NKSH Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About NKSH Interactive Breakdown Better Bets vs. NKSH Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    National Bankshares (NKSH)

    Market Price (10/25/2026): $40.28 | Market Cap: $256.6 MilSector: Financials | Industry: Regional Banks

    National Bankshares (NKSH)

    Market Price (10/25/2026): $40.28
    Market Cap: $256.6 Mil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8%, FCF Yield is 7.1%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%

    Low stock price volatility
    Vol 12M is 28%

    Key risks
    NKSH key risks include [1] pressure on its net interest margin from increased funding costs and [2] intense local competition over loan and deposit rates.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8%, FCF Yield is 7.1%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%
    3 Low stock price volatility
    Vol 12M is 28%
    4 Key risks
    NKSH key risks include [1] pressure on its net interest margin from increased funding costs and [2] intense local competition over loan and deposit rates.

    NKSH in ETFs

    Weight = NKSH's share of each fund

    VTI0.00%
    IWM0.01%
    VTWO0.01%
    DFAS0.01%
    AVUV0.01%
    IWN0.00%
    DFAC0.00%

    Valuation & Metrics

    FYE: 12/31NKSH [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$60.5 Mil—
    FY 2026 Sales$65.7 Mil—
    FY 2027 Sales$70.7 Mil—
    FY 2026 Sales Growth8.6%—
    FY 2027 Sales Growth7.6%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$20.3 Mil—
    FY 2026 Net Income (Non-GAAP)$22.3 Mil—
    FY 2027 Net Income (Non-GAAP)$24.6 Mil—
    FY 2027 Net Income Growth10.3%19.4%
    FY 2026 EPS (Non-GAAP)$3.50—
    FY 2027 EPS (Non-GAAP)$3.86—
    FY 2027 EPS Growth10.3%—
    VALUATION
    FY 2026 P/S3.91.7
    FY 2027 P/S3.6—
    FY 2026 P/E11.58.0
    FY 2027 P/E10.4—

    [1] NKSH forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    NKSHS&P 500
    REVENUE GROWTHGOOD
    Rev LTM ($ Bil)0.1
    Rev Chg Q18.3%9.1%
    Rev Chg LTM20.8%8.4%
    Rev Chg 3Y Avg3.6%6.0%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM33.2%21.8%
    Net Inc Mgn33.6%13.3%
    VALUATIONLOW
    P/S4.23.2
    P/CFO12.815.3
    P/FCF13.919.9
    P/E12.622.9

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Full-Service Offices289302025Link
    Number of Loan Production Offices19302025Link
    Number of Employees2429302025Link
    Percentage of Uninsured Non-Municipal Deposits20.4%9302025Link

    Price Chart

    Recent
    10/22/2026Earnings ReleaseRev: $22 Mil (A) vs. $17 Mil (E)
    EPS: 0.86 (A) vs. $0.98 (E)
    Upcoming
    1/28/2027Earnings ReleaseRev: $17 Mil (E)
    EPS: $0.98 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/24/2026

    National Bankshares (NKSH) stock has gained about 10% since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q3 2026 Earnings Beat and Significant Year-over-Year Growth.

    National Bankshares (NKSH) reported net income of $5.49 million, or $0.86 per diluted share, for the fiscal third quarter of 2026 (ended September 30, 2026). This represents a 24% increase in diluted earnings per share compared to $0.69 in the fiscal third quarter of 2025. The reported EPS of $0.86 also modestly exceeded the consensus estimate of approximately $0.83 per share. Furthermore, year-to-date earnings for the nine months ended September 30, 2026, rose over 55% from the prior year, or over 33% when adjusted for nonrecurring items.

    2. Expansion of Net Interest Margin (NIM) Driven by Strategic Portfolio Repositioning.

    The company's net interest margin (NIM) expanded significantly to 3.21% in fiscal Q3 2026, an increase of 49 basis points from 2.72% in fiscal Q3 2025. This improvement was largely attributed to a strategic repositioning of its securities portfolio during fiscal Q2 2026. National Bankshares sold low-yielding securities and reinvested the proceeds into higher-yielding mortgage-backed securities, a move anticipated to recover a $6.549 million pretax loss within 1.8 years and lead to earnings accretion thereafter.

    Show more
    Updated on 10/24/2026

    National Bankshares (NKSH) stock has gained about 10% since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q3 2026 Earnings Beat and Significant Year-over-Year Growth.

    National Bankshares (NKSH) reported net income of $5.49 million, or $0.86 per diluted share, for the fiscal third quarter of 2026 (ended September 30, 2026). This represents a 24% increase in diluted earnings per share compared to $0.69 in the fiscal third quarter of 2025. The reported EPS of $0.86 also modestly exceeded the consensus estimate of approximately $0.83 per share. Furthermore, year-to-date earnings for the nine months ended September 30, 2026, rose over 55% from the prior year, or over 33% when adjusted for nonrecurring items.

    2. Expansion of Net Interest Margin (NIM) Driven by Strategic Portfolio Repositioning.

    The company's net interest margin (NIM) expanded significantly to 3.21% in fiscal Q3 2026, an increase of 49 basis points from 2.72% in fiscal Q3 2025. This improvement was largely attributed to a strategic repositioning of its securities portfolio during fiscal Q2 2026. National Bankshares sold low-yielding securities and reinvested the proceeds into higher-yielding mortgage-backed securities, a move anticipated to recover a $6.549 million pretax loss within 1.8 years and lead to earnings accretion thereafter.

    3. Favorable Broader Regional Banking Sector Trends.

    The regional banking sector experienced a general trend of improved net interest income and expanding margins during fiscal Q3 2026. This was primarily due to higher interest rates, which allowed regional banks to increase lending rates while maintaining relatively stable funding costs. This macroeconomic tailwind provided a supportive environment for NKSH's performance.

    4. Positive Analyst Sentiment and Upgraded Ratings.

    Analysts maintained a positive outlook on NKSH, with a consensus rating of "Moderate Buy." Notably, StockInvest.us upgraded NKSH to a "Strong Buy Candidate" as of October 12, 2026, from a previous "Buy" rating. Additionally, Weiss Ratings upgraded the stock from a "buy (b-)" to a "buy (b)" rating in August 2026. The average one-year price target for National Bankshares is $47.68, with some forecasts reaching as high as $49.09.

    Show less
    Holding a concentrated position? Know your true downside before the momentum shifts.
    Protect Your Wealth →

    Stock Movement Drivers

    Fundamental Drivers

    The 11.4% change in NKSH stock from 6/30/2026 to 10/24/2026 was primarily driven by a 11.0% change in the company's Net Income Margin (%).
    (LTM values as of)630202610242026Change
    Stock Price ($)36.3340.4811.4%
    Change Contribution By: 
    Total Revenues ($ Mil)58604.2%
    Net Income Margin (%)30.3%33.6%11.0%
    P/E Multiple13.212.7-3.6%
    Shares Outstanding (Mil)660.0%
    Cumulative Contribution11.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/24/2026
    ReturnCorrelation
    NKSH11.4% 
    Market (SPY)1.8%14.5%
    Sector (XLF)4.3%43.1%

    Fundamental Drivers

    The 13.6% change in NKSH stock from 3/31/2026 to 10/24/2026 was primarily driven by a 17.9% change in the company's Net Income Margin (%).
    (LTM values as of)331202610242026Change
    Stock Price ($)35.6440.4813.6%
    Change Contribution By: 
    Total Revenues ($ Mil)56608.9%
    Net Income Margin (%)28.5%33.6%17.9%
    P/E Multiple14.312.7-11.5%
    Shares Outstanding (Mil)660.0%
    Cumulative Contribution13.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/24/2026
    ReturnCorrelation
    NKSH13.6% 
    Market (SPY)17.2%7.2%
    Sector (XLF)13.6%36.1%

    Fundamental Drivers

    The 44.2% change in NKSH stock from 9/30/2025 to 10/24/2026 was primarily driven by a 49.0% change in the company's Net Income Margin (%).
    (LTM values as of)930202510242026Change
    Stock Price ($)28.0840.4844.2%
    Change Contribution By: 
    Total Revenues ($ Mil)506020.8%
    Net Income Margin (%)22.5%33.6%49.0%
    P/E Multiple15.812.7-19.9%
    Shares Outstanding (Mil)66-0.1%
    Cumulative Contribution44.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/24/2026
    ReturnCorrelation
    NKSH44.2% 
    Market (SPY)15.0%19.6%
    Sector (XLF)5.0%44.1%

    Fundamental Drivers

    The 88.5% change in NKSH stock from 9/30/2023 to 10/24/2026 was primarily driven by a 139.7% change in the company's P/E Multiple.
    (LTM values as of)930202310242026Change
    Stock Price ($)21.4740.4888.5%
    Change Contribution By: 
    Total Revenues ($ Mil)59603.4%
    Net Income Margin (%)40.9%33.6%-17.8%
    P/E Multiple5.312.7139.7%
    Shares Outstanding (Mil)66-7.5%
    Cumulative Contribution88.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/24/2026
    ReturnCorrelation
    NKSH88.5% 
    Market (SPY)83.9%30.8%
    Sector (XLF)75.9%41.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    NKSH Return19%17%-13%-7%23%39%93%
    Peers Return31%-3%-18%8%10%18%46%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    NKSH Win Rate58%75%50%33%58%80% 
    Peers Win Rate62%38%40%47%57%52% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    NKSH Max Drawdown-13%-17%-46%-23%-21%-12% 
    Peers Max Drawdown-23%-24%-48%-19%-24%-17% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: TOWN, AUB, UBSI, BHRB, BRBS.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/23/2026 (YTD)

