National Bankshares, Inc. Declares Semi-Annual Dividend

BLACKSBURG, VA, MAY 10, 2023:  The Board of Directors of National Bankshares, Inc. (NASDAQ Capital Market: NKSH) today approved payment on June 1, 2023 of a semi-annual dividend of $0.73 per share to all stockholders of record as of May 22, 2023. This is an increase from the $0.72 per share dividend paid on June 1, 2022. President and CEO, F. Brad Denardo, commented, “National Bankshares remains a safe financial haven in uncertain times. In the midst of banking sector volatility and broader economic concerns, we are thankful for the opportunity to reward shareholders with this increased dividend payment. Your Company remains profitable, well-capitalized, and committed to driving long-term value. Thank you for your continued 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, 2023 to May 31, 2024. The Company’s current stock repurchase plan expires on May 31, 2023. 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, primarily in southwest Virginia, and three loan production offices. 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.”

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market, interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and in the Company’s other periodic and current reports filed with the SEC. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance.