0001437749-22-011921nksh20220511_8k.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
Form 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported) May 11, 2022
 
NATIONAL BANKSHARES, INC.
(Exact name of Registrant as specified in its charter)
 
 
Virginia
0-15204
54-1375874
(State or other jurisdiction
of incorporation)
(Commission File No.)
(I.R.S. Employer Identification No.)
 
101 Hubbard Street
Blacksburg, VA 24060
(Address of principal executive offices)
 
(540) 951-6300
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report) Not applicable
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
NKSH
NASDAQ
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 

 
 
ITEM 8.01.         OTHER EVENTS
 
On May 11, 2022, National Bankshares, Inc. issued a press release announcing payment of a semi-annual cash dividend of $0.72 per share on June 1, 2022 to stockholders of record as of May 23, 2022.
 
National Bankshares, Inc.’s press release also announced the renewal of the authorization of a stock repurchase plan under which the Company’s management is authorized to repurchase up to 250,000 shares of common stock in the open market during the period from June 1, 2022 through May 31, 2023.
 
A copy of the press release is attached as Exhibit 99.1.
 
 
ITEM 9.01.     FINANCIAL STATEMENTS AND EXHIBITS
 
(d)
Exhibits
 
99.1         National Bankshares, Inc. Press Release, dated May 11, 2022.
 
104          Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
NATIONAL BANKSHARES, INC.
 
 
Date: May 11, 2022
 
 
By:         /s/ F. BRAD DENARDO
F. Brad Denardo
Chairman, President and CEO
 
Page 2 of 2 Pages
0001437749-22-011921ex_374254.htm

Exhibit 99.1

 

http://api.rkd.refinitiv.com/api/FilingsRetrieval3/.67685014.0001437749-22-011921logo01.jpg.ashx

 

FOR IMMEDIATE RELEASE

 

CONTACTS:   

F. BRAD DENARDO, CHAIRMAN, PRESIDENT & CEO

(540) 951-6213   bdenardo@nbbank.com

LORA JONES, TREASURER & CFO

(540) 951-6222   ljones@nbbank.com

 

NATIONAL BANKSHARES, INC. DECLARES SEMI-ANNUAL DIVIDEND

 

BLACKSBURG, VA, MAY 11, 2022: The Board of Directors of National Bankshares, Inc. (NASDAQ Capital Market: NKSH) today approved payment on June 1, 2022 of a semi-annual dividend of $0.72 per share to all stockholders of record as of May 23, 2022. This is an increase from the $0.70 per share dividend paid on June 1, 2021. President and CEO F. Brad Denardo commented, “National Bankshares continues to be profitable, efficient, and well-capitalized. We are pleased to reward our stockholders’ investment with this dividend payment, and we are grateful for their ongoing support.”

 

In other business, the Board renewed its authorization of a stock repurchase plan under which management is authorized to purchase up to 250,000 shares of National Bankshares, Inc.’s common stock in the open market.  The authorization extends from June 1, 2022 to May 31, 2023. The Company’s current stock repurchase plan expires on May 31, 2022. The Company’s management has not yet determined how many shares, if any, might be purchased under the continued stock repurchase plan.

 

National Bankshares, Inc., headquartered in Blacksburg, Virginia, is the parent company of The National Bank of Blacksburg, which does business as National Bank, and of National Bankshares Financial Services, Inc. National Bank is a community bank operating from 24 full-service offices and one loan production office throughout Southwest Virginia. National Bankshares Financial Services, Inc. is an investment and insurance subsidiary in the same trade area. The Company’s stock is traded on the NASDAQ Capital Market under the symbol “NKSH.” Additional information is available at www.nationalbankshares.com.

 

Forward-Looking Statements

 

Certain statements in this press release may be forward-looking statements. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results that are not statements of historical fact and that involve significant risks and uncertainties. Although the Company believes that its expectations with regard to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual Company results will not differ materially from any future results implied by the forward-looking statements. Actual results may be materially different from past or anticipated results because of many factors, some of which may include changes in economic conditions, the interest rate environment, legislative and regulatory requirements, new products, competition, changes in the stock and bond markets and technology. The Company does not update any forward-looking statements that it may make.

 

 

101 Hubbard Street / Blacksburg, Virginia 24060

P.O. Box 90002 / Blacksburg, Virginia 24062-9002

540 951-6300 / 800 552-4123

www.nationalbankshares.com