    How Low Can It Go

    EventNKSHS&P 500
    2025 US Tariff Shock
      % Loss-16.1%-18.8%
      % Gain to Breakeven19.2%23.1%
      Time to Breakeven82 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-23.7%-9.5%
      % Gain to Breakeven31.0%10.5%
      Time to Breakeven49 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-37.5%-6.7%
      % Gain to Breakeven60.0%7.1%
      Time to Breakeven1005 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-12.0%-24.5%
      % Gain to Breakeven13.6%32.4%
      Time to Breakeven96 days427 days
    2020 COVID-19 Crash
      % Loss-34.6%-33.7%
      % Gain to Breakeven53.0%50.9%
      Time to Breakeven321 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-25.6%-19.2%
      % Gain to Breakeven34.4%23.8%
      Time to Breakeven332 days105 days

    Compare to TOWN, AUB, UBSI, BHRB, BRBS

    In The Past

    National Bankshares's stock fell -16.1% during the 2025 US Tariff Shock. Such a loss loss requires a 19.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventNKSHS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-23.7%-9.5%
      % Gain to Breakeven31.0%10.5%
      Time to Breakeven49 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-37.5%-6.7%
      % Gain to Breakeven60.0%7.1%
      Time to Breakeven1005 days31 days
    2020 COVID-19 Crash
      % Loss-34.6%-33.7%
      % Gain to Breakeven53.0%50.9%
      Time to Breakeven321 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-25.6%-19.2%
      % Gain to Breakeven34.4%23.8%
      Time to Breakeven332 days105 days

    Compare to TOWN, AUB, UBSI, BHRB, BRBS

    In The Past

    National Bankshares's stock fell -16.1% during the 2025 US Tariff Shock. Such a loss loss requires a 19.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About National Bankshares (NKSH)

    National Bankshares, Inc. (NKSH) operates as a bank holding company, primarily through its subsidiary, the National Bank of Blacksburg. The company delivers a full suite of retail and commercial banking products and services designed to meet the financial needs of its diverse clientele.

    The core offerings of National Bankshares include a variety of deposit accounts such as checking, savings, money market, and certificates of deposit, alongside specialized accounts like Health Savings Accounts and Individual Retirement Accounts. On the lending side, the company provides commercial and agricultural loans, commercial and residential real estate loans (including construction), home equity loans, and various consumer loan products. Additionally, NKSH offers complementary services like debit and credit cards, wealth management, trust and estate services, non-deposit investment and insurance products, and convenient digital banking options.

    National Bankshares serves a broad customer base, including individuals, businesses, non-profit organizations, and local governments. Its operations are concentrated within the Southwest Virginia market, where it maintains 23 branch offices, a loan production office, and 22 automated teller machines.

    AI Analysis | Feedback

    Think of it as the Bank of America for Southwest Virginia.

    JPMorgan Chase for Southwest Virginia.

    AI Analysis | Feedback

    ```html
    • Deposit Accounts: Offers a variety of checking, savings, money market, certificates of deposit, health savings accounts, and individual retirement accounts.
    • Loan Products: Provides commercial and agricultural, commercial real estate, residential real estate, home equity, consumer, and construction loans.
    • Debit and Credit Cards: Issues both business and consumer debit and credit cards.
    • Wealth Management, Trust, and Estate Services: Delivers services for managing financial assets, trusts, and estates.
    • Investment and Insurance Products: Offers non-deposit investment and insurance products.
    • Digital Banking Services: Includes telephone, mobile, and Internet banking for convenient access and management.
    • Auxiliary Banking Services: Provides letters of credit, night depository, safe deposit boxes, utility payment services, and automatic funds transfers.
    ```

    AI Analysis | Feedback

    National Bankshares (NKSH) primarily serves a diverse set of customers, including individuals and various organizations. Based on the provided description, its major customer categories are:

    • Individuals: The company provides a wide range of retail banking products and services, including various deposit accounts (interest-bearing and non-interest bearing demand deposit accounts, money market deposit accounts, savings accounts, certificates of deposit), residential real estate loans, home equity loans, various consumer loan products, health savings accounts, individual retirement accounts, and debit and credit cards to individual consumers.
    • Businesses: National Bankshares offers commercial banking products and services to businesses. This includes commercial and agricultural loans, commercial real estate loans, loans for the construction of commercial properties, and business debit and credit cards, as well as wealth management, trust, and estate services.
    • Non-profits and Local Governments: The company explicitly provides commercial banking products and services tailored for non-profit organizations and local government entities.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Lara E. Ramsey President and Chief Executive Officer

