diluted EPS $1.24
FY25
Diluted EPS $2.49
Q3 '23
Diluted EPS $0.52
Q4 '23
Diluted EPS $0.71
Q1 '24
Diluted EPS $0.37
Q2 '24
Diluted EPS −$0.05
Q3 '24
Diluted EPS $0.42
Q4 '24
Diluted EPS $0.50
Q1 '25
Diluted EPS $0.51
Q2 '25
Diluted EPS $0.36
Q3 '25
Diluted EPS $0.69
Q4 '25
Diluted EPS $0.93
Q1 '26
Diluted EPS $0.78
Q2 '26
Diluted EPS $0.79
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
FY16
ROE 8.4%
ROTE 9.0%
Efficiency ratio 431.2%
FY17
ROE 7.8%
ROTE 8.1%
Efficiency ratio 396.3%
FY18
ROE 8.6%
ROTE 9.0%
Efficiency ratio 435.3%
FY19
ROE 9.3%
ROTE 10.2%
Efficiency ratio 418.5%
FY20
ROE 8.4%
ROTE 8.3%
Efficiency ratio 441.6%
FY21
ROE 10.4%
ROTE 11.0%
Efficiency ratio 392.0%
FY22
ROE 16.5%
ROTE 22.2%
Efficiency ratio 385.4%
FY23
ROE 11.9%
ROTE 11.7%
Efficiency ratio 413.3%
FY24
ROE 5.1%
ROTE 5.3%
Efficiency ratio 470.2%
FY25
ROE 9.3%
ROTE 9.2%
Efficiency ratio 445.4%
ROE
ROTE
Efficiency ratio
Dividends, buybacks and share count
National Bankshares Inc returned $9.6M to shareholders in fiscal 2025, 63% of free cash flow. The diluted share count rose 3.2%.
FY16
Dividends $8.1M
Buybacks —
FY17
Dividends $8.1M
Buybacks —
FY18
Dividends $8.4M
Buybacks —
FY19
Dividends $9.0M
Buybacks $18.5M
FY20
Dividends $9.0M
Buybacks $1.7M
FY21
Dividends $8.8M
Buybacks $13.4M
FY22
Dividends $9.0M
Buybacks $6.3M
FY23
Dividends $14.8M
Buybacks $0.0M
FY24
Dividends $9.3M
Buybacks —
FY25
Dividends $9.6M
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $4.6M
Buybacks $0.0M
Q1 '24
Dividends $0.0M
Buybacks —
Q2 '24
Dividends $4.3M
Buybacks —
Q3 '24
Dividends $0.0M
Buybacks —
Q4 '24
Dividends $5.0M
Buybacks —
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends $0.0M
Buybacks —
Q4 '25
Dividends $5.0M
Buybacks —
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.01B
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Balance sheet
Loans, deposits and capital at each fiscal year end.
FY16
Loans $639M
Deposits $1.0B
FY17
Loans $660M
Deposits $1.1B
FY18
Loans $702M
Deposits $1.1B
FY19
Loans $727M
Deposits $1.1B
FY20
Loans $760M
Deposits $1.3B
FY21
Loans $796M
Deposits $1.5B
FY22
Loans $845M
Deposits $1.5B
FY23
Loans —
Deposits $1.5B
FY24
Loans —
Deposits $1.6B
FY25
Loans —
Deposits $1.6B
Loans
Deposits
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $796M | $845M | — | — | — |
| Deposits | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B |
| Loans / deposits | 53.2% | 54.7% | — | — | — |
| Total assets | $1.7B | $1.7B | $1.7B | $1.8B | $1.8B |
| Shareholders' equity | $192M | $123M | $141M | $156M | $185M |
| Goodwill | $5.8M | $5.8M | $5.8M | $10.7M | $10.7M |
| Intangible assets | — | — | $0.0M | $1.9M | $1.5M |
| Provision / loans | −0.1% | 0.1% | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.4M | $6.1M | $6.3M | $6.2M | $5.7M | $6.7M | $7.0M | $7.1M | $7.4M | $8.2M |
| Net interest income | $36.8M | $37.1M | $38.2M | $37.8M | $38.2M | $41.9M | $47.0M | $37.3M | $36.3M | $45.6M |
| Noninterest income | $7.1M | $7.6M | $7.7M | $8.8M | $7.9M | $8.4M | $12.4M | $9.4M | $9.0M | $10.0M |
| Noninterest expense | $23.3M | $24.2M | $27.3M | $25.8M | $25.0M | $26.1M | $27.0M | $29.2M | $35.0M | $36.4M |
| Provision for credit losses | $1.7M | $0.2M | −$0.1M | $0.1M | $2.0M | −$0.4M | $0.7M | −$1.3M | $1.2M | −$0.0M |
| Interest expense | — | $4.1M | $5.0M | $7.4M | $5.8M | — | $3.1M | $21.6M | — | — |
| Pretax income | $18.9M | $20.4M | $18.7M | $20.7M | $19.2M | $24.6M | $31.8M | $18.7M | $9.1M | $19.2M |
| Income tax | $4.0M | $6.3M | $2.6M | $3.2M | $3.1M | $4.3M | $5.8M | $3.0M | $1.5M | $3.3M |
| Net income | $14.9M | $14.1M | $16.2M | $17.5M | $16.1M | $20.4M | $25.9M | $15.7M | $7.6M | $15.8M |
| Net income to common | — | — | — | — | — | — | $25.9M | $15.7M | $7.6M | $15.8M |
| Diluted EPS | $2.15 | $2.03 | $2.32 | $2.65 | $2.48 | $3.28 | $4.33 | $2.66 | $1.24 | $2.49 |
