NATIONAL BANKSHARES INC
For the period ended Mar 31, 2025. Filed Mar 31, 2025.
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Mar 31, 2025 · Filed Mar 31, 2025
Contents
Summary Compensation Table
The following table sets forth information concerning total compensation earned or paid to the individuals who served as the Company’s named executive officers for the fiscal year ended December 31, 2024. The table reflects the principal positions held by the officers as of December 31, 2024.
| Summary Compensation Table | |||
|---|---|---|---|
| Name and Principal Position | Year | Salary ($) | Bonus ($) |
| F. Brad Denardo | 2024 | 594,667 | --- |
| Chairman, President & CEO – Company / Bank / NBFS | 2023 | 564,333 | --- |
| (Principal Executive Officer) | 2022 | 541,667 | --- |
| Lora M. Jones | 2024 | 188,333 | --- |
| Treasurer & CFO – Company | 2023 | 161,721 | --- |
| (Principal Financial Officer) | 2022 | 147,600 | --- |
| Cashier & CFO - Bank | |||
| Paul M. Mylum | 2024 | 229,583 | --- |
| Executive Vice President/Chief Lending Officer – | 2023 | 254,102 | --- |
| Company / Bank | 2022 | 248,187 | |
| Lara E. Ramsey | 2024 | 206,667 | --- |
| Executive Vice President/Chief Operating Officer – | 2023 | 198,431 | --- |
| Company / Bank | 2022 | 168,116 | --- |
| Corporate Secretary – Company / Bank | |||
| David K. Skeens | 2024 | 200,333 | --- |
| Senior Vice President/ Senior Operations, Risk and | 2023 | 216,372 | --- |
| Technology Officer – Company / Bank | 2022 | 208,422 | --- |
| Summary Compensation Table (continued) | |||||
|---|---|---|---|---|---|
| Name | Year | Non-EquityIncentive PlanCompensation($)(1) | Change in PensionValue andNonqualified DeferredCompensationEarnings ($)(2) | All OtherCompensation($)(3) | Total ($) |
| F. Brad Denardo | 2024 | 158,619 | 239,569 | 45,426 | 1,038,281 |
| 2023 | --- | 335,464 | 42,332 | 942,129 | |
| 2022 | 156,000 | --- | 70,528 | 767,925 | |
| Lora M. Jones | 2024 | 19,473 | 8,051 | 14,346 | 230,203 |
| 2023 | --- | 30,974 | 14,675 | 207,370 | |
| 2022 | 26,530 | --- | 16,020 | 190,150 | |
| Paul M. Mylum | 2024 | 26,555 | 62,059 | 18,685 | 336,882 |
| 2023 | --- | 157,281 | 20,302 | 431,685 | |
| 2022 | 41,200 | --- | 23,088 | 312,475 | |
| Lara E. Ramsey | 2024 | 22,424 | 40,102 | 15,742 | 284,935 |
| 2023 | --- | 112,527 | 16,497 | 327,455 | |
| 2022 | 28,222 | --- | 16,742 | 213,080 | |
| David K. Skeens | 2024 | 22,778 | 42,759 | 15,260 | 281,130 |
| 2023 | --- | 129,029 | 17,896 | 363,297 | |
| 2022 | 37,120 | --- | 19,823 | 265,365 | |
(1)
Consists of cash bonus payments earned by the officer pursuant to the Company’s Incentive Plan for the respective year.
(2)
Consists of changes in the actuarial present fair value in the National Bankshares, Inc. Retirement Income Plan and in the Officers Salary Continuation Plan for each officer. For Mr. Denardo $90,000 of in service distribution is included. All changes in values are based on reports from independent advisors, using the assumptions described in the “Retirement Plans—Qualified Retirement Plans—National Bankshares, Inc. Retirement Income Plan” and “Retirement Plans—Nonqualified Retirement Plan—Officers Salary Continuation Plan” sections of this proxy statement.
(3)
Additional information about “All Other Compensation” for the executive officers is provided in the following table.
| Name | Year | Matching ContributionUnder NationalBankshares,Inc. RetirementAccumulation Plan($) | Contribution UnderNational Bankshares, Inc.Employee StockOwnership Plan($) | Perquisites($)(1) | TotalAll OtherCompensation ($) |
|---|---|---|---|---|---|
| F. Brad Denardo | 2024 | 17,250 | 9,029 | 19,147 | 45,426 |
| 2023 | 16,500 | 9,232 | 16,600 | 42,332 | |
| 2022 | 15,250 | 12,945 | 14,563 | 70,258 | |
| Lora M. Jones | 2024 | 9,417 | 4,929 | --- | 14,346 |
| 2023 | 9,410 | 5,265 | --- | 14,675 | |
| 2022 | 8,665 | 7,355 | --- | 16,020 | |
| Paul M. Mylum | 2024 | 11,479 | 6,008 | 1,198 | 18,685 |
| 2023 | 13,018 | 7,284 | --- | 20,302 | |
| 2022 | 12,488 | 10,600 | --- | 23,088 | |
| Lara E. Ramsey | 2024 | 10,333 | 5,409 | --- | 15,742 |
| 2023 | 10,578 | 5,919 | --- | 16,497 | |
| 2022 | 9,055 | 7,687 | --- | 16,742 | |
| David K. Skeens | 2024 | 10,017 | 5,243 | --- | 15,260 |
| 2023 | 11,475 | 6,421 | --- | 17,896 | |
| 2022 | 10,722 | 9,101 | --- | 19,823 |
See “All Other Compensation” in the Summary Compensation Table above.
(1)
In 2024, perquisites for Mr. Denardo’s totaled $8,620 for personal use of a Company owned automobile and $10,520 for club dues and Virginia Tech football tickets. In 2024, perquisites for Mr. Mylum totaled $1,198 for club dues.
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