    Ms. Ramsey was appointed President and Chief Executive Officer of National Bankshares, Inc. and The National Bank of Blacksburg, effective July 1, 2025. She has been with the company since 1996, previously holding roles such as Senior Vice President of Administration, where she oversaw Investment, Human Resources, Marketing, Training, and Corporate Secretary functions, and Executive Vice President and Chief Operating Officer. Ms. Ramsey holds bachelor's degrees in Psychology and Economics and a Master's Degree in Industrial and Organizational Psychology from Radford University. She is also an alumna of the Virginia Bankers Association's School of Bank Management, the American Bankers Association's Stonier Graduate School of Banking, and The New River Valley Leadership program, and is a certified Senior Professional in Human Resources.

    Lora M. Jones Executive Vice President, Treasurer and Chief Financial Officer

    Ms. Jones serves as Executive Vice President, Treasurer, and Chief Financial Officer. She joined National Bankshares in 2010 as a Corporate Analyst, was promoted to Corporate Analysis Officer in 2011, and became Controller in 2014. Before her tenure at National Bankshares, Ms. Jones worked as a Supervisory Senior Accountant at Yount, Hyde, and Barbour, P.C. She is a Certified Public Accountant and holds a Bachelor's Degree in Finance and a Master's Degree in Accounting and Information Systems from Virginia Tech. She is a member of both the Virginia Society of Certified Public Accountants and the American Institute of Certified Public Accountants.

    Paul M. Mylum Executive Vice President and Chief Lending Officer

    Mr. Mylum joined The National Bank of Blacksburg in 2012 as Senior Vice President of Loans. He brings over 30 years of commercial lending experience, having previously served as a lender at Bank of America, First Citizens Bank, and First Bank and Trust. Mr. Mylum is a graduate of Virginia Tech.

    David K. Skeens Executive Vice President and Chief Risk Officer

    Mr. Skeens has been with the company since 1990. His past roles include Auditor, Senior Vice President of Operations and Risk Management, and Chief Financial Officer. He earned his Bachelor's Degree in Accounting from Radford University and is a graduate of the Graduate School of Banking at Louisiana State University. Mr. Skeens holds Certified Financial Services Auditor and Certified Trust Auditor designations.

    Bobby D. Sanders II Senior Vice President and Chief Credit Officer

    Mr. Sanders joined The National Bank of Blacksburg in 2022. He has nineteen years of experience in lending and credit administration. Mr. Sanders holds a Bachelor of Business Administration degree from Western Carolina University and is a graduate of the American Bankers Association Stonier Graduate School of Banking.

    AI Analysis | Feedback

    Key Risks to National Bankshares (NKSH)

    1. Credit Risk and Regional Economic Dependence: National Bankshares operates primarily in Southwest Virginia, with a significant portion of its loan portfolio consisting of commercial, agricultural, residential real estate, and construction loans. This concentration makes the company highly susceptible to the economic health and stability of this specific region. A downturn in the Southwest Virginia economy, declines in real estate values, or struggles within the agricultural or commercial sectors could lead to increased loan defaults, higher non-performing assets, and reduced demand for the bank's lending products, thereby negatively impacting its financial performance.
    2. Interest Rate Risk: As a traditional bank, National Bankshares' profitability is significantly influenced by interest rate fluctuations. The company generates revenue from the spread between the interest earned on its loan portfolio and investments and the interest paid on its deposits and borrowings. Rapid or unexpected changes in market interest rates, particularly if the rates on deposits increase faster than the rates on loans, could compress the bank's net interest margin, reducing its profitability.

    AI Analysis | Feedback

    • Digital-only banks and other fintech companies that offer a completely online/mobile banking experience, often with lower fees, higher interest rates on deposits, and more convenient digital services, directly challenging the traditional branch-based model for deposits and consumer loans.
    • Large technology companies (e.g., Apple, Google, Amazon) expanding their offerings into financial services such as payments, lending, and other banking-adjacent products, leveraging their massive user bases and technological capabilities to disintermediate traditional banks.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    National Bankshares (NKSH) anticipates several key drivers for its future revenue growth over the next two to three years.

    1. Expansion into New Markets: The company has strategically opened new branch facilities in Roanoke and Lynchburg, aiming to tap into these "dynamic economies" to drive growth.
    2. Launch of Innovative Products and Services: Following a core systems conversion, National Bankshares is now better positioned to offer innovative new products and services, which are expected to enhance customer experience and contribute to revenue growth.
    3. Improvement in Net Interest Margin: Higher loan yields and reduced deposit costs have already driven net interest margin improvement, which was a significant contributor to net income gains in 2025 and is expected to continue impacting revenue positively.
    4. Organic Growth in Lending and Deposits: National Bankshares is committed to growing value for its customers and shareholders by elevating its brand as the bank of choice in its communities. This commitment, coupled with its expansion into new markets, suggests a continued focus on attracting new customers and increasing its loan and deposit bases.

