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National Bankshares (NKSH) will pay a special dividend of $1.00 per share on Feb. 3, 2023. The regular quarterly dividend is $0.78 per share and yields 3.8% at a stock price of $41. This special cash dividend is payable on February 3, 2023 to all common shareholders of record as of January 23, 2023.

The Company's Board of Directors believes that a strong capital base is crucial to serving its customers and growing the Company. The Board utilizes cash dividends and stock repurchases to return excess capital to the Company's shareholders. In 2022, the Company benefited from an unanticipated, one-time payout from an investment in a broker-dealer that was acquired. This payment, along with the Company's positive performance during 2022, created a unique opportunity to reward shareholders with this special dividend.

President and Chief Executive Officer, F. Brad Denardo, commented, "This special dividend reflects not only the Company's solid performance, but our ongoing commitment to enhancing shareholder value. Without the investment of our shareholders, our success would not be possible, and we are thrilled to have this exceptional opportunity to share that success. From myself, the Board of Directors, and the employees at National Bankshares, we thank you for your continued support."

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 three loan production offices. National Bankshares Financial Services, Inc. is an investment and insurance subsidiary in the same trade area.