National Bankshares Q3 2021 Earnings Report

Reported solid results driven by increased net income and strategic initiatives.

Key Takeaways

National Bankshares, Inc. reported a strong performance for the third quarter and nine months ended September 30, 2021, with significant growth in net income compared to the previous year, driven by low-cost deposit funding, reversal of loan loss reserves, loan growth, and increased fee income.

Net income increased significantly due to low-cost deposit funding and reversal of loan loss reserves.

Loan growth and increased fee income contributed to enhanced profitability.

The company assisted local businesses through the PPP by providing 1,259 loans totaling $83.02 million.

Total assets increased by $208.53 million, or 14.53%, from $1.44 billion at September 30, 2020 to $1.64 billion at September 30, 2021.

Total Revenue

$12.9M

Previous year: $11.2M