    AI Analysis | Feedback

    Share Repurchases

    • National Bankshares' Board of Directors renewed a stock repurchase plan on May 14, 2025, authorizing the purchase of up to 250,000 shares of common stock from June 1, 2025, to May 31, 2026.
    • The company's prior stock repurchase plan expired on May 31, 2025.
    • National Bankshares spent $0 on share buybacks in the third quarter of 2024. The last twelve months' (LTM) buyback yield as of March 2026 was 0.0%, indicating minimal recent repurchases.

    Share Issuance

    • The acquisition of Frontier Community Bank on June 1, 2024, increased National Bankshares' stockholders' equity by $14.3 million.
    • As of Q3 2025, National Bankshares had 6 million shares outstanding, with a 5-year compound annual growth rate (CAGR) of -0.4%, suggesting no significant net share issuance over the last five years.

    Inbound Investments

    • No significant inbound investments made in National Bankshares by third-parties have been reported in the last 3-5 years.

    Outbound Investments

    • National Bankshares, Inc. completed the acquisition of Frontier Community Bank (FCB) on June 1, 2024.
    • The acquisition of FCB added $118.7 million in loans, $4.9 million in goodwill, and $2.1 million in core deposit intangibles to National Bankshares.
    • Merger expenses related to the FCB acquisition were included in noninterest expense in 2024.

    Capital Expenditures

    • National Bankshares upgraded to a new core banking system, with most of the conversion expense recognized in the second quarter of 2025.
    • Noninterest expense in both 2025 and 2024 included costs associated with this core banking system upgrade.
    • The company invested $800K in capital expenditures during the third quarter of 2025, and also opened new branch facilities in Roanoke and Lynchburg in 2025.

