NATIONAL BANKSHARES INC
For the period ended May 14, 2024. Filed Mar 28, 2024.
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May 14, 2024 · Filed Mar 28, 2024
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, 2023.
| Summary Compensation Table | |||
|---|---|---|---|
| Name and Principal Position | Year | Salary ($) | Bonus ($) |
| F. Brad Denardo | 2023 | 564,333 | --- |
| Chairman, President & CEO – Company | 2022 | 541,667 | --- |
| (Principal Executive Officer) | |||
| Chairman, President & CEO – Bank | |||
| Chairman, President & CEO – NBFS | |||
| Lora M. Jones | 2023 | 161,721 | --- |
| Treasurer & CFO – Company | 2022 | 147,600 | --- |
| (Principal Financial Officer) | |||
| Paul M. Mylum | 2023 | 254,102 | --- |
| Executive Vice President/Chief Lending Officer – | 2022 | 248,187 | --- |
| Bank | |||
| Lara E. Ramsey | 2023 | 198,431 | --- |
| Executive Vice President/Chief Operating Officer – | 2022 | 168,116 | --- |
| Bank | |||
| Corporate Secretary – Company / Bank | |||
| David K. Skeens | 2023 | 216,372 | --- |
| Senior Vice President/ Senior Operations, Risk and | 2022 | 208,422 | --- |
| Technology Officer – Bank | |||
| Summary Compensation Table (continued) | |||||
|---|---|---|---|---|---|
| Name | Year | Non-Equity Incentive Plan Compensation ($)(1) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(2) | All Other Compensation ($)(3) | Total ($) |
| F. Brad Denardo | 2023 | --- | 335,464 | 42,332 | 942,129 |
| 2022 | 156,000 | --- | 70,258 | 767,925 | |
| Lora M. Jones | 2023 | --- | 30,974 | 14,675 | 207,370 |
| 2022 | 26,530 | --- | 16,020 | 190,150 | |
| Paul M. Mylum | 2023 | --- | 157,281 | 20,302 | 431,685 |
| 2022 | 41,200 | --- | 23,088 | 312,475 | |
| Lara E. Ramsey | 2023 | --- | 112,527 | 16,497 | 327,455 |
| 2022 | 28,222 | --- | 16,742 | 213,080 | |
| David K. Skeens | 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 the year ended December 31, 2023, the actuarial present value of the accumulated benefits under such plans increased by amounts reflected in the column above. For the year ended December 31, 2022, the actuarial present value of the accumulated benefits under such plans decreased by $213,534 for Mr. Denardo, $51,024 for Ms. Jones, $74,798 for Mr. Mylum, $138,300 for Ms. Ramsey and $209,284 for Mr. Skeens, which amounts are not reflected in the column above. For Mr. Denardo $90,000 of in service distribution is included. All changes in values are based on reports from independent advisors, using the assumptions described in the “Retirement Plans—Qualified Retirement Plans—National Bankshares, Inc. Retirement Income Plan” and “Retirement Plans—Nonqualified Retirement Plan—Officers Salary Continuation Plan” sections of this proxy statement.
(3) Additional information about “All Other Compensation” for the executive officers is provided in the following table.
| Detail of All Other Compensation | ||||||
|---|---|---|---|---|---|---|
| Name | Year | Directors Fees ($)(1) | Matching Contribution Under National Bankshares, Inc. Retirement Accumulation Plan ($) | Contribution Under National Bankshares, Inc. Employee Stock Ownership Plan ($) | Perquisites ($)(2) | Total All Other Compensation ($) |
| F. Brad Denardo | 2023 | --- | 16,500 | 9,232 | 16,600 | 42,332 |
| 2022 | 27,500 | 15,250 | 12,945 | 14,563 | 70,258 | |
| Lora M. Jones | 2023 | --- | 9,410 | 5,265 | --- | 14,675 |
| 2022 | --- | 8,665 | 7,355 | --- | 16,020 | |
| Paul M. Mylum | 2023 | --- | 13,018 | 7,284 | --- | 20,302 |
| 2022 | --- | 12,488 | 10,600 | --- | 23,088 | |
| Lara E. Ramsey | 2023 | --- | 10,578 | 5,919 | --- | 16,497 |
| 2022 | --- | 9,055 | 7,687 | --- | 16,742 | |
| David K. Skeens | 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) Director’s fees for Mr. Denardo include fees from the Company and the Bank from January through October 2022.
(2) In 2023, perquisites for Mr. Denardo’s totaled $8,613 for personal use of a Company owned automobile and $7,987 for club dues and Virginia Tech football tickets.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.