NKSHMEDIUM SIGNALFINANCIAL10-K

National Bankshares completed its Roanoke branch expansion and delivered substantially improved operating cash flow performance while reducing cash reserves.

The bank successfully executed its planned geographic expansion into the Roanoke market and upgraded its Lynchburg location, expanding from 27 to 28 branches. The substantial improvement in operating cash flow generation suggests stronger underlying business performance, though the significant reduction in cash reserves may indicate either strategic deployment of excess liquidity or potential liquidity management considerations.

Comparing 2026-03-27 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

The company's financial position shows mixed signals with substantially higher operating cash flow generation indicating improved business performance. However, cash and equivalents declined meaningfully from $108.1M to $59.3M, suggesting either strategic deployment of excess liquidity or working capital changes. Stockholders' equity grew modestly to $184.9M, reflecting retained earnings growth and overall balance sheet strengthening despite the lower cash position.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+89.6%
$9.4M→$17.9M

Operating cash flow surged 89.6% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
-45.2%
$108.1M→$59.3M

Cash declined 45.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Stockholders Equity
Balance Sheet
+18.2%
$156.4M→$184.9M

Equity base grew 18.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-03-27
PRIOR — 2025-03-28
ADDED
As of March 27, 2026 , the registrant had 6,368,410 shares of voting common stock outstanding.
(the Company or NBI ) is a financial holding company that was organized in 1986 under the laws of Virginia and is registered under the Bank Holding Company Act of 1956, as amended ("BHCA").
Through 28 banking locations across southwest, western and central Virginia, including a new branch opened in 2025 in Roanoke, Virginia, a recently upgraded Lynchburg, Virginia location and a loan production office in Charlottesville, Virginia, NBB offers a full range of retail and commercial banking services to individuals, businesses, non-profits and local governments.
As of December 31, 2025, NBB had total assets of $1,821,703 and total deposits of $1,646,795.
NBB s net income for 2025 was $16,858, which produced a return on average assets of 0.93% and a return on average equity of 10.93%.
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REMOVED
As of March 28, 2025 , the registrant had 6,363,371 shares of voting common stock outstanding.
(the Company or NBI ) is a financial holding company that was organized in 1986 under the laws of Virginia and is registered under the Bank Holding Company Act of 1956.
Through 27 banking locations across southwest and central Virginia and two loan production offices in Roanoke and Charlottesville, Virginia, NBB offers a full range of retail and commercial banking services to individuals, businesses, non-profits and local governments.
Construction on a branch in Roanoke, Virginia is underway, with a planned completion date during the first quarter of 2025.
As of December 31, 2024, NBB had total assets of $1,808,152 and total deposits of $1,661,495.
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