    Peer Outperformance in Regional Banks

    NKSH has trailed 56% of its 263 Regional Banks peers over 5Y. Among the peers that beat it are FBP, BPOP and SRCE. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that NKSH has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    80%
    of 284 industry peers · 45.7% return
    3Y
    50%
    of 274 industry peers · 105.8% return
    5Y
    44%
    of 263 industry peers · 44.4% return
    Regional Banks peers with revenue growth within 4pp of NKSH's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    NKSH National Bankshares 3.6% 12.7x 45.7%105.8%44.4% —
    FBP First BanCorp 2.9% 11.3x 39.3%134.7%131.8% +87pp
    BPOP Popular 2.8% 10.5x 43.1%187.4%119.9% +76pp
    SRCE 1st Source 7.5% 11.8x 46.4%115.1%100.0% +56pp
    EWBC East West Bancorp 6.3% 12.5x 31.3%169.8%76.4% +32pp
    CATY Cathay General Bancorp 2.0% 12.4x 40.7%114.6%75.3% +31pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is NKSH's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 28.7%75.2%121.5% SPNT 173% · RNR 148% · RGA 146%
    Diversified Banks 12 26.4%152.5%88.0% CM 137% · RY 123% · JPM 119%
    Life & Health Insurance 20 14.7%55.4%74.1% JXN 472% · UNM 277% · MFC 176%
    Investment Banking & Brokerage 13 -14.4%108.1%71.9% IBKR 343% · SNEX 168% · HOOD 140%
    Property & Casualty Insurance 42 15.1%71.3%66.7% TRV 170% · PGR 166% · ACGL 147%
    Multi-line Insurance 9 6.3%66.1%57.5% GNW 99% · L 98% · AIZ 87%
    Multi-Sector Holdings 3 4.0%57.0%52.5% BRK-B 87% · VOYA 52% · JEF 28%
    Regional Banks ← 264 30.2%104.2%51.1% CBC 241% · FCNCA 186% · NIC 148%
    Financial Exchanges & Data 15 13.8%39.1%32.1% CBOE 181% · VIRT 152% · CME 73%
    Insurance Brokers 15 -3.4%10.1%22.9% LIFE 405% · ARX 88% · AJG 71%
    Consumer Finance 30 0.0%79.9%14.7% ENVA 374% · FCFS 102% · AGM 92%
    Diversified Financial Services 4 -9.1%23.5%3.5% FRHC 160% · EQH 77%
    Asset Management & Custody Banks 85 -12.8%19.9%2.8% WT 283% · AAMI 246% · VCTR 241%
    Commercial & Residential Mortgage Finance 14 -57.9%26.5%-8.5% FNMA 386% · FMCC 347% · ACT 161%
    Specialized Finance 3 7.6%44.9%-12.4% CACC -12% · HASI -22%
    Mortgage REITs 34 -20.1%0.7%-32.8% RITM 36% · DX 20% · AGNC 8%
    Transaction & Payment Processing Services 17 5.3%12.0%-34.1% V 83% · MA 79% · CPAY 47%
    Diversified Capital Markets 20 -55.6%2.1%-66.5% LPLA 85% · TW 46% · RIOT -56%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1National Bankshares Stock Lost 5.9%, Buy Or Wait?10/17/2025
    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    BRZEBraze5.156.4%33.8%
    RHIRobert Half4.637.7%79.4%
    IRONDisc Medicine2.931.1%-6.2%
    TRONTron0.729.9%15.7%
    TRAXFirst Tracks Biotherapeutics1.527.8%136.8%
    NTSKNetskope9.727.8%38.4%
    MANEVeradermics5.627.5%267.6%
    APPNAppian3.827.2%47.8%
    AVBPArriVent BioPharma1.026.1%4.4%
    DGICBDonegal-25.7%39.3%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    AVTXAvalo Therapeutics0.3-38.5%-61.8%
    GLASGlass House Brands0.2-32.9%-75.8%
    AVEXAEVEX0.6-29.5%-59.8%
    NVECNVE0.4-26.7%26.8%
    KALUKaiser Aluminum1.8-26.7%-4.6%
    CRSCarpenter Technology14.1-24.5%-9.4%
    FPSForgent Power Solutions5.9-23.5%-16.5%
    CORTCorcept Therapeutics9.0-22.1%146.7%
    LKQLKQ4.4-21.6%-40.4%
    FCFSFirstCash7.6-19.7%9.1%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    KODKodiak Sciences5.5163.8%213.4%
    BRZEBraze5.186.0%33.8%
    FIGSFIGS3.461.7%77.8%
    HPKHighPeak Energy1.451.2%144.1%
    DXCDXC Technology2.648.8%9.8%
    TTANServiceTitan8.345.1%-18.3%
    RXORXO4.944.3%127.5%
    KSSKohl's2.842.6%23.4%
    PCRXPacira BioSciences1.442.5%40.7%
    ACNAccenture152.741.7%-3.8%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    GLASGlass House Brands0.2-70.1%-75.8%
    SHAZSharonAI0.4-59.3%-75.2%
    NUAINew Era Energy & Digital0.3-57.3%1.0%
    BRUNBoost Run0.4-56.8%-65.5%
    CIFRCipher Digital3.3-56.1%-46.2%
    AVTXAvalo Therapeutics0.3-55.9%-61.8%
    EMATEvolution Metals & Technologies0.9-55.5%-93.3%
    FRVOFervo Energy1.3-51.9%-78.0%
    XNDUXanadu Quantum Technologies0.8-48.2%-77.0%
    FMCFMC0.6-46.9%-62.8%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    NKSHTOWNAUBUBSIBHRBBRBSMedian
    NameNational.Towne Ba.Atlantic.United B.Burke & .Blue Rid. 
    Mkt Price40.2836.5939.8848.6970.744.0740.08
    Mkt Cap0.33.35.76.71.30.42.3
    Rev LTM608881,5311,28035984623
    Op Inc LTM-------
    FCF LTM181285245348621107
    FCF 3Y Avg121579764727014113
    CFO LTM201805495569723139
    CFO 3Y Avg142079894888015143

    Growth & Margins

    NKSHTOWNAUBUBSIBHRBBRBSMedian
    NameNational.Towne Ba.Atlantic.United B.Burke & .Blue Rid. 
    Rev Chg LTM20.8%25.4%46.3%14.6%8.6%-5.4%17.7%
    Rev Chg 3Y Avg3.6%8.7%31.3%6.3%52.9%-14.6%7.5%
    Rev Chg Q18.3%34.6%2.7%5.8%23.0%-20.7%12.1%
    QoQ Delta Rev Chg LTM4.2%7.7%0.7%1.4%5.8%-5.4%2.8%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM33.2%20.3%35.9%43.4%27.1%27.7%30.5%
    CFO/Rev 3Y Avg26.6%27.9%92.7%42.6%21.0%17.1%27.3%
    FCF/Rev LTM30.5%14.4%34.2%41.7%24.1%25.1%27.8%
    FCF/Rev 3Y Avg22.0%21.3%91.7%41.3%16.5%15.8%21.7%

    Valuation

    NKSHTOWNAUBUBSIBHRBBRBSMedian
    NameNational.Towne Ba.Atlantic.United B.Burke & .Blue Rid. 
    Mkt Cap0.33.35.76.71.30.42.3
    P/S4.23.73.75.23.64.34.0
    P/Op Inc-------
    P/EBIT-------
    P/E12.620.711.613.013.438.313.2
    P/CFO12.818.410.312.113.415.413.1
    Total Yield9.8%7.3%12.5%10.8%10.3%17.4%10.6%
    Dividend Yield1.9%2.5%3.9%3.2%2.8%14.8%3.0%
    FCF Yield 3Y Avg5.9%6.4%20.2%9.0%6.4%7.3%6.9%
    D/E0.00.10.30.10.50.50.2
    Net D/E-0.3-0.40.1-0.3-0.00.3-0.2

