National Bankshares Inc 10-K/A, filed Mar 30, 2021
National Bankshares Inc (NKSH)
10-K/A
2021-03-30
For: 2020-12-31
View Original
Added on
April 07, 2026
About this 10-K/A
National Bankshares Inc filed this 10-K/A on March 30, 2021, covering the fiscal year ended December 31, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
|
|
|
For the Fiscal Year Ended
|
|
|
For the transition period from ________ to ________.
Commission File Number: 0-15204
(Exact name of registrant as specified in its charter)
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices)
(540 ) 951-6300
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
|
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such period that the registrant was required to submit files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☐ | Accelerated filer ☐ | Smaller reporting company |
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 ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The aggregate market value of the voting common stock of the registrant held by non-affiliates of the registrant on June 30, 2020 (the last business day of the most recently completed second fiscal quarter) was approximately $185,601,816 . As of March 8, 2021, the registrant had 6,388,120 shares of voting common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the following document is incorporated herein by reference into the Part of the Form 10-K indicated.
|
Document
|
Part of Form 10-K into which incorporated
|
|
National Bankshares, Inc. Proxy Statement for the 2021 Annual Meeting of Stockholders
|
Part III
|
EXPLANATORY NOTE
|
1.
|
To amend the cover page to uncheck the box with respect to whether the Company has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report (the “Section 404(b) box”). The Section 404(b) box was inadvertently checked on the cover page of the Original Form 10-K.
|
|
2.
|
To amend and restate Item 9A of Part II, (i) to state that there were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the fourth quarter ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting (in the Original 10-K the Company stated that there were no such changes during the year ended December 31, 2020); (ii) to state that the Form 10-K does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting, and that management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the SEC that permit the Company to provide only management’s report in the 10-K; and (iii) to remove the statement made in the Original Form 10-K that the Company’s independent registered public accounting firm issued an attestation report on the effectiveness of internal control over financial reporting.
|
|
3.
|
To amend and restate the exhibit list in Item 15 of Part IV to include Exhibit 4(ii), Description of National Bankshares, Inc.’s Securities, in the exhibit list. The Company is filing such exhibit with this Form 10-K/A. In addition, because this Form 10-K/A is amending and restating Item 9A of Part II, currently dated certifications of the Company’s principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibits 31(i) and 31(ii) to this Form 10-K/A. The Company is not including new certificates under Section 906 of the Sarbanes-Oxley Act of 2002 as no financial statements are being filed with this Form 10-K/A.
|
Except as described above, this Form 10-K/A does not amend any other information set forth in the Original Form 10-K, and the Company has not updated disclosures included therein to reflect any subsequent events. This Form 10-K/A should be read in conjunction with the Original Form 10-K and with the Company’s filings with the SEC subsequent to the Form 10-K.
2
Part II
Item 9A. Controls and Procedures
Disclosure Controls and Procedures
The Company's management evaluated, with the participation of the Company's principal executive officer and principal financial officer, the effectiveness of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this report. Based on that evaluation, the Company's principal executive officer and principal financial officer concluded that the Company's disclosure controls and procedures are effective as of December 31, 2020 to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified by the Company's management, including the Company's principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
There were no changes in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the fourth quarter ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Because of the inherent limitations in all control systems, the Company believes that no system of controls, no matter how well designed and operated, can provide absolute assurance that all control issues have been detected
Management's Report on Internal Control Over Financial Reporting
To the Stockholders of National Bankshares, Inc.:
Management is responsible for the preparation and fair presentation of the consolidated financial statements included in this annual report. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and reflect management's judgments and estimates concerning effects of events and transactions that are accounted for or disclosed.
Management is also responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting includes those policies and procedures that pertain to the Company's ability to record, process, summarize and report reliable financial data. Management recognizes that there are inherent limitations in the effectiveness of any internal control over financial reporting, including the possibility of human error and the circumvention or overriding of internal control. Accordingly, even effective internal control over financial reporting can provide only reasonable assurance with respect to consolidated financial statement preparation. Further, because of changes in conditions, the effectiveness of internal control over financial reporting may vary over time.
In order to ensure that the Company's internal control over financial reporting is effective, management regularly assesses such controls and did so most recently for its financial reporting as of December 31, 2020. This assessment was based on criteria for effective internal control over financial reporting described in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations (COSO, 2013) of the Treadway Commission. Based on this assessment, management believes the Company maintained effective internal control over financial reporting as of December 31, 2020. This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in its annual report.
The Board of Directors, acting through its Audit Committee, is responsible for the oversight of the Company's accounting policies, financial reporting and internal control. The Audit Committee of the Board of Directors is comprised entirely of outside directors who are independent of management. The Audit Committee is responsible for the appointment and compensation of the independent registered public accounting firm and approves decisions regarding the appointment or removal of the Company’s internal auditors. It meets periodically with management, the independent registered public accounting firm and the internal auditors to ensure that they are carrying out their responsibilities. The Audit Committee is also responsible for performing an oversight role by reviewing and monitoring the financial, accounting and auditing procedures of the Company in addition to reviewing the Company's financial reports. The independent registered public accounting firm and the internal auditors have full and unlimited access to the Audit Committee, with or without management, to discuss the adequacy of internal control over financial reporting, and any other matter which they believe should be brought to the attention of the Audit Committee.
