National Bankshares, Inc. reported net income of $7.62 million, or $1.24 per basic and diluted common share, for the twelve months ended December 31, 2024. For the fourth quarter of 2024, the company posted net income of $3.08 million, or $0.48 per basic and diluted common share.
The company successfully completed the acquisition of Frontier Community Bank (FCB) on June 1, 2024. This transaction added assets, including goodwill, of $153.39 million, deposits of $129.72 million, and equity of $16.35 million to the balance sheet, with merger-related expenses totaling $2.92 million for the year.
The net interest margin for the full year 2024 was lower than in 2023, primarily due to higher deposit costs. However, the net interest margin improved in the fourth quarter of 2024 compared to the third quarter, benefiting from a 100 basis point decrease by the Federal Reserve in late 2024 that reduced funding costs.
Noninterest income increased for the full year 2024 compared to 2023, driven by an updated fee schedule and the FCB acquisition. Total noninterest expense also increased year-over-year due to the FCB integration and a contract termination expense.
Total assets stood at $1.81 billion as of December 31, 2024, reflecting the company's expanded footprint. Stockholders' equity increased compared to December 31, 2023, primarily as a result of the FCB acquisition, reinforcing the company's capital base.
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