    Returns

    NKSHTOWNAUBUBSIBHRBBRBSMedian
    NameNational.Towne Ba.Atlantic.United B.Burke & .Blue Rid. 
    1M Rtn-4.6%1.3%3.5%4.6%2.0%4.8%2.8%
    3M Rtn9.9%0.6%-4.7%2.7%1.1%17.5%1.9%
    6M Rtn15.4%7.7%8.6%13.8%12.4%13.5%13.0%
    12M Rtn44.9%14.3%21.7%38.5%18.5%15.0%20.1%
    3Y Rtn104.7%86.5%61.7%102.9%71.1%68.3%78.8%
    1M Excs Rtn-3.6%2.3%4.6%5.7%3.1%5.8%3.8%
    3M Excs Rtn2.2%-5.3%-7.4%-0.5%-4.5%13.6%-2.5%
    6M Excs Rtn9.1%1.3%2.2%7.4%6.0%7.2%6.6%
    12M Excs Rtn30.3%0.8%8.1%28.6%5.8%1.8%7.0%
    3Y Excs Rtn24.8%4.5%-22.2%25.8%-3.8%-37.3%0.4%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/12/20265/13/20263/27/202611/13/20258/13/20255/14/20253/28/202511/13/20248/14/20245/15/20243/19/202411/8/2023
    Key Financials Quarterly            
    Total Revenue161515141313121211101111
    Net Income55642333-0243
    EPS0.790.780.920.700.360.510.480.42-0.050.370.710.52
    Key Financials TTM            
    Total Revenue TTM605856535048454443444755
    Net Income TTM20181613119899131621
    Growth Rates Quarterly            
    Total Revenue Growth18.3%19.4%24.7%21.2%21.2%22.7%14.1%9.0%-8.9%-20.5%-42.9%-26.0%
    Net Income Growth119.7%53.9%91.0%65.1%845.6%48.9%-26.4%-12.9%-107.9%-52.0%-55.0%-50.1%
    Margins Quarterly            
    Net Income Margin32.0%32.6%38.5%31.1%17.3%25.3%25.1%22.8%-2.8%20.8%39.0%28.6%
    Cash & Debt            
    Total Cash751048364683151710672701731705645
    Total Debt000000000000
    Net Debt / (Cash)-75-104-83-64-683-151-710-672-701-731-705-645
    Cash Flows Quarterly            
    FCF from Operations43762353-3426
    Cash Flows TTM            
    FCF from Operations TTM20191816138969151625
    Returns to Shareholders Quarterly            
    Dividends005000504050
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single Segment5645475950
    Total5645475950


    Price Behavior

    Price Behavior
    Market Price$40.48 
    Market Cap ($ Bil)0.3 
    First Trading Date12/01/1999 
    Distance from 52W High-11.0% 
       50 Days200 Days
    DMA Price$42.35$37.84
    DMA Trendupup
    Distance from DMA-4.4%7.0%
     3M1YR
    Volatility33.6%28.4%
    Downside Capture51.9839.09
    Upside Capture96.6076.83
    Correlation (S&P 500)13.2%17.7%
    NKSH Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.730.340.420.140.430.74
    Up Beta-1.810.72-0.61-0.280.310.61
    Down Beta2.470.800.49-0.100.550.88
    Up Capture98%25%104%43%54%55%
    Bmk +ve Days6162766132424
    Stock +ve Days16284070137384
    Down Capture49%-1%31%25%28%89%
    Bmk -ve Days16263760120328
    Stock -ve Days6142456114361

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NKSH
    NKSH45.0%28.4%1.29-
    Sector ETF (XLF)8.0%14.5%0.2940.7%
    Equity (SPY)14.8%12.7%0.8016.3%
    Gold (GLD)-2.8%28.5%-0.113.4%
    Commodities (DBC)52.1%20.7%1.91-31.8%
    Real Estate (VNQ)4.3%13.9%0.0633.7%
    Bitcoin (BTCUSD)-24.8%43.5%-0.545.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NKSH
    NKSH7.7%32.6%0.27-
    Sector ETF (XLF)9.0%18.3%0.3533.9%
    Equity (SPY)12.7%17.1%0.5623.9%
    Gold (GLD)17.3%18.9%0.731.1%
    Commodities (DBC)9.5%19.5%0.370.6%
    Real Estate (VNQ)1.1%18.9%-0.0528.1%
    Bitcoin (BTCUSD)5.7%51.7%0.2910.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NKSH
    NKSH5.7%37.8%0.26-
    Sector ETF (XLF)13.2%22.1%0.5446.1%
    Equity (SPY)15.3%17.9%0.7238.6%
    Gold (GLD)11.8%16.4%0.590.8%
    Commodities (DBC)8.4%18.1%0.388.5%
    Real Estate (VNQ)5.2%20.7%0.2135.6%
    Bitcoin (BTCUSD)62.4%66.2%1.0211.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity0.1 Mil
    Short Interest: % Change Since 9152026-6.6%
    Average Daily Volume0.0 Mil
    Days-to-Cover Short Interest4.1 days
    Basic Shares Quantity6.4 Mil
    Short % of Basic Shares1.7%