| Diluted shares | 0.01B | 0.01B | — | — | — | — | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | $17.5M | $11.0M | $19.8M | $18.8M | $13.8M | $22.9M | $29.5M | $15.5M | $9.4M | $17.9M |
| Capital expenditure | $0.6M | $0.3M | $1.2M | $1.0M | $1.8M | $0.3M | $1.3M | $1.5M | $3.3M | $2.7M |
| Free cash flow | $16.9M | $10.7M | $18.6M | $17.8M | $12.0M | $22.6M | $28.2M | $14.0M | $6.2M | $15.2M |
| Depreciation and amortization | $0.8M | $0.8M | $0.8M | $0.7M | $0.7M | $0.6M | $0.6M | $0.8M | $0.9M | $1.1M |
| Stock-based compensation | — | — | — | — | — | — | $0.0M | $0.0M | $0.1M | $0.2M |
| Share buybacks | — | — | — | $18.5M | $1.7M | $13.4M | $6.3M | $0.0M | — | — |
| Dividends paid | $8.1M | $8.1M | $8.4M | $9.0M | $9.0M | $8.8M | $9.0M | $14.8M | $9.3M | $9.6M |
| Dividends and buybacks | $8.1M | $8.1M | $8.4M | $27.6M | $10.7M | $22.2M | $15.3M | $14.8M | $9.3M | $9.6M |
| Balance sheet | ||||||||||
| Cash and short-term investments | — | — | — | — | — | — | — | $86.6M | $108M | $59.3M |
| Loans, net | $639M | $660M | $702M | $727M | $760M | $796M | $845M | — | — | — |
| Deposits | $1.0B | $1.1B | $1.1B | $1.1B | $1.3B | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B |
| Property and equipment, net | $8.9M | $8.2M | $8.6M | $8.9M | $10.0M | $9.7M | $10.4M | $11.1M | $16.8M | $18.5M |
| Goodwill | $5.8M | $5.8M | $5.8M | $5.8M | $5.8M | $5.8M | $5.8M | $5.8M | $10.7M | $10.7M |
| Intangible assets | $6.0M | $5.9M | $5.8M | $5.8M | — | — | — | $0.0M | $1.9M | $1.5M |
| Total assets | $1.2B | $1.3B | $1.3B | $1.3B | $1.5B | $1.7B | $1.7B | $1.7B | $1.8B | $1.8B |
| Total liabilities | $1.1B | $1.1B | $1.1B | $1.1B | $1.3B | $1.5B | $1.6B | $1.5B | $1.7B | $1.6B |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | — | — |
| Shareholders' equity | $178M | $185M | $190M | $184M | $201M | $192M | $123M | $141M | $156M | $185M |
| Margins | ||||||||||
| Net margin | 276.1% | 230.5% | 257.8% | 283.8% | 284.3% | 306.4% | 370.8% | 221.9% | 102.4% | 193.6% |
| FCF margin | 312.3% | 175.5% | 296.9% | 289.2% | 211.7% | 339.1% | 403.8% | 198.4% | 83.0% | 185.3% |
| Net interest share of revenue | 679.3% | 607.4% | 609.3% | 613.7% | 675.1% | 629.6% | 672.4% | 527.2% | 487.7% | 557.3% |
| Efficiency ratio | 431.2% | 396.3% | 435.3% | 418.5% | 441.6% | 392.0% | 385.4% | 413.3% | 470.2% | 445.4% |
| Returns | ||||||||||
| Return on equity | 8.4% | 7.8% | 8.6% | 9.3% | 8.4% | 10.4% | 16.5% | 11.9% | 5.1% | 9.3% |
| Return on assets | 1.2% | 1.1% | 1.3% | 1.4% | 1.1% | 1.3% | 1.5% | 0.9% | 0.4% | 0.9% |
| Return on tangible equity | 9.0% | 8.1% | 9.0% | 10.2% | 8.3% | 11.0% | 22.2% | 11.7% | 5.3% | 9.2% |
| Growth | ||||||||||
| Revenue growth | — | 13.0% | 2.5% | −1.8% | −8.1% | 17.7% | 5.1% | 1.1% | 5.3% | 9.8% |
| Net income growth | — | −5.7% | 14.6% | 8.1% | −8.0% | 26.8% | 27.2% | −39.5% | −51.4% | 107.6% |
| EPS growth | — | −5.6% | 14.3% | 14.2% | −6.4% | 32.3% | 32.0% | −38.6% | −53.4% | 100.8% |
| FCF growth | — | −36.5% | 73.4% | −4.3% | −32.8% | 88.5% | 25.2% | −50.3% | −55.9% | 145.1% |
| Share count change | — | 0.0% | — | — | — | — | — | −1.7% | 4.6% | 3.2% |
| Financial health | ||||||||||
| Loans / deposits | 61.3% | 62.3% | 66.8% | 64.9% | 58.6% | 53.2% | 54.7% | — | — | — |
| Provision / loans | 0.3% | 0.0% | −0.0% | 0.0% | 0.3% | −0.1% | 0.1% | — | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 11.7% | 4.3% | 19.0% | 16.8% | 32.3% | 4.9% | 18.0% | 21.1% | 43.7% | 33.5% |
| Stock comp / revenue | — | — | — | — | — | — | 0.0% | 0.6% | 1.7% | 2.4% |
| Payouts / FCF | 47.8% | 75.9% | 45.3% | 154.8% | 89.6% | 98.2% | 54.1% | 105.4% | 149.9% | 63.4% |
| Quality scores | ||||||||||
| Accruals ratio | −0.2% | 0.2% | −0.3% | −0.1% | 0.2% | −0.2% | −0.2% | 0.0% | −0.1% | −0.1% |
Source: SEC EDGAR XBRL filings (CIK 0000796534). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.