Wed, May 15, 2:33 PM (232 days ago)
National Bankshares, Inc. reported a net income of $2,174 for Q1 2024, down from $4,531 in Q1 2023. The net interest margin decreased to 2.08% from 2.79%, driven by higher interest expenses on deposits and borrowings. Noninterest income remained flat at $2,199, while noninterest expenses rose slightly to $7,762, primarily due to merger-related expenses. The allowance for credit losses (ACLL) on loans was $9,055, or 1.05% of loans, reflecting adjustments for economic forecasts and qualitative factors. Deposits grew by 2.25% to $1,537,808, with a significant increase in time deposits. The company remains well-capitalized, with a total capital ratio of 18.15%. Future performance may be impacted by ongoing economic conditions and the pending merger with Frontier Community Bank.