    Returns Analyses

    Earnings Returns History

    Updated 10/22/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    4/23/2026-2.6%-2.2%-2.8%
    1/22/20260.5%0.8%4.5%
    10/23/20251.6%-2.4%5.8%
    7/24/2025-0.8%-4.4%5.2%
    4/24/2025-2.4%-4.1%1.5%
    1/23/2025-2.9%-1.1%-9.7%
    10/24/2024-4.4%-5.0%6.5%
    7/25/2024-0.3%-9.6%-4.0%
    ...
    SUMMARY STATS   
    # Positive111016
    # Negative12137
    Median Positive0.5%2.5%6.2%
    Median Negative-1.6%-3.8%-4.0%
    Max Positive3.6%6.0%18.6%
    Max Negative-5.7%-9.6%-17.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    4/23/2026-2.6%-2.2%-2.8%
    1/22/20260.5%0.8%4.5%
    10/23/20251.6%-2.4%5.8%
    7/24/2025-0.8%-4.4%5.2%
    4/24/2025-2.4%-4.1%1.5%
    1/23/2025-2.9%-1.1%-9.7%
    10/24/2024-4.4%-5.0%6.5%
    7/25/2024-0.3%-9.6%-4.0%
    4/25/2024-2.7%-1.5%12.4%
    1/25/2024-0.4%-3.8%-2.1%
    10/26/20231.4%3.3%17.5%
    7/20/2023-5.7%-7.8%-17.0%
    4/20/2023-0.4%-5.3%-13.8%
    2/2/20230.1%6.0%3.2%
    10/20/20220.0%5.2%13.4%
    7/19/20220.9%1.5%8.7%
    4/21/20220.1%-1.4%-3.8%
    2/3/20220.5%0.7%1.5%
    10/21/2021-0.1%2.5%5.9%
    7/15/2021-0.4%-0.7%8.6%
    4/22/20213.6%2.4%3.2%
    2/4/20211.7%1.3%18.1%
    10/22/20200.2%3.1%18.6%
    SUMMARY STATS   
    # Positive111016
    # Negative12137
    Median Positive0.5%2.5%6.2%
    Median Negative-1.6%-3.8%-4.0%
    Max Positive3.6%6.0%18.6%
    Max Negative-5.7%-9.6%-17.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/13/202610-Q
    12/31/202503/27/202610-K
    09/30/202511/13/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/28/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/15/202410-Q
    12/31/202303/19/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/11/202310-Q
    12/31/202203/10/202310-K
    09/30/202211/09/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/13/202610-Q
    12/31/202503/27/202610-K
    09/30/202511/13/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/28/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/15/202410-Q
    12/31/202303/19/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/11/202310-Q
    12/31/202203/10/202310-K
    09/30/202211/09/202210-Q
    06/30/202208/10/202210-Q
    03/31/202205/11/202210-Q
    12/31/202103/11/202210-K
    09/30/202111/10/202110-Q
    06/30/202108/13/202110-Q
    03/31/202105/12/202110-Q
    12/31/202003/18/202110-K
    09/30/202011/06/202010-Q
    06/30/202008/10/202010-Q
    03/31/202005/07/202010-Q
    12/31/201903/11/202010-K
    09/30/201911/07/201910-Q

    Insider Activity

    Updated 6/11/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Sweet, Alan Jeffrey DirectBuy316202637.102157,976349,519Form
    2Ball, Lawrence J DirectBuy618202525.801,00025,800597,760Form
    3Sweet, Alan Jeffrey DirectBuy613202526.502255,962238,156Form
    4Smith, Lutheria H DirectBuy612202526.172462839,203Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Sweet, Alan Jeffrey DirectBuy316202637.102157,976349,519Form
    2Ball, Lawrence J DirectBuy618202525.801,00025,800597,760Form
    3Sweet, Alan Jeffrey DirectBuy613202526.502255,962238,156Form
    4Smith, Lutheria H DirectBuy612202526.172462839,203Form

    Industry Resources

    External Quote Links


    Prefer one of these to Trefis? Tell us why.
    Core Cache Last Updated: 10/24/2026