3
Part IV
Item 15. Exhibits, Financial Statement Schedules
(a) (1) Financial Statements
The following consolidated financial statements of National Bankshares, Inc. are included in Item 8:
Reports of Independent Registered Public Accounting Firm
Consolidated Balance Sheets – As of December 31, 2020 and 2019
Consolidated Statements of Income – Years ended December 31, 2020, 2019 and 2018
Consolidated Statements of Comprehensive Income – Years ended December 31, 2020, 2019 and 2018
Consolidated Statements of Changes in Stockholders’ Equity – Years ended December 31, 2020, 2019 and 2018
Consolidated Statements of Cash Flows – Years ended December 31, 2020, 2019 and 2018
Notes to Consolidated Financial Statements
(a) (2) Financial Statement Schedules
Certain schedules to the consolidated financial statements have been omitted if they were not required by Article 9 of Regulation S-X or if, under the related instructions, they were inapplicable, or if the information is contained elsewhere in this Form 10-K.
(a) (3) Exhibits
A list of the exhibits filed or incorporated in this Form 10-K by reference is as follows:
|
Exhibit No.
|
Description
|
|
|
3(i)
|
(incorporated herein by reference to Exhibit 3.1 of the Form 8-K filed on March 16, 2006)
|
|
|
3(ii)
|
(incorporated herein by reference to Exhibit 3(ii) of the Form 8-K filed on March 24, 2020)
|
|
|
4(i)
|
(incorporated herein by reference to Exhibit 4(a) of the Annual Report on Form 10-K for fiscal year ended December 31, 1993)
|
|
|
4(ii)
|
Filed herewith
|
|
|
*10(i)
|
(incorporated herein by reference to Exhibit 10 of Form 10-Q for the period ended September 30, 2002)
|
|
|
*10(ii)
|
(incorporated herein by reference to Exhibit 10.2 of the Form 8-K filed on March 11, 2015)
|
|
|
*10(iii)
|
(incorporated herein by reference to Exhibit 99 of the Form 8-K filed on February 8, 2006)
|
|
|
*10(iv)
|
(incorporated herein by reference to Exhibit 10.2 of the Form 8-K filed on January 25, 2012)
|
|
|
*10(v)
|
(incorporated herein by reference to Exhibit 10 of the Form 8-K filed on December 19, 2007)
|
|
|
*10(vi)
|
(incorporated herein by reference to Exhibit 10.2 of the Form 8-K filed on January 25, 2012)
|
|
|
*10(vii)
|
(incorporated herein by reference to Exhibit 10 of the Form 8-K filed on June 12, 2008)
|
|
|
*10(viii)
|
(incorporated herein by reference to Exhibit 10.2 of the Form 8-K filed on January 25, 2012)
|
|
|
*10(ix)
|
(incorporated herein by reference to Exhibit 10(iii) of the Annual Report on Form 10-K for fiscal year ended December 31, 2008)
|
4
|
*10(x)
|
(incorporated herein by reference to Exhibit 10.2 of the Form 8-K filed on January 25, 2012)
|
|
|
*10(xi)
|
(incorporated herein by reference to Exhibit 10.1 of the Form 8-K filed on March 8, 2018)
|
|
|
*10(xii)
|
(incorporated herein by reference to Exhibit 10.1 of the Form 8-K filed on July 20, 2016)
|
|
|
*10(xiii)
|
(incorporated herein by reference to Exhibit 10.1 of the Form 8-K filed on March 6, 2017)
|
|
|
*10(xiv)
|
(incorporated herein by reference to Exhibit 10.1 of the Form 8-K filed on March 6, 2017)
|
|
|
*10(xv)
|
(incorporated herein by reference to Exhibit 10.1 of the Form 8-K filed on March 6, 2017)
|
|
|
*10(xvi)
|
(incorporated herein by reference to Exhibit 10.1 of the Form 8-K filed on March 6, 2017)
|
|
|
21
|
(incorporated herein by reference to Exhibit 21 of the Annual Report on Form 10-K for fiscal year ended December 31, 2020)
|
|
|
31(i)
|
Filed herewith
|
|
|
31(ii)
|
Filed herewith
|
|
|
32(i)
|
(incorporated herein by reference to Exhibit 32(i) of the Annual Report on Form 10-K for fiscal year ended December 31, 2020)
|
|
|
32(ii)
|
(incorporated herein by reference to Exhibit 32(ii) of the Annual Report on Form 10-K for fiscal year ended December 31, 2020)
|
|
|
101
|
The following materials from National Bankshares, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in XBRL (Extensible Business Reporting Language), furnished herewith: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Changes in Shareholders’ Equity, (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements.
|
(incorporated herein by reference to Exhibit 101 of the Annual Report on Form 10-K for fiscal year ended December 31, 2020)
|
*Indicates a management contract or compensatory plan or arrangement.
5
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities 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.
|
|||
|
By: /s/ F. BRAD DENARDO
|
|||
|
F. Brad Denardo
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
|
|||
| Date: March 30, 2